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

[billyjoeallen]

-snip-
...the fact that Classic is DOA with the mining and economic majority opposing them. Cheers friend.  
-snip-

You read the letter as a resounding denunciation of Classic and a firm endorsement of Core, interesting.

Upon reading point 3...

In the next 3 weeks, we need the Bitcoin Core developers to work with us and clarify the roadmap with respect to a future hard-fork which includes an increase of the block size.

This is obviously asking Core to do what they have refused to do for a year now, and it gives a deadline.

Let's see if miners will grab the bone they might be thrown. My guess is that it will be a pinky promise for a HF sometime in 2017.

Now, because Core is immune to politics, and will only base decisions on their enabling of future profitability technical superiority... they simply cannot do this. To change Gregory's roadmap is to succumb to political pressure where a mouth breathing majority tramples the sacred rights of the enlightened minority, compromising at all would mean they have been lying all along about that point. Bit of a pickle there. Cheers Friend. 

Let the purge begin! Bitcoin is a settlement tool for central banking, excelsior!

I'm surprised how few people actually understand the letter from a Chinese cultural perspective. Clearly, they give Core a deadline in a face saving way. Superficially, the letter looks like support to Core, while embedded, there's a diktat to include a HF in their roadmap with a deadline of three weeks.

But what if Core doesn't understand it either? I will be happy to be wrong, but I gather the arrogance and hubris of Core will not allow them to respond to this collective bargaining by the employees. The resolve of this labor union has yet to be tested anyway.

[bargainbin]

...
when do you give up on bitcoin exactly?

'Soon as I trap the last of you pesky critters...



Edit:
Jim Harper, a senior fellow at the Cato Institute & Global Policy Counsel for the [bankrupt] Bitcoin Foundation, is "increasingly comfortable thinking of bitcoin governance as a market phenomenon."

A Cato bro comfortable with interpreting everything as market phenomena? Stop the presses!

ah i see, you are on a mission or something.

More like a pleasant way to pass the time. Like plinking rats with a .22, but sans the moral ambiguity.

[ChartBuddy]

Coin



Explanation

[hdbuck]

...
when do you give up on bitcoin exactly?

'Soon as I trap the last of you pesky critters...



Edit:
Jim Harper, a senior fellow at the Cato Institute & Global Policy Counsel for the [bankrupt] Bitcoin Foundation, is "increasingly comfortable thinking of bitcoin governance as a market phenomenon."

A Cato bro comfortable with interpreting everything as market phenomena? Stop the presses!

ah i see, you are on a mission or something.

More like a pleasant way to pass the time. Like plinking rats with a .22, but sans the moral ambiguity.

sure.

[sAt0sHiFanClub]

sure.

Less of the gratuitous self-promotion, please, hdbuck. This is not the X-factor.

[iCEBREAKER]

monero pump is getting serious...

+47% in 24h
+183% in 72h

and keep pushing. Finally it´s working

Relevant:

https://bitcointalk.org/index.php?topic=1330553.msg13874042#msg13874042

[ChartBuddy]

Coin



Explanation

[sAt0sHiFanClub]

Meanwhile ... 21 releases better code using the new CLTV opcode to setup a micro-payments channel to dramatically increase capacity with no need for a blocksize limit increase, and no added network tradoffs. Works with any device and free to use.

https://medium.com/@21/true-micropayments-with-bitcoin-e64fec23ffd8#.t2iij7v71

This will not be as inexpensive and powerful as the lightning network but is a great solution to resolve current capacity "problems" immediately.

"Peer to peer electronic payments without the need for a trusted 3rd party"

Bitcoin micropayments: as easy as opening a bar tab
How does this technology work? A good analogy is the idea of a bar tab. When you go to a bar, you typically put down a credit card to open a tab, enjoy your food and drinks, and then close out the tab at the end of the night.

Bar tab? You trust the barman not to skim your CC?
You trust the customer to not do a runner?(0-conf,anyone?\)

Do you really think this is better? Is this "moving forward"?

 

The "barman" is merely a payment channel script(not a human) that uses the bitcoin blockchain for an Extremely fine-grained realtime billing.

Reduces the need for trust. Neither the merchant nor the customer needs much trust in the other person or any third-party, as the same cryptography used to secure regular Bitcoin transactions is used to secure the micropayment channel. Losses in low-trust situations are bounded and quantifiable; the worst a merchant server can do to a client using micropayment channels is to abscond with an initial transaction of 3000 satoshis without delivering a digital good. If compared to the much larger losses that can be incurred by trusting an insecure merchant server with credit card details, this is a step forward. Put another way: while pre-existing trust reduces transaction costs, establishing trust costs time — which is itself a form of transaction cost.

The consumer places the initial deposit in which the merchant can delay delivering a good/service or use other 0 Conf algo's to detect fraud in conjunction with the payment channel if a delay is not in their interest. Thus the risk is 1 US penny for the consumer. Yes, this is moving forward and very useful.

The lightning network will be superior , but this is much better than what existing payment processors are using.


Not that it matters ... but since you are such a Satoshi Fanboi here is another fact for you-

The tech has a long history in Bitcoin — it was actually originally imagined by Satoshi Nakamoto when he designed two features called nSequence and Locktime, and a variant of it was later implemented by Matt Corallo and several other developers in BitcoinJ.

