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

[OgNasty]

I keep seeing reports claiming that Blackrock is buying billions of dollars worth of Bitcoin right now. I actually hope that isn’t true because if they are and the market is still down this bad then I think that doesn’t show strong demand. With some luck they haven’t started buying yet, or the ETF approval might be a let down.

[ChartBuddy]

Explanation
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[ChartBuddy]

Explanation
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[hisslyness]

I keep seeing reports claiming that Blackrock is buying billions of dollars worth of Bitcoin right now. I actually hope that isn’t true because if they are and the market is still down this bad then I think that doesn’t show strong demand. With some luck they haven’t started buying yet, or the ETF approval might be a let down.

If I was planning on launching a ETF in the next 12months, I would have either already bought, or now be a perfect time to load up on Bitcoin.

Or maybe the quant's they got working for them have figured out a way to suppress the price of bitcoin, through mempool attacks, FUD and fake news etc, while they buy OTC rather than spot exchanges.

Either way, i am sure they have figured out how to make billions from this! $10T AUM moves financial markets, if they want it to.....

On another note, about Blockrock/State Street and Vanguard, was looking through the largest shareholders of ASX listed companies here in Australia, and most of them has BR/SS/VG for 5%+ EACH! 15%+ of the company shares are owned by these 3 behemoths.

It would be interesting to see what software they are using to track all these ownership and dividend payments... would they know if 1-2M went missing... based on $10T and 4% Dividend that is $400B incoming each year....

[hisslyness]

A portion of US population is rapidly going bankrupt:

Average mortgage is $2300/mo
Average rent is $1700/mo
Average household income is $70K (which is probably about $55K or less after taxes, give or take).
See some affordability numbers here:
https://www.youtube.com/watch?v=VqPcil1HX-Y

Average Social security payment for seniors is $1700, so if they rent, then they have no money left, literally...a straight path to homelessness:
https://www.wsj.com/economy/housing/why-more-baby-boomers-are-homeless-2d2b913b

For younger people: $1700 rent (and much more in some cities) plus $300-400 student loan=$2100/mo=25K a year out of average 54K (44k after taxes) salary for a 25-34 year old.
The result: not much left after buying groceries and a car payment, maybe almost nothing, and this is in a supposedly richest country in the world.

Conclusion: it looks like the society will be changing soon...much less prosperity, more suffering.
Can bitcoin strive when large swathes of the population become desperate?
Maybe it can (citadels?), if elites would chose it for capital preservation, but I sincerely doubt truly mass participation by the rest of the populace as they simply don't have money to invest while living paycheck to paycheck (apparently 61% are those).

The current trends will soon make a huge chasm between the top 5-10% and the rest.
Imho, the society would start to resemble the preindustrial (feudal) age: almost everyone would be either rich or poor with almost no middle class.
Unfortunately, bitcoin cannot prevent this and it could even hasten the transition through no fault of its own: everything else would just sink and bitcoin would remain.

Joining the armed forces is looking more and more attractive...

https://www.army.mil/article/253221/army_offers_up_to_50k_in_enlistment_incentives

Even got a 50K bonus to help pay down those student loan!

[ChartBuddy]

Explanation
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[ChartBuddy]

Explanation
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[ChartBuddy]

Explanation
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[Who is John Galt?]

I keep seeing reports claiming that Blackrock is buying billions of dollars worth of Bitcoin right now. I actually hope that isn’t true because if they are and the market is still down this bad then I think that doesn’t show strong demand. With some luck they haven’t started buying yet, or the ETF approval might be a let down.

And the queue for ETF approval is growing. Franklin Templeton just got into it. Who else wouldn't want to miss the opportunity to be among the first with a new offer?

https://www.sec.gov/Archives/edgar/data/1992870/000113743923001074/ftdhts1092023.htm

[ivomm]

I keep seeing reports claiming that Blackrock is buying billions of dollars worth of Bitcoin right now. I actually hope that isn’t true because if they are and the market is still down this bad then I think that doesn’t show strong demand. With some luck they haven’t started buying yet, or the ETF approval might be a let down.

Twitter is full of n00bs and swindlers. This is nonsense which has no place in this respected thread. ETF's don't work that way. When it is approved, if someone buys an ETF, Blackrock will immediately buy and store for him/them the underlying asset, in this case bitcoins from Coinbase. Anything else is an illegal operation. Do you really believe that Blackrock or any other legal company will risk its licence buying secretly bitcoins, not declaring them to  SEC, risking to lose big money because of the volatility and hopefully reselling them after the halving with a profit? This is a conspiracy theory like the flat Earth.

[ChartBuddy]

Explanation
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[Lucius]

~snip~
What does it mean? Hodl you BTC as it is going to boom once this USA vs Russia game stops.

