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

[oblox]

No. I don't EVER trust 0 confirmations. That's not how its supposed to work in Bitcorn.

Yet it did. Work, that is. Hmm.

Before I metaphorically rip you a new asshole, please show me the part in the Bitcoin white paper that tells us to trust 0 confirmation transactions.

...and the counter would be, show me in the original whitepaper where it says use LN or some other equivalent. Just because it specifically doesn't exist in the original text doesn't mean it can't in the future. 0conf acceptance is a choice and certainly reserved for those you deem "trustworthy" (friends/family) or for immaterial amounts. If you don't care to use them, don't. Having said all this, I think BCH is a joke.

[El duderino_]

Doesn’t seem to be able to break over $9,000

looks like its going to happen

[vroom]

Doesn’t seem to be able to break over $9,000

looks like its going to happen

resistance is futile, 10k next week

[Vlada69]

Doesn’t seem to be able to break over $9,000

looks like its going to happen

resistance is futile, 10k next week

If it goes upwards from 9500$ yes.

[Last of the V8s]

some bullish dumping there

[JimboToronto]

Good AM Bitcoinland.

The battle for $9k continues... currently $8965USD/$11469CAD (Bitcoinaverage).

Isn't Bitcoin a wonderful way to learn patience and serenity?

[ssmc2]

https://www.investopedia.com/news/bitcoin-mining-money-loser-below-8600-report/

Does anyone know how accurate this is? I thought I read on here somewhere that actual cost was around 4k for some of these Chinese miners...

[Torque]

Still thinking this is complete nonsense but ...

https://bircoin.top/

We are 3% ahead of the prediction

The reason it's nonsense is because the amount of bitcoin holders who still hold hundreds and thousands of bitcoins vastly outweigh (in coins) the number of new users that could push the price to $1M by buying what little amount of bitcoin is on the exchanges. And the float is only getting thinner each year.

I mean, there were n00bs still able to buy whole bitcoins just last year. Who wouldn't sell them all at $1M in just 3 years? Who wouldn't dump a few, or ten, or a hundred at that price point? Many would.

Point is, because of the increasing selling impetus as the price climbs higher, I think it'll take a LOT longer for us to reach $1M/btc. Probably like 10-15 years. Extremely doubtful in just three years. Unless ETFs come on board and wanna just leverage up the price to the moon overnight, but they have to know this will spark some heavy selling.

[El duderino_]

24777 usd

16/04/2018 practicaldreamer
18/04/2018 free-bit.co.in
27/04/2018 drbrockoin
01/05/2018 sprinkles
02/06/2018 oblox
07/07/2018 IntroVert
03/08/2018 toxic2040
28/08/2018 bitserve
15/10/2018 Yefi
05/11/2018 mikenz
31/12/2018 melman2002
01/01/2019 Spaceman_Spiff_Original
12/02/2019 FractalUniverse
21/04/2019 gentlemand
20/02/2020 romneymoney
18/12/2021 luckygenough56

UPDATE     AND GOOD LUCK    list is now a shortlist

[gembitz]

Good AM Bitcoinland.

The battle for $9k continues... currently $8965USD/$11469CAD (Bitcoinaverage).

Isn't Bitcoin a wonderful way to learn patience and serenity?

Bitcoin breaking out and up over 10K my dude + woi:: idk if you know how to compile  ===>



https://github.com/bitcoinstant/bitcoin-instant

[yefi]

I would trust 0 confirms for small every day microtransactions like groceries. Worse case if someone manages to pull off a sophisticated double spend attack while standing at the checkout line, then the merchant can put that person on a crypto blacklist and mail them a bill

With RBF it can be made trivial. Don't trust 0-confirms for anything you wouldn't trust a scribbled IOU for.

[Anon136]

So really all I know is that they intended to "scale" by increasing the blocksize. ... Has anything changed? Are they proposing realistic alternatives to lightning for scaling? Are there new developments that I should be aware of?

0 confirmation transactions. No, seriously - that's the amazing and innovative feature bcash has implemented to try to compete with lightning.

What, did they get some sort of commitment from a federation of miners/pools that when they receive conflicting transactions in their mempool they will mine the one they encountered first rather than the one with the larger fee? That could be done with like 2 lines of code. If it's more interesting than that than I will go do some research.

