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

[Elwar]

Do you guys still consider ethereum an altcoin?

Very serious I imagine

Ethereum came as a split from the colored coin approach. With colored coins people realized that they could create assets on the Bitcoin blockchain. Each satoshi could represent a single asset (1g of gold for instance). They even implemented OP_RETURN so you could add details about the underlying asset.

One big thing many people working on colored coins ran into was the limited amount of bytes that could be used for each transaction (a lack of creativity left them wanting to fix this limitation with more bytes instead of working with second layers). The possibilities of what could be added to to each transaction if there were more space was discussed. The golden idea was to have enough room for turing complete programs on the blockchain. Vitalik took on the task of enhancing the colored coin approach on the Bitcoin network to allow for turing complete code. The Bitcoin community became excited about this Ethereum colored coin approach and put a lot of support behind it.

Then Vitalik decided to shit all over Bitcoin and everyone who had supported him up until then and take the easy way out by creating a new coin called Ethereum with a whole new blockchain that had enough room for these turing programs.

There was a reason that Bitcoin limited the size of transactions.

[1713514664]

1713514664

[HairyMaclairy]

https://twitter.com/Excellion/status/1028426579158884352

According to the Bitmain pre-IPO investor deck, they sold most of their #Bitcoin for #Bcash. At $900/BCH, they've bled half a billion in the last 3 months. If Bitcoin Core devs didn't disclose the Bcash vulnerability, it could've wiped a billion dollars off their balance sheets.

Nearly two million BCH? Are they trying to emulate the Hunt brothers?

They were trying to make Bcash lol more valuable than Bitcoin by restricting supply (and touting it to increase demand). Bitmain holds all the Bcash lol it has ever mined in a huge wallet. They have been losing money since day 1 trying to flip Bitcoin. 

They used every tool at their disposal.  They might possibly have pulled it off but enough people have seen through them.

[bones261]

https://twitter.com/Excellion/status/1028426579158884352

According to the Bitmain pre-IPO investor deck, they sold most of their #Bitcoin for #Bcash. At $900/BCH, they've bled half a billion in the last 3 months. If Bitcoin Core devs didn't disclose the Bcash vulnerability, it could've wiped a billion dollars off their balance sheets.

Nearly two million BCH? Are they trying to emulate the Hunt brothers?

At least they are putting their money where their mouth is.

[mymenace]

Do you guys still consider ethereum an altcoin?

Very serious I imagine

~we could not centralize color coins enough so vitalik pissed of the scammers~

 

[Hueristic]

Throughout the last year I was told how "lucky" I was to have so many bitcoins. They wished they got in so "early" like me, that they were not so "lucky".

Think of all of the people selling right now. Think of all of the people buying right now. The people selling are doing something easy. The people buying are doing something hard.

Holding BTC right now is hard, it's not easy. When you do something that is hard and are rewarded, that is not luck. That is a reward that is earned.

I have earned every bit of what I have, and then some, having been through these tough times several times and not buckled.

I am not lucky. I am strong.

Lucky SOb.

Vitalik Buterin Proposes a Consensus Algorithm That Requires Only 1% to Be Honest

https://twitter.com/VitalikButerin/status/1027972126593015809?s=20

I did NOT invent 99% fault tolerant consensus; Leslie Lamport did. I just wrote an explainer and adapted it to a blockchain context. Please fix, Trustnodes.

This has been known a long time; Leslie Lamport’s famous 1982 paper “The Byzantine Generals Problem” (link here) contains a description of the algorithm. The following will be my attempt to describe and reformulate the algorithm in a simplified form.

Does this mean 99% POW is useless?

Meh, they already proved their chain is mutable and centralized so it can't shit down a drain fast enough in my book.

[Elwar]

Apparently reddit does not like my humor (or lack thereof).

https://www.reddit.com/r/Bitcoin/comments/96mnhp/for_those_who_bought_bitcoin_to_get_rich_my/

downvotes galore

[Hueristic]

Apparently reddit does not like my humor (or lack thereof).

https://www.reddit.com/r/Bitcoin/comments/96mnhp/for_those_who_bought_bitcoin_to_get_rich_my/

downvotes galore

They never get mine either.

[mymenace]

It's always good to keep a diversified portfolio, and thankfully I can afford to lose what I've put in if it dies completely (which is not likely to happen imo).




Safe but not protected, people in bubbles

I built an army

[Searing]

Throughout the last year I was told how "lucky" I was to have so many bitcoins. They wished they got in so "early" like me, that they were not so "lucky".

Think of all of the people selling right now. Think of all of the people buying right now. The people selling are doing something easy. The people buying are doing something hard.

Holding BTC right now is hard, it's not easy. When you do something that is hard and are rewarded, that is not luck. That is a reward that is earned.

I have earned every bit of what I have, and then some, having been through these tough times several times and not buckled.