It still requires trust, but as you say, for such small amounts its probably a moot  point.  I do actually like it, but I get such a buzz from winding you up that I just had to say it. 

[Fatman3001]

monero pump is getting serious...

+47% in 24h
+183% in 72h

and keep pushing. Finally it´s working

Relevant:

https://bitcointalk.org/index.php?topic=1330553.msg13874042#msg13874042

Yes, we know. You're helping gimp Bitcoin so you can get your CP/Drug-coin off the ground.

Hooray!

[BitUsher]

It still requires trust, but as you say, for such small amounts its probably a moot  point.  I do actually like it, but I get such a buzz from winding you up that I just had to say it. 

I appreciate your honesty with being a troll... but we really do not need this distraction right now as we need to work together on finding solutions to increasing capacity and scalability.

There is no such thing as trust less solutions, all we can do is manage trust and mitigate risk. These payment channel are a great piece of the puzzle to the capacity problem.

[Fatman3001]

It still requires trust, but as you say, for such small amounts its probably a moot  point.  I do actually like it, but I get such a buzz from winding you up that I just had to say it. 

I appreciate your honesty with being a troll... but we really do not need this distraction right now as we need to work together on finding solutions to increasing capacity and scalability.

There is no such thing as trust less solutions, all we can do is manage trust and mitigate risk. These payment channel are a great piece of the puzzle to the capacity problem.

Well at least you admit it's a problem. That's better than most.

[sAt0sHiFanClub]

It still requires trust, but as you say, for such small amounts its probably a moot  point.  I do actually like it, but I get such a buzz from winding you up that I just had to say it. 

I appreciate your honesty with being a troll... but we really do not need this distraction right now as we need to work together on finding solutions to increasing capacity and scalability.

Is it just me, or does that really make you sound like a sanctimonious git?

[BitUsher]

I appreciate your honesty with being a troll... but we really do not need this distraction right now as we need to work together on finding solutions to increasing capacity and scalability.

There is no such thing as trust less solutions, all we can do is manage trust and mitigate risk. These payment channel are a great piece of the puzzle to the capacity problem.

Well at least you admit it's a problem. That's better than most.

Almost Everyone is working towards greater capacity, we just disagree on the priorities and methods. You are describing the Bitcoin Assets crowd that is 0.00002% of bitcoiners. It is misleading to suggest otherwise. Most want bigger blocks and more capacity and view 7tps as a problem.

Is it just me, or does that really make you sound like a sanctimonious git?

My intention is not to offend you, and I am not trying to win any popularity contests, but merely correct false statements and working on reducing some unnecessary hostility by focusing on the facts instead of attacking individuals. I wouldn't have assumed you were a troll without you admitting it. It was worth mentioning because we have enough problems with confusion and people stiring up shit , that the added layer of trolling to get your rocks off isn't helpful.

[Meuh6879]

monero pump is getting serious...

+47% in 24h
+183% in 72h

and keep pushing. Finally it´s working

[Fatman3001]

I appreciate your honesty with being a troll... but we really do not need this distraction right now as we need to work together on finding solutions to increasing capacity and scalability.

There is no such thing as trust less solutions, all we can do is manage trust and mitigate risk. These payment channel are a great piece of the puzzle to the capacity problem.

Well at least you admit it's a problem. That's better than most.

Almost Everyone is working towards greater capacity, we just disagree on the priorities and methods. You are describing the Bitcoin Assets crowd that is 0.00002% of bitcoiners. It is misleading to suggest otherwise. Most want bigger blocks and more capacity and view 7tps as a problem.

They seem to be 50% of this forum. Gmaxwell buddying up with them in the echo chambers isn't reassuring either.

[BitUsher]

They seem to be 50% of this forum. Gmaxwell buddying up with them in the echo chambers isn't reassuring either.

I have noticed perhaps 2 that may fit that crowd on this forum off the top of my head. The MP crowd doesn't interact much here and typically stay on bitcoin assets. You realize the MP has made death threats against multiple people included Core devs, right? Core devs don't typically get along with that crowd, they have their own ecosystem and own implementation of bitcoin that is separately maintained.

[treeguard]

oh wow i can see a price increase after a long time, i am very happy about it and i hope it will increase even more

[ChartBuddy]

Coin



Explanation

[orpington]

It still requires trust, but as you say, for such small amounts its probably a moot  point.  I do actually like it, but I get such a buzz from winding you up that I just had to say it. 

I appreciate your honesty with being a troll... but we really do not need this distraction right now as we need to work together on finding solutions to increasing capacity and scalability.

Is it just me, or does that really make you sound like a sanctimonious git?

It's just you.

[inca]

Bitcoin now has a rather nice flag formation after the rise from 200-500 with little media fanfare. The alt's are waking up and the halving is approaching. The only thing keeping bitcoin back is the blocksize debate which will soon resolve either by a HF with majority of miner support, or with Core acquiescing to the demands of the market and miners (3 weeks!) and fixing a 2mb blocksize HF in the roadmap.

It isn't hard to see a perfect storm for bitcoin during times of further turbulence in the major markets, where negative rates are being introduced in Western economies as central bankers start to lose control. Previously there has been a hunt for return and yield with QE and cheap money post 2008 being used by banks to bid up stock markets and levitate asset prices. ZIRP has turned everyone into a speculator with cash offering negative returns and the markets looking crash prone now bitcoin may start to look mighty attractive as an asset class in the coming months with it's unique monetary properties.