Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 4121. (Read 26711605 times)
January 24, 2022, 09:44:29 PM
January 24, 2022, 09:01:24 PM
January 24, 2022, 08:53:34 PM
Might seem counter-intuitive but it is mining difficulty that drives price not the other way around.
How on earth did you come to such an erroneous conclusion? That makes zero sense.
Makes sense to me.
Mining ⛏ difficulty is the backbone of btc.
btc is created by converting energy to coin.
more difficulty means more power is needed to mine a coin.
thus the base value of a coin is determined by power needed to mine it.
He is making perfect sense.
Any one that does not agree simply should go for pos coins and leave this thread 🧵
how is that for fighting words.
Now I stand by that.
edit if you don't it means you don’t belong here as a btc person or a pow person or a satoshi person
second edit ✍️ it is okay if you don’t believe in the POW 💥 concept that satoshi coined when he first set btc into motion.
But the whole idea is energy is used to create wealth.
POW
not POS
Yeah, I agree with you regarding PoW etc, but that doesn't mean that mining drives price. Also, demanding that people should leave this thread simply for not agreeing with you might suggest that you yourself are less suited to a thread such as this which requires discussion. What a very odd position to hold.
January 24, 2022, 08:41:30 PM
Might seem counter-intuitive but it is mining difficulty that drives price not the other way around.
How on earth did you come to such an erroneous conclusion? That makes zero sense.
Makes sense to me.
Mining ⛏ difficulty is the backbone of btc.
btc is created by converting energy to coin.
more difficulty means more power is needed to mine a coin.
thus the base value of a coin is determined by power needed to mine it.
He is making perfect sense.
Any one that does not agree simply should go for pos coins and leave this thread 🧵
how is that for fighting words.
Now I stand by that.
edit if you don't it means you don’t belong here as a btc person or a pow person or a satoshi person
second edit ✍️ it is okay if you don’t believe in the POW 💥 concept that satoshi coined when he first set btc into motion.
But the whole idea is energy is used to create wealth.
POW
not POS
January 24, 2022, 08:36:32 PM
I think I just made the biggest decision of my life. I have converted nearly all my savings in fiat that I have amounted over my life time and invested all of it into Bitcoin @ around $36,850. I am in a weird place now because I know it is the right decision and I have confidence in my decision but I am shaking all over the place. I have kept some emergency fund in my personal bank and if any other unexpected costs arise I will be prepared to take out what is required again from my Bitcoin fund.
The process of buying this amount was not easy I had to call my bank because the transaction was blocked then I had to wait 20-30 minutes for the bank to answer me. After that the customer service guy tried to lecture me about how cryptocurrency is very risky to invest in. I told him I had been around number of years but he said he had to go through all of it. I then had to confirm that I wanted to send this amount knowing the risk. They wanted me to come into the local bank and confirm some details but I told them because of the snowy conditions that would not be possible. He then allowed me to go through verification and send the amount. This probably took me over 2 hours to complete because I was put on hold many times. But do you know what the biggest eye opener of this experience was? with Bitcoin I would not need to go through this waste of time confirming my details because now I am my own bank. I do not need permission to spend my money even if it is for a risky investment. I am both relieved and scared. I have a lot of faith and I think I have bought at the best possible time and before completing the purchase I was 99% sure this was the right thing to do but the nerves have kicked in and I think I am probably about 60% sure now.
The process of buying this amount was not easy I had to call my bank because the transaction was blocked then I had to wait 20-30 minutes for the bank to answer me. After that the customer service guy tried to lecture me about how cryptocurrency is very risky to invest in. I told him I had been around number of years but he said he had to go through all of it. I then had to confirm that I wanted to send this amount knowing the risk. They wanted me to come into the local bank and confirm some details but I told them because of the snowy conditions that would not be possible. He then allowed me to go through verification and send the amount. This probably took me over 2 hours to complete because I was put on hold many times. But do you know what the biggest eye opener of this experience was? with Bitcoin I would not need to go through this waste of time confirming my details because now I am my own bank. I do not need permission to spend my money even if it is for a risky investment. I am both relieved and scared. I have a lot of faith and I think I have bought at the best possible time and before completing the purchase I was 99% sure this was the right thing to do but the nerves have kicked in and I think I am probably about 60% sure now.
