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

[BitcoinBunny]

Fiatshitcoin still plummeting

Absolutely ridiculous.

I'm DCA-ing further into BTC.

There is no way this money printing is ever going to stop.

[1714154303]

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[1714154303]

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[d_eddie]

To all that disagree look into  sunken  pirate ships and the treasure involved when found some very interesting laws are involved as to who gets to keep what is found.

There are no laws that can pull the ships from the deep to the surface, though.
I thought that's what we were talking about.

[dragonvslinux]

Otherwise not sure why I keep seeing occasional panic in the market.

Some covert institutional whale selling some bitcoin to pay for Evergrande fiat fuckups?

Imo, it's simply Bitcoin's dominance struggling to move higher. Not something I've ever said before or considered relevant, but now it appears highly correlated. For the past 2 months or so Bitcoin's rise in value has correlated with a rise (reclamation) in it's domination. The corrections and sideways price actions has resulted in BTC dominance decreasing. Unlike in early 2021, BTC dominance decreasing is no longer bullish for Bitcoin, it has inherently become bearish. Bitcoin needs to break out of it's dominance's long-term downtrend, this is the only bearish factor I see in it's charts right now. Whether considered relevant or not.



Back above 45% and dominance can move to 50%, even 60%. This would likely mean a move to $80-100K if the dominance correlation to price remains relevant. As I said, BTC dominance has never been an "issue" before, because it's decline was correlated with an increase in price (> specualtion). Now the inverse is true, the decline is dominance is no longer bullish for Bitcoin.

I still don't believe it's time to panic, but I do see the hidden resistance in the charts at the moment given new ATH twice broken: the downtrend in BTC dominance.

[d_eddie]

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

... or maybe the lawmaker could argue when you buy bitcoin or swap some shitcoin for bitcoin, you're also "cashing out" the (crypto)currency into a legal tender - so you owe CGT.

You never know what byzantine concepts the lawmakers are going to come up with.

[philipma1957]

To all that disagree look into  sunken  pirate ships and the treasure involved when found some very interesting laws are involved as to who gets to keep what is found.

There are no laws that can pull the ships from the deep to the surface, though.
I thought that's what we were talking about.

An interesting way of talking about it.  


Basically the assets are:

 1) lost
 2) abandoned
 3) hidden and or hodled

In the case of both the ships or the BTC

My argument is rules are in place to encourage and or discourage treasure hunting all over the world.  They are complex rules and they are not always followed but there are rules.

To think that in 2059 there will not be a cry for rules to recover those

lost
abandoned
hodled

btc

Is  pretty naive.

But what do  i know not much.

[Syke]

To think that in 2059 there will not be a cry for rules to recover those

lost
abandoned
hodled

btc

Is  pretty naive.

But what do  i know not much.

Coins only move when the private key holder says so. PERIOD. END OF DISCUSSION.

[dragonvslinux]

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

... or maybe the lawmaker could argue when you buy bitcoin or swap some shitcoin for bitcoin, you're also "cashing out" the (crypto)currency into a legal tender - so you owe CGT.

You never know what byzantine concepts the lawmakers are going to come up with.

Lawmaker could easily argue you owe them BTC tax, if you make BTC profits from alts. The only reason in other countries that BTC based profits are not taxed is because they don't accept Bitcoin as currency. In summary, you can't send them profits that they don't or can't accept. El Salvador have taken a different role it seems, they accept your Bitcoin profits from altcoins I image, and will probably expect it as well.

This is probably one of the only downsides of a nation accepting Bitcoin as currency, having to send them BTC from altcoin profits... it also sounds like a small price to pay in the long-term.

However does this mean you don't owe tax from fiat currency profits, if you return it to the nation's currency? It's confusing  

[ChartBuddy]

Explanation

[strawbs]

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

... or maybe the lawmaker could argue when you buy bitcoin or swap some shitcoin for bitcoin, you're also "cashing out" the (crypto)currency into a legal tender - so you owe CGT.

You never know what byzantine concepts the lawmakers are going to come up with.

Lawmaker could easily argue you owe them BTC tax, if you make BTC profits from alts. The only reason in other countries that BTC based profits are not taxed is because they don't accept Bitcoin as currency. In summary, you can't send them profits that they don't or can't accept. El Salvador have taken a different role it seems, they accept your Bitcoin profits from altcoins I image, and will probably expect it as well.

This is probably one of the only downsides of a nation accepting Bitcoin as currency, having to send them BTC from altcoin profits... it also sounds like a small price to pay in the long-term.

