Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[600watt]

https://twitter.com/nickgiambruno/status/1307389546561179653

A trillion seconds ago was 30,000 B.C.

A quadrillion seconds ago was 32 million years ago.

A quintillion seconds ago was 32 billion years ago. (The age of the universe is 13.8 billion years.)

The computing power that secures Bitcoin is 139 quintillion calculations PER SECOND.

So, according to the above numbers, it takes only about 3 milliseconds (0.003 seconds) for the Bitcoin network to perform as many calculations as there are seconds since the birth of the universe!

In other words, in every second that passes, the above process is repeated more than 300 times!

Wow! Just WOW!

thatiswowindeed!  139 quintillion calculations per second, but only 7 transactions made in that that same time. this is the polar opposite of efficiency. it shows how much of the power of this network goes into security and protection of those 7 transactions.

we are trained for efficiency. no matter what we do, we try to do it more efficiently next time. bitcoin is different. it gives up efficiency completely to ensure maximum security. that is counter-intuitive and makes it hard to understand and is one of the reasons for the existence of shitcoinery: "my blockchain is faster.."

the bitcoin algorithm is a monster. secured by 139 quintillion calculations per 7 transactions.

if you want to build a tank the equivalent thickness of the steel used would need to be 500yards. moves slow but no weapon existing could penetrate it, not even in theory.

[1714057702]

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[1714057702]

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[AlcoHoDL]

https://twitter.com/nickgiambruno/status/1307389546561179653

A trillion seconds ago was 30,000 B.C.

A quadrillion seconds ago was 32 million years ago.

A quintillion seconds ago was 32 billion years ago. (The age of the universe is 13.8 billion years.)

The computing power that secures Bitcoin is 139 quintillion calculations PER SECOND.

So, according to the above numbers, it takes only about 3 milliseconds (0.003 seconds) for the Bitcoin network to perform as many calculations as there are seconds since the birth of the universe!

In other words, in every second that passes, the above process is repeated more than 300 times!

Wow! Just WOW!

You guys seem to be into:

BIG numbers!!!!!

Wow, just wow!

Congrats on your rankening UPpity, AlcoHoDL.    

Thanks Jay, I appreciate it.

The above result just shows the sheer computing power of the Bitcoin decentralized supercomputing entity (wow, that sounds like coming from a Terminator movie). The age of the universe comparison doesn't really have any practical usefulness though. If you spit on the ground, the saliva coming out of your mouth will contain many more atoms than the seconds since the age of the universe. So what? Doesn't really mean anything...

But such comparisons do put things into perspective, and we do like BIG numbers (especially when it comes to the BTC/USD value).  

[Last of the V8s]

https://twitter.com/Y_deGaia/status/1307314824318197760?s=20

Just had a corporate buy request at @ReserveBitcoin influenced by the MicroStrategy news.

It's happening.

 

[AlcoHoDL]

https://twitter.com/nickgiambruno/status/1307389546561179653

A trillion seconds ago was 30,000 B.C.

A quadrillion seconds ago was 32 million years ago.

A quintillion seconds ago was 32 billion years ago. (The age of the universe is 13.8 billion years.)

The computing power that secures Bitcoin is 139 quintillion calculations PER SECOND.

So, according to the above numbers, it takes only about 3 milliseconds (0.003 seconds) for the Bitcoin network to perform as many calculations as there are seconds since the birth of the universe!

In other words, in every second that passes, the above process is repeated more than 300 times!

Wow! Just WOW!

thatiswowindeed!  139 quintillion calculations per second, but only 7 transactions made in that that same time. this is the polar opposite of efficiency. it shows how much of the power of this network goes into security and protection of those 7 transactions.

we are trained for efficiency. no matter what we do, we try to do it more efficiently next time. bitcoin is different. it gives up efficiency completely to ensure maximum security. that is counter-intuitive and makes it hard to understand and is one of the reasons for the existence of shitcoinery: "my blockchain is faster.."

the bitcoin algorithm is a monster. secured by 139 quintillion calculations per 7 transactions.

if you want to build a tank the equivalent thickness of the steel used would need to be 500yards. moves slow but no weapon existing could penetrate it, not even in theory.

