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

[marcus_of_augustus]

... this guy has hit on winner, i know where he can buy some cheap chinese mining hardware

[1713509400]

1713509400

[1713509400]

1713509400

[1713509400]

1713509400

[1713509400]

1713509400

[marcus_of_augustus]

 

... borderline genius-level work here

[Mpamaegbu]

That got me laughing, ruefully.

[JayJuanGee]

Well but Earlier, China had made many decisions and later worked to re-invest While many borough economists around the world are investing in bitcoin, China is suddenly making a decision that seems to me to be confusing to investors.
Currently seems to me now that China is trying to balanced Bitcoin market temporarily.

China made another very similar decision in late 2016, that pretty much fucked a lot of their people out of BTC profits from the 2017 bull run - except maybe some insiders were able to still make profits during that period.

Even though it seems to be more severe this time around, they may be playing some other variation of the same playbook that mostly is just going to hurt their own people in terms of the Bitcoin mining business, but sure if they believe that it is for the good of their own people to have more limited exposure to bitcoin mining, then let it be so.  That's their choice.  King daddy is going to move on with China or without China.

[modrobert]

... I wouldn't believe any of this bravado commie propaganda about how great the government is doping, apparently the Sinovac commie vaccine less than 50% effective ... so typical cheap, poorly-designed chinese shit is broken but they can produce as much as you want ...

... also if it is actually true that the big miners in china are getting slammed by the commie state, I'm like "how the fuck did it take so long??", mining is less centralised and out of the commie hands, I'd chalk that up as victory to bitcoin, took on the biggest commie state on the planet on the most important technical playing field, the transaction security foundation (mining) and won ... go bitcoin! fuck the chicoms

I touched on this before, in my opinion, the worst part is Chinese human rights violations having young workers doing 12 hours shifts, 6 days per week, for roughly USD $20 per week in salary. Working in factories which produce products for export to the west (for example Foxconn doing iPhones etc.), and the conditions are so bad they have to install suicide prevention nets on the dormitory buildings. This problem is mutual, western countries are hollowed out economically by corporations which have moved all production to China for profit over the past decades, corporations who don't give a shit about the countries they are based in and avoid paying taxes.

Is it surprising that the country which produce 80-90% of all consumer products in the world manages to produce a lot of vaccine? Not at all.

[El duderino_]

 

... borderline genius-level work here

Co-hat-wear bro

For the geniality of it

[Torque]

BUT.  The pipe has to be big enough to send ALL the transactions that need to be sent at any one time.  BUT it also has to take into consideration the fact that much of the existing BTC is simply NOT AVAILABLE. That means instead of bitcoin being equal to 1/21000000 of everything, instead the AVAILABLE float is equal to all the of things currently for sale -- at least.

I am still working on this, but i feel like this train of thought goes somewhere... maybe just in circles?  

You're on the right track. But even the float is fake to some extent...it can never be accurately known what the float has available for sale. There likely is all kinds of fraud going on with it: naked buying, naked shorting, fake buy/sell walls, phantom coins, rehypothicated coins shared across multiple "owners" with supposed valid claims, fake or vastly under reported reserves, etc. This is compounded by the amount of leverage many of these exchanges are allowing whales to use.

My gut tells me that that the actual amount of physical bitcoin "available" is a mere fraction of what actually trades virtually. Only massive bull runs and massive short squeezes can help to reveal the truth. Or big buyers like Grayscale come in.

For example, when you see the Bitcoin market hit the lowest of lows and seems dead. The price is all fake, because the exchanges don't really have all the bitcoin available for sale at that low price. They only have a fraction, and whales have used fraud and naked shorting to push the price down that low. And their bluff gets called the minute another whale comes in with a real massive buy order, the price jumps massively. The float price can literally double overnight.

[Torque]

 

... borderline genius-level work here

Now that's a hat I would wear irl

[modrobert]

He should have used Bitcoin instead.

He orders “Yanna,” a 24-year-old Russian native from Emerald Fantasy Girls.

“Russian, Green Eyes, Thin Brunette, an elite courtesan” is Yanna’s pitch, along with a menu of sex acts.

“Hi, My name is Rob. I’m staying at Chateau Marmont. Are you available now?”

