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Question: How long until 70K (credit: Heslo)
1 week - 20 (19.4%)
1 month - 64 (62.1%)
1 year - 2 (1.9%)
the top is in - math and science confirms it - 17 (16.5%)
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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25264936 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (157 posts by 13 users deleted.)
fragout
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July 23, 2017, 12:42:17 PM

... 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 ...


I think Jihan Wu thinks his fork will win and even if it dosnt, it wont be a big problem for Bitcoin as a whole. In a recent interview he stats that the Ethereum fork didnt affect the price over the longer term. I dont think the comparison is legit.
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Elwar
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July 23, 2017, 12:42:28 PM

So what do the bits in the charts show?

Is there a BCC fork going on?
marcus_of_augustus
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July 23, 2017, 12:57:44 PM

So what do the bits in the charts show?

Is there a BCC fork going on?

Super thin volumes because everyone has pulled coins out of exchanges is going to make for some insane swings ... throw an insanely, reckless hard fork in there by the largest miner and it's a recipe for a disaster (for someone). It probably wont ruin bitcoin but it will set it back by a few years.

Jihan Wu is going to go into bitcoin hall of infamy right up there along with Karpeles ... which I suppose is fitting, Karpeles wasn't the first but Gox represented the worst of the excesses of the centralised bitcoin exchange scams of the early days and fuckwit Wu wasn't the first but he represents the worst of the excesses of centralised mining scams.

Anyone hoping for some stability and sanity returning to btc might not be too happy at least until after October or so ...
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July 23, 2017, 01:00:08 PM

So what do the bits in the charts show?

Is there a BCC fork going on?

I don't know if the traders are panic selling due to this 'cash' rumors or is just the usual Sunday dip. What we know for now is that 2 exchanges - viabtc and okex will accept BCC - the new cash fork. Only Wu knows if he is going to activate HF on 1st August... for now. The situation of ethereum was absolutely different. Eth HF wasn't decided by Vitalik alone but with voting of the whole community - both owners of ETH and miners. Each miner has a vote according to his hashing power so it was a community decision. Now Wu acts alone as the bitcoin villain. Not very different are also Ver and Wright of course with their moron 'projects'. Btw, my advice for everybody is to store your coins on cold wallets until the storm passes. Then you can split the conis and dump the BCC or whatever shit is called Wu's altcoin. It is unclear which exchanges will accept BCC and make the split for their customers.
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July 23, 2017, 01:08:24 PM

2247 Unconfirmed Transactions <- Is that a record low in quite some time?

Have anyone checked the balances of the well known exchange wallets to get an idea of what percentage of coins have been withdrawn? I don't think it is a huge percentage, just a feeling....

P.S.: Wow 939 Unconfirmed Transactions .... Basically we are up to date...
machasm
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July 23, 2017, 01:10:48 PM

So what do the bits in the charts show?

Is there a BCC fork going on?

Super thin volumes because everyone has pulled coins out of exchanges is going to make for some insane swings ... throw an insanely, reckless hard fork in there by the largest miner and it's a recipe for a disaster (for someone). It probably wont ruin bitcoin but it will set it back by a few years.

Jihan Wu is going to go into bitcoin hall of infamy right up there along with Karpeles ... which I suppose is fitting, Karpeles wasn't the first but Gox represented the worst of the excesses of the centralised bitcoin exchange scams of the early days and fuckwit Wu wasn't the first but he represents the worst of the excesses of centralised mining scams.

Anyone hoping for some stability and sanity returning to btc might not be too happy at least until after October or so ...
What you are saying seems to make sense to me although I am not convinced it will set BTC back years. I am sure there will be some turmoil but I am optimistic that a clear leader (hopefully BTC) will emerge quickly and peeps will drop the WU coin forcing him to accept defeat and either join the BTC crowd or shut down the whole thing and run away!
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July 23, 2017, 01:12:59 PM

2247 Unconfirmed Transactions <- Is that a record low in quite some time?

Have anyone checked the balances of the well known exchange wallets to get an idea of what percentage of coins have been withdrawn? I don't think it is a huge percentage, just a feeling....

P.S.: Wow 939 Unconfirmed Transactions .... Basically we are up to date...

yes and I noticed blocks are no longer full for quite some time now.

I wonder if all those 'spam' transactions that were being used to jam up the network but got dumped when the mempool was overflowing are recorded on some device somewhere waiting to get periodically rebroadcast and can now be mined for fees?
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July 23, 2017, 01:13:23 PM

2247 Unconfirmed Transactions <- Is that a record low in quite some time?

Have anyone checked the balances of the well known exchange wallets to get an idea of what percentage of coins have been withdrawn? I don't think it is a huge percentage, just a feeling....

P.S.: Wow 939 Unconfirmed Transactions .... Basically we are up to date...

"Spam the network" ended a few weeks ago, where have you been?
bitserve
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July 23, 2017, 01:14:57 PM

2247 Unconfirmed Transactions <- Is that a record low in quite some time?

Have anyone checked the balances of the well known exchange wallets to get an idea of what percentage of coins have been withdrawn? I don't think it is a huge percentage, just a feeling....

