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

[Paashaas]

89% hashrate is now signalling for Taproot, atleast there is some positivity around.

[Farmer Bill]

Last quarter Tesla sold more than $500 million worth of carbon credits.
~
Enter Bitcoin miners, Elon Musk trashes Bitcoin for its energy use, at the same time promoting Dogshitcoin, helping Bitcoin price to fall. Then offers to solve the problem by offering to sell Bitcoin miners the spare carbon credits.

Wait, did he really try to sell carbon credits to Bitcoin miners?

If Tesla gets paid to sell carbon credits, doesn't that make them liable for the actual emission?
Let's see how much carbon credit costs: Opisnet:

The auction settled at $17.80/mt

Let's assume this is a reasonable estimate for the price. If Tesla sold more than half a billion dollars worth of credits, that means Tesla "covered" 28 million tonnes of emissions in just 3 months. Tesla only sold 185,000 cars during this time. Does that mean they can sell 150 tonnes of carbon credits for each car they sell? Let's assume their average car drives 250,000 km during it's lifetime, that makes 600 grams CO2 per km, which is about 5 times the average emission of new cars in Europe.

So: is my math wrong? Or is Tesla liable for much more emissions than even the most inefficient gas cars or all of Bitcoin mining?

I don't know about the entire balance of Tesla's business. For example I know they have some solar power setup.
Also that when you drive a new car away from the dealership it already has around 60% of its lifetime carbon footprint already "baked in".

I have no idea if Musk approached any miners, it is just conjecture.
And they would probably as JayJuanGee says not give two shits.
 

[bkbirge]

This has been picked up onto main stream news. This is the entire "article". Feel free to comment bomb, lol.
https://www.sandiegouniontribune.com/opinion/letters-to-the-editor/story/2021-05-16/opinion-cryptocurrency-abuse-must-come-to-an-end

Re “Cyberattack on Scripps Health has scary, broad implications” (May 7): Hospitals, pipeline operators, oil companies, even city governments have all been hit by ransomware attacks. These attacks are happening more and more frequently and they all have one thing in common: cryptocurrency.

The perpetrators of these attacks demand payment in Bitcoin or some other cryptocurrency, because these payments are untraceable and unstoppable.

It’s long past time to put an end to these non-governmental currencies. Cryptocurrencies appear to have been created specifically to facilitate illegal activities. They serve no legitimate purpose. Their primary uses are ransomware, extortion and funding terrorists, the drug trade and child pornography.

The only way to end ransomware is to end cryptocurrencies.

[shahzadafzal]

Satoshi we need you!!!

[JayJuanGee]

[Edited out]

Thanks for your input, I postulated this idea with the intent of it being trashed.

Personally, I'm not on board with the (hidden) agenda that is being promoted as climate change, the crap about bitcoin mining and energy use that has been pushed into the consciousness of the general public through the MSM has been incessant. However I do know that potential institutional investors experience great difficulties getting Bitcoin onto their balance sheets in a squeaky clean way due to their legal departments insistence on adhering to the corporate governance stuff.

I did not really have any problem with the ideas that you presented in that earlier post in terms of being composed of the various kinds of incentives that are being imposed and propagandized in various mainstream systems.  I do not claim to be any kind of expert on the topic, either, so maybe both of us are working out our ideas in terms of what could play out.  

Yet, in any event, I am still struggling with any kind of assumption that bitcoin miners would want to play that game when they likely do not have to.    Yeah, sure we have seen some virtual signaling from some miners from time to time including the one recently that asserted that it was OFAC compliant - to the extent that it is even possible to make such assertion and not to suffer some repercussions in bitcoinlandia...

But sure, there are all kinds of things that governments like and will likely attempt to push onto bitcoin, but they still might have a lot of challenges to get them into bitcoin's practices, procedures and decentralized incentives systems, and I am not even claiming that we can detach ourselves from various traditional banking rules  (not yet anyhow) so yeah, there might even be BIGGER battles in the future - and even though the environmental battle seems to currently working, it does not seem to be one that is going to play out well in terms of the truth of the matter asserted or even any kind of meaningful abilities to impose such bullshit on bitcoin because like I already said, bitcoin seems way the fuck more energy efficient than other systems, and sure some shitcoins like ethereum may want to proclaim that they are more energy friendly, but who fucking cares.. ethereum is just made up shit, anyhow, even assuming that they move to an even more made up system that they proclaim to be better than proof of work (referring to the proof of stake pump and dump shenanigans scam of course).

This is probably out of place in the WO thread (might feel unprofessional for those who like to stay emotionally detached from their commodities).

Bitcoin is the future regardless if it is valued at USD $1 or $100,000. This is a fully developed world wide system which allows anyone to have a wallet, to be their own bank with access to every transaction ever made, stored securely in an immutable blockchain, and completely independent from any banking or regulation system.