What you just said is even more WOW!

[OutOfMemory]

thatiswowindeed!  139 quintillion calculations per second, but only 7 transactions made in that that same time. this is the polar opposite of efficiency. it shows how much of the power of this network goes into security and protection of those 7 transactions.

we are trained for efficiency. no matter what we do, we try to do it more efficiently next time. bitcoin is different. it gives up efficiency completely to ensure maximum security. that is counter-intuitive and makes it hard to understand and is one of the reasons for the existence of shitcoinery: "my blockchain is faster.."

the bitcoin algorithm is a monster. secured by 139 quintillion calculations per 7 transactions.

if you want to build a tank the equivalent thickness of the steel used would need to be 500yards. moves slow but no weapon existing could penetrate it, not even in theory.

That's a point when seeking for a valid argument in the bitcoin-gold comparison.
While some shitters are easy to move when the transaction numbers are high, bitcoins aren't.
Besides off-chain solutions and some anonymity-shitcoins (efficiency), bitcoin is THE CC for hodling and reserve (security). Combine that with the scarcity argument. It makes bitcoin extremely appropiate for institutional uses. Nobody can professionally ignore that. It's just a question of time.
The when-moon-people are just too impatient and also distracted by price charts of 2017, i expect quite a number of repetitions over the next halvening cycles until something like "price discovery" actually kicks in.  
My rookie tip: If you ever sell, don't sell it all, keep at least 10% of your corn for hodling.

EDIT: emphasized the part of the OQ i was mainly referring to.

[El duderino_]

Congratulations AlcoHoDL, well deserved.

Indeed, very well deserved.... In a very short period of writing more as before—-> merit followed like crazy :-)

The dude a little more off...... normal going home from holiday on Thursday, was in a paradise hotel @ravello, but went home on Sunday.... Women’s and troubles..... She wasn’t ready for a bitcoiner and perhaps she was the first one to complain that I bought to much things as for myself as for her etc.... learned a lot last six months...

On the other side that was a thing that made her looking good, she wasn’t there for the wrong stuff, on the other side maybe I’m happy as well it ended, but damn why on holiday (wasn’t with a fight or anything)

First actions, installed that tinder crap for the first time in my life and it’s working as it seems 

[El duderino_]

Lfc was close to follow all my drama of the last days 

[FullNode]

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When you use your Binance Visa Card, you don’t have to worry about fees from our side. We charge zero subscription or maintenance fees, and transactions made in Euros are free of transaction charges (third-party fees may apply*). To make the deal even sweeter, for every purchase that you make with the Binance Visa Card, we are offering up to 8% cashback, the highest rate available in the market today! A virtual card will be available to you for immediate use upon approval of your application.  

https://www.binance.com/en/blog/421499824684900992/Binance-Visa-Cards-Are-Now-Available-in-Europe-Get-Up-to-8-Cashback  
read the contract to avoid surprises, but it seems interesting

[nullius]

[various jbreher comments]

The rest can be summed up as (a) jbreher continues to do his usual Faketoshi apologia whilst denying it, (b) he lacks reading comprehension skills, and (c) he is correct on one point:  I have no experience whatsoever with popular music.  I do not produce it. I do not even listen to it!  Not all music is pop.

hahahahahaha

I recall at one point, recently, you, nullius, had proclaimed that Phantom of the Opera was "pop" music and not worthy of a listen, and then at one point some random peep from the interwebs (perhaps yours truly?) suggested that you might try listening to such music, and thereafter you became a Phantom of the Opera fanastic.

Indeed (perhaps I must thank you?).  And I have become unaccountably fond of that boat-scene song from “TPhOTO”.  (Not a typo.  The ph in phantom is a digraph and should be abbreviated accordingly, as also seen in “Ph.D.”)

Beyond that, I illegally thumbed my nose at RIAA lawyers and obtained some of Sarah Brightman’s so-called “classical crossover” albums.  I am not much of an opera aficionado, and ’twould be ghastly gauche for me to pretend; but I pulled up some handy recordings of a famous primadonna whom I like, and did a voice-to-voice shootout on transparent speakers with a flat frequency response from 20Hz–22kHz.  I matched levels as closely as I could.

