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

[bassclef]

what is the different between the BitcoinXT frok and a altcoin?  

should i worry about my btc?

There is a huge difference.

BitcoinXT fork is 75% of the Bitcoin community agreeing to allow for phased in block size increases.

Altcoins are copies of Bitcoin changed significantly and started from scratch so that n00bs can think that they are early adopters and they're going to get rich some day.


And the blocksize code is just a code enhancement to the existing Bitcoin protocol. If forking actually caused an alt coin then Bitcoin is already an alt of the pre-2013 fork version of Bitcoin.

Bitcoin code is upgraded all the time.

Correct, the average user will not even notice the change should it occur.

I would enjoy some additional selling into my orders, though. However once no sellers exist at these levels and volume/volatility begin to dry up, the path of least resistance is up.

Last time I checked, Bitcoin is still functioning as intended.

[JorgeStolfi]

what is the different between the BitcoinXT fork and a altcoin?  

should i worry about my btc in my papaerwallets?

BitcoinXT is an independent implementation of the reference bitcoin software ("Bitcoin Core") with a small change in the bitcoin protocol, specifically in the rules that define when a block is valid. Instead of limiting the block size to 1 MB, BitcoinXT says that blocks up to 8 MB are OK.  (Currently blocks are ~0.450 MB each on average; but traffic is increasing the network will become congested when it reaches ~0.700 MB/block, which is expected to happen in 6--12 months time.)

That BitcoinXT change is programmed to become effective only in 2016.  Until then, BitcoinCore and BitcoinXT will do the same thing, on the same blockchain. Clients, miners, and relay nodes can use either version, indifferently.   After the criticla block, when the change becomes effective, things may get complicated.

If enough miners approve the increase in the block size limit, it is very likely that everybody will switch to BitcoinXT before the critical block.  If too few miners approve, it is almost certain that everybody will continue using BitcoinCore, or switch back to it.  Either way, clients should check, by the end of 2015, which version (Core or XT) has got more mining power, and make sure that their wallet is compatible with that version.  Then they will not even notice the fork.

The possible complication is if the community gets stuck in a half-way state, with almost equal mining power on each side.  Then there may be two blockchains, lots of orphaned blocks and branches, etc.. 

You don't want to know about that possibility; just pray that it does not happen, and, if it does, just stop issuing transaction until the impasse gets resolved as above.  Even after the critical block, all the unspent coins that were created before that block will remain there, no matter what happens. 

[Holliday]

The possible complication is if the community gets stuck in a half-way state, with almost equal mining power on each side.  Then there may be two blockchains, lots of orphaned blocks and branches, etc.. 

You don't want to know about that possibility; just pray that it does not happen, and, if it does, just stop issuing transaction until the impasse gets resolved as above.  Even after the critical block, all the unspent coins that were created before that block will remain there, no matter what happens. 

It's funny that someone who has no stake in this is telling us to "pray that it does not happen", while I am sitting here praying that it does happen.

A fork is nothing to be feared, in fact it should be seen as an opportunity. I'm especially interested in a fork which has (even if temporarily) two surviving chains.

This is all just an experiment and we really need to see what happens when a major, long lasting fork occurs. If Bitcoin can't survive, it wasn't good enough to begin with, and it would be time to go back to the drawing board.

[ChartBuddy]

Coin
Explanation

[nioc]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

[Elwar]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Some every day uses I get out of bitcoins listed and reviewed here:
https://bitcointalk.org/index.php?topic=943143.0

[gentlemand]

so nothing is going to happen until 2016?

Kee-rist I hope something is resolved before then. I don't think I could take 4-5 months of this type of squealing. In an ideal world everyone lives happily ever after in consensusland within a month or two. A pipe dream I know.

[Bagatell]

I don't think I could take 4-5 months of this type of squealing.

I'm preparing for 4-5 years of this. The BIP for sidechains will be epic.

[gentlemand]

I'm preparing for 4-5 years of this. The BIP for sidechains will be epic.

Hmm. Looks like it's suspended animation time. Wake me up when it's over.

[ChartBuddy]

Coin
Explanation

[Elwar]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Someone mentioned "hodling" them for a year, and then selling them @ half price, but I don't get why anyone would want to do that.  Why not just flush half of your money down the toilet?  Or would it clog do you think?

