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

[shahzadafzal]

Happy Pi Day guys... today is a Pi π day - 3.14

Just read as of today we have calculated 31.4 trillion decimal places—31,415,926,535,897 of Pi to be exact. It was done by a Google employee (Emma Haruka) who set a world record for calculating the most digits of Pi. She and her team used 96 vCPUs with 1.4TB of RAM and spent 121.1 days.

So here’s thought what if all the Bitcoin mining rigs starts calculating the value of Pi just for 10 minutes? How much can we calculate? Keeping in mind (in early 2020) the computers on the bitcoin network were calculating close to 120 exahashes per second.

And for a reference “One terahash is a trillion hashes per second, one petahash is a quadrillion hashes per second, and one exahash is one quintillion hashes per second (a one followed by 18 zeros).”



Ref:
https://cloud.google.com/blog/products/compute/calculating-31-4-trillion-digits-of-archimedes-constant-on-google-cloud/

https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280

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[d_eddie]

+1 WOsMerit
(note to self)

Done

[Paashaas]

Dutch elections coming up soon.

Billboard from a party leader with laser eyes.

[xhomerx10]

Here's another. Color me a Saylor fanboy. He gets it.

https://www.youtube.com/watch?v=HkkXCoAVnX8

 He really gets it.

Nice White-power symbol...

Are you new here? That's the WO sign.

 Sorry I took so long to reply to the question and thanks for clarifying in my absence.
 I was at an outdoor party, in a group of less than 10 people, socially distancing and wearing masks while trying to eat our food before it was either blown away or frozen by the gale-force winds @ 0°C.  The saddest part was watching my mom try to keep a solitary candle lit in those winds long enough for us to sing "Happy Birthday" to her before blowing it out (it was not on the cake per the covid regulations).  She did not succeed and nobody was in the mood for a third attempt after rushing the song for the second attempt. As unbelievable as that sounds, you'll never guess what kind of cake mom wanted... an ice cream cake!  At least we were able to take our time eating it since there was no chance of it melting until Wednesday at the earliest.  I'm pretty sure the end times are near.

Anyway... I should have done this in the first place:
 

[d_eddie]

I like Saylor's talk about borrowing against your bitcoins so you never have to sell. I'm going to work on that over the next couple of years to be ready for any big purchase I may want in the future. Unfortunately I'll be paying the capital gains for this year's sale. I really hate paying taxes, I've been able to avoid it by only selling under the zero tax rate per year but I think borrowing will be a good way to do it from now on.

Please let me know if you figure out a good, cheap, and quite safe way of going about this..

+1 from the other Eddie.

We need to figure out ways to use our present or forthcoming wealth. Being rich doesn't come easy, and staying rich isn't a piece of cake, either.

[sirazimuth]

Happy Pi Day guys... today is a Pi π day - 3.14

Just read as of today we have calculated 31.4 trillion decimal places—31,415,926,535,897 of Pi to be exact. It was done by a Google employee (Emma Haruka) who set a world record for calculating the most digits of Pi. She and her team used 96 vCPUs with 1.4TB of RAM and spent 121.1 days.

......

Impressive to say the least.
I cant imagine a more productive use of one's time....

(sez me.... the beer pounding couch potato....)

[BitcoinBunny]

Dutch elections coming up soon.

Billboard from a party leader with laser eyes.

Too bad the Dutch will just vote for the brave EU lapdog again. Nothing changes, everyone complains.
How many "it is only temporary folks" tax laws still exist?

Mind you the negative interest rates / bank charges for keeping big bucks (€250,000 +) on saving accounts coming in in The Netherlands will only be good for BTC I reckon.
Perhaps the rest of the EU will follow and do us a favour here. It is only accelerating the madness of the ECB money printing effects (as if that on its own wasn't bad enough).
Maybe best not to rock the boat in that respect.

I can't see BTC losing out in the direction the Dutch are taking at the moment (politically + its bank sector).

