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

[Torque]

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.  

"Profitable to mine" means you have to have buyers. If you haven't noticed, everyone is trying to dump their BCC (BCH? whatever) at any price and trade for more BTC.

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[Peter R]

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.  

"Profitable to mine" means you have to have buyers. If you haven't noticed, everyone is trying to dump their BCC (BCH? whatever) at any price and trade for more BTC.

Yes, if the price the BTC miners could dump for remains below the cost of production of Bitcoin Cash coins, they would not mine it.  Miners want to earn profit, not make a loss.  I think you may have misread what I wrote because that's what I'm saying.

[bones261]

What should I do with my 2K sats of BCH on Bitfinex? I haven't bothered confirming, but that is not enough to meet the order minimum, correct? I guess that I'll have to keep them. So I am now an official BCH HODLer who will get left holding the bag.

(I also have 500 BCH sats on Hashnest too, left over from my dump. Guess I'm a HODL no matter what.)

Same here. I have some dust on bitfinex and bittrex.

Maybe in 20 years when bitcoin is worth $100 million, bcash will be worth $10,000 and I can sell it for a coffee.

I'll probably no longer be around in 20 years. Those coffin nails are starting to catch up with me, and I just can't/won't quit. You think I should leave step by step instructions for my heirs, so they can retrieve my BCH dust? 

[Ibian]

Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.

Yes, the existence BCC will destabilize BCT mining.  

Everyone knows that at equilibrium, if BCC has 1/10th the value of BTC, that the hash power mining BCC will be 1/10th that mining BTC.  

What is less obvious what happens when the system is not in equilibrium. Imagine that the market reprices BCC 100% higher and BTC 10% lower.  What is the expected distribution of hash power now assuming short-term profit-maximizing miners?  

The answer is "most of it will be mining BCC." Because the difficulty adjusts only very slowly (every 2016 blocks) BCC becomes twice as profitable to mine as BTC.  Hash-per-hash miners would earn double by mining BCC.  This continues until the difficulty reset comes when BCC would go "limit up" (4X), when most miners would leave BCC back for BTC.  BCC's difficulty would slowly ratchet back down due to its fast difficulty adjustment and the process would later repeat.  

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.  

Well. Fuck.

We really should just have raised the block size and been done with it.

[Pajulapoiss]

Jejeey! My chances are looking pretty good at the moment, cmoon... Few more days
 

What was the prize, 0.25 btc?

Yes .25btc and another .25btc if there was an technical word about why you think the price going ATH @ this date

Can I still add my technical word, or is to too late?

[marcus_of_augustus]

Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.

Yes, the existence BCC will destabilize BCT mining.  

So you have been a part of knowingly destabilising bitcoin mining? Neither chain will be stable, the 'hard-fork now!' camp have just stupidly devalued any investment they had in bitcoin (BTC or BCH) ... unless of course you actually work for govvy agents or other actors aiming to do exactly that which you admit to.

Merged-mining is one way BCH can gracefully admit their gargantuan fuck-up and save face (seems they spend a lot of time doing that). You weren't around when we already tried these 'experiments', it's not a pretty outcome. Bitcoin will survive but the credibility of the idiot  loud-mouth crowd doesn't stand much chance (not that they had a lot). Enjoy your forking euphoria, your ultimate downfall has now been sealed.

[deepcolderwallet]

MSM always misleading Average Joe...

http://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html?iid=EL

What it means for consumers and businesses
Anyone who owns bitcoin will also own the same number of Bitcoin Cash units. However, not all bitcoin exchanges (where people store their bitcoin) will accept Bitcoin Cash, and that could potentially hinder the widespread adoption of the new digital currency.

bitcoin exchanges (where people store their bitcoin)

bitcoin exchanges (where people store their bitcoin)

[marcus_of_augustus]

Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.

Yes, the existence BCC will destabilize BCT mining.  

Everyone knows that at equilibrium, if BCC has 1/10th the value of BTC, that the hash power mining BCC will be 1/10th that mining BTC.  

What is less obvious what happens when the system is not in equilibrium. Imagine that the market reprices BCC 100% higher and BTC 10% lower.  What is the expected distribution of hash power now assuming short-term profit-maximizing miners?  

The answer is "most of it will be mining BCC." Because the difficulty adjusts only very slowly (every 2016 blocks) BCC becomes twice as profitable to mine as BTC.  Hash-per-hash miners would earn double by mining BCC.  This continues until the difficulty reset comes when BCC would go "limit up" (4X), when most miners would leave BCC back for BTC.  BCC's difficulty would slowly ratchet back down due to its fast difficulty adjustment and the process would later repeat.  

