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

[BlindMayorBitcorn]

WTF just happened? Any news?

Bitcoin classic will release its code next week. Bitcoin is saved. BUY BUY BUY.

Source?

https://www.reddit.com/r/btc/comments/41qdrt/bitcoin_classic_update_email_for_subscribers_tldr/

There are like 40 Core contributors. Who's going to maintain this thing if we fork off?

So everybody is replaceable??

[BitUsher]

WTF just happened? Any news?

Bitcoin classic will release its code next week. Bitcoin is saved. BUY BUY BUY.

Source?

https://www.reddit.com/r/btc/comments/41qdrt/bitcoin_classic_update_email_for_subscribers_tldr/

There are like 40 Core contributors. Who's going to maintain this thing if we fork off?

So everybody is replaceable??

Some of the 45 would likely join classic. Some of the more talented ones , with much different principles and politics than the maintainers of classic are likely going to go elsewhere or start working on the new bitcoin chain. Some might sell their large investments like Hearn, many would likely slowly deinvest for maximum return while they volunteered to projects that they enjoy, where they aren't getting slandered and death threats, and which match their philosophy. I have seen this happen multiple times with open source projects. I have mixed feeling about staying together and splitting the chain... but it may all be for the best.  

[ChartBuddy]

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[ChartBuddy]

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[iCEBREAKER]

  I am currently serving a 30 day ban on /r/bitcoin   

  Blockstream is not interested in discussing anything with anyone, and openly censors people who do not back them 100%. 

Censorship martyrdom is so three weeks ago.

Why are you still here on thermos's forum?  Weren't you supposed to fuck off over to bitco.in?

Or did that forum die along with the pipe dream of Unlimited?

[bargainbin]

...
Some of the 45 would likely join classic. Some of the more talented ones , with much different principles and politics than the maintainers of classic are likely going to go elsewhere or start working on the new bitcoin chain. ...

And here ya are, and it's a beautiful day. Don'tcha know there's only one Bitcoin? Don'tcha know that? Well. I just don't understand it.

I can still hear you saying
You would never break the chain.

[5x]
Chain, keep us together
Running in the shadows

[ChartBuddy]

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[Dotto]

This bull trend is looking more and more questionable.

[ssmc2]

This bull trend is looking more and more questionable.

Uhhhhh

zoom OUT

[ChartBuddy]

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[ImI]

rumor says that if classic succeeds big parts of core developers will switch to eth

[BitUsher]

rumor says that if classic succeeds big parts of core developers will switch to eth

Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. It would be a quick and easy transition ... Blockstream could transition as well into a general purpose Crypto companies with talented devs working on multiple projects including eth which many banks and companies are interested in.

There will be some that stay behind of course but perhaps Bitcoin has to go in a different direction than its cryptoanarchist roots. Perhaps the majority of bitcoin users want reversibility/AML/KYC/Blacklists... it is hard to say as their isn't a very good way to accurately poll these numbers.

[bargainbin]

rumor says that if classic succeeds big parts of core developers will switch to eth

Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ...

So... RIP Bitcoin?

[suda123]

rumor says that if classic succeeds big parts of core developers will switch to eth

Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ...

So... RIP Bitcoin?

wait so what are my gains if I own 200 eth and 5 bitcoins, if people switch to eth how much of a percentage do I gain?

[DunningKruger]

rumor says that if classic succeeds big parts of core developers will switch to eth

Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ...

So... RIP Bitcoin?

BTC is passing though a bad phase. If the community efforts are enough to get through it, BTC will be stronger than ever (what does not kill me makes me stronger)

[bargainbin]

rumor says that if classic succeeds big parts of core developers will switch to eth

Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ...

So... RIP Bitcoin?

wait so what are my gains if I own 200 eth and 5 bitcoins, if people switch to eth how much of a percentage do I gain?

No idea. Your BTC will be worth ~0, your ETH will be worth however much people are willing to pay.
Free market.

@DunningKruger
>That which does not kill us, makes us stronger.
Tell that to a guy in a wheelchair.

[ChartBuddy]

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[BitUsher]

rumor says that if classic succeeds big parts of core developers will switch to eth

Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ...

So... RIP Bitcoin?

