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

[AnotherAlt]

I want all stablecoins (which are not really stable at all) to die so that everyone is invested in BTC.

Part of the trick with stablecoins is that the stablecoin owners invest it in BTC and the people giving them USD get unbacked tokens. What could possibly go wrong?

Stablecoins Are Crypto’s Killer App So Far – Just Not Terra
Stablecoins have been responsible for great transactional autonomy, Castle Island Ventures’ Nic Carter told the Permissionless crowd. “No government is going to give that to us.”

Source: https://blockworks.co/stablecoins-are-cryptos-killer-app-so-far-just-not-terra/

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[Gachapin]

TIL that Mike Novogratz was a big backer of TerraUST & Luna.
https://twitter.com/i/events/1527002154719920130

We know he's not the only one shilling that shitcoins, but it seems to me that he's the only one who will have a lasting memory of a Korean fairy tale called "stablecoins are not stablecoins.".

It seems a lot of money doesn't save you from getting punched a cheap looking tattoo.
Damn that's bad...    "Smith Street Tattoos"... go figure..

On top of it, the project's instant fail... This guy learns about shitcoins the hard way...  

Should have bought more BTC with his money   
 

[bitcoinPsycho]

I want all stablecoins (which are not really stable at all) to die so that everyone is invested in BTC.

Part of the trick with stablecoins is that the stablecoin owners invest it in BTC and the people giving them USD get unbacked tokens. What could possibly go wrong?

Stablecoins Are Crypto’s Killer App So Far – Just Not Terra
Stablecoins have been responsible for great transactional autonomy, Castle Island Ventures’ Nic Carter told the Permissionless crowd. “No government is going to give that to us.”

Source: https://blockworks.co/stablecoins-are-cryptos-killer-app-so-far-just-not-terra/

[ChartBuddy]

Explanation

[Biodom]

Me waiting for the next bull cycle after I failed to capitalize any gains in the previous cycles:

https://i.imgur.com/MIcICro.gif

...we are still about 10X over the last cycle low, so I don't know what you are talking about.
Almost nobody (except @LFC   ) was able to take a massive profit at an absolute top (or close to it).
We should have a short term bounce to $38-42K (around 100-200 Day MA).
More specifically, 50d EMA -36.4, 100d EMA-39.3, 200d EMA-41.9
the bounce should be between 50d and 200d EMA.
It would still be a double of 2017...a good place to sell if cash is needed.

[OutOfMemory]

What's that?
It looks geometrically "interesting" with both eyes, but after i looked at it one-eyed, the thing starts to go off like mad. Seems like a single eye can't decide if it wants to see horitontal or vertical lines... Try it  

EDIT: Isn't this thing supposed to move, wobble or something? Or do i need a hangover to get it to work?

[Hueristic]

LOL this UST shit just keeps getting better!

Terra Co-Founders Face Lawsuit from Korean UST and LUNA Investors

https://cryptopotato.com/terra-co-founders-face-lawsuit-from-korean-ust-and-luna-investors/

THE DAY BEFORE:

Terraform's Legal Team Quits Amid Terra Stablecoin Fallout

https://www.coindesk.com/business/2022/05/17/terraforms-legal-team-quits-amid-terra-stablecoin-fallout/


HAH!, you can't make this shit up!

[OutOfMemory]

LOL this UST shit just keeps getting better!

Terra Co-Founders Face Lawsuit from Korean UST and LUNA Investors

https://cryptopotato.com/terra-co-founders-face-lawsuit-from-korean-ust-and-luna-investors/

THE DAY BEFORE:

Terraform's Legal Team Quits Amid Terra Stablecoin Fallout

https://www.coindesk.com/business/2022/05/17/terraforms-legal-team-quits-amid-terra-stablecoin-fallout/


HAH!, you can't make this shit up!

By the way, where is the "stable" in this coin? What a clusterfuck 

[ChartBuddy]

Explanation

[JayJuanGee]

TBH, I'm getting tired of hearing about these third world countries claiming they're getting into Bitcoin, but then not really doing anything. And by 'anything', I mean more than just talking about it or just making it a legal currency. I want to see them buy bitcoin as a reserve asset by the tens of billions! Piss or get off the pot! Drain every exchange dry!

