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

[Neo_Coin]

https://www.nytimes.com/2018/01/22/opinion/irs-bitcoin-fear.html

[marcus_of_augustus]

that is some clean ass looking mempool!!

and to think I paid like 300s/B to clean out my Armory wallet the other day (preparatory to prying the BCH out of it...possible, but not fun)

Coinbase got caught shitting in the mempool, serious flatulence and runny diarrhea intended to cause as much trouble as possible ... probably they were getting back-handers from Jihad , Roger and jbreher and those big-block bum-buddies to keep fees high and sow mayhem. Worst thing is they were using the customers funds and gouging them on the fees, by not batching ... yeah, real good business model that ... screw your customers to destroy the network that underlies your existence ... jack-asses all around.

good riddance when we lose the losers with bad business models, Wu, Ver, Armstrong and all the other little fucker mental midget lightweights ... it's well past time they just fux off and stopped trying to destroy bitcoin with their delusions of grandeur. Coinbase and Bitmain are firmly in the sights now they should prepare for the worst, they will not get off that easily.

[jojo69]

https://www.nytimes.com/2018/01/22/opinion/irs-bitcoin-fear.html

The prospect of substantial government revenue losses is not just a problem for the United States government; it is also a problem for the cryptocurrencies themselves. For cryptocurrencies to survive long enough to be an effective means of performing everyday transactions, the cryptocurrency community will need to find a way to prevent tax evasion. This will involve a tricky balancing act, preserving anonymity while providing the I.R.S. with sufficient information to prevent tax evasion.

More generally, cracking down on tax evasion will require that the community learn to trust government. Since this goes against the very ethos of the cryptocurrency movement, it poses the most difficult — but no less necessary — challenge.

ha haha hahahahaHAHAHAHAHAHAHAHAHAHBWAHAHAHAHAHAHAHAHAHAHAHAHA

[marcus_of_augustus]

^^^ NYTimes is a government foghorn waste of ink and shouldn't be read at all ... the amount of times they have been caught lying should tell you emphatically, do not trust the NYTimes ... or it's bitch-master the US police state.

[explorer]

Regardless of the current momentum (down), here is an interesting link:
https://medium.com/@xoelop/weve-simulated-the-bitcoin-price-for-the-whole-2018-you-won-t-believe-the-result-4a602679dac2

Not sure re methodology, but it is kind of cool:
Most likely price: $55-58K/btc at the year end.
The probability of the price below $12951 (price when he made the plot) is just 9.84%.
An equal chance of the price below 13.2K and above 271K. Wow.
We are 20% below, so odds should be even better than 100-9.84%=91.16%, perhaps.
I like these odds  

Repeat of jbreher's post many hours ago.  Still interesting though...

[acquafredda]

^^^ NYTimes is a government foghorn waste of ink and shouldn't be read at all ... the amount of times they have been caught lying should tell you emphatically, do not trust the NYTimes ... or it's bitch-master the US police state.

If you read the whole thing you will see hoe the NYT suggests a way to dodge capital gain taxes on btc txs. Hilarious

[serveria.com]

Latest from Masterluc aka Bitcoin Wanga (Google Translate):

In order for the community to understand correctly, it is worthwhile to place thoughts on the current situation.

Volumes do not grow when falling. So while falling from ATH is considered a correction in the form of a bull flag or a pennant or something else.

Critical, I think the level of the beginning of the previous bottom, about 7700. Well, in general, closing in the negative zone of the weekly BB. While we close in the positive zone - everything is good from the bullish point of view.

So now everyone take a deep breath... 

[doc12]

https://www.nytimes.com/2018/01/22/opinion/irs-bitcoin-fear.html

The prospect of substantial government revenue losses is not just a problem for the United States government; it is also a problem for the cryptocurrencies themselves. For cryptocurrencies to survive long enough to be an effective means of performing everyday transactions, the cryptocurrency community will need to find a way to prevent tax evasion. This will involve a tricky balancing act, preserving anonymity while providing the I.R.S. with sufficient information to prevent tax evasion.

More generally, cracking down on tax evasion will require that the community learn to trust government. Since this goes against the very ethos of the cryptocurrency movement, it poses the most difficult — but no less necessary — challenge.

ha haha hahahahaHAHAHAHAHAHAHAHAHAHBWAHAHAHAHAHAHAHAHAHAHAHAHA

Muahahahahahaha  trust haha goverment haha

[jojo69]

7700?

he talking in rubles or something?

[milkshock100]

7700?

he talking in rubles or something?