I am not lucky. I am strong.

yep...I'm in the same boat....it was what on Aug 7th, 2017 BTC was 63,383.38 I think (see previous postings) right now BTC is at 6,311.63 USD.

So fine, I watched it go from 19k to now 6,312.63....and same as you was in full HODL mode of my hoard since 2015. Living on Altcoins now (ouch! that may not last!)

The real question is....when it starts to PUMP (assuming) and gets to 12-14k...will I then snap and sell in the OTHER direction?

It was damn hard in HODL mode watching it go down..it MAY be just as damn hard not cracking if it goes back up

anyway, if no bubble occurred last year at these prices vs 2017 at this time..we'd be doing cartwheels now

so hell, if it is all a matter of perception and guess anyway, so far I've simply held (at least my BTC) same amount hoard since 2015.

I'm either a genius or an idiot

As they say, this price is 1) either the high or 2) or the low, as of right now..place your bets, folks...

flip a coin, I  guess

brad

[BTCMILLIONAIRE]

Apparently reddit does not like my humor (or lack thereof).

https://www.reddit.com/r/Bitcoin/comments/96mnhp/for_those_who_bought_bitcoin_to_get_rich_my/

downvotes galore

Had a good chuck. Would laugh even harder if it was indeed over or/AND if Bitcoin got hacked indeed. Wouldn't like it, but would be very entertained if it happened immediately after your post.

I'm either a genius or an idiot

Same difference.

[realr0ach]

I don't think that any of us can deny that it is mainly whales pushing the price up and pushing it down.

If the price goes up or down at like a prolonged 15 degree angle, that's called an aggregate market.  It means the market might have some type of valid support somewhere.  Bitcoin, on the other hand, is nothing but vertical cliff face rises anytime the price moves (plus a combination of leverage and Bitfinex fraud), meaning obvious pump and dumps and Gox-style manipulation with no real, valid support.  When was the last time you saw anything resembling an aggregate market in bitcoin? Probably when the price was all the way back at $200, so nobody has any clue where the real support is in it's current, obviously manipulated, bubble state.

[Elwar]

Part of it is poking fun at legacy finance folks that I've started seeing on reddit. Financial advisers that were so good at their jobs that they never saw how well Bitcoin would do. For some reason their government required certifications did not include looking into things outside of their bubble. And instead of recognizing a potential new technology, they attack it because they need to protect their old system (after all, they did invest a lot of time in those classes and certs).

[BTCMILLIONAIRE]

The thing with certifications is that they give you a false sense of accomplishment and closure, even though most of them are trash and only require a bare minimum understanding and aptitude. Otherwise the broad masses would start complaining that it's too hard for them to get anywhere in life whilst not putting in the required effort. Not necessarily a government problem in that regard, although I'm not going to even try to speak positively about it (gov).

[Elwar]

The thing with certifications is that they give you a false sense of accomplishment and closure, even though most of them are trash and only require a bare minimum understanding and aptitude. Otherwise the broad masses would start complaining that it's too hard for them to get anywhere in life whilst not putting in the required effort. Not necessarily a government problem in that regard, although I'm not going to even try to speak positively about it (gov).

My best friend went through the whole thing to become a financial adviser. He convinced me that whole life insurance was a good investment.

It wasn't until I was trying to defend it in an online forum using math that I realized how horrible it was.

[realr0ach]

physical life insurance

[Elwar]

I know history doesn't repeat itself but rhymes and such, blah blah...

Here is my quick rough picture showing where I think we are if we are repeating the previous cycle.

[mymenace]

The thing with certifications is that they give you a false sense of accomplishment and closure, even though most of them are trash and only require a bare minimum understanding and aptitude. Otherwise the broad masses would start complaining that it's too hard for them to get anywhere in life whilst not putting in the required effort. Not necessarily a government problem in that regard, although I'm not going to even try to speak positively about it (gov).

My best friend went through the whole thing to become a financial adviser. He convinced me that whole life insurance was a good investment.
It wasn't until I was trying to defend it in an online forum using math that I realized how horrible it was.

My life is uninsured, martyred even

shame how life turns out

physical life insurance

Unlimited fear, unlimited potential

And up goes bitcorn

[bitebits]

still bearish

May I genuinely ask why? I can't think of much to be bearish about, especially not justifying a 30% downswing in two weeks time long after the December ATH.
Don't let the reason be 'because the price goes down', since that is a poor and manipulable indicator of Bitcoin's state. Think for yourself.

[bitebits]

Apparently reddit does not like my humor (or lack thereof).

https://www.reddit.com/r/Bitcoin/comments/96mnhp/for_those_who_bought_bitcoin_to_get_rich_my/

downvotes galore

Brilliant. Thanks for posting.

[jojo69]

... best friend ...financial adviser...convinced me that whole life insurance was a good investment.

yeah...the return on that policy isn't the only thing that isn't adding up here