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

[somac.]

https://decrypt.co/64168/former-bitmex-ceo-surrenders-face-trial

This got anything to do with the recent drop? I'd say probably not but who knows, plenty of idiots easily scared

Everyone knew he was going down though.

Yeah for sure but fuck knows; it's like some people want a reason to be affected by FUD

ha, I hear ya.

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[AlcoHoDL]

$56k and rising. <--- This is fine.
No singing llama posts. <--- Worried!

[cAPSLOCK]

https://www.wsj.com/articles/fidelity-square-coinbase-launch-bitcoin-trade-group-11617710402

Ugh.

I know I am constantly defending the idea of "Bitcoin Banks", and "Trusted second layers" which probably ruffles cypherpunk feathers a little...  And I stand by the idea that bitcoin is big enough for "all the things".

But this?

This smells like NYA 2.0   It's the same usual suspects, all of them seem to be anti-segwit.  The Square team is the only one that seem like it ever had a pro lightinig stance.  I dunno.. I feel like Fidelity has been a good actor.  But I do not trust that bald f^%k.

The next war begins.  Get ready for a push for PoS, the rejection of the Lightning network etc.  I imagine this time there will be a public marketing campaign to sell the ideas... I have a feeling it is gonna get nasty as hell.   

I am most worried about the seeming inevitable push for PoS.  Because would a group of the biggest custodians benefit from PoS?  Yes.  They would.

I hope I am wrong.

[somac.]

https://www.wsj.com/articles/fidelity-square-coinbase-launch-bitcoin-trade-group-11617710402

Ugh.

I know I am constantly defending the idea of "Bitcoin Banks", and "Trusted second layers" which probably ruffles cypherpunk feathers a little...  And I stand by the idea that bitcoin is big enough for "all the things".

But this?

This smells like NYA 2.0   It's the same usual suspects, all of them seem to be anti-segwit.  The Square team is the only one that seem like it ever had a pro lightinig stance.  I dunno.. I feel like Fidelity has been a good actor.  But I do not trust that bald f^%k.

The next war begins.  Get ready for a push for PoS, the rejection of the Lightning network etc.  I imagine this time there will be a public marketing campaign to sell the ideas... I have a feeling it is gonna get nasty as hell.   

I am most worried about the seeming inevitable push for PoS.  Because would a group of the biggest custodians benefit from PoS?  Yes.  They would.

I hope I am wrong.

Yeah PoS is downright near evil in my opinion. Talk about giving power to rich. PoW means miners have to actually work, make capital investments, develop future strategies etc. If they make shitty decisions they will get weeded out by the market. PoS means the rich, can simply sit on their riches and get new coins without doing any work at all. They will therefore always hold onto power, and with no running costs like PoW miners, their piles of riches will never decrease, only grow. Hell, PoS is even better then owning politicians or succesfully lobbying government, the protocol becomes their's without any effort.

PoS must be avoided at all costs, to fail in this mission means a certain return to lords and serfs.

[cAPSLOCK]

corn wilts in the field
we have simply forgotten
haikus like sunshine

[cAPSLOCK]

$56k and rising. <--- This is fine.
No singing llama posts. <--- Worried!

This is, unfortunately, a valid observation...

[cAPSLOCK]

https://www.wsj.com/articles/fidelity-square-coinbase-launch-bitcoin-trade-group-11617710402

Ugh.

I know I am constantly defending the idea of "Bitcoin Banks", and "Trusted second layers" which probably ruffles cypherpunk feathers a little...  And I stand by the idea that bitcoin is big enough for "all the things".

But this?

This smells like NYA 2.0   It's the same usual suspects, all of them seem to be anti-segwit.  The Square team is the only one that seem like it ever had a pro lightinig stance.  I dunno.. I feel like Fidelity has been a good actor.  But I do not trust that bald f^%k.

The next war begins.  Get ready for a push for PoS, the rejection of the Lightning network etc.  I imagine this time there will be a public marketing campaign to sell the ideas... I have a feeling it is gonna get nasty as hell. 

I am most worried about the seeming inevitable push for PoS.  Because would a group of the biggest custodians benefit from PoS?  Yes.  They would.

I hope I am wrong.

Yeah PoS is downright near evil in my opinion. Talk about giving power to rich. PoW means miners have to actually work, make capital investments, develop future strategies etc. If they make shitty decisions they will get weeded out by the market. PoS means the rich, can simply sit on their riches and get new coins without doing any work at all. They will therefore always hold onto power, and with no running costs like PoW miners, their piles of riches will never decrease, only grow. Hell, PoS is even better then owning politicians or succesfully lobbying government, the protocol becomes their's without any effort.

PoS must be avoided at all costs, to fail in this mission means a certain return to lords and serfs.

