Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 4287. (Read 26714004 times)

Explanation

The illiquid/liquid supply is one of the main reasons I've remained bullish since the drop to $42K, and it's not based on hopium, but the fundamentals of the type of buyers in the market right now: hodlers.

When price initially bounced back from sub $30K to $40K-50K there was an increase of supply that at the time I found concerning, as buyers were cashing out. But since the drop from $69K to $42K, we have seen liquidity continue to be taken off exchanges, showing that people (for now at least) are buying for the long-term again, not cashing out anymore. Unsurprising to some degree as was the second time round getting to these levels, so most sellers had already sold on the way up, and no longer needing to sell on the way down anymore. Buying fundamentals looks better now than it did previously at these prices basically.

In Willy Woo's most recent interview, while he remains bullish due to the on-chain fundamentals, he does none the less anticipate a month to a few months of sideways action before the bull-run continues and price makes new ATH. However he does also consider price to have consolidated in the $28K-69K all year (which is true from a subjective opinion), so by sideways this can imply simply staying in the same range (not around the same price). And unsurprisingly as I type, price now breaks above $50K, because the amount of liquidity on exchanges does have a profound effect on price in the long-term.

Jack is on fire these day's since he stepped down as CEO of Twitter. I like how he's calling out web3 narrative and messing up there business plan, obviously they don't like it. This has nothing to do with build a better world, the only thing VC's want is to dump on the next greater fool for profits.

Ethereum classic - Ethereum - Ethereum 2.0 - world super computer - javascript - digital oil - ICO - DeFi - ultra soundmoney - NFT - web3.

All shitcoin marketing.

Maybe, but they do pay for Netflix, Hulu, Disney, Prime and Xfinity, sometimes simultaneously for all five.
People also take roads with tolls around here, even when no-toll roads are available.
I am more concerned about some web3 companies doing play to earn where you engage in some meaningless activity to earn small amounts of "currency".
You are basically sell yourself (as a human being) short.

 Thanks for that link!  My wife has been playing lotto in a pool where she works for over 8 years now and while it's only $5 per week it has always irritated me (maybe because I dislike being subscribed to anything but life-saving medication).  Any winnings they get are small prizes and they always dump it back in for more tickets when the jackpot rises to unheard of levels (so they wasted it).  I told the lady running the pool that they should buy bitcoin every week in their pool instead of lottery tickets but she didn't like that idea.  Not that it does any good now but I just checked that site and $5 per week for 8 years of lottery tickets is $2080 worth of hope and the bitcoin, if purchased weekly, would be have been worth over $133,000 today.
 

I agree with you entirely here.  But I am still afraid that it will be quite a hard fight in the short term.

And the other thing that scares me... Recently both Hillary Clinton, and Donald Trump have said basically the same thing.  Bitcoin threatens the dollar hegemony.

I think this is quite meaningful.  And revelatory. 

What I fear is eventually the powers that be will figure out that possibly their very best chance against Bitcoin is not a CDBC, but rather Ethereum.  And this is one of the reasons the vest asshole, and the idiot xxx.eth people are so annoying.  Because they are too greedy, or stupid respectively to recognize that what they are doing it propping up the best chance the old system has to save themselves.

It is my hope that TPTB waste another 10 years trying to push their CDBC experiment.  I think we will see that fail in a GLORIOUS fashion.  In fact, I think their efforts in this will likely add so much game theoretical gasoline to the Bitcoin fire that, though it might be a rocky decade in some ways, one of the missteps they could make and are likely to.

It's more fair if you show graphs with different starting dates, not just at the Covid-crash.

I did a few calculations on dcabtc.com:

Explanation

Web3 will fail for one simple, elephant-in-the-room reason that seemingly no one wants to discuss or think about:

People do not want to, and will simply REFUSE to, pay more (beyond their internet access cost) in order to access content on another version of the internet. No matter what it contains or how great it is.

Period. It's basic human nature.

The VCs believe that they can incentivize people with fake incentives to PAY MORE to be on Web3. It too will also fail.

People will just flat out refuse to pay for it. Just look at the internet today. When most are confronted with a now-required subscription to a website that formerly had free content, most people just leave that website and kiss it goodbye, never to return. That's why almost all major websites make the subscription completely optional, or offer exclusive subscription-based content along with the free stuff. Because if they didn't do that and made the subscription mandatory for all their content, they would lose the majority of their viewers, and thus ad revenue.

Once you've opened Pandora's box and made the internet free and open for 40+ years, you cannot go back and then make it pay-to-play, or micro-transactions everywhere.

All the other reasons why Web3 might fail are little more than window dressing.

That is some high quality hopium, LFC!  One in particular resonates with me:


I have outlined the idea of the 4 year cycles either reducing in (particularly downside) magnitude or going away altogether so often and so loudly that nowadays I just come here, read a little, consider posting something about that and then say "Nah.. no need to make everyone sick of me".  Then I also decide (usually) not to post about OTC vs retail and how that has become a very interesting price lever.  Then I merit a couple funny things, and go back into my hole.

