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

[Peter R]

 The problem is that our usual discussion thread for this type of thing (Gold Collapsing. Bitcoin UP) was locked by the Forum Administrators.  Furthermore, my submissions to /r/bitcoin are all censored now.  Since I've lost my two favourite outlets, my Bitcoin addiction is leaking into nearby threads...

http://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/

Only 43 newbies over there and not a single hero!

Why did they close down the old thread in the first place? It used to be a nice place to collect info. Anyone knows specifics?

I posted a thread in Meta to find out.  It sounds like the Administrators added a new rule forbidding threads that are broad in scope.  Here's what BadBear said:

https://bitcointalk.org/index.php?topic=1157185.msg12199651#msg12199651

After sitting with this for a while, I don't believe the Administrators.  Cypherdoc's thread was highly visible across the Bitcoin community and he promoted bigger blocks and questioned the motivations of Blockstream.  I think the new rule was added specifically to silence him. 

Have there been any other popular threads locked because they were too broad in scope?  Is not the Wall Observer equally (or more) broad in scope?

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[adamstgBit]

http://worldbitcoinnetwork.com/BitcoinPriceModel-Alpha.html



is bitcoin undervalued at 226???

DUH!

Adam, how the hell are we gonna take over 25% of global remittances at 7 transactions per second?

BIP100 then BIP200 and then...



or maybe sidechains will help wtv man 25% of global remittances  is baked in the cake 32,000$ is coming.

[ChartBuddy]

Coin
Explanation

[aztecminer]

Can't you see what these assholes are doing? They want to scare everyone off of BFX because those $25 M in margin longs will all have to close at some point. BY opposing block size increase, they are keeping almost any new investment from VCs because a Bitcoin that doesn't scale is a bitcoin that can't disrupt. So when the market slumps, it will flash-crash on BFX and they will be the only ones on BFX scooping up BTC for pennies on the dollar.  

BFX has problems but so do all other exchanges.

both bulls and bears are taking down leverage. We're seeing a slump because miners don't run the show. The market does and the market ain't buying your shitty BIP100.

not being able to withdraw is a serious problem imo. if didn't have technical problems then wouldnt have technical glitches that cause trading and withdrawals to stop. this is why bitfinex is working very hard to fix all their technical problems. it's like if your bitcoins are secure then they cant be hacked and stolen. it will be pointless to scoop up cheap coins if you cannot withdraw them. i think your theory is bunk . it not like "those assholes" are stopping trading and withdrawals on BFX in some kind of scheme. those problems seem extreme. that is why people are closing their longs and shorts leaving BFX.

Not being able to withdraw is a huge problem, but this we've been told is due to data corruption and a changing of their bank.  There is no indication (yet) that this is a Gox-like solvency issue.  It's a reason for concern, not a reason to panic.

Nobody should be keeping the majority of their bitcoins an ANY exchange. If you don't control the private keys, you don't own bitcoin (just bitcoin I.O.U.s).

i would have already bailed. i'm on coinbase exchange because they are based in the usa and they have good reputation and are market leaders.. at least that is my impression of them atm.. while my impression of bitfinex is an exchange based in hong kong that has fishey stuff going on and might collapse the next time margins are called.... i'm not doing any margin trading because is too risky imo.. i already feel like it is me against the music while trading bitcoin so i am not going to give anyone even more advantages over me.... i'm sure your trader sense will let you know when to pull out of bitfinex if it is going to collapse right billyjoe ?? i do like btc-e exchange though. i don't trade on there all the time though... and bitstamp is now the ONLY bitcoin ----> ripple gateway for usa residents atm .

[billyjoeallen]

Adam, how the hell are we gonna take over 25% of global remittances at 7 transactions per second?

BIP100 then BIP200 and then...

or maybe sidechains will help wtv man 25% of global remittances  is baked in the cake 32,000$ is coming.

Baked in? When and if the code the majority of the network runs is scalable, THEN I'll believe bitcoin is undervalued. 

BIP100 is the LEAST scalable of proposed upgrades and even it is a looooong way from implementation.

[billyjoeallen]

Can't you see what these assholes are doing? They want to scare everyone off of BFX because those $25 M in margin longs will all have to close at some point. BY opposing block size increase, they are keeping almost any new investment from VCs because a Bitcoin that doesn't scale is a bitcoin that can't disrupt. So when the market slumps, it will flash-crash on BFX and they will be the only ones on BFX scooping up BTC for pennies on the dollar.  

