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

[BlindMayorBitcorn]

Meh

If I don't see some genuine doom this weekend I'm taking my business elsewhere.

[Ask Ken About Love]

4) Bitcoin is not a traditional investment, and  also the release of new coins is not endless, it is very specific and known values, known by all in advance. No surprises here.

... unless, surprise, the top mining pools decide (with the main developers' blessing) that the next reward halvings need to be postponed for a couple of years, in order to ensure that mining remains profitable and they are not forced to abuse their overwhelming hashpower in nastier ways.

This would kill bitcoin value, this is called suicide.

That well may be, but if you have hangars' worth of gear that could keep mining at a profit @current block reward rate, vs. same hangars worth of gear that's a disposal liability @1/2 the rate...

[JorgeStolfi]

This would kill bitcoin value, this is called suicide.

That is the only "defense" I have seen against that "attack".  But it is only wishful thinking about how the users and other players would react.

I bet that, if that "attack" were to happen, 99% of the users would not even understand what it means, or care to know. They would just see the notice "new client release available, please upgrade before 01/Mar/2016", and will comply.

Even the ideological bitcoiners who understand and hate the change would comply, and even support the change; because making a fuss about it would be suicide for them.

Just close your eyes and repeat "om mani blockchain hum, bitcoin was meant to have a 25 M BTC cap, the current cap is wrong".  After saying it a few thousand times, hopefully your soul will open and you will see the light.  

[empowering]

4) Bitcoin is not a traditional investment, and  also the release of new coins is not endless, it is very specific and known values, known by all in advance. No surprises here.

... unless, surprise, the top mining pools decide (with the main developers' blessing) that the next reward halvings need to be postponed for a couple of years, in order to ensure that mining remains profitable and they are not forced to abuse their overwhelming hashpower in nastier ways.

This would kill bitcoin value, this is called suicide.

That well may be, but if you have hangars' worth of gear that could keep mining at a profit @current block reward rate, vs. same hangars worth of gear that's a disposal liability @1/2 the rate...

yeah wow.. I am sure the miners have never considered that.

Maybe you should send them a shnappy all points bulletin, cc everyone

I already have the subject title for you as follows:

"SHOCKING NEWSES"

or

"SOME OBVIOUS SHIT YOU HAVE ALREADY THOUGHT OF"


or

"I HATE TO BREAK IT TO YOU MINERS BUT....."


to name but a few.

[empowering]

This would kill bitcoin value, this is called suicide.

That is the only "defense" I have seen against that "attack".  But it is only wishful thinking about how the users and other players would react.

I bet that, if that "attack" were to happen, 99% of the users would not even understand what it means, or care to know. They would just see the notice "new client release available, please upgrade before 01/Mar/2016", and will comply.

Even the ideological bitcoiners who understand and hate the change would comply, and even support the change; because making a fuss about it would be suicide for them.

Just close your eyes and repeat "om mani blockchain hum, bitcoin was meant to have a 25 M BTC cap, the current cap is wrong".  After saying it a few thousand times, hopefully your soul will open and you will see the light.  

nah.... I disagree, it would be the end of BTC as we know it, and then it would be something else.

Like many many have said before, try it...

[SkyValeey]

Bearish divergence rsi 30m or 1h btcchina.

[Anotherthing]

4) Bitcoin is not a traditional investment, and  also the release of new coins is not endless, it is very specific and known values, known by all in advance. No surprises here.

... unless, surprise, the top mining pools decide (with the main developers' blessing) that the next reward halvings need to be postponed for a couple of years, in order to ensure that mining remains profitable and they are not forced to abuse their overwhelming hashpower in nastier ways.

This would kill bitcoin value, this is called suicide.

That well may be, but if you have hangars' worth of gear that could keep mining at a profit @current block reward rate, vs. same hangars worth of gear that's a disposal liability @1/2 the rate...

yeah wow.. I am sure the miners have never considered that.
...

I'm sure they've considered it, and will act on it once the time is right
BTW, what's with the double-spacing faggiotry?  I realize you have nothing to say, making me scroll won't fool me into thinking otherwise.

[Ask Ken About Love]

4) Bitcoin is not a traditional investment, and  also the release of new coins is not endless, it is very specific and known values, known by all in advance. No surprises here.

... unless, surprise, the top mining pools decide (with the main developers' blessing) that the next reward halvings need to be postponed for a couple of years, in order to ensure that mining remains profitable and they are not forced to abuse their overwhelming hashpower in nastier ways.

This would kill bitcoin value, this is called suicide.

That well may be, but if you have hangars' worth of gear that could keep mining at a profit @current block reward rate, vs. same hangars worth of gear that's a disposal liability @1/2 the rate...

yeah wow.. I am sure the miners have never considered that.
...

I'm sure they've considered it, and will act on it once the time is right
BTW, what's with the double-spacing faggiotry?  I realize you have nothing to say, making me scroll won't fool me into thinking otherwise.

^That.  Who knows what the dev/mining cabal is cooking up for us?