Some people are very bad at math.

The price has stayed over $220 for most of 2015. That is with 3600 bitcoins being sold per day due to mining.

If that price can be maintained with 3600 bitcoins being sold each day, imagine which direction the price will go when only 1800 bitcoins are being sold each day due to mining*.

That will happen in less than a year.


*hey, if the bears can keep claiming that all the mined bitcoins are immediately sold, I can use their argument to prove that the price will go up

[hdbuck]

so it appears this noob (*redditards*) FUD is casting down pressure on bitcoin's price when the rest of global economy is on the edge..

those whining little titty crawlers have managed to cripple bitcoin's inalienable agility with this forking BS.

so imma say it out loud for once and for all: fuck you USGavin and GOOGLHearn! 

[criptix]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Someone mentioned "hodling" them for a year, and then selling them @ half price, but I don't get why anyone would want to do that.  Why not just flush half of your money down the toilet?  Or would it clog do you think?

i tried and i must say not so much excitement and adrenalin, and in the end you cant even call yourself trader

i could try with a higher amount but seems i wouldnt be able to flush the toilet anymore ...

[xeretix]

so it appears this noob (*redditards*) FUD is casting down pressure on bitcoin's price when the rest of global economy is on the edge..

those whining little titty crawlers have managed to cripple bitcoin's inalienable agility with this forking BS.

so imma say it out loud for once and for all: fuck you USGavin and GOOGLHearn!  

They've disrupted our antifragile black swan past her tipping point?

i tried and i must say not so much excitement and adrenalin, and in the end you cant even call yourself trader

i could try with a higher amount but seems i wouldnt be able to flush the toilet anymore ...

Take a lesson from the professional traders in this thread and keep trying!  Again and again and again and again, until your money is all gone.  At that moment, you will achieve enlightenment.

[hdbuck]

so it appears this noob (*redditards*) FUD is casting down pressure on bitcoin's price when the rest of global economy is on the edge..

those whining little titty crawlers have managed to cripple bitcoin's inalienable agility with this forking BS.

so imma say it out loud for once and for all: fuck you USGavin and GOOGLHearn! 

They've disrupted our antifragile black swan past her tipping point?

I hope not. them fuckers.

[nioc]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Someone mentioned "hodling" them for a year, and then selling them @ half price, but I don't get why anyone would want to do that.  Why not just flush half of your money down the toilet?  Or would it clog do you think?

My toilet is from 1927 although I have only been using it for 22 years during which time it has never clogged. 

I was a bit late to the party so my avg price was $32.  I was forced to sell some ~$600 and yes a year later they where half price when I bought them back and more as well.  I have no idea what my avg is now.

[ChartBuddy]

Coin
Explanation

[nioc]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Some every day uses I get out of bitcoins listed and reviewed here:
https://bitcointalk.org/index.php?topic=943143.0

Thank you

[xeretix]

My toilet is from 1927 although I have only been using it for 22 years during which time it has never clogged. 

Ah, from the days when men were men & toilets had pull chains?  Before pesky regulators started legislatin' just how many gallons we freedom lovers could use to flush down their worthless fiat?

[belmonty]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Someone mentioned "hodling" them for a year, and then selling them @ half price, but I don't get why anyone would want to do that.  Why not just flush half of your money down the toilet?  Or would it clog do you think?

My toilet is from 1927 although I have only been using it for 22 years during which time it has never clogged.  

I was a bit late to the party so my avg price was $32.  I was forced to sell some ~$600 and yes a year later they where half price when I bought them back and more as well.  I have no idea what my avg is now.

Have you not had the modern "water saving toilet" experience yet then? Modern "water saving toilets" are designed with U-bends that are so small they are guaranteed to block if you try to flush so much as a small piece of toilet paper down them. Flushing half your money down them would be 100% guaranteed to block them.

Ironically unblocking them requires flushing them so many times that it uses more water than one flush of an old fashioned toilet. Official places like libraries that are supposed to be environmentally friendly are installing more and more "water saving toilets", so you will sooner or later encounter one and find yourself blocking it so badly you have to leave it blocked, then having to face a queue of irate people waiting outside.