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

[Post-Cosmic]

It's important that a distributed ledger (blockchain) network not get spammed / be vulnerable to wasteful, spammy, or malicious transactions/requests. So, this argument, in favor of small blocks, is very legitimate and must be considered.

It's also important that a distributed ledger (blockchain) network be allowed to grow in userbase, feature set, adapt to new functionalities and processing capabilities, to match the ever-evolving needs and demand from a diverse userbase, particularly in the midst of the rapidly changing technological landscape of modern societies. So, this argument, in favor of larger blocks, is also very legitimate and must be considered.


..But implementing solutions that address either, or ideally, somehow, both of of these main issues, doesn't solve bitcoin's ACTUAL biggest problem as the premier [theoretically] decentralized payment system & store of value we need it for.

Why? Because as Mike unceremoniously put it,

As long as China controls Bitcoin, it has failed it's most cardinal mission as a decentralized trustless system.

To save Bitcoin we must execute a benevolent, temporary 51% attack on Chinese pools and/or vote to change Core to blacklist them (or use any similar method, I don't know - I'm not a programmer ;3) to 'force' Chinese monopolistic miners OUT OF THEIR DDOS'ING, SELF-INTERESTED, CHINESE-WALL+AUTHORITARIAN-REGIME-PROBLEMATIC MAJORITY.

Beyond dreams of a fee market, beyond issues with full blocks ~ If Bitcoin is to succeed, CHINA MUST GO.

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[1714810168]

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[ZephramC]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

What is the problem with Havelock?

[bargainbin]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

Which would you recommend? Let's say I want to sell 20 BTC for fiat/another coin?

@ZephramC: its track record of empoverishing intrepid investors. You must be new.

[ZephramC]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

Which would you recommend? Let's say I want to sell 20 BTC for fiat/another coin?

@ZephramC: its track record of empoverishing intrepid investors. You must be new.

I am not new. But perhaps I missed something. You mean companies listed on Havelock empoverishing or the Havelock itself<

[bargainbin]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

Which would you recommend? Let's say I want to sell 20 BTC for fiat/another coin?

@ZephramC: its track record of empoverishing intrepid investors. You must be new.

I am not new. But perhaps I missed something. You mean companies listed on Havelock empoverishing or the Havelock itself<

I mean when you go to a store, and each and every time you buy a snack -- any kind of a snack -- you wind up in the emergency room, getting your tummy pumped, I'd say avoid the store.
Regardless of whether it's the store or the store's suppliers who poison the food.

So, technically no, it's not Havelock, it's their expertly curated offerings

P.S. Which is not to say you should avoid it.
P.P.S. still waiting for the answer re. boldface above.

[ChartBuddy]

Coin



Explanation

[Richy_T]

Just from interest, I ran this. The blue line is the free block space, the red line is when Satshi implemented the current block size limit.

Haven't had this one in a while...

[ImI]

Hearn has not lost my respect. He never had it in the first place.

A deeply immature person.

Unfortunately he is not the only one. Gmax, Luke and Thymos act similar.

[hdbuck]

Just from interest, I ran this. The blue line is the free block space, the red line is when Satshi implemented the current block size limit.

Shitcoiners spamming the blockchain. Thank you satoshi for anticipating them!

PS/ and fuck you richy and your miserable fud attempts.

[Richy_T]

Next up, I think full blocks vs time and probably fees vs time.

[aztecminer]

bitcoin serves as a fungible currency

You mean like how the 13,000 BTC stolen from Cryptsy are fungible?

https://www.walletexplorer.com/wallet/0c07e0bec1002bd2

BigVern must be mistaken when he says "If they are returned, then we will assume that no harm was meant and will not take any action to reveal who you are.  If not, well, then I suppose the entire community will be looking for you."

Last we heard of the guy he was flying out to China isn't it?

These 13,000 coins will find their way diluted into the market in due time.

Some may ask why we didn’t report this to the authorities when this occurred, and the answer is that we just didn’t know what happened, didn’t want to cause panic, and were unsure who exactly we should be contacting.
http://blog.cryptsy.com/

Now that's funny right there I don't care who you are.   

yep... cryptsy has been brewing for last few weeks.

[Richy_T]

PS/ and fuck you richy and your miserable fud attempts.

I know, right? I ignore those little lights that come on on my dashboard too that tell me I need more oil or to replace the brakes and so forth also.

And fuck the blockchain for it's factual data. We should just replace it with hope & dreams instead.

[Mrpumperitis]

[aztecminer]

It's important that a distributed ledger (blockchain) network not get spammed / be vulnerable to wasteful, spammy, or malicious transactions/requests. So, this argument, in favor of small blocks, is very legitimate and must be considered.

It's also important that a distributed ledger (blockchain) network be allowed to grow in userbase, feature set, adapt to new functionalities and processing capabilities, to match the ever-evolving needs and demand from a diverse userbase, particularly in the midst of the rapidly changing technological landscape of modern societies. So, this argument, in favor of larger blocks, is also very legitimate and must be considered.


..But implementing solutions that address either, or ideally, somehow, both of of these main issues, doesn't solve bitcoin's ACTUAL biggest problem as the premier [theoretically] decentralized payment system & store of value we need it for.

Why? Because as Mike unceremoniously put it,

As long as China controls Bitcoin, it has failed it's most cardinal mission as a decentralized trustless system.

To save Bitcoin we must execute a benevolent, temporary 51% attack on Chinese pools and/or vote to change Core to blacklist them (or use any similar method, I don't know - I'm not a programmer ;3) to 'force' Chinese monopolistic miners OUT OF THEIR DDOS'ING, SELF-INTERESTED, CHINESE-WALL+AUTHORITARIAN-REGIME-PROBLEMATIC MAJORITY.

Beyond dreams of a fee market, beyond issues with full blocks ~ If Bitcoin is to succeed, CHINA MUST GO.

wut ? we gotta do wut "blockchain blacklists" ? ok everyone all chant at same time: "china must go" "we want blockchain blacklists"!  .... follow up with a give me a "WOOT WOOT" .

[Richy_T]

wut ? we gotta do wut "blockchain blacklists" ? ok everyone all chant at same time: "china must go" "we want blockchain blacklists"!  .... follow up with a give me a "WOOT WOOT" .

Clearly their influence is making Bitcoin too inscrutable. Possibly even more dangerous than centralization.

[Fatman3001]

Well, at least volume is up.

[Fatman3001]

Next up, I think full blocks vs time and probably fees vs time.

Have you seen someone break down the fee/non-fee transaction distribution lately? I would think people are already starting to add extra fees. I know I am.

[JimboToronto]

Good morning Bitcoinland.

I finally got my buying opportunity during business hours. Unfortunately it's the middle of January and I could only afford a single coin. Better than no coins I suppose.

Luckily I woke up early and ran right out to buy so I only paid $390. Was that the last chance to buy for less than $400?

[aztecminer]

Wow, that's a lot of news...

Seems like btc is going through lots of troubles. I hope it'll go through them, don't want to see btc crash and die now :/

those problems have been there for awhile. i think there is something similar problem still brewing.

[soullyG]

If we don't drop below ~$370 on this latest push down then I'm feeling bullish as fuck