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

[Toxic2040]

daytarders


maximalists

[cAPSLOCK]

Bitcoin 2022 is a four day journey for those who want more freedom and individual autonomy Meet in Miami for the world's largest gathering of bitcoins.
Bitcoin 2022 Conference Industry Day Nakamoto Stage.
start soon: https://youtu.be/P-8IjYWIfKw

I do plan to attend a Miami Conference at some stage. It does look really fun, I haven’t been to one yet though. There are rumours circulating that Apple might be doing a partnership with Strike & Jack Mallers will announce it at the Miami Conference tomorrow. We’ll see what happens but that’d be bullish AF.

Also heard these rumors...

A few negative thoughts...  Apple does not let other companies take the limelight.  They lead on their significant announcements usually.  I hope this is not just Strike "partnering" with Apple to use Apple Pay via the Strike App or something like that.

But Mallers does not tend to hype small stuff that much.  There are few announcements that will live up to last year, too...

[shahzadafzal]

Another view


And before bitcoin
 

[cAPSLOCK]

Seems to me we are seeing a reasonable retest of the break through the trend line here...  So which way, young bitcoin?

[Richy_T]

A time capsule with a 1TB HDD, but if the wallet reaches 700GB I will probably have to pull it out of the ground and meditate if the Universe wants me to sell or put it in a crypto with a wallet that is like 3 < > 30 GB max for now or then.   

You can always pull the key(s) (you do have backups anyway, right) and import them into a non-node wallet (you're not actually running one at the moment anyway). Or just turn them into paper wallets.

[ChartBuddy]

Explanation

[AlcoHoDL]

Intel Launches New Bitcoin Mining Chips Focused on Sustainability

That doesn't make sense. If efficient chips are cheap, miners will just buy more of them and consume more energy.
If the chips are expensive, I bet producing them costs a lot of energy. One way or another, the sum of money spent on hardware and electricity will depend on how much money there is to be made mining.

Going from 27.5 or 31 J/TH to 26 J/TH doesn't really do much for sustainability anyway.

It is a closed-loop, energy-conserved system. If Intel releases mining chips that are more efficient (i.e., consume less energy per terahash) than conventional chips, miners will simply buy more such chips to make use of the resulting energy surplus. Difficulty will increase, reaching a new equilibrium, where the total energy used will get back to where it was before Intel's chips. The only way to limit energy usage is by legislation, i.e. somehow making it illegal to exceed an upper energy threshold when mining Bitcoin, effectively putting a cap on Bitcoin's price. As long as miners are allowed to use all energy available to them for mining, they will (and Bitcoin's price will increase accordingly). Whether that energy is powering GPUs or ASICs is irrelevant.

The reason Bitcoin mining uses more energy now than 10 years ago is not because of ASICs or new technology. It's simply because 10 years ago miners didn't care so much about Bitcoin and thus did not want to use a lot of energy. That's why price was so low then and is so high now. The more energy the network uses, the higher Bitcoin's value becomes. Limiting energy used for mining is equivalent to limiting Bitcoin price from increasing.

It's called Proof of Work for a reason. It's all about energy transfer. Electrical energy to "monetary" energy (value), and, according to the 1st law of thermodynamics, energy is conserved. Limit one, and you limit the other.

In several ways, I agree with points that you are making, but several of your points are phrased in ways that are confusing to me, because even though I consider incentives behind bitcoin mining to be a kind of moving dynamic – that will adjust to changes in technology, BTC price legislative factors and other factors such as number of other miners, I still find some of your explanation to be problematic because I cannot really tell if you are suggesting that miners are responding to BTC price or causing the BTC price to change, and also the part about legislators being able to control aspects of mining seems to be playing into what they want to do, but not so much describing what they are able to accomplish.  

Of course, I am not going to be saying anything that you do not know, but one of the interesting  dynamics of bitcoin is that it both assumes selfish behavior and it assumes bad actors, so in some sense bitcoin has some abilities to adjust to bad actors – including the difficulty adjustment, but also if legislators/governments put impediments onto bitcoin, then the mining and perhaps even use cases for bitcoin will likely move to less hostile jurisdictions, so part of the dynamics of having value imbedded into the coin would be that to engage in certain kinds of attacks against the network, the attacker has to engage in behavior that attacks himself….so I am bothered about whether that is fairly described as a “closed loop” or a self correction mechanism that you seem to be hinting at.. and for sure the dynamics are going to change and move in accordance with where some of the attacks might be made – and hopefully be able to survive in the end… so yeah, merely having a stake in the system is not enough to control the system, either… and maybe I am just bothered by a kind of seeming assumption that legislators might be able to be successful without having to gain widespread control in a variety of jurisdictions – which seems really difficult to achieve because some legislators are already getting on the bitcoin train and are likely to continue to get on the bitcoin train rather than attacking it (if they know what is for their own good)….

But one thing about bitcoin is that there is no coercion… Legislators, financial institutions, status quo rich, can each decide whether to jump on the bitcoin train, fight against bitcoin or to remain neutral, and with the passage of time, we will find out how their decisions are playing out, and even if they do not jump on board in 2014, or in 2018 or in 2021 or in 2025, there is nothing stopping them from jumping on board later, even if the train has gone further up the hill and they might have to jump on the more luxury version rather than the previously clunky version.

Yes, I see your points, and sure, things can get very complicated when trying to understand the inner workings and dynamic processes of the Bitcoin network, as it interacts with human behavior and responds to adoption, attacks, legislations, environmental concerns, bans, etc. As I have stated numerous times here in WO, I believe no one can really predict Bitcoin's short-term behavior, which is the reason why I completely disregard all posts trying to find patterns in charts whose t-axis is shorter than 4 years (the 200-Week Moving Average indicator horizon).