BFX has problems but so do all other exchanges.

both bulls and bears are taking down leverage. We're seeing a slump because miners don't run the show. The market does and the market ain't buying your shitty BIP100.

not being able to withdraw is a serious problem imo. if didn't have technical problems then wouldnt have technical glitches that cause trading and withdrawals to stop. this is why bitfinex is working very hard to fix all their technical problems. it's like if your bitcoins are secure then they cant be hacked and stolen. it will be pointless to scoop up cheap coins if you cannot withdraw them. i think your theory is bunk . it not like "those assholes" are stopping trading and withdrawals on BFX in some kind of scheme. those problems seem extreme. that is why people are closing their longs and shorts leaving BFX.

Not being able to withdraw is a huge problem, but this we've been told is due to data corruption and a changing of their bank.  There is no indication (yet) that this is a Gox-like solvency issue.  It's a reason for concern, not a reason to panic.

Nobody should be keeping the majority of their bitcoins an ANY exchange. If you don't control the private keys, you don't own bitcoin (just bitcoin I.O.U.s).

i would have already bailed. i'm on coinbase exchange because they are based in the usa and they have good reputation and are market leaders.. at least that is my impression of them atm.. while my impression of bitfinex is an exchange based in hong kong that has fishey stuff going on and might collapse the next time margins are called.... i'm not doing any margin trading because is too risky imo.. i already feel like it is me against the music while trading bitcoin so i am not going to give anyone even more advantages over me.... i'm sure your trader sense will let you know when to pull out of bitfinex if it is going to collapse right billyjoe ?? i do like btc-e exchange though. i don't trade on there all the time though... and bitstamp is now the ONLY bitcoin ----> ripple gateway for usa residents atm .

It wasn't trader sense that told me to get out of Gox just before the door slammed shut. It was the price differential between EmptyGox and the other exchanges.  The MARKET told me to bail. The Market is not spooked by BFX blunders (yet). The Market is spooked by incompetence of a much more profound kind: Core devs decision-making process is FUBAR.  They want centralized control to guard against centralization.  

[adamstgBit]

Adam, how the hell are we gonna take over 25% of global remittances at 7 transactions per second?

BIP100 then BIP200 and then...

or maybe sidechains will help wtv man 25% of global remittances  is baked in the cake 32,000$ is coming.

Baked in? When and if the code the majority of the network runs is scalable, THEN I'll believe bitcoin is undervalued. 

BIP100 is the LEAST scalable of proposed upgrades and even it is a looooong way from implementation.

once/if it's been agreed on i can't see it take more then a week to implement...

the longer you wait for it to become clear that bitcoin will improve its scalability the higher the price will be.

buy now while poeple still believe bitcoin is about to die because of this issue  

[billyjoeallen]

Adam, how the hell are we gonna take over 25% of global remittances at 7 transactions per second?

BIP100 then BIP200 and then...

or maybe sidechains will help wtv man 25% of global remittances  is baked in the cake 32,000$ is coming.

Baked in? When and if the code the majority of the network runs is scalable, THEN I'll believe bitcoin is undervalued. 

BIP100 is the LEAST scalable of proposed upgrades and even it is a looooong way from implementation.

once/if it's been agreed on i can't see it take more then a week to implement...

the longer you wait for it to become clear that bitcoin will improve its scalability the higher the price will be.

buy now while poeple still believe bitcoin is about to die because of this issue  

Once/if BIP100 is implemented, miners STILL have to vote to increase blocksize and by how much.  You are taking a lot of things for granted.

[adamstgBit]

Adam, how the hell are we gonna take over 25% of global remittances at 7 transactions per second?

BIP100 then BIP200 and then...

or maybe sidechains will help wtv man 25% of global remittances  is baked in the cake 32,000$ is coming.

Baked in? When and if the code the majority of the network runs is scalable, THEN I'll believe bitcoin is undervalued. 

BIP100 is the LEAST scalable of proposed upgrades and even it is a looooong way from implementation.

once/if it's been agreed on i can't see it take more then a week to implement...

the longer you wait for it to become clear that bitcoin will improve its scalability the higher the price will be.

buy now while poeple still believe bitcoin is about to die because of this issue  

Once/if BIP100 is implemented, miners STILL have to vote to increase blocksize and by how much.  You are taking a lot of things for granted.

miners will probably make a vote where blocklimit is always about 2X avg block size
ok ok BIP100 might suck for various reasons
the point is the debate went from
no increase Vs increase
to
BIP101 vs BIP100
its only a matter of time until somehow some way blocklimit is increased

i strongly suggest buying the rumor

[xyzzy099]

Adam, how the hell are we gonna take over 25% of global remittances at 7 transactions per second?

BIP100 then BIP200 and then...

or maybe sidechains will help wtv man 25% of global remittances  is baked in the cake 32,000$ is coming.

Baked in? When and if the code the majority of the network runs is scalable, THEN I'll believe bitcoin is undervalued. 