However does this mean you don't owe tax from fiat currency profits, if you return it to the nation's currency? It's confusing  

It sounds to me like you have a preoccupation with shitcoins. Your previous voluminous post about falling bitcoin dominance being likely to prevent further BTC v fiat gains; a chart to try to show some similar point; and now trying to argue that a downside of El Salvador's pioneering move to accept bitcoin as legal tender is that you might have to pay tax on profits from shitcoins.

Do you have some heavy bags of shitcoins, by any chance?

[Sayeds56]

https://twitter.com/RadioSilentplay/status/1459683988029775880

[ChartBuddy]

Explanation

[Hueristic]

https://twitter.com/RadioSilentplay/status/1459683988029775880

I don't do twitter, did he say he'd eat his own dick as well?

[dragonvslinux]

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

... or maybe the lawmaker could argue when you buy bitcoin or swap some shitcoin for bitcoin, you're also "cashing out" the (crypto)currency into a legal tender - so you owe CGT.

You never know what byzantine concepts the lawmakers are going to come up with.

Lawmaker could easily argue you owe them BTC tax, if you make BTC profits from alts. The only reason in other countries that BTC based profits are not taxed is because they don't accept Bitcoin as currency. In summary, you can't send them profits that they don't or can't accept. El Salvador have taken a different role it seems, they accept your Bitcoin profits from altcoins I image, and will probably expect it as well.

This is probably one of the only downsides of a nation accepting Bitcoin as currency, having to send them BTC from altcoin profits... it also sounds like a small price to pay in the long-term.

However does this mean you don't owe tax from fiat currency profits, if you return it to the nation's currency? It's confusing  

It sounds to me like you have a preoccupation with shitcoins. Your previous voluminous post about falling bitcoin dominance being likely to prevent further BTC v fiat gains; a chart to try to show some similar point; and now trying to argue that a downside of El Salvador's pioneering move to accept bitcoin as legal tender is that you might have to pay tax on profits from shitcoins.

As I said, I was theorising that shitcoin profits might have to be paid in Bitcoin - and that it's a small price to pay. You realise this would make it less of an incentive to invest in shitcoins right?

Otherwise the recent corrections in Bitcoin dominance has decreased fiat values, this is fact not opinion. The chart really doesn't show that, but for those who are more in tune with BTC's price movements in relation to it's dominance, have probably noticed the correlation by now, as it's the inverse of the previous altcoin season, DYOR. I understand that facts can be hard to hear or read, but it still doesn't make it an opinion I'm afraid.  

Do you have some heavy bags of shitcoins, by any chance?

If you are paying attention, quite obvious not. They were relatively heavy overall in order to make more BTC, now they are relaitvely light after making considerable profits. They were previously heavy with satoshi profits I can't deny, but not anymore. The profits were taken back to Bitcoin, and have been consistently doing so for the past 3 months whether right or wrong (for the purposes of risk reduction).

Since 40% dominance, I've taken the majority of my shitcoin profits from a 10-15% trading account. Previously my total holdings were 65% Ethereum (for statistical reasons, not fundamental) in order to return 80% profit on Bitcoin from 0.04. Bingo. I've otherwise happily put X amount of BTC into shitcoins, returned X.2 amount profits and still hold X.1 amount, excluding the big move in Ethereum that earned me insane amount of sats due to the heavy weight   So obviously no complaints so far, apart from maximalists obviously 😭 I play the cycles, 60% dominance down to 40% specifically, and now I see 40% moving back to 50%-60%. Before waiting for the next move for more sats, likely down to 30%. I play statistics, not emotions I'm afraid. To put it simply: some of us live off trading, even if others aren't capable of it or interested in doing so.

So yes I've lived off shitcoins this year, those that have outperformed BTC and have no regrets. I'm acknowledging it might an issue in the broader sense however, one I don't advocate either, as it's just a way to earn a living. I get that some people here have to earn a fiat living to survive, and I get that it must suck to have to live off earning a government issued currency from your employer or from customers, but others here earn a satoshi living instead. It's controversial I get that, but please put your jealously, envy or resentment aside for a second and understand my original point...

This isn't intended as an attack on Bitcoin, but a realisation that altcoin dominance has become problematic to gaining older investors. This is simply what I believe. First the altcoin profits as well as liquidity need to move back to Bitcoin, as part of a Bitcoin season. This is what will give confidence to newcomers as to which is the most relevant cryptocurrency to invest in.

