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

[adamstgBit]

its official the DXY ( USD ) has topped out at 100.39 and is now at 98.70, and we are presented with a nice buying opportunity with the bitcoin today

if you're holding USD, buying bitcoin right now is a brain dead trade.

[inca]

Well you bears had to ruin all the run.  

My stop sell was triggered while I attempted to grab a little sleep--in it for the downside now.

As many coins to drop 8 dollars as it takes to go back to 296..

[TankHankerous]

And there you have it

USD>Bitcoins

[dreamspark]

Well you bears had to ruin all the run.  

My stop sell was triggered while I attempted to grab a little sleep--in it for the downside now.

As many coins to drop 8 dollars as it takes to go back to 296..

Really....

[fonzie]

Well you bears had to ruin all the run.  

My stop sell was triggered while I attempted to grab a little sleep--in it for the downside now.

As many coins to drop 8 dollars as it takes to go back to 296..

Can we expect one of your short squeezes in the near future?

[NUFCrichard]

wow GBP / USD showing some bitcoin type volatility!

Why does dollar strength equal Bitcoin weakness though?
Soon after the forex markets went crazy, bitcoin fell like $20, that doesn't make sense to me!

All commodities went up strongly, oil, gold, silver, so it Bitcoin not a commodity then?  Is it a currency? then it should go up in $ too, like the pound and the € did, so we mustn't be a currency either... odd.

[xyzzy099]

So now, it's happened before. Care to back up your claim?

In 2011 (or 2010?) someone noticed a bug in the implementation of the multiply instruction, that did not properly guard against overflow.   Exploiting that bug, the guy managed to creat an unspent transaction output with a humongous amount of bitcoins.  In order to fix that bug, Gavin and other developers had to perform a hard fork, starting from some block before that buggy transaction. (You can easily find this story in the internet.)

So, for a while, there were two clones of bitcoin, starting off from that same block: one compliant to the old software, with the buggy OP_MUL and the gazillion BTC output, and one compliant with the new version, where the OP_MUL instruction was disabled.  Most of the transactions that had been processed in the old chain after the fork were re-issued on the new chain, but some (inclunding that one with the gazillion output) had to be discarded.  So the two chains were effectively two similar, but not identical, versions of bitcoin.

By common agreement, the old chain was abandoned and everybody switched to use the new chain, by upgrading their software.  But anyone could have continued to mine the old branch (except that the difficulty would have to be lowered artificially, for a while, to allow a decent block rate).  Any bitcoiner could have continued to move, spend, sell his old bitcoins, using the old software and the same private keys, independently of what he did with the new bitcoins in the new branch.   Of course, the OP_MUL bug would have quickly made a big mess of that old branch.

But the point is that the the old chain was not "killed" by some mechanism in the protocol, it was just abandoned because no one had interest in it.  If the bug had not been not so severe, perhaps some people would have continued to use it, for fun or even for profit.  Anyway, while the two branches ran in parallel, the number of existing bitcoins was effectively doubled.

As I recall, your original claim was that it would be possible for 'any kid with a laptop' to effectively remove the 21M bitcoin cap.  This is NOT an example of that happening.

I assume that you are more software-capable than some random kid, so I would like to see YOU raise the 21M coin limit, then get the majority of miners to mine it so that it effectively becomes Bitcoin.

If you can't do that, then please retire this particular bit of FUD and concentrate on the less ridiculous objections you frequently voice.

[ciappa]

Lambchop was right all along! Bitcoin is officially dead.

what is the reason for this Price drop?

[coinableS]

And there you have it

USD>Bitcoins

USD!=Bitcoins
FIFY

[ensjovis]

Dollar falling hard!

[JorgeStolfi]

There is nothing to demonstrate.  If I understand correctly, he is just saying anybody can create an altcoin in which the initial ledger of ownership is taken over from bitcoin.

Exactly

Of course, hardly anybody would see this as "being able to duplicate bitcoins".  

The bitcoins are effectively duplicated because they can be manipulated independently in the two blockchains.

This is just a particular  instance of the observation that, while there is a finite supply of "the" bitcoins, there is no limit for the number of cryptocoins.  Random altcoins are often dismissed because they lack bitcoin's history; but a bitcoin clone created by such a hard fork would share bitcoins history up to the "schism".  Which branch would be the "legitimate" bitcoin is not a technical question, just a political and marketing one.

Of course this is not a technical issue.  o it sounds a bit like saying "passwords you can use on 1 website can be used on another website, therefore internet security is flawed".

The possibility of a hard-fork clone does not expose any security risk, it is directed against the "scarcity" claim.

[DeboraMeeks]

wow GBP / USD showing some bitcoin type volatility!

Why does dollar strength equal Bitcoin weakness though?
Soon after the forex markets went crazy, bitcoin fell like $20, that doesn't make sense to me!

All commodities went up strongly, oil, gold, silver, so it Bitcoin not a commodity then?  Is it a currency? then it should go up in $ too, like the pound and the € did, so we mustn't be a currency either... odd.

I don't think that the events or moves in Forex has anything to do with Bitcoins, they are totally different subjects.
Bitcoin can't be called a part of Forex, as it works completely different, ain't just being a currency but being as a whole lot of speculations, sentiments but these things come into forex though, so they are in each other on one hand, and on the other, they have nothing to do with each other.

[dreamspark]

These are the sorts of gains from longing eur/usd today  



Add that on to my 300% btc short and I'm going to the club tonight

[podyx]

These are the sorts of gains from longing eur/usd today  



Add that on to my 300% btc short and I'm going to the club tonight

With how big leverage can you short the dollar?
And you gain BTC for it right?

[adamstgBit]

Bottom's in!

buy Buy BUY!!!

[dreamspark]

These are the sorts of gains from longing eur/usd today  



Add that on to my 300% btc short and I'm going to the club tonight

With how big leverage can you short the dollar?
And you gain BTC for it right?

200x on forex, yeah its all in btc, use my 1broker link.

 https://1broker.com/m/r.php?i=2961

[JorgeStolfi]

As I recall, your original claim was that it would be possible for 'any kid with a laptop' to effectively remove the 21M bitcoin cap.  This is NOT an example of that happening.

After a hard fork, as long as both branches survive, there are twice as many bitcoins around.  If you had 100 BTC before the fork, then after the fork you have 100 "Series A" BTC and 100 "Series B" BTC. 

As I clearly said every time, whether people bother to mine and use each Series is a political and marketing qestion.  There is no technical obstacle to both series of bitcoins surviving and retaining some value (but quite likely their combined total value will be no greater than what the "Series A" were worth before the fork).

At the last hard fork, everyone agreed to abandon the "Series A" bitcoins and use only the "Series B" ones.   If we have another hard fork to increase the block size, some people seem to be willing stay on the "Series A" branch.  I don't know what will happen, but, agan, it will be decided by political processes, not by technical mechanisms.

[tarmi]

bulls, please give me another good opportunity to short this.

I promise I will be there for you when you start to panic sell and get margin called.

[fonzie]

[3x2]

Lambchop was right all along! Bitcoin is officially dead.

what is the reason for this Price drop?

No reason, traders manipulation.