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

[billyjoeallen]

All the in fighting and trolling is getting a bit too much lately. The way things are currently it looks like we don't all want the same thing which is bitcoin's price to rise right.

I hope to see some kind of consensus soon.

There will never be consensus. There will always be fighting and trolling. You'd better get used to it because this is the future of bitcoin. There will always be some minority like current big blocktards that want to take over bitcoin and ruin or cripple it. Bitcoin's price will rise despite all this!

Rise based on what exactly? a permanent conflict between users, miners and coders? a 100% chance of a network congestion failure before we get to the point we were at 27 months ago? the ability of the PRC to nationalize Chinese mines and execute as many 51% attacks as they want? SegWit TestNet results? What the hell makes you think it's going up and who is supposed to be doing the buying?

Pump it, and they will come.

You can pump anything and get momentum riders, but you have to keep it up indefinitely because as soon as the momentum is lost, they ride it the other way.  Sustainable appreciation has to be based on fundamentals.  

15 out of the last 20 days were green candles, but the price has only recovered about 2/3 of what it lost in the five days prior to that. That's an enormous amount of pumping, but everybody knows that some spammer can crash the market again by filling blocks any time he wants.  

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[r0ach]

Are you jibblets still arguging about block size? holy shit...

Last time I checked, core was going along with a 2mb hard fork in 2017, so segwit + that = 4mb.  That's fine for the foreseeable future.  Around 8mb is where I see most of the glass ceiling on price coming off, and that's the next stop after 4mb.

There's nothing to discuss anymore about block size.

[JayJuanGee]

All the in fighting and trolling is getting a bit too much lately. The way things are currently it looks like we don't all want the same thing which is bitcoin's price to rise right.

I hope to see some kind of consensus soon.

There will never be consensus. There will always be fighting and trolling. You'd better get used to it because this is the future of bitcoin. There will always be some minority like current big blocktards that want to take over bitcoin and ruin or cripple it. Bitcoin's price will rise despite all this!

Rise based on what exactly? a permanent conflict between users, miners and coders? a 100% chance of a network congestion failure before we get to the point we were at 27 months ago? the ability of the PRC to nationalize Chinese mines and execute as many 51% attacks as they want? SegWit TestNet results? What the hell makes you think it's going up and who is supposed to be doing the buying?

Pump it, and they will come.

You can pump anything and get momentum riders, but you have to keep it up indefinitely because as soon as the momentum is lost, they ride it the other way.  Sustainable appreciation has to be based on fundamentals.  

15 out of the last 20 days were green candles, but the price has only recovered about 2/3 of what it lost in the five days prior to that. That's an enormous amount of pumping, but everybody knows that some spammer can crash the market again by filling blocks any time he wants.  

You gotta take a broader look at bitcoin's prices, and you will realize that the blockfullidshit is not materially having an affect on BTC prices... and BTC prices are generally preparing to go up. 

There are 7 years of pretty stupendous growth and a bit of a correction with ongoing likelihood of upwards movement.

We had nearly a year of very much downward price pressure.. in the $200s...  and then we are continuing upward.... surely, upwards is not guaranteed, but more likely than not that BTC prices are going to continue up rather than returning to the $200s .. we may even get some movement into the $300s or down to $350... but seems difficult to achieve such and there have been several attempts over the past few months.

[DaRude]

All the in fighting and trolling is getting a bit too much lately. The way things are currently it looks like we don't all want the same thing which is bitcoin's price to rise right.

I hope to see some kind of consensus soon.

There will never be consensus. There will always be fighting and trolling. You'd better get used to it because this is the future of bitcoin. There will always be some minority like current big blocktards that want to take over bitcoin and ruin or cripple it. Bitcoin's price will rise despite all this!

Rise based on what exactly? a permanent conflict between users, miners and coders? a 100% chance of a network congestion failure before we get to the point we were at 27 months ago? the ability of the PRC to nationalize Chinese mines and execute as many 51% attacks as they want? SegWit TestNet results? What the hell makes you think it's going up and who is supposed to be doing the buying?

Pump it, and they will come.

You can pump anything and get momentum riders, but you have to keep it up indefinitely because as soon as the momentum is lost, they ride it the other way.  Sustainable appreciation has to be based on fundamentals.  

