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

[BitcoinBunny]

This loser should just give up now on that silly Bytecoin experiment. What a dumbo. I mean it's not as if anyone has ever made money out of this pyramid scam.
Remember tulips?!

Mainstream media and our central bankers know best.


Bitcoin price crash: MicroStrategy’s BTC losses top $1 billion as CEO refuses to give up on crypto
https://uk.yahoo.com/finance/news/bitcoin-price-crash-microstrategy-btc-142838057.html

[JimboToronto]

get this thing out of the WO

 

[serveria.com]

Come on baby. Bounce, bounce!!!

OMFG!   

[death_wish]

If I am allowed to post my prediction, this low-IQ astrologer will mindrust out his shiny new bitcoin at some point (archive):

If I am allowed to post my prediction, BTC will go as down as 3500 USD within a week. Buying after that will be a good investment if you are into it for years.

(Buying after the predicted bottom would be a good investment?  Why not buying the bottom if you can?  LOL.)

This was on a page where the two primary topics of discussion were (a) Covid, and (b) people quoting and debating mindrust’s declaration that he would re-buy at $3k.  Read that whole page and weep.  ImThour’s prediction of $3500 came a few posts after a mindrust post explaining why he did not re-buy at $5k.

This actually makes me feel somewhat better about having lost my bitcoins—because much of what I lost was originally purchased far below $3500.  LOL, waiting for $3500.  Anyway, at least I had the coins to lose; and I never would have chosen to sell them voluntarily, in the manner of panic-dumping.

So, where is ImThour now?  Proud that two years after he missed buying below 200 WMA at $5k as he predicted $3.5k, he bought a whopping whole bitcoin at, what, around $22k?

Imagine buying in Dec 2017 at $19,326 just to see it at $21,326 after 5 years of HODL. 

Imagine having an IQ so low that:

• You are surprised at the effect that black-swan events can have on a volatile asset.  Where were you during the Covid crash?  (I decided to check; see above.)
• You failed to notice the perfect storm of a mixed metaphor of a giant flock of black swans that has flown into Bitcoin for the past month and a half, which continue to arrive.  Without the benefit of hindsight Real Astrology(TM) for divining the future from the stars (or excellent intelligence into problems brewing in the market and in the world generally), the occurrence of these events was improbable and unpredictable; the possibility thereof was entirely predictable.  (A friend of mine told me, a few months ago:  “What if major disasters crash Bitcoin to $10k?  You will be wiped out.  You can’t predict the future.”  That was from a long-term Bitcoin bull who thought that $32k in January was probably the bottom, and who is currently HODLing without fear for himself—albeit with much fear for me.)
• You do not understand that due to the effects of inflation, $21,326 in June 2022 dollars is much lower than $19,326 in 2017.  If you were to watch my posts, shut up, and learn, then you may begin to understand the essentials of finance.  I believe I am the first one to have called that here (or insofar as I saw, anywhere)—crossing of the previous cycle top in real value terms—and I said it at $28k.  It is unprecedented.  Not even the March 2020 Covid panic pushed Bitcoin to anywhere near the previous cycle top, let alone below it in real-value terms.  I was always skeptical of the alleged four-year cycle (beyond the obvious observations that halvings add supply pressure); now, that whole theory is toast.

Oh, does that last sound bearish?  I am neither a cheerleader, nor a “crypto” shill.  I am attuned to reality, and I acknowledge realities whether I like them or not.  I still expect million-dollar bitcoins.  Unless Bitcoin totally dies, which I think is ridiculously improbable, Bitcoin’s built-in monetary policy practically makes that inevitable.  Past performance does not predict future results:  Value fundamentals predict future results.

proudhon is smarter than you are:  He learns from his betters and copies them, even if he will not admit it.

[death_wish]

LOL.  

So Bitcoin is in step with the Nasdaq index like a couple synchronized swimmers...  

It's an US tech-stock now

To decouple from the stonk market bitcoin needs to be unit of account. To make this happen a lot of work is needed to improve usability of lightning wallets. Looking at the price chart under self hypnosis all the day long is not enough.

To decouple from the stonk market requires teaching masses of clueless n00bs that Bitcoin is not a stock, it is nothing like a stock, and thou shalt not treat Bitcoin as “like a stock”.

It is only one reason to teach that, firmly and without compromise.  The primary reason is honesty:  The asset is actually nothing like a stock, so the prospectus must inform new investors accordingly.  Also, we need to avoid throwing the door open to the SEC and other securities regulators, who have jurisdiction over all stock-like things.  And also, we need to decouple from the stock market!  This coupling is ridiculous.

Bitcoin is NOT A STOCK, it is NOTHING LIKE A STOCK, and I will rain hellfire on any suggestions that treating it like a stock is somehow acceptable behaviour.  I have an absolute, no-compromise, non-negotiable zero-tolerance policy for mistreating Bitcoin as if it’s a quasi-stock.

