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

[JayJuanGee]

Can someone explain how a marginally lowering hash rate actually impacts network security?  Is there a malicious entity out there that has been developing Peta hashes of power at the same rate as our miners and he's waiting to take over when a drop occurs?

The large miners are all well known so it would have to involve one of these 2 possibilities:

1) Chinese government targeting several large miners and forcing them under duress to 51% attack
2) Secret state government slowly hording miners and not turning them on while they accumulate slowly as to not raise suspicions from ASIC manufactures and than wait till a slight drop to 51% attack.

Both are extremely unlikely but 1) is more likely of the 2 possibilities and would force our nodes to have to HF the chain with one of many solutions. 2) extremely unlikely as states cannot keep secrets and a project of this magnitude would be very difficult to hide as it involves an extremely large facility with many employees.

Again , both are very unlikely, but we should def start taking steps to decentralize mining more.

Probably one of the smarter things that governments could do is to get involved in mining... I mean it would be a kind of "if you cannot fight them, then join them" kind of philosophy.

We will see if this ever happens, or maybe how long it will take before it happens and get a mining race.. and maybe forking if governments attempt to wield too much control..

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[toknormal]

Borgan dumping.

[LFC_Bitcoin]

Got to laugh at all these shitty altcoins that come & go.

[Tzupy]

This makes me happy that I waited for a clear direction, and didn't go blindly long.

[yefi]

Now that ETH is hacked and dead... it is only a matter of hours before $800 is breached, for good.

Hope everyone remembered to pack their moon boots, we're going to need them.  

Lambie is bullish? Oh no, this means we're going to crash!  

[dumbfbrankings]

Can someone explain how a marginally lowering hash rate actually impacts network security?  Is there a malicious entity out there that has been developing Peta hashes of power at the same rate as our miners and he's waiting to take over when a drop occurs?

I think that is an additional reason why the speculation of a drop or even a halvening (likely worse case scenario) of the hash rate is a red herring subject (and FUCD spreading).   There seems to be so much extra cushionening in bitcoin's mining power that none of these purported hypothetical regarding dropping of hashrate even materially maters in the whole scheme of thing - even though it gives anti-bitcoiners and corporate shills nonsensical talking points that they can attempt to make sound logical and convincing.

The price has doubled recently, so there will be no real change for miners when the reward halves.

But ur right, FUCDers r gona du what FUCDers du... FUCD. They will stop at nothing in there efforts to destroy Bitcoin, which is strong because it never changes. Status quo baby, fork off if you dun't like it.

Meanwhile, the big boy buys just keep rolling in for $7xx coins.

[hd060053]

nice 4k dump on bitfinex 

[ssmc2]

Flag forming?

[Mrpumperitis]

Rootstock taking notes,lol

[toknormal]

Flag forming?

A kind of demented one.

[adamstgBit]

get them while they're hot!

[TERA]

get them while they're hot!

What number is the countdown at now?

[adamstgBit]

get them while they're hot!

What number is the countdown at now?

-29
 

[adamstgBit]

this is fine.
just a higher low.
buy now,
HODL,
profit!

[crypto research]

get them while they're hot!

http://www.bitcoinrichlist.com/top100

[strawbs]

These last few dumps have had such little impact on upwards momentum. Just delaying the inevitable rise.

[Agaguk24]

this is fine.
just a higher low.
buy now,
HODL,
profit!

The Bitcoin price will only truly correct itself after the block halving, so this can't be it already. Bitcoin could continue to go up until then...

[JayJuanGee]

get them while they're hot!

It seems that the last few days is a sign of something anyway in that the volume, finally, seems to be picking up over a more extended period of time.  Sure, we are going to see if this volume pick up is going to last.. and if the price pressures continues upwards.

It is possible that we could have a volume pick up that does not last an extended period of time while the price continues to go up, or on the other hand, we could get some kind of a price reversal before we surpass $850... I am a bit more inclined to believe, at least at this point, that prices are a bit more likely to go above $850 than they are to go below $620.. that's my current inclination... maybe 60% odds of up to 40% odds of down, and that is actually a bit more optimistic than I have been in a very long time.  Sure, developments could occur to cause me to change my probabilities viewpoint, but that's where it currently stands, as I type this (short lillie wall of text)         

[calme]

Once we pass $800 it could still easily drop to $750 before going back up

[JayJuanGee]

Flag forming?

A kind of demented one.

I will bite...


Please, Edumacate us about what is a "borgan quench," and what does it mean?