This is great to read. Congratulations on making the greatest financial decision, perhaps of your life to-date. As others have said, don't get panicked by dramatic price movements (either up or down). Perhaps put a significant amount of your BTC into cold storage so you're not tempted to panic sell at any point. And remember that nobody who has held BTC for at least four years has ever seen the value of their holdings go down in fiat terms. Well done, go spread the word (EDIT - to clarify: spread the word about the superiority of BTC, but probably keep to yourself the fact that you own BTC, for now).
January 24, 2022, 08:27:04 PM
Might seem counter-intuitive but it is mining difficulty that drives price not the other way around.
How on earth did you come to such an erroneous conclusion? That makes zero sense.
January 24, 2022, 08:26:58 PM
isnt miners revenue, just block rewards x btc price ? thats useless
You need to look past the surface. Yes this is what the numbers on the charts mean, look at the pattern and times along with halvening events. The mining equipment infrastructure is what gives reason to mine, used to be you were only able to purchase the equipment with the coin it was intended to mine.
Please watch the documentary "the Price of Everything" consider the art dealers the Bitmain dealers etc.
https://bitcointalksearch.org/topic/m.58454516
Might have to dig a little deeper than looking at a chart.
January 24, 2022, 08:20:29 PM
That was a nice little quiz.. .and I only got a bit over half of the answers correct, so the questions raised some subjects that I had not really thought about before going through the quiz.
Some of the questions remained from last year (those that, it seemed to me, should be anyone who has ever read about bitcoin on Wikipedia). And some of the questions have been updated, but probably in the near future I will edit the quiz, replacing a few banal questions with simpler but more interesting ones. 
I don't remember taking the quiz previously. I
I did take aysg76's quiz and maybe a few other forum or bitcoin related quizes over the years.
I would not mind seeing a bit more of a mixture of questions.. both bitcoin and forum related.. easy and more difficult questions.. and maybe a dedicated thread.. solicitation for question topics.. suggestions privately and in the thread... maybe once a year re-issuance.. Yeah.. maybe a lot of work.. but not a bad topic.. and surely there could be some fun with that topic too.. maybe throw in old and new questions.. and yeah of course, repeat test takers would likely get better results, even if they don't study...
Muh Hedge against inflation
Actually, if you count the inflation from 2017-2022, you'll realize that BTC at the current price is almost close to the $20k ATH of 2017
Dogshit fartcoin with the worst performance of almost all cryptos and stocks if you hodled it since December 2017 (you know, 4yr+ ago)
Actually, if you count the inflation from 2017-2022, you'll realize that BTC at the current price is almost close to the $20k ATH of 2017
Dogshit fartcoin with the worst performance of almost all cryptos and stocks if you hodled it since December 2017 (you know, 4yr+ ago)
Yes.,. very convenient of you mother f*(#$@%.., I mean motheryourwannabe to be starting your calculation of where bitcoin is from BTC's top of last cycle..
You are hardly even trying to be genuine or to post either logic or facts in good faith...
Yeah.. you are back to your previous lil selfie.. talking bullshit and/or talking your book, so it seems?
I recall seeing some posts from you a few months ago, and you were all excited about BTC prices going up.. and I was tarting to speculate that perhaps you had gotten back to a more genuine way of posting information about bitcoin's true uniqueness in terms of an asset class that cannot be beaten when looked at under objective perspectives, but no, instead you are back to your misleading baloney bear-spin nonsense.. did you get that trick from your buddy jstolfi?.
January 24, 2022, 08:15:27 PM
Quote
Known as Libor, the interest-rate benchmark once underpinned more than $300 trillion in financial contracts but was undone after a yearslong market-rigging scandal came to light in 2008. It turned out that bankers had been coordinating with one another to manipulate the rate, pronounced “LIE-bore,” by skewing the number higher or lower for their banks’ gain.
https://www.nytimes.com/2022/01/12/business/libor-finance.html
January 24, 2022, 08:01:24 PM
January 24, 2022, 07:38:50 PM
isnt miners revenue, just block rewards x btc price ? thats useless
January 24, 2022, 07:25:04 PM
Well, I was going to retire on my holdings and I still could easily enough, but, that would mean I wouldn't be DCA anymore. If this is a bear market, I don't want to miss the opportunity to stack more sats. I'm still young enough so why not.
Hm. One problem with waiting is that each day of your life is another day gone forever that no amount of $$$ or BTC can ever bring back.Another is that once you decide to do it there's a fair bit of prep work you need to do before launching into retirement or whatnot. Tax thoughts, personal thoughts, what you might want to do thoughts.
