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

[Toxic2040]

The observant will note that the interjection of 'bcash' into the conversation was not of my doing, but rather that of JJG's.

I must respect that you are GREAT at shirking responsibility, for whatever that's worth.

WTF are you on about, now? I'm just pointing out the fact, lest I be accused by some idiot of 'bringing THAT up again'.

Of course, you are 100% innocent.

As you were soldier.   

Dear customer, we are sorry for the interruption of service. Please stand by as we are rebooting JJG.exe and your observing experience will continue as soon as possible.

[jojo69]

oh right

we were supposed to be watching for a bottom in GRIN

thanks for the reminder

[cAPSLOCK]

Bitcoin tx fees are spiking... hopefully the miners aren't trying to artificially lift the fees again.

Riddle me this: in a free market, how does one 'artificially lift the fees'? One does not. One cannot. The condition of rising fees is a natural and completely predictable consequence of implementing a centrally-managed quota on the production of block space.

I agree with this point.

But there are some other things from the last run up that I am curious about whether we see again.

Orchestrated spam transactions.  Empty blocks mined.  I've read all the arguments that those are perfectly legit, and from a certain perspective I agree. But the game has changed since then...

[Biodom]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

Not sure why you are so up in arms because of a $20-30mil market cap alt.
Nobody really bought it, but you could have mined it on a video card, which is not really possible with other coins.
It's too difficult to use, hence it is mostly a developer toy. Plus, it has high inflation in a first few years as supply is growing linearly (at around 63 mil/year).
Not really anonymous, either.

[JayJuanGee]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

I think that there were some people in this forum who were promoting grin or maybe it was mimblewimble or beam.... I am not sure about what the difference is between those three and they seem to be related somehow...

Does not seem to be a good thing to be promoting those other projects.

This article shows Trace Mayer getting called out in late February  including a link therein to a tweet showing the conference video footage, and then Trace Mayer has not been seen or heard from since then.

I wonder if Trace lost money on that grin or mimblewimble project.. and many people would have wanted him to lose on that project (BIG TIME) based on his having had crossed over into a scam pumping set of behaviors at what was meant to be a bitcoin only conference.

[JSRAW]

One nutjob was trying to get in when it was around $2ish  . Hairy saved him..

[Hueristic]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

Give it another year.

[Room101]

.

[Devawnm367]

If you follow the last Bitcoin halvings you will see the price steadily goes up after the halving! I predict we will see a new ATH around November! I figure the next pump to do alot like the last and start crashing hard at the beginning of the upcoming year. I believe the next Bull Run will be VERY Similar to the 2017 pump and early 2018 Crash! If you see Btc hit $12,000 I would expect it to climb to at very least $20,000! We may not see a new ATH but I believe if we do not we will be VERY VERY CLOSE!

I must say though after reading all 28800 pages I have learned alot about the Bitcoin Market and how the shitcoins have overtaken us!

[JSRAW]

nice read
https://medium.com/coinmonks/bitcoin-a-generational-investment-88f547eb9f76

Tldr : The longer you hold it, the more purchasing power you will have.

[Jawhead999]

[Toxic2040]

the evening wall report

Eight bells and all is well. Carry on.
4h


D

[bitebits]

Bitcoin tx fees are spiking... hopefully the miners aren't trying to artificially lift the fees again.

Riddle me this: in a free market, how does one 'artificially lift the fees'? One does not. One cannot. The condition of rising fees is a natural and completely predictable consequence of implementing a centrally-managed quota on the production of block space.

Thinking about what you are saying. As a miner I think you actually can try to artificially raise the fees? A theoretical scenario I can think of:

Miners are incentivized to include transactions with the highest transaction fees in a block. Let's assume there are more than 10k transactions currently in the mempool with a transactions fee >150 sat/byte, which is more than fits in a single block.

The miner can now safely make many transactions with a fee just a bit less than 150 sat/byte, since he knows these transactions will not be mined in the next few blocks by any of the other miners. This will trick users and fee calculation software in using a higher fee. The miner can slowly push the fees upwards by repeating this process (and mine the transactions with the higher fees in the meanwhile!).

When the fees start to come down again, the miner can simply include his own transactions in a block, reducing the costs of the 'attack'.


Note: In case a miner/pool owns 25% of the hashrate, it gets to mine 25% of the transactions. This would give the miner a 25% discount on any attempt bumping the fees, disregarding the costs of not receiving fees from other 'legit' transactions.

[jojo69]

reading all 28800 pages

[Biodom]

fees are high, but not prohibitively high yet.
Most mid and above size tx (above, say, $1000) can handle $5 fees.

[Paashaas]

nice read
https://medium.com/coinmonks/bitcoin-a-generational-investment-88f547eb9f76

Tldr : The longer you hold it, the more purchasing power you will have.

[sirazimuth]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

Give it another year.

Ha! Been mining that shit grin straight to an exchange ever since it launched.
Then like once a month I log in and dump it all for bitcoin,
(Still don’t have a clue how to send or receive it, (grin) but who cares)
which keeps my hot wallet stocked with (accumulating) bitcoin dust.
One way to indirectly “mine” bitcoin with video cards I suppose.

[bitebits]

[Biodom]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

Give it another year.

Ha! Been mining that shit straight to an exchange ever since it launched.
Then like once a month I log in and dump it all for bitcoin.
(Still don’t have a clue how to send or receive it, but who cares)
It keeps my hot wallet stocked with some (accumulating) bitcoin dust.
One way to indirectly “mine” bitcoin with video cards I suppose.

Talking about video cards...someone mistakenly (I think) posted MSI 1080 ti Gaming X (open box) at $45.88 plus shipping on ebay...30 were already sold in one day (today).
Either scam or a mistake, there is no way he will send them out for this price...lol. I didn't bother to buy since it is all going to be refunded at best or lost at the worst.

[VB1001]

Good morning WO,s starting the day with strength, without looking back, with a different perspective but with optimism.