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

[ChartBuddy]

Explanation

[1714111334]

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[1714111334]

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[1714111334]

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[bitebits]

https://twitter.com/woonomic/status/1428032703740346376

[Zedpastin]

Maybe I should give up?  and stop trying to 'splain my lil selfie and just causing confusion amongst the peeps?  Maybe that is one of PlanB's problems, too?  Me and PlanB share something in common.  too wordy.. PlanB the wordyman.

I sometimes find it hard to understand what you are saying but I do not think you should stop or change your habits based on me not understanding. I enjoy reading your posts as do many other people here in this thread I am sure. I sometimes find myself reading your posts multiple times to try and understand because you talk about a lot of things at once. That is not your problem but mine for not understanding. I hope I did not cause you to doubt or change your habits because you are one of the reasons WO is great

[Toxic2040]

-snip-

just some recent thinkenings out loud here..

as are most of mine..so there is that..

------

some mid-morning charts


dyor

1h


4h

#whalelivesmatter

[Torque]

This is the catch-22 of bitcoin, and one of the more interesting topics of thought, in my opinion.

Some of the factors:

Some believe people will not want to SPEND a deflationary hard money, but rather will SAVE into it.
As long as purchases with crypto are taxable events it disincentivizes commerce.
Gresham's vs Their's laws... how does that play out?

My thoughts...

Even if Bitcoin was not "spent" much it would be useful.  Currently in the west people are "saving" in the stock markets. You can't use stocks to buy things, and trades out are taxable events for most of us.  And yet the stock market continues to flourish.

Same with gold.  Gold is property. And people hedge with it.

But Bitcoin is a better hedge than either really. And the world is *juuuuust* figuring that out right now.

And here is the kicker.  Bitcoin's properties make it the most natural electronic money ever.  It is DESIGNED for commerce.  So once people are in it they will start to move it around.  I.E. SPEND it.

So... that's where it gets interesting.  How will that unfold?  Yes, I *do* think eventually people will spend their Bitcoin. I am just not sure about the path to that future.

Everything you said is on target.

But one thing to keep in mind: The wealthy elite that buy bitcoin will never spend theirs as they view it as an asset. They will hodl btc and borrow fiat against it. The currency of the wealthy elite is debt (free money).

They mean to set up a system whereby "spending bitcoin" is for the plebs, so that the wealthy elite can get a cut of every transaction. Moar easy money for them. Also as the plebs spend their bitcoin, then more btc will flow into the coffers of the wealthy elite over the long term. Which they will continue to stack.

So with regard to bitcoin, should we do what the wealthy elite do with it, or should we act like the pleb masses?

[LFC_Bitcoin]

@WClementeIII
Exchanges down 111,033 BTC in the last 30 days. One of the sharpest drops of exchange inventories in Bitcoin's history.

https://twitter.com/wclementeiii/status/1428039375343046664?s=21

[ChartBuddy]

Explanation

[Philipma1957cellphone]

Do you guys really think people will use their BTC to pay for cinema halls, paying their Mortgages and shit? No fucking way.

Wrong.

If you mine btc as your sole source of income you will spend a lot of btc and stack some.

Right

If you buy and hodl.

[Quickfant]

@WClementeIII
Exchanges down 111,033 BTC in the last 30 days. One of the sharpest drops of exchange inventories in Bitcoin's history.

https://twitter.com/wclementeiii/status/1428039375343046664?s=21

Bull run from people hoarding Bitcoin incoming or is this in a couple of transactions from whales?

Do you guys really think people will use their BTC to pay for cinema halls, paying their Mortgages and shit? No fucking way.

I would like to be in the position that I have enough Bitcoin to not need a mortgage but if I had to I would secure a mortgage with my Bitcoin and replace it after.

[LFC_Bitcoin]

It’s people withdrawing their bitcoin from exchanges which usually means after a lag, their will be a supply shortage. The price will then naturally go up.

