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

[StraightAArdvark]

A: They start turning off mining rigs. Hashrate falls. Just like Satoshi's model predicts. Then an equilibrium on mining production is found vs. demand = exchange rate.

Ah, I misunderstood what you were saying, my mistake.
The thing about "shutting off rigs" = "going out of business," and miners with serious money might want to keep mining at a huge loss, to bankrupt the competition.

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[Torque]

Suppose for a second that Chinese miners were being "subsidized" by the Chinese government in more ways than just free electricity?

But... but... why would they do that??
What advantage could China gain over the long term with Bitcoin??
What could the Chinese miners possibly be giving their Government in return for such generosity?

[dumbfbrankings]

Suppose for a second that Chinese miners were being "subsidized" by the Chinese government in more ways than just free electricity?

But... but... why would they do that??
What advantage could China gain over the long term with Bitcoin??
What could the Chinese miners possibly be giving their Government in return for such generosity?

The ability to turn off / take over the production of new Bitcoin blocks before noon on a day of their choosing?

[Chef Ramsay]

For some reason, watching a coin drop is very pleasing to me.

Which coin are you happy w/ at this point? Not that I approve of your hate..

[Elwar]

Suppose for a second that Chinese miners were being "subsidized" by the Chinese government in more ways than just free electricity?

But... but... why would they do that??
What advantage could China gain over the long term with Bitcoin??
What could the Chinese miners possibly be giving their Government in return for such generosity?

In communist countries people produce for the good of all. There is no greed.

[StraightAArdvark]

Suppose for a second that Chinese miners were being "subsidized" by the Chinese government in more ways than just free electricity?

But... but... why would they do that??
What advantage could China gain over the long term with Bitcoin??
What could the Chinese miners possibly be giving their Government in return for such generosity?

My understanding is there's very little generosity. If the going stories are true, some of these megamines are set up right next to the spillways of hydro stations, which have insufficient demand due to ghost cities, shitty planning, vast distances to span with ultrahighvoltage powerlines, etc., etc.
Taxes and greased palms are better than the alternative, which is zip

@Elmo re. "There is no greed": There is, just as much, but they have the decency not to turn it into a virtue. Greed is shit, Elmo, greed is bad.
That price, tho... https://youtu.be/1ytCEuuW2_A

[Assmaster2000]

For some reason, watching a coin drop is very pleasing to me.

What's not to love?

[BlindMayorBitcorn]

Tell me what happens when the slant-eyed chinks get less Bitcoins per block in July

I saw a Black-eyed Pies cover band in Portland last winter called the Slant-eyed Chinks. I drank whisky sours and bootstapped a local fishing concern. Good times.

[JayJuanGee]

So anyhow, even if the persons involved in the agreement were sufficient agents to bind action, the action does not bind any kind of specific outcome beyond intending to take reasonable measures to figure out consensus in respect to whether a hardfork may be practical after some testing and release of seg wit.

Nope , it binds the developers that signed to deliver a tested HF proposal to the miners by July, but makes no promises that it will be accepted by core, other developers, or the community.

Luke can literally change a few lines of code , hand that to them , and that would satisfy the deal.

Do I think this will happen? No. I believe that luke may be trying to include some HF wishlist items as well, and thus why he feels pressure, but who knows?  

O.k.  Thanks for that clarification, yet I stand by my overall assertion is that the HK agreement is a lot less specific and binding overall than what some of the XT/Classic aficionados tend to proclaim on an ongoing basis.

[dumbfbrankings]

So anyhow, even if the persons involved in the agreement were sufficient agents to bind action, the action does not bind any kind of specific outcome beyond intending to take reasonable measures to figure out consensus in respect to whether a hardfork may be practical after some testing and release of seg wit.

Nope , it binds the developers that signed to deliver a tested HF proposal to the miners by July, but makes no promises that it will be accepted by core, other developers, or the community.

Luke can literally change a few lines of code , hand that to them , and that would satisfy the deal.

Do I think this will happen? No. I believe that luke may be trying to include some HF wishlist items as well, and thus why he feels pressure, but who knows?  

O.k.  Thanks for that clarification, yet I stand by my overall assertion is that the HK agreement is a lot less specific and binding overall than what some of the XT/Classic aficionados tend to proclaim on an ongoing basis.