Personally I want to support Bitcoin as a system, this is a once in a lifetime opportunity, owning BTC is part of that. For those of you who are too daft to see the potential, or too shortsighted due to greed in their speculation schemes, then by all means sell now.

Bitcoin is a major invention; what the printing press did by spreading the written word, what the internet did to connect all of us, this is the technology to replace our banks and currencies eventually. In the meantime there will be a lot of friction from powerful people, especially from those involved in our old financial institutions, it's been a battle since Bitcoin started in 2009.

I don't see anything wrong or out of place by such a statement... and maybe part of the key of your point is that some of these matters take a while.. and I would also like to say that bitcoin is successful as fuck, like you seem to suggest, even if its price is quite low (such as $1), but I really doubt that it's price is going to be going to such low levels, even if all of the governments were to make it illegal (which is hardly a game theory that anyone with even half a brain should expect to even be within reasonable possibilities - even long shot possibilities).

[_javi_]

Satoshi we need you!!!

Somebody explain Musk that Dogecoin mining is merged with Litecoin, and its considered a bonus to LTC rewards.

[ivomm]

I laughed so hard at the last post of Musk. Now, he is officially gone full retard/imbecile. Paypal, seriously? With millions accounts blocked on the whim of the owners, is this the best example for a "good" centralized money transfer? Jesus Christ, save this imbecile from his own money! Let them burn to 0 with doggystyle. Too bad for his semi-idiotic projects, which are just a bit better than investing in sport.

[marcus_of_augustus]

Satoshi we need you!!!

... this shit is retarded, satoshi wouldn't get out of bed for this

... PayPal is a bankster-coopted, compromised piece of shit kludge built onto a legacy system that hasn't seen an architectural upgrade in 25 years

... musk doesn't know shit about bitcoin's architecture, as he's making plain with the demonstration of ignorance right now

... why doesn't he post some code on github (could even pay an army of chinese hackers to write it), he's so full of shit right now it's almost impressive to watch the flames shooting out his arse

[goldkingcoiner]

What are you guys complaining about? He is giving us a chance to buy some cheap coin, fresh out of shaky hands.

[milkshock100]

Interesting that a lot of the dumps happen on a Sunday, presumably because that’s when it’s the hardest for the market to be repel any such dump. Musk seems to be in cahoots with that mode of operation so yeah I think we can pretty much say that it’s within the realms of possibility that he isn’t acting the lone wolf here as he and others like to portray him.

[Farmer Bill]

This is getting ugly, when’s it going to stop  

$43k?

If that breaks

38% below ATH so $39k ?

If that breaks then we are in Proudhon territory at $24,472 or 66% below ATH and Proudhon takes the El duderino prize and we all get to bow down to Proudhon.

Fear index at Max = Strong Buy

Those are all possible, but I have a hard time giving very great odds to something like $24,472 playing out by June 21.. so sure we could have some ups and downs along the way and gosh grinding down to $24,472 in a bit over a month would be painful and likely shake a lot of weak hands.  

Yes very great odds down to 24,472, I fully expect it to bounce of either $39k a 38% drop from ATH a regular occurrence in the world of bitcoin or maybe $43k will see enough resistance to satisfy the bears that there are no more coins to be shaken out. But what the fuck do I know? It is best to be prepared for all scenarios.

[JayJuanGee]

[edited out]

Support/Resistance levels of Bitcoin on Weekly Chart.

Where's your source link, Sayeds56?

89% hashrate is now signalling for Taproot, atleast there is some positivity around.

Wow.  in response to your post, Paashaas, I just looked up the current taproot signaling, and it kind of surprises me because it seems that the last time that I looked it up, maybe a day ago or so, it was in the lower 60s%

As I type, taproot watch is currently showing 84.06%.. .which is still getting real close to 90% which may be reachable this difficulty period.  

By the way, before looking up the matter, I had not realized that this difficulty period ONLY started a few days ago, and if 90% is not achieved this difficulty period, we seem to be better setting ourselves up for taproot to be signaling in the 90% plus arena in the next difficulty period which currently is projected to start around May 27/May 28 according to cryptothis.com.

[shahzadafzal]

Satoshi we need you!!!

... this shit is retarded, satoshi wouldn't get out of bed for this

That was a joke.
Anyway someone replied him with this and it fits on him...

If he thinks PayPal works in same way like Bitcoin...

[vapourminer]

Elon must be on a rampage because i only see on Twitter: tweet not available.

Mr Elon Musk is acting as a nail in the coffin for bitcoin at the moment. 

the price is $45k USD. over twice the 2017 ATH.

and peeps here are annoyed, moaning and pissed?? wtf where has the OG gone. we should be toasting the 30% off sale not complaining about the words from a twitter account.

whats with all the new whiners anyway. folks just sit back, relax and enjoy the ride. the moments of sheer terror are relative anyway; its just part of the ride. learn to enjoy them.

