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

[HairyMaclairy]

a little OT: Do you think the crypto ban in india will effect the price or is it already in the price (so no effect at all)?

India has been banning crypto for over 10 years now.

[Arriemoller]

a little OT: Do you think the crypto ban in india will effect the price or is it already in the price (so no effect at all)?

I think the crypto market in India is too small to have an impact, besides the Indians don't really give a shit, they do their thing regardless of government regulations.

[OutOfMemory]

Good morning

Some interesting analysis:

https://jarvislabs.substack.com/p/price-tends-to-rise-after-this

[Wekkel]

Good morning

Some interesting analysis:

https://jarvislabs.substack.com/p/price-tends-to-rise-after-this

Interesting but two of the spikes were in a bear market environment whereas the first shown and the latest have happened in a bull market phase. I am mostly interested in comparing those two more closely. Is there a precedent for the latest blip shown with the price already having moved up considerably to where we are now? Perhaps the upward effect is already gone due to use reaching close to $50k?

Who can tell....   

[Arriemoller]

Nice drumming.

https://youtu.be/0Pq8vOVbvzs?t=39

[masteripper]

There are at least 3 german tech sites where people in the comments hate Bitcoin. Computerbase, Golem and Heise. Look for example in the comments of the news about the blackout in Iran. I really don't get how people on technology news sites can have so much hate against a technology, that they don't even understand.

Normally i just watch the talk but this is a case where the term "understanding" is way way misused.
Lets take it from the start:
I am not into a crypto so no benefit from the rally (on the contrary) but for those that are benefited ...just good luck.
As for the "understand"
Lets assume that everything goes as predicted/speculated
Apple/Amazon/Google are just around the corner to transfer assets to BTC and other crypto ...bussiness is bussiness and everyone looks what's best for his/her pocket
But concerning technology
What do you think it will happen...just make a speculate on this
I will put my speculation so you can argue.
Right now a specific part of Technology is suffering...this the GPU industry (The graphics cards)
Millions of cards instead on landing on consumers hands are finding their way on big mining farms....
The price has trippled in some cases and seems there isn't a stop.
A mid price PC has a price spike from around $600-700 to around $1000-$1200
Considering that the rally will continue in a month the price could go $2000, $3000,$4000....
This will apply considerable pressure to an average household budget...a LOT of people right now are not buying and waiting to check what will happen
For the time being a significant part of households do own a PC but this as time passes by it will become smaller and smaller....they do break.
This will effectively have the tech status instead of moving forward to change direction and move backwards
The lack of the "average" home computer will have in mid/long term lack of people dealing with tech (less tech savvy,less programmers , less of everything)
In the mean time  because everything is a "chain" the problem will hit all areas of computing..companies will close (if there isn't market for AAA gaming titles due to lack of GPUs who will buy them)..people will get unemployed..a considerable amount of info (knowledge) will be lost
Another aspect... powerful GPUs are used for AI ,so no GPUs no AI,the next application that probably would save your life it just won't happen...no GPUs/no programmers/no development.
This is just a small portion why people that are not getting benefit from the rally are so against.
Do you want more
A quick one :
Pollution ...i am reading some jokes about Mining and renewable energy.....where the heat goes?
Pollution (2) ..... climate changes....the weather changes....no more good crop....famine
Pollution + famine ...riots..wars
Money in hands that shouldn't be.... The classical "millionaire" (income from other source but Crypto).....the new "millionaire" from Crypto....now he/she surpasses the "classical"...so more power and power can extend in many forms from taking the top post in the golf club to starting a war to the near country because they can. (please consider that the term millionaire might or might not refer to the person entity)
So some will get a better "understanding" on the why.

[HairyMaclairy]

Australia considering a Bitcoin ETF

https://www.afr.com/companies/financial-services/asic-open-to-a-bitcoin-linked-etf-listing-on-the-asx-20210212-p571v0

[dieselmeister]

Bitcoin Haters:

20k it won’t make all-time high
30k bitcoin is a bubble
40k bitcoin is a lottery ticket
50k bitcoin will crash soon
60k bitcoin is like tulips
70k bitcoin is going to zero
80k bitcoin can’t go higher
90k I'm done tryna convince you nutjobs
...
...
...
...
...
400k Sign up for my bitcoin newsletter where I’ll show you how to buy

 

Did read the comment section of the SPIEGEL. You saw this exactly there. Also the engery consumption and it's a ponzi scheme... Also we have here 2 popular Germany tech sites. Same there... Bitcoin Bla Bla Bla...

There are at least 3 german tech sites where people in the comments hate Bitcoin. Computerbase, Golem and Heise. Look for example in the comments of the news about the blackout in Iran. I really don't get how people on technology news sites can have so much hate against a technology, that they don't even understand.

That'S what I tried to say ... "Heise ist eine Jauchgrube*" (* translation: "Heise" is a shithole)

[_javi_]

....
Normally i just watch the talk but this is a case where the term "understanding" is way way misused.
...

