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

[Voodah]

Man low volume is bad bad bad.

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[Frozenlock]

C'mon MtGox, double digits, you can do it.

[Its About Sharing]

to what ?  scrypt ?    LTC already use that tech  

If for some reason that's what needed, sure, why not?

I don't think the Sha256 ASICs can be modified for Scrypt. They hold enough hashing power to ensure SHA 256 remains. Scrypt would be a hard fork which the ASIC users wont adopt. Most users will protect their investment at any cost.

That's the point. If the proof of work algorithm were to change, the SHA256 ASICs wouldn't hold any power.

This would be a hard fork, probably with temporarily two competing blockchain version.
But if the Bitcoin's survival depend on it, everyone with a vested interest will just switch to another proof of work algorithm
(Even if some miners don't like it.)

Furthermore, we would have a bunch of Litecoin miners that would gladly use their processing power to mine bitcoins.

Marvellous, isn't it?  

If by marvelous you mean blocks that take 100 times longer to complete until difficulty adjusts back to GPU level . . .   Which would take maybe 6 years, if we hit 2 Ph/s in in the next few months, which I bet we do.   Also, in a competition, how would GPU's ever out compete ASICS?

Do you guys even know how Bitcoin works?  

Ok, imagine that everyone is using gold as money.
There is a great overlord who owns most of the gold mines on earth. Most think his power is almost absolute.

Now everyone, for whatever reason, decide to switch to using silver instead of gold.
All the gold currently in the people's hands immediately turns into silver, but not what's still underground.
All those able to mine silver are quite happy to mine for something that is so valuable.

What is the power of the gold overlord? Nothing. He had power only as long as people were using gold.

Back to Bitcoin.
What is the power of SHA256 ASICs if the proof of work changes? Zit, nada, nothing!
They can't prevent a change in the proof of work.

In a hard fork, that's really not a problem to adjust the difficulty level to account for the now missing ASICs.

You seem to think that Bitcoin is now as it will always be.
Bitcoin has changed and will continue to do so in order to improve itself.

If a 2 min per block time is really needed, then Bitcoin can be changed for that.
Most of the alt-coins advocates don't seem to realize that for everyone invested in Bitcoin, it's in their own interest to improve it if needed.
Bitcoin could even end up as an identical copy of Litecoin if that was needed.

What would the advantage versus just moving to Litecoin?
Every bitcoiner could keep his "wealth" already in the blockchain.
Merchants can keep using the same software.
And every blockchain uses are still valid (such as proof of existence).

OK now you don't make any sense, but I have no energy to discuss this any further, we will see how things will turn out .

Here, the basic premise is this:
BTC is not locked in to any cryptographic (or other) standard. It is open source decided upon by the community. If Scrypt is the way to go, then we will use Scrypt. Miners wouldn't like that but if it meant survival then all they lose is the hardware, NOT their bitcoins. (I'm sure they would prefer losing rigs rather than rigs AND coins.) But that is an extreme scenario, doing smaller things like changing confirmation times and such, would be done if it benefits us. We are in the early stages, seeing what is best and as we learn more we will just change the code accordingly.

I think it is good to have LTC around, just in case. But BTC can adapt to be most anything we need it to be.

IAS

[gandhibt]

to what ?  scrypt ?    LTC already use that tech  

If for some reason that's what needed, sure, why not?

I don't think the Sha256 ASICs can be modified for Scrypt. They hold enough hashing power to ensure SHA 256 remains. Scrypt would be a hard fork which the ASIC users wont adopt. Most users will protect their investment at any cost.

That's the point. If the proof of work algorithm were to change, the SHA256 ASICs wouldn't hold any power.

This would be a hard fork, probably with temporarily two competing blockchain version.
But if the Bitcoin's survival depend on it, everyone with a vested interest will just switch to another proof of work algorithm
(Even if some miners don't like it.)

Furthermore, we would have a bunch of Litecoin miners that would gladly use their processing power to mine bitcoins.

Marvellous, isn't it?  

If by marvelous you mean blocks that take 100 times longer to complete until difficulty adjusts back to GPU level . . .   Which would take maybe 6 years, if we hit 2 Ph/s in in the next few months, which I bet we do.   Also, in a competition, how would GPU's ever out compete ASICS?

Do you guys even know how Bitcoin works?  

Ok, imagine that everyone is using gold as money.
There is a great overlord who owns most of the gold mines on earth. Most think his power is almost absolute.

Now everyone, for whatever reason, decide to switch to using silver instead of gold.
All the gold currently in the people's hands immediately turns into silver, but not what's still underground.
All those able to mine silver are quite happy to mine for something that is so valuable.

What is the power of the gold overlord? Nothing. He had power only as long as people were using gold.

Back to Bitcoin.
What is the power of SHA256 ASICs if the proof of work changes? Zit, nada, nothing!
They can't prevent a change in the proof of work.

In a hard fork, that's really not a problem to adjust the difficulty level to account for the now missing ASICs.

You seem to think that Bitcoin is now as it will always be.
Bitcoin has changed and will continue to do so in order to improve itself.

If a 2 min per block time is really needed, then Bitcoin can be changed for that.
Most of the alt-coins advocates don't seem to realize that for everyone invested in Bitcoin, it's in their own interest to improve it if needed.
Bitcoin could even end up as an identical copy of Litecoin if that was needed.

What would the advantage versus just moving to Litecoin?
Every bitcoiner could keep his "wealth" already in the blockchain.
Merchants can keep using the same software.
And every blockchain uses are still valid (such as proof of existence).

OK now you don't make any sense, but I have no energy to discuss this any further, we will see how things will turn out .

