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

[Torque]

Going back to the network spam clearing up.

So… going theoretical here…  Many believe that the spam the bitcoin network was experiencing was orchestrated by people with ties to Bitcoin Cash.  The idea held by many was that these people were spamming Bitcoin network to drive fees up while offering a cheaper faster alternative.  At the same time it appeared as if someone was pumping Bcash on occasion to create hype behind it and grab more attention.  This seemed pretty effective at the time.  Keep in mind this all occurred during arguably record high entrance to the market by newcomers.

After a few months of this going on, the people chasing the alt coin market began placing heavy value on cheap, fast transactions.  This drove people to pumping coins that had little backing or history but, had cheap and fast transaction times.  I think the sheeple have moved past Bcash and now see a larger range of coins that are available that offer their cheap fast transactions.  The people who chased Bcash for the cheap and fast transactions have moved on (hence the Ripple boom).

There is little benefit to spamming the network now as many others on here have theorized.  Not to mention how costly it must have been to spam the network…  That money would be better spent say… pumping bcash again to gain interest in a market where Bitcoin is moving sideways and “becoming boring”.  You heard it here first… bcash pump inbound.

Wanna hear my theory? That in 2017 the flippening into alts, constant bitcoin spamming, FUD, and eventual creation of BCash were all related... a deliberate, multi-faceted, year long campaign that was well planned in advance. Whales and hedge funds started the crazy Bitcoin volatility and FUD all the way back in Jan 2017, and did it for one purpose: for all of the year, to shake as many people out and away from Bitcoin because they already knew that Bitcoin Futures were coming online in December (they are insiders after all -- and insiders know things well in advance of the public). And they couldn't just run the market straight up, that's not how big players take long positions. They were constantly pumping and shorting the whole time, all the while slowly ramping it up and building their long position over an entire year.

It's pretty obvious in hindsight. And if I'm right about this, then we should start to see alts slowly and almost imperceptibly bleed back into the Bitcoin market over time. We may even see a few "controlled demolitions" of some alts here and there, and their markets likely won't recover to previous ATHs after that.

[d_eddie]

Going back to the network spam clearing up.

So… going theoretical here…  Many believe that the spam the bitcoin network was experiencing was orchestrated by people with ties to Bitcoin Cash.  The idea held by many was that these people were spamming Bitcoin network to drive fees up while offering a cheaper faster alternative.  At the same time it appeared as if someone was pumping Bcash on occasion to create hype behind it and grab more attention.  This seemed pretty effective at the time.  Keep in mind this all occurred during arguably record high entrance to the market by newcomers.

After a few months of this going on, the people chasing the alt coin market began placing heavy value on cheap, fast transactions.  This drove people to pumping coins that had little backing or history but, had cheap and fast transaction times.  I think the sheeple have moved past Bcash and now see a larger range of coins that are available that offer their cheap fast transactions.  The people who chased Bcash for the cheap and fast transactions have moved on (hence the Ripple boom).

I attributed the Ripple boom to the Western Union/Ripple rumours.

There is little benefit to spamming the network now as many others on here have theorized.  Not to mention how costly it must have been to spam the network…  That money would be better spent say… pumping bcash again to gain interest in a market where Bitcoin is moving sideways and “becoming boring”.  You heard it here first… bcash pump inbound.

Spam or not, they did spend quite some cash pumping bcash anyway. The number of emply or nearly-empty blocks mined by Bitmain and related pools is strong circumstantial evidence. Your thesis (as to the innocence of the Bcash  Gang) remains far from compelling.

A Ripple pump may happen of course - it's all cyclical. But that wouldn't support the Bcash innocence hypothesis, would it?

EDIT: I see Torque beat me to it. I think his reply is worthy of consideration. But don't listen to me too much - I'm afraid he's winning me to the tinfoil club, one roll at a time. 

[Samarkand]

...

This claim of BCash being the original bitcoin is not correct in any way, technically or otherwise, except perhaps to retroactively spin historical facts to suit the bcash self promoting false narrative.

The more accurate historical rendition remains that bcash is and has been a minority attack on our lovey dovey  existing bitcoin; however, we could likely concede that if bcash were to gain network backing in various ways then at that time they could proclaim to be the real bitcoin, but to be honest they have to admit that they started out as a renegade and minority attack on the real bitcoin

Correct.

However, I think that it is highly improbable that Bitcoin Cash will gain any network backing whatsoever.

Just take a look at the development of active BCH addresses:


Since the start of January the number of active BCH addresses has dropped from ~295000 to ~51000.
This looks like a dying coin to me. This is probably also the reason why the spam attacks on the real
BTC blockchain have stopped or at least decreased in intensity. With every day that passes it makes
less sense to prop up BCH and therefore attacks on BTC become also less interesting.

In order to be fully transparent I admit that the active Bitcoin (BTC) addresses have also dropped in this time
frame, but not by such a big percentage.

