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

[BitcoinBunny]

Its so obvious to all here that BCH pump is Ver/Wu but probably not to the average investor. Im really disillusioned atmo that a very small group can manipulate an entire market in this way.
He even announced it on twitter before the pump. "#BitcoinCash will win wider adoption than 1MB Segwit Bitoin shortly." 19 hours ago.
Possible with fake money too such as the 30 million tether that was issued a few days ago.

The true irony is that the BCH supporters demand lower transaction fees, but they can't spend BCH at any merchants other than maybe a few obscure ones. Lol. That reality seems to be completely lost on them.

I only know about Bitmain and haven't seen anyone else implement it in payment systems or do anything with it.

Google trends indicate no one gives a flying pig about BCH, only a few (clever) investors it seems.

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[d_eddie]

As to why S2X future even has values, it's the reason that people have stated before.  That is, in order to sell your S2X future when it goes live a month ago, you need to split your coins into BT1 and BT2.  Now when that BT2 is worthless at 5 mbtc as news came out, people buy back (short cover) BT2 to re-combine with BT1 so that they can get back their original BTC and tx out of Bitfinex.  Because seriously, who would want hold BTC a minute longer than needed on Bitfinex?   Thus there is more people who want to buy back their BT2 to tx out than the losers who got rekted, but refused to realize loss, and hoped that some S2X dev will copy-paste BCH's EDA and replay-protection, so that they can at least hope for a pump later.  

Aha, a Bitfinex thing. Now I see!
I always hoped (and suspected) the S2X fork would be called off, so I didn't even try to play any splitting trick with S2X and wasn't aware of how finex dealt with the issue. Thanks for the explanation.

[Punisher1314]

Oh boy, this is just being the best short term trading weekend of my life! I just wake up and my BCH selling order at 0.21 BTC/BCH has been filled.

Do not worry guys, after the fork dates, the real Bitcoin will rise again and BCH will return where it deserves, this is just an usual correction for BTC, sponsored by BCH, we are only 17%~ away from the previous ATH, that is still nothing  

[True Myth]

Significant dump this is, it’s not going to get much worse though, surely. I hope 6k stays strong.

Set up my last buying order at 6k. Hope you are right.

I'm thinking bottom (of this dip) will be closer to 5.6k. But, this is my first post so, what do I know? I also don't have those magical "optimism charts".

[Lopumbo]

BCH gets new difficulty adjustment algorithm (as a replacement for EDA) in some days
BTC difficulty adjustment is in ~3weeks
until then mining BCH will be more profitable, currently 38.5% BCH in the last 24h

maybe the chain will freeze and we'll see an emergency pow update  

let the war begin

[LewisPirenne]

Even though it is 50%~70% more profitable to mine on BCH chain now, the split in hashrate between two networks are the same as previous EDA cycles, i.e. a max of 60% to 40% between BTC and BCH chain.  This means that just as there is a "mysterious miner" that is willing to mine BCH chain at a loss (often 30~40% without some EDA manipulation), there are also at least 6~7 exahash that is loyal to BTC chain since August and won't budge even if BCH entice them with 50% more profit.  

As far as I can tell, even though the mining pools behave as a cartel, the individual miners are as split as the bitcoin community itself in their preference for future scaling roadmap.  So there are quite a few Chinese miners who are highly skeptical of Jihan et al. even if they got to keep a polite relation to get their Antminers.  So when people press the nuke button with a PoW change, it also nuke the good guys who are still contributing around 60% of network hashrate, even when it's decidedly less profitable to do so.

[bones261]

BCH gets new difficulty adjustment algorithm (as a replacement for EDA) in some days
BTC difficulty adjustment is in ~3weeks
until then mining BCH will be more profitable, currently 38.5% BCH in the last 24h

maybe the chain will freeze and we'll see an emergency pow update  

let the war begin

The new difficulty adjustment algorithm for BCH is going to put the breaks on supersonic mining pretty quickly. What is likely to happen is that the difficulty will adjust to a Goldilocks zone. This will be where mining BCH is slightly less profitable than BTC, and only the two large mystery farms will be mining 90%+ of the blocks themselves. I could be wrong.