Dont worry. In 1 or 2 years at most, ETH mining will be done.. so millions of GPUs will be turned down. All your "problems" will be gone. You'll have the perfect world you had last years. (kids playing AAA titles, people upgrading PCs, soft studios making money, hardware developers making money,.. and the heat will be gone.. what a wonderfull world!)

[julian071]

....
Normally i just watch the talk but this is a case where the term "understanding" is way way misused.
...

Dont worry. In 1 or 2 years at most, ETH mining will be done.. so millions of GPUs will be turned down. All your "problems" will be gone. You'll have the perfect world you had last years. (kids playing AAA titles, people upgrading PCs, soft studios making money, hardware developers making money,.. and the heat will be gone.. what a wonderfull world!)

Plus you can play AAA titles perfectly fine on last gen cards. No real problems there, just minor annoyances.

I saw that I could sell the 3080 RTX I bought for 850 euro's for 1250 second hand now. Slightly tempting, but I don't really need the money so meh.

[masteripper]

....
Normally i just watch the talk but this is a case where the term "understanding" is way way misused.
...

Dont worry. In 1 or 2 years at most, ETH mining will be done.. so millions of GPUs will be turned down. All your "problems" will be gone. You'll have the perfect world you had last years. (kids playing AAA titles, people upgrading PCs, soft studios making money, hardware developers making money,.. and the heat will be gone.. what a wonderfull world!)

Plus you can play AAA titles perfectly fine on last gen cards. No real problems there, just minor annoyances.

I saw that I could sell the 3080 RTX I bought for 850 euro's for 1250 second hand now. Slightly tempting, but I don't really need the money so meh.

2 years....in 2 years probably we will have more things to worry....
I am not an expert but even if ETH gets out of the picture there are plenty of Crypto that can be mined even on mediocre GPUs...if the profit surpass the expenses then why not.
I am pretty sure that we will witness crypto mining on everything from gaming consoles,Mobile phones to Soc computers, TV boxes...you name it..whatever can compute a hash will get into the game.
As for the 3080 ...now 1250 2nd hand...maybe in a month ...1500...in 2 months 2K...if it gets broken you might need to spend 3-4K to get something similar provided that companies that manufacture GPUs will continue to sell GPUs...why sell to end users when you can keep it for your self and make a ton of profit.
For example lets name a company that makes GPUs e.g. NiceGPU and sells the 30x range of Nvidia...today it sells a GPU and out of the Price of $XXX dollars it makes a profit...lets say 20% of it...if Crypto keeps climbing maybe it would just selling GPUs keep it to itself...construct a huge mining farm and just use its cards to mine ....if things go well in a couple months it will get 100% of the selling price to it and if something goes it can always sell it back...some blowing off the dust..a nice package and hooray a $XXX card discounted 20%...profit in any case.

[Wekkel]

I am pretty sure that we will witness crypto mining on everything [...]

That does not make sense to me. Why would mining be done on each and any type of machine while they are not suited for such task? It seems more likely that mining remains in the hands of those who commit capital and operate specialised mining hardware, gaining the most from it.

[ivomm]

....
Normally i just watch the talk but this is a case where the term "understanding" is way way misused.
...

Dont worry. In 1 or 2 years at most, ETH mining will be done.. so millions of GPUs will be turned down. All your "problems" will be gone. You'll have the perfect world you had last years. (kids playing AAA titles, people upgrading PCs, soft studios making money, hardware developers making money,.. and the heat will be gone.. what a wonderfull world!)

I wouldn't bet on that. This narrative was from the beginning of ETH. Besides, miners and circles related to nvidia&amd can pump any coin to be profitable, so I really don't think GPU mining will end soon... or ever. Besides, it is a very efficient means of heating in the cold months. I have the same kw/h consumption for either gpus farms or AC's for my whole appartment. So I would prefer mining even with a 90% loss. And I did it in the last 2 winters. Now that "loss" turned to be a 20x profit, which currently is equal to 10x of my monthly wage. I buy any available 5700 card, but it is so hard to find these beasts now.  

[masteripper]

I am pretty sure that we will witness crypto mining on everything [...]

That does not make sense to me. Why would mining be done on each and any type of machine while they are not suited for such task? It seems more likely that mining remains in the hands of those who commit capital and operate specialised mining hardware, gaining the most from it.

In the gold fever back a century and half ago everybody jumped aboard.... its the same....
Take a look here :
https://www.tomshardware.com/how-to/mine-cryptocurrency-raspberry-pi
and try to imagine what if the monero in question had a value e.g. $1000

[macson]

a little OT: Do you think the crypto ban in india will effect the price or is it already in the price (so no effect at all)?