Might be good to just cash out enough for a few months, quit, and see how you like it. Worst case you get a better job. :-)
sO TRUE... ALTHOUGH IT'S QUALITY BLACK TAR HOPIUM AND TIMES ARE HARD. wE IDTIO mAXI NGU-ERS HAVE TO COPE AS HARD AS WE CAN AS WE GO DOWN 85%.
Part of the fallacy would be to presume an 85% correction without a sufficiently large blow off top. It's hard to put $69k as such a sufficiently large blow off top, especially since we already had a 56% correction from almost the same number in May/June/July.... ...
But, hey, peeps can conjecture what they will in terms of how likely anything close to an 85% correction would be at this time, and surely an 85% correction from $69k does conveniently put us in the $10k range, and maybe that's part of the reason that there is so much hopium of some DOWNity projecting folks that BTC actually has any kind of a chance to get to those $10k-ish levels.. good luck with those numbers folks, you are going to really need it if you are putting any of your money down that far..
For sure Raja_MBZ has closer odds with his hope for the BTC price to reach the 200-week moving average.. which still seems that he is going to have a bit of longshot troubles with that .. at least in our current correction (absent some kind of black swan or something.. which how many black swans can we be getting? are black swans more likely these days or something?).... but at least the 200-week moving average is a wee bit closer than $10k-ish.... it's currently at: $19,200
I am thinking that the 200-week moving average will more than double (probably 3x) before it is actually met again.. .. but hey.. maybe I am filled with my own levels of unrealistic hopium...?
sucks to be me....
The most simplest explanation is we won't have a blow off top.....Miner's revenue is the chart that needs to be observed.
Might seem counter-intuitive but it is mining difficulty that drives price not the other way around. China ban actually set the progression of mining revenue back about 6 months.
https://www.blockchain.com/charts/miners-revenue
maybe i am misunderstanding what you are saying, but there is plenty of evidence during 2014-2015 when difficulty was steadily rising and the price dropping until a couple of adjustment periods where difficulty started decreasing and miners started bowing out; then the price turned around and started gaining or at least not decreasing.
January 24, 2022, 07:20:37 PM
Well, I was going to retire on my holdings and I still could easily enough, but, that would mean I wouldn't be DCA anymore. If this is a bear market, I don't want to miss the opportunity to stack more sats. I'm still young enough so why not.
Hm. One problem with waiting is that each day of your life is another day gone forever that no amount of $$$ or BTC can ever bring back.Another is that once you decide to do it there's a fair bit of prep work you need to do before launching into retirement or whatnot. Tax thoughts, personal thoughts, what you might want to do thoughts.
Might be good to just cash out enough for a few months, quit, and see how you like it. Worst case you get a better job. :-)
sO TRUE... ALTHOUGH IT'S QUALITY BLACK TAR HOPIUM AND TIMES ARE HARD. wE IDTIO mAXI NGU-ERS HAVE TO COPE AS HARD AS WE CAN AS WE GO DOWN 85%.
Part of the fallacy would be to presume an 85% correction without a sufficiently large blow off top. It's hard to put $69k as such a sufficiently large blow off top, especially since we already had a 56% correction from almost the same number in May/June/July.... ...
But, hey, peeps can conjecture what they will in terms of how likely anything close to an 85% correction would be at this time, and surely an 85% correction from $69k does conveniently put us in the $10k range, and maybe that's part of the reason that there is so much hopium of some DOWNity projecting folks that BTC actually has any kind of a chance to get to those $10k-ish levels.. good luck with those numbers folks, you are going to really need it if you are putting any of your money down that far..
For sure Raja_MBZ has closer odds with his hope for the BTC price to reach the 200-week moving average.. which still seems that he is going to have a bit of longshot troubles with that .. at least in our current correction (absent some kind of black swan or something.. which how many black swans can we be getting? are black swans more likely these days or something?).... but at least the 200-week moving average is a wee bit closer than $10k-ish.... it's currently at: $19,200
I am thinking that the 200-week moving average will more than double (probably 3x) before it is actually met again.. .. but hey.. maybe I am filled with my own levels of unrealistic hopium...?
sucks to be me....
The most simplest explanation is we won't have a blow off top.....Miner's revenue is the chart that needs to be observed.
Might seem counter-intuitive but it is mining difficulty that drives price not the other way around. China ban actually set the progression of mining revenue back about 6 months.
https://www.blockchain.com/charts/miners-revenue
January 24, 2022, 07:07:17 PM
I think I just made the biggest decision of my life. I have converted nearly all my savings in fiat that I have amounted over my life time and invested all of it into Bitcoin @ around $36,850. I am in a weird place now because I know it is the right decision and I have confidence in my decision but I am shaking all over the place. I have kept some emergency fund in my personal bank and if any other unexpected costs arise I will be prepared to take out what is required again from my Bitcoin fund.
