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

[ChartBuddy]

Explanation

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[UnDerDoG81]

Here we go again:



https://twitter.com/michael_saylor/status/1401879767943729154?s=21

Fuck me this guy is a beast

I am still not sure if he will make into the history books as the biggest retard or the greatest genius. Time will tell. But if crypto really fails (because the system starts to fight it with all they have) he surely will be torn in pieces by the mass media.

And yes, if one Elon Tweet can cause a 50% drop, the system has all the power to bring it down to 3 digits. By all the crypto fanboyism, we have to stay realistic.

[El duderino_]

Saylor is relentless, I hope he’s as honest & committed as he seems.

It seems he is….

I have a good feeling with that dude

[Gatorelf]

One scary thing... Short interest has quadrupled in the last day. :/

https://www.tradingview.com/symbols/BTCUSDSHORTS/


Whassat gonna do?

when did shorting start and what exchanges allow this?   I don't short and never will just surprised this became an option in trading BTC.  Hell i guess if you can gamble it away at a dedicated site anything can pop up.  

Since hedge funds are in the game now as well, this would suit them. This level of accumulation might get filthy at times.
Just my 2c

ahhh yeh that's right I had forgot about them, they like to claim it brings liquidity to the market however I have always seen it as just manipulation.

[JayJuanGee]

Saylor is relentless, I hope he’s as honest & committed as he seems.

He is taking a pretty big risk.  It would take some pretty deep conspiracy theory to really attribute something nefarious here.

That said, we all are sort of tied to him in a way... if he dies, well... we do to.

The other thing is... the more of him there are the harder it will be for the USGov to attack bitcoin without hurting lot's of private investors.  It is starting to imbed itself into world markets in a way that you won't be able to kill it without taking the host out with it.  And it's starting to look like the host is potentially the world economy.

This is a virus unlike anything we have ever seen before.

I have a hard time believing that "we" are dependent on Saylor.

Sure it is nice that he is buying a lot of bitcoin, going into debt to buy more bitcoin, publicizing his buying of bitcoin and going into debt about it, and engaging in BTC education campaigns to teach/influence others to do the same thing (institutions and individuals).

Yes, bitcoin would take a hit if he did a Musk - or turned rogue in a variety of ways  - including that he is potentially currently armed with more than 110k BTC including his personal and company stash - but fuck Michael, Satoshi, Coinbase, Grayscale or any of those folks if the were to go rogue with coins in their control.

Some of the BIG players are "in the open" and surely there are some other BIG players who are a bit more hidden.. bitcoin is designed around both game theory and ideas that there are likely going to be a variety of attacks upon it, whether from the inside or the outside - and surely price would likely take a hit when there might be a variety of  hard coin dumping attacks and at the same time publishing the attacks and spreading various FUD, yet should any of us be scared out of our BTC investment thesis besides regular kinds of ongoing preparations for both UP and DOWN, including extremes in either direction.

Hopefully, each of us are prepared for either direction, including extremes that go beyond our expectations - and including that we are going to hopefully be informed enough to recognize if Bitcoin were to dump whether the information were true about it being broken (or dead) this time is for real - or merely amongst the multitude of ongoing fakenings that we have seen over the years, and there should be some credibility in the bull case for bitcoin this time in order that those of us who have been in a decently long time have seen enough of the nonsense that we are not going to be fooled by it, even if it feels uncomfortable (and even painful) both financially and psychologically in the short term if the BTC price were to be moving way contrary to our expectations and staying way below our expectations for longer than we thought was even possible.

Something I'm not really understanding right now. Lot's of good news around Bitcoin right now, I mean shit, there are now countries wanting to make Bitcoin legal tender. However, if you go check out the prices of shitcoins they are all up far more than BTC.

Only explanation that I have is that Bitcoin's price is being targeted, where as the others aren't.

Am I taking crazy pills or something.

Shitcoins are easy as fuck to pump on any kind of bullshit, so if they believe that news is good for bitcoin (that bitcoin might pump), they pump on the mere possibility of such.  Don't get confused that there is actually any value in any shitcoin merely because they are capable of ongoing and incessant pumpenings.. and surely, merely because they can pump and frequently do pump many times bitcoin does not mean that they will pump when you put your money (your "reasonable" hedge) there.

[ChartBuddy]

Explanation

[ivomm]

All things are going according to the plan. The first week after the dump set a 20% range, the second - 10%, the current - 5%. It is like a falling wedge but with higher lows - a clear sign that an upward breakout is coming. The weak hands are lost behind in tears, while the holders acummulate more with every hour. This 36K fake equilibrium can't fool nobody. Bitcoin is heavily undervaluated obviously. Currently only the pump and dump groups in the derivate markets are holding the price low, but not for long. If they don't close their short positions in the next few days, the incoming big buys will liquidate them quickly. I expect prices above 45K when MicroStrategy purchases ~10K BTC's in the next few days. Hopefully, this will be followed by other big investors and we will have an exciting summer aiming at 100K.