[sporket]

Haha, Bitcoin criminal scum!  Gotcha!

[adamstgBit]

wow shorts are actually increasing....

you'd think they'd cover knowing its going to be >300 in <2weeks

[JorgeStolfi]

what you describe is a scenario that would = me pulling out what I have in BTC and investing it back into other areas.

it would be the end of BTC as we know it, and then it would be something else.

Like many many have said before, try it...

The bitcoiners who can understand the risk say so, obviously because they have no other hope to cling on.  But what about all those Chinese day-traders, drug buyers, currency remitters -- would they just give up on bitcoin too?  Would Coinbase and all other bitcoin business shut their doors -- or will they side with the majority miners, and reasure clients that the change is harmless, really?

Of course and my government could decide to tax me at 90% on my earnings as of tomorrow too.

Not many decades ago, revenue tax used a progressive schedule whose brackets did not stop at 35% (or whatever is now the top rate).  People with higher incomes paid as much as 60% tax on their earnings.  I don't know whether some made it to the 90% bracket of higher.  But the point is that no human decision is impossible, not even 90% tax on earnings.

(By the way, the reason we are seeing increasing concentration of wealth now is that the progressive revenue tax was abolished (in Reagan's time, or perhaps earlier), and there are so many tax exemptions that only the richest can use.)

[adamstgBit]

what you describe is a scenario that would = me pulling out what I have in BTC and investing it back into other areas.

it would be the end of BTC as we know it, and then it would be something else.

Like many many have said before, try it...

The bitcoiners who can understand the risk say so, obviously because they have no other hope to cling on.  But what about all those Chinese day-traders, drug buyers, currency remitters -- would they just give up on bitcoin too?  Would Coinbase and all other bitcoin business shut their doors -- or will they side with the majority miners, and reasure clients that the change is harmless, really?

Of course and my government could decide to tax me at 90% on my earnings as of tomorrow too.

Not many decades ago, revenue tax used a progressive schedule whose brackets did not stop at 35% (or whatever is now the top rate).  People with higher incomes paid as much as 60% tax on their earnings.  I don't know whether some made it to the 90% bracket of higher.  But the point is that no human decision is impossible, not even 90% tax on earnings.

(By the way, the reason we are seeing increasing concentration of wealth now is that the progressive revenue tax was abolished (in Reagan's time, or perhaps earlier), and there are so many tax exemptions that only the richest can use.)

its hard to reach consensus on some technical detail like block size limit, you think all the miners/devs are going to agree to fuck with the inflation rate and kill bitcoin as we know it...

[ChartBuddy]

Coin
Explanation

[ssmc2]

Trolls keep trollin', meanwhile bid support at 250 rising steadily...

still relevant

[shmadz]

LOL stolfi. Thank you for your pathetic attempts to provide imaginary "what if" scenarios for made up DOOOOOOOM, but we are growing impatient for the real thing.

Fuck the eyebrow indeed!

 

[paul2000]

anyone remember the web with the countdown to the halving?
Thanks

It's http://bitcoinclock.com/
Just a suggestion, don't mind, I think you should have asked this somewhere else like in Beginners & Help or Bitcoin Discussion...

Isn't it refreshing to find a straightforward question and answer that actually relates to that bitcoin stuff on this thread? First time in a few months for me, but maybe I've been distracted.

I also immediately got confused and disorientated 

[JorgeStolfi]

its hard to reach consensus on some technical detail like block size limit, you think all the miners/devs are going to agree to fuck with the inflation rate and kill bitcoin as we know it...

The miners have nothing to gain by increasing the block size limit.  On the other hand, if they succeeded in delaying the next halving by 2 years, at the current BTC price, they would get about 320 million dollars extra revenue. 

The last reward halving (on 20111-11-11) did not have any visible effect on price.  The price kept rising gradually from the recent low of ~10 to ~13, and lingered there until 2013-01-06, when the first 2013 rally started.  Thus, a postponement of the 2016 halving, by itself, would probably have little effect on the price -- unless the purists go around spreading their FUD and causing the chickens to scramble out in panic...

[inca]

wow shorts are actually increasing....

you'd think they'd cover knowing its going to be >300 in <2weeks

Retail gonna short.

[Dump3er]

Trolls keep trollin', meanwhile bid support at 250 rising steadily...

still relevant

Oh, does it mean, bear market is done??? 

[sporket]

Started reading a sob story about Burt, The Bitcoin Criminal, and all I could think of was this song I used to listen to in my tender formative years:

 ♬
I used to know a man named Burt
When I was but a lad
He was an old acquaintance
Of my mom and my dad

I don't think that I met him
More than just once
But I still recall him well
I'm not goddamn dunce




And you would not believe
What it was that he had done
He blew his own fucking guts out
With his own fucking gun

Yeah, mom and folks
They were shocked as you can imagine
When they heard about old Burt
And I said to myself
I said "Ouch, that's gotta hurt!"

Sorry if somewhat OT.