The issue, as I see it, is PoS fits in with the current political narratives that @jack seems to be controlling, lol.  The whole "environmental impact of bitcoin" is where the FUD narrative goes next, IMHO.

I would not doubt that block size, and the issuance cap will also be up for discussion.

Brian Armstrong has been trying to "fix" or replace bitcoin the whole damn time.

Someone please tell me there was just something sour in my coffee this morning...  I do not like being this paranoid.

[proudhon]

Ok, in all seriousness, everyone knows this thing is on the verge of a collapse, right? Double top. Low volume. Get out while you still can.

[Richy_T]

It's all well and good until you go to have a meeting and have to turf out Craig Wright in a sleeping bag.

[shahzadafzal]

Poor again.

Come on show us your new buy orders? 

[Dabs]

PoS ain't happening for Bitcoin. Sure, any altcoin can do it, go ahead.

[Richy_T]

There is no need to shill something that is implemented, working and fully accepted.

Yes. It was just annoying that it was being touted when it was clear it was not a solution and, indeed, has proven not to be.

The subtext, of course, is that LN also has issues (not least requiring on-chain capacity) that also make it not a solution and people need to pull their heads out of the sand about why Bitcoin is losing market share.

[cAPSLOCK]

Ok, in all seriousness, everyone knows this thing is on the verge of a collapse, right? Double top. Low volume. Get out while you still can.

I am sure you are right.  You always are, somehow.

But where is the double top you are talking about???

[cAPSLOCK]

PoS ain't happening for Bitcoin. Sure, any altcoin can do it, go ahead.

I agree.  Sort of.  But what stops there from being a fork backed by this "initiative"?

I hope you are right... Maybe I forgot that bitcoin does not give a crap about any "Crypto somethingornother Initiative".

[shahzadafzal]

“The Cryptocurrency Bitcoin Tycoons On Forbes’ 2021 Billionaires List:

Cameron Winklevoss & Tyler Winklevoss

NET WORTHS: $3 BILLION EACH
The siblings began buying bitcoin in 2012. They’ve also launched crypto exchange Gemini and purchased digital art auction platform Nifty Gateway.

Michael Saylor
NET WORTH: $2.3 BILLION

The CEO of software firm MicroStrategy made, and lost, a fortune during the first dot-com bust. Saylor is now worth $2.3 billion after snapping up Bitcoin ahead of the boom—for both himself and his company, pushing its stock up.”

Yes CZ is also in the list with NET WORTH: $1.9 BILLION

https://www.forbes.com/sites/johnhyatt/2021/04/06/the-cryptocurrency-tycoons-on-forbes-2021-billionaires-list/

[Kylapoiss]

Ok, in all seriousness, everyone knows this thing is on the verge of a collapse, right? Double top. Low volume. Get out while you still can.

Thanks for the tip, sold all my stash. Thank god I got out when still ahead.

[Dabs]

PoS ain't happening for Bitcoin. Sure, any altcoin can do it, go ahead.

I agree.  Sort of.  But what stops there from being a fork backed by this "initiative"?

I hope you are right... Maybe I forgot that bitcoin does not give a crap about any "Crypto somethingornother Initiative".

Nothing. Forks happen. It will be... a .. "fork", and not Bitcoin, even if they use the same name. Bitcoin Gold, Diamond, Black, Cash, SV, ... BitcoinFork... does not matter.

We will have an opportunity to split whatever fork coins they make. It's all going back to Bitcoin.

[cAPSLOCK]

I hate that my analysis is different than Proudhon's  I am worried something might be wrong with my science or sources... not sure.

But I am seeing a fairly clear pennant pattern with descending volume.  The interwebs teach me these usually break in the UP direction.

This must be an reverse bearish indicator of some sort?

[proudhon]

Ok, in all seriousness, everyone knows this thing is on the verge of a collapse, right? Double top. Low volume. Get out while you still can.

I am sure you are right.  You always are, somehow.

But where is the double top you are talking about???

It's basically a triple top really. Plain as day and math.

[cAPSLOCK]

PoS ain't happening for Bitcoin. Sure, any altcoin can do it, go ahead.

I agree.  Sort of.  But what stops there from being a fork backed by this "initiative"?

I hope you are right... Maybe I forgot that bitcoin does not give a crap about any "Crypto somethingornother Initiative".

Nothing. Forks happen. It will be... a .. "fork", and not Bitcoin, even if they use the same name. Bitcoin Gold, Diamond, Black, Cash, SV, ... BitcoinFork... does not matter.

We will have an opportunity to split whatever fork coins they make. It's all going back to Bitcoin.

Going to continue as the devil's advocate here, trying to think adversarially.

If they do this they will have a lot of money and high level marketing behind it along with the attention of politicians.  I think it could be a bumpier road than the last fork adventure.