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

[JorgeStolfi]

so in the end it comes to admins of big pools. they have the power, yes. and like that guy said in the tweets and like everybody witnessed it with a version of a client that contained a serious bug (not remember which version), they will solve it on IRC.

You mean, the CEO of Bitcoin will step in, turn the network off, and decide which minority of the miners is the good one? 

Seriously, the defense against a 51% attack cannot depend on a trusted group of core developers, or a "good" minority of miners prevailing over the majority.

Besides, the core developers with the "raid siren button" work for the Bitcoin Foundation, and some of the largest miners like KnC and BTC-China are among its directors and largest financial supporters.  Which side will those devs take?

[dewdeded]

All this talk about how "miners would never attack the network because that would destroy confidence in the blockchain and they would stop making money" is kinda bogus IMHO.

Basically double spends already happened but the bitcoin community just looks the other way and pretends that never happened.

Are you sure "miners have no incentive to perform double spend attacks" if all that happens after a double spend (that doesn't seem that easy to investigate into too apparently) is some posts on reddit trying to figure out what the hell happened and bitcoiners just forgetting about it?

Jeah, very good, thank you. That is what is was trying to say.

[D05GTO]

You didn't' say it very well and the troll didn't either.   Try again, it's been answered and squashed about 1000 times already. 

[Ask Ken About Love]

^
No.  It wasn't.  Try again, you were called on your bullshit 1001 times already.
(learning some fancy debating techniques from you tho)

[D05GTO]

^ Dumb is dumb ^  Your only on about 1000 more ignore list than I am.   That's right NLC I used your just for you.

[tarmi]

prove those nasty trolls wrong bitcoiners and launch this mofo to the stratosphere!

@D0GT0

are your internal indicators flashing right now? is this a strong buy? 300 in 2 weeks?

[BlindMayorBitcorn]

This kind of talk would be plenty more effective with some actual doom taking place.

*hint!

[Sitarow]

prove those nasty trolls wrong bitcoiners and launch this mofo to the stratosphere!

https://www.youtube.com/watch?v=XaI0n521C7E

[bassclef]

Price goes up $20 and suddenly double spends are happening and a mining cartel takeover is imminent.

Get a life guys, or at least take it to the technical development thread where you can share your fears in a thread that's not a troll-fest. Oh wait, there's no one to feed your narcissism there. It only counts as therapy if you're paying $200 an hour you know.

[JorgeStolfi]

You have failed to understand what consensus is when you refer to participants as rebels. ASIC tech and the "cartel" are at the mercy of the network participants not the other way around.

In essence making all existing ASIC use for BTC obsolete and make the old BTC network compromised and useless.

Sorry, I believe that you failed to understand.  All the ASIC and mining installations will remain perfectly usable with the 25 M chain, and would mine it because there would be no other chain that they can mine.

Ater the "Red Button" solution there will be two fully functional versions of bitcoin, but one will have a 300 PH/s network, the other will have a puny CPU network.  Even "hero miners" with older ASIC miners in the attic will be unable to come to the help of the second one.

BTC network used to fund accounts would be under suspicion of double spent coins due to the "cartel" having over 51% and closer to 100% network control.  BTC network as it was known will have become defunct.

Whether the attack succeeds or not, the concentration of hashing power in the "Big Bitcoin" network will be the same as it was before the fork point.  The change to the halving schedule will not affect the possibility of double-spend.  In fact, that possibility already is not negligible now. (Imagine that some hacker steals 500 kBTC from the US or Chinese government, who is determined to get them back.)

The risk of double-spend will be much higher in the "Small Bitcoin" CPU-only network, since an external agent could gain majority mining power with a relatively small investment.

[Ask Ken About Love]

^ Dumb is dumb ^  Your only on about 1000 more ignore list than I am.  

Make that 999.  Welcome to my ignore list

That's right NLC I used your just for you.

wat



No, don't bother answering that, you're ignored.

[BlindMayorBitcorn]

Price goes up $20 and suddenly double spends are happening and a mining cartel takeover is imminent.

Get a life guys, or at least take it to the technical development thread where you can share your fears in a thread that's not a troll-fest. Oh wait, there's no one to feed your narcissism there. It only counts as therapy if you're paying $200 an hour you know.

Trolls get booted from Technical Discussion threads. Trust me I know

[Ask Ken About Love]

Price goes up $20 and suddenly ...

Why can't you bitcoiners try telling the truth just for once?  It's $10

[ChartBuddy]

Coin
Explanation

[Wandererfromthenorth]

Price goes up $20 and suddenly double spends are happening and a mining cartel takeover is imminent.