I share your frustration, and appreciate the negative tone. We need more adoption and less talk about it. However, this is the kind of news I like to read and discuss in this thread, it's relevant.

While trying to be optimistic and perhaps a tad bit delusional, I'm waiting for that crucial moment when Bitcoin price breaks free from the "black hole stonk market" and takes off on its own merit. I think this will happen gradually as the masses stop chewing the misinformation (propaganda) and start making the right moves, not necessarily because they are smart, but because Bitcoin will be one of the few lifeboats around when the hyperinflation takes off. The sooner the adoption happens, the better off the world will be. If countries do this as a national effort to mitigate complete collapse of their economy, even better.

Even though I find the correlation theories (focusing on BTC's supposed correlation to the stock market specifically) to be a wee bit lame, and also frequently overstating the case, I would imagine with the passage of time, even if there might be some implosions along the way, bitcoin seems to be quite likely to become more correlated with the stock market rather than less correlated.

Nonethelss, fuck that stupid-ass misleading idea.. unless it is attempted to be recognized and appreciated within somewhat of a proper context..

In other words, even looking back at ONLY the last 10 years of bitcoin's price history, bitcoin is correlated as fuck with the stock market, except when it is not... .so yeah, there is a distinctive difference in which the whole time, bitcoin is correlated as fuck, especially if we select out those periods in which bitcoin experienced various 3x to 20x step laddering to the UPPity side along the way.  If we just remove each of those periods in which bitcoin did a wee little step ladder up 3x to 20x, then bitcoin is correlated as fuck with the stock market.  That's what people seem to be saying in regards to bitcoin's supposed correlation with the stock market.

Yeah, seems to be quite likely that in the future it is going to be quite a bit more difficult to get on the higher ends of those various step ups that are in the 20x arena in a short period of time, and so the step up periods are likely going to bet smaller.. maybe only 2x to 10x and the 10x spurts might start to become way more rare... but still, it still seems to me that part of the formula for attempting to appreciate bitcoin's likely ongoing investment thesis remains that it is going to continue to plow away towards ongoingly increasing various networking effects.. and those increases in various kinds of adoption is going to continue to contribute towards the ongoing recognition and acceptance of Gresham's law assignments of bitcoin's ongoing superiority in comparison to any other place that you can put your money.

Yeah, it takes a while to sink into the heads of both nocoiners and precoiners and of course, no coiners seem to fit into a category of the more stubborn who seem to want to fight and fight and fight the overrall value proposition of bitcoin and its investment thesis.. and surely some of those nocoiners happen to be used-to-be coiners who sold too much too soon, and to some extent those of us who have been in to bitcoin for a while should continue to attempt to feel some levels of empathy for some of the actual psychological difficulties that many of the used-to-be coiners have to endure in terms of justifying if they will ever get back into bitcoin or just suffer until death refusing to put another penny into bitcoin... because the price never ended up coming back down to their selling point.

Anyhow, it seems to me that bitcoin is always going to be correlated with the stock market at various points in time, except when it is not.. and surely, I consider the correlation framework to be misleading even if it is mostly true.. but those periods in which bitcoin is not correlated surely do seem like they make a pretty BIG ASS difference, even the most recent jump up from $6k to $60k and so far bitcoin has ONLY come down to 5x.. so yeah, except for that little 5x to 10x step up in BTC's price, BTC has mostly been correlated with the stock market.

adoption adoption lmfao  🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣

You would laugh... because to the extent that we can believe any of your story, you are a case in point example of a either a used-to-be coiner.

Sure you failed/refused to buy at various points in time too... always waiting for cheaper or even free coins..

Quite pathetic regarding your awareness of bitcoin, but your failure/refusal to take any kinds of meaningful actions beyond either begging or making fun of BTC price correction periods as if you knew anything beyond trying to figure out if you might be able to get something for free or low or no effort.

[Hueristic]

By the way, where is the "stable" in this coin? What a clusterfuck  

Apparently these terms are treated more as guidelines rather than the absolute they are defined as.


Looks like these guys tried real hard.

