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

[ChartBuddy]

Explanation

[1714642928]

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[1714642928]

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[Khanvila78]

 


Source:https://twitter.com/BitcoinMagazine/status/1532437026536050704

[ChartBuddy]

Explanation

[shahzadafzal]

If you didn’t notice BTC dominance is at highest since last ATH



https://www.reddit.com/r/Bitcoin/comments/v3d1mw/4_years_ago_there_were_1594_cryptos_and_btc/

[Khanvila78]

NEW: New York State Senate passes 2-year ban on new Bitcoin mines that don't use renewable energy

Source:https://twitter.com/BitcoinMagazine/status/1532671364259368960

[empowering]

wing wing

Japan Passes Stablecoin Bill That Enshrines Investor Protection

https://www.bloomberg.com/news/articles/2022-06-03/japan-passes-stablecoin-bill-that-enshrines-investor-protection

[bitebits]

If you didn’t notice BTC dominance is at highest since last ATH



https://www.reddit.com/r/Bitcoin/comments/v3d1mw/4_years_ago_there_were_1594_cryptos_and_btc/

As a start the Bitcoin dominance has increased with 24.5%. But we all know 99% of the crapcoins have a BS market cap, next to the infinite brrrrr of 'stable' coins. I wouldn't want to own anything else than Bitcoin for 10+ years; its real dominance is probably above 90%.

[suchmoon]

That's not how math works.

Anyone using shitcoin "market cap" to make a point about Bitcoin should have their hodler license revoked and get sentenced to three years of margin trading.

(yes, I've probably done it myself at some point)

[AverageGlabella]

Came here to vent just how frustrating that everywhere you go now requires KYC it is the biggest privacy invasion especially when they do not need it. A service that I was not going to use for its intended service but a way of withdrawing money I earned outside of their platform wanted KYC....it is like you are selling your details it should be our right what we disclose to services and it is frightening they can freeze YOUR MONEY and ask for additional verification. The horrible thing I see is that most people are willing to give up this information which encourages it.

[dragonvslinux]

If you didn’t notice BTC dominance is at highest since last ATH

This simply isn't true. It's ATH was 100% when Bitcoin market began, followed by 99.9% in 2014, 97% in 2016, 79% in 2017 and 73% in 2020

It's at it's highest level since October 2021. Above 50% and it'll be the highest level in over a year.

https://www.tradingview.com/symbols/CRYPTOCAP-BTC.D/

[hisslyness]

[25:25] ...by the way, how many of y’all remember Napster?  You know, Napster was unstoppable, it was inevitable, until—boom!  It was obliterated.

Lessons were learned from Napster and bittorrent was created which has stubbornly been resistant against shutdown. Those same lessons carried forward into the design of Bitcoin.

missing_the_point.gif

Thanks, but I’ve heard of Bittorrent.  I was torrenting when some of the people here were in diapers.  I also thought of torrents when I watched Cruz’s speech.  And I think I have adequately demonstrated that I know a thing or two about Bitcoin, its design, and its implementation.  (I can even explain in great detail why Bitcoin does not use a DHT like trackerless torrents, if anyone is curious about that.)

You cut this part from your quote:

Cruz says a few things that I find debatable; but he made some incisive points.

Near the end of his speech, Cruz warned Bitcoiners to remember Napster.  Although his analogy is imprecise due to Bitcoin’s greater decentralization, it is nonetheless a good and insightful analogy.  Cruz is alarmed, as I am, about Bitcoiners’ naïveté and complacency.

Please stop nitpicking and overextending analogies, as an excuse for continued naïveté and complacency.

What do you suppose would really happen to Bitcoin globally, if the U.S. were to impose Chinese-style laws?  Or even a fraction of that?  For one thing, you can forget about rooting for $100k...  For one thing.

I myself will continue using Bitcoin no matter what—as long as there is anyone else using Bitcoin.  I have advanced technical expertise, and I am ideologically motivated to use Bitcoin regardless of its market value.  How many are like me?