[Elwar]

I like Saylor's talk about borrowing against your bitcoins so you never have to sell. I'm going to work on that over the next couple of years to be ready for any big purchase I may want in the future. Unfortunately I'll be paying the capital gains for this year's sale. I really hate paying taxes, I've been able to avoid it by only selling under the zero tax rate per year but I think borrowing will be a good way to do it from now on.

Please let me know if you figure out a good, cheap, and quite safe way of going about this..

+1 from the other Eddie.

We need to figure out ways to use our present or forthcoming wealth. Being rich doesn't come easy, and it staying rich isn't a piece of cake, either.

Biodom listed some resources a few pages back.

-multisnips-

Biodom, it's not the first time you use the word 'bearish' to define JJG's ladder system. Why would you characterize it so?

I just do not want to criticize too much, to each their own.

you would be able to borrow against btc stack, which M. Saylor keeps bringing up, but not many on WO are listening. Such loans are typically used by high net worth individuals (HNWI) against VTI, VOO, SPY, and other whole or broad market ETFs.

Thank you. You got me thinking, especially about the loan thingy. I'd be glad to know more about that. Any pointers will be welcome.

Fidelity:
https://www.investopedia.com/fidelity-will-accept-bitcoin-collateral-for-cash-loans-5091879
Basic rate is high, 4.5%, but i am sure this will go down.
I would be shocked if Coinbase would not do the same soon after the IPO.
Personally, i would never go above 20% LTV, maybe just 10% (in case of our typical 80% drawdown).
The advantage-NO cap gains tax. In fact, maybe deductible interest (or not, hard to say)

Borrowing Against securities (better rates right now):
https://www.schwab.com/pledged-asset-line
Libor is 0.11%, so the best rate is 1.86%.
Say, you've got, hypothetically, $10 mil of VOO.
You borrow $ 3mil. Your interest (to pay) is 3000000X0.0186=$55800 yearly
However, $10mil in VOO generates $152000 yearly in dividends. End result-you borrowed $3 mil to do whatever, it effectively cost you nothing (well, a decreased divvy).
Yes, you would have to pay the principal at some point, but you can use divvy remainder to do that plus VOO goes up roughly 10% a year, so the loan basically pays for itself (if stock market performs).
That's why rich can have a cake and eat it too, lol

More:
https://www.wellsfargoadvisors.com/why-wells-fargo/products-services/lending/securities-based.htm
Yes, best rates are for those with lots of assets.

Ret accounts are NOT eligible, though.

Mind you, I have done nothing of the sorts so far, but I am studying the question (after Saylor's remarks).

[OutOfMemory]

alright, let's go:

lately working much
putting up drywall and stuff
gypsum everywhere

it's almost finished
observing walls now rarely
bitcoin does its thing

proudhon keeps trolling
bitcoin nosedive prophecies
still number go up

go bitcoin, go go!
come on corn, do something now!
make new all time highs!

[Biodom]

So we did get up and over 60k.

I would like to think we pass

$77,777.77

soon 🔜 maybe by April 1.

Well, 7 represents "harmony" in Chinese, a combination of yin, yang and 5 elements (metal, wood, water, fire, earth).
Then, number eight corresponds to a lucky number meaning to "generate wealth".
So, 77777, followed by 88888, then  

I could live with that.

#source-Wikipedia

[d_eddie]

I like Saylor's talk about borrowing against your bitcoins so you never have to sell. I'm going to work on that over the next couple of years to be ready for any big purchase I may want in the future. Unfortunately I'll be paying the capital gains for this year's sale. I really hate paying taxes, I've been able to avoid it by only selling under the zero tax rate per year but I think borrowing will be a good way to do it from now on.

Please let me know if you figure out a good, cheap, and quite safe way of going about this..

+1 from the other Eddie.

We need to figure out ways to use our present or forthcoming wealth. Being rich doesn't come easy, and it staying rich isn't a piece of cake, either.

Biodom listed some resources a few pages back.