In my energy conservation analysis quoted above, I'm taking a simplistic (yet valid, IMHO) approach, treating Bitcoin as a black box, with energy going in, and value coming out. Simply put, the less energy (i.e., cheaper mining) you put in, the less value is going to be generated. I suppose this is yet another confirmation that "there is no free lunch" in this universe. An equilibrium must be maintained.

Legally limiting the cost (energy) of mining is not the way to go, it will inevitably hurt Bitcoin's value, and I'm not even sure it can be practically enforced. What can, perhaps, be done, as philipma1957 has pointed out, is to tax dirty energy and encourage clean energy use for mining. But you can be sure that the energy used (clean or dirty) will still be very, VERY expensive, and will get even more expensive as Bitcoin adoption soars in the future. And rightly so. It shouldn't be easy or cheap to generate Bitcoin. It's a precious thing!

[shahzadafzal]

New 5 000BTC bought today by UST company https://blockchair.com/bitcoin/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q

My 0.0011 vs 5000

I’m so jealous we are buying shills in bits and pieces and these ****** buying in bulk. Soon these banks and so called treasury funds will start buying too and we will left with nothing to buy or buy at much much higher rates.

Didn't JJG recently write that everbody here should be set and fasten the seat belt?
Remember, it's not as much a matter as WHEN than IF.
I came "late" to the party, i'm not a big fish, BTC wise. For some of us it's not about fuck-you-rich, but more about better-than-still-being-a-nocoiner. Trade wisely. Only take what you need, accumulate, HODL. OTC enables us to still buy at "low" prices. Imagine all these institutional purchases would be spot buys. Noone of us here would want to even think about buying.

Don't forget that many institutions are chasing profits, so some of their coins will end up in our wallets, while they lend some BTC for filthy cash.

My comment is not complete, but you get the idea?

I got it thank you for bringing some light to it l, so we have to be more vigilant then ever.

Just a hypothetical scenarios with an equal opportunity world, what if a peaceful world is united under one system of bitcoin and somehow manages to put an upper limit ler person how many maximum bitcoins one person can own. Let it be 100 BTC or 1000 BTC or may 10,000 BTC but not hundreds of thousands. Dear God are you listening?

[savetherainforest]

A time capsule with a 1TB HDD, but if the wallet reaches 700GB I will probably have to pull it out of the ground and meditate if the Universe wants me to sell or put it in a crypto with a wallet that is like 3 < > 30 GB max for now or then.   

You can always pull the key(s) (you do have backups anyway, right) and import them into a non-node wallet (you're not actually running one at the moment anyway). Or just turn them into paper wallets.

Yep... I know I can claim the key to another 2 Terabyte HDD.. But the 'turn the key into a QR code' for the paper wallet, that could work too, but I'l need to research how to do that.     

[Paashaas]

Bitpay announces support for Lightning payments.

Bitcoin payments service BitPay has announced immediate support for the Lightning Network through its payment processing platform, allowing merchants that leverage this platform to receive payments from Lightning wallets and enabling more cost-effective, cheaper bitcoin transactions through the Layer 2 protocol.

“BitPay merchants can now receive payments from Lighting-enabled wallets like Cash App and Strike,” per a press release shared with Bitcoin Magazine. “Consumers now have a low-cost alternative when paying with bitcoin at a BitPay-enabled merchant.”

[NoorulHuda]

[ChartBuddy]

Explanation

[fillippone]

Another view

Wonderful picture, I used it for my thread, crediting you.

You can even ride the bull in Miami and wind a full  btc:

[NoorulHuda]

The market cap of Bitcoin will cross Silver, Gold and eventually Real Estate.



https://mobile.twitter.com/therationalroot/status/1511720532387020803

[ChartBuddy]

Explanation

[Hueristic]

https://twitter.com/aliceysu/status/1511558828802068481

Is this a dystopian nightmare scene from the new Blade Runner movie?

Oh no, wait... it's from Shanghai.  

Apparently the Chinese need to stock up on pickle jars.

[Toxic2040]

the noon wall report

dyor


bull flag broken down this morning
might be a bullish channel forming but it keeps sagging and has a violation already...so...will just keep looking for triangles
at this point I am pretty convinced we will see a stab down towards $40k and probably a extended period underneath it
50 bp raise coming for legacy markets and it crumbles like wet tissue paper
another nothingburger at the conference...seems more shitcoin and nft's than bitcoin...again
6th week of the war in Ukraine
not a lot of great news out there really

4h


4h


daily has a nasty pattern of dropping again after big candles   watch for fake outs
hopefully this is just $42k consolidation and not a path to lower lows
D

stronghands

[ChartBuddy]

Explanation

[Cosmic Beyonders]

BTC a big thread to the Payment processors

Lightning Labs is going to create a new protocol on the BTC layer to develop a Stable currency flow throughout the world for faster and cheaper transactions using the BTC Security they showed their concern about the use of BTC network for the international payments on the competition of the Payment Processors as VISA or Master and other centralized banks systems.

According to my analysis of the whole news, Lightning Labs is not going to create a new stable coin for this purpose may be they are going to use the already existing coins as USDT USDC UST etc by the pegged technique on the layer solution of BTC Network this will directly effect the Utility of the crypto.


Lets what happens next...

[NoorulHuda]

Inauguration

https://m.youtube.com/watch?v=j5XSD-G_7As&feature=youtu.be

https://mobile.twitter.com/btc_archive/status/1511724633078304768?s=21&t=lhg3sR1rzF0tNN_K-Y3V-A