Get a life guys, or at least take it to the technical development thread where you can share your fears in a thread that's not a troll-fest. Oh wait, there's no one to feed your narcissism there. It only counts as therapy if you're paying $200 an hour you know.

People in this forum are simply discussing some of the bitcoin narratives regardless of price movements and suddenly some dude comes and calls everything "FUD" by "trolls" and takes the discussion as a personal attack.

[tarmi]

Price goes up $20 and suddenly ...

Why can't you bitcoiners try telling the truth just for once?  It's $10

It's how I make 5 figures per month. If you don't understand, maybe read a book instead of talking yours.

dude, he is a pro trader. he recognized this triple bottom forming at 236, caught it and then sold it for 256.49.

[Sitarow]

You have failed to understand what consensus is when you refer to participants as rebels. ASIC tech and the "cartel" are at the mercy of the network participants not the other way around.

In essence making all existing ASIC use for BTC obsolete and make the old BTC network compromised and useless.

Sorry, I believe that you failed to understand.  All the ASIC and mining installations will remain perfectly usable with the 25 M chain, and would mine it because there would be no other chain that they can mine.


Ater the "Red Button" solution there will be two fully functional versions of bitcoin, but one will have a 300 PH/s network, the other will have a puny CPU network.  Even "hero miners" with older ASIC miners in the attic will be unable to come to the help of the second one.

BTC network used to fund accounts would be under suspicion of double spent coins due to the "cartel" having over 51% and closer to 100% network control.  BTC network as it was known will have become defunct.

Whether the attack succeeds or not, the concentration of hashing power in the "Big Bitcoin" network will be the same as it was before the fork point.  The change to the halving schedule will not affect the possibility of double-spend.  In fact, that possibility already is not negligible now. (Imagine that some hacker steals 500 kBTC from the US or Chinese government, who is determined to get them back.)

The risk of double-spend will be much higher in the "Small Bitcoin" CPU-only network, since an external agent could gain majority mining power with a relatively small investment.

I am making reference to the fact that your projected idea is improbable and unacceptable by existing network participants and that if any changes would be done to the network apart from the larger block size would be due to some unknown circumstance such that would compromise the BTC network as it is today.

Ultimately if the need presents itself the BTC network will face all challenges with consensus of network participants and not at the muse of someone who has little understanding as to what is involved in profitable mining.

If you are sincere in understanding why your speculative musings would not work in reality then as suggested, you should take this to a more appropriate part of the site as you will be properly schooled by those who are willing to help you in your search for understanding.

[bassclef]

Not my problem if you mentally ill mosquitoes keep yourselves in Life's waiting room forever.

[marcus_of_augustus]

You have failed to understand what consensus is when you refer to participants as rebels. ASIC tech and the "cartel" are at the mercy of the network participants not the other way around.

In essence making all existing ASIC use for BTC obsolete and make the old BTC network compromised and useless.

Sorry, I believe that you failed to understand.  All the ASIC and mining installations will remain perfectly usable with the 25 M chain, and would mine it because there would be no other chain that they can mine.

Ater the "Red Button" solution there will be two fully functional versions of bitcoin, but one will have a 300 PH/s network, the other will have a puny CPU network.  Even "hero miners" with older ASIC miners in the attic will be unable to come to the help of the second one.

BTC network used to fund accounts would be under suspicion of double spent coins due to the "cartel" having over 51% and closer to 100% network control.  BTC network as it was known will have become defunct.

Whether the attack succeeds or not, the concentration of hashing power in the "Big Bitcoin" network will be the same as it was before the fork point.  The change to the halving schedule will not affect the possibility of double-spend.  In fact, that possibility already is not negligible now. (Imagine that some hacker steals 500 kBTC from the US or Chinese government, who is determined to get them back.)

The risk of double-spend will be much higher in the "Small Bitcoin" CPU-only network, since an external agent could gain majority mining power with a relatively small investment.

yes jorge take it to the technical discussion section you coward.

[bassclef]

Price goes up $20 and suddenly double spends are happening and a mining cartel takeover is imminent.

Get a life guys, or at least take it to the technical development thread where you can share your fears in a thread that's not a troll-fest. Oh wait, there's no one to feed your narcissism there. It only counts as therapy if you're paying $200 an hour you know.

People in this forum are simply discussing some of the bitcoin narratives regardless of price movements and suddenly some dude comes and calls everything "FUD" by "trolls" and takes the discussion as a personal attack.

It's just that we've been over it. Again and again and again. To the point that it seems planned and manipulative, even if its not intended in that way.