But the above is a good brief thing, that I honestly think could be true.

Along with the fact retail are currently mesmerized by the latest big chain narrative being crammed down their throats by all the vest wearing VC assholes.  My, how those narratives have morphed over the years.  A pile of solutions looking for a problem.  World computer. Sound money!  ICOs,  No, Sound money!  WEB3!  No sound money! No WEB3!!!

I want to take a moment to outline why Web3 is massively retarded, then I will go back into my hole.

I am a SQL hack.  Self taught... have used MySQL, Postresql, MSFT Access, MariaDB and others over the years.  Back in the decades when I was running a business I built an accounting server out of a hard drive, and a network appliance called a "Pogo Plug" which was sort of a proto Raspbnerry PI.  It had a simple little ARM processor that could run Arch Linux.  With that, Perl, and Postgresql our business recorded it's money in, and out and printed receipts for the clients that wanted them for years.

I digress.  A lot.  But here's another tangent!

After the business closed, I kept my website and domain name, and built a little WordPress site to house some of my own musical experiments.  I used a VPS where I had to maintain all the underlying software because I am an idiot.

Recently my college age child expressed the desire to have a website to use as a portfolio.  I decided to buy a little $8/yr web host Black Friday special (RackNerds) and set her up a quick skeleton of a site.  I was SO IMPRESSED with how far Shared web hosting had come I decided to move my own useless website over to the same cheapo setup.  Let the pros handle the server software.

Thing is I wanted to keep my website, and WordPress runs on a SQL database.  Like so many sorts of web software it runs on HTML CSS, PHP and SQL.  THIS FORUM is exactly that combo.  In fact this little webhost lets you install "SMF" with the click of a button.

I installed WordPress with a similar button click, and the system spun up the code, and a database in the blink of an eye.  THEN, on the old host I did something like  THEN I came and dropped the tables on the new webhost installation.  Deleting all the mostly empty data, and replaced when by importing my dump from the old sertver.

Voila!  Website up and running on the new server.

There are lots of ways to do this... but one important step, in my humble opinion, was the DELETION of data that I mention above in bolded text.

WEB3 does away with being able to delete.  (*sigh*)

The mesmerized hoardes would point out: "cAPS!  You wouldn't have to delete anything!  You could just leave your data "in the cloud", and hook up to it from the new host!  Don't you see?"  

And yes.  I DO see.  I see one of the dumbest things I have seen in my entire life.

We are making an argument that we would like to keep an immutable record of everything we ever do with computers in an ever growing database with no ability to ever drop ANY of the data.  Every mistake.  Every past action.  Recorded FOREVER on one of the least efficient database structures ever cooked up by humankind.

^^ That sentence gives the Web3 goobers a hard on.  But it makes my soul hurt.  A system designed to be an ever growing panopticon controlled by the elites.

Yes.  There are SOME forms of data where immutability has some significant advantages.  Bitcoin is laser focused on the primary, and most important one.  I can also see how a healthcare database might benefit from blockchain.

But the Web3 idiots do not seem to realize they are effectively tearing the delete key off of their keyboards.  You store it once.  You store it forever.  Don't worry Google, and the Chinese government will be there to keep up with all the data we create.

The vest wearing assholes are getting super excited about this.  It is also a way they can shake the money out of the masses.  They can paint this futurist mirage for them to see and sell them the rights to a particular arrangement of pixels and are filling up the blockchain with pictures of apes.  

Forever, Laura.

And I thought the weather on BSV was bad.

Not only is a database you cannot ever delete from is only a good idea for very few use cases... but it has the potential to be used for great evil.  The biggest attack on privacy in the history of the world.

Anyway...  if I saw Vitalik in person I would probably spit on the ground.

That said... I Do think this "cycle" still has a surprise or two up it's sleeve.  I really do think this whole thing has been a bear trap.

Explanation

 Not really convinced the proposed action (bottom right) is going to be “life changing” … 😉

@CarlBMenger
Choose wisely.
Fiat slavery vs #Bitcoin sovereignty.

https://twitter.com/carlbmenger/status/1473776988116692995?s=21

OT: https://www.cnbc.com/2021/12/23/jack-dorsey-blocked-by-marc-andreessen-on-twitter-after-web3-comments.html


And Jack is an insider, so he would know the truth more than anyone.

Yeah, right, device without the chip with Secure Element, recipe for disaster.

Explanation

 Good catch!  Seems as though it was originally published on Bitcoin Magazine but I can't find it there.



So I fixed the date
 ...but the real mistake is doing DCA rather than "all in"!
 

Explanation

They have to earn money from the plebs so they have what to convert into bitcoin...

How convenient for them to keep this opinion about Bitcoin quiet and to themselves, as they were rolling out shitcoin after shitcoin on their platform.