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

[Rosewater Foundation]

Whats happening?

Futures day, we can expect continuous price manipulation at futures close as long as we have these bullshit contracts

[TERA2]

Tether bubble

[realr0ach]

Torque - lead advocate of unsound digital money.

Tell me one thing on earth that is closer to sound money than Bitcoin
(to give you a tip:  physical Silver is not a correct answer).

Are you people professional conmen?  Bitcoin is a currency, not money, which is why it's called "cryptocurrency".  It does not have the valid traits required to be money.  By claiming "bitcoin is money", you're also claiming Digibyte, Ripple, "basic attention token", and the 1400 other infinitely increasing scamcoins are "money" as well.  Now do you see how laughable your statement is?

Now some delusional idiot is going to claim "no, only bitcoin can be money but not "basic attention token!".  Lol, says who?  There is no objective traits that make any of these scamcoins different from one another.  They would either ALL have to be "money" or none of them money.  But that's beside the point since none of them qualify as money in the first place.  It's also impossible for any cryptocurrency to have fungibility since the protocols are malleable.  It has to be non-malleable to be fungible.

So yes, silver and gold are money, bitcoin is not.  Bitcoin is just some guy's artificial game you are agreeing to play because he designed it in a way to try and lure you in to a get rich (or poor) quick scheme.  Hmm, after the government talked about trying to force everyone on the planet into a cashless society slave system for years, I wonder who would create a get rich quick scheme to entice people in, premine a huge amount themselves, and then not leverage any of the proceeds to do anything with it because they're already unimagineably rich in the first place?

[TERA2]

[Samarkand]

...

Are you people professional conmen?  Bitcoin is a currency, not money, which is why it's called "cryptocurrency".  It does not have the valid traits required to be money.  By claiming "bitcoin is money", you're also claiming Digibyte, Ripple, "basic attention token", and the 1400 other infinitely increasing scamcoins are "money" as well.  Now do you see how laughable your statement is?

Now some delusional idiot is going to claim "no, only bitcoin can be money but not "basic attention token!".  Lol, says who?  There is no objective traits that make any of these scamcoins different from one another.  They would either ALL have to be "money" or none of them money.  But that's beside the point since none of them qualify as money in the first place.  It's also impossible for any cryptocurrency to have fungibility since the protocols are malleable.  It has to be non-malleable to be fungible.

So yes, silver and gold are money, bitcoin is not.  Bitcoin is just some guy's artificial game you are agreeing to play because he designed it in a way to try and lure you in to a get rich (or poor) quick scheme.  Hmm, after the government talked about trying to force everyone on the planet into a cashless society slave system for years, I wonder who would create a get rich quick scheme to entice people in, premine a huge amount themselves, and then not leverage any of the proceeds to do anything with it because they're already unimagineably rich in the first place?

Why have most governments classified Bitcoin as an asset when it is a currency according
to you? The difference between Ripple and other scamcoins vs. Bitcoin is simple. Bitcoin has a truly
immutable supply and a predetermined issuance rate that eventually asymptotically approaches zero.
All the other scamcoins are prone to changes in supply or other relevant characteristics.

However, as we have seen numerous times with all the fork attempts Bitcoin is incredibly resilient to all
of these attacks and has proven to be immune to any relevant changes.

For further reading on why Bitcoin is superior to all the altcoins I suggest that you read the links
that I already posted in this thread yesterday:

http://nakamotoinstitute.org/mempool/the-problem-with-altcoins/
http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/
http://nakamotoinstitute.org/mempool/appcoins-are-snake-oil/
http://nakamotoinstitute.org/mempool/its-not-about-the-technology-its-about-the-money/

Your last paragraph is pure conjecture. The more likely reason why Satoshi´s coins have never
moved is that he/she is dead or can´t access the private keys for another reason. I think you are giving
the government too much credit if you think that they are the inventors of cryptocurrency. I do concede
though that various government entities are probably heavily into cryptocurrency mining in order to
generate cash that is off the books.

[d_eddie]

For example, A and B connect to me with 1 BTC each. I copy their public key to an offline machine and have it generate a million transactions each (or however many are needed) to account for every possible signed transaction then transfer that to a computer online.

Also, if this is possible, what prevents me from signing all of those transactions then spending the bitcoins somewhere else. Or is this what SegWit fixed?