    DeFi lending protocol Scream kept the price of two unpegged stablecoins hardcoded to $1 on its platform.
    Users borrowed other stablecoins on the cheap, leaving the DeFi lender with $35 million in bad debt.

https://www.theblockcrypto.com/post/147046/defi-lender-left-with-35-million-bad-debt-after-quoting-depegged-stablecoins-at-1

[ChartBuddy]

Explanation

[JayJuanGee]

Hi boys, bitcoin doing what bitcoin is supposed to do. Observing $29406, four year cycles live on in my opinion. Going to be a boring couple of years with some capitulation added in for good measure. Continue to stack, everything under $30,000 is an absolute bargain but don’t blow all your dry powder right now. We will have opportunities at $25,000 & possibly close to $20,000.

This game is too easy, sell some 12-18 months after the halving & start buying back in January for 12-18 months.
Keep buying until late 2023, then wait for the next bull run.

The current BTC price is $29,138, can we conclude that it's will surly come down to $25k? Bacause when looking at the BTC monthly chat, I observe BTC is going deeper. Maybe it's clear we should hold on and buy when the price drop down again in order to wait for the halving.

Clear in regards to the future BTC price?

Ok... you are either waiting for someone to tell you that something related to BTC price performance is clear or to figure out a strategy based on clearness?

The most clear that we got is that bitcoin seems to be one of the best (if not the best) asymmetric bets to the upside that you or anyone today alive has ever been able to participate in.. especially if we are considering how open it is for anyone to participate.  

So sure, if you are already prepared for UP that is great, but if you have not prepared for up because you are wanting to get some cheaper coins, you could be in a world of hurt - even if the odds might be in favor of the possibility of cheaper sats in the future.

Of course, there are a lot of guys (and gal) in this thread who have been prepared for UP for years, and they either supplement some of their preparations on dips, or they are already in a position that they might just cash out various amounts of coins at any time that they would like whether there is a dip or not...

Yet, in the end, you should be attempting to figure out the extent that you are already prepared for UP, and views about short term BTC price moves is ONLY one part of the formula to be considering, especially when each of us should be attempting to figure out some of the particularities of our own circumstances, including but not limited to cashflow, other investments, view of bitcoin as compared with other investments, timeline, risk tolerance, time, skills and abilities to strategize, plan, research and learn along the way including tweaking strategies from time to time to consider trading, reallocating, use of leverage and/or financial instruments.

I don't think there is any stablecoin exists.

retard or wut? I just bought BTC with USDT and BUSD. Not sure what u smoking

Don't expect too much from bitcoin. If your expectation is damn high, You may lose hope. Bitcoin is still bullish in my eyes.

Sure, I know you are stacking that shitcoin for x10 right? right?

Now you (ImThour) are categorizing bitcoin as a shitcoin?

[AnotherAlt]

Now you (ImThour) are categorizing bitcoin as a shitcoin?

JJG, You got him wrong maybe. He was trying to poke me/criticize me because I said There are no stable coins that exist. I also said don't expect too much from Bitcoin. (Maybe he meant to expect from shitcoins then). I don't hodl shitcoins, but I have some BUSD for daily needs transactions.

Well, this is not the first time I've seen high-ranked members try to criticize newbies. I don't mind it. Surprisingly you caught him 🙃

[xhomerx10]

OT:

At 75 you confuse Iraq with Ukraine… God help Baiden he’s 79

https://twitter.com/bitcoin/status/1527310086640611328?s=21

 There's no confusion there!  That's a textbook Freudian slip; he knows that the invasion of Iraq by the US was also unjustified. 

[AnotherAlt]

Just In-

Swiss luxury watchmaker TAG Heuer is now accepting online bitcoin payments in a partnership with BitPay.

Source: https://bitcoinmagazine.com/business/tag-heuer-now-accepts-online-bitcoin-as-payment

Every positive thing matters. Step by step, the whole world map will be orange  BTC in color.

[ChartBuddy]

Explanation

[Hueristic]

OT:

At 75 you confuse Iraq with Ukraine… God help Baiden he’s 79

https://twitter.com/bitcoin/status/1527310086640611328?s=21

 There's no confusion there!  That's a textbook Freudian slip; he knows that the invasion of Iraq by the US was also unjustified.  

That is why he chuckled at his slip up.

[ChartBuddy]

Explanation

[Richy_T]

By the way, where is the "stable" in this coin? What a clusterfuck 

Stablecoin algorithms seems like an implementation of the Martingale strategy but with any of the potential of winning removed.