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

[sAt0sHiFanClub]

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.

I think most casual observers would be hard pressed to separate the MPfags from the more extreme core fanboys. They occupy the same frequencies on the fundamentalist spectrum. Conversely, most big blockers would simply like the opportunity to choose. The manner in which that has been denied would make any moderate person worry for the governance of Bitcoin.

I've no issue with the label of troll. I was labelled a troll ages ago for merely having the opinion that bitcoin value should be based less on foolhardy speculation and more on utility. So it goes.

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[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?

It's just you.

[ChartBuddy]

Coin



Explanation

[bargainbin]

...
It isn't hard to see a perfect storm for bitcoin during times of further turbulence in the major markets ...

It was a dark and stormy night...

[bitebits]

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.

Great summary. Bitcoin needs no advertisement, it just sells itself out of bare postponed and suppressed necessity.

[bargainbin]

... Bitcoin needs no advertisement, it just sells itself out of bare postponed and suppressed necessity.

"Bitcoin is the ideal product... the ultimate merchandise. No sales talk necessary. The client will crawl through a sewer and beg to buy."--BrainyQuote.com

[conspirosphere.tk]

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.

add that chinese are panicking trying to get out from their currency:
http://gata.org/node/16189
and that tomorrow night the chinese markets reopen after the vacations, and you have a case to pull out your monocle from the pocket.

[Yakamoto]

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.

add that chinese are panicking trying to get out from their currency:
http://gata.org/node/16189
and that tomorrow night the chinese markets reopen after the vacations, and you have a case to pull out your monocle from the pocket.

When the chinese markets reopen, and if what you are saying is accurate and representative of what is currently happening in China, you can definitely bet that there is going to be an upswing in the value of Bitcoin over the next few days, especially considering that there's already been a steady increase happening.

[blunderer]

... you can definitely bet that there is going to be an upswing in the value of Bitcoin over the next few days, especially considering that there's already been a steady increase happening.

They'll probably just buy ETH and Monero, because doing amazingly well & safe investment -- no civil war (unlike bitcoins)

[ChartBuddy]

Coin



Explanation

[dropt]

... you can definitely bet that there is going to be an upswing in the value of Bitcoin over the next few days, especially considering that there's already been a steady increase happening.

They'll probably just buy ETH and Monero, because doing amazingly well & safe investment -- no civil war (unlike bitcoins)

 

[Fatman3001]

This is why it's super important to have more than 99.99% of the hash rate with you if you're going to hard fork:

http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2016-February/012396.html

I'm assuming there are literally ZERO miners left on the weaker branch.
The attacker in this scenario simply rents hashing for a few days in advance
to build his fake chain, then broadcasts the blocks to the unsuspecting
merchant at ~10 block intervals so it looks like everything is working normal
again. There are lots of mining rental services out there, and miners quite
often do not care to avoid selling hashrate to the highest bidder regardless
of what they're mining. 10 blocks worth costs a little more than 250 BTC -
soon, that will be 125 BTC.

https://www.reddit.com/r/btc/comments/44nkg3/responding_to_gavin_courtesy_bip_message_lukejr/

[–]gavinandresenGavin Andresen - Bitcoin Dev 8 points 5 days ago
That response baffled me, too.
Nothing stops somebody from trying this attack right now; you don't need a hard fork to try to Sybil attack and then feed somebody a fake chain.
It's stupid to try, you will fail...

[JayJuanGee]

If I want to talk about smart contracts do you think I have to go to altcoin discussion?

Isn't that going to be more technologically practical on bitcoin (rather than an alt) after the implementation of Seg wit?

[billyjoeallen]

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.

How many times have we heard this before. "Oh, Bitcoin's fix is just around the corner. It's already in the works. It's just as if it has already happened."

Time after time we think it's over only to turn around and find out we haven't gotten ANYWHERE. XT, Classic, Core Roadmap.... 

