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

[JayJuanGee]

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.

It's not relevant.  It's like looking at shadows on a cavewall and trying to figure out reality.

Or it is like trying to proclaim that the dog's actions are somehow relate to the tails dictates... looking at reality from the wrong direction... and coming up with almost pure nonsense - even if there might seem to be some correlations..

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.

Oh gawd...    I am wondering if vomiting might help at this point?

I still don't believe it's time to panic,

Hm?  Well that's good.

but I do see the hidden resistance in the charts at the moment given new ATH twice broken: the downtrend in BTC dominance.

again?

[edited out]

But what do  i know not much.

Good point.  #nohomo

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?

Hahahahaha.,, another good point.

Some members here do seem to get overly obsessed with framing BTC matters in terms of shitcoins... we have cluttered thinkenings, even from longer term forum members.  Go figure.

[1714946632]

1714946632

[1714946632]

1714946632

[1714946632]

1714946632

[1714946632]

1714946632

[1714946632]

1714946632

[ChartBuddy]

Explanation

[JayJuanGee]

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...

I understand that you may be attempting to defend yourself, but surely you understand dragonvslinux that this is not the how to live off trading thread, especially worse to be getting into talk about trading shitcoins.. it just devolves, devolves and devolves.  Fuck that nonsense.. take it somewhere else.  Plenty of forums or even threads in this forum for that kind of baloney (and delusional) talk.

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...

First of all... I doubt that anything is 100%.. whether you are talking about satisfaction or your perspective of your performance or any other marketing bullshit.

I do agree with your point of not necessarily closing yourself off from either people of differing views or the various kinds of value in keeping ongoing conversations with people who either view the world differently or who seem to have wrong views about bitcoin.

I do believe that some of your own perceptions of bitcoin do somewhat fog your conversations with some of your perception of the "elderly," and so of course, you can learn along the way when having those kinds of conversations- whether learning about some of the investment hesitancies of people who are older or who might perceive assets and markets differently or just learning how to present some of your own arguments better or to recognize and appreciate flaws in either your understanding or ways of presenting.

Surely, I feel that I learn from a variety of my conversations whether my posts on this forum or with people of various perspectives in the real world, and I have noticed that there is a lot of age-ist mis-framing bullshit out there, and sure some of the explanation could be age related, but some of the arguments and rationals for behaviors overlap, and just thinking about a conversation that I had recently with someone in the real world who had given up on bitcoin in the past few years, and part of the problem was that this younger person (late 20s) had gotten into bitcoin around four years ago (which surely would have been perfect to stay in bitcoin for that amount of time), and I had fallen out of touch with the person, and my recent interaction seem to have showed that the person got into bitcoin because of me, but lacked conviction to even continue to do the thing that I suggested which was largely either accumulate or HODL.. and so once selling takes place and even dabbling into shitcoins, there can be a lot of difficulties to come back into the right mental framework to even appreciate bitcoin, which might not even be an age or intelligence thing - but some negative experiences can skew people of any age.. especially if they do not develop enough of their own understanding to stick with the earlier conviction  (which was not as present as I had assessed it to be 4 years ago). 

I am not going to blame myself for that either because people do have to do their own research or even to continue to figure out why they got into bitcoin in the first place even if I had not been available to continue to hold hands (or someone similar to me), and when other friends are telling them how dumb bitcoin is and to sell and blah blah blah.. no conviction and selling at the bottom or even at a loss was way the hell out of touch of anything that I would have even remotely suggested (past or present).

[OutOfMemory]

in my motherland
lockdown for the non-vaxxed
starting tomorrow

the third lockdown though
kind of light version, this time
permits lots of things

shit hitting the fan
incidence almost 1k
bitcoin doesn't care

#fuckthesystemhaiku

I thought that was Oberösterreich only

Nope. Until friday, yes. Incidences are going through the roof atm.
Saturday the minister of health announced the nation-wide LD for the unvaxxed, today it was fixed in parliament, effective 53 minutes after publishing it to the national "legal information system". People are allowed to go to work and buy food, visit pharmacies, gas stations, go out for a refreshment walk. but NO more shopping and going out or visiting friends/family for the unvaxxed.
Government is wetting their pants right now. They did nothing all summer, called out the "end of the pandemic", followed by the "end of the pandemic for the vaccinated".
40% of all covid patients in hospital are fully vaxxed, rumors say the number rose to 50% this week, while about 20% are currently fully vaxxed in ICU.

They did a lot of testing before, then they stopped testing of fully vaccinated people. Also, vaccinated folks that got close to an infected person were no more needed to self-quarantine and testing. So the infection counts exploded, they said PCR testing is mandatory for going to work, also in effect tomorrow, and the labs already refused to take newly submitted tests on saturday, because they don't have the capacity to process them. Next they want mandatory vaccination for people working in geriatric and medical field, while the hospitals are expecting up to 20% of their staff to quit.

Thie is getting way beyond popcorn level.
Interesting times.

I will continue reporting in the covid observer thread after today.

EDIT: uhm, forgot to mention that they dedicated a bunch of police officers, who should watch, check and prosecute peeps not obeying to the restrictions.

via Imgflip Meme Generator

Upped my weed reserves a week in advance, when it was already fairly obvious that things will get shitty again.
Should be set until march now, this shit is so sticky that it is jamming my grinder. According to Dr. Greenhouse it should be about 4 weeks after harvest, now.  

EDIT: I didn't ask, but it seems like a mix, mainly sativa. Easy on the body, heavy on the mind.

EDIT2: Dragging myself into sleep. Had three tough days, so #takemehodlsleep

[ChartBuddy]

Explanation

[JimboToronto]

Never leave the house?

Stuck at home? You mean house arrest?