I have to say he’s starting to concern me.

The bottom keeps falling with his predictions. First 11k, then 10k, then 9k and now 8k....

[serveria.com]

7700?

he talking in rubles or something?

I have to say he’s starting to concern me.

The bottom keeps falling with his predictions. First 11k, then 10k, then 9k and now 8k....

No I guess he meant $7700 was a bottom some time ago (before the big year-end pump).

I guess he mentioned several times it won't drop below 9k

[somac.]

7700?

he talking in rubles or something?

I have to say he’s starting to concern me.

The bottom keeps falling with his predictions. First 11k, then 10k, then 9k and now 8k....

for further insights, see this blog https://btctrading.wordpress.com/2018/01/18/long-term-update-bottom-done/

Apparently, this guy and masterluc kinda follow one another. I'm not too sure what Masterluc's 7700 is in regards to, but, Enky says that if it were to reach this level, it would become a bear market.

[jojo69]

yeah, Enky said bottom done on the 21st

Luc refers to a previous 7700 bottom that I can't find on the chart

The guy with the daily gain random walks, which is basically "it went up before so it will go up again"

that other motherfucker has an "alternate reality indicator"

I'm as bullish as the next guy, but I can also tell when I'm getting smoke blown up my ass

no cognitive biases in here...no sireee

[somac.]

yeah, Enky said bottom done on the 21st

Luc refers to a previous 7700 bottom that I can't find on the chart

The guy with the daily gain random walks, which is basically "it went up before so it will go up again"

that other motherfucker has an "alternate reality indicator"

I'm as bullish as the next guy, but I can also tell when I'm getting smoke blown up my ass

no cognitive biases in here...no sireee

possible translation issues with masterluc as well of course. 7700 could be referring to an indicator rather than support or resistance. I have no idea though.

[somac.]

yeah, Enky said bottom done on the 21st

Luc refers to a previous 7700 bottom that I can't find on the chart

The guy with the daily gain random walks, which is basically "it went up before so it will go up again"

that other motherfucker has an "alternate reality indicator"

I'm as bullish as the next guy, but I can also tell when I'm getting smoke blown up my ass

no cognitive biases in here...no sireee

Actually taking another look at the charts 7700 is a former top that then turned into a support level. It is definitely a valid level of support.

[jojo69]

possible translation issues with masterluc as well of course. 7700 could be referring to an indicator rather than support or resistance. I have no idea though.

Yeah, I get that.  I'm not bagging on Luc specifically, guy has made some bomber calls for sure.

It just seems like a lot of this bull talk is getting more strained and vacuous, and I think it is time to just stop it. 

The problem here is that all us seasoned old hodlers are entirely too sophisticated with our double double double psychology.  We all KNOW how this market cycle works...which means that it DOESN'T WORK.

I don't want any more bull talk up in here, I want straight up suicidal DESPONDENCY god dammit.

C A P I T U L A T I O N MOTHERFUCKERS ... DO YOU SPEAK IT?

[TERA2]

oh no what if the bear trolls are right??

[serveria.com]

oh no what if the bear trolls are right??

let's HODL and see... 

[Starving_Marvin]

The black-eyed snakes: Rise Up!
https://www.youtube.com/watch?v=D3qopVAZ_S8

[realr0ach]

but, Enky says that if it were to reach this level, it would become a bear market.

The charts these people are making saying it's going to infinity are completely irrelevant if cost of production doesn't increase IMO.  Like I said before, in practice bitcoin doesn't actually have a finite supply, but infinite supply when transaction fees are recirculated as block reward.  There's no reason for anyone to buy $11,000 coins when they can just mine coins for $3000 cost of production.  The fact the Chinese govt is forcing miners to turn off to lower cost of production even further would make any upside even more problematic.  

The only real way the price of bitcoin can stay absurdly higher than cost of production is if it was completely centralized and monopolized by a cartel, which it mostly is, but there's enough stray miners in the mix to steadily peck the price down closer to cost of production over time.  Another interesting way this dynamic will play out soon is when oil producers stop accepting dollars for oil and want things like gold, silver, or other physical commodities for it.  Since the ESF naked shorts metals down to cost of production in $USD terms, and the cost of production is almost entirely from oil denominated in dollars, oil de-linking from dollars (things like yuan/oil contract) sends metals cost of production astronomically higher in dollar terms.  

Peak oil (really a bad term when it should be called oil EROI collapse) and peak gold/silver have all ocurred and will be doing that regardless, though.