Sir, you cannot even spell mining pool. I don't think someone who controls 25% of the global Bitcoin hashrate cares about your assertions.

No official Core release with a HF for activation in mid 2017? No segwit.

[Spaceman_Spiff]

http://satoshi.nakamotoinstitute.org/posts/bitcointalk/65/

The price of any commodity tends to gravitate toward the production cost.  If the price is below cost, then production slows down.  If the price is above cost, profit can be made by generating and selling more.  At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.

In later years, when new coin generation is a small percentage of the existing supply, market price will dictate the cost of production more than the other way around.

At the moment, generation effort is rapidly increasing, suggesting people are estimating the present value to be higher than the current cost of production.

... does that spell it out clearly enough for you?

Doesn't the fact that supply is fixed suggest that production cost follows the price?

[Karartma1]

Seeing a bit of red on both USD and CNY hourly charts. Nothing major but I was getting used to so much green. Volume came back to an usual trading pattern but we reached a higher price since May 27th

[TERA]

For some reason, watching a coin drop is very pleasing to me.

Which coin are you happy w/ at this point? Not that I approve of your hate..

I like all the coins but hate that they involve equity markets. As far red candles they seem to have this stimulating property to me all on their own. Maybe it's the brigher solid color or the fact that it used to be the only way I could enter a trade before there was shorting.

[savetherainforest]

Tell me what happens when the slant-eyed chinks get less Bitcoins per block in July

I saw a Black-eyed Pies cover band in Portland last winter called the Slant-eyed Chinks. I drank whisky sours and bootstapped a local fishing concern. Good times.

I'm drinking whiskey now

I just want to know what happens when the little yellow people get less bitcoins per block in July.

Do I become moon?

HAHAHAHAHA.... YOU GOT BANNED!!! HAHAHAHAHA ... ROFL ... good job! you are a failure! loser of our society! ... btw... stop being toxic in the future! 

[Dotto]

[mymenace]

https://media.giphy.com/media/xT0BKkVytCQnPlFz8s/giphy.gif

first it was like bitcoin WOW!!! this is great

then there was that gif, AAAMMMAAAAZZZIIINNGGGG!!!!!!

[marcus_of_augustus]

http://satoshi.nakamotoinstitute.org/posts/bitcointalk/65/

The price of any commodity tends to gravitate toward the production cost.  If the price is below cost, then production slows down.  If the price is above cost, profit can be made by generating and selling more.  At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.

In later years, when new coin generation is a small percentage of the existing supply, market price will dictate the cost of production more than the other way around.

At the moment, generation effort is rapidly increasing, suggesting people are estimating the present value to be higher than the current cost of production.

... does that spell it out clearly enough for you?

Doesn't the fact that supply is fixed suggest that production cost follows the price?

... therein lies the magic, difficulty ratchets up cost and price ratchets up difficulty ... it's a virtuous circle from which the counterfeiters cannot escape.

[marcus_of_augustus]

stamp's showed up with some attitude

[kehtolo]

http://www.imf.org/external/pubs/ft/fandd/2016/06/adriano.htm

The IMF ladies and gentlemen. Internet of Trust.

They still banging on about blockchain being the underlying and interesting technology while not grasping that you need a 'native token' i.e. bitcoin to use it.

You can build your own blockchain.. then you have an altcoin. but it's not going to be as secure as the bitcoin network.

[Spaceman_Spiff]

http://satoshi.nakamotoinstitute.org/posts/bitcointalk/65/

The price of any commodity tends to gravitate toward the production cost.  If the price is below cost, then production slows down.  If the price is above cost, profit can be made by generating and selling more.  At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.

In later years, when new coin generation is a small percentage of the existing supply, market price will dictate the cost of production more than the other way around.

At the moment, generation effort is rapidly increasing, suggesting people are estimating the present value to be higher than the current cost of production.

... does that spell it out clearly enough for you?

Doesn't the fact that supply is fixed suggest that production cost follows the price?

... therein lies the magic, difficulty ratchets up cost and price ratchets up difficulty ... it's a virtuous circle from which the counterfeiters cannot escape.

Yes, but nothing ratches up price, so it is the driving factor, no?