[Hueristic]

This isn't intended as an attack on Bitcoin, but a realisation that altcoin dominance has become problematic to gaining older investors. This is simply what I believe. First the altcoin profits as well as liquidity need to move back to Bitcoin, as part of a Bitcoin season. This is what will give confidence to newcomers as to which is the most relevant cryptocurrency to invest in.

Fuck them relics, if they still don't get it after all these years we don't have the time to explain it to them!

[dragonvslinux]

This isn't intended as an attack on Bitcoin, but a realisation that altcoin dominance has become problematic to gaining older investors. This is simply what I believe. First the altcoin profits as well as liquidity need to move back to Bitcoin, as part of a Bitcoin season. This is what will give confidence to newcomers as to which is the most relevant cryptocurrency to invest in.

Fuck them relics, if they still don't get it after all these years we don't have the time to explain it to them!

Personally, I'll always make an effort for a 10% take on profits (never initial investment, that's just dumb). So many "relics" are desperate for information and advise, and how to gain BTC exposure, because they have absolutely no idea how to. Obviously Bitcoin will continue without them regardless, but personally I prefer to take the time to help these people, in order to help myself at the same time 

So far, I have 100% satisfaction rate from customers, mainly Millennials and Gen Z. But they are well saturated now, and know how to use the Internet. Boomers are the next target audience...

[ChartBuddy]

Explanation

[Hueristic]

This isn't intended as an attack on Bitcoin, but a realisation that altcoin dominance has become problematic to gaining older investors. This is simply what I believe. First the altcoin profits as well as liquidity need to move back to Bitcoin, as part of a Bitcoin season. This is what will give confidence to newcomers as to which is the most relevant cryptocurrency to invest in.

Fuck them relics, if they still don't get it after all these years we don't have the time to explain it to them!

Personally, I'll always make an effort for a 10% take on profits (never initial investment, that's just dumb). So many "relics" are desperate for information and advise, and how to gain BTC exposure, because they have absolutely no idea how to. Obviously Bitcoin will continue without them regardless, but personally I prefer to take the time to help these people, in order to help myself at the same time 

So far, I have 100% satisfaction rate from customers, mainly Millennials and Gen Z. But they are well saturated now, and know how to use the Internet. Boomers are the next target audience...

Have fun with that, I got tired of them years ago.

[BobLawblaw]

Taproot activates in the next couple blocks!

Get ready for green dildos... and stuff.

EDIT: Also, 100 channels even, on my LN router. I'm done. No more.

(...for now?)

[strawbs]

The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?

... or maybe the lawmaker could argue when you buy bitcoin or swap some shitcoin for bitcoin, you're also "cashing out" the (crypto)currency into a legal tender - so you owe CGT.

You never know what byzantine concepts the lawmakers are going to come up with.

Lawmaker could easily argue you owe them BTC tax, if you make BTC profits from alts. The only reason in other countries that BTC based profits are not taxed is because they don't accept Bitcoin as currency. In summary, you can't send them profits that they don't or can't accept. El Salvador have taken a different role it seems, they accept your Bitcoin profits from altcoins I image, and will probably expect it as well.

This is probably one of the only downsides of a nation accepting Bitcoin as currency, having to send them BTC from altcoin profits... it also sounds like a small price to pay in the long-term.

However does this mean you don't owe tax from fiat currency profits, if you return it to the nation's currency? It's confusing  

It sounds to me like you have a preoccupation with shitcoins. Your previous voluminous post about falling bitcoin dominance being likely to prevent further BTC v fiat gains; a chart to try to show some similar point; and now trying to argue that a downside of El Salvador's pioneering move to accept bitcoin as legal tender is that you might have to pay tax on profits from shitcoins.

As I said, I was theorising that shitcoin profits might have to be paid in Bitcoin - and that it's a small price to pay. You realise this would make it less of an incentive to invest in shitcoins right?

Otherwise the recent corrections in Bitcoin dominance has decreased fiat values, this is fact not opinion. The chart really doesn't show that, but for those who are more in tune with BTC's price movements in relation to it's dominance, have probably noticed the correlation by now, as it's the inverse of the previous altcoin season, DYOR. I understand that facts can be hard to hear or read, but it still doesn't make it an opinion I'm afraid.  

Do you have some heavy bags of shitcoins, by any chance?

more shitcoin talk

[heslo]

Taproot activates in the next couple blocks!

Get ready for green dildos... and stuff.

EDIT: Also, 100 channels even, on my LN router. I'm done. No more.

(...for now?)