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

[becoin]

Antpool just started mining BU blocks.

The biggest pool is heading to bankruptcy. Any idea why? 

to run with lots of BTC

So, it is time to withdraw all our bitcoins from hashnest?

[doc12]

Better withdraw all funds from all services, this is a hostile takeover and could end up very messy ...

Actually its a bit hard for me to understand how someone who has invested millions in hardware can risk that by running untested stoftware coded by some hobby programmers, but stupidity seems popular these days...

[Karpeles]

100k unconfirmed transactions while things just get even messier with the Antpool thing.

I think something will happen in less than 1 week.

And maybe the Antpool riot will be used as an excuse for the ATF not being approved

[gentlemand]

Better withdraw all funds from all services, this is a hostile takeover and could end up very messy ...

Actually its a bit hard for me to understand how someone who has invested millions in hardware can risk that by running untested stoftware coded by some hobby programmers, but ok ...

Condoms and dental dams for all too.

There's a world of difference between squealing and actually murdering your own cash cow. Let's see how Satoshi's careful balance of incentives pans out.

[promomei]

Antpool just started mining BU blocks.

The biggest pool is heading to bankruptcy. Any idea why? 

to run with lots of BTC

So, it is time to withdraw all our bitcoins from hashnest?

need some more info and links to start doing that

[bitcoinvest]

Ok, this is the time for summarize things....can someone help me in simple words and explain what is going on with the block chain the fork etc?

[doc12]

Acutally if a hostile fork happens then almost the whole network will reject the invalid blocks   
They could fuck up bitcoin really bad.

[promomei]

Antpool just started mining BU blocks.

The biggest pool is heading to bankruptcy. Any idea why? 

to run with lots of BTC

So, it is time to withdraw all our bitcoins from hashnest?

need some more info and links to start doing that

https://twitter.com/WhalePanda

[BitUsher]

Ok, this is the time for summarize things....can someone help me in simple words and explain what is going on with the block chain the fork etc?

Jihan a few days ago verbally attacked core because he wants to control bitcoins development and BU advocates are happy to give it to him
2 of the last 3 antpool blocks signalled for BU
Bitmain sells 70% of all ASICs , and its possible that they control over 51% of mining hashpower directly and indirectly
He could be bluffing or committing a hostile takeover without consensus
Like most BU miners he has set EB1/AD6 which means taht they wont break consensus at 51% and still have to manually activate at 75% or where they want to.
There is no way of know if he is false signalling as a bluff or really using BU code, my guess he is running core nodes still but signalling for BU.
If BU forks that that means the monetary supply has doubled and the 21million limit is false.
Keep you coins off exchanges during this time so you can split the duplicated coins and that "coin vote" by dumping on the chain you don't want to follow.

[becoin]

Ok, this is the time for summarize things....can someone help me in simple words and explain what is going on with the block chain the fork etc?

The biggest mining pool Antpool made wrong business assumption while planning their expansion and investment last year. They didn't anticipate bitcoin's rapid appreciation. They might have sold customer bitcoins to finance that. Now they will make some noise to cause price pullback. However, this will be their second wrong business decision... and might turn to be lethal for the pool. But hey, other miners will be happy. Bitcoin doesn't care for exceptionally greedy miners.

[BitUsher]

Acutally if a hostile fork happens then almost the whole network will reject the invalid blocks   
They could fuck up bitcoin really bad.

Yes,  91% of nodes will reject BU blocks and ban all nodes relaying them -

 http://luke.dashjr.org/programs/bitcoin/files/charts/software.html

Jihan is either bluffing to renegotiate (not going to happen) or he is serious and hoping that 91% of nodes will suddenly switch to BU (also not going to happen)

[doc12]

Acutally if a hostile fork happens then almost the whole network will reject the invalid blocks    
They could fuck up bitcoin really bad.

Yes,  91% of nodes will reject BU blocks and ban all nodes relaying them -

 http://luke.dashjr.org/programs/bitcoin/files/charts/software.html

Jihan is either bluffing to renegotiate (not going to happen) or he is serious and hoping that 91% of nodes will suddenly switch to BU (also not going to happen)

There are 32610 Core nodes on the network ? How this Nr is measured ?

http://luke.dashjr.org/programs/bitcoin/files/charts/services.html

[BitcoinNewsMagazine]

Acutally if a hostile fork happens then almost the whole network will reject the invalid blocks    
They could fuck up bitcoin really bad.

