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

[Fakhoury]

I've never saw you Klee insanely bearish like this !!

We are facing extreme conditions - this will either bring BTC to it's knees or fuel the next mega bubble (above 3000 usd).
I will post a conspiracy theory in P&F thread soon.

Just for the laughs but sometimes the badest taste joke can become true...

I agree with you as I didn't witness such split before and you know the media, wants any bad news to start the party and kick in the fireworks.

But I know you Klee, you weren't joking.

Waiting for the theory.

[1714245988]

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[1714245988]

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[altcoinUK]

The market WILL price in as BTC has failed, be prepared for ridiculously cheap Bitcorns (or Buttcoins or whatever)....

WAAAAAYYY TOO SOON to call failure.

We just need to stay below 225 for a week without any change in the blocksize drama. Bitfinex 20M USD swaps are ready for action!

What's that Bitfinex 20M USD swaps? Is it shorting and does how does it effect the price? I saw other thread you were talking about that and I am really interested what you mean. Thanks!

[hdbuck]

I say either way "damned if we do and damned if we don't"  bitcoin will never be able to meet high volume demands if block size isn't increased. To keep things the way they are (which I prefer) will lead to higher fees and still not be able to meet real growth adoption needs. I don't see how not doing anything will pave the way for future growth. Classic definition of a true conundrum here.  

1/ there is on need mainstream adoption to all get what we want here: that is moon.
2/ mainstream adoption of bitcoin by sheeples is highly unlikely anyway, they might use some top layer of it or cheap altcoins.
3/ bitcoin is no pocket money, it is a secured (by decentralized rewarded miners) safe investment haven from them FED/USG/Wall street mafia.

Bitcoin is a privilege that you'll have to pay for eventually.

else just go altcoin with max blocksize and faster transactions.

I suppose that is one way to look at it and is very true at present. I said in an earlier post, that I do not believe now is the time for something like XT.

I for one firmly believe in keeping the purity of the original core. IF mainstream adoption looked more promising, then ya, something would have to give I'm afraid. One of the best things about bitcoin is the inexpensive means to send and receive. So, what do ya do?

it will never be the time for xt bs.

we need to have a core that is as 'unalienable' and 'unforkable' as possible in order to drive its price up.

not like all the current financial system, we dont want to 'QE' its blocksize or even its cap for instance. this is bad and will not drive its price up.

Bitcoin is set in stone, with small improvement that are thoroughly and minutiously investigated upstream by qualified devs.

there is no rush, there have to be a 95% consensus at least and for any major change.

bear in mind that bitcoin is no visa/mastercard/etc, it is not paypal, and this is not a race to upgrade a la Microsoft or Apple.

at some point, when/if there is a quantified demand for it, be sure 2nd layer innovations such as lightening etc will be implemented to relief bitcoin's core.

but do not touch it's very heart, that has to stay as pure and clean from all the noise large adoption would ineluctably bring.

just leave the mainstream propaganda for developing altcoins and other fake dreams.

[TerraMaster]

i seriously doubt they will be able to get away with doing NOTHING and not get Owned by XT

Yep! unfortunately

[ChartBuddy]

Coin
Explanation

[hdbuck]

i seriously doubt they will be able to get away with doing NOTHING and not get Owned by XT

Yep! unfortunately

they are not 'doing nothing^tm'.

you just dont qualify to understand the hard and intense work that is being undertaken behind the curtains.

[gentlemand]

If XT fails to ignite what becomes of Messrs Hearn and Andresen? Will they be roundly ignored forever, continue chipping away from the sidelines or be grudgingly welcomed back into the fold?

[aztecminer]

The market WILL price in as BTC has failed, be prepared for ridiculously cheap Bitcorns (or Buttcoins or whatever)....

WAAAAAYYY TOO SOON to call failure.

We just need to stay below 225 for a week without any change in the blocksize drama. Bitfinex 20M USD swaps are ready for action!

break it down! hammertime! blockchain drama!

