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

[Paashaas]

I personally think Brian Armstrong and Coinbase have been a net negative for Bitcoin.  And most likely will continue to be.  Armstrong has worked as hard as he can to build a cantillon type structure in the crypto markets, basically actively working AGAINST one of the key innovations Bitcoin brings to the world.

It's the classic question.  Is he evil?  Or just dumb?

A lot of newcomers to Bitcoin don't know this, and a lot of the past gets memory holed and forgotten.

In the first year or two when Brian A. was getting Coinbase up and running, he was interviewed on a few occasions. I remember one interview very clearly where the interviewer asked him point blank if he had any interest in altcoins (this was even before the term "shitcoin" became a thing), and Brian flat out, without hesitation said "No, because I don't think that they have any value beyond what Bitcoin offers." He then went on to say that Coinbase would be exclusively focused on Bitcoin and nothing else.

So he was either lying then, or he his lying now. Perhaps the plan all along was an eventual bait-and-switch of the public. Or perhaps he has never been in control of his platform, and it was always the VCs calling the shots behind the scenes (my bet is on this). No matter what he might now say publicly, I don't believe that deep down inside he thinks that shitcoins have any real value at all.

Either way, I agree with you that offering and promoting shitcoins has definitely hurt the Bitcoin movement, and is completely antithetical to Bitcoin's long-term mission. His platform of promoting and selling shitcoins will continue to distract and lead the dumb, get-rich-quick mass public away from Bitcoin, and they will continue to get scammed and lose their wealth.

An analogy is that it's like a website that supposedly promotes health and fitness, but also selling heroin and donuts on their platform.

It's also why you can't place trust in any celebrity or personality that's a backer of Bitcoin; you can only place trust in the asset itself.

Brian Armstrong was a prominent Bitcoin supporter until he went full shitcoin. His shitcoin casino generated a lot of money, he bought a $113 million Bel Air mansion in L.A.

The quest for new n00b bagholders will go on for some time, with clever marketing many idiots will end up losing their money.

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[Copetech]

Apparently Crypto.com is dealing with a pretty significant hack through their backend into accounts on the exchange and in the app. 2FA & Fingerprint security completely bypassed. Significant number of unauthorized withdrawals went through one after another. Everything is locked down now as they are trying to figure out what happened and restore accounts.

[icopress]

[...]

Then he publicly lied (well, or you interpret the facts by publishing unverified information). I mean, coinbase has been focused on working with alternative coins since its inception, not to mention the fact that at the initial stage of development Coinbase was called Bitbank.

[ChartBuddy]

Explanation

[philipma1957]

Apparently Crypto.com is dealing with a pretty significant hack through their backend into accounts on the exchange and in the app. 2FA & Fingerprint security completely bypassed. Significant number of unauthorized withdrawals went through one after another. Everything is locked down now as they are trying to figure out what happened and restore accounts.

As always inside job.
Almost every big hack is an inside job.

Speaking of big hacks.

My tracfone number is partially returned not full but somewhat.

straight talk and tracfone had thousands of numbers ported away.

the partial restore allows me to make and receive texts and calls.

email access to tracfone still dead ☠️

and my minutes are zero my data is zero but date is zero

but the phone works so it is kind of a ghost 👻 phone at the moment.

good luck to any with crypto.com coin

[BitcoinBunny]

Thanks for the well wishes earlier in the thread guys! I read most of them on my phone (not logged in) the other day.   

Still feeling rough with this Covid shite but it's more like a really bad cold now.
Should be alright.

------

All this talk about Coinbase, Brian Armstrong, Crypto YouTubers, crypto.com and NFTs always reminds me of the Nicky rant in the desert in Casino (note NOT the character and what happens to him):

Listen. I don't know if you know this or not but you only have your fuckin' casino because I made that possible. I'm what counts out here. Not your fuckin' country clubs, or your fuckin' TV shows. And what the fuck are you doing on TV anyhow? You know I get calls from back home every fuckin' day? They think you went bad shit.

[bitcoinPsycho]

https://www.forbes.com/sites/billybambrough/2022/01/15/astonishing-an-investment-giant-just-advised-countries-and-central-banks-to-buy-bitcoin-while-the-price-is-low/amp/



Now, Wall Street giant Fidelity has said other countries and even a central bank could follow El Salvador and Tesla into bitcoin this year—predicting those that buy bitcoin while the price is low “will be better off competitively than their peers.”

https://editorials24.com/2022/01/fidelity-expects-more-countries-to-acquire-bitcoin-citing-very-high-stakes-game-theory-featured-editorials-24/

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[xhomerx10]

Haven't seen this much snow in one dump for a few years now.