-multisnips-

Biodom, it's not the first time you use the word 'bearish' to define JJG's ladder system. Why would you characterize it so?

I just do not want to criticize too much, to each their own.

you would be able to borrow against btc stack, which M. Saylor keeps bringing up, but not many on WO are listening. Such loans are typically used by high net worth individuals (HNWI) against VTI, VOO, SPY, and other whole or broad market ETFs.

Thank you. You got me thinking, especially about the loan thingy. I'd be glad to know more about that. Any pointers will be welcome.

Fidelity:
https://www.investopedia.com/fidelity-will-accept-bitcoin-collateral-for-cash-loans-5091879
Basic rate is high, 4.5%, but i am sure this will go down.
I would be shocked if Coinbase would not do the same soon after the IPO.
Personally, i would never go above 20% LTV, maybe just 10% (in case of our typical 80% drawdown).
The advantage-NO cap gains tax. In fact, maybe deductible interest (or not, hard to say)

Borrowing Against securities (better rates right now):
https://www.schwab.com/pledged-asset-line
Libor is 0.11%, so the best rate is 1.86%.
Say, you've got, hypothetically, $10 mil of VOO.
You borrow $ 3mil. Your interest (to pay) is 3000000X0.0186=$55800 yearly
However, $10mil in VOO generates $152000 yearly in dividends. End result-you borrowed $3 mil to do whatever, it effectively cost you nothing (well, a decreased divvy).
Yes, you would have to pay the principal at some point, but you can use divvy remainder to do that plus VOO goes up roughly 10% a year, so the loan basically pays for itself (if stock market performs).
That's why rich can have a cake and eat it too, lol

More:
https://www.wellsfargoadvisors.com/why-wells-fargo/products-services/lending/securities-based.htm
Yes, best rates are for those with lots of assets.

Ret accounts are NOT eligible, though.

Mind you, I have done nothing of the sorts so far, but I am studying the question (after Saylor's remarks).

Yes Elwar, I duly noted your previous post - and appreciated it silently while bookmarking it for future study. I'm always on the lookout for alternatives though, because not all systems are equally accessible depending on individual cases.

Thanks for your informative reply! 

[JayJuanGee]

^^ Bhai you should cancel your 9k buy orders   We are not going there anymore  .

You may be correct, but it is kind of good for my psychology to keep buy orders down to at least the 208-week moving average and perhaps a wee bit below that (the 208 week moving average is currently about $10k and moving up about $200-ish per week, but surely that moving UP amount is a percentage and it will likely continue to increase for a decent amount of time), and just my whole system overall to have that cushion of those orders that are quite likely to never fulfill that I can use in a variety of ways... so yeah, maybe at some point when I am adding to my sell orders above $100k.. I will also revise some of my buy orders.. perhaps, perhaps.

I'd better charge that damned phone. It's going to be a long night.

Off to watch a movie (if I can).

BTW, cutting through $61k like butter.


Edit: On a serious note: to all of us HoDLers out there. Congrats on our perseverance, patience and belief in Bitcoin. It has paid off so dearly, and we all deserve it. I have a friend who has invested something like $5,000 in altcoins (nothing in BTC, because "it's too expensive"). He has traded his stash to a volume of millions, buying/selling between all those shitcoins. I've told him so many times: "Just BUY BTC and HoDL! Listen to me man, just throw it all on BTC and forget about it." He didn't listen to me. He now has some modest gains, but nowhere near what he could now have by just HoDLing BTC. He could now have more than $100k $150k. Pity, because he's a very good guy, and smart too, but it's the smart ones that get caught it seems...

Congrats again, guys ('n' gal). Our patience paid off. And we haven't ever started yet.

Thank you, Bitcoin.