Usage as money also deters the catastrophically detrimental error of treating Bitcoin as a sort of a quasi-stock.  When you buy Bitcoin, your dollar equity is zero.  You are exchanging one currency (USD, etc.) for another currency (BTC).

(I doubt that BTC can be a unit of account for more general usage in business, in consumer transactions, etc.; after having wished for that for many years, I doubt it.  1 BTC = 1 BTC is more than a motto:  It is critical to understanding the nature of Bitcoin, in itself.  Pricing of goods and services is a distinct, albeit overlapping problem.  But that is a separate discussion, probably beyond the scope of WO.)

[moneystery]

JUST IN - Fed Chair Jerome Powell: We're not trying to induce a recession

https://twitter.com/BitcoinMagazine/status/1537149096087126016?cxt=HHwWgICw8a29htUqAAAA

Don't even think about it.

this is what I do when a clown (Powell) talks to the media

[Gachapin]

LOL.  

So Bitcoin is in step with the Nasdaq index like a couple synchronized swimmers...  

It's an US tech-stock now

To decouple from the stonk market bitcoin needs to be unit of account. To make this happen a lot of work is needed to improve usability of lightning wallets. Looking at the price chart under self hypnosis all the day long is not enough.

That's right!

But there is another thing that will have to improve:

The understanding of the masses what Bitcoin really is.
And it will take time.


Apart from seeing it as a get-rich-quick 'speculative investment' and as a 'digital currency', I wonder how many people already understand it to a certain degree which would include the importance of POW for example.  

I guess it's only 1-3% of the population.


So the more everyone of us educates people around us, the quicker the societal learning curve will proceed.

It's not that people are not interested, but it helps everyone if there is someone who separates the bullshit from important info and spreads the gospel in his own words.


edit: just saw that death_wish wrote something similar.. whatevs

[BitcoinBunny]

I don't think there is an immediate urgency to educate people more on Bitcoin or to make far more software integrations.
Plenty has already happened and is happening.

The cat is out of the bag and Bitcoin is going nowhere. Is it a surprise to see a massive decline with the upcoming recession?
Yes and no.
Yes because people can't see their asses from their elbows and don't see the long term investment / inflation hedge opportunity.
Holding your own keys costs you nothing. Storing Gold is a pain in the ass and costs money and you are always at the mercy of someone trying to make money out of YOU.

No, because everything is going to collapse short term.

Is it a shame so many scammers and shitcoins surround Bitcoin? Sure, but also plenty people tried to setup an Amazon copy cat company with many actually doing well initially and most eventually collapsing or turning to hit a more niche / smaller market eventually and settling there.

Long term I'm convinced Bitcoin will be fine and will keep going up.

The fact the media care about the price is a good thing.

Keep telling people not to invest and say it's dangerous.

 

[eXPHorizon]

More like :




 

[death_wish]

To all those whining about "back to $20k sucks" and "We fell from a high of $68k".

This is something that the Bitcoiner newbies, whiny traders, and even some OG veterans need to understand.

Repeat after me:



The price range all last year was never real. It was a mirage. The support price when "excessive leverage has left the building" is the only thing that determines true market value.

That argument defeats itself, because it cuts both ways:  You fail to account for leverage in the opposite direction.

I strongly suspect that the current $20k–$22k range is a mirage, caused by massive organized dumping of the market using borrowed coins.

The price range right now is not real, except to three types of people:  (a) Fools who got long-squeezed and liquidated like me, (b) buyers who prudently kept reserves available to buy BTC now, and (c) whoever the hell is reaping huge dollar profits from shorting Bitcoin.  OK, well, I guess that the price now is real.  By your argument, it is not real.

This is something that the Bitcoiner newbies, whiny traders, and even some OG veterans need to understand.

(So, what is the “real” Bitcoin price?  I am rebutting an argument here, not proposing my own.  Well, my own would be simple:  The real price of Bitcoin is whatever it trades for in actual transactions between buyers and sellers, at any particular moment.  The market is ridiculously manipulated and distorted in numerous ways; that is the nature of a free market, all the moreso for such a volatile, ultra-liquid asset as Bitcoin.  Don’t like it?  It is only an argument against free markets; but until someone appoints me as the Dictator of the Universe, I prefer the free market to the practical alternatives in today’s world.  Practiced properly, realism is idealism.)

[ChartBuddy]

Explanation

[Hueristic]

Just another day, got hospital bills in, they are insane!

I feel for anyone without insurance.

I'll probably get sued, no way as there is no way I'm paying 4500 for an ambulance ride (not the first one but the second one to the trauma center which wasn't an emergency).

In the mean time enjoy.

https://i.imgur.com/VZfLof5.mp4

*I cant stop looping this.