[Kuriso]

All you guys scared of TrashCash need to remember, IT IS JUST ANOTHER ALTCOIN!

In order for it to "kill" bitcoin it has to convince the merchant service providers to switch from taking the true Bitcoin to taking the new BitchCash.  I would think this means that the merchants themselves would need to agree to the change. 
You also have to convince all exchanges to swap their market pairs to it as well.  I do not see that happening but to ensure it doesn't, we need to put pressure on those services to stick to the real one.

All TrashCash is right now is one really, really, really expensive and useless altcoin. 

[Arriemoller]

Do we have any info yet on how to claim our airdrop btg if we use electrum?

https://medium.com/@coinomi/collecting-your-free-bitcoin-gold-btg-coins-da937d4255d1

Thanks!

Instructions added, read again.

Any idea if these steps will work with an offline electrum wallet?

If it is on your computer you should be able to do this i think. I don't think you have to be online to see your keys, anyway, just follow the steps and see if your keys appear.

1. Extract your private keys for your pre-fork BTG coins by following the appropriate steps in the list of providers below.

- Electrum
1) Open the menu "View" and click on "Show Addresses"
2) Then open the new tab "Addresses"
3) Right-click on the addresses that had Bitcoin before the fork, then click "Private key".
4) Click on the qrcode icon to show it.

Now that you got your private key(s) for the address(es) that contained BTC prior to the fork of August 1st:

2. Create a BCG wallet in coinomi.

3. Click on .../Sweep Wallet and paste or scan the BTC private key that you obtained in step 1.

Your forked coins should now appear in your Coinomi BCG wallet

You have to be joking?!? Paste the private key of your BTC stash into some internet site web form? This is insanity if you ask me.

Well, if you have a better answer to his question, please share. Otherwise you are just a whining nay sayer.

[gembitz]

 

weeee>.> bchzzz

[LewisPirenne]

I vaguely recall that the new DAA for BCH calls for per block difficulty adjustment based on mean time of last 144 blocks.  So once the new DAA goes live in 2 days, it should remove the current profitability arbitrage between BTC and BCH chain quickly.  Then people will see for real how much hashrate is really committed to both chains.

But the point from my previous post is that people who is looking at hashrate and talking about PoW change is getting it wrong and miss the whole point.  Because hashrate dynamic is no different this time than previous EDA cycle, this means that there IS something else that is happening that affects the price, and it is certainly NOT the hashrate.  It could be the cartel pump combined with noises from Bitpay and Xapo on twitter, plus that Tokyo based memory dealer's move to go all BCH in his biz and .com.  Maybe it's all planned in advance to pressure the Core team to yield or we will move or perhaps it's just another regular "dialogue" between biz/dev/miners.  It's anybody's guess as to which episode of "The Great Game" that are being played now.

[Arriemoller]

when you save money on tailoring so you can pump your shitcoin of the moment

He's working the 60s astronaut look. There's no one more patriotic, trustworthy and dependable than one of them.

The singer, now that's good tailoring. God I miss the 80's.

https://www.youtube.com/watch?v=i9bEncnsHaI

[bones261]

All you guys scared of TrashCash need to remember, IT IS JUST ANOTHER ALTCOIN!

In order for it to "kill" bitcoin it has to convince the merchant service providers to switch from taking the true Bitcoin to taking the new BitchCash.  I would think this means that the merchants themselves would need to agree to the change. 
You also have to convince all exchanges to swap their market pairs to it as well.  I do not see that happening but to ensure it doesn't, we need to put pressure on those services to stick to the real one.

All TrashCash is right now is one really, really, really expensive and useless altcoin. 

It's not useless. It gives the big blockers a project that they can work on and finally leave the BTC chain alone. Maybe we can finally enjoy not being under the constant threat of contentious hard forks with no replay protection. (ie Bitcoin XT, Bitcoin Classic, BU, S2X.)