Following the China mining ban, what proportion of the global hashrate moved to the U.S.?  How many of those miners would continue to operate under adverse regulation?  Under an outright ban?  In other plausible scenarios?

Bitcoin is resilient.  But a major part of its resilience is in its people, not in technology.  There are no technological solutions to some problems.  Complacency when the writing is on the wall is one of those problems.  I am doing my part right here, right now, to try to help solve that problem.

(I see this as a part of a multi-pronged attack to push for Bitcoin to go POS; but let’s take one thing at a time...)


Edited to add:  As for Bittorrent:  Most torrent users do not understand why it has not been stamped out.  Bram Cohen, et al. went to great pains to run an unimpeachably legal torrent business, without even the slightest hint of copyright violation.  By accident or by design, this effectually gave legal cover to widespread publication and usage of torrent software—even if most of the actual usage was probably for copyright violations.  Torrenters who think to themselves, “LOL, they can’t stop us” are fantastically naïve and foolish; they have no idea what the hell they are talking about.

Moreover, if you believe that the RIAA/MPAA (private organizations of lawyers) are formidable adversaries, then you have never locked horns with the U.S. regulatory and law enforcement agencies who are tasked with enforcing U.S. laws about money.

And by the way...  Torrents are dying, and remaining torrenters have been going underground—many of them disappearing into closed, insular tiny groups swimming in paranoia.  That’s been happening for a reason...  I haven’t done much of this stuff for years; but if you would be so kind as to get me a BIB or MAM invite, that would be great.  Thanks.  (Hint because this is the Internet:  My rhetorical point is that invites are practically impossible to obtain, due to “closed groups swimming in paranoia”.  Closed groups under firmly centralized administration, by the way.  So much for “can’t stop this, it’s decentralized” bravado.  Want to see Bitcoin reduced to furtive, invite-only groups of scared people trading coins in the shadows?  That is your Bittorrent analogy.)

You can't put Napster and Bitcoin in the same boat! One was facilitation the distribution of illegal warez and mp3z...

That's like saying to ebay, ohh watch out!.. you remember Silk Road right?... Baffled to think there is some kind of analogical correlation between the two!

A country of 1.4B+ bans bitcoin every a few years! What's another country of 300million going do...

[Dabs]

Go Long. Go Short. Profit.

[ChartBuddy]

Explanation

[hisslyness]

If you didn’t notice BTC dominance is at highest since last ATH

This simply isn't true. It's ATH was 100% when Bitcoin market began, followed by 99.9% in 2014, 97% in 2016, 79% in 2017 and 73% in 2020

It's at it's highest level since October 2021. Above 50% and it'll be the highest level in over a year.

https://www.tradingview.com/symbols/CRYPTOCAP-BTC.D/

I've never been a fan of this metric!.. Bitcoin should not be compared with these other crap!

Maybe.... Bitcoin vs Global Monetary Supply / Bitcoin vs Total World Debt?

[AverageGlabella]

A country of 1.4B+ bans bitcoin every a few years! What's another country of 300million going do...

When that starts to accumulate with more countries following then it becomes a problem. There is not anything we can do to stop these countries but it is not good news that these countries are banning btc unless you think that people will get sick of being suppressed and in retaliation they revolt by using btc

[death_wish]

Came here to vent just how frustrating that everywhere you go now requires KYC it is the biggest privacy invasion especially when they do not need it.

FTFY.

A service that I was not going to use for its intended service but a way of withdrawing money I earned outside of their platform wanted KYC....it is like you are selling your details it should be our right what we disclose to services and it is frightening they can freeze YOUR MONEY and ask for additional verification.

I think I heard of some invention that lets people authenticate securely, without revealing unnecessary information.  “Sigital dignature”, something like that—slipped my mind.

The horrible thing I see is that most people are willing to give up this information which encourages it.

