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

[ivomm]

If viabtc begins trading ABC (http://bitcoinist.com/viabtc-begins-trading-bitcoin-cash-bcc-for-chinese-yuan-cny-in-anticipation-of-uahf/) does this mean that there will be HF chain split at 1 Aug? In that case, the drop of price will continue indefinitely and Jihan Wu will curse the day he made that shit  

I think everyone should take a sigh of relief, the big blockers are going to fork off and effectively create their own altcoin.
This gives the possibility of an amicable divorce.
The markets can decide the outcome and the petty fighting and trolling can reduce.

Plus, a successful fork to BitcoinCash means that 2x part of Segwit2x has less likelihood of being supported and causing another more damaging fork in November.

NYA is still valid and there will be a HF in November. There is a possibility of 100% support so there could be no chain split. On the other hand, ABC was initially proposed as a counter strike to UASF suggested by core's developers who wanted to make it with nodes and change in POW. However, this will not happen. I am really surprised that after the lesson of the Bip 91 Wu and probably Ver still insist on their 'projects'. They clearly saw that the bitcoin economy is against any chain split and will punish any man no matter how great he think he is. Such splits are endangering the upward trend of the BTC as everyone on this planet saw this Summer.

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[becoin]

If viabtc begins trading ABC (http://bitcoinist.com/viabtc-begins-trading-bitcoin-cash-bcc-for-chinese-yuan-cny-in-anticipation-of-uahf/) does this mean that there will be HF chain split at 1 Aug? In that case, the drop of price will continue indefinitely and Jihan Wu will curse the day he made that shit  

I think everyone should take a sigh of relief, the big blockers are going to fork off and effectively create their own altcoin.
This gives the possibility of an amicable divorce.
The markets can decide the outcome and the petty fighting and trolling can reduce.

Plus, a successful fork to BitcoinCash means that 2x part of Segwit2x has less likelihood of being supported and causing another more damaging fork in November.

Of course, the sooner big blockers get their own stupid coin the better whatever the name. I suspect though they will only play the threat and never actually fork off, thus profiting from price movements which they think they can control. Good news is that process is already triggered and now they can't indefinitely postpone the final outcome of this multifaceted game.

[r0ach]

The fact that the ESF has not yet attempted to destroy bitcoin means one of two [three] things:  1) either bitcoin is a govt sanctioned scam, or 2)  they just haven't gotten around to destroying it yet:

;or
3) Nobody will accept a naked short bitcoin, as it not only is a naked short, but it is no easier to obtain, hold, and secure than a real Bitcoin. Paper gold, OTOH, is much easier to obtain, hold, and secure than real gold - which is why (some foolish) people accept it.

Due to the technical nature of bitcoin and the fact that most people don't even know how to work a VCR, it's a given the vast majority of the population will be using "bitcoin banks" like Coinbase or other entities and not taking delivery of their coins.  It will be even easier to short bitcoin into the ground than metals.  

Like I said, you don't even need naked shorts.  All you need to do is short the price below cost of production and force miners to turn off, which in turn further reduces the synthetic price floor through a feedback loop since cost of production is recursive based on it's own demand.  Anyone who doesn't acknowledge bitcoin is far more vulnerable to weaponized shorts than metals is either lying or doesn't know what they're talking about imo.

TLDR: there is no incentive whatsoever for the ESF to short metals below cost of production, but there's huge incentive for them to do so in bitcoin.

the sooner big blockers get their own stupid coin the better

[d_eddie]

The fact that the ESF has not yet attempted to destroy bitcoin means one of two [three] things:  1) either bitcoin is a govt sanctioned scam, or 2)  they just haven't gotten around to destroying it yet:

;or
3) Nobody will accept a naked short bitcoin, as it not only is a naked short, but it is no easier to obtain, hold, and secure than a real Bitcoin. Paper gold, OTOH, is much easier to obtain, hold, and secure than real gold - which is why (some foolish) people accept it.

Due to the technical nature of bitcoin and the fact that most people don't even know how to work a VCR, it's a given the vast majority of the population will be using "bitcoin banks" like Coinbase or other entities and not taking delivery of their coins.  It will be even easier to short bitcoin into the ground than metals.  