15 out of the last 20 days were green candles, but the price has only recovered about 2/3 of what it lost in the five days prior to that. That's an enormous amount of pumping, but everybody knows that some spammer can crash the market again by filling blocks any time he wants.  

Are you saying that bitcoin is dead??

[billyjoeallen]

All the in fighting and trolling is getting a bit too much lately. The way things are currently it looks like we don't all want the same thing which is bitcoin's price to rise right.

I hope to see some kind of consensus soon.

There will never be consensus. There will always be fighting and trolling. You'd better get used to it because this is the future of bitcoin. There will always be some minority like current big blocktards that want to take over bitcoin and ruin or cripple it. Bitcoin's price will rise despite all this!

Rise based on what exactly? a permanent conflict between users, miners and coders? a 100% chance of a network congestion failure before we get to the point we were at 27 months ago? the ability of the PRC to nationalize Chinese mines and execute as many 51% attacks as they want? SegWit TestNet results? What the hell makes you think it's going up and who is supposed to be doing the buying?

Pump it, and they will come.

You can pump anything and get momentum riders, but you have to keep it up indefinitely because as soon as the momentum is lost, they ride it the other way.  Sustainable appreciation has to be based on fundamentals.  

15 out of the last 20 days were green candles, but the price has only recovered about 2/3 of what it lost in the five days prior to that. That's an enormous amount of pumping, but everybody knows that some spammer can crash the market again by filling blocks any time he wants.  

Are you saying that bitcoin is dead??

i'm saying it's a hobby network and it looks like it will stay a hobby network.  serious adoption would kill it.

[gentlemand]

Er, I think we get the fuckin' gist now after countless thousands of words. Why aren't you out doing something creative and useful like planting trees?

[AlexGR]

i'm saying it's a hobby network and it looks like it will stay a hobby network.  serious adoption would kill it.

Let's see the capabilities of the "hobby network" right now:

300.000 tx/day x 1000$ per tx on average =109.5 billion USD per year, exceeding western union customer department and around half of paypal.

At 300k tx/day and 10.000$ per tx = 1.09 TRILLION usd per year, surpassing paypal and western union combined x3.


At around 3.3mb effective capacity:

1mn txs per day x1000$ per tx on average = 365bn USD per year, exceeding paypal and western union combined.

1mn txs per day x10.000$ per tx on average = 3.65 trillion USD per year

"Hobby coin"  

[MH1ts0]

i'm saying it's a hobby network and it looks like it will stay a hobby network.  serious adoption would kill it.

Let's see the capabilities of the "hobby network" right now:

300.000 tx/day x 1000$ per tx on average =109.5 billion USD per year, exceeding western union customer department and around half of paypal.

At 300k tx/day and 10.000$ per tx = 1.09 TRILLION usd per year, surpassing paypal and western union combined x3.


At around 3.3mb effective capacity:

1mn txs per day x1000$ per tx on average = 365bn USD per year, exceeding paypal and western union combined.

1mn txs per day x10.000$ per tx on average = 3.65 trillion USD per year

"Hobby coin"  

Sorry, but 99.99% of all these so called "txs" are worthless spam.

[AlexGR]

i'm saying it's a hobby network and it looks like it will stay a hobby network.  serious adoption would kill it.

Let's see the capabilities of the "hobby network" right now:

300.000 tx/day x 1000$ per tx on average =109.5 billion USD per year, exceeding western union customer department and around half of paypal.

At 300k tx/day and 10.000$ per tx = 1.09 TRILLION usd per year, surpassing paypal and western union combined x3.


At around 3.3mb effective capacity:

1mn txs per day x1000$ per tx on average = 365bn USD per year, exceeding paypal and western union combined.

1mn txs per day x10.000$ per tx on average = 3.65 trillion USD per year

"Hobby coin"  

Sorry, but 99.99% of all these so called "txs" are worthless spam.

It's just a theoretic example of how scaling in USD-volume can occur even with limited tps capabilities. It's what been objected to as a future of a high value settlement network that will not be affordable for the small guy.

So on one hand you have criticism that bitcoin is a useless "hobby coin" and then you have criticism that it's been intended to be a high value settlement network. Obviously these two criticisms are so contradictory that it's not even funny. Yet they come from the same camp.

[Denker]

Are you jibblets still arguging about block size? holy shit...