Yanna goes to the cottage. He smokes crack, they drink vodka, have sex, make porn. He balances a line of M&Ms on his erect penis and takes photographs of it.

https://nypost.com/2021/06/22/did-joe-inadvertently-pay-for-hunter-bidens-wild-night-at-chateau-marmont/

[ChartBuddy]

Explanation

[bitcoinPsycho]

UP

[aysg76]

For those claiming bitcoin is dead this time (423th time this statement has been made) and panic sellers who have sold at price below $35k in the fear of market crash here is one illustration for them if they understand it clearly:

It has just taken a leap back like a lion to surge even high this time.So it's better for them who have invested at this dip to ride on profit boats coming ahead.

[philipma1957]

So I bought dip and hodl.

Still have buys at

29029
28028
27027
26026
25025
24024
23023


and sells
at

65065
66066
67067
68068
69069
70070
75075


that is a small part of the coin

most is off line
in a cold wallet

[Richy_T]

Regarding hashrate and the protection of Bitcoin blockchain, I don't see any reason for concern, still ridiculously high level of protection even if you would move down towards 10% of current hashrate. If large scale mining operations gets hunted down and obliterated like old exchanges (starting to look that way) it will be more smaller scale operations working with lower difficulty instead (as Satoshi intended). If you really worry and want to support, then start mining small scale, without profit in mind.

My only real concern would be if this was a move by the Chinese government to obtain direct control of >50% of the hashrate with malicious intent. With the Chinese government, the latter us possible though hopefully the former is not.

The price is crazy flat. Constant seller pushing down or constant buyer pulling up?

[Richy_T]

This news shocked me that China has administered more than 1 billion Covid-19 vaccines.

You can't trust 50% of any news coming out of China and you can double that for anything related to covid.

[xhomerx10]

~snip
I propose collectively wearing above hat with laser eyes to $50k. @xhomerx10 can you do you magic please?

Nice 1 . Thanks

Oh.  I am stealing one of these for my twitter profile... whee.

what you guys think about this style?

 Okay, that is a pretty awesome stylized Bitcoin symbol. 

 

  Thanks for the merits marcus_of_augustus!

 It appears that I'm in need of an upgrade on my eyeglasses - appreciate the critique bitebits.  I cleaned up the 'wings' and some other artifacts in the images.  We can't be showing up at 50k BTC looking like impoverished vagrants

[xhomerx10]

 

... borderline genius-level work here

 Thank you.  I can't take credit for the idea though, I just shuffled the pixels until it looked right.

[ChartBuddy]

Explanation

[Richy_T]

BUT.  The pipe has to be big enough to send ALL the transactions that need to be sent at any one time.  BUT it also has to take into consideration the fact that much of the existing BTC is simply NOT AVAILABLE. That means instead of bitcoin being equal to 1/21000000 of everything, instead the AVAILABLE float is equal to all the of things currently for sale -- at least.

I am still working on this, but i feel like this train of thought goes somewhere... maybe just in circles?  

You're on the right track. But even the float is fake to some extent...it can never be accurately known what the float has available for sale. There likely is all kinds of fraud going on with it: naked buying, naked shorting, fake buy/sell walls, phantom coins, rehypothicated coins shared across multiple "owners" with supposed valid claims, fake or vastly under reported reserves, etc. This is compounded by the amount of leverage many of these exchanges are allowing whales to use.

My gut tells me that that the actual amount of physical bitcoin "available" is a mere fraction of what actually trades virtually. Only massive bull runs and massive short squeezes can help to reveal the truth. Or big buyers like Grayscale come in.

For example, when you see the Bitcoin market hit the lowest of lows and seems dead. The price is all fake, because the exchanges don't really have all the bitcoin available for sale at that low price. They only have a fraction, and whales have used fraud and naked shorting to push the price down that low. And their bluff gets called the minute another whale comes in with a real massive buy order, the price jumps massively. The float price can literally double overnight.

Another way to look at it is that the asks virtually extend a long way to the right. My bitcoin are off the market but if you offered me 100k OTC, you might well squeeze one out of me. What you see on the exchanges is just the "hot" part of trading. Even there, given how we see walls come and go, a lot of that isn't even "real" either. Though certainly there are a lot of "lost" bitcoin too but the question is, what difference does it make? Just remember that the price is just the last that two parties agreed to exchange for and there's much more to the story. It's a stochastic process.

What is definitely not real is "market cap". But hopefully we all recognize that by now.

[philipma1957]

Yeah if my buy ladder is for a total of .25 btc


and my sell ladder is for a total of .25btc


while i have 1.5 btc in a cold wallet


you are not seeing the real picture.

as ¾  of the btc is hidden.

I am not the only one that has a cold wallet. with more offline than in an exchange.