I don't think it means anything (just a minor correction) but their claim really tickled my stomach lol

Vishwanath said cryptocurrency prices fell by 30% between Jan. 30 and Feb. 1, days after the government’s intent to ban private cryptocurrency was made public

https://www.bloombergquint.com/business/intent-on-ban-india-to-give-transition-time-to-crypto-investors-bq-exclusive

India has been banning crypto for over 10 years now.

+1 wo smerit

[LFC_Bitcoin]

[Cryptotourist]

BOOM time fellas.

[cM0]

There are at least 3 german tech sites where people in the comments hate Bitcoin. Computerbase, Golem and Heise. Look for example in the comments of the news about the blackout in Iran. I really don't get how people on technology news sites can have so much hate against a technology, that they don't even understand.

Normally i just watch the talk but this is a case where the term "understanding" is way way misused.
Lets take it from the start:
I am not into a crypto so no benefit from the rally (on the contrary) but for those that are benefited ...just good luck.
As for the "understand"
Lets assume that everything goes as predicted/speculated
Apple/Amazon/Google are just around the corner to transfer assets to BTC and other crypto ...bussiness is bussiness and everyone looks what's best for his/her pocket
But concerning technology
What do you think it will happen...just make a speculate on this
I will put my speculation so you can argue.
Right now a specific part of Technology is suffering...this the GPU industry (The graphics cards)
Millions of cards instead on landing on consumers hands are finding their way on big mining farms....
The price has trippled in some cases and seems there isn't a stop.
A mid price PC has a price spike from around $600-700 to around $1000-$1200
Considering that the rally will continue in a month the price could go $2000, $3000,$4000....
This will apply considerable pressure to an average household budget...a LOT of people right now are not buying and waiting to check what will happen
For the time being a significant part of households do own a PC but this as time passes by it will become smaller and smaller....they do break.
This will effectively have the tech status instead of moving forward to change direction and move backwards
The lack of the "average" home computer will have in mid/long term lack of people dealing with tech (less tech savvy,less programmers , less of everything)
In the mean time  because everything is a "chain" the problem will hit all areas of computing..companies will close (if there isn't market for AAA gaming titles due to lack of GPUs who will buy them)..people will get unemployed..a considerable amount of info (knowledge) will be lost
Another aspect... powerful GPUs are used for AI ,so no GPUs no AI,the next application that probably would save your life it just won't happen...no GPUs/no programmers/no development.
This is just a small portion why people that are not getting benefit from the rally are so against.
Do you want more
A quick one :
Pollution ...i am reading some jokes about Mining and renewable energy.....where the heat goes?
Pollution (2) ..... climate changes....the weather changes....no more good crop....famine
Pollution + famine ...riots..wars
Money in hands that shouldn't be.... The classical "millionaire" (income from other source but Crypto).....the new "millionaire" from Crypto....now he/she surpasses the "classical"...so more power and power can extend in many forms from taking the top post in the golf club to starting a war to the near country because they can. (please consider that the term millionaire might or might not refer to the person entity)
So some will get a better "understanding" on the why.

You don't understand it too. I talked about Bitcoin, not any other shitcoin. Nearly nobody mines Bitcoin with GPUs now. Also not everybody needs a high-end GPU in a computer. I've just bought my sister a laptop for 400€ and it works fine. I don't say much to your other points, because that's just wild speculation, but there's a study showing that Bitcoin uses nearly 78% renewable energy. If you really think the heat will heat up the planet, we should destroy all heaters in cold countries and move all to warmer countries, right? That's not how it works.
Besides that, you should at least try to understand, that the whole network would still work with much fewer miners as we have them now.

[masteripper]

but there's a study showing that Bitcoin uses nearly 78% renewable energy. If you really think the heat will heat up the planet, we should destroy all heaters in cold countries and move all to warmer countries, right? That's not how it works.
Besides that, you should at least try to understand, that the whole network would still work with much fewer miners as we have them now.

I hope you have studied at some school and you have done some elementary Physics...if not sorry
Renewable or not means nothing when it comes to Environmental pollution regarding to the heat factor... i didn't mentioned the power consumption in my post... i am talking about heat dissipation ...
Right now mining releases heat in the equivelant of a country with population more than 200M and is constantly rising....probably now is 300M...in a year could be 1Bn
This heat finds a way and gets released to the atmosphere...so it gives a good helping hand in overheating the planet just a little more than it should...planet overheating is quite a big trouble and we don't need "more help than it can get".
To get a more detailed view check this old article : https://www.eurekalert.org/pub_releases/2019-11/uonm-tec111219.php
The intesting part of the study : The researchers estimate that in 2018, every $1 of Bitcoin value created was responsible for $.49 in health and climate damages in the United States.
And we are talking about the innocent 2018...it would be shocking to try to do the equation for the current months of 2021.
As for ETH and shitcoins...as long BTC is strong..they are strong..if not everything crumbles as the equivelant of a paper tower in the blow of the wind.

[Wekkel]

Can we keep climate change FUD (directed to Bitcoin - FUD) out of this thread, please?