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

[philipma1957]

chart buddy is relentless.

and we look to be flat at 32k

It is getting late in NJ,USA

may crash in a bit.

downward ladder set  down to 21021

and dca set for Wednesday

[ChartBuddy]

Explanation

[JayJuanGee]

Good night guys and bots.

nice move towards improvements in inclusivity, for sure.  

How do we feel about this then?

BlockFi just gathered up $50 million to lend to bitcoin and ethereum holders who don’t want to cash out (yet)

Currently, BlockFi allows investors to take out a loan as high as $10 million using either bitcoin or ethereum as collateral.

Just like lending on Bitfinex, it's all about how much risk you want to take that the platform itself doesn't go under.

You can make somewhere around 1% or so per year on your BTC lending to shorts. But if Bitfinex goes the way of many of the exchanges, then you lose all of your money.

I was listening to an episode of "What Bitcoin Did" while out running the other day and noted that BlockFi is one of its sponsors (they offer fiat loans to borrowers with btc as collateral and also interest-bearing bitcoin accounts). I thought there had been some discussion on these hallowed pages about BlockFi in the past, or perhaps it was something similar, but a quick search came up with only the above discussion.  Which led me to have a few questions...

1. keeping in mind the obvious mantra of 'not your keys, not your coins' and considering the risk of such DeFi groups going under, I was wondering what WOers think of putting a small percentage of your coins into such an interest bearing account?

2. does Elwar think BlockFi or similar entities are now more reliable now that three years have passed?

3. wtf happened to Rosewater Foundation?

I'm far from convinced but it would be nice to get my coins working for me (in terms of increasing their number) instead of just sitting there looking good (and increasing in fiat terms but not in number). But the thought of not having my coins' keys sends me into a cold sweat....

Don't worry about it Strawbs.

Bitcoin is designed to pump forever, so you do not need to get lured into interest bearing nonsense.;.. and the vast majority of them both pay crap and they could well end up tricking you out of your coins because you failed to understand the terms of whatever bullshit contract to which you agreed.


Sure, if you just put a very small amount of your coins into such an instrument for funzies and to learn more, then probably no problem with that, but don't fool yourself into the desperate talking point that you need your bitcoin to earn interest because their appreciation is already built in...

Fuck they have appreciated way more than the 6% per year that I anticipated in 2013..  I should not have to go back and calculate, but I will if you believe that more discussion is needed... because it seems to me that you are actually seriously considering such nonsense and hopefully you are neither that desperate or you cannot figure out ways to engage in your own ongoing BTC accumulation if you feel you need more BTC beyond the overall ongoing BTC price appreciation that has historically occurred and likely to continue to happen to sufficient levels in order to be able to count on at least 12% per year (if not more) especially if you zoom out.. and none of those services are going to pay you 12% per year..

so they can fuck off.. except if you just are playing with them for funzies and you are o.k. with losing those coins.  Note that personally, I am surely not against participating in various aspects of the Bitcoin ecosystem which is part of my rationale for participating in several exchanges for the 7.5 years that I have in bitcoin.. and I have close to 10% of my stash on various exchanges and playing around with various third parties.. but consider the risks of losing those coins too.. and my coins in cold storage are way more than I need for my richie status anyhow  (referring to the near 0.21BTC stash that I may be getting close to having)..

....
3. wtf happened to Rosewater Foundation?
.....

Always wondered that myself actually. I miss the mayor's colorful posts.
All my favorite wo bros seem to have gone bye bye.
Time marches on.
Damn I'm getting old.....

https://www.youtube.com/watch?v=Ciq0wlhwUVw

The puggie nerdy looking singer in that video kind of looks like what I would have imagined RF/Mayor to look like, for whatever that's worth?

[Richy_T]

Edit:
Btw i wanted to know why left value is always lower than the right value? What exactly you mean by the "closest" bids and asks. Does closest mean last bid and ask?

The asks are what people are selling for, the bids are what people are wanting to buy for. Asks are always higher as otherwise, there would be a sale. Market buys and sells buy or sell from the closest first.

[ChartBuddy]

Explanation

[JimboToronto]

....
3. wtf happened to Rosewater Foundation?
.....

Always wondered that myself actually. I miss the mayor's colorful posts.
All my favorite wo bros seem to have gone bye bye.
Time marches on.
Damn I'm getting old.....

https://www.youtube.com/watch?v=Ciq0wlhwUVw

The puggie nerdy looking singer in that video kind of looks like what I would have imagined RF/Mayor to look like, for whatever that's worth?

Actually, he looks like this:



He fell on hard times. Had to move out of town after losing his job and selling his coins, than contracted celiac disease.

Too bad. Nice dude. Beer drinker.

He was ready to sell in 2017 for the down payment on a condo but I talked him out of it. At least he didn't lose it all that way.