[shahzadafzal]

What are you guys complaining about? He is giving us a chance to buy some cheap coin, fresh out of shaky hands.

But which one we should buy Chinese bitcoins or European?

Can someone please ask Elon?

[philipma1957]

Elon must be on a rampage because i only see on Twitter: tweet not available.

Mr Elon Musk is acting as a nail in the coffin for bitcoin at the moment. 

the price is $45k USD. over twice the 2017 ATH.

and peeps here are annoyed, moaning and pissed?? wtf where has the OG gone. we should be toasting the 30% off sale not complaining about the words from a twitter account.

whats with all the new whiners anyway. folks just sit back, relax and enjoy the ride. the moments of sheer terror are relative anyway; its just part of the ride. learn to enjoy them.

buying dip again

[marcus_of_augustus]

What are you guys complaining about? He is giving us a chance to buy some cheap coin?

... who's complaining?

... this is the best drama queen pile-on we've had since Jihan " fuck your mother if you want fuck" Wu

... Mike Hearn, Andresen, Wright, Ver, Jihan Wu ... each one who thought they were bigger than bitcoin has flounced out in rage-quits of indomitable style ... Musk's is shaping up to be epic

http://m.futuresmag.com/2021/01/27/co-founder-bitmain-resigns-ceo-and-chairman

[UnDerDoG81]

What yall expect? That a billionaire will turn against his billionaire friends and destroy the fiat system that made em rich? He is a retard troll just like his friends, who gives no shit about 99.9999% of the world population while playing the world safer. One of em wants to vaxx all the people in the world and soon he really made it, bringing him up to #1 on the list of the richest. Of course we know, there are way more rich people who actually run the world. But they sitting in the shadows while they leave the stage for narcist retards like Musk, Gates, Bezos etc.

These times will pass. We gone through worse. Remember China "banning" Bitcoin every damn weekend in 2017?

[shahzadafzal]

You guys remember recently someone created a bot that will buy BTC every time Elon Musk tweets about Bitcoin? Yes this is the best time to use it... Just add some delay of 5 minutes and it’s guaranteed to buy you cheap bitcoins.

[JayJuanGee]

Last quarter Tesla sold more than $500 million worth of carbon credits.
~
Enter Bitcoin miners, Elon Musk trashes Bitcoin for its energy use, at the same time promoting Dogshitcoin, helping Bitcoin price to fall. Then offers to solve the problem by offering to sell Bitcoin miners the spare carbon credits.

Wait, did he really try to sell carbon credits to Bitcoin miners?

If Tesla gets paid to sell carbon credits, doesn't that make them liable for the actual emission?
Let's see how much carbon credit costs: Opisnet:

The auction settled at $17.80/mt

Let's assume this is a reasonable estimate for the price. If Tesla sold more than half a billion dollars worth of credits, that means Tesla "covered" 28 million tonnes of emissions in just 3 months. Tesla only sold 185,000 cars during this time. Does that mean they can sell 150 tonnes of carbon credits for each car they sell? Let's assume their average car drives 250,000 km during it's lifetime, that makes 600 grams CO2 per km, which is about 5 times the average emission of new cars in Europe.

So: is my math wrong? Or is Tesla liable for much more emissions than even the most inefficient gas cars or all of Bitcoin mining?

I don't know about the entire balance of Tesla's business. For example I know they have some solar power setup.
Also that when you drive a new car away from the dealership it already has around 60% of its lifetime carbon footprint already "baked in".

I have no idea if Musk approached any miners, it is just conjecture.
And they would probably as JayJuanGee says not give less than two shits.

FTFY... .

hahahahaha

But who's counting?

[edited out]

Yes very great odds down to 24,472, I fully expect it to bounce of either $39k a 38% drop from ATH a regular occurrence in the world of bitcoin or maybe $43k will see enough resistance to satisfy the bears that there are no more coins to be shaken out. But what the fuck do I know? It is best to be prepared for all scenarios.

Surely when we are in the middle of a dump it is difficult to know when it is over.. sometimes an outrageously BIG wick will be an indicator, but it does not guarantee that it is over unless the recovery brings us a decent percentage out of striking distance of another test of support at the local bottom.

I hate making any proclamations, but there does seem to be ongoing momentum and dumping... bringing numbers back into view that quite a few HODLers might not had thought were possible - so they may have to rethink their level of conviction, etc. etc.  It would not be easy for some of them, especially if they were saying that they were "all in" at $59k or at $51k or at other locations such as $47k.  So, one of the tests of actual conviction does end up being the playing out of the BIG ASS correction and see what HODLers do.. And, if the price can be kept down long enough, sometimes additional sellers will come out of the woodwork and allow for additional eroding of support that previously considered as solid (or "no way in hell") territory.