[Dabs]

One man's trash is another man's treasure. Don't discount the possibility of trash having any value just because you believe it should not. They do. While we all believe they should be zero ... it's currently above zero for now. If you know how to take advantage of it, you probably would try. If not, then it's just as well to keep whatever value you need in just bitcoin.

[JayJuanGee]

The other thing is... the more of him there are the harder it will be for the USGov to attack bitcoin without hurting lot's of private investors.  It is starting to imbed itself into world markets in a way that you won't be able to kill it without taking the host out with it.  And it's starting to look like the host is potentially the world economy.

I still think that this (using a publicly-traded corp to pump Bitcoin) is the worst way to "imbed [sic] itself". There is zero actual utility in MSTR owning a bunch of Bitcoin, other than possibly skirting SEC (non)approval of Bitcoin ETFs and that can only end in tears.

Bitcoin should be quietly replacing SWIFT/ACH/all that other interbank clearing house shit. Or payment systems - perhaps not replace Visa et al because muggles love their plastic cards, but in the backend/settlements. Now that would be something that's extremely unlikely to be unraveled by a government.

Variations of these behind the scenes and in front of the scenes are simultaneously and increasingly happening by BIG players and small players alike who are making a whole lot of individual choices regarding what options might be available to them and which options to use, and some normies and even BIG institutions do not know what the fuck Gresham's law is, but they are engaging in choices that both follow Gresham's law and end up gravitating their value into the fastest horse in the race, whether they are going to admit it or no.

Whatever effect the Saylor/MSTR continued employment of decently large debt instruments (third one as far I have heard), including your accusation that he is skirting the SEC, seems to be happening within legally accepted modalities, very publicly, and I imagine that Saylor has been both getting very decent counsel on the topic as well as would be in a very decent position to use any legal action against him (in the pie in the sky hypothetical that such an action would come) to draw even more attention to what he is doing and has been doing in a Streisand effect way that neither the SEC or any other branches of the US Govt. would be in a very good position to damper such anticipated Streisand effect.  In other words, I would be hesitant to presume a bad ending to what Saylor is doing (personally and through his company) or what Saylor is going to continue to do... So far, seems pretty damned solid and likely to have several imitators, even if they are less public at least in terms of their getting their company treasuries into BTC.

[Richy_T]

Yawn.

[ChartBuddy]

Explanation

[AlcoHoDL]

OK, so I was at our usual Sunday BBQ yesterday, and a coiner friend tells me he wants to withdraw 2/3 of his shitcoin stash, in fiat. I asked why, he said he's fed up with it. He has been playing with shitcoins for 5 years now, and managed to triple his fiat value, but not more than that. If he had listened to me and had kept and HeDL everything in BTC, he would now be at least 30x of his initial investment.

He will be withdrawing around $10k in fiat (to his bank account), and using the remaining $6k to buy BTC (yes, no shitcoins!), and HoDL it. That should give him around 0.17 BTC. Not much, but still OK for a healthy sum a few years from now. He even told me to withdraw that 0.17 BTC from Kraken and keep it in a paper wallet, so that he won't be tempted to "play" with shitcoins again. I think he learned his lesson the hard way. He could have almost 5 BTC now, if he had stayed in BTC the entire time. When he started, 1 BTC had just passed $1k...

Going there now, for another mini-BBQ, and to help him with the withdrawal.

HoDL (and don't you dare go into this cryptocurrency shit).

[JayJuanGee]

...........Bitcoin is a complex thing in the way it is going to weave itself into economies.  ..........

............

And bitcoin is built in a way that will harness the energy of all these actors who's main objective is to enrich themselves somehow towards something that betters mankind.

It is literally the intellectual child of pure capitalism.

I think it's gonna work.

It might be a good idea to get some, in case it might catch on.   

  Hey, PPL, i'm a Hero member now!  

* OutOfMemory is stoked  

Thanks for all the sMerit  
#honomo

The proof of the pudding is in the eating.


In other words, there is life after re-nymening......

 

Here we go again:


https://twitter.com/michael_saylor/status/1401879767943729154?s=21

Fuck me this guy is a beast

I am still not sure if he will make into the history books as the biggest retard or the greatest genius. Time will tell.

In my humble bumble opinion, you are being way too "open-minded" (if we could appropriately call it that?) with your recognition that bitcoin could go in either direction.. blah blah blah... 

But if crypto really fails (because the system starts to fight it with all they have) he surely will be torn in pieces by the mass media.