My first thought was that Miss Brightman’s recording engineer should be shot.  Dynamic range compression produces for me an effect as irritating as the proverbial fingernails on the chalkboard!  The sound is just lifelessly blaring, numb, monotonic—flatly loud and nothing else—a big block of audible assault on the senses.

Fortunately, it is a problem that does not exist in classical recordings:  Discriminating listeners would form a violent lynch party, not only complain about DRC on the Internet.  But it seems to be accepted in “classical crossover”.

After I adjusted myself to the artistic disorientation inflicted by abject lack of dynamic range, my second thought was that Miss Brightman’s recording engineer should be impaled, then burnt at the stake.  Her voice is drowned in the instrumentals, and this is clearly done at the mix.  I had to skip around a bit, and search for parts where I could actually hear her.  Unfortunately, this did not salvage her voice from the horribly artificial-sounding effects of a recording engineer who apparently fancied himself to be some kind of an artist.  What a delusion.  But at least I could hear her—sort of.

Thereupon I concluded that Miss Brightman’s voice is as alluring as she is generally, but it lacks power.  It sounds good on its own.  Stacked up against the voice of a real primadonna, it suddenly seems thin and weak.

Obviously, for a fair comparison, I selected climactic fortissimo passages of the primadonna:  Thanks to her idiotic recording engineer, poor Miss Brightman just sounds loud all the time.

Miss Brightman does have an extraordinary pitch range.  For that reason, I made sure that my primadonna, albeit technically a soprano, is one who, when desired, can drop all the way down pretty much to contralto.

Alas, this comparison is terribly unfair to Miss Brightman.  I suspect that she could have done much better, if her vocal artistry had not been scammed by her recording engineer.  He is an acoustical liar!

It is sad.  Though that said...

Miss Brightman wins for cover art.

Point is that any of us interweb peeps could change some aspects of our preferences, and why not give dee bear a chance? (not that he deserves one.)

Perhaps—if he forswears Faketoshi, bigblockerism, and dynamic range compression!  Moreover, although blockchain transparency is a bad thing, audio reproduction transparency is good.  As a production professional, he must “go the extra mile” to ensure that artists and listeners don’t get scammed with overprocessed, artificial, gimmicky blocks of big noise.

[FullNode]

@AlcoHoDL
Congratulations on the promotion, it will take me a few years to arrive

[AlcoHoDL]

Congratulations AlcoHoDL, well deserved.

Indeed, very well deserved.... In a very short period of writing more as before—-> merit followed like crazy :-)

The dude a little more off...... normal going home from holiday on Thursday, was in a paradise hotel @ravello, but went home on Sunday.... Women’s and troubles..... She wasn’t ready for a bitcoiner and perhaps she was the first one to complain that I bought to much things as for myself as for her etc.... learned a lot last six months...

On the other side that was a thing that made her looking good, she wasn’t there for the wrong stuff, on the other side maybe I’m happy as well it ended, but damn why on holiday (wasn’t with a fight or anything)

First actions, installed that tinder crap for the first time in my life and it’s working as it seems 

Thanks Dude! Couldn't have done it without you guys ('n' gal).

Don't worry about GF... Usually it's better to break up sooner rather than later, as it complicates things if you try to make it work for too long...

Her loss. Almost feels like the Laszlo pizza story. LOL. I bet she'll message you in a couple of years...

[OutOfMemory]

Congratulations AlcoHoDL, well deserved.

Indeed, very well deserved.... In a very short period of writing more as before—-> merit followed like crazy :-)

The dude a little more off...... normal going home from holiday on Thursday, was in a paradise hotel @ravello, but went home on Sunday.... Women’s and troubles..... She wasn’t ready for a bitcoiner and perhaps she was the first one to complain that I bought to much things as for myself as for her etc.... learned a lot last six months...

