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

[nanobtc]

If there are terrible economic news and a credit crunch, it will go down.

Talking of weird YouTube trails, I was wanting to do "scary face stretching behind a rubber sheet" thing which led to me searching for frighteners which led me to Minty Comedic Arts video about it which led me to his video about Weird Science which led me down a rabbit hole to Oingo Boingo (who made the theme tune and have several excellent tracks) and subsequently to the new stuff Danny Elfman has been releasing this year (which is some warped and damn good stuff).

https://www.youtube.com/watch?v=9sSLLRGC6tM
https://www.youtube.com/watch?v=y3xKyWemAr0

I hadn't kept up with Danny Elfman, I was doing small-time studio stuff in the 80's, I was always impressed because he got the gig for doing The Simpsons, and couldn't read music. That second one, Happy reminds me a *lot* of old Bruce Bickford claymation. He did tremendously elaborate stop-motion animation in the 70's. Pinching each piece of clay, and click another photo.

https://www.youtube.com/watch?v=tkEV14A9KWw

[ChartBuddy]

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[ChartBuddy]

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[nutildah]

Google came up with this nifty fact checking utility.



Welp, guess that's the end of fake news!

[ChartBuddy]

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[ivomm]

Something interesting is going both on BFX and CB. On BFX the famous shorter now openly tries to supress the price by putting BTC3K+ sell wall. On CB some trackers report BTC50K inflow yesterday, others BTC80K. There is also BTC30K outflow. I've read quite contradictory suggestions on twitter, but it seems to me that this is like an internal wallet reorganisation going on. Is it bullish or bearish? I don't know, but it might be a sign that a huge purchase or a sell is incoming soon. Well, at least in this case we will see some action in either direction. Which is better than these boring upsi-downies lately.

[ChartBuddy]

Explanation

[JohnBitCo]

We are near the bitcoin season and altcoins holders are rekt by now.

[bitebits]

^ There is a Bitcoin bull and bear market if you like. It is always Bitcoin season though. Shitcoins are like trading bitcoins on leverage, they only go up when bitcoin does: there is no such thing as an 'altcoin season'.

[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[modrobert]

I assume this is fake as far as "proof of destruction" goes, but you never really know with China.

A bit like when a big burn up of tons of captured illegal drugs is staged for the press cameras.
While the majority of the haul is quietly moved to the markets or sold back to the cartel.

It’s not China, it’s Malaysia:

Malaysia destroys an array of mining equipment

Thanks for clearing that up. Wow, watched the video linked in that article, what a waste!

According to a Malaysian news portal, The Star, a total of crypto mining machines worth $1.26 million were destroyed.

Note to self: Rig the mining equipment with pressure sensitive explosives.

[d_eddie]

Largest Grayscale unlocking is today. Second largest comes the day after tomorrow. A few more days of this relentless ball grating, guys. We're not all titanium trained Bawbs, but I'm sure we can all manage. Chin up!

[ChartBuddy]

Explanation

[Dabs]

Note to self: Rig the mining equipment with pressure sensitive explosives.

Maybe not the individual mining equipment, but the floor or access to them? If the self-destruct is inside the machine, something could go wrong while it is just mining normally (and overheat), one blows up, triggers everything else, and the whole thing is gone.

Since they were stealing the electricity, it is likely the place was not insured for fire or damage.

If they paid for the electricity and kept everything else legal, and mining was profitable, they could have kept mining with no authorities bothering them for a long time. Eventually, the power company will inspect places that have very high usage to find out what's going on, even if they were being paid accordingly.

[ivomm]

Largest Grayscale unlocking is today. Second largest comes the day after tomorrow. A few more days of this relentless ball grating, guys. We're not all titanium trained Bawbs, but I'm sure we can all manage. Chin up!

As far as I know this is related to the internal, i.e. secondary Grayscale market. Grayscale is selling to the spot market only up to 2% yearly for the fees.

[somac.]

Largest Grayscale unlocking is today. Second largest comes the day after tomorrow. A few more days of this relentless ball grating, guys. We're not all titanium trained Bawbs, but I'm sure we can all manage. Chin up!

As far as I know this is related to the internal, i.e. secondary Grayscale market. Grayscale is selling to the spot market only up to 2% yearly for the fees.

Yep, I don't uderstand the fear with this. If the sell the premium goes further negative, so what. Hell, some of the dollars from those sales may go back into BTC, and if the were playing the premium maybe they have shorts to close at the same time.

I'm not saying its bullish, especially with market sentiment right now, but it certainly isn't some kind of massive bearish event.

[ChartBuddy]

Explanation

[Kylapoiss]

*SNIP*

Leaving BTC aside, the whole shitcoin shit is gone WAY over the edge, we need a large breather to get that shit sorted out.

Seems to me that you did not word that sentence properly, because we (perhaps royal we?) do not "leave aside" king daddy in this thread.. because the this thread is about bitcoin.. so fuck shitcoins.  On the other hand, I do agree that shitcoin froth is related to bitcoin, so I am not going to battle with you on that point, so likely our only area of contention in this particular sentence pertains to your word choice in leaving aside our savior and the only thing that really matters.. there would be no crypto currencies or shitcoins without such essential element, aka bitcoin.   

Nevertheless, BTC is as strong as ever and the race to 1mil continues steadily. We'll be there soon enough!

Can't really argue with you about this, whether we consider "soon enough" as this cycle, the next cycle or the one after that.  Seems most likely to be coming in the next cycle, but I would not want to presume too much in terms of either this cycle or the following cycle as being reasonable candidates - even though the amount of overshoot to be getting $1 million on this cycle would quite likely cause a quite considerable correction, at least from my current view (speculation of course) of how such an overshoot would end up playing out.

I think we can't not talk about something that affects BTC so much (shitcoins). Stuff that happens in BSC is more than ridiculous and is bad for the whole crypto market. Obviously don't play around there myself but I feel a bit sorry for the people that do. There's scam after scam and people are losing a lot of money.

I think the 1mil BTC is happening in the cycle after next one. No real TA behind this, just a "gut" feeling. And I don't want the price to be lower to buy more (which I'm doing nevertheless) but to get the shitcoin hype to stop, bitcoin is the one moving the whole market and low 20k's would kill lot of the hype.