[TerraMaster]

I say either way "damned if we do and damned if we don't"  bitcoin will never be able to meet high volume demands if block size isn't increased. To keep things the way they are (which I prefer) will lead to higher fees and still not be able to meet real growth adoption needs. I don't see how not doing anything will pave the way for future growth. Classic definition of a true conundrum here.  

1/ there is on need mainstream adoption to all get what we want here: that is moon.
2/ mainstream adoption of bitcoin by sheeples is highly unlikely anyway, they might use some top layer of it or cheap altcoins.
3/ bitcoin is no pocket money, it is a secured (by decentralized rewarded miners) safe investment haven from them FED/USG/Wall street mafia.

Bitcoin is a privilege that you'll have to pay for eventually.

else just go altcoin with max blocksize and faster transactions.

I suppose that is one way to look at it and is very true at present. I said in an earlier post, that I do not believe now is the time for something like XT.

I for one firmly believe in keeping the purity of the original core. IF mainstream adoption looked more promising, then ya, something would have to give I'm afraid. One of the best things about bitcoin is the inexpensive means to send and receive. So, what do ya do?

it will never be the time for xt bs.

we need to have a core that is as 'unalienable' and 'unforkable' as possible in order to drive its price up.

not like all the current financial system, we dont want to 'QE' its blocksize or even its cap for instance. this is bad and will not drive its price up.

Bitcoin is set in stone, with small improvement that are thoroughly and minutiously investigated upstream by qualified devs.

there is no rush, there have to be a 95% consensus at least and for any major change.

bear in mind that bitcoin is no visa/mastercard/etc, it is not paypal, and this is not a race to upgrade a la Microsoft or Apple.

at some point, when/if there is a quantified demand for it, be sure 2nd layer innovations such as lightening etc will be implemented to relief bitcoin's core.

but do not touch it's very heart, that has to stay as pure and clean from all the noise large adoption would ineluctably bring.

just leave the mainstream propaganda for developing altcoins and other fake dreams.

I agree and think most would also. There has to be a better solution for this issue. It just hasn't been put out there yet. Any fork of the original core is really an Altcoin to me. Then there is that risky fork itself... whew its scary to think about. I'm am afraid all of this is hindering BTC value right now too! Investors and miners don't like uncertainty.

[Andre#]

I've said it before, but doing something that has a 0% to undermine the network (which is nothing) is better than doing something with 0.5% or even 0.1% chance to harm the network (XT) in the long term.

0% chance of undermining the network? Really?

"If the cap is not raised to some higher limit; allowing a larger number of users to maintain direct access, then individuals will be priced out of the blockchain. When that happens Bitcoin becomes yet another network with no direct (peer) access; like FedWire, SWIFT, and other private closed transfer networks.  There is no realistic scenario where a network capped permanently at 1MB can have meaningful adoption whilst still maintaining direct access to the blockchain by individuals. To be clear, by ‘direct access’ I mean both parties transacting directly on-chain without relying on an intermediary or trusted third party."

https://bitcointalk.org/index.php?topic=946236.0

I'm not against raising the block limit, but there is not one solution. For the umpteenth time, it is not black and white, not XT or nothing.

Use logic and facts to form your opinion. It's important to not let fear cloud your judgement, nor marry oneself to a particular point of view.  Should we rush to judgement based on someone's opinion or weigh all evidence and make the most informed decision possible based on the facts?

DeathAndTaxes' reasoning is very logical and based on facts. I agree we shouldn't rush, but we are expected to hit the 1 MB ceiling in less than a year, while the Core devs haven't even been able to reach consensus in the past year. Bitcoin XT puts some pepper in their arses, and that's what they very much need. Meanwhile, the miners now have a fall back option, in case it all doesn't work out.

[hdbuck]

If XT fails to ignite what becomes of Messrs Hearn and Andresen? Will they be roundly ignored forever, continue chipping away from the sidelines or be grudgingly welcomed back into the fold?

they'll crawl back in that pityfull foundation of theirs.
alone with their usg puppetmasters to spank them for not being able to highjack the innovation of the millenium.

and i surely hope gavin will get his core accreditation revoked. chief scientist of my ass.. and without even a phd! (not like the rest of the core devs.)