Bitcoin is already built for attacks... so you are anticipated more hostilities towards bitcoin?  Some governments and financial institutions already tried some of that.

Yeah, the media is going to take any opportunity that they can to pile onto any dogpile, but so what?  What else is new?

And yes, if one Elon Tweet can cause a 50% drop,

Get the fuck out of here with these kinds of one cause explanations regarding why bitcoin goes up or bitcoin goes down.  Sure, there can be exacerbating conditions and even the jumping onto the bitcoin bashing train accompanied by lots of actual sales to try to drive the BTC price down as far as possible and keep it down as long as possible, but you really believe that Elon caused something that might have not already been inclined to happen?

Give me a break.

the system has all the power to bring it down to 3 digits.

Yes.. anything can happen including 3 digits, but hopefully you are not dumb enough to place more than .01% odds on such occurrences.  It is bad enough that you are saying it, as if it were any kind of real or meaningful threat of happening.

By all the crypto fanboyism, we have to stay realistic.

Sure, there is both froth in the overall "crypto" space, and sure there are internet and social media related dynamics that could exacerbate momentum beyond what might have been achievable in the past, but still there are limits too in terms of what is reasonably feasible (even when considering extremes).

Just ponder regarding how insightful (and famous, and richie) you are going to be when your $911.11 buy order gets filled?  Imagine that?

[Dabs]

He even told me to withdraw that 0.17 BTC from Kraken and keep it in a paper wallet, so that he won't be tempted to "play" with shitcoins again.

May I suggest a normal wallet like, say, Electrum. Then write on paper the seed phrase. I understand paper wallet also means private key written down but that can get confusing in the future and you might inadvertently use a different address format that is not native segwit.

Of course, done on an air gapped cold machine, if possible.

[Paashaas]

El Salvador is adopting Lightning Network. Will this be the kick-off of layer 2?

70% has no bank acount, few million working in the U.S, this will give their remittance market a major boost.

Impressive and mind blowing. The world will finally realize the awesomeness Bitcoin can offer, this is just the beginning.

Those shitcoiners in total disbelieve and so butthurted they running around like headless chickens, fck them all!

[AlcoHoDL]

He even told me to withdraw that 0.17 BTC from Kraken and keep it in a paper wallet, so that he won't be tempted to "play" with shitcoins again.

May I suggest a normal wallet like, say, Electrum. Then write on paper the seed phrase. I understand paper wallet also means private key written down but that can get confusing in the future and you might inadvertently use a different address format that is not native segwit.

Of course, done on an air gapped cold machine, if possible.

Yes, good idea, thanks. He's not very good with technical stuff, so I should keep things as simple as can be. A vanilla paper wallet (without a seed) can be dangerous. The seed is a human-readable version of the private key, so I should use that instead.

[AlcoHoDL]

El Salvador is adopting Lightning Network. Will this be the kick-off of layer 2?

70% has no bank acount, few million working in the U.S, this will give their remittance market a major boost.

Impressive and mind blowing. The world will finally realize the awesomeness Bitcoin can offer, this is just the beginning.

Those shitcoiners in total disbelieve and so butthurted they running around like headless chickens, fck them all!

This sounds like big news. I just hope LN won't collapse under such a heavy load as an entire country officially adopting it. I'm in favor of LN, but from the few things I've read about it over the years, I get a bittersweet feeling, like it's not yet a polished protocol. I hope I'm wrong and it passes the test with flying colors.

Lots of good news lately, not yet reflected in the price. I'm sensing a massive UPpity move in the coming weeks.

[DaRude]

Jack Mallers Announces El Salvador Bitcoin Adoption
https://www.youtube.com/watch?v=3uGOfqN2y9k

Watch it in case you have any doubts about the future of Bitcoin. Worrying about the ticker price can sometimes almost be embarrassing. Bitcoin is hope.


Edit:

 The US and Canada enforces capital gains tax on currency transactions so it doesn't make a difference in my case unless the net gain (or loss) is less than $200... I can't live on that!

Not a legal advise, but the way i read it, it's $200 capital gain per transaction. So if you you buy a $7 coffee in the morning, have a $40 lunch, and then pay $100 for a dinner, and then hit up few bars not spending over $200 in each, all of it shouldn't be taxable.

such transaction is a personal transaction,
no gain shall be recognized for purposes of this subtitle by reason of changes in exchange rates after such currency was acquired by such individual and before such disposition. The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.

https://www.law.cornell.edu/uscode/text/26/988

 Wow!  I find it hard to believe the US gov't would allow so much potentially unpaid taxes on the table.  

