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

[ChartBuddy]

Explanation

[1714329690]

1714329690

[LFC_Bitcoin]

I thought he had 10 BTC, but you're probably right. I never really looked into the details.

He had 10 & he dumped them all at approx $4,000. I know this because I was buying at pretty much the same time he posted that he’d capitulated.

[Hueristic]

I thought he had 10 BTC, but you're probably right. I never really looked into the details.

He had 10 & he dumped them all at approx $4,000. I know this because I was buying at pretty much the same time he posted that he’d capitulated.

I remember thinking I wish he had posted he was going too first so we could talk him out of it and that if I was going to dump them at the low there is no fucking way in the world I would tell us!!!

[dragonvslinux]

Agreed, I think we need to remain more conservative over utilising the phrase "doing a mindrust".

I agree that we need to sparingly and sharply use the "pulling a mindrust" term only in the most severe, discipline-lacking, and limp-wristed cases.

I've not ever personally witnessed a more bone-headed move on these forums.

I know it is gauche to talk about such things, but with regards to mindrust, do we know the approximate size of his bags when he dumped?

Are we talking 10BTC? 50? 100? Just wondering out loud how much he fucked himself, if we were to assign a dollar value to what an absolutely massive loser mindrust turned out to be.

I I’m correct he had 5 max 7 BTC’s

I thought he had 10 BTC, but you're probably right. I never really looked into the details.

I seem to recall 10BTC.

He had 10 & he dumped them all at approx $4,000. I know this because I was buying at pretty much the same time he posted that he’d capitulated.

🤦🤦🤦

I remember thinking I wish he had posted he was going too first so we could talk him out of it and that if I was going to dump them at the low there is no fucking way in the world I would tell us!!!

☝️ Good advise right there for anyone thinking of pulling a mindrust. Don't be like Billy either for that matter.

[JimboToronto]

I thought he had 10 BTC, but you're probably right. I never really looked into the details.

He had 10 & he dumped them all at approx $4,000. I know this because I was buying at pretty much the same time he posted that he’d capitulated.

One day earlier he was celebrating reaching double digits.

I am in the double digits club now. Yay.

[ChartBuddy]

Explanation

[JayJuanGee]

It’s dead.

Death by covid. Bear market, sure. CNBC know what they're talking about, It's obvious.

I don't even get WHY markets dump because of the news.
What do you do with all the fiat after selling your assets?
Or is it more about "sell before everybody else is selling, to get in again after everybody has sold"?

Last weekly candle was well in the red. So I think this is just people selling because they think the expected dump might go deeper because of the covid news. Any hopes of last weeks candle being a bear trap are gone. The dump goes on.

Dump? What dump? This tiny -10% setback will disappear on a yearly (even monthly) graph dwarfed by the enormous multi-10k daily candles of December!   Don't mindrust it now, brethren...  

Mindrust was quite a bit more than 22% or even more than 50% depending upon the price point where such dumpening is counted.. and surely he dumped his BTC in a quite unusual macro-market situation (peak of march 2020 liquidation event).. and I am not trying to excuse him, but just saying that this is not even anywhere near that but our correction/drop is surely greater than 10% and even more than double greater than 10%.

Agreed, I think we need to remain more conservative over utilising the phrase "doing a mindrust".

It's reserved for bear market bottoms, or otherwise post crashes, significant ones of at least 50%+. Dumping after a 22% correction from ATH is no where near this concept. Mindrust dumped at a 80% correction if not mistaken, from the $20K highs to the $4K lows. I'd argue that selling at $30K after a 50%+ correction would be doing a mindrust, even if not completely obvious at the time, but not at current prices.

Bare in mind that mindrust's dump came after Bitcoin moved from $4K to $14K and back down to $4K, it was a break-even sell. There was no money lost if not mistaken, only potential profit. One key lesson to learn from this experience is not just dumping at the lows as being a bad move, when price is oversold and at key long-term support, but not taking profits when price is up 3.5x is also an error if you feel over-invested.

While not defending mindrust for his manoeuvre, it's worth remembering he didn't lose any $ over this.

Even though I agree with all of your points, there is something off in regards with your explanation, especially since in this thread (and even in this bitcoin-related forum) we are attempting to discuss bitcoin as a likely pristine asset class, so even if some of us are having troubles grappling with bitcoin as a likely pristine asset class, there remains needs to continue to point out that mistakes end up being made and even compounded upon when too much emphasis is given to the idea of either retaining dollars or NOT losing dollars.... but hey.. at the same time, I can appreciate that members continue to struggle getting out of their calculating of value and even profits/losses in terms of dollars.

No way am I going to discontinue to calculate the value of my BTC in terms of dollars - especially in the short-to-medium term.  Part of the rationale for my continuing to calculate my BTC profits and my BTC value in dollars is because the vast majority of my expenses and cashflow is in dollars, people understand what you are talking about when you refer to dollars, and dollars are likely to continue to remain a pretty stable asset class for quite a few years to come even if there continue to be a lot of forces that are continuing to push it towards losing value whether compared to BTC or even compared with a lot of other assets and goods and services.

