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

[HairyMaclairy]

Oh hi there

[1652928168]

1652928168

[1652928168]

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[bitserve]

Who said higher low?

[HairyMaclairy]

Who said higher low?

You did.

[lightfoot]

Well back to normal.

[_javi_]

Those are the candles that change my mood. 

go BTC gooo!!

[Biodom]

This was not discussed here, but yesterday btc miners (new gen, another batch) went on sale for ridiculously high prices.
Sold out very quickly, regardless.
The only way these purchases make any sense is the expectation of price doubling to quadrupling within 12 mo when taking into account both the difficulty and the price rise.

[Amateur_]

As for there being a "limited supply", is this not simply a variable, able to be changed at the discretion of the largest and most powerful network contributors?

No. It would require a consensus among 51% of the miners to change the protocol or a successful 51% attack, neither of which is likely to happen.

Isn't "consensus among the majority of miners" effectively identical to "the discretion of the largest and most powerful network contributors"?

It is hard to overstate just how incredibly improbable that would be.

Why would it be "incredibly improbable"?
Bitcoin Cash exists, doesn't it? Bitcoin Satoshi's Vision exists, doesn't it? Although these projects have not yet changed the total supply or distribution, they have changed other variables in the protocol.

What about litecoin? The Scrypt mining algorithm utilised in litecoin is as secure as the SHA256 mining algorithm utilised buy bitcoin, albeit slightly different in design. Confirmation times are faster with litecoin, and there is a higher total supply.

What makes bitcoin better than litecoin?
Is vanilla objectively better than chocolate?

[HairyMaclairy]

It doesn’t matter what miners think or choose.  They can always fork away and good luck to them.  

Economic holders have enormous financial incentives to keep the 21 million cap. They will reject any hard fork by miners to lift the cap.  That miner will just be making a shit coin like Bcash, but worse because the cap is broken

[kingcolex]

As for there being a "limited supply", is this not simply a variable, able to be changed at the discretion of the largest and most powerful network contributors?

No. It would require a consensus among 51% of the miners to change the protocol or a successful 51% attack, neither of which is likely to happen.

Isn't "consensus among the majority of miners" effectively identical to "the discretion of the largest and most powerful network contributors"?

It is hard to overstate just how incredibly improbable that would be. And should it happen then it would no longer be bitcoin.

Why would it be "incredibly improbable"?
Bitcoin Cash exists, doesn't it? Bitcoin Satoshi's Vision exists, doesn't it? Although these projects have not yet changed the total supply or distribution, they have changed other variables in the protocol.

What about litecoin? The Scrypt mining algorithm utilised in litecoin is as secure as the SHA256 mining algorithm utilised buy bitcoin, albeit slightly different in design. Confirmation times are faster with litecoin, and there is a higher total supply.

What makes bitcoin better than litecoin?
Is vanilla objectively better than chocolate?

This really isn't the place for these post but Bitcoin sv and Bitcoin cash aren't Bitcoin, just forks and they could never be "Bitcoin"

Now about litecoin and other altcoins, you'll find plenty screaming how coina or coinb is better and the future but the truth is these are all faulted in one way or another. Litecoin is the "silver to bitcoins gold" but most have instamine, ico's, masternode scams, ease of 51% attacks, Led by a leader and more.

Bitcoin is where it's at due to a few factors, strong history, strong DISTRIBUTED hashrate, quality or devs, launch history, use and development.

I think of it like this, sure some single board computers are better than the raspberry pi, but the community is what makes it and keeps it king. Others come out with thing a or b and if it works well then the next update on the pi can include it.

This goes double for Bitcoin and altcoins, but the network is proven and software and exchanges have proven it the king. Massive fork attempts have all failed, even when they threw millions in disinformation and spam attacks.

Bitcoin has gone undefeated against these attacks and will continue to.

The tech is why I'm here, a force to be reckoned with and the every man's chance at money they control.

On a little side note as well for the traditional investors, Bitcoin and ethereum are the only two recognized cryptos by the US government to officially not be securities.

[jojo69]

No...incredibly improbable...no longer be bitcoin.

I would dump the holy living fuck out of that shitfork.

[bkbirge]

As for there being a "limited supply", is this not simply a variable, able to be changed at the discretion of the largest and most powerful network contributors?

No. It would require a consensus among 51% of the miners to change the protocol or a successful 51% attack, neither of which is likely to happen.

Isn't "consensus among the majority of miners" effectively identical to "the discretion of the largest and most powerful network contributors"?

They would have to work in cooperation which is not what I assumed you meant from your statement. And then they'd have to convince everyone else to use it, otherwise they'd just be mining their own fork to the sound of tumbleweeds from the rest of the world.
https://www.blockchain.com/en/pools

It is hard to overstate just how incredibly improbable that would be.