[Tweak25]

Just another day, got hospital bills in, they are insane!

I feel for anyone without insurance.

I'll probably get sued noway as there is no way I'm paying 4500 for an ambulance ride (not the first one but the second one to the trauma center which wasn't an emergency).

In the mean time enjoy.

https://i.imgur.com/VZfLof5.mp4

*I cant stop looping this.

Complete:

https://www.youtube.com/watch?v=r1cUIXVWaV8

Bill McClintock has a bunch of 'em.

Also, check out Jaydiohead if you haven't for more mashup goodness.

IE:

https://www.youtube.com/watch?v=P2fPmyH6Q6E&list=PL55D5C46E874E6C5B&index=2

[Richy_T]

To decouple from the stonk market bitcoin needs to be unit of account. To make this happen a lot of work is needed to improve usability of lightning wallets. Looking at the price chart under self hypnosis all the day long is not enough.

Assuming LN is up to the job, of course.

[cAPSLOCK]

To decouple from the stonk market bitcoin needs to be unit of account. To make this happen a lot of work is needed to improve usability of lightning wallets. Looking at the price chart under self hypnosis all the day long is not enough.

Assuming LN is up to the job, of course.

Custodial most certainly is.  Where will have to have improvement is in non custodial options.  But I believe that WILL improve.

The part that bothers me, is I think it will continue to be a tiny minority that even cares about the difference.

[LoyceV]

Suppose my total saving is on $20K and I have $10K in BTC which is about half BTC at this moment. My yearly income is about $20K/year.
At the same time, An veteran member's Total savings is $200K and he has $100K in BTC which is about 5 BTC at this moment. His yearly income is about $200K/year. In my opinion, Both of's pain is the same here. If you are a billionaire, $100 is nothing to you. at the same time, If you are a millionaire, You care about $100 but $10 is nothing. The example may not make much sense, But, What I am trying to say is, If a billionaire loses 50% wealth, and a millionaire also loses 50% of his wealth. Both are in the same pain. No matter how much was their loss. It's about % and who you are. A Billionaire would not much care if he lost $100K. But, A millionaire will definitely care if he loses $100K.

You're missing an important detail: the billionaire's life won't be affected if he loses 50% of his billions. He won't lose his house, and won't eat anything less because of it. It's definitely not the same pain if someone who ownes $100 loses 50% of it, which means he may not eat that week.
And that's why rich people can take bigger risks than "normal" people.

[Torque]

That argument defeats itself, because it cuts both ways:  You fail to account for leverage in the opposite direction.

I strongly suspect that the current $20k–$22k range is a mirage, caused by massive organized dumping of the market using borrowed coins.

The price range right now is not real, except to three types of people:  (a) Fools who got long-squeezed and liquidated like me, (b) buyers who prudently kept reserves available to buy BTC now, and (c) whoever the hell is reaping huge dollar profits from shorting Bitcoin.  OK, well, I guess that the price now is real.  By your argument, it is not real.

You mean like exchange owners house trading on the own exchanges, naked shorting with re-hypothecated coins to push the price below real market value in order to scoop up more cheap coins?

That's pure crazy talk! No way they are doing something like that! /s

[LFC_Bitcoin]

I like buying cheap coin at the moment but fuck that, man.

[aesma]

So, BTCitcoin fell to 20K as some were hoping for. But what was the reason for that. From what I've read in https://www.zerohedge.com/markets/great-celsius-implosion-what-went-wrong-and-how-much-more-will-bitcoin-drop it is another imploding "blockchain" company.

tl;dr. Celsius may have started as an arbitrage platform giving yield for those fools lending their BTC and shitcoins. But as the arbitrage dissapeared 6 months ago, they simply became a ponzi risking their client assets by making enourmous shorts. They had more than enough BTCitcoins to stop any increase in the price, liquidating practically 100% of the longs. But their problem is that what they do is perfectly visible by everyone. People started to realize slowly they've been scammed just like bitconnect.

 Now their margin call is at 16.8k (used to be 18.3K yesterday) as seen in https://oasis.app/25977#Overview. How much collateral BTC they will be able to add is unknown. Now we have a proof that all this downard pressure in the last 6 months was caused partially by this ponzi, who could give yields in BTC only if the price was falling. So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.

I considered using Celsius at the beginning, it seemed legit enough.

In the end I didn't do it, I guess I'm getting better at spotting bad actors. I never imagined they would actually be manipulating BTC price though, what a disgrace.

[cAPSLOCK]

I like buying cheap coin at the moment but fuck that, man.

Someone had to do it!  I was proud to be the one.

Also... there is a trick all the angry hoards should learn:

Code:

[img width=100]https://meganedanshi.files.wordpress.com/2011/07/vegeta.jpg[/img]

The img width=100 is the money...