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.  

Well. Fuck.

We really should just have raised the block size and been done with it.

Oh look, another loud-mouthed idiot here to gloat upon exactly how they've fucked up their investment in bitcoin. Your egos must really be butt-hurt bad about that 'blocksize' debate huh? Who knew such idiots even existed?

[traincarswreck]

Let this BCH alt coin die already.

No.  It was already planned and known there would be a dump period.  The price will be volatile and with some downward pressure and the earlier seller sell off. Price can be propped up with orders and exchanges can claim different types of friction to halt the liquidity to keep the price showing bitcoin cash is relevant (ie not near 0).

once the dust settles or as it does, the mining is going to ramp up and the economics and game theory is going to change gears.  They will try to outpace the old chain.  

It's a near 51% attack, plus an equivalent attack using exchanges, plus an equivalent using whales that have enough of the market cornered.

So the coalition is making a conjecture they have enough power to overcome Satoshi's hidden conjecture that the system can't be usurped.

They have a gang of nefarious hackers that have been stealing coins and laundering them through nefarious exchanges that have deals with the new coin minters (ie the nefarious miners).

They have launched their campaign to over through the network and free millions up millions of stolen coins.

Meanwhile the candle is burning at both ends because arrests have already started and negotiations and prisoner's dilemmas have commenced.  

[Ibian]

Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.

Yes, the existence BCC will destabilize BCT mining.  

Everyone knows that at equilibrium, if BCC has 1/10th the value of BTC, that the hash power mining BCC will be 1/10th that mining BTC.  

What is less obvious what happens when the system is not in equilibrium. Imagine that the market reprices BCC 100% higher and BTC 10% lower.  What is the expected distribution of hash power now assuming short-term profit-maximizing miners?  

The answer is "most of it will be mining BCC." Because the difficulty adjusts only very slowly (every 2016 blocks) BCC becomes twice as profitable to mine as BTC.  Hash-per-hash miners would earn double by mining BCC.  This continues until the difficulty reset comes when BCC would go "limit up" (4X), when most miners would leave BCC back for BTC.  BCC's difficulty would slowly ratchet back down due to its fast difficulty adjustment and the process would later repeat.  

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.  

Well. Fuck.

We really should just have raised the block size and been done with it.

Oh look, another loud-mouthed idiot here to gloat upon exactly how they've fucked up their investment in bitcoin. Your egos must really be butt-hurt bad about that 'blocksize' debate huh? Who knew such idiots even existed?

What, precisely, is your major malfunction?

[marcus_of_augustus]

What, precisely, is your major malfunction?

Thought it would have been obvious to anybody but an idiot ... I don't suffer idiots gladly.

[Ibian]

What, precisely, is your major malfunction?

Thought it would have been obvious to anybody but an idiot ... I don't suffer idiots gladly.

Okay Dunning.

[traincarswreck]

we're gonna see a whale jump out of the ocean.  Also someone's made an error.

[deepcolderwallet]

Lol. Looks like Marcus and the cockroach are having a heavy time in their affair...

[jojo69]

Meanwhile the candle is burning at both ends because arrests have already started and negotiations and prisoner's dilemmas have commenced.  

and to think I had you ignored for a while

[deepcolderwallet]

we're gonna see a whale jump out of the ocean.  Also someone's made an error.

Explain yourself, lord of enigmas...

[Elwar]

Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.

Yes, the existence BCC will destabilize BCT mining.  

Everyone knows that at equilibrium, if BCC has 1/10th the value of BTC, that the hash power mining BCC will be 1/10th that mining BTC.  

What is less obvious what happens when the system is not in equilibrium. Imagine that the market reprices BCC 100% higher and BTC 10% lower.  What is the expected distribution of hash power now assuming short-term profit-maximizing miners?  

The answer is "most of it will be mining BCC." Because the difficulty adjusts only very slowly (every 2016 blocks) BCC becomes twice as profitable to mine as BTC.  Hash-per-hash miners would earn double by mining BCC.  This continues until the difficulty reset comes when BCC would go "limit up" (4X), when most miners would leave BCC back for BTC.  BCC's difficulty would slowly ratchet back down due to its fast difficulty adjustment and the process would later repeat.  

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.  

Umm..what?

How is 25 BCC (at 10% the value of BTC) mined per day more profitable than 300 BTC per day?

[traincarswreck]

Explain yourself, lord of enigmas...

That's as far as I see.

[sirazimuth]

In case not news already...Coinbase to support BCC (or wtf the ticker is now)
shit just got interesting...

[traincarswreck]

This war is going to evolve to involve fiat and nations