All that has happened is that some miners sent a letter to Core saying they don't want any trouble, they just want a time frame on the hard fork. Why would Core listen to them any more than us?  Core knows that these guys will avoid a contentious hard fork like the plague and so they can be ignored with impunity. 

Core guys say "fuck you" to Gavin, Mike, Jeff, Coinbase, Bitpay, Bitstamp, The Winklevi, us, etc but they are supposed to just cave immediately to some Chinese miners who have more to lose in a fight than anybody else?  Does core have a history of being responsive to stakeholder concerns?

Dream on. It ain't fixed until it's fixed.  Until then, holding is risky, selling is prudent and buying is just plain naive.

[ChartBuddy]

Coin



Explanation

[Laosai]

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.

How many times have we heard this before. "Oh, Bitcoin's fix is just around the corner. It's already in the works. It's just as if it has already happened."

Time after time we think it's over only to turn around and find out we haven't gotten ANYWHERE. XT, Classic, Core Roadmap.... 

All that has happened is that some miners sent a letter to Core saying they don't want any trouble, they just want a time frame on the hard fork. Why would Core listen to them any more than us?  Core knows that these guys will avoid a contentious hard fork like the plague and so they can be ignored with impunity. 

Core guys say "fuck you" to Gavin, Mike, Jeff, Coinbase, Bitpay, Bitstamp, The Winklevi, us, etc but they are supposed to just cave immediately to some Chinese miners who have more to lose in a fight than anybody else?  Does core have a history of being responsive to stakeholder concerns?

Dream on. It ain't fixed until it's fixed.  Until then, holding is risky, selling is prudent and buying is just plain naive.

You're maybe a bit pessimistic. Whatever core or classic, one of them will become the fix.

[iCEBREAKER]

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.

The 1st world has had de facto ZIRP/NIRP for decades.

But now the mere mention of de jure wealth confiscation sets off rallies in hard liquid assets like gold/Bitcoin, silver/Monero, and platinum/Ethereum.

What a difference appearances make!

Finally, my doomsday portfolio goes green!   

[billyjoeallen]

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.

How many times have we heard this before. "Oh, Bitcoin's fix is just around the corner. It's already in the works. It's just as if it has already happened."

Time after time we think it's over only to turn around and find out we haven't gotten ANYWHERE. XT, Classic, Core Roadmap.... 

All that has happened is that some miners sent a letter to Core saying they don't want any trouble, they just want a time frame on the hard fork. Why would Core listen to them any more than us?  Core knows that these guys will avoid a contentious hard fork like the plague and so they can be ignored with impunity. 

Core guys say "fuck you" to Gavin, Mike, Jeff, Coinbase, Bitpay, Bitstamp, The Winklevi, us, etc but they are supposed to just cave immediately to some Chinese miners who have more to lose in a fight than anybody else?  Does core have a history of being responsive to stakeholder concerns?

Dream on. It ain't fixed until it's fixed.  Until then, holding is risky, selling is prudent and buying is just plain naive.

You're maybe a bit pessimistic. Whatever core or classic, one of them will become the fix.

How do you know that? What makes this time different than the last half dozen times?  If I was Maxwell, I'd ink some response to the miners assuring them that they have been heard and that a hard fork will be rolled out just as soon as it is "needed". I'd basically just repeat the same bullshit I'd already said a million times, but in different words. If my goal was to stall as long as possible, I'd let the full three weeks run out and at the last minute, say that a hard fork will be added to the road map in a time range of between three and 18 months, depending on network traffic. That buys them a year and a half before they have to do anything at all.

You can't nail him down on anything because then you can prove he's lying. He'll make vague promises while reassuring us that there's plenty of time.   

[sAt0sHiFanClub]

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.

The 1st world has had de facto ZIRP/NIRP for decades.

But now the mere mention of de jure wealth confiscation sets off rallies in hard liquid assets like gold/Bitcoin, silver/Monero, and platinum/Ethereum.

What a difference appearances make!

Finally, my doomsday portfolio goes green!   

[ChartBuddy]

Coin



Explanation