Last time I checked, core was going along with a 2mb hard fork in 2017, so segwit + that = 4mb.  That's fine for the foreseeable future.  Around 8mb is where I see most of the glass ceiling on price coming off, and that's the next stop after 4mb.

There's nothing to discuss anymore about block size.

Yes you're right.
Don't understand this either!
However there seem to be guys who still desperately have to argue about that.
I would prefer to see more charts around here.Seems that this thread has become useless.

[DoktorKopf]

All in, strapped in.

From soon till the end of the year will epic. See you on the other side...

[Mrpumperitis]

http://www.coindesk.com/land-1000-bitcoin-wallets/
In this opinion piece, Biggs argues that the bitcoin community has become complacent in its quest for financial change, standing by as institutions seek to stamp out its more revolutionary impulses.

[AlexGR]

http://www.coindesk.com/land-1000-bitcoin-wallets/
In this opinion piece, Biggs argues that the bitcoin community has become complacent in its quest for financial change, standing by as institutions seek to stamp out its more revolutionary impulses.

Lol...

...
At this point in the bitcoin lifecycle, the fear, uncertainty and doubt (FUD) and naysaying we've been hearing is mostly true. The network is abysmally slow. The use cases are half-baked and consumers will receive no implicit benefit from bitcoin over, say, swiping their Visa card.

FUD of the form: "The FUD is true", lol...

"The network is abysmally slow"  

Yeah I mean waiting a few minutes to transfer, say, a million or even a billion bucks for a 0.05$ fee, anywhere around the globe, without being anal probed by the financial and state authorities is a problem... obviously he wasn't used banks to do the same task.

As for visa, visa is unidirectional. It can never compete with bitcoin. Visa = you paying someone else. If you want to get paid it's a whole different story.

Bitcoin = paypal, not visa. But without the middleman, the fixed fees, the currency fees, the 3% fees on the amount transferred, the reversibility of transactions (paypal confirmation time = 180 days), the possible freezing of your account, the random "checks" and delays on wiring money to your bank etc etc.

[billyjoeallen]

i'm saying it's a hobby network and it looks like it will stay a hobby network.  serious adoption would kill it.

Let's see the capabilities of the "hobby network" right now:

300.000 tx/day x 1000$ per tx on average =109.5 billion USD per year, exceeding western union customer department and around half of paypal.

At 300k tx/day and 10.000$ per tx = 1.09 TRILLION usd per year, surpassing paypal and western union combined x3.


At around 3.3mb effective capacity:

1mn txs per day x1000$ per tx on average = 365bn USD per year, exceeding paypal and western union combined.

1mn txs per day x10.000$ per tx on average = 3.65 trillion USD per year

"Hobby coin"  

Sorry, but 99.99% of all these so called "txs" are worthless spam.

It's just a theoretic example of how scaling in USD-volume can occur even with limited tps capabilities. It's what been objected to as a future of a high value settlement network that will not be affordable for the small guy.

So on one hand you have criticism that bitcoin is a useless "hobby coin" and then you have criticism that it's been intended to be a high value settlement network. Obviously these two criticisms are so contradictory that it's not even funny. Yet they come from the same camp.

Because normal people in the real world will not send a million dollar transaction over a network that is useless for $10 transactions.  You have to earn their trust a little at a time.  You are not entitled to it, which I am betting you will have to find out the hard way.  You don't attract big players by pushing out the small players. You don't do that. The big players do that. You just create a predictable environment for the game to be played. Has Core done that? Has Blockstream?

You can't create a world class system from scratch. You have to grow it. Field of Dreams was a movie, not a viable business model.  Look at the Ghosts Cities in China.  That's what you've built. A ghost network. Of course I hope you're right and I'm wrong, because I have my life savings I need to unload on some smallblocker suckers when the price gets high enough, but based on falling volume and lower peaks, I doubt I'm wrong. 

[dropt]

i'm saying it's a hobby network and it looks like it will stay a hobby network.  serious adoption would kill it.

Let's see the capabilities of the "hobby network" right now:

300.000 tx/day x 1000$ per tx on average =109.5 billion USD per year, exceeding western union customer department and around half of paypal.

At 300k tx/day and 10.000$ per tx = 1.09 TRILLION usd per year, surpassing paypal and western union combined x3.