No you can't do that. You only get some coin from Alice that you must pass on to the opposite end of one of your open channels. Each channel has only two ends: you and the other guy. So you get money on one channel (Alice), you pass it on to Charlie, which will help with another hop, until the coins reach the final destination - Bob, but none of the intermediate nodes knows that. You can't withhold the funds within your node. They must travel onwards.

And in this scenario could we interpret every single channel "section" (aka my combined 2 connections (Alice to me, and me to Charlie) as a tx confirmation? Thus, a passthrough of let's say 5 channels equals 5 confirmations?

No. Each intermediate hop (channel fund movement) is confirmed almost instantaneously. So the sending node gets its balance back at once.

[d_eddie]

Over 100 LN nodes running now..20% of all nodes now SegWit and growing. Ver is a sociopath.

Just ordered a Lenovo x3100 M5 with 4 x 4 TB hot-swap drives running RAID 10, to run my new bitcoind and lnd node.

Will be running Ubuntu.

Fun project I'm looking towards. Figure I'll fund the LN node with 2 BTC and see what happens.

You'll have to open at least 48 channels, since at the moment each channel has max 0.042 BTC capacity.

[Torque]

Why all filthy rich guys are selling hundreds and thousands of BTC at that price? What are they thinking - the end of the world? Or early retirement? What if by the end of the year BTC hits 50K or even 100K $ and they realize how richer they could have been if only waited for several more months? But no, why have 100 mln in several months, while I can have 2-3 mln and retire now. Pathetic  

Moving old coins to segwit wallets?
Simplistic guess, but I'm not Torque. Ask him!  

If he was talking about the run-up and then dump from $19k, that was just a bunch of retard whale traders using a last gasp PnD to cover their taking a rather large position in Bitcoin, before the Futures market got started.

It was a win-win-win-win for them:

1. They could cover their taking up a large position whilst whipping up the momentum trade on hype
2. The sheeple and guppie traders would buy into the rally at exactly the wrong time
3. They could then short at the top, with a lot of coins on exchanges to leverage for the short, and pretty much double their position
4. The dump scared away all the Average Joes that were thinking about getting in for at least another year

Now they pretend that the bull run is over, and let the market wash trade sideways in a narrow band. Hoping that the get-rich-quick n00bs will get frustrated with no upwards price action and sell, right into their buy walls.

But they ain't really foolin' anyone with that shit... Wall street desperately wants your bitcoin.

[ivomm]

This asshole selling thousands BTC at bitfinex with multiple 200 BTC walls is the culprit of today's drop. And why he is selling so much in such a noobish way, I can't imagine.  Probably too lazy to place multiple 20 BTC sell offers instead of several 200 BTC. Well, if he is happy to lose milions because of his stupidity, so be it.

[realr0ach]

https://i.imgur.com/igGLv5j.png

Tera, stop pretending to be retarded.  The traits of money are:  durability, fungibility, portability, scarcity, divisibility.  Then you have price stability, but that's more tertiary.

Contrary to the idiotic chart they post on reddit:

Fungibility: bitcoin is obviously not fungible, not even if you mix outputs to obfuscate transaction history, but bitcoin doesn't even do that.  It would also not be fungible because the protocol is malleable and PoW doesn't force convergence in rough consensus "attacks", aka forks or 'different opinions'.  Bitcoin also functions as somewhat of a 3 of 5 multisig permissioned ledger in practice with built-in middlemen.  It's not really possible for a permissioned ledger with built-in gatekeepers to be fungible.  That's called a 1984 slavery system where you're forced to worship the five centralized transaction validators or they refuse to process your non-blinded transactions.

Durability:  They claim durability of bitcoin is equal to the noble metals, which is a complete joke.  Metals are the equivalent of a billions of years old blockchain with self pruning, while bitcoin is a few years old and can be black swaned to death at any second.  Durability of bitcoin is several orders of magnitude lower.  It's just some guy's artificial scheme he created.  It requires a black hole hitting the earth to black swan metals while artificial schemes are not known to have much staying power.  

Scarcity:  As mentioned earlier, since PoW does nothing to solve rough consensus attacks, aka forks, there is no real scarcity.  Since these broadcast systems (blockchains) are inherently very low scaling and high overhead, it also has an inverse Schelling point where people are incentivized to use a different chain than others to avoid usurious fees.  Repeat ad infinitum until the entire ecosystem dies of dilution.