On the other side that was a thing that made her looking good, she wasn’t there for the wrong stuff, on the other side maybe I’m happy as well it ended, but damn why on holiday (wasn’t with a fight or anything)

First actions, installed that tinder crap for the first time in my life and it’s working as it seems  

Every princess wants to be queen, but only a few are able to take all the responsibility to make it.
So, el_dude, move on to the next princess  

When i look back, six months is a good timespan to identify most (essential) troubles in a (blooming) relationship. If you can give it a YES after six months, you can start to aim on the six years area, imho.

EDIT: Forgot to congratulate, AlcoHoDL

[AlcoHoDL]

Every princess wants to be queen, but only a few are able to take all the responsibility to make it.
So, el_dude, move on to the next princess  

When i look back, six months is a good timespan to identify most (essential) troubles in a (blooming) relationship. If you can give it a YES after six months, you can start to aim on the six years area, imho.

EDIT: Forgot to congratulate, AlcoHoDL

Thanks man, I appreciate it.

Very true what you're saying. 6 months is a good time frame to spot most troubles ahead.

Also important is to pass the "live together" test. It's all nice and sweet when you only meet to go out and have fun. Only when you live under the same roof will you know if you can really be together.

Anyways... I think The Dude is a ladies' man, so I'm pretty sure he won't have trouble getting another princess soon... If I had a daughter, I'd send her his way... Nice guy, coiner (most importantly), and a guaranteed life of luxury and pleasure...  What more could a girl ask for?

[somac.]

This correlation with legacy markets is god damn annoying. I don't even need to check the Bitcoin price any more, just check nasdaq, s&p, gold.

When is supply finally going to be overrun so that we can decouple from this bullshit.

[600watt]

what were and what are the main counter arguments vs bitcoin? when it was new, everyone thought it was a stupid idea. it was said that bitcoin

-would not work
-will get hacked
-has no intrinsic value
-cannot scale
-will get outlawed
-is too complicated


around 2013, when it was already running for some years it was said that bitcoin

-will get hacked
-has no intrinsic value
-cannot scale
-is used by criminals and therefore
-will get outlawed
-is too complicated
-uses too much energy
-is a bubble

when shitcoin peddlers started their offensive a few years ago there came a new set of arguments

-is too slow
-is old tech
-fees too expensive
-will fade like MySpace

fast forward to present: what are the current arguments of bitcoin critics:

-will get hacked
-has no intrinsic value
-cannot scale
-is used by criminals and therefore
-will get outlawed
-is too complicated
-uses too much energy
-is a bubble
-is too slow
-is old tech
-fees too expensive
-will fade like MySpace

(please add to the list the arguments missing here)

what is surprising is that all counter arguments are from years ago. bitcoin is running for a decade now. the critics had enough time to dig all through it and come up with really well thought arguments. but they didn't. all those smart economists, all the gifted shitcoin proponents, all the scared bankers - all they do is echoing  the same old arguments from years before.

endeavors of this magnitude, with millions of people deploying billions of dollars into the project usually come with a shitload of trade-offs and compromises and mis-allocation of capital. with bitcoin even the hardest critics can't come up with new arguments.

this is a bullish sign.

few understand this.

[rolling]

If I seem dismissive, it's because some things are self-evident and I don't know how to explain it to you. There is not enough space for insignificant transactions on the main chain. Expanding the block size in only a very temporary solution. If Bitcoin is successful, smaller transactions will be priced out. No scaling solution changes the fact that the "main" chain will not be used by regular people for small transactions. You have to compete for the limited resource (the most secure store of wealth ever created). That naturally means higher fees. This is not my ideology, this is just basic supply and demand.

Bitcoin is not a Utopian or Libertarian dream. It is open to anyone, not everyone, and that necessarily means, people with more money will force people with little money off of the "main chain". This is not my ideology, this is just how the world works.

You seem very upset with how the world works but Bitcoin is not the solution to that and no amount of raging on this forum will change reality.

[LFC_Bitcoin]

Fiat savers REKT.

Bullish?