Vast majority? I disagree. It's not like you need a vault to store your bitcoins. You understand they have no volume or weight, do you?

Like I said, you don't even need naked shorts.  All you need to do is short the price below cost of production

Without naked shorts and without buying a lot of btc? Could you ELI5 how for me please? A few details wouldn't hurt.

and force miners to turn off, which in turn further reduces the synthetic price floor through a feedback loop since cost of production is recursive based on it's own demand.

Right: cost of production depends on difficulty, which depends on mining power (cost of production), which ultimately can be traced back to demand. So some miners will shut down. We could be back to GPUs, and the network could become less secure. That is, assuming the price can be driven down without raising a massive spike before (again: ELI5 how, please).

Would this make the bitcoin network easier to take over? Sure. Would it make such an attempt practical? I doubt it.
A takeover attempt would still require substantial hashpower (uneconomical with a significantly depreciated bitcoin). If a well-engineered change of PoW is enacted, such an attempt can be made even harder.

[fragout]

So the UAHF is going ahead i gather. Never a dull moment. How to ye see this playing out? . Presumably Ju Ver have a plan to see their chain win. Dumping their BTC for BCC? The other side will be dumping BCC for BTC. Neutrals confidence in either will falter and they will dump both for cash.
I would love to just hibernate for a month and wake up when the dust settles

[luckygenough56]

can't wait for the shitstorm to happen. Popcorn is ready.

[fluidjax]

[lost_in_base]

Down we go..

Total idiots pushing bcc coin??
And one of them is staff?

[JimboToronto]

I spent two days in the clink once. The place really could have used a woman's touch.

https://www.youtube.com/watch?v=JOuQywiRUJo

Neil fucking Immature? Whiny little folk singer? Darling of bad subway buskers and crackhead panhandlers?

Gimme a break. I realize some people consider him to be some  kind of songwriting genius but I find him annoying as hell.

I'd rather be nagged by some skank virago.

 

[Raja_MBZ]

Bitcoin version:

"Keep your bitcoins right in your pocket and you'll be rich in your life."

[Meuh6879]

Update : https://www.xbt.eu/ (144 Blocks)

[bikerleszno]

Just 1000 btc and we are back at 2840$ per 1btc.
Sell wall is very thin.
if it will go above 3000 usd we will see massive growing because there is no sell support above 3000 usd After 3000 usd we can see very easy 4000-5000$ in my opinion

[Meuh6879]

the problem, now, is the 2% of block that they can be orphan (rollover).
so, use network with caution.

[lost_in_base]

the problem, now, is the 2% of block that they can be orphan (rollover).
so, use network with caution.

2% canoe pool updated segwit, their last block 477103 8h ago supported it.

[Meuh6879]

last 144 blocks period, they don't emit Block ...  
https://bitcointalk.org/index.php?topic=178336.msg20310864#msg20310864

phantom menace ?

[marcus_of_augustus]

... this bitcoin 'cash' ABC, BCC or whatever shit name they are calling it is greedy lunatics playing a very dangerous game, or simply morons. I can't tell how nutz things have gotten with r/btc any longer but it seems like it's on the way  to "Lord of the Flies' in there now. Inevitably the idiotic sociopaths pick up the conch and then it is all on ...

[BlindMayorBitcorn]

I spent two days in the clink once. The place really could have used a woman's touch.

https://www.youtube.com/watch?v=JOuQywiRUJo

Neil fucking Immature? Whiny little folk singer? Darling of bad subway buskers and crackhead panhandlers?

Gimme a break. I realize some people consider him to be some  kind of songwriting genius but I find him annoying as hell.

I'd rather be nagged by some skank virago.

 

Lmao. Jesus Jimbo

[Meuh6879]

  listen real music ... https://www.youtube.com/watch?v=x2XEqQ4AjHo

[bitserve]

Interesting... The price has lowered but now there is only 681BTC to ATH in Bitstamp, less than yesterday night.

[lightfoot]

It's Sunday, normal. However what is the latest game of chicken people are playing with Bitcoin?