You seem to be correct dragonvslinux that any factual behind-the-scenes updates that we had received from mindrust had him proclaiming to have had been partially motivated to sell his whole around 10 BTC stash at around $4,500-ish during the March 2020 crashening was that he did not want his BTC holdings to go into the negative relative to the dollar.  So for sure, he was way overinvested (and he admitted so) because he ended up panicking after a short-term quickie correction of 50%-ish that had occurred over the previous day or so, and he was also seeming to closely be following some stupid-ass Masterluc theories that argued that the BTC price had to correct back into the $1,500-ish price arena (which would have been around our previous 2013 top) or at minimum BTC prices had high chances of returning to sub $2,000 prices, even if it could take a few up and down waves to play out.

So even if Mindrust had not sold at the absolute bottom for that wave of about $3,850, he failed to act to attempt to mitigate some aspects of his mistake when BTC prices had gone above $6k and then returned back down to a bit below $4,500-ish in the subsequent days... He remained somewhat convinced (or at least willing to gamble about being the minority of correct predictors) who would end up making a killing (greed seemed to be part of it) when he would be able to buy back around $2k-ish or even below $2k-ish and to tell many of us "I told you so."  But, as we subsequently found out the mindrust "I told you so" moment did not end up even coming close to playing out - and even though he continued to retain some hopium about being correct in the subsequent months, he did end up buying around 1 BTC (out of 10 BTC - in order to NOT be overly invested in BTC from his perspective) back in the next wave up to supra $6,500 levels, he started to dabble (or increased his dabbling) in a variety of shitcoins.

Mindrust also asserted that he was not coming back to participate in the WO thread.. I believe he did come back to make a few posts, but had been ridiculed quite a bit, and I do suspect that if BTC prices would have gone back below $3,800-ish in the coming months, mindrust would have return to the WO thread to gloat about his BTC price performance insightfulness.

Bragging about the BTC price going down becomes a kind of staple practice aspect of a lot of no coiners and those who had sold too much BTC too soon - and gosh do you recall any of the details of jonoiv..... Jonoiv ended up coming back to the WO thread on that same day (on March 12th or whatever it was) that BTC prices had dropped to $3,850.. and some of us might have recalled that he sold all of his BTC in around May 2019 at around $6k when BTC prices had gone from $4,200 to $13,880 and he had continued to tell us that he was going to be able to buy back cheaper than the $6k price that he had sold, and a kind of ironic justice was that dweebs like that cannot even recognize and appreciate their opportunity to get back in, and jonoiv told us that he was waiting for even lower BTC prices.  

There is a kind of mindset that exists with people who get too preoccupied with their BTC dollar valuations and fail/refuse to recognize and appreciate bitcoins existence as a pristine asset class.. or even an emerging pristine asset class that should cause and justify ongoing buying at any price and just waiting it out, but instead there sometimes is way too much attempts to time tops and bottoms and then ending up psychologically causing their lil selfies to NOT build themselves into HODLers rather than whiners and bitcoin naysayers.  Of course, Billy nocoiner is of a similar type and eXPHorizon and a few other nocoiner/or lowcoiner dweebs who we see posting their nonsense in this thread from time to time.

[serveria.com]

I thought he had 10 BTC, but you're probably right. I never really looked into the details.

He had 10 & he dumped them all at approx $4,000. I know this because I was buying at pretty much the same time he posted that he’d capitulated.

One day earlier he was celebrating reaching double digits.

I am in the double digits club now. Yay.

Ouch! It's painful for me to even think about it.  

P.S. And yes, mindrust had 10BTC. 

[LFC_Bitcoin]

Chances of a recovery or even a relief rally in the next week?

What do you think boys?

Surely the Friday sell off which coincided with some new bull shit covid variant breaking news & Black Friday, correlation with stocks dumping also, we will see some green soon?

What do you think?

[ChartBuddy]

Explanation

[serveria.com]

Chances of a recovery or even a relief rally in the next week?

What do you think boys?

Surely the Friday sell off which coincided with some new bull shit covid variant breaking news & Black Friday, correlation with stocks dumping also, we will see some green soon?

What do you think?

Most definitely. I'm not even considering another possible scenarios. It's not a question of IF but WHEN! It's ok with me to wait until Q1 2022. My body is ready!  

[BobLawblaw]

What do you think?

Back above $60k by first week of December, according to current tryptophan-laden gut bacteria.

[Hueristic]

Chances of a recovery or even a relief rally in the next week?

What do you think boys?

Surely the Friday sell off which coincided with some new bull shit covid variant breaking news & Black Friday, correlation with stocks dumping also, we will see some green soon?

What do you think?

$66,666 Dec 7th.

[vroom]

Chances of a recovery or even a relief rally in the next week?

What do you think boys?

Surely the Friday sell off which coincided with some new bull shit covid variant breaking news & Black Friday, correlation with stocks dumping also, we will see some green soon?

