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

[Monopoly]

Heh ...... you mean Btc will crash to the earth and then starting to moon ? .... ye that is true ....

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[Fatman3001]

CoinWallet has already demonstrated their ability to perform a spam attack earlier this summer and I don't think they are bluffing about their intention of conducting another soon. I'd estimate the spam attack will start in the next week or two.

http://www.ibtimes.co.uk/coinwallet-plans-bitcoin-dust-attack-september-create-30-day-transaction-backlog-1515981

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".

A CoinWallet representative told IBTimes in an email exchange: "I don't have a set date, but it will be early September. I'm too busy this month to fully devote a large amount of time to executing the 'test'.

Those were not real "spam attacks" because they used fixed and relatively low fees (0.2 mBTC/kB), so the backlog was easily bypassed by clients who knew what was going on.  

A real spam atttack will try to ajust the fees dynamically so as to keep some significant fraction of the legitimate traffic perpetually out of the blockchain, even while the legitimate clients adjust their fees to try to get through.  

At least that interview gave a plausible explanation for the "stress tests":  Coinwallet.eu has a wallet that, they claim, will correctly compute the fee needed to get through the traffic jams... that they create themseves.  Hum.  

It would be diabolically nice if someone else did a REAL spam attack during their stress test, so as to really test their supersmart wallet (and other supersmart wallets out there).  Their "stress test" may even save the spam attacker some coins...

If there ever was anyone who deserved to be DDOS'd to infinity and beyond it would be the coinwallet people. I think the Bitcoin community should all go together and pay for the CEO's apartment to be surrounded by PA systems that go "PING!" 120 times a minute each in order to "stress test" his ability to not jump out of the window.

[gentlemand]

If there ever was anyone who deserved to be DDOS'd to infinity and beyond it would be the coinwallet people. I think the Bitcoin community should all go together and pay for the CEO's apartment to be surrounded by PA systems that go "PING!" 120 times a minute each in order to "stress test" his ability to not jump out of the window.

I seriously doubt it's a real company and they probably wouldn't notice if their website was gone. Dunno who or what they are but being a proper Bitcoin company isn't one of them. There is absolutely no mention of them anywhere in relation to anything other than the stress tests.

[RenegadeMan]

It's bizzarre to me that anyone can claim that Bitcoin's PRIMARY utility is as a store of value. A store of value does not lose over 80% of it's market cap in less than 2 years.

Bitcoin needs to scale in order to survive. The people who sell bitcoin don't seem to think so. The people who buy Bitcoin absolutely do. Ever heard the saying "the customer is always right?"

I think eventually it will be seen as a store of value. Your "A store of value does not lose over 80% of it's market cap in less than 2 years" statement is taking a selective window of Bitcoin's total lifespan and highlighting its devaluation from the ATH. A similar selective view could be applied to many 'store of value' assets that went through booms and busts in their early days.

Of course it needs to scale and I don't think anyone is arguing it doesn't. You make some good points in many of your posts but I find your constant "scale or die" rhetoric to be a simplistic dumbing down of what is a relatively complex debate (you're displaying similar lines of 'intelligence' to President Bush's "You're either with us or against us" and "the axis of evil" chest beating after 911 and we all know how poorly much of that turned out).

Rather than just painting anyone that doesn't think XT has the right combination of attributes and backing as someone that's against Bitcoin moving forward, perhaps you could bring a little more clarity around the issues at hand to the discussion and dispense with such black and white judgement.

[Fatman3001]

If there ever was anyone who deserved to be DDOS'd to infinity and beyond it would be the coinwallet people. I think the Bitcoin community should all go together and pay for the CEO's apartment to be surrounded by PA systems that go "PING!" 120 times a minute each in order to "stress test" his ability to not jump out of the window.

I seriously doubt it's a real company and they probably wouldn't notice if their website was gone. Dunno who or what they are but being a proper Bitcoin company isn't one of them. There is absolutely no mention of them anywhere in relation to anything other than the stress tests.