Well, i can tell you that sometimes the easiest seems not the smartest thing to do.
I guess your friend was smart, and to him the easiest option seemed too simple to be the smartest thing.
Anyway, i don't know exactly if i'm patient, since i am hodling since 2017, and i still got this early coin, never touched it. Probably, i never will. Then i would be able to call myself patient   I also traded, made mistakes, but i never thought that BTC could be replaced by some altcoin(s), as superior as it is. That is my source of trust in bitcoin. I hodl most of the coins for the family, may the kids and wife decide when and how to spend their (equal) share, as i can. There is a little part of it for selling tops and buying dips, to get more bitcoin for hodling, which are equally shared again. That's the idea. And the goal of a whole coin for each of us. Could take some time, though, so expect me to stick around here for longer  

That "holding equally" seems quite strange to me in regards to the kids, but not so much in regards to the wifee...

[DaRude]

bitcoin down over $1000! is this the start of a bear market?

good thing I only bought 500 doggy coins

I got exercised on the calls I sold last week so I'm selling puts this week. Bought a few 70k calls too. I'll probably be eternally behind on this trade and never get my sold coins back but I needed to get some fiat for down payment. Kinda crazy to think I'm selling puts at the all time high but I think this could be a good week for it. We'll see how this ages.

ahh another elite trader, after hrs of trading down on BTC but up in fiat just because BTC is going up.

Perhaps listen to your own advice? 

Yesterday was a sad day for me. I always hodl when I should have sodl, but onetime I sodl when I should have hodl. So hodl I must.

[JayJuanGee]

Next bitcoin price milestone...  age*1000....

 That's gonna fall shortly for me, albeit, for most Wo Bros, that was long since broken months* ago.
....Except Jimbo.. and that will fall shortly too, no doubt, right after mine.
 (*or years ago in "crypto time"...and please don't bat-slap me jay, I couldn't come up with a better term....)

You are weak, weak, in terms of your lacking in abilities to choose words.

Did I mention weak?

[nullius]

Saylor gets extra awesomeness points for inadvertently trolling the hell out of Wilhelm.  LOL.

[shahzadafzal]

Loving the headline “Bitcoin's path to $5 trillion”

“Jake Ryan, the chief investment officer of crypto asset hedge fund Tradecraft Capital, explains how bitcoin could reach a market cap of $5 trillion by 2023 and $20 trillion by 2030.”

https://www.businessinsider.com/bitcoins-path-5-trillion-20-most-shorted-spacs-insider-investing-2021-3

[sirazimuth]

Next bitcoin price milestone...  age*1000....

 That's gonna fall shortly for me, albeit, for most Wo Bros, that was long since broken months* ago.
....Except Jimbo.. and that will fall shortly too, no doubt, right after mine.
 (*or years ago in "crypto time"...and please don't bat-slap me jay, I couldn't come up with a better term....)

You are weak, weak, in terms of your lacking in abilities to choose words.

Did I mention weak?

.....

Well I don't see your lil selfie offering an alternative. Perhaps?...

[BitcoinBunny]

Loving the headline “Bitcoin's path to $5 trillion”

“Jake Ryan, the chief investment officer of crypto asset hedge fund Tradecraft Capital, explains how bitcoin could reach a market cap of $5 trillion by 2023 and $20 trillion by 2030.”

https://www.businessinsider.com/bitcoins-path-5-trillion-20-most-shorted-spacs-insider-investing-2021-3

Fricking paywall shite no?

Figures I can live / retire with easily (and still keep most of the stash) but I think it will be sooner.
2022 - 2025 respectively.

[JayJuanGee]

Gurl, YOU are the one who is bearish-always selling when btc goes up and accumulating useless fiat,

That's bearish?

Biodom, it's not the first time you use the word 'bearish' to define JJG's ladder system. Why would you characterize it so? It seems to me that such a system only works if the underlying asset goes up. It could even be argued that mere use of this ladder implies fundamentally bullish beliefs (number go up). Otherwise, there would be no need for "suicidal buys" on the way down to zero.

Care to explain?

while I mentioned that i would not sell bitcoin (probably ever).

