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

[gembitz]

 
BTC to da moooooon!!!

weeeeeeeeeeeeeeeeeeeeeeeee

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[TheCactus]

Ya. Wow

[JayJuanGee]

"#bitcoin's game theory where it's always cheaper to mine honest blocks for rewards instead of 51% attack, only works with rational thinkers...As millions of dollars have been burnt fighting between two forks of a fork of bitcoin have shown. Crazy breaks the checks and balances."

Don't get short term incentives mixed up with long term incentives. 

In other words, bitcoin has so much hashing power thrown at it, that it takes way more money to attack it than to play fairly.

Surely, there could be another test of bitcoin in terms of billions of dollars thrown at a hashing war, but let us see how long such a war would be sustained, if it were to occur, when the users are not going to accept or recognize such.

Similar threats were made in 2017 regarding assertions that mining power rules the bitcoin world, and it seems those assertions were shown to be untrue in actual practice... even if you believe miners are going to gang up or get sufficient mining power to sustain a 51% attack, even for several months, and they threaten to do it, we have to see whether the rubber will actually hit the road and they will do it, and we will have to see if bitcoin users go over to that take over chain.

[bitserve]

"#bitcoin's game theory where it's always cheaper to mine honest blocks for rewards instead of 51% attack, only works with rational thinkers...As millions of dollars have been burnt fighting between two forks of a fork of bitcoin have shown. Crazy breaks the checks and balances."

Don't get short term incentives mixed up with long term incentives.  

In other words, bitcoin has so much hashing power thrown at it, that it takes way more money to attack it than to play fairly.

Surely, there could be another test of bitcoin in terms of billions of dollars thrown at a hashing war, but let us see how long such a war would be sustained, if it were to occur, when the users are not going to accept or recognize such.

Similar threats were made in 2017 regarding assertions that mining power rules the bitcoin world, and it seems those assertions were shown to be untrue in actual practice... even if you believe miners are going to gang up or get sufficient mining power to sustain a 51% attack, even for several months, and they threaten to do it, we have to see whether the rubber will actually hit the road and they will do it, and we will have to see if bitcoin users go over to that take over chain.

The thing is those theories only apply in a certain set of circumstances. For example, it was never intended to apply to minority forks or altcoins using an algo in which Bitcoin is king. All those are completely vulnerable to a 51% attack. They shouldn't even exist but were artificially allowed to because of.... reasons.

51% attacking Bitcoin? Well, you couldn't rent enough hash to do it so it would need to be done by the very same miners that make a living out of it. And yes, for those the rule that attacking it instead of honestly working on it clearly applies.

Current Bcash shenanigans do not contradict, but in fact confirm the theories..... and they haven't even really started attacking each other yet.

[infofront]

Meet the new bottom. Same as the old bottom.

[TheCactus]

Look on the bright side, you bastards!

[Elwar]

Had a dream that the price was down to $1190. 

I decided to go get drunk and the bar was crypto themed.

But still under construction.


This is Bitcoin right now.

[jojo69]

jesus


I'm bored already

what has become of me?

[TheCactus]

Had a dream that the price was down to $1190. 

I decided to go get drunk and the bar was crypto themed.

But still under construction.


This is Bitcoin right now.

It's like Sparta, except we all die at the end.

In other words, it's like Sparta.

[Biodom]

So if we're set for a repeat of the last cycle and the next two years consist of not very much followed by some jizz in 2021, how will you take it? What will you get up to? Will it break you? Will you double down? Will you steal a yacht and sail away? Are you already all set?

Me, I think I'm going to be rather annoyed by it all. Not sure I'm in the mood for more interminable nothing but it's certainly looking like it's on the menu. I may pass the time unicycling down every road in my county which is about 15,000 miles. I can't ride a unicycle.

Nah, it can't work like this (2 year).
The math says that it can't (miners profitability has to be above zero in POW).
After about 3-6 mo, it is either an uptrend or a crash to essentially nothingness.
My preference is the former, of course.

[bitserve]

Look on the bright side, you bastards!

Oh, wait, there's no fucking bright side you fool!

[TheCactus]

The dog faced cock bug is happy. That must count for something.

[TheCactus]

It counts for nothing. I'll get my hat pants overcoat shoes.

[goldkingcoiner]

Had a dream that the price was down to $1190. 

I decided to go get drunk and the bar was crypto themed.

But still under construction.


This is Bitcoin right now.

I had a dream twice now, that bitcoin flash crashed to pennies, I bought in and it went to like 150 million...

[HairyMaclairy]

It counts for nothing. I'll get my hat pants overcoat shoes.

You can leave your hat on.  Oh wait.  

[HairyMaclairy]

I'm in extreme distress right now, having a huge panic attack.  The money I lost in bitcoin,eth,xmr is very high.
Can barely breathe right now. someone help me  Never thought it could ever go this low again, I am freaking out.

Congratulations.  You win the 3 year hodl prize.   By the end you will be a seasoned veteran.   So pleased you could join us.   

[jojo69]

success is not measured on the good days

[jojo69]

so the problem melon

and don't get me wrong, I feel you, I got marxist cred you wouldn't believe

the problem is that most people are shit...absent the threat of starvation most people won't do a goddamned thing to contribute

so you, and me, end up feeding all these shitheads

I have created places where it was free to be...it always ends the same

[Paashaas]

Bitcoin has died 322 times but always rises from the ashes 

https://99bitcoins.com/obituary-stats/

[mindrust]

We are at the 3rd stage.