Then I suggest that the procedure is applied to ibtimes until they point us in the direction of the fucktards. Then we hire one of those wonderful bitcoin-accepting "cleaners" on the dark web that I've heard so much about.

[Fakhoury]

It's bizzarre to me that anyone can claim that Bitcoin's PRIMARY utility is as a store of value. A store of value does not lose over 80% of it's market cap in less than 2 years.

Bitcoin needs to scale in order to survive. The people who sell bitcoin don't seem to think so. The people who buy Bitcoin absolutely do. Ever heard the saying "the customer is always right?"

I think eventually it will be seen as a store of value. Your "A store of value does not lose over 80% of it's market cap in less than 2 years" statement is taking a selective window of Bitcoin's total lifespan and highlighting its devaluation from the ATH. A similar selective view could be applied to many 'store of value' assets that went through booms and busts in their early days.

Of course it needs to scale and I don't think anyone is arguing it doesn't. You make some good points in many of your posts but I find your constant "scale or die" rhetoric to be a simplistic dumbing down of what is a relatively complex debate (you're displaying similar lines of 'intelligence' to President Bush's "You're either with us or against us" and "the axis of evil" chest beating after 911 and we all know how poorly much of that turned out).

Rather than just painting anyone that doesn't think XT has the right combination of attributes and backing as someone that's against Bitcoin moving forward, perhaps you could bring a little more clarity around the issues at hand to the discussion and dispense with such black and white judgement.

+1

Billy, don't panic my friend, believe me, we will scale and bitcoin will be super-fine.

We are all in the same boat with one target, to reach the higher ceils ever of what we can and we will do it.

As Amph said, we are just in a despair phase which sooner or later will be vanished.

Just give it some time and believe me, we as a people will get there

[gentlemand]

Then I suggest that the procedure is applied to ibtimes until they point us in the direction of the fucktards. Then we hire one of those wonderful bitcoin-accepting "cleaners" on the dark web that I've heard so much about.

I've recruited a few myself to take out people who've dropped litter in my locale. After transferring a few thousand of my hard earned BTC the murders failed to go through. Most of the assassins said they were, like, totally grounded or snowed under with homework after I asserted my rights as a consumer.

[ChartBuddy]

Coin
Explanation

[Fatman3001]

It's bizzarre to me that anyone can claim that Bitcoin's PRIMARY utility is as a store of value. A store of value does not lose over 80% of it's market cap in less than 2 years.

Bitcoin needs to scale in order to survive. The people who sell bitcoin don't seem to think so. The people who buy Bitcoin absolutely do. Ever heard the saying "the customer is always right?"

I think eventually it will be seen as a store of value. Your "A store of value does not lose over 80% of it's market cap in less than 2 years" statement is taking a selective window of Bitcoin's total lifespan and highlighting its devaluation from the ATH. A similar selective view could be applied to many 'store of value' assets that went through booms and busts in their early days.

Of course it needs to scale and I don't think anyone is arguing it doesn't. You make some good points in many of your posts but I find your constant "scale or die" rhetoric to be a simplistic dumbing down of what is a relatively complex debate (you're displaying similar lines of 'intelligence' to President Bush's "You're either with us or against us" and "the axis of evil" chest beating after 911 and we all know how poorly much of that turned out).

Rather than just painting anyone that doesn't think XT has the right combination of attributes and backing as someone that's against Bitcoin moving forward, perhaps you could bring a little more clarity around the issues at hand to the discussion and dispense with such black and white judgement.

... so you felt the need to go ad hominem on him?

BJA can go off the rails now and then, but this is not one of those times. There are plenty here who doesn't want Bitcoin to scale. They want it to stay tiny and reserve the blockchain for bulk transactions or "just as a store of value"(What that value would be is kind of lost on me). What annoys ME is pussies who consistently talk about the "middle ground" as if it's the wise and reasonable choice in every situation, when really it's just a cop out for spineless people. BJA can be way off track sometimes, but at least he is prepared to plow his own track if need be.

[aztecminer]

bitfinix piling on the longs again..

[EsBitcoin.org]

Heh ...... you mean Btc will crash to the earth and then starting to moon ? .... ye that is true ....