I think I see what you mean here. There are other, possibly more sophisticated ways to put the corn to work - for example, arbitrages or option plays - which however often imply ultimate movements that are essentially sales, or very akin to sales - but I digress. How, if even, does this imply that the more intuitive system is "less bullish" or even "bearish"?

I just do not want to criticize too much, to each their own.
Bearish in a sense that JJG personal goal seems to be fiat accumulation, so he/she is bullish on fiat, bearish on bitcoin (as a final destination).

Oh gawd... you hardly make any senses, Biodom.

I prefer the opposite, slowly selling my fiat in lieu of btc. Not 100% as Raoul Pal did, but close enough.

Using shitcoiner Raoul Pal as an example about what to do.. give me a fucking break.

Since I am still drawing fiat salary and don't spend too much, cash flow is not a problem.

Of course, having cashflow from other sources helps to determine how much bitcoin to spend or how much you might need for a passive income off of it.. so do you want to keep working for your cashflow or not work and just live with the same income from your bitcoin?
 

Real assets (farm land, properties, timber) to me seem the only use for selling btc, but even then, such sells are probably not needed anymore as soon (maybe already) you would be able to borrow against btc stack,

 Have you ever heard of food, lodging, hookers, lambos and blow?

which M. Saylor keeps bringing up, but not many on WO are listening.

 There are a lot of techniques that peeps can employ, including having a variety of techniques.

Such loans are typically used by high net worth individuals (HNWI) against VTI, VOO, SPY, and other whole or broad market ETFs.

Might work for some peeps and might not be necessary for others.. for example if your target is to have $3,333 per month then you could have that with $1million in bitcoin value.. of course, I would be using the 208 week moving average so 100 BTC.. creates a sufficient cashflow based on current 208-week moving average which is at $10k.  There are other ways to formulate as well.
 

That does not include additional strategies that you mentioned (selling covered options). Any illusions about lasting fiat value should have evaporated last spring with 25% increase in money supply in one year-again Saylor is very eloquent about it.

As far as tactics, yes, he/she thinks that this is a bullish posture (to sell while asset goes up and buy when asset is going down), but it is an erroneous approach, in the final analysis.

 It's an approach that works quite well, thank you very much.

This does not work in a vast majority of cases, believe me, I tried (not in bitcoin) and have scars to show for it.
Only an extraordinary btc mechanics allows for this approach to have some chance.

Been working pretty good for me so far.

Additionally, casual pressing "I am rich as fuck"-to me this sounds somewhat cringe-worthy, maybe only if you are a Mansa Musa reincarnation, and even then, but I digress, maybe I am too old school for the TikTok/Instagram/Snapchat age. Besides, on some subreddits such claim would require mod validation. Not here, though, which does not add credibility.

Rich as fuck can be a relative term.  So let's say for example, you have a requirement to have at least $1k income per month to maintain your lifestyle, then if you make $3k per month then you might consider ur lil selfie rich as fuck because you have 3x the needed amount.  Of course, there are other variations of rich as fuck, too... So we may or may not need to get into details depending upon what point is being attempted to be made.  We already talked about your goal to have something over $10k in monthly income.. I cannot remember exactly.. it might have even been $20k per month, and I said that seems a bit much, but I was attempting to try to work with you about those numbers, as well, in terms of trying to frame the issue and how much BTC you might need in order to generate those levels of income and thereafter feel comfortable in terms of long term sustainability.

[LFC_Bitcoin]

bitcoin down over $1000! is this the start of a bear market?

Quick search of post history & I can see the username matches (I’m not sure if you belong with elite gentlemen in the WO. The Altcoin sub called, it’s missing its brokedummy).

I’ve seen many of your kind come & go over the years. Trolling in this thread won’t make you happy after messing up the opportunity of the century by selling all your bitcoin too cheap & ending up as a sad, brokedummy.

Well I hope ya'll are proud of yourselves. down $5000 in 6 hours, of course one more tweet and you're all rekt again. we'll see tomorrow

I sold too early on the last bull run and never got to buy the coins back....

Hi guys I also need a loan of 500$ right now through paypal