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December 13, 2017, 10:54:34 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
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Question: Dec. 16 Bitcoin Price:
<$10,000 - 24 (11.8%)
$10,000-$12,000 - 7 (3.4%)
$12,000-$14,000 - 10 (4.9%)
$14,000-$16,000 - 16 (7.8%)
$16,000-$18,000 - 27 (13.2%)
$18,000-$20,000 - 37 (18.1%)
$20,000-$22,000 - 28 (13.7%)
$24,000-$26,000 - 14 (6.9%)
$26,000-$28,000 - 3 (1.5%)
$28,000-$30,000 - 7 (3.4%)
>$30,000 - 31 (15.2%)
Total Voters: 204

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 20040919 times)
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rolling
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November 12, 2017, 05:13:19 PM

How is 70% of the mining power directed at Bitch Coin? Did Bitmain hijack every Antminer on the planet? No miner in their right mind would voluntarily mine that crap. How did they get that much of the hash rate?

Why would do you assume they will not voluntarily mine BCH? They see this as an opportunity to get much more money for electricity spent. It will be over in a few hours anyway:

Code:
Coin Date (UTC 24h) Remaining Change
BCH Nov 12th, 21:09 3 hours, 2 minutes (131 blk) +400.00%

No way miners are that stupid. Unless they can sell their Bitch within the next 12 hours, it will be nearly worthless again. I think the larger problem here is that the Bitmain mining cartel has revealed their hand on how much hash rate they actually control. The community used to get upset when a pool neared 50% of the hash rate. Now we see that someone actually controls nearly 70%.
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^ will code for bitcoins


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November 12, 2017, 05:14:48 PM

Serious question. Core currently has some development in mind to lower transaction fees and keep the mempool clear? make bitcoin more resistant to spam attacks?

Those Bitcoin Unlimited guys measured the mempool performance and found out it was not the protocol issue, it is protocol implementation issue. Currently transactions commit to the mempool in the single thread exclusively, so it doesn't matter if you have 4 core, 8 core or 32 core processor once the mempool gets saturated it falls apart completely, not being able to process new transactions. They found about this empirically, through watching measurement charts. There is a video from Stanford conference held a week ago where they explained the details, link to Youtube is posted in this thread few pages ago. They wrote a multi-threaded implementation and then (surprise, surprise) made some additional "improvements" on the process, so even if their code will be opensourced it can not be patched directly to Bitcoin Core codebase, developers will have to do some of they own work on it. I'm surprised no one cached this long time ago.

Thank you very much. I appreciate your response. I will look for the video that you mention.
But I still dont understand, this could help with high rates and makes spam attacks less effective?

Mempool implementation is just one botleneck, you can not put more transactions then the block limit implies. At least multithreaded implementation will remove the cases where mempool falling apart and not filling the space it could fill is no longer the case.
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November 12, 2017, 05:15:18 PM

How is 70% of the mining power directed at Bitch Coin? Did Bitmain hijack every Antminer on the planet? No miner in their right mind would voluntarily mine that crap. How did they get that much of the hash rate?


This was a well orchestrated plan by a few and the majority will follow IMHO

It's only the beginning...

Disclaimer:I'm only right 67% of the time  Grin

Even if the majority did follow, there would be a lag of a few days at least. The swap of mining BTC to Bitch was almost instant.
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November 12, 2017, 05:17:34 PM

No way miners are that stupid. Unless they can sell their Bitch within the next 12 hours, it will be nearly worthless again. I think the larger problem here is that the Bitmain mining cartel has revealed their hand on how much hash rate they actually control. The community used to get upset when a pool neared 50% of the hash rate. Now we see that someone actually controls nearly 70%.

They very clearly are.

And there's so much volume they could dump everything with barely a blip.

There's a very interesting interview with some Chinese miners on the World Crypto Network. Dunno if this is the right one - https://www.youtube.com/watch?v=fyZ-HlWFk78

The gist was that most Chinese miners don't know or care what they're mining. They don't understand anything. All they want is CNY.

If Mr. Wu can offer them more of that however briefly then they're going to take it. He doesn't have to own the hashing, just the opportunity to lure miners.


Even if the majority did follow, there would be a lag of a few days at least. The swap of mining BTC to Bitch was almost instant.

The pools will have programs that automatically switch to the most profit on a near instant basis. And you can bet the pools Bitmain controls offers the best iterations.
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November 12, 2017, 05:18:50 PM

This is not a nice place to be now. Bcash is toxic and has caused major problems.

This thread has become divided and I for one am not enjoying coming here anymore.

I hope you bcash twats are happy. I'm off.
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November 12, 2017, 05:20:57 PM

Any other news about dumping these huge amounts of roger ver ?!
25000 btc of roger ver + other rich addresses+ dump traders + Huh?+ Huh? --------- crash of bitcoin

We could only hope! People are literally begging Ver et. al. to dump all their BTC. Please universe, please make this happen. Let them be gone forever! And we will buy up all the cheap bitcoin, yay.

yes . i agree with you mate  ; we want trade bitcoin in reasonable prices

for me over 3000 usd  per btc ; it's expensive
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no FOMO


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November 12, 2017, 05:21:19 PM

when is that rumored new Japanese mining hardware supposed to come out?
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November 12, 2017, 05:23:14 PM

5500 is the next resistance, maybe 5000$.. so insane...
You don't need to worry yourself mate because bitcoin will always find it way back to the ATH. Do you remember the dumps that happen last year June? If I could remember correctly and how bitcoin pump after the dumps I think we're currently experience the  same thing right now. However, bitcoin will pump when it business working days.
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November 12, 2017, 05:24:38 PM


Even if the majority did follow, there would be a lag of a few days at least. The swap of mining BTC to Bitch was almost instant.

