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

[Torque]

It looks like all markets in the US are down on the news that inflation was at 3.4% yesterday.

This means that there will be pressure on the Fed to stop their Bitcoin pumping scheme by cutting back on their monthly spending and eventually raise rates.

Yeah, but we all know they won't in either regard.

They are trapped between 1.5-2% range in interest rates. Completely trapped.

They will keep printing, and announce YCC to the world and act like they are saving markets from out of control inflation. But it'll keep rising, especially in assets.

The billionaire talking heads will keep spouting "market bubble" and "potential selloff", all the while continuing to buy buy buy the stock market. It'll keep hitting ATH after ATH.

[lightfoot]

It looks like all markets in the US are down on the news that inflation was at 3.4% yesterday.

This means that there will be pressure on the Fed to stop their Bitcoin pumping scheme by cutting back on their monthly spending and eventually raise rates.

Weird: If inflation is high why wouldn't people be rushing to shove their worthless dollars into Bitcoin ATMs?

[lightfoot]

They will keep printing, and announce YCC to the world and act like they are saving markets from out of control inflation. But it'll keep rising, especially in assets.

The billionaire talking heads will keep spouting "market bubble" and "potential selloff", all the while continuing to buy buy buy the stock market. It'll keep hitting ATH after ATH.

Is the problem money is being printed or demand+debt is at insane levels. Everyone coming out of this pandemic wants a new house, horse, and hooker so I would expect the prices for these (limited, although onlyfans will supply an endless stream of hookers) assets would rise regardless of current monetary supply.

The real fun comes if people can tap debt once again to bid up the prices of goods. Then we have 2004-2008 all over again where those of us with money are constantly outbid by people who are using debt to mortgage their houses, cars, souls, kids, and whatnot. Bad financial choices wind up driving out the good.

[philipma1957]

Labels.
I am at retirement age and in my youth I am sure people suffered from the same ailments as people do today.
Its just that today everyone seems to need a label for a particular behaviour as if by having one seems to justify said behaviour.
Meh. What do I know, I am just an old bloke on the internet (I don't have a label).

It's not just labels. It's fashionable now. Young people brag about it.

Like in that viral CIA 'woke' recruitment video the woman claims "I'm diagnosed with ...!" like it's a badge of honor.

I think you are now legendary material. As I topped you off with 17 merits.

[lightfoot]

Doing my daily look at the mempool and the damn thing is near empty. 1 sat fees are now being processed now, so a great time to make some transactions.

Curious about ETH strength of late, I take a look at their mempool. Full, massivily full, and has been since the start of this year. Of course high fees are the norm but I think what this also says is that there is a tonne of consistant demand out there on their network, BTC looks like a ghost town in comparison. Now I realise this is because their network is clogged up with all sorts of silly shit (and BTC hash has increased), but if this demand is maintained (and I'm sure no one here wants to hear this), we have to consider the very likely possibility that ETH will eventually beat out BTC for the number one spot.

Yes ETH is a centralized shitcoin and a mess in so many ways, but nobody seems to care about that. The attitude is "well they'll solve all those problems with future updates". Maybe they will, maybe they won't. Either way I don't think it matters. ETH has their network effect, just like BTC does, there will be no ETH killer, but with all the extra shit that is flooding their network as time goes on, how could it not beat BTC, the digital gold that everyone just hodls but doesn't do much else with.

I won't be investing in it, but also don't want to be disappointed when (if) it does unseat BTC. I don't think it will be able to take BTC place this cycle either, but next on, maybe.

I hope I am wrong.

What I wonder is why people don't just shift their loads to ETC. Same network with some integrity.

[Dabs]

What I wonder is why people don't just shift their loads to ETC. Same network with some integrity.

It's not the same. It doesn't have any of the subsequent hard forks or EIPs or something... I don't think UniSwap is on it, or if it is, the volume isn't there. While one can argue it is the original ethereum, not like bcash which is the fork of bitcoin, it's being treated (by the market) as the second one.

ETH is going to 10k, it's almost at 5k. Then we'll see it hit 20k in a year or two.

Like most everyone here, I am not directly buying any of it. But I'll continually sell my ETH to get moar BTC.

[franky1]

elon only likes doge due to the transaction fee and ability to actually make transactions on chain in a minute without it costing a hours minimum wage of his chinese panasonic workers wage

i never touched or used dogecoin. but putting aside the memes. dogecoin has more utility than bitcoin these days
(this is coming from someone thats is devoted to bitcoin)

[Dabs]

i never touched or used dogecoin. but putting aside the memes. dogecoin has more utility than bitcoin these days

I can't use it to buy stuff on Amazon yet... or can I? Maybe you could use it to buy Teslas, but that's not yet live right now. Oh yes, you can use it to buy Dallas Maverick tickets or something.

Other than being on every exchange out there, what else is it's utility? I would not put my life savings in it, even if others on twitter have.

[Wekkel]

elon only likes doge due to the transaction fee and ability to actually make transactions on chain in a minute without it costing a hours minimum wage of his chinese panasonic workers wage

I think Elon likes Doge because it makes a mockery of the legacy money cabal. The guy has been involved in inventing the next phase of humanity in terms of payments (Paypal), only having to resort back to regular banking based Paypal services back in the '90's. I can imagine he also has a lot of things to settle with the bankers in relation to his various companies over the past decades.

He probably loves to shove this cryptocurrency thing under the noses of old enemies/an atrophied industry.

No better way to get the public going ballistic on this than by means of a pure meme coin.

Innocent
Harmless (disregarding the PnD)
Stupid
But so much WoW

 

The guy is doing more for the acceleration of digital money (including legitimate cryptocurrencies) than most people.

[Dabs]

The guy is doing more for the acceleration of digital money (including legitimate cryptocurrencies) than most people.