[ivomm]

what were and what are the main counter arguments vs bitcoin? when it was new, everyone thought it was a stupid idea. it was said that bitcoin
[edited out]

fast forward to present: what are the current arguments of bitcoin critics:

-is used by criminals and therefore


(please add to the list the arguments missing here)

what is surprising is that all counter arguments are from years ago. bitcoin is running for a decade now. the critics had enough time to dig all through it and come up with really well thought arguments. but they didn't. all those smart economists, all the gifted shitcoin proponents, all the scared bankers - all they do is echoing  the same old arguments from years before.

endeavors of this magnitude, with millions of people deploying billions of dollars into the project usually come with a shitload of trade-offs and compromises and mis-allocation of capital. with bitcoin even the hardest critics can't come up with new arguments.

this is a bullish sign.

few understand this.

My favourite is: the price is manipulated. As if the stocks aren't. lol

Regarding criminals:
Leaked documents reveal some of the world’s biggest banks allowed criminals to move dirty money around the world https://t.co/ZnHwIZNdRJ?amp=1
https://twitter.com/BBCBreaking/status/1307726541783171073

The whole fiat system is one big ponzi. Madoff ponzi is one of the brightest examples how helpless are SEC and CFTC. Merging banks and printing money can delay the collapse of the world economy, but for how long and at what price? We know what happened with the purchase power of the dollar in the last century. Let's see what it will be say in 20 years: 25% is too optimistic IMO. Satoshi knew this and created a decentralized internet money with a fixed supply, which halves each 4 years.

Banks and governments are scared and they try both to manipulate the price downwards and to make obstacles for the people to get into. For example, since the 2017 bull run, the banks in EU were so scared, that many of them banned transactions to and from Bitcoin exchanges. However, in most countries there are still enough banks that don't do that. On the contrary, some of them even offer their clients  easy trading and holding, like Bitwala.

Regarding governments, only the most stupid communits rulers think they can ban Bitcoin. It is like banning Internet. Only North Korea can do that. But I think we are living in different times, when more and more institutions and closed markets are involved into bitcoin - futures, hedge companies, etc.,  the list is endless. A ban on Bitcoin for USA would mean collapse of those companies which are listed on Wall Street, hence causing a major financial crisis. Even imbeciles like Trump and Mnuchin won't do it of course. Bitcoin will always find ways around the obstacles, like Chinas pathetic bans. So nowadays, the hodlers have nothing to worry about. The basics are solid and the future is bright. Everything else is just FUD.

[AlcoHoDL]

Fiat savers REKT.

Bullish?

Wow, bonds & ISAs @ 0.01%? Who would put their wealth at the hands of a bank with such low rates?

I remember a long time ago I had an ISA which paid more than 5% interest. I was using it as a small second salary back then. Looks like we'll soon be paying banks to hold our own money.

Goodbye fiat, hello Bitcoin!

[Wekkel]

[...]

Regarding criminals:
Leaked documents reveal some of the world’s biggest banks allowed criminals to move dirty money around the world https://t.co/ZnHwIZNdRJ?amp=1
https://twitter.com/BBCBreaking/status/1307726541783171073

I've not been reading further than the articles indicating the leak of bank's internal documents on this point, but I think the key is the following:

Banks use them to report suspicious behaviour but they are not proof of wrongdoing or crime.

'Not proof of wrongdoing and crime'

So the documents revealed are only documents used to report suspicious behaviour. Whether the behaviour is illicit or not, is a different question. The documents in questions supposedly were only meant to inform authorities about potential money laundering, giving authorities essential insight on what is happening and where.

And even if the behaviour found is illicit, the question is whether the bank is supposed to find out or the government agencies tasked with preventing money laundering.

If the banks are supposed to do so in given circumstances, there is a thick grey line between knowing without doubt that the account is used for illicit purposes and suspecting that the account is used for illicit purposes. And of course government agencies will look at these cases in hindsight, knowing a lot more and having a lot more information channels and authority available to investigation than the banks at the moment the banks look into it.

In all fairness, I think banks are between a rock and a hard place when it comes to money laundering.

If they would simply block an account when they suspect illicit transactions, we would see many, many user complaints and law suits directed at banks by customers and consumer organisations. If, on the other hand, they are more relaxed about blocking accounts, the public moans if - in hindsight - money appeared to have been laundered via a bank account.

You can't have both so what do you choose?