Here, the basic premise is this:
BTC is not locked in to any cryptographic (or other) standard. It is open source decided upon by the community. If Scrypt is the way to go, then we will use Scrypt. Miners wouldn't like that but if it meant survival then all they lose is the hardware, NOT their bitcoins. (I'm sure they would prefer losing rigs rather than rigs AND coins.) But that is an extreme scenario, doing smaller things like changing confirmation times and such, would be done if it benefits us. We are in the early stages, seeing what is best and as we learn more we will just change the code accordingly.

I think it is good to have LTC around, just in case. But BTC can adapt to be most anything we need it to be.

IAS

How are decisions made in bitcoin community? I mean if most of us want that we should use scrypt and we want it to happen, what should we do? Is it possible that ASIC miners get to make the code like it pleases to them? Like paying coins to main coders or something like this?

[Jaroslaw]

I will not sell on mtgox anymore since i cant cas-out, bye bye for two weeks.

[gandhibt]

Unignore -> instantly back to ignore...

[Jaroslaw]

Unignore -> instantly back to ignore...

And you think i care bout those low-life people like you ? ive made milions of dolars in bitcoins, i dont care about fish like you

[ChartBuddy]

[fr33d0miz3r]

Unignore -> instantly back to ignore...

And you think i care bout those low-life people like you ? ive made milions of dolars in bitcoins, i dont care about fish like you

So, what are you doing on this forum?

[Jaroslaw]

Unignore -> instantly back to ignore...

And you think i care bout those low-life people like you ? ive made milions of dolars in bitcoins, i dont care about fish like you

So, what are you doing on this forum?

blogging

[fr33d0miz3r]

DON'T FEED THE TROLL 

[Jaroslaw]

10k btc to 100$ i think i might sell this ammount and wait 2 weekes to windraw

[fr33d0miz3r]

I don't think we will go below $102-103. No doubt this dump is someone's arbitrage.

[fr33d0miz3r]

10k btc to 100$ i think i might sell this ammount and wait 2 weekes to windraw

Don't talk, just dump it

[klee]

http://t.co/r9BbyijSrs

Dear Mt. Gox Customers

Early this morning at 4am Tokyo time Mt. Gox experienced some downtime that prevented customers from accessing the site. The issue was not an attack, but rather a system error that caused the problem. We were alerted to an error in the file system that had triggered a kernal panic, resulting in a server freeze. At that point we had to restart the server manually and proceeded with a fsck (file system check) which took some time. Once the server was clear we restarted the system.

We are well aware that this kind of problem should not normally occur. We are currently in the process of migrating our server from a hosting provider to our own data center, and as soon as we have completed the move such problems should not repeat themselves in the future.

We apologise for any inconvenience caused to our customers who were trying to use our services during this period

Regards,

Mt Gox Team

[Jaroslaw]

10k btc to 100$ i think i might sell this ammount and wait 2 weekes to windraw

Don't talk, just dump it

must transfer btc to gox first, chill dude

[fr33d0miz3r]

http://t.co/r9BbyijSrs

Dear Mt. Gox Customers

Early this morning at 4am Tokyo time Mt. Gox experienced some downtime that prevented customers from accessing the site. The issue was not an attack, but rather a system error that caused the problem. We were alerted to an error in the file system that had triggered a kernal panic, resulting in a server freeze. At that point we had to restart the server manually and proceeded with a fsck (file system check) which took some time. Once the server was clear we restarted the system.

We are well aware that this kind of problem should not normally occur. We are currently in the process of migrating our server from a hosting provider to our own data center, and as soon as we have completed the move such problems should not repeat themselves in the future.

We apologise for any inconvenience caused to our customers who were trying to use our services during this period

Regards,

Mt Gox Team

And I thought they use a shared hosting.  

[MickeyT2008]

http://t.co/r9BbyijSrs

Dear Mt. Gox Customers

Early this morning at 4am Tokyo time Mt. Gox experienced some downtime that prevented customers from accessing the site. The issue was not an attack, but rather a system error that caused the problem. We were alerted to an error in the file system that had triggered a kernal panic, resulting in a server freeze. At that point we had to restart the server manually and proceeded with a fsck (file system check) which took some time. Once the server was clear we restarted the system.

We are well aware that this kind of problem should not normally occur. We are currently in the process of migrating our server from a hosting provider to our own data center, and as soon as we have completed the move such problems should not repeat themselves in the future.

We apologise for any inconvenience caused to our customers who were trying to use our services during this period

Regards,

Mt Gox Team

And I thought they use a shared hosting.  

One of the beads got jammed on their abacus

[Miz4r]

http://t.co/r9BbyijSrs

Dear Mt. Gox Customers

Early this morning at 4am Tokyo time Mt. Gox experienced some downtime that prevented customers from accessing the site. The issue was not an attack, but rather a system error that caused the problem. We were alerted to an error in the file system that had triggered a kernal panic, resulting in a server freeze. At that point we had to restart the server manually and proceeded with a fsck (file system check) which took some time. Once the server was clear we restarted the system.

We are well aware that this kind of problem should not normally occur. We are currently in the process of migrating our server from a hosting provider to our own data center, and as soon as we have completed the move such problems should not repeat themselves in the future.

We apologise for any inconvenience caused to our customers who were trying to use our services during this period

Regards,

Mt Gox Team

And I thought they use a shared hosting. 

One of the beads got jammed on their abacus

Mark Karpeles uploaded a video showing what it takes to run a service like Mt Gox: http://www.youtube.com/watch?v=8d4RtvMQp10

[fr33d0miz3r]

Mark Karpeles uploaded a video showing what it takes to run a service like Mt Gox: http://www.youtube.com/watch?v=8d4RtvMQp10

LOL