Why would it be "incredibly improbable"?
Bitcoin Cash exists, doesn't it? Bitcoin Satoshi's Vision exists, doesn't it? Although these projects have not yet changed the total supply or distribution, they have changed other variables in the protocol.

What about litecoin? The Scrypt mining algorithm utilised in litecoin is as secure as the SHA256 mining algorithm utilised buy bitcoin, albeit slightly different in design. Confirmation times are faster with litecoin, and there is a higher total supply.

What makes bitcoin better than litecoin?
Is vanilla objectively better than chocolate?

Chocolate is ALWAYS better. Those coins you mention are not bitcoin. That's the point. They are something else. None of them can change the total supply of bitcoin. Maybe one of them eventually beats bitcoin in adoption but so far that looks very unlikely, I wouldn't hold my breath for that. To survive, all those coins listed will have to overcome the first mover advantage of bitcoin and/or carve out their own niche. Those are tall orders. And that is still magnitudes more probable than bitcoin changing its supply limit. For that to happen, it's not just a consensus to change the code, it's also convincing all the people that are using bitcoin now to adopt it to the point it kills off 'old' bitcoin.

[bkbirge]

No...incredibly improbable...no longer be bitcoin.

I would dump the holy living fuck out of that shitfork.

You, me, and everyone else in the world most likely.

[HairyMaclairy]

No...incredibly improbable...no longer be bitcoin.

I would dump the holy living fuck out of that shitfork.

You, me, and everyone else in the world most likely.

Yup. Market sell in a single order.  Hopefully do some damage in the process.  

[Biodom]

One ... may ask more questions than seven wise men can answer.

[Amateur_]

This really isn't the place for these post but Bitcoin sv and Bitcoin cash aren't Bitcoin, just forks and they could never be "Bitcoin".

I'm not suggesting that other projects or hard-forks "are bitcoin", nor am I suggesting that they have a direct effect on the fundamentals of the bitcoin protocol, I'm simply asking why the arbitrary variables set in the bitcoin protocol are "better" than the variables set in the protocols of other projects.

Now about litecoin and other altcoins, you'll find plenty screaming how coina or coinb is better and the future but the truth is these (all other projects) are all faulted in one way or another.

That's a huge claim and you've provided no evidence that this is in fact true.

I've heard the "first mover advantage" mentioned, along with terms like "the network effect", but I'm yet to hear a convincing argument for the superiority of the bitcoin protocol, when compared with others in the space.

My concern can easily be written off if the argument for the superiority of bitcoin is its current price action, but this highlights again the underlying majority view that bitcoin is simply a tool for gambling, doesn't it?

Litecoin is the "silver to bitcoins gold" but most have instamine, ico's, masternode scams, ease of 51% attacks, Led by a leader and more.

It's true that we can't write off all non-bitcoin projects as scams; it's also true that a large number of other projects are in fact scams.

So, what makes bitcoin better than those other projects which are not scams, and which are effectively clones of bitcoin with minor differences?

Bitcoin is where it's at due to a few factors, strong history, strong DISTRIBUTED hashrate, quality or devs, launch history, use and development.

Bitcoin is where WHAT'S at?
The totally massive and radical financial gains potential?

[jojo69]

Bitcoin is where WHAT'S at?

the future of money

[HairyMaclairy]

I don’t think you are here to learn. I think you are here to argue.  Which is fine but let’s call it for what it is. 

[Amateur_]

I don’t think you are here to learn. I think you are here to argue.  Which is fine but let’s call it for what it is.  

You do realise that argumentation and thoughtful discussion is a valid way of learning, right?
A reasonably effective way at arriving at the truth, no?

You're also aware, obviously, that indoctrination is the practice of "listen and believe", right?

[Syke]

I've heard the "first mover advantage" mentioned, along with terms like "the network effect", but I'm yet to hear a convincing argument for the superiority of the bitcoin protocol, when compared with others in the space.

Because bitcoin isn't just a protocol. It is the whole ecosystem: users, apps, miners, history, devs, merchants, exchanges, etc.

[JayJuanGee]

My question to those who predict 100K within less than two years or so.
Why the discounting mechanism is not working?

Either the model is wrong/irrelevant OR the market is incapable of correctly pricing future expectations now.

The latter.

We've seen this time and time again. The world at large has not yet awakened to the fact that they need a form of money that is not inflationary, and is free from intervening middlemen who can conspire to thwart or devalue their transactions.

You are so funny.
The world is going on the other direction. Boris, trump, marie le pen and all the others.

It could be helpful if even a troll/shill like you were sufficiently competent to at least attempt to follow the topic.. Instead, it is very difficult to understand whether you are making any meaningful point at all, whether connected to the topic of the posts or otherwise.