[Torque]

OT: Relevant

[Raja_MBZ]

Since I've made a couple of wild & accurate predictions in this thread in the last few years, here's one more for y'all:

SP500 won't cross 4500 for the next few years (currently trading at around 4444)... and yeah, that'd not look very good for BTC either.

[ChartBuddy]

Explanation

[shahzadafzal]

OT: Relevant

OT: Relevant+

[JayJuanGee]

Maybe I should give up?  and stop trying to 'splain my lil selfie and just causing confusion amongst the peeps?  Maybe that is one of PlanB's problems, too?  Me and PlanB share something in common.  too wordy.. PlanB the wordyman.

I sometimes find it hard to understand what you are saying but I do not think you should stop or change your habits based on me not understanding. I enjoy reading your posts as do many other people here in this thread I am sure. I sometimes find myself reading your posts multiple times to try and understand because you talk about a lot of things at once. That is not your problem but mine for not understanding. I hope I did not cause you to doubt or change your habits because you are one of the reasons WO is great

Of course, I was exaggerating a bit..

Since I am a bit over 23k posts, you probably should be able to reasonably conclude that I cannot really stop posting unless someone were to pull the plug to the main server (whoops).

This is the catch-22 of bitcoin, and one of the more interesting topics of thought, in my opinion.

Some of the factors:

Some believe people will not want to SPEND a deflationary hard money, but rather will SAVE into it.
As long as purchases with crypto are taxable events it disincentivizes commerce.
Gresham's vs Their's laws... how does that play out?

My thoughts...

Even if Bitcoin was not "spent" much it would be useful.  Currently in the west people are "saving" in the stock markets. You can't use stocks to buy things, and trades out are taxable events for most of us.  And yet the stock market continues to flourish.

Same with gold.  Gold is property. And people hedge with it.

But Bitcoin is a better hedge than either really. And the world is *juuuuust* figuring that out right now.

And here is the kicker.  Bitcoin's properties make it the most natural electronic money ever.  It is DESIGNED for commerce.  So once people are in it they will start to move it around.  I.E. SPEND it.

So... that's where it gets interesting.  How will that unfold?  Yes, I *do* think eventually people will spend their Bitcoin. I am just not sure about the path to that future.

Everything you said is on target.

But one thing to keep in mind: The wealthy elite that buy bitcoin will never spend theirs as they view it as an asset. They will hodl btc and borrow fiat against it. The currency of the wealthy elite is debt (free money).

They mean to set up a system whereby "spending bitcoin" is for the plebs, so that the wealthy elite can get a cut of every transaction. Moar easy money for them. Also as the plebs spend their bitcoin, then more btc will flow into the coffers of the wealthy elite over the long term. Which they will continue to stack.

So with regard to bitcoin, should we do what the wealthy elite do with it, or should we act like the pleb masses?

You should tailor what you do to your own situation..

fuck the wealthy elite

and


fuck the plebs.



Be your own man.

Woman and bots count, too, #nohomo.

Do you guys really think people will use their BTC to pay for cinema halls, paying their Mortgages and shit? No fucking way.

Wrong.

If you mine btc as your sole source of income you will spend a lot of btc and stack some.

Right

If you buy and hodl.

Even if you buy and HODL, there is likely going to come to be some points in which you are going to start spending some, and spending some BTC is actually in your interest.

Let's say that you bought around 400 BTC in 2014/2015, and your average price per BTC was about $300. 

That would have cost about $120k.. and is totally not unreasonable given that the price of BTC was in the mid-$200s for the overwhelming majority of 2015.

Anyhow, if your goal was to get to $2million value for fuck you status, but now your stash is worth $18 million.. Are you going to give too many shits if you sell a few BTC here and there?   You shouldn't  -even though other peeps might be telling you not to sell any of your BTC.. .


