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

[cAPSLOCK]

I'm checking out Sphynx.chat which @jack just tweeted about.

It appears to be a way to chat over LN. I know they were working on that technology but I did not realise that it was implemented.

Does anyone know much about the tech behind it? Is it truly all living on the LN or is it reliant upon the Sphynx server?

It is truly LN native.  But there are "custodial" plans that the Sphinx folks sell.  You can run your own server.  Most of the Lightning node in a box distros offer it.

I am doing HUGE transaction volume based on this tech through my node since i have set my fees to zero when going to the podcastindex node (Adam Curry).

Breez has also implemented some crossover stuff... not the chatting, but the podcast/streaming stuff.

Very cool. Which would mean it's an uncensorable chat system...

I think it's time I set up a Lightning Node. I've just been using custodial stuff but the time has come.

My former maid just asked my wife about Bitcoin since she's from El Salvador. I need to figure out the best way for her to get paid over the LN and send it to her family without being too complicated. Strike is not available here in Panama yet.

Not only that but if I understand correctly it is also encrypted.

This is exactly the kind of stuff chains like BSV (and ETH) are touting as the future but instead of storing every last thing on layer 1 we move all that traffic off to a more appropriate platform.

It's all unfolding beautifully.

[Torque]

Here's fkn chart for ya:

[cAPSLOCK]

Here's fkn chart for ya:

Seems to me the St Louis Fed is on our side a little.  They are not the bullshit slaver types like Yellin or Legarde.

Always been interesting.

[bitebits]

https://medium.com/blockstream-markets-weekly/blockstream-markets-weekly-june-11-2021-b608bd939b42

- El Salvador adopts BTC
- India may formalize BTC as an asset class
- Square & Blockstream team up on BTC solar farm
- Senator Warren calls for a crypto crackdown
- JPM says Tether is an investment giant
- Invesco makes new ETF application and long term holders buy the dip

[goldkingcoiner]

https://medium.com/blockstream-markets-weekly/blockstream-markets-weekly-june-11-2021-b608bd939b42

- El Salvador adopts BTC
- India may formalize BTC as an asset class
- Square & Blockstream team up on BTC solar farm
- Senator Warren calls for a crypto crackdown
- JPM says Tether is an investment giant
- Invesco makes new ETF application and long term holders buy the dip

In other words, why haven't you guys bought more coin yet? Go ahead, lets hear the excuses here.

[cAPSLOCK]

We use these words.  million, billion, trillion.  Just like 1,2,3 right?  Humans do not grasp logarhytmic progressions well. 1 million seonds?  11 days. Last week!  Billion seconds?  31 years. Maybe you were a teenager... maybe in your twenties?  Trillion seconds? 31,000 years. 24k before the first recorded human civilizations.  Now let's do dollars.  Nah.. we're done with those.

[ChartBuddy]

Explanation

[cAPSLOCK]

In Hong Kong a major retailer "Pricerite" (IKEA like) accepts lightning payments.

https://twitter.com/BTC_Archive/status/1403395991617867777?s=20

itshappening.gif

[JayJuanGee]

37k and hodling

not bad.

$37k won't hold and we all know it.

I am having trouble concluding that a mere bouncing around $37k is largely not holding $37k, even if technically there is above and below BTC price movement in that area.

Yesterday we did get into the mid $38ks and then we corrected down to $35.8k, and still we are back to $37k-ish.. so maybe we are in this area of $37kish for a while before breaking UP or DOWN, and I am not going to claim to know which way the break might go.. but I would think that it is not easy to whip up some excitement, even if BTC prices bounce between $31k and $43k - because we were just at $31k around 3 days ago, and even $43k would not be that far removed from being able to drop back down and test $30k support again..

So, maybe I am not going to get CITTTTEEEEEE, unless there is movement out of the $31k to $43k range.. and which way for a possible break out is more likely? 

Anyone? Anyone?