P.S.: Wow 939 Unconfirmed Transactions .... Basically we are up to date...

"Spam the network" ended a few weeks ago, where have you been?

haha, donno, last time I checked it was around 10.000-20.000 which was a low enough number and obviously the spam had already ceased. But seeing it go to almost cero after each block... wow.
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July 23, 2017, 01:20:40 PM

Greed gets them all in the end
In my case ignorance will leave me, I'm a little bit lost now
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July 23, 2017, 01:30:16 PM

2247 Unconfirmed Transactions <- Is that a record low in quite some time?

0 transaction in mempool.

BlindMayorBitcorn
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July 23, 2017, 01:56:48 PM

Malicious mining cartel isn't good for anybody. We need Luke to threaten another POW change. That always helps.
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July 23, 2017, 01:58:24 PM

2247 Unconfirmed Transactions <- Is that a record low in quite some time?

0 transaction in mempool.



Lol so 1Mb blocks are big enough then!!!
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July 23, 2017, 02:08:15 PM

without malicious eunuchs, yes & then some
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July 23, 2017, 02:11:38 PM

Yep ... less than 1Mb  Grin





And pretty volumes for a day of end of week + 2016 blocks warning in action.




Canadian Exchanges are ... high !

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July 23, 2017, 02:21:39 PM

Malicious mining cartel isn't good for anybody. We need Luke to threaten another POW change. That always helps.

It is my opinion that a PoW change should be devised, engineered, tested and put in the code ready to activate. Activation should not involve any kind of miner support, of course. It should on the contrary assume miners will fight back.

The new PoW should have suitable tweakable parameters. Certain choices for parameter values would basically leave the PoW as it is, and other choices would be more disruptive. There should be signaling to get a feel for the available hashpower with different PoW's/parameter choices.

If the machinery works well enough, this could become the weapon that will never have to be used.
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July 23, 2017, 02:41:55 PM

Malicious mining cartel isn't good for anybody. We need Luke to threaten another POW change. That always helps.

It is my opinion that a PoW change should be devised, engineered, tested and put in the code ready to activate. Activation should not involve any kind of miner support, of course. It should on the contrary assume miners will fight back.

The new PoW should have suitable tweakable parameters. Certain choices for parameter values would basically leave the PoW as it is, and other choices would be more disruptive. There should be signaling to get a feel for the available hashpower with different PoW's/parameter choices.

If the machinery works well enough, this could become the weapon that will never have to be used.

A POW change needs to be kept secret until released, this prevents pre-prepared attacks from malicious miners, and an ASIC head start.
LukeJr has already completed a POW change, where the hashing algorithm can be changed at the last minute. But POW change has got to be a last resort, it opens the network up to all kinds of abuse, many of the enemies have very deep pockets.   







Dakustaking76
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July 23, 2017, 02:48:34 PM

Can someone explain me what is happening right now...? I am
Confused  Huh Huh


I see poeple are saying that bip141 is not good for btc And even bip91 is locked in..

There is still a big big chance of splitting btc on 2 coins..

Thanks for your explination
BlindMayorBitcorn
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July 23, 2017, 02:51:32 PM

Can someone explain me what is happening right now...? I am
Confused  Huh Huh


I see poeple are saying that bip141 is not good for btc And even bip91 is locked in..

There is still a big big chance of splitting btc on 2 coins..

Thanks for your explination

A chain split is inevitable at this point. (Correct me if I'm wrong.) You don't have to do anything except pray.
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July 23, 2017, 03:01:39 PM

Malicious mining cartel isn't good for anybody. We need Luke to threaten another POW change. That always helps.

It is my opinion that a PoW change should be devised, engineered, tested and put in the code ready to activate. Activation should not involve any kind of miner support, of course. It should on the contrary assume miners will fight back.

The new PoW should have suitable tweakable parameters. Certain choices for parameter values would basically leave the PoW as it is, and other choices would be more disruptive. There should be signaling to get a feel for the available hashpower with different PoW's/parameter choices.

If the machinery works well enough, this could become the weapon that will never have to be used.

A POW change needs to be kept secret until released, this prevents pre-prepared attacks from malicious miners, and an ASIC head start.

Not necessarily. The parameters might be coefficients in a linear combination of probability/frequency distribution for several algos. Good luck designing an ASIC that can do all of them. Besides, a RAM-hungry algo makes ASICs economically nonviable. It could be one of the several algos, just to enforce mining by non-specialized hardware with a specified frequency.

By the way, wouldn't a sudden unannounced PoW change freeze BTC for days?

Quote
LukeJr has already completed a POW change, where the hashing algorithm can be changed at the last minute. But POW change has got to be a last resort, it opens the network up to all kinds of abuse, many of the enemies have very deep pockets.  

It seems to me that the mere threat of a PoW change ready to trigger might be as effective, without being so disruptive - as long as it's only crouching. I guess it would drive an ASIC designer nuts to assess the production and stocking of several board types which would possibly lie unsold until forever.

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