Fuck those other peeps trying to tell you what to do with your bitcoin.  Spend some of your BTC if that is what you want to do.. you happen to be 9x over your own personal target, anyhow... which means you have excess.. and you can do whatever you like with that excess or don't do anything with it, if that is what you want.. that is what excess is all about.. having too much.. so you give few shits about getting rid of something that you have excess of.. there is no need to change your goals or to up your lifestyle or any of that.. unless you personally decide that you want to up your goals or up your lifestyle... 

[shahzadafzal]

Do you guys really think people will use their BTC to pay for cinema halls, paying their Mortgages and shit? No fucking way.

No. You don’t need to put it in a blockchain that how many coffees cups you drink in a day.

I’m simple words Bitcoin is a store of value and it will take over gold so tell me do you pay using while buying cinema tickets?

 

[Elwar]

Do you guys really think people will use their BTC to pay for cinema halls, paying their Mortgages and shit? No fucking way.

What else would they use?

Unless you're suggesting people buy fiat to pay for stuff.

[JayJuanGee]

Since I've made a couple of wild & accurate predictions in this thread in the last few years, here's one more for y'all:

SP500 won't cross 4500 for the next few years (currently trading at around 4444)... and yeah, that'd not look very good for BTC either.

I would not characterize your previous predictions as accurate, exactly.

Didn't you sell all of your BTC in the $30ks, post about it in this thread and when the BTC price was in the lower $30ks suggest that others should do the same as you at those even lower prices, and furthermore tell us that you made good call?

Had you ever considered that bitcoin is not correlated to fiat .. especially if you zoom out a wee bit.

Bitcoin is also not correlated to equities... nor gold (or other PMs).

Good luck with not having any bitcoin in the coming 4-12 months...

You will likely be needing quite a bit of luck, especially if you plan to continue to stay a no coiner during such time, whether your dumbass correlation theories are correct or not... which bitcoin has not so far been correlated to equities, so why the fuck would bitcoin start becoming correlated, unless you are relying upon a total Armageddon scenario playing out which is another long shot, and even with a total Armageddon theory it is not really clear that bitcoin would completely fail in such a system any worse than other assets/currencies.. so likely still good to hang onto some bitcoin in case it were to catch on.

[ChartBuddy]

Explanation

[Raja_MBZ]

Since I've made a couple of wild & accurate predictions in this thread in the last few years, here's one more for y'all:

SP500 won't cross 4500 for the next few years (currently trading at around 4444)... and yeah, that'd not look very good for BTC either.

I would not characterize your previous predictions as accurate, exactly.

Didn't you sell all of your BTC in the $30ks, post about it in this thread and when the BTC price was in the lower $30ks suggest that others should do the same as you at those even lower prices, and furthermore tell us that you made good call?

Had you ever considered that bitcoin is not correlated to fiat .. especially if you zoom out a wee bit.

Bitcoin is also not correlated to equities... nor gold (or other PMs).

Good luck with not having any bitcoin in the coming 4-12 months...

You will likely be needing quite a bit of luck, especially if you plan to continue to stay a no coiner during such time, whether your dumbass correlation theories are correct or not... which bitcoin has not so far been correlated to equities, so why the fuck would bitcoin start becoming correlated, unless you are relying upon a total Armageddon scenario playing out which is another long shot, and even with a total Armageddon theory it is not really clear that bitcoin would completely fail in such a system any worse than other assets/currencies.. so likely still good to hang onto some bitcoin in case it were to catch on.

Wow. AIs smoke weed too, I guess.

I literally sold near the top, almost $60k, and told in this thread as well, yet you think I sold at $30ks. I've only been playing with a little stash of fiat during huge dumps (i.e., bought <$30k, sold $35k, etc). No holding since my major sell, since I believe we're in a multi-year bear market. No plans of buying a huge bag any time soon, unless we touch a 200-week moving average.

And yeah, good luck if you believe TSLA and MSTR bear markets will have no correlation with BTC. This thing is no longer what it was just a couple of years back.

EDIT: P.S. I'm not that kind of guy who sells something that has gone down 50% in value already while being in my hands, anyways. I either sell new ATHs or hold till death... and why is this place so dead these days?