Yes,  91% of nodes will reject BU blocks and ban all nodes relaying them -

 http://luke.dashjr.org/programs/bitcoin/files/charts/software.html

Jihan is either bluffing to renegotiate (not going to happen) or he is serious and hoping that 91% of nodes will suddenly switch to BU (also not going to happen)

There are 32610 Core nodes on the network ? How this Nr is measured ?

http://luke.dashjr.org/programs/bitcoin/files/charts/services.html

Is https://bitnodes.21.co/nodes/ more reliable?

[gentlemand]

The biggest mining pool Antpool made wrong business assumption while planning their expansion and investment last year. They didn't anticipate bitcoin's rapid appreciation. They might have sold customer bitcoins to finance that. Now they will make some noise to cause price pullback. However, this will be their second wrong business decision... and might turn to be lethal for the pool. But hey, other miners will be happy. Bitcoin doesn't care for exceptionally greedy miners.

That discounts the possibility that our annoying mining friend personally controls far, far more mining firepower than he's going to publicly admit to. Bad for business too. He probably operates more than half the pools to give us the illusion that centralisation isn't an issue.

[BitUsher]

Acutally if a hostile fork happens then almost the whole network will reject the invalid blocks    
They could fuck up bitcoin really bad.

Yes,  91% of nodes will reject BU blocks and ban all nodes relaying them -

 http://luke.dashjr.org/programs/bitcoin/files/charts/software.html

Jihan is either bluffing to renegotiate (not going to happen) or he is serious and hoping that 91% of nodes will suddenly switch to BU (also not going to happen)

There are 32610 Core nodes on the network ? How this Nr is measured ?

http://luke.dashjr.org/programs/bitcoin/files/charts/services.html

This includes listening nodes with broadcasting. Anyone can log what nodes are peers if they run a full node.

https://bitnodes.21.co/ only represent a smaller subset of broadcasting nodes.

We need to refer to all nodes in this scenario as listening nodes also validate the rules and will reject any BU coins and ban any peers that relay invalid blocks exactly like we say with that buggy BU code caused a BU miner to lose ~13k

Is https://bitnodes.21.co/nodes/ more reliable?

No , for this exercise we need to also include listening nodes as they effect the outcome.

[BitUsher]

That discounts the possibility that our annoying mining friend personally controls far, far more mining firepower than he's going to publicly admit to. Bad for business too. He probably operates more than half the pools to give us the illusion that centralisation isn't an issue.

Perhaps , either way he than has to make the economic decision to ignore profits while the economic majority dumps his coin. If he takes the loss and mines at a negative return for a while than we will be forced to change the PoW algo.

[BitUsher]

Can someone explain we what is going on? For the last few days everyone was talking about EFT, but today from few hours you are talking about some "BU", "Antpool", "pool"and other stuff. I'm pretty new in BTC and I don't understand what you are taking about, could someone help me?

I wouldn't know how to summarize or distill it further as you have to be somewhat familiar with bitcoin to grasp it. Bottom line if you are a new user. You are safe if you keep your coins off online wallets and exchanges as this blows over. Secure them in Hard ware wallets if you can or an offline computer.

[Master mind]

Bitcoin is too volatile to act as a currency there will be soon no point to owning it.

[bitcoinvest]

Can someone explain we what is going on? For the last few days everyone was talking about EFT, but today from few hours you are talking about some "BU", "Antpool", "pool"and other stuff. I'm pretty new in BTC and I don't understand what you are taking about, could someone help me?

I wouldn't know how to summarize or distill it further as you have to be somewhat familiar with bitcoin to grasp it. Bottom line if you are a new user. You are safe if you keep your coins off online wallets and exchanges as this blows over. Secure them in Hard ware wallets if you can or an offline computer.

Why do you recommend this ? Some people are here to trade and invest and buy-sell- sell-buy... why if i have coins to the exchange i maybe have problem?
( don't tell me is not safe like gox we all know that but it's the price to pay if something happen in case of hacker - or government we know that, at least we took a lesson with gox )

but what this have to do?

[cmacwiz]

Bitcoin is too volatile to act as a currency there will be soon no point to owning it.

Oh. Pack it up everyone, no point in owning any bitcoin anymore