What do you think?

I think we will see a giant green candle. we will bart back up and break ATH during next week.

[philipma1957]

Chances of a recovery or even a relief rally in the next week?

What do you think boys?

Surely the Friday sell off which coincided with some new bull shit covid variant breaking news & Black Friday, correlation with stocks dumping also, we will see some green soon?

What do you think?

yes yes yes.

[JayJuanGee]

Fear & Greed Index has reached 21 "Extreme Fear" today. Time to start feeling bullish again 



When was the last times Fear & Greed reached these extreme levels? Have a look at the green arrows representing extreme fear:



For over a month I've been feeling neutral, even slightly bearish short-term on price since $65K. Now the correction has reached my target, I've shed my short-term bearish bias.

Now that price has found support at the 0.618 on the shorter-term time-frames, I've gone for a high leveraged (10x) long position with tight stop loss 

DYOR

Of course, many of us assert that normies should NOT be screwing around with leverage, and I imagine any kind of leverage like that does need a decently sized stop loss. 

I don't believe in stop losses also, but I can appreciate if anyone is playing with decently high levels of leverage then the stop loss will be a godsend.

By the way you likely realize that we have not seen anyone wicks in recent times, and for sure there is an ongoing practice and dynamic for bearwhales to trigger stop losses prior to moving up.. and of course, a wick is not a prerequisite, but wicks do happen quite frequently to screw up the potentially prematurely order placements of leveraged guys.

I am not sure if people realise that there will never be 21,000,000 Bitcoins... and i don't mean lost coins (that is still part of the circulation total)...

(waiting for a reply asking why...)

That's just a rounding difference. 21 million is easier to remember than 20,999,999.9769 (which I actually had to look up).

It's less than that. Some miners haven't claimed their full reward so we're ~29 BTC short IIRC.

I do recall hearing that at least one block had a miner NOT claiming the reward (and the fees too, right?) (and that cannot be reversed once it is failed to be claimed), which surely is surprising that it had ONLY occurred once (or are you suggesting more than that suchmoon?) out of all of the blocks that have been mined to date. 

Also, is it NOT the case that the code causes the very first block that was mined by satoshi on January 3, 2009 to NOT be spendable.  So there would have been 50 BTC that would have been part of the 21 million that would not ever to be spendable.

[philipma1957]

Chances of a recovery or even a relief rally in the next week?

What do you think boys?

Surely the Friday sell off which coincided with some new bull shit covid variant breaking news & Black Friday, correlation with stocks dumping also, we will see some green soon?

What do you think?

$66,666 Dec 7th.

i hope you are right but 69420 would be better

[naim027]

Chances of recovery or even a relief rally in the next week?

What do you think boys?

Surely the Friday sell-off which coincided with some new bull shit covid variant breaking news & Black Friday, correlation with stocks dumping also, we will see some green soon?

What do you think?

As I already mentioned before. All the bad news we had already affected on the market and we still surviving over $53.5K. $53K was good support and it didn't break. Maybe we can see a couple of green candles next week if everything goes okay.

But, there are always a few "If" "But". Let's hope for the greens,

[JayJuanGee]

Next week is important isn’t it. I feel like if we don’t start going up by the end of next week then the bull could be over. I’m prepared either way, obviously heavily leaning to wanting up but there are positives to both. Let’s see what happens.

Whoaza, LFC.

You are really caught up in this calendar year nonsense.

Whatever...

You do you.

I am going to remain skeptical regarding bitcoin having to conform to some kind of a calendar year schedule.... and for sure, I look forward to some folks getting reckt as fuck because they are betting too much on such what everybody thinks scenarios.  Hopefully you do not get too reckt in the process LFC.., because I was starting to like you.. hahahahahahaha.. .#nohomo.

Agreed, I think we need to remain more conservative over utilising the phrase "doing a mindrust".

I agree that we need to sparingly and sharply use the "pulling a mindrust" term only in the most severe, discipline-lacking, and limp-wristed cases.

I've not ever personally witnessed a more bone-headed move on these forums.

I know it is gauche to talk about such things, but with regards to mindrust, do we know the approximate size of his bags when he dumped?

Are we talking 10BTC? 50? 100? Just wondering out loud how much he fucked himself, if we were to assign a dollar value to what an absolutely massive loser mindrust turned out to be.

It was 10 BTC sold at $4,500 and it was one BTC bought back somewhere between $6k and $6,500.  Then he went into shitcoins and who knows what some of his subsequent behaviors were since he did not really provide that information..as far as I know.

[edited out]

I I’m correct he had 5 max 7 BTC’s

Something like that

Think he invested 50k total and had 50k clean out of the scam

Maybe not exactly but the numbers will be pretty close

close, but no cigar...

in other words:













NOT!!!!!!









Based on his actual representations, mindrust had gotten up to 10BTC on that day.. He posted that he had gotten up to 10BTC.., and then a few hours later he posted that he sold everything.. ..

[naim027]

No offense, Just For Fun 😁😁