 The way I understand the wording in the guidance provided by the Canadian gov't, it would be on all transactions.  I'm not a pharmacist though so it's possible I have misinterpreted it.

from canada.ca - the gov't of Canada website:

Foreign exchange gains or losses from capital transactions of foreign currencies (that is, money) are considered to be capital gains or losses. However, you only have to report the amount of your net gain or loss for the year that is more than $200. If the net amount is $200 or less, there is no capital gain or loss and you do not have to report it on your income tax and benefit return.

Yeah that reads as if it's cumulative for the year. That's pretty dumb, technically you're obligated to keep track of every cap gain on your FX, so if you had a quick trip to US on Jan 1st and bought crap that resulted in some cap gain even if it's under $200 you're expected to keep track of it, just in case on Dec 31 you do another trip that pushes you over C$200 Sucks for Canucks

[Paashaas]

El Salvador is adopting Lightning Network. Will this be the kick-off of layer 2?

70% has no bank acount, few million working in the U.S, this will give their remittance market a major boost.

Impressive and mind blowing. The world will finally realize the awesomeness Bitcoin can offer, this is just the beginning.

Those shitcoiners in total disbelieve and so butthurted they running around like headless chickens, fck them all!

This sounds like big news. I just hope LN won't collapse under such a heavy load as an entire country officially adopting it. I'm in favor of LN, but from the few things I've read about it over the years, I get a bittersweet feeling, like it's not yet a polished protocol. I hope I'm wrong and it passes the test with flying colors.

Lots of good news lately, not yet reflected in the price. I'm sensing a massive UPpity move in the coming weeks.

You should be interested reading this article from Forbes.

The Salvadoran marriage to Bitcoin has been two years in the making. Bitcoin entrepreneur Jack Mallers, who helped build the Lightning Network to facilitate fast, low-cost bitcoin transactions, has been working with Bukele and other Salvadorans to make bitcoin a feasible means of exchange for everyday purchases.

Another crypto entrepreneur, Adam Back of Blockstream, told CNBC that he “plans to contribute technologies like Liquid,” which like Lightning can speed up bitcoin transactions, “and satellite infrastructure to make El Salvador a model for the world.” Satellites can help rural Salvadorans connect to the internet, and thereby to the Bitcoin network, in places where land-based connectivity is poor.

Mallers has been working to increase Salvadoran adoption of his smartphone app Strike, a Lightning-powered analog to Venmo or Cash App. In 2019, thanks to a anonymous donation, crypto entrepreneurs founded Bitcoin Beach, as a way to pilot in El Salvador a circular Bitcoin economy in which residents and businesses transact entirely in bitcoin, without conversions to and from U.S. dollars.

https://www.forbes.com/sites/theapothecary/2021/06/07/el-salvador-to-make-bitcoin-legal-tender-a-milestone-in-monetary-history/?sh=3cd5186275b9

[AlcoHoDL]

El Salvador is adopting Lightning Network. Will this be the kick-off of layer 2?

70% has no bank acount, few million working in the U.S, this will give their remittance market a major boost.

Impressive and mind blowing. The world will finally realize the awesomeness Bitcoin can offer, this is just the beginning.

Those shitcoiners in total disbelieve and so butthurted they running around like headless chickens, fck them all!

This sounds like big news. I just hope LN won't collapse under such a heavy load as an entire country officially adopting it. I'm in favor of LN, but from the few things I've read about it over the years, I get a bittersweet feeling, like it's not yet a polished protocol. I hope I'm wrong and it passes the test with flying colors.

Lots of good news lately, not yet reflected in the price. I'm sensing a massive UPpity move in the coming weeks.

You should be interested reading this article from Forbes.

The Salvadoran marriage to Bitcoin has been two years in the making. Bitcoin entrepreneur Jack Mallers, who helped build the Lightning Network to facilitate fast, low-cost bitcoin transactions, has been working with Bukele and other Salvadorans to make bitcoin a feasible means of exchange for everyday purchases.

Another crypto entrepreneur, Adam Back of Blockstream, told CNBC that he “plans to contribute technologies like Liquid,” which like Lightning can speed up bitcoin transactions, “and satellite infrastructure to make El Salvador a model for the world.” Satellites can help rural Salvadorans connect to the internet, and thereby to the Bitcoin network, in places where land-based connectivity is poor.

Mallers has been working to increase Salvadoran adoption of his smartphone app Strike, a Lightning-powered analog to Venmo or Cash App. In 2019, thanks to a anonymous donation, crypto entrepreneurs founded Bitcoin Beach, as a way to pilot in El Salvador a circular Bitcoin economy in which residents and businesses transact entirely in bitcoin, without conversions to and from U.S. dollars.

https://www.forbes.com/sites/theapothecary/2021/06/07/el-salvador-to-make-bitcoin-legal-tender-a-milestone-in-monetary-history/?sh=3cd5186275b9

Will do, thanks. Too busy IRL, but so great to have WO (and WOers) pointing us to the good stuff.