You mean disabling replace by fee?

Does that mean all I have to do to double spend is send the funds to myself seconds before I send them to the victim?

If the protocol is first transaction gets blockspace, the victim's transaction won't find its way into a block. Double spend will fail, but legitimate RBF transactions could be impossible.

There is no way to know when a transaction was issued. All a big miner can know is when he first saw it and he could share it with all of the other big miners. Then someone who is being paid could reach out to the big miners and ask if they have yet witnessed any conflicting transactions. If the answer is no and the receiver is aware of the miners policy of accepting the first transaction that they encounter in the event of conflicts, the receiver could then relatively reliably trust a 0 confirmation transaction. A degree of centralization in mining would help with this. I am imagining this is what jbreher meant by "bcash has 0 confirmation transactions". If it is than I'm not interested, if it's something else than I am.

[mike4001]

At the moment we cannot break 9k (and hold it)

Went just about 2 or 3 times already today.

More interesting is that the sell orders until 10k shrunk from ~1200 to ~1000 BTC at Bitstamp.

I see it the way that sell pressure is generally fading (even if we cannot break 9k atm)

[El duderino_]

Great article by @janeygak on #Bitcoin adoption in developing countries. Very informative.

https://twitter.com/whalepanda/status/988100608182882304?s=21

[Torque]

There is no way to know when a transaction was issued. All a big miner can know is when he first saw it and he could share it with all of the other big miners. Then someone who is being paid could reach out to the big miners and ask if they have yet witnessed any conflicting transactions. If the answer is no and the receiver is aware of the miners policy of accepting the first transaction that they encounter in the event of conflicts, the receiver could then relatively reliably trust a 0 confirmation transaction. A degree of centralization in mining would help with this.

No worries, BCash has got you covered. They're all one big ol' centralized mining operation that trusts one another. No verification needed.  

So how long until they become PayPal 2.0? Sounds like they're already there.

I think I just heard the sound of Satoshi screaming in his grave.

[Last of the V8s]

so they just need a few kb right now?

[itod]

so they just need a few kb right now?

Luke Dashjr was right, block size should be reduced to 0.3 MB, not enlarged. Those big blockers will never get it.

[HI-TEC99]

I would trust 0 confirms for small every day microtransactions like groceries. Worse case if someone manages to pull off a sophisticated double spend attack while standing at the checkout line, then the merchant can put that person on a crypto blacklist and mail them a bill

With RBF it can be made trivial. Don't trust 0-confirms for anything you wouldn't trust a scribbled IOU for.

+1 Don't trust 0-confirms unless someone invents some new sytem to make it safe.

I had to tell a number of people their transaction had been double spent while helping people confirm stuck transactions last year. Explaining it was too late to retrieve their coins was an unpleasant experience. This is one example.

...

Blockcypher says it's a double spend. A few minutes ago the blocktrail explorer said that transaction didn't exist, and that the receiving addresses were unknown, but now it's saying the transaction is confirmed and the receiving addresses have coins in them.


https://live.blockcypher.com/btc/tx/8a73ed525dd603b6c8bc8d6b4ea8550e54f9f30a22588efc1c9fa6beea610138/

WARNING: This transaction has been double-spent by 2bcd9c1e3df0ba96aad50798c6074..., be extremely careful when accepting this transaction!

This is the other transaction from the double spend.

https://live.blockcypher.com/btc/tx/2bcd9c1e3df0ba96aad50798c6074b5b2aa2b03b9a9d727172fc344fb095831e/

[KyleSpades]

700 btc wall for 500 USD in both directions. Looks like it's gonna be staying around 9000USD for a few days at least...

Do you guys sincerely believe a single btc will be worth 1kk someday? I mean, there would have to be some massive acceptance and replacement over fiat currencies around the globe. I don't know, seems unlikely. At last while its used as an investment and not as currency.

As an investment, though, 50 to 100k could be a nice goal in a reasonable time span, don't you think?

[jojo69]

Do you guys sincerely believe a single btc will be worth 1kk someday?

Due to it's deflationary and borderless nature, central banks will eventually be forced to hold BTC as a portion of their currency reserves.

This battle is already over, there is just a great deal of hand wringing and gnashing of teeth that has to happen before it becomes obvious,