BIP100 is the LEAST scalable of proposed upgrades and even it is a looooong way from implementation.

You know, there is NO solution on the table from ANYONE that results in a Bitcoin that is both scalable AND decentralized.

To handle the transaction volume of Visa would require every block to be 10-20 GB (Yes, GB, not MB).  At that block-size, decentralization, which I consider to be a fundamental requirement of what we call Bitcoin, would be long gone.

I agree that we can increase the block size some as a stop-gap measure - but block-size increases alone will not save Bitcoin.

Hopefully, the upcoming conference will yield some fresh ideas.

[BrewCrewFan]

CCMF!

[abercrombie]

are we rich yet??   

[billyjoeallen]

miners will probably make a vote where blocklimit is always about 2X avg block size
ok ok BIP100 might suck for various reasons
the point is the debate went from
no increase Vs increase
to
BIP101 vs BIP100
its only a matter of time until somehow some way blocklimit is increased

i strongly suggest buying the rumor

No the debate went from "we don't have a scaling problem" to "We have a scaling problem that is unfixable unless everyone agrees on how to fix it". 

What if "Some how some way" means that the market has to crash before the devs come to an agreement?

[Fakhoury]

Adam, how the hell are we gonna take over 25% of global remittances at 7 transactions per second?

BIP100 then BIP200 and then...

or maybe sidechains will help wtv man 25% of global remittances  is baked in the cake 32,000$ is coming.

Baked in? When and if the code the majority of the network runs is scalable, THEN I'll believe bitcoin is undervalued. 

BIP100 is the LEAST scalable of proposed upgrades and even it is a looooong way from implementation.

You know, there is NO solution on the table from ANYONE that results in a Bitcoin that is both scalable AND decentralized.

To handle the transaction volume of Visa would require every block to be 10-20 GB (Yes, GB, not MB).  At that block-size, decentralization, which I consider to be a fundamental requirement of what we call Bitcoin, would be long gone.

I agree that we can increase the block size some as a stop-gap measure - but block-size increases alone will not save Bitcoin.

Hopefully, the upcoming conference will yield some fresh ideas.

What conference and when it will be held ?

[xyzzy099]

What conference and when it will be held ?

https://scalingbitcoin.org/montreal2015/

[ChartBuddy]

Coin
Explanation

[billyjoeallen]

You know, there is NO solution on the table from ANYONE that results in a Bitcoin that is both scalable AND decentralized.

To handle the transaction volume of Visa would require every block to be 10-20 GB (Yes, GB, not MB).  At that block-size, decentralization, which I consider to be a fundamental requirement of what we call Bitcoin, would be long gone.

I agree that we can increase the block size some as a stop-gap measure - but block-size increases alone will not save Bitcoin.

Hopefully, the upcoming conference will yield some fresh ideas.

Cryptomining, like any other specialized activity, benefits from economies of scale. This is unavoidable. You can minimize it, but you can't eliminate it unless you centralize some other aspect of the network, such as CODE DEVELOPMENT. 

The problem isn't technical. it's political. You have these little Napoleons who crowned themselves emperors in the name of protecting the revolution.

[Fakhoury]

What conference and when it will be held ?

https://scalingbitcoin.org/montreal2015/

Thank you

[aztecminer]

they saying more longs opened on BFX.. that true ?? just what we needed! https://www.reddit.com/r/BitcoinMarkets/comments/3iopp5/daily_discussion_friday_august_28_2015/

i know redit.. shoulda never posted that here now i am reading it everyday! I have hard time reading BFX graphs but i can see volume on bitcoinwisdom. i wonder why coinbase exchange shows no volume.

sorry BFX i think margin trading is too risky for me.. i am waaay too paranoid trade on margin. i bail immediately.

[xyzzy099]

You know, there is NO solution on the table from ANYONE that results in a Bitcoin that is both scalable AND decentralized.

To handle the transaction volume of Visa would require every block to be 10-20 GB (Yes, GB, not MB).  At that block-size, decentralization, which I consider to be a fundamental requirement of what we call Bitcoin, would be long gone.

I agree that we can increase the block size some as a stop-gap measure - but block-size increases alone will not save Bitcoin.

Hopefully, the upcoming conference will yield some fresh ideas.

Cryptomining, like any other specialized activity, benefits from economies of scale. This is unavoidable. You can minimize it, but you can't eliminate it unless you centralize some other aspect of the network, such as CODE DEVELOPMENT. 

The problem isn't technical. it's political. You have these little Napoleons who crowned themselves emperors in the name of protecting the revolution.

A centralized Bitcoin will be just as dead as a slow Bitcoin.  It very much IS a technical problem.