I would agree with you, except for that small word "legitimate" ,... because what defines if a coin is legit or not. In my time (a few years ago), any coin that actually launched and had a network and had nodes, and eventually got a block explorer was "legit". Low value, or no value did not matter, a legit coin is ... I mean, doge is legit that way, people just see it as a joke / meme.

On the other hand, there are forks of forks and could be argued as legit, but we don't like them. I personally would not consider them "legit" but don't go about stating that openly. Not like we really need gigabyte blocks.

[Sayeds56]

i never touched or used dogecoin. but putting aside the memes. dogecoin has more utility than bitcoin these days

I can't use it to buy stuff on Amazon yet... or can I? Maybe you could use it to buy Teslas, but that's not yet live right now. Oh yes, you can use it to buy Dallas Maverick tickets or something.

Other than being on every exchange out there, what else is it's utility? I would not put my life savings in it, even if others on twitter have.

Sir, we all know that Doge coin is a worthless coin but current trends in crypto space are giving a clear message to market participants that a smart Investor like Elon Musk can convert such coin into something very precious by his smart moves. We like it not but he is a big Market Maker who is also trying to make a best use case of Doge coin to attract huge investment. I don' know how long he can attract traders attention towards Doge coin but so far he is successful to create hype.

[Phil_S]

Guys, remember halving? It was May 11, 2020.

I love anniversaries.

We did 6.65x since then.

[Wekkel]

I see your point but I won't mix the concept of 'legitimate' and my moral observations in that respect with what the market will choose as the winner.  May the best win, regardless of what I find legitimate. In the end, that's not up for my sole consideration but by billions of people. All we can do is show the way. If that's what your alluding to, I understand the concerns.

Buy hey, we also survived the VHS video format  

[Paashaas]

Biden Proposes $2 Trillion Bill To Study What's Causing Inflation Rates To Rise.

President Biden proposed a $2 trillion spending bill Monday for the purpose of determining the cause of rising inflation. This is Biden’s fourth proposed $2 trillion bill in as many months.

“The cause of inflation is a major concern for all Americans,” Biden told reporters. “Rest assured, your government is committed to spending however much taxpayer money it takes to get to the bottom of this malarkey!”

According to Biden, the cause of the rapid increase in inflation has been baffling his economic experts for weeks. “All we know is that some mysterious event happened around January 20th which caused inflation to skyrocket out of control,” Biden said. “We don’t know what that event was exactly, but we do suspect President Trump was involved somehow. And maybe Russia.”

[eXPHorizon]

Biden Proposes $2 Trillion Bill To Study What's Causing Inflation Rates To Rise.

President Biden proposed a $2 trillion spending bill Monday for the purpose of determining the cause of rising inflation. This is Biden’s fourth proposed $2 trillion bill in as many months.

“The cause of inflation is a major concern for all Americans,” Biden told reporters. “Rest assured, your government is committed to spending however much taxpayer money it takes to get to the bottom of this malarkey!”

According to Biden, the cause of the rapid increase in inflation has been baffling his economic experts for weeks. “All we know is that some mysterious event happened around January 20th which caused inflation to skyrocket out of control,” Biden said. “We don’t know what that event was exactly, but we do suspect President Trump was involved somehow. And maybe Russia.”

Holy fuck ! BIDEN I AM HERE !!! Ill tell you everything for 1% of that $2 Trillion  

but i dont know anything anyway sooo im oout xD

[Kylapoiss]

Biden Proposes $2 Trillion Bill To Study What's Causing Inflation Rates To Rise.

President Biden proposed a $2 trillion spending bill Monday for the purpose of determining the cause of rising inflation. This is Biden’s fourth proposed $2 trillion bill in as many months.

“The cause of inflation is a major concern for all Americans,” Biden told reporters. “Rest assured, your government is committed to spending however much taxpayer money it takes to get to the bottom of this malarkey!”

According to Biden, the cause of the rapid increase in inflation has been baffling his economic experts for weeks. “All we know is that some mysterious event happened around January 20th which caused inflation to skyrocket out of control,” Biden said. “We don’t know what that event was exactly, but we do suspect President Trump was involved somehow. And maybe Russia.”

Is this real?

[Dabs]

That whole site looks like a meme.. or a joke. Probably legit since it ends with dot com.

[Kylapoiss]

This is my 666th post, scary shit.

[ivomm]

Biden Proposes $2 Trillion Bill To Study What's Causing Inflation Rates To Rise.

President Biden proposed a $2 trillion spending bill Monday for the purpose of determining the cause of rising inflation. This is Biden’s fourth proposed $2 trillion bill in as many months.

“The cause of inflation is a major concern for all Americans,” Biden told reporters. “Rest assured, your government is committed to spending however much taxpayer money it takes to get to the bottom of this malarkey!”

According to Biden, the cause of the rapid increase in inflation has been baffling his economic experts for weeks. “All we know is that some mysterious event happened around January 20th which caused inflation to skyrocket out of control,” Biden said. “We don’t know what that event was exactly, but we do suspect President Trump was involved somehow. And maybe Russia.”

I don't know, may be the crazy $ printing in the last year has something to do with it? Just a hunch. I can accept the $2 trillion prize for the right guess in the form of BTC's. Thanks in advance!

[BitcoinBunny]

The sooner we can move to Satoshis the better I think.

I reckon a lot of young people are getting caught out (perhaps through their own stupidity) by "investing" in shitcoins.
Especially the swap shit when they consider the supposedly lucrative interest rates for staking.

Since Monday Binance Smart Chain has fallen on its ass seemingly causing many problems for all the swap crap.

Just too many scammers and centralists trying to tap into this market now.


I don't think this is going to help Bitcoin do well (even though it's a different kettle of fish we know) but whatever.