[bitebits]

^ They at least recovered the Mayor's pants:


https://twitter.com/weird_hist/status/1399851772043313153



Goose bumps:



Edit: Link to the 3 page document in English.

[ChartBuddy]

Explanation

[bitebits]

Was thinking the current price action is a clear example of an irrational market. Bitcoin just got legal tender in a fucking country! But maybe the market is scared of the potential consequences. The US surely is not going to like a declining demand for their USD, which is was the only currency of El Salvador. Need to stop it in its tracks, before some other countries get wild ideas?

I was a bit afraid when Jack Mallers announced the El Salvador bitcoin adoption while the bill had not been passed yet. The US could have acted quickly. Perhaps the market was afraid El Salvador would get stopped, which would surely have been bearish news.

Let's see. I think with El Salvador now having Bitcoin as legal tender, Michael Saylor buying another chunk, and Taproot surely being activated this difficulty epoch, we might have seen the bottom for now.

[shahzadafzal]

Hey Harvard I'm in relationship with bitcoin does this count?

[somac.]

Was thinking the current price action is a clear example of an irrational market. Bitcoin just got legal tender in a fucking country! But maybe the market is scared of the potential consequences. The US surely is not going to like a declining demand for their USD, which is was the only currency of El Salvador. Need to stop it in its tracks, before some other countries get wild ideas?

I was a bit afraid when Jack Mallers announced the El Salvador bitcoin adoption while the bill had not been passed yet. The US could have acted quickly. Perhaps the market was afraid El Salvador would get stopped, which would surely have been bearish news.

Let's see. I think with El Salvador now having Bitcoin as legal tender, Michael Saylor buying another chunk, and Taproot surely being activated this difficulty epoch, we might have seen the bottom for now.

Yeah its funny isn't. This is the day many years ago that we were dreaming of, it is a massive historical event in Bitcoin's history and no real market reaction and barely a murmour on these boards. While the price is not too exciting right now, I have probably never been so exciting about bitcoin then this moment. A country (sure it is small, but that's how this things start) adopting it as its currency, holy shit that is a big deal, and what's more it is doing it by making heavy use of Bitcoin's 2nd layer solutions. We are about to see why all the shitcoins that tout low fees and fast transaction times are completely pointless.

This is a massive moment and I'm glad everyone here is able to experience it.

[ChartBuddy]

Explanation

[Paashaas]

The Bitcoin Bill has passed in El Salvador.

Historic moment for humanity, what a time to be alive to witness this event.

Still have my bottle of Jack Daniels on the shelf, going to drink a glass tonight (not now because it's still morning and going to the gym soon lol.)

[marcus_of_augustus]

https://twitter.com/nayibbukele/status/1402507224916836352

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc

... frankly I could give a shit about price right now, changing money was the goal, we are winning!

[somac.]

Hey Harvard I'm in relationship with bitcoin does this count?

And harvard is 100% right about this. But happiness from family is not exactly profitable for corporations as family is free to enjoy (other than covering needs house, food, etc). That's why we get mass manipulation from the media and corporations, orchestrated by people such as Edward Bernays, in an effort to undermine the traditional family unit and instead focus everyone's mind on satisfying the individuals wants and desires through consumerism. This reduces wealth being passed on through the generations, meaning that employees remain desperate and without power, while also having the benefit of destroying the planet.

[Paashaas]

https://twitter.com/nayibbukele/status/1402507224916836352

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc

... frankly I could give a shit about price right now, changing money was the goal, we are winning!

If you change the money system you will change the world and this is exacly why i'm in Bitcoin.

Getting rich is very a positive side affect which was never my main goal at the first place.

[marcus_of_augustus]

https://twitter.com/nayibbukele/status/1401622548396314631

1. Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs.

... damn this sounds tempting. Will be really interesting to see what happens next with El Salvador welcoming the 'smartest people in the room'.

[somac.]

https://twitter.com/nayibbukele/status/1401622548396314631

1. Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs.

... damn this sounds tempting. Will be really interesting to see what happens next with El Salvador welcoming the 'smartest people in the room'.

There'll probably be a fight first though, IMF and USA have allready contacted El Salvador about it all apparently.

You never know, El Salavador might have some freedom coming their way, before we can all relocate there.

[Paashaas]

More countries will follow, so if you wait you can pick another country of your choise, they will compete for those smart people.

[modrobert]

https://twitter.com/nayibbukele/status/1401622548396314631

1. Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs.

... damn this sounds tempting. Will be really interesting to see what happens next with El Salvador welcoming the 'smartest people in the room'.

There'll probably be a fight first though, IMF and USA have allready contacted El Salvador about it all apparently.

You never know, El Salavador might have some freedom coming their way, before we can all relocate there.

Unless USA and IMF wants to be hated by the whole world, they'd be smart to leave this one alone.