[oblox]

This is not unlike why Bear Stearns put option had values for a while even though the investment bank had already collapsed.  That is, people cover short and booking profit to get their money out of system before some system wide credit freeze or FED bailout will turn their paper profit into nothing but paper.  When S2X future is almost worthless, you are taking counterparty risk by holding that contract and keeping your BTC on Bitfinex.

Bad example. Put options in the case of a bankruptcy or collapse would have a max value of the strike price since the underlying is effectively 0. A better example would have been to say the call options had value for people wanting to cover their short calls, even though they would be effectively worthless on a now defunct security.

[pumpmydump]

You guys still don't get it, you're still in the denial phase, I'll come back for the butthurt phase that's when you will let me make fun of you

[LewisPirenne]

This is not unlike why Bear Stearns put option had values for a while even though the investment bank had already collapsed.  That is, people cover short and booking profit to get their money out of system before some system wide credit freeze or FED bailout will turn their paper profit into nothing but paper.  When S2X future is almost worthless, you are taking counterparty risk by holding that contract and keeping your BTC on Bitfinex.

Bad example. Put options in the case of a bankruptcy or collapse would have a max value of the strike price since the underlying is effectively 0. A better example would have been to say the call options had value for people wanting to cover their short calls, even though they would be effectively worthless on a now defunct security.

Sorry if there are any misinterpretation, but that was my actual experience at the time for those $5 put option.  People cover them and I presume that people just don't want to hold it till expiry and cover them to get money out of system.

Edit, you are right in that an example that parallel BT2 would be much better from short call (rather than long far OTM put) point of view.  Thanks.  

[bitebits]

Its so obvious to all here that BCH pump is Ver/Wu but probably not to the average investor. Im really disillusioned atmo that a very small group can manipulate an entire market in this way.
He even announced it on twitter before the pump. "#BitcoinCash will win wider adoption than 1MB Segwit Bitoin shortly." 19 hours ago.
Possible with fake money too such as the 30 million tether that was issued a few days ago.

The true irony is that the BCH supporters demand lower transaction fees, but they can't spend BCH at any merchants other than maybe a few obscure ones. Lol. That reality seems to be completely lost on them. Just like the ETH camp, they literally could give two shits that they can't spend ETH anywhere and probably never will be able to.

Think it is ironic as well you can spend your bitcoin anywhere, but the required transaction fee makes you consider twice.

I don’t like the market’s uncertainty which coin is a store of value, although I think it is obvious.

[gembitz]

You guys still don't get it, you're still in the denial phase, I'll come back for the butthurt phase that's when you will let me make fun of you

get what both coins will moon $10,000+ weee

[gembitz]

Its so obvious to all here that BCH pump is Ver/Wu but probably not to the average investor. Im really disillusioned atmo that a very small group can manipulate an entire market in this way.
He even announced it on twitter before the pump. "#BitcoinCash will win wider adoption than 1MB Segwit Bitoin shortly." 19 hours ago.
Possible with fake money too such as the 30 million tether that was issued a few days ago.

The true irony is that the BCH supporters demand lower transaction fees, but they can't spend BCH at any merchants other than maybe a few obscure ones. Lol. That reality seems to be completely lost on them. Just like the ETH camp, they literally could give two shits that they can't spend ETH anywhere and probably never will be able to.

Think it is ironic as well you can spend your bitcoin anywhere, but the required transaction fee makes you consider twice.

I don’t like the market’s uncertainty which coin is a store of value, although I think it is obvious.

Wall Street is hungrey fur corns so i think the market will have no problem absorbing both instruments here we go $7000 btc weee

[bones261]

You guys still don't get it, you're still in the denial phase, I'll come back for the butthurt phase that's when you will let me make fun of you

Well, when and if the "butthurt" phase begins, I can start accumulating again. Just like 2015. Notice my start date on Bitcointalk...that was a good entry point. Too bad my innate skepticism got in the way and I only invested peanuts and hashed away with already obsolete ASICS that I picked up on Ebay.