Didn't someone say $50k by a certain day.. Monday or Tuesday?  Could be... Could be.  $50k does not seem out of reach, either.. even to have a quickly 6 hour to 12 hour candle in that direction would not be outside of  reasonableness, even if that would be $13k in a fairly short period of time.. and I would not be dropping from shock from such a reverse Bart - even if some folks might consider that kind of short term pumpening of about 35% UPpity in a short time to be outrageous... .. but whatever, not really expecting such a thing to happen, even if it could happen.

[Biodom]

Bitcoin ends governments and it makes sense that the IMF would not want to invest in a country that will have a much smaller government in the future.

Agree, this is the gist of the story. And yes, residency program would bring people, although I am not sure how many countries you can visit with a passport from El Salvador (at least right now). Only those second citizenship programs that allow for widely accepted non-visa travel are successful.

I wonder if any European countries would do that at some point. Of course, you can only make a decision based on a current info, but they can always pull a rug from under you by changing some rules or laws. Puerto Rico did that recently (increasing the yearly cost by 50%) and USVI did it beforehand.

Overall, though, if (or rather when) bitcoin would be successful on a large scale, countries would compete for bringing bitcoin wealth to their area, I have little doubt about that.

[proudhon]

37k and hodling

not bad.

$37k won't hold and we all know it.

I am having trouble concluding that a mere bouncing around $37k is largely not holding $37k...

How much confirmed maths and science do you know?

[ChartBuddy]

Explanation

[El duderino_]

[ChartBuddy]

Explanation

[JayJuanGee]

37k and hodling

not bad.

$37k won't hold and we all know it.

I am having trouble concluding that a mere bouncing around $37k is largely not holding $37k...

How much confirmed maths and science do you know?

Well I can confirm that when I count the numbers of days, 10 days can go by pretty damned rapidly when a farm animal is betting upon BTC staying below or dipping below a target price, whether we be talking about $35k or $37k, so in that regard, the little maths and sciences target-shenanigans of such farm animal may well need to be adjusting its target numbers to stay below UPpity and in a relatively soonish^tm basis.

Probability theory (if you heard about it?) is a division of maths and sciences and has confirmed such yours truly thinkenings on the topic.

[Richy_T]

Anarcho communists want decentralisation but while anarcho capitalists throw in the idea that we'll all be cooperatively free market property protecting volunteers, they believe that everyone will be unselfish, freely trading, sharing society with no need for property...because everyone cooperates and stuff.

Both are flawed in their reliance upon people agreeing to the final terms of life with no rulers. But at least they are on the right path with the no rulers part.

If your societal system does not take into account that some people will want to do X while you think they should do Y, then your system does not work for everyone.

Yes, the anarcho bit is fundamentally incompatible with the communist bit and if you want to see how that works out in practice, Dorsey is the poster boy for abuse of power.

[Toxic2040]

How much confirmed maths and science do you know?

#stronghands

[LFC_Bitcoin]

That wealthy AF, WO Bro energy -

[Richy_T]

It simply self manages itself will not have to be addressed again. The market sets the size, as long as you can create parameters that restrict the size from changing from attacks then this shouldn't be an issue as you can economically restrict expansion with a EXPONENTIAL fee schedule.

But as stated, Bitcoin already coped fine with blocks of 1MB and below (Luke JR may disagree of course) so what benefit could there be other than to allow for larger blocks? That's all I'm saying. I don't want to badger you about this. It seems fundamentally I'd find your proposal acceptable. I would say that unpredictable fees are a much bigger issue than high fees. In fact, unpredictable fees exacerbate high fees since if you want to be sure you get in a block in a timely manner, you not only have to use a fee that's good currently but you have to add extra in case of a surge. And if everyone is doing the same, that may not even be enough.

[vapourminer]

I am having trouble concluding that a mere bouncing around $37k is largely not holding $37k...

How much confirmed maths and science do you know?

[...img snip...]

i know one lid = one joint, what more maths and science do i need to know??