The most worrisome part is that the culture is changing.  I have seen it on this forum, throughout Bitcoinland, in altcoins—everywhere except for specifically privacy-centric places.  (And even in some of those, bizarrely!)

There was a time when a principled disgust for KYC was commonplace—not universal, to be sure, but customary and widely understood.  Now, it is not so.  Fewer and fewer people speak out with reasoned, principled arguments against KYC.  And many “people” (probably including shills, but not limited to shills) repeat canned lines about how KYC is oh so good and necessary.  “If you have nothing to hide, blah blah blah.”  People are coming to accept it, even to embrace it.

That kind of change does not happen overnight.

(Neither do the cultural changes that are letting POS eat the world.  Different issue, similar pattern.)

Another horrible thing is that some people would criticize me for my use of DEXes, “because altcoins”, and my use of stablecoins, “because altcoins”—but they would not object to my using CEXes and fiat in bank accounts, replete with KYC.  Because that’s what they do!  I have exactly zero KYCed exchange accounts, and my nonexistent KYCed exchange accounts are not linked to any bank accounts.  I am a KYC minimalist, and a permissionless-money maximalist.

Edit:  Formatting and minor fix of ambiguous/clumsy wording.

[xhomerx10]

I prefer Alien 👽 space invasion.

until it actually happens.

In other words.. I doubt they are going to be nice to us... if there were to be such a thing.

Nah, come on. Of course they'll be nice to us, just like we're nice to life forms we consider inferior. The lucky ones will get killed, and others will be locked up in zoos for their own protection, or "domesticated" to entertain the overlords, or become food.

 This is why it behooves us to make this planet virtually uninhabitable and as quickly as possible.  I'll do my part by firing up the coal-fired furnace and smelting my obsolete Canadian pennies into novelty physical representations of bitcoins to impress friends and family.  I'll even use high-sulphur-content coal to acidify the watershed.  Wait, aliens bleed acid don't they... alright scratch that. 

[salad daging]

A country of 1.4B+ bans bitcoin every a few years! What's another country of 300million going do...

When that starts to accumulate with more countries following then it becomes a problem. There is not anything we can do to stop these countries but it is not good news that these countries are banning btc unless you think that people will get sick of being suppressed and in retaliation they revolt by using btc

This illustration shows what happened to the country https://www.facebook.com/Phemex.official/videos/697310468231523/

[OutOfMemory]

Governments want to destroy things that they don't understand or fear.

[death_wish]

[...]

missing_the_point.gif

[...]

Cruz says a few things that I find debatable; but he made some incisive points.

Near the end of his speech, Cruz warned Bitcoiners to remember Napster.  Although his analogy is imprecise due to Bitcoin’s greater decentralization, it is nonetheless a good and insightful analogy.  Cruz is alarmed, as I am, about Bitcoiners’ naïveté and complacency.

Please stop nitpicking and overextending analogies, as an excuse for continued naïveté and complacency.

You can't put Napster and Bitcoin in the same boat! One was facilitation the distribution of illegal warez and mp3z...

That's like saying to ebay, ohh watch out!.. you remember Silk Road right?... Baffled to think there is some kind of analogical correlation between the two!

Bitcoin facilitates terrorist financing, money laundering, drug dealing (you remember Silk Road, right?), killing cute puppies and kittens, evasion of virtuous sanctions by evil Russians, tax evasion, unregulated financial activity, making the FATF have a collective heart attack, evading KYC (gasp! horrors!), disrupting banks’ business models and making banks irrelevant (not allowed!), and evading the U.S. Federal Reserve’s divinely ordained absolute right to steal the value of people’s savings with inflation (definitely not allowed!)—and it literally destroys the Earth the universe with its insanely high energy usage.

I’d say that’s a fair sight worse than sharing some copyrighted songs.

A country of 1.4B+ bans bitcoin every a few years! What's another country of 300million going do...

If you think that the scenarios are in any way comparable, or that it’s only a matter of headcount, I am not sure how even to begin to explain this.