[adamstgBit]

  i read this in ibtimes last day, i dont really understand about the backlog.will this affect our online wallets????it says,:
            "UK-based mining service CoinWallet is gearing up to conduct a stress test of the Bitcoin network in early September, which it said will likely render most standard wallet software "worthless" and create "nearly a 30-day backlog".

DOOOOOOOOOOOOOOOOM

[klee]

  i read this in ibtimes last day, i dont really understand about the backlog.will this affect our online wallets????it says,:
            "UK-based mining service CoinWallet is gearing up to conduct a stress test of the Bitcoin network in early September, which it said will likely render most standard wallet software "worthless" and create "nearly a 30-day backlog".

DOOOOOOOOOOOOOOOOM

[hdbuck]

 i read this in ibtimes last day, i dont really understand about the backlog.will this affect our online wallets????it says,:
            "UK-based mining service CoinWallet is gearing up to conduct a stress test of the Bitcoin network in early September, which it said will likely render most standard wallet software "worthless" and create "nearly a 30-day backlog".

DOOOOOOOOOOOOOOOOM

see how bad intentioned and evil these people are?

such FUD just to push their blocksize agenda! freaking unbelievable!

but rest assured they wont succeed.

[TerraMaster]

 i read this in ibtimes last day, i dont really understand about the backlog.will this affect our online wallets????it says,:
            "UK-based mining service CoinWallet is gearing up to conduct a stress test of the Bitcoin network in early September, which it said will likely render most standard wallet software "worthless" and create "nearly a 30-day backlog".

DOOOOOOOOOOOOOOOOM

lol ya can't wait to see if this really happens again..... I suppose if it does... then that will give XT that shot in the arm it desires.... hold on to your seats! going to be real fun

[gentlemand]

  i read this in ibtimes last day, i dont really understand about the backlog.will this affect our online wallets????it says,:
            "UK-based mining service CoinWallet is gearing up to conduct a stress test of the Bitcoin network in early September, which it said will likely render most standard wallet software "worthless" and create "nearly a 30-day backlog".

Does anyone have the slightest clue who this coinwallet.eu joint is and whether they have any actual customers? It seems its sole purpose is to push people into the arms of XT.

[adamstgBit]

http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/

[TerraMaster]

  i read this in ibtimes last day, i dont really understand about the backlog.will this affect our online wallets????it says,:
            "UK-based mining service CoinWallet is gearing up to conduct a stress test of the Bitcoin network in early September, which it said will likely render most standard wallet software "worthless" and create "nearly a 30-day backlog".

Does anyone have the slightest clue who this coinwallet.eu joint is and whether they have any actual customers? It seems its sole purpose is to push people into the arms of XT.

That's the big mystery (some speculate its just one guy maybe 2 with a strong knowledge of btc core)...Hard to imagine though that XT devs and company are in bed with coinwallet.eu just to make a point?

[hdbuck]

https://twitter.com/NickSzabo4

[altcoinUK]

The market WILL price in as BTC has failed, be prepared for ridiculously cheap Bitcorns (or Buttcoins or whatever)....

WAAAAAYYY TOO SOON to call failure.

We just need to stay below 225 for a week without any change in the blocksize drama. Bitfinex 20M USD swaps are ready for action!

What's that Bitfinex 20M USD swaps? Is it shorting and does how does it effect the price? I saw other thread you were talking about that and I am really interested what you mean. Thanks!

If someone has long position,  price is falling,  cost for maintaining position is growing...  the only solution is closing position.  And because there is no price support the only direction is SOUTH.  People will start panicking and soon we will see snowball effect.

Ah, I see. I thought it was 13 million long positions on Bitfinex, that's why I didn't understand what klee means about that 20 million, and since he usually knows what we don't I thought something else happening :-))) Thanks for explaining anyway.