Isn't that a form of punishment?

Get rid of the cellphone and get some fresh air and meet some real people... face-to-face.

What's the point of being Bitcoin-retired if you can't enjoy it?

[lightfoot]

Thie is getting way beyond popcorn level.
Interesting times.

Thanks, good to know. Question: Did you guys do the Astra Zenica vaccine there, or Sinovax, or Sputnik? Curious to see how those stack against good ole Moderna 5G tech.

[BitcoinBunny]

End of the week green dildo.

Go Bitcoin!

[ChartBuddy]

Explanation

[JimboToronto]

End of the week green dildo.

Go Bitcoin!

 

More like start of the week UTC.

Just like clockwork.

[WeltMaster]

No thoughts on taproot other than ngu?

[HI-TEC99]

Never leave the house?

Stuck at home? You mean house arrest?

Isn't that a form of punishment?

Get rid of the cellphone and get some fresh air and meet some real people... face-to-face.

What's the point of being Bitcoin-retired if you can't enjoy it?

It sounds like trading.

[vapourminer]

Thie is getting way beyond popcorn level.
Interesting times.

Thanks, good to know. Question: Did you guys do the Astra Zenica vaccine there, or Sinovax, or Sputnik? Curious to see how those stack against good ole Moderna 5G tech.

dude. my pfizer 5g nanobots can beat up your moderna 5g nanobots

[d_eddie]

I got about half way through your post, dragonvslinux, while attempting to decide whether I was going to quibble, and I had realized that there was something that was just off...

                  (3702 words total, 22.557 bytes w/spaces)


... By the way, can we stop talking about that bullshit coin in this thread?  There are other threads on this forum (and even other forums) for that.

JJG back to old JJG volume for a change.


Quality quibbling.
Oldschool elbow grease. A peep.
This is not AI.



#haiku

[pabloangello]

1W canle doesnt look too pretty, we still might have another shakeout upon us.

[ChartBuddy]

Explanation

[Biodom]

in my motherland
lockdown for the non-vaxxed
starting tomorrow

the third lockdown though
kind of light version, this time
permits lots of things

shit hitting the fan
incidence almost 1k
bitcoin doesn't care

#fuckthesystemhaiku

I thought that was Oberösterreich only

Nope. Until friday, yes. Incidences are going through the roof atm.
Saturday the minister of health announced the nation-wide LD for the unvaxxed, today it was fixed in parliament, effective 53 minutes after publishing it to the national "legal information system". People are allowed to go to work and buy food, visit pharmacies, gas stations, go out for a refreshment walk. but NO more shopping and going out or visiting friends/family for the unvaxxed.
Government is wetting their pants right now. They did nothing all summer, called out the "end of the pandemic", followed by the "end of the pandemic for the vaccinated".
40% of all covid patients in hospital are fully vaxxed, rumors say the number rose to 50% this week, while about 20% are currently fully vaxxed in ICU.

They did a lot of testing before, then they stopped testing of fully vaccinated people. Also, vaccinated folks that got close to an infected person were no more needed to self-quarantine and testing. So the infection counts exploded, they said PCR testing is mandatory for going to work, also in effect tomorrow, and the labs already refused to take newly submitted tests on saturday, because they don't have the capacity to process them. Next they want mandatory vaccination for people working in geriatric and medical field, while the hospitals are expecting up to 20% of their staff to quit.

Thie is getting way beyond popcorn level.
Interesting times.

I will continue reporting in the covid observer thread after today.

EDIT: uhm, forgot to mention that they dedicated a bunch of police officers, who should watch, check and prosecute peeps not obeying to the restrictions.

It looks like EU is going positively crazy about it.
With all it's warts, America looks like a sane person in this insane asylum of the world we live in.

[Biodom]

Thie is getting way beyond popcorn level.
Interesting times.

Thanks, good to know. Question: Did you guys do the Astra Zenica vaccine there, or Sinovax, or Sputnik? Curious to see how those stack against good ole Moderna 5G tech.

This would be funny if it wasn't sad (about 5G crap).
In my home state of TX, it is "damn the torpedoes".
No mask mandate, no vaccine mandate, no req to wear mask at businesses and the work place.
It is more freedom, though, which I respect (in comparison with all those dictatorial mandates in some other countries). We shall see.
Would I have preferred students in masks for the time being? Maybe, but most of them do this on their own (without a req).
At least, no one yells at you for wearing (or not wearing) a mask anywhere, which is a plus, I suppose.

[ChartBuddy]

Explanation

[philipma1957]

Thie is getting way beyond popcorn level.
Interesting times.

Thanks, good to know. Question: Did you guys do the Astra Zenica vaccine there, or Sinovax, or Sputnik? Curious to see how those stack against good ole Moderna 5G tech.

This would be funny if it wasn't sad (about 5G crap).
In my home state of TX, it is "damn the torpedoes".
No mask mandate, no vaccine mandate, no req to wear mask at businesses and the work place.
It is more freedom, though, which I respect (in comparison with all those dictatorial mandates in some other countries). We shall see.
Would I have preferred students in masks for the time being? Maybe, but most of them do this on their own (without a req).
At least, no one yells at you for wearing (or not wearing) a mask anywhere, which is a plus, I suppose.

Either way we are all going to die one day sooner or later.

But I really hope I at least get to see BTC get to 70k so I can stop feeling guilty about guarantying it back in may 2021.

In the meantime a coin that does not go sideways seems pretty close to exactly  that.  64k diff of 25 in april and now 66 k with a diff of 22.9 in Nov.  So last seven months if you cherry-pick april to nov sideways it is.

hey JJG do you think June seven month from now we are at 70k and a diff of 28?

I don’t.😊