The process of buying this amount was not easy I had to call my bank because the transaction was blocked then I had to wait 20-30 minutes for the bank to answer me. After that the customer service guy tried to lecture me about how cryptocurrency is very risky to invest in. I told him I had been around number of years but he said he had to go through all of it. I then had to confirm that I wanted to send this amount knowing the risk. They wanted me to come into the local bank and confirm some details but I told them because of the snowy conditions that would not be possible. He then allowed me to go through verification and send the amount. This probably took me over 2 hours to complete because I was put on hold many times. But do you know what the biggest eye opener of this experience was? with Bitcoin I would not need to go through this waste of time confirming my details because now I am my own bank. I do not need permission to spend my money even if it is for a risky investment. I am both relieved and scared. I have a lot of faith and I think I have bought at the best possible time and before completing the purchase I was 99% sure this was the right thing to do but the nerves have kicked in and I think I am probably about 60% sure now.
The process of buying this amount was not easy I had to call my bank because the transaction was blocked then I had to wait 20-30 minutes for the bank to answer me. After that the customer service guy tried to lecture me about how cryptocurrency is very risky to invest in. I told him I had been around number of years but he said he had to go through all of it. I then had to confirm that I wanted to send this amount knowing the risk. They wanted me to come into the local bank and confirm some details but I told them because of the snowy conditions that would not be possible. He then allowed me to go through verification and send the amount. This probably took me over 2 hours to complete because I was put on hold many times. But do you know what the biggest eye opener of this experience was? with Bitcoin I would not need to go through this waste of time confirming my details because now I am my own bank. I do not need permission to spend my money even if it is for a risky investment. I am both relieved and scared. I have a lot of faith and I think I have bought at the best possible time and before completing the purchase I was 99% sure this was the right thing to do but the nerves have kicked in and I think I am probably about 60% sure now.
Wow man, that sure is exciting! But you need to relax and just think about the long term. Yes you might have just bought at this years bottom (I believe so personally) but shit might happen and there might be a 6 month bear market. But just be patient.
In the end, BTC will either go to zero or it will be a great success. If the latter, you will be rich. Absolutely rich.
Also, sad to hear about your buying experience. That also depends on your country and on the bank. For me personally things are very different. I live in the NL and I have a crypto friendly bank. I lent money from them twice, once a commercial loan in 2014 and then a second mortgage in 2020 to buy BTC, and both times they agreed it was a good idea. I have never had any troubles whatsoever sending or receiving money from exchanges. I don't know what amounts we are talking about here, but in my case car-amounts, not house-amounts.
January 24, 2022, 07:04:41 PM
I think I just made the biggest decision of my life. I have converted nearly all my savings in fiat that I have amounted over my life time and invested all of it into Bitcoin @ around $36,850. I am in a weird place now because I know it is the right decision and I have confidence in my decision but I am shaking all over the place. I have kept some emergency fund in my personal bank and if any other unexpected costs arise I will be prepared to take out what is required again from my Bitcoin fund.
...
...
... respect. Welcome to the All-In Club.
... relax, leave the old world behind as much as you can.
January 24, 2022, 07:01:36 PM
January 24, 2022, 06:52:03 PM
Relief rally? Or trap before the next bigger dump?
Exactly!
PumP b4 DumP
January 24, 2022, 06:13:46 PM
Long time I have been hearing from Roger actually and much longer from that Jihan character
Both forked themselves into irrelevancy
Roger pretty much disappeared from everywhere...
Bitcoin talk: Not Active
Twitter: Dead
Reddit: disappeared
But it is very active non.. Drumroll..
Instagram!
Not a nice view, tbh.
January 24, 2022, 06:01:24 PM
January 24, 2022, 05:55:25 PM
I do not need permission to spend my money even if it is for a risky investment.
This is why I will always have a huge % of my portfolio in bitcoin.
Bitcoin is the only money/asset/currency/whateverthatis that is truly mine. No politican, no judge, no law, no woman, no dictator, nobody can transfer without my consent (or my keys).
do not have to pay comissions or ask for authorization to transfer it. If I die my heir can take it freely.
This is why I will always have it. This is why it is valuable to só many peopIe
Bitcoin already changed the world.
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