Nope bitcoin will thrive, Three more likely possibilities --

1) Core wins out or a compromise is reached and we move forward with an efficient an lean blockchain with a settlement payment channel  that is more secure and resistant to attacks but will likely grow at a slower rate

2) Classic takes control, there is a large drop off in development (at least temporarily ) bitcoin will grow at a much quicker rate of adoption than under core and investors will make more a return quicker, Node count will continue and escalate dropping off and mining will further centralize ... in 10 -20 years time expect all nodes to have AML/KYC/Blacklists and be controlled by large companies that can afford to maintain the large databases, and eventually the community decides to give up on PoW altogether for PoS/DPoS because when mining is that centralized than what is the point in wasting all that electricity?

3) A fork is created where a more libertarian/anarchist coin is created with the chain split and a few devs from core 5-10 contributing to it under an ASIC proof PoW algo (already discussed) that will be better suited for the grey /black market and long term stores of wealth . It will have a different sort of utility and supporters, thus could be valued at the same amount as the other fork. If the PoW algo is changed people will be able to spend their coins on 2 chains which will amount to somewhat of a stock split. Expect an initial huge drop in price on both chains and a quick recovery. Hard to say which chain will be more valuable in the longterm.


Either way , Bitcoin (either version) has a bright history at least from an investment perspective...For ethical reasons I will stop Buying the Centralized coin and likely slowly sell it off .... I'm not going to attack it , just allow it to run its course.

[bargainbin]

rumor says that if classic succeeds big parts of core developers will switch to eth

Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ...

So... RIP Bitcoin?

Nope bitcoin will thrive, Three more likely possibilities --

1) Core wins out or a compromise is reached and we move forward with an efficient an lean blockchain with a settlement that is more secure and resistant to attacks

But you just echoed the thoughts of Blockstream's CEO by suggesting that Bitcoin Creating 'Toxic' Environment for Developers?
Seems like the best & brightest would defect, as they are doing already

2) Classic takes control, there is a large drop off in development (at least temporarily ) bitcoin will grow at a much quicker rate of adoption than under core and investors will make more a return quicker, Node count will continue and escalate dropping off and mining will further centralize ... in 10 -20 years time expect all nodes to have AML/KYC/Blacklists and be controlled by large companies that can afford to maintain the large databases, and eventually the community decides to give up on PoW altogether for a PoS/DPoS because when mining is that centralized than what is the point?

Classic can not "take control" -- it can win, by popular demand, or lose, due to Blockstream's corporate coffers & miners getting blackmailed by Core devs. None of the other shit follows, either. See how that works?

3) A fork is created where a more libertarian/anarchist coin is created with the chain split and a few devs from core 5-10 contributing to it under an ASIC proof PoW algo (already discussed) that will be better suited for the grey /black market and long term stores of wealth . It will have a different sort of utility and supporters so could be valued at the same amount as the other fork.

An altcoin, then. RIP Bitcoin?

Either way , Bitcoin (either version) has a bright history at least from an investment perspective...For ethical reasons I will stop Buying the Centralized coin and likely slowly sell it off .... I'm not going to attack it , just allow it to run its course.

What is it folks here used to say? don't let the door hit you on the way out?

Edit: You're obsessed with voluntary, non-mining full nodes. Being trivial to manipulate, they're irrelevant. Or, rather, far less relevant than wallets.
Don't worry about teh nodes.

[AlexGR]

rumor says that if classic succeeds big parts of core developers will switch to eth

Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ...

So... RIP Bitcoin?

Nope bitcoin will thrive

If miners decide to fork it, they'll have created a precedent of zero trust in future stability. Why would BTC continue its existence as a store of value when everyone knows it has and it can be forked in the future into multiple currencies?

It all comes down to miners and whether they like mining 400$ BTCs or if they'd like 100$ gavincoins - after the fork, destroying BTC and their own business as well.

Not raising the block for a little while longer, will at most prevent some spam and dust transactions and raise the fees a bit. It's 3-8 cents right now for first block inclusion while the largest portion of transactions are paying near the minimum to avoid costs and don't care for speed at all.

Forking the currency is destructive for everyone. If the miners like to wear a dynamite vest and blow everything up like suicide bombers, well, we'll have to see what happens next.

Personally I'm not discounting the possibility of satoshi returning to officially declaring it a failure and disassociating himself from the post-forking power grab.