The pools will have programs that automatically switch to the most profit on a near instant basis. And you can bet the pools Bitmain controls offers the best iterations.

I don't mine anymore but there is no way I would point my miners at a pool that switched to Bitch. If anyone is still using any of the Chinese mining pools, this should be a wake up call. I think a lot of people have already realized this which is why Slush pool has been growing.
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November 12, 2017, 05:28:01 PM

I don't mine anymore but there is no way I would point my miners at a pool that switched to Bitch. If anyone is still using any of the Chinese mining pools, this should be a wake up call. I think a lot of people have already realized this which is why Slush pool has been growing.

The only reason Slush is growing is because all the other miners have abandoned BTC for now.

Miners aren't loyal to anyone or anything. They want them bills paid and some profit. That's it. If that dimness kills BTC they'll probably grunt and find something else to mine, even if there's nothing left.
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November 12, 2017, 05:32:11 PM

I don't mine anymore but there is no way I would point my miners at a pool that switched to Bitch. If anyone is still using any of the Chinese mining pools, this should be a wake up call. I think a lot of people have already realized this which is why Slush pool has been growing.

The only reason Slush is growing is because all the other miners have abandoned BTC for now.

Miners aren't loyal to anyone or anything. They want them bills paid and some profit. That's it. If that dimness kills BTC they'll probably grunt and find something else to mine, even if there's nothing left.

If you don't think 70% of the hashpower moving from bitcoin to an altcoin is a problem, I don't know what else to say.
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November 12, 2017, 05:33:42 PM

If you don't think 70% of the hashpower moving from bitcoin to an altcoin is a problem, I don't know what else to say.

Of course it is. And it's all part of the big block hijack plan.

It can't be stopped unless BCH becomes worthless to mine. We'll have to wait and see with that.

Miners are not our friends and they're not supposed to be, though it certainly has been taken a little further than I ever expected.
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November 12, 2017, 05:34:48 PM

It isn't much cheaper to spam bigger blocks. Why is this attack so one-sided?
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November 12, 2017, 05:35:29 PM

If you don't think 70% of the hashpower moving from bitcoin to an altcoin is a problem, I don't know what else to say.

Of course it is. And it's all part of the big block hijack plan.

It can't be stopped unless BCH becomes worthless to mine. We'll have to wait and see with that.

Miners are not our friends and they're not supposed to be, though it certainly has been taken a little further than I ever expected.

Why do you people think that is a problem ? Bitcoin was working fine with 1/1000 of this hashrate not very long ago ...
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November 12, 2017, 05:40:33 PM


This is why I don't see any problem with the fees. If you can't afford those fees just use fiat banking. Bitcoin is for people that do value their money, financial freedom and privacy.


Your vision of what should be bitcoin, is far from being the one that initially captivated so many people, developers, investors, etc...
In a third world country, it is really important to have a payment system that is not banked. At the beginning bitcoin was very useful and very popular for those reasons. I do not plan to pay my coffee with bitcoin (and I hope I can do it with LN at some point), but every day bitcoin loses more and more utility in my country. And I'm frustrated to see that every day bitcoin becomes a tool for large investors, banks or investment funds, and ordinary people, on the street, are excluded.
And it seems to me, according to my humble opinion and what I have researched, that an increase to 2MB of block size is far from representing a danger or a problem to decentralization (especially when working on the optimization of block size) .
This increase would be a gesture of goodwill towards the community and would avoid all these discussions and hatred.
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November 12, 2017, 05:43:15 PM

And seriously where is Loaded? Our side is weak beans.
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November 12, 2017, 05:45:13 PM

It isn't much cheaper to spam bigger blocks. Why is this attack so one-sided?

Time to do your duty, son.

You first.
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November 12, 2017, 05:45:27 PM

I don't mine anymore but there is no way I would point my miners at a pool that switched to Bitch. If anyone is still using any of the Chinese mining pools, this should be a wake up call. I think a lot of people have already realized this which is why Slush pool has been growing.

The only reason Slush is growing is because all the other miners have abandoned BTC for now.

Miners aren't loyal to anyone or anything. They want them bills paid and some profit. That's it. If that dimness kills BTC they'll probably grunt and find something else to mine, even if there's nothing left.

If you don't think 70% of the hashpower moving from bitcoin to an altcoin is a problem, I don't know what else to say.

It is problem for bitcoin but it is death for the altcoin. With this speed all 21 million shitcoins will be mined next year. And then nobody will look at it because it was created to offer low fee txs.
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November 12, 2017, 05:46:55 PM

It isn't much cheaper to spam bigger blocks. Why is this attack so one-sided?

Time to do your duty, son.

You first.

Ok, I have a plan. It doesn't involve pants. Hear me out...
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Win up to 200$ in BTC-->http://freebitco.in/?r=78


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November 12, 2017, 05:47:00 PM

It isn't much cheaper to spam bigger blocks. Why is this attack so one-sided?

I asked myself this too... spamming bch mempool would be only 8 times more costly, even more cheap because 1 bch is 1/5 of a btc in usd terms.

Why are we not attacking bch? Seems that we are have not evil manipulators on our side
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