[d_eddie]

In order to be fully transparent I admit that the active Bitcoin (BTC) addresses have also dropped in this time
frame, but not by such a big percentage.

Old bitcoiners consolidating small amounts into segwit addresses?

[True Myth]

Going back to the network spam clearing up.

So… going theoretical here…  Many believe that the spam the bitcoin network was experiencing was orchestrated by people with ties to Bitcoin Cash.  The idea held by many was that these people were spamming Bitcoin network to drive fees up while offering a cheaper faster alternative.  At the same time it appeared as if someone was pumping Bcash on occasion to create hype behind it and grab more attention.  This seemed pretty effective at the time.  Keep in mind this all occurred during arguably record high entrance to the market by newcomers.

After a few months of this going on, the people chasing the alt coin market began placing heavy value on cheap, fast transactions.  This drove people to pumping coins that had little backing or history but, had cheap and fast transaction times.  I think the sheeple have moved past Bcash and now see a larger range of coins that are available that offer their cheap fast transactions.  The people who chased Bcash for the cheap and fast transactions have moved on (hence the Ripple boom).

I attributed the Ripple boom to the Western Union/Ripple rumours.

There is little benefit to spamming the network now as many others on here have theorized.  Not to mention how costly it must have been to spam the network…  That money would be better spent say… pumping bcash again to gain interest in a market where Bitcoin is moving sideways and “becoming boring”.  You heard it here first… bcash pump inbound.

Spam or not, they did spend quite some cash pumping bcash anyway. The number of emply or nearly-empty blocks mined by Bitmain and related pools is strong circumstantial evidence. Your thesis (as to the innocence of the Bcash  Gang) remains far from compelling.

A Ripple pump may happen of course - it's all cyclical. But that wouldn't support the Bcash innocence hypothesis, would it?

Let me clarify my position.  I'm not saying the bcash gang is innocent.  I tried to state my point while being vague and without being direct which is a communication error on my side.  I believe the bcash gang AT LEAST shares the responsibility for the spam on Bitcoin and the pumps on BCASH.

EDIT: I see Torque beat me to it. I think his reply is worthy of consideration. But don't listen to me too much - I'm afraid he's winning me to the tinfoil club, one roll at a time. 

I can buy into this.  This theory would remove some of the responsibility from the bcash gang and place it on heavier hands.  I mean... if we are going "tin foil hat" we might as well go full tin foil hat.

[Torque]

Let me clarify my position.  I'm not saying the bcash gang is innocent.  I tried to state my point while being vague and without being direct which is a communication error on my side.  I believe the bcash gang AT LEAST shares the responsibility for the spam on Bitcoin and the pumps on BCASH.

EDIT: I see Torque beat me to it. I think his reply is worthy of consideration. But don't listen to me too much - I'm afraid he's winning me to the tinfoil club, one roll at a time.  

I can buy into this.  This theory would remove some of the responsibility from the bcash gang and place it on heavier hands.  I mean... if we are going "tin foil hat" we might as well go full tin foil hat.

I think that the BCash gang was actually just a group of useful idiot patsies in all of this. I'm not 100% sure they were spamming the network (it could have been the work of Whales/Insiders that they were working with (eg.,were paying them), or they just knew), but they believed at the time that they were benefiting from it. Now, not so much.

I mean if you think about it, other than their reputations the BCash gang has little to lose and everything to gain. If BCash fails, they'll just let it slowly die and go back to mining Bitcoin 100%. The hardware is the same, so no loss there.

[d_eddie]

I can buy into this.  This theory would remove some of the responsibility from the bcash gang and place it on heavier hands.  I mean... if we are going "tin foil hat" we might as well go full tin foil hat.

Good, but don't rush it too much. One tinfoil roll at a time makes it.

[True Myth]

It's pretty obvious in hindsight. And if I'm right about this, then we should start to see alts slowly and almost imperceptibly bleed back into the Bitcoin market over time. We may even see a few "controlled demolitions" of some alts here and there, and their markets likely won't recover to previous ATHs after that.

I agree with this.  As bitcoin fees drop lower and lower all I can think of is that this is bad news for the likes of Litecoin.  Many people moved to litecoin for those cheap, fast transactions I mentioned.  Litecoin is even used for pairing on some exchanges for this reason.  I'm not forcasting the end of litecoin but, I agree that it may be the end for some alts.

I think that the BCash gang was actually just a group of useful idiot patsies in all of this. I'm not 100% sure they were spamming the network (it could have been the work of Whales/Insiders that they were working with or just knew), but they believed at the time that they were benefiting from it. Now, not so much.

In reality all alts were benefiting from this spamming.  All we've heard for months now is that the high fees and slow transaction time is why bitcoin will not be widely adopted and used.  It seems as if many have been chasing the "new bitcoin" based on this false belief.  It would be easy to believe that the bcash gang are just pawns in this larger scale game you've outlined.  They don't seem like masterminds... I mean... have you heard them talk?  After all, the heavy hand is always hidden behind a false face.