Price Stability:  When someone dies holding noble metals like silver or gold, they are recovered nearly every time eventually.  The money then stays recirculating around.  Bitcoin is radically different in this regard.  Due to strong encryption, accidents, and other variables, bitcoin will be lost an overwhelmingly higher percentage of the time resulting in the currency being more hyper-deflationary than deflationary.  Having a hyperdeflationary token is as useless for vendors trying to price items as a hyperinflationary one.  Vendors would choose the most stable unit of measure to price things in, and bitcoin wouldn't be it.  Bitcoin wouldn't be used in commerce and would just forever be some type of pump and dump scheme.

[Elwar]

The irony is that people running Lightning Network on mainnet are enjoying putting bcash folks in their place. Even though bcash tested their transaction solution on mainnet.

[Karartma1]

This asshole selling thousands BTC at bitfinex with multiple 200 BTC walls is the culprit of today's drop. And why he is selling so much in such a noobish way, I can't imagine.  Probably too lazy to place multiple 20 BTC sell offers instead of several 200 BTC. Well, if he is happy to lose milions because of his stupidity, so be it.

Who are we to judge? Let him lose his money.

Let these futures die for good and let's see what to expect for the future (!). I still have to figure out what is going to be the price on Dec. 31st 2018. This way I'll never get it!
In the meanwhile I'll open a LN channel. Might help to do the trick

[pacman7331]

This asshole selling thousands BTC at bitfinex with multiple 200 BTC walls is the culprit of today's drop. And why he is selling so much in such a noobish way, I can't imagine.  Probably too lazy to place multiple 20 BTC sell offers instead of several 200 BTC. Well, if he is happy to lose milions because of his stupidity, so be it.

I guess i'm noob too. I have no idea why you would not just put a limit order in at whatever price and sell all if thats what you want.  =/

[realr0ach]

I'm trying to figure out the exact moment bitcoin jumped the shark.  It's either Tai Lopez or the tweet by John McAfee telling people to buy some coin named FINA that is run by a "Nigerian criminal organization".  Instead of Nigerian princes coming to you to scam for money, you are now seeking out Nigerian princes to donate money to instead.

[UnDerDoG81]

So, South Korea FUD has been approved that it is FUD. Bitcoin price is still down. I think at the moment there is no reason for the price to go up. Probably seeing four digits again.

[infofront]

I'm trying to figure out the exact moment bitcoin jumped the shark.  It's either Tai Lopez or the tweet by John McAfee telling people to buy some coin named FINA that is run by a "Nigerian criminal organization".  Instead of Nigerian princes coming to you to scam for money, you are now seeking out Nigerian princes to donate money to instead.

I think you need a hug.

[Torque]

I'm trying to figure out the exact moment bitcoin jumped the shark.  It's either Tai Lopez or the tweet by John McAfee telling people to buy some coin named FINA that is run by a "Nigerian criminal organization".  Instead of Nigerian princes coming to you to scam for money, you are now seeking out Nigerian princes to donate money to instead.

Bitcoin never jumped the shark. It stands alone surrounded by a cesspool of garbage. The rest of the ponzi scamming shitcoin crypto market did though.

I cite Bitconnect and DeezNuts as prime examples.

[LFC_Bitcoin]

This asshole selling thousands BTC at bitfinex with multiple 200 BTC walls is the culprit of today's drop. And why he is selling so much in such a noobish way, I can't imagine.  Probably too lazy to place multiple 20 BTC sell offers instead of several 200 BTC. Well, if he is happy to lose milions because of his stupidity, so be it.

Yeah I don’t get it either, seems fucking stupid to risk ‘sell high’ , ‘buy in low’. The market can move upwards & then you’re fucked.

Why people don’t just HODL until after the next halving I do not know. I’m expecting to see upwards of $50,000 per coin in 2020. Why are people in such a panic to sell?

[serveria.com]

This asshole selling thousands BTC at bitfinex with multiple 200 BTC walls is the culprit of today's drop. And why he is selling so much in such a noobish way, I can't imagine.  Probably too lazy to place multiple 20 BTC sell offers instead of several 200 BTC. Well, if he is happy to lose milions because of his stupidity, so be it.

Yeah I don’t get it either, seems fucking stupid to risk ‘sell high’ , ‘buy in low’. The market can move upwards & then you’re fucked.

Why people don’t just HODL until after the next halving I do not know. I’m expecting to see upwards of $50,000 per coin in 2020. Why are people in such a panic to sell?

Not people in general but rather get rich quick kiddies 

[Paashaas]

Coincheck officially confirmed that 500mln XEM was stolen by someone