At around 3.3mb effective capacity:

1mn txs per day x1000$ per tx on average = 365bn USD per year, exceeding paypal and western union combined.

1mn txs per day x10.000$ per tx on average = 3.65 trillion USD per year

"Hobby coin"  

Sorry, but 99.99% of all these so called "txs" are worthless spam.

99.99% of your opinion is worthless spam 

[synthgauge]

All the in fighting and trolling is getting a bit too much lately. The way things are currently it looks like we don't all want the same thing which is bitcoin's price to rise right.

I hope to see some kind of consensus soon.

There will never be consensus. There will always be fighting and trolling. You'd better get used to it because this is the future of bitcoin. There will always be some minority like current big blocktards that want to take over bitcoin and ruin or cripple it. Bitcoin's price will rise despite all this!

Rise based on what exactly? a permanent conflict between users, miners and coders? a 100% chance of a network congestion failure before we get to the point we were at 27 months ago? the ability of the PRC to nationalize Chinese mines and execute as many 51% attacks as they want? SegWit TestNet results? What the hell makes you think it's going up and who is supposed to be doing the buying?

Pump it, and they will come.

You can pump anything and get momentum riders, but you have to keep it up indefinitely because as soon as the momentum is lost, they ride it the other way.  Sustainable appreciation has to be based on fundamentals.  

15 out of the last 20 days were green candles, but the price has only recovered about 2/3 of what it lost in the five days prior to that. That's an enormous amount of pumping, but everybody knows that some spammer can crash the market again by filling blocks any time he wants.  

Are you saying that bitcoin is dead??

i'm saying it's a hobby network and it looks like it will stay a hobby network.  serious adoption would kill it.

U either got skullfucked by nepali baboon or branwashed by stodgy lobbyistic reddit mofos  or u got skullfuced while being brainwashed 

Go sell ur bitcoins turdfuck lol

[r0ach]

For the 500th time, 4mb blocks are already coming.  There is nothing left to discuss about block size for the foreseeable future.

[JayJuanGee]

For the 500th time, 4mb blocks are already coming.  There is nothing left to discuss about block size for the foreseeable future.

link or it didn't happen...


Are you referring to the hong kong roundtable resolution or something else?

[synthgauge]

so much for quiting bitcointalk.org
i just love the controversy too much!

I didn't believe you'd really leave. You can't really trust that other forum anyway. It's run by cypherdoc.

Not even that, but literally everything there is anti-core, anti-blockstream.

Gets annoying/repetitive after a while.

To me, the Frap.doc forum's knee-jerk anti-CoreStream grumbling only becomes more hilarious as time goes on.

It leads them to ridiculous positions like being anti-CLTV, anti-RBF, and anti-SEGWIT.

Now they want to stop segwit from bumping the tps, after spending the last year moaning about how "we neeeed a tps bump RIGHT FUCKING MEOW, or Bitcoin will surely die alone and unloved like an old cat lady."  

And then there's the endless process of failed vanity fork bikeshedding, from XT to Unlimited and now to Satoshi's Altcoin.

That deranged ant farm never gets old.  They're always agitated and scurrying around looking for something to bite or sting.  

The frequent pouty meltdowns and whiny rage-quits are priceless.  It's very entertaining when they finally realize they have no power over Bitcoin, and can do nothing to change that fact no matter how much noise they make.

The Gavinistas are so self-righteous and determined, yet so ineffective.  That makes for a perfect comedy of errors!  

They could simply do an honest self-assessment, admit failing because they don't understand how Bitcoin works, and come back.

But that would entail admissions of error on their part and of correctness regarding Core/Blockstream/Theymos, so it won't happen, and we get to enjoy sweet LOLcow products until the last one suffers their inevitable Hearnia.

Stop gluttonising heroine and peyout, u fucking clown  

[billyjoeallen]

For the 500th time, 4mb blocks are already coming.  There is nothing left to discuss about block size for the foreseeable future.

We don't know that. When and if it happens, maybe I'll buy.  4MB is still not in Core's RoadMap.  There may be problems with the SegWit roll-out. Right now, a spam attack could cause the price to drop and cost the attacker less than they can profit by shorting. 

You trade what's gonna happen and I'll trade what has happened. I'll pay you off if I'm right and help mitigate your losses if you are wrong by covering my short. You should be grateful I'm here. I'm your fucking safety net, now run and play.