[Toxic2040]

This claim of BCash being the original bitcoin is not correct in any way, technically or otherwise, except perhaps to retroactively spin historical facts to suit the bcash self promoting false narrative.

Its really quite disgusting. "What is history, but a fable agreed upon?"

This is just a draft of an internal report, which open for comments, and it seems they already fixed the obvious error:
https://twitter.com/nerdgirlnv/status/957982195787771910

Thanks for that..looks like you can respond and send corrections directly here nistir8202-comments@nist.gov

I can buy into this.  This theory would remove some of the responsibility from the bcash gang and place it on heavier hands.  I mean... if we are going "tin foil hat" we might as well go full tin foil hat.

Good, but don't rush it too much. One tinfoil roll at a time makes it.

My take on it is they(bcash manipulators and shills) realize the gig is up..they have known and now are making an exit into forthcoming forks in preparation for future pump and dumps.
 

[True Myth]

I mean if you think about it, other than their reputations the BCash gang has little to lose and everything to gain. If BCash fails, they'll just let it slowly die and go back to mining Bitcoin 100%. The hardware is the same, so no loss there.

Very valid point.  I concede my bcash pump prediction and raise you a bitcoin pump prediction.

[JayJuanGee]

Shaking the tree again?

yes, it never seems to end. We are near the old resistance level of the previous symmetrical triangle (and downtrend) though, so a bounce off this level would be bullish. Of course if it doesn't bounce that would be very bearish, and mean that the previous break was just a false breakout.

In other words, we are in a very critical^tm time period.    

[El duderino_]

So thank you for quick merit explaining .....,  now only btc have to answer me by Going out of its comfort zone and make us all happy chasing ath’s

Its been long enough Just show us 25k smack all them naysayers right in the jugular and serve me Some cocktails on holiday When arriving tomorrow not to much to ask??

[jojo69]

 They don't seem like masterminds... I mean... have you heard them talk?

Word

The histrionics over on their thread are downright embarrassing...like...CoD chat level embarrassing.

[Samarkand]

If anyone is interested in how these spam attacks were actually conducted take a look
at these findings.

Evidence #1 (a typical block full of spam transactions):
https://blockchain.info/block/00000000000000000182aabc399d2daec86b50d510701a5fd098793a4eadead4

Relevant statistics:
Block #470824
78 transactions
0.32951528 BTC transaction fees

An example of a likely spam transaction from this block:
https://blockchain.info/de/tx/91c66f0dc1f130646cad7ab1701d3e944d97549602f2804daaa3370eb44afccf

The block in question contains multiple of these transactions with a ton of inputs.

...

Evidence #2 (a more legit block):
https://blockchain.info/block/0000000000000000019ac8d7d0543caf8e3e02b2a350eea35eb92bcb961da7b2

Relevant statistics:
Block #470825
1752 transactions
3.4972579 BTC transaction fees

As some of you may have noticed this was the block that was mined right after
the block with the spam transactions.

If we assume that the fees paid in block #470824 are the typical cost for a spam attack you could
also do other interesting analysis (e.g. calculating how expensive these
spam attacks on the blockchain actually are per day/week/month). A potential problem could be that
some of these transactions with a ton of inputs could actually be legit transactions
(e.g. an exchange that consolidates a ton of small deposits).

[d_eddie]

This is just a draft of an internal report, which open for comments, and it seems they already fixed the obvious error:
https://twitter.com/nerdgirlnv/status/957982195787771910

Thanks for that..looks like you can respond and send corrections directly here nistir8202-comments@nist.gov

And if you do, could you please remind them that the correct ticker for Bcash isn't BCC? It's BCH.

[Last of the V8s]

https://www.reddit.com/r/Tether/comments/7swyfb/a_collection_of_bitcointalk_posts_by_giancarlo/
bitfinex operators were always shady

[jojo69]

https://www.reddit.com/r/Tether/comments/7swyfb/a_collection_of_bitcointalk_posts_by_giancarlo/
bitfinex operators were always shady

That fuck! /rips off shirt/

HEY GIANCARLO!

YOU FUCKING WITH ODA.KRELL YOU'RE FUCKING WITH ME TOO ASSHOLE

https://imgur.com/gallery/Nxb6nZ1

[gentlemand]

And if you do, could you please remind them that the correct ticker for Bcash isn't BCC? It's BCH.

What the fuck is this nist place and why does it have any importance?

[jojo69]

And if you do, could you please remind them that the correct ticker for Bcash isn't BCC? It's BCH.

What the fuck is this nist place and why does it have any importance?

National Institute of Standards and Technology

you know...the people with the clock on 10MHz

[d_eddie]

And if you do, could you please remind them that the correct ticker for Bcash isn't BCC? It's BCH.

What the fuck is this nist place and why does it have any importance?

It isn't a 3-letter agency, but a lowly 4.
https://en.wikipedia.org/wiki/National_Institute_of_Standards_and_Technology