Why do you think that the games between the US and Russia will ever stop? I think that these "games" will only intensify, considering that the world is increasingly polarized between those who side with the US and those who side with Russia. However, this does not mean that the price of BTC will not continue to rise, because the demand is constant and will probably increase, and the max supply of 21 million BTC is still something that sets BTC apart from anything else.

If we know that the current circulating supply is close to 19.5 million BTC, and that in less than 10 years 99% of all BTC will be mined, I would conclude that we are in for very exciting times.

[ChartBuddy]

Explanation
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[ChartBuddy]

Explanation
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[hisslyness]

I keep seeing reports claiming that Blackrock is buying billions of dollars worth of Bitcoin right now. I actually hope that isn’t true because if they are and the market is still down this bad then I think that doesn’t show strong demand. With some luck they haven’t started buying yet, or the ETF approval might be a let down.

Twitter is full of n00bs and swindlers. This is nonsense which has no place in this respected thread. ETF's don't work that way. When it is approved, if someone buys an ETF, Blackrock will immediately buy and store for him/them the underlying asset, in this case bitcoins from Coinbase. Anything else is an illegal operation. Do you really believe that Blackrock or any other legal company will risk its licence buying secretly bitcoins, not declaring them to  SEC, risking to lose big money because of the volatility and hopefully reselling them after the halving with a profit? This is a conspiracy theory like the flat Earth.

Have you read the iSHARES® BITCOIN TRUST SEC filling?

You are right, the underlying Bitcoin is redeemable, but not for the general public. In fact, you have to be an Authorize Participant and redeem in units of 40,000 shares or 1 Basket. (NOTE: Bitcoin Redemption amount to be decided after each trading day)

You can also send Bitcoin to their Custodian and have them converted to Baskets (40,000 shares).

Fees Fees and more Fees. Doesn't matter if Bitcoin Price is going up or down, BlackRock will take their cut each and every day to "Administer and Manage the Trust"

One more thing that really hammers home #NYKNYC
    
The Sponsor and the Trustee:
- are not liable for any loss of bitcoin occurring prior to the delivery of bitcoin to the Bitcoin Custodian or Prime Broker, as applicable, or after the delivery of bitcoin by the Bitcoin Custodian or Prime Broker, as applicable (and for the avoidance of doubt, are not liable for the loss of bitcoin while held by the Bitcoin Custodian or Prime Broker absent gross negligence or bad faith by the Sponsor and Trustee);

So in other words, if coinbase managed to lose access to the coins, Lost PrivKey, hacked, inside job etc... "you are up shitcreek without a paddle"...

[ChartBuddy]

Explanation
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[ChartBuddy]

Explanation
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[Volgastallion]

I keep seeing reports claiming that Blackrock is buying billions of dollars worth of Bitcoin right now. I actually hope that isn’t true because if they are and the market is still down this bad then I think that doesn’t show strong demand. With some luck they haven’t started buying yet, or the ETF approval might be a let down.

Twitter is full of n00bs and swindlers. This is nonsense which has no place in this respected thread. ETF's don't work that way. When it is approved, if someone buys an ETF, Blackrock will immediately buy and store for him/them the underlying asset, in this case bitcoins from Coinbase. Anything else is an illegal operation. Do you really believe that Blackrock or any other legal company will risk its licence buying secretly bitcoins, not declaring them to  SEC, risking to lose big money because of the volatility and hopefully reselling them after the halving with a profit? This is a conspiracy theory like the flat Earth.

Have you read the iSHARES® BITCOIN TRUST SEC filling?

You are right, the underlying Bitcoin is redeemable, but not for the general public. In fact, you have to be an Authorize Participant and redeem in units of 40,000 shares or 1 Basket. (NOTE: Bitcoin Redemption amount to be decided after each trading day)

You can also send Bitcoin to their Custodian and have them converted to Baskets (40,000 shares).

Fees Fees and more Fees. Doesn't matter if Bitcoin Price is going up or down, BlackRock will take their cut each and every day to "Administer and Manage the Trust"

One more thing that really hammers home #NYKNYC
    
The Sponsor and the Trustee:
- are not liable for any loss of bitcoin occurring prior to the delivery of bitcoin to the Bitcoin Custodian or Prime Broker, as applicable, or after the delivery of bitcoin by the Bitcoin Custodian or Prime Broker, as applicable (and for the avoidance of doubt, are not liable for the loss of bitcoin while held by the Bitcoin Custodian or Prime Broker absent gross negligence or bad faith by the Sponsor and Trustee);

So in other words, if coinbase managed to lose access to the coins, Lost PrivKey, hacked, inside job etc... "you are up shitcreek without a paddle"...

Mmmm maybe im wrong and you are right, im not a lawyer , but let me say something related to this.

I think that text its refering to the subjet. This refers to who to take legal action against in case the bitcoins are lost. In an intricated way, but i think that its the final purpose of that clause.

[ChartBuddy]

Explanation
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[ChartBuddy]

Explanation
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