The rocket dont touch the earth

[cyclotronmajesty]

You are ridiculous and coming off as a bit trollish or at least disingenuous.

You make a whole bunch of unsubstantiated generalizations regarding Bitcoin in general and it's possible future market performance, in part seeming to be based on your bad investment luck and what appears to be considerable deficiencies in your outlook and expectations

How else do you measure an investment? Would you invest more money into something that has cost you money? Maybe i'm simple minded. But if it's supposed to make you money, and instead it burns all of it up. Maybe just maybe it's not a good investment.

But I've been waiting for this thing since the idea of paypal came out. I didn't really know of it until 2014.
The idea of replacing the banks entirely appeals to me. That is the reason I like it. Trading isn't necessary if you want to use bitcoin. But then again the world prefers credit cards and that requires an institution all over again, taking a fee on every time you spend your money.

[RenegadeMan]

... so you felt the need to go ad hominem on him?

No, but I'm feeling the potential need to go ad hominem on you!

I mostly enjoy reading your and BJA's posts but some of the ways you're expressing yourselves are not helpful.

When are people going to wake up and realise that all this infighting and characterisation of people within bitcoin as "pussies" and "spineless people" is the internal bickering that just makes serious money on the outside of crypto look in (for 5 seconds tops) and shake their heads at the immaturity and self-defeating culture.

Honestly, we need unity and leadership to present a unified face. This stuff you're going on with is disastrous. Who exactly doesn't want Bitcoin to scale? Who? I honestly don't know who these people are. Of course there are a multitude of discussions around new developments like sidechains and the Lightning Network which may change some aspects of how the blockchain is used and what direction it takes, but I don't see any of these people arguing for a Bitcoin that doesn't scale.

This is just more of the "you're either with us or against us" black and white rhetoric I highlighted above.

It's absolutely not helpful to the cause.

[PoolMinor]

It's bizzarre to me that anyone can claim that Bitcoin's PRIMARY utility is as a store of value. A store of value does not lose over 80% of it's market cap in less than 2 years.

Bitcoin needs to scale in order to survive. The people who sell bitcoin don't seem to think so. The people who buy Bitcoin absolutely do. Ever heard the saying "the customer is always right?"

You need to rethink what has actually happened in the last 730 days.





Below is gold store of value for ~730 days.




From here

[sAt0sHiFanClub]

who is this loser?

Nakamoto & some icy broad.

Seriously, did you need to quote it?   

[adamstgBit]

who is this loser?

Nakamoto & some icy broad.

Seriously, did you need to quote it?   

wtf is wrong with him?

[ChartBuddy]

Coin
Explanation

[adamstgBit]

i found him!

[biggus dickus]

If there ever was anyone who deserved to be DDOS'd to infinity and beyond it would be the coinwallet people. I think the Bitcoin community should all go together and pay for the CEO's apartment to be surrounded by PA systems that go "PING!" 120 times a minute each in order to "stress test" his ability to not jump out of the window.

I seriously doubt it's a real company and they probably wouldn't notice if their website was gone. Dunno who or what they are but being a proper Bitcoin company isn't one of them. There is absolutely no mention of them anywhere in relation to anything other than the stress tests.

At the end of the ibtimes article about CoinWallet there is a quote from them that says they heavily support the XT fork. I think the only reason for CoinWallet's existence is to try to use the stress tests to force the XT fork through, and whoever created CoinWallet must have a lot to gain if the XT fork takes off. The CEO will have hidden his identity by registering the site through an anonymity service, and registering the company through an anonymous business mailing address service.

He will have anticipated the risk of his apartment being surrounded by PA systems that go "PING!" 120 times a minute before setting up the company and hidden his identity to protect himself against it.

http://www.ibtimes.co.uk/coinwallet-plans-bitcoin-dust-attack-september-create-30-day-transaction-backlog-1515981

"The fact that the XT fork hasn't occurred yet is ridiculous," CoinWallet said.

[coinpr0n]

i found him!

Coded Bitcoin when he was 7 or 8. Then moved on to better things (ETH).