Hope you're in Mexico, JimboToronto!

[JayJuanGee]

https://www.forbes.com/sites/billybambrough/2022/01/15/astonishing-an-investment-giant-just-advised-countries-and-central-banks-to-buy-bitcoin-while-the-price-is-low/amp/



Now, Wall Street giant Fidelity has said other countries and even a central bank could follow El Salvador and Tesla into bitcoin this year—predicting those that buy bitcoin while the price is low “will be better off competitively than their peers.”

https://editorials24.com/2022/01/fidelity-expects-more-countries-to-acquire-bitcoin-citing-very-high-stakes-game-theory-featured-editorials-24/

Apparently there is also some kind of "report" that Fidelity put out a month ago. Have we seen that actual report?  I did not see any link to it in either of those articles.

[NeuroticFish]

Apparently there is also some kind of "report" that Fidelity put out a month ago. Have we seen that actual report?  I did not see any link to it in either of those articles.

I've done a search on the news and.. it finally led to this:
https://www.fidelitydigitalassets.com/articles/2021-trends-impact

We therefore wouldn't be surprised to see other sovereign nation states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.

[cygan]

#Bitcoin fixes our outlook on the future

https://twitter.com/LinaSeiche/status/1483136910730092548

[ChartBuddy]

Explanation

[Torque]

[...]

Then he publicly lied (well, or you interpret the facts by publishing unverified information). I mean, coinbase has been focused on working with alternative coins since its inception, not to mention the fact that at the initial stage of development Coinbase was called Bitbank.

Just because you say that doesn't make it true. That's a lie. They were not, and they launched with only bitcoin on their broker platform. Some of us that were around then know that, because we were there.

Stop spreading misinformation.

[ivomm]

Based on Phil_S's notorious chart, I've made three basic scenarios for the next 4 years. (I'm not a PS or chart expert, so if anyone can make better charts, feel free to do it.)

I tried to make a functional prediction based on previous data. The big question is will we face a deviation below the low orange line in the next 4 years. IMO, this may happen for 2 reasons: severe shorting manipulation and adoption levels worldwide above 75%. I highly doubt that the manipulations can hold the price that long and that the 75% saturation point could be reached without breaking 100K.  

So, here are the variants. The blue one is mildly bullish and I find it highly probable to happen. The green is very bullish, but a bit less probable than the blue one. And finally, the pink scenario I find extremely unlikely to happen. It just shows that even in a series of black swan events, Bitcoin will touch 100K until the end of 2025. There might be various modifications of any of the plans, including the pink one: If 100K is delayed so much, only another black swan event can prevent a top above 200K in 2025.

[Torque]

You're contrarian indicator is here, buy buy buy Bitcoin.

Bitcoin's slump could be the start of a 'crypto winter' that sees prices crash, UBS says. Here are three reasons why.
https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-winter-crash-slump-interest-rates-regulation-ubs-2022-1

[ChartBuddy]

Explanation

[cAPSLOCK]

I agree that the Tether fud is, in general, fairly silly.

But I do want to say.. I am also not entirely comfortable with some of the trends I see happening with Tether.

There are lot's of two faced "Bitcoin Maxis" not only cozying up with Tether, but are actually using it via Ethereum at the same time of lambasting Vitalic and all the people on twatter with x.eth after their name.

I see a lot of nuance here.  For example, I think I like the idea of using Blockstream's tether on their sidechain more than Eth for structural/scaling reasons.  But I am still somewhat bothered by the tension between using Tether in place of Bitcoin...  by so many people who have preached the "BITCOIN ONLY" gospel from the beginning.

I consider myself a reluctant Maxi.  Or maybe a Maxi Lite.   And this is not because I love shitcoins.  In fact I hate the fact that we have to have all this noise.  But I think about other crypto projects the way i saw Satoshi consider them as Namecoin emerged etc.  Or in the same way that for a while nullc had a Monero address in his profile here.

The way the cypherpunks might...  with curiosity and an eye towards freedom, as in beer AND speech.

But something just seems wrong about these idealists embracing Tether. 

It bugs me.  But I have not worked through all of it yet, I guess...

[ChartBuddy]

Explanation