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

[Odalv]

^What is it that you fail to grasp about "your BTC will be worthless unless you use the new client"?  What good is a coin you can't spend?

lol,
 - you have to spend $100,000,000 USD to prevent me make one transaction what is worth $1
 - you have to spend a lot of money forever(every day) just to prevent me from make transactions

[Odalv]

An attacker that controls more than 50% of the network's computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This allows him to:

    Reverse transactions that he sends while he's in control
    Prevent some or all transactions from gaining any confirmations
    Prevent some or all other generators from getting any generations

The attacker can't:

    Reverse other people's transactions
    Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
    Change the number of coins generated per block
    Create coins out of thin air
    Send coins that never belonged to him

Sigh. Yes:

A man with a gun can poke holes in other people.

He cannot print dollar bills with it.  

However, ...

There are millions men with a gun and still no hole in you.

[alesx.onfire]

big sell order in btc-e

[alex0909]

big sell order in btc-e

Come on, you can do better if you want people to fear and sell. The only wall i see is around 70 btc.

[SilenceOfTheLamb]

^What is it that you fail to grasp about "your BTC will be worthless unless you use the new client"?  What good is a coin you can't spend?

lol,
 - you have to spend $100,000,000 USD to prevent me make one transaction what is worth $1
 - you have to spend a lot of money forever(every day) just to prevent me from make transactions

Wat?
-We're talking about mining companies with hangers full of gear, it's simply a question of which fork that gear would be mining.
-Not saying that burning shitloads of electricity is a slick solution to ordinary money.  Yeah, Bitcoin network will cost a lot to run, no different from today.

[tarmi]

big sell order in btc-e

Come on, you can do better if you want people to fear and sell. The only wall i see is around 70 btc.

indeed.

this is how you sell and trap idiot bulls. we dont want to scare buyers after all.

[ChartBuddy]

Coin
Explanation

[empowering]

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.  

Wow... literally the daftest thing you have ever written on these forums.

not "the only hope" but the basis of the entire premise of Bitcoin, if you fuck with what makes Bitcoin, then you destroy it.

It is not a "hope" I cling onto, it is a simple truism, mess with the protocol, and I will simply move the funds I hold in BTC out, and into property and various commodities/stocks that I prefer.

Simple as that.

[Shatoshi]

http://i2.kym-cdn.com/photos/images/original/000/302/599/730.png

https://i.imgur.com/RAHZ0ll.jpg

[criptix]

[img]http://i2.kym-cdn.com/photos/images/original/000/302/599/730.png

[img]https://i.imgur.com/RAHZ0ll.jpg

Omg did you forgot your password satoshi?
Can you tell us if it is true that you are working on bitcoin 3.0?
Do you think that there will be a ipo??

[marcus_of_augustus]

yes jorge take it to the technical discussion section you coward.

Oh, I already did, here in bitcointalk and on reddit.  The replies were the same: "the majority miners will not do that because it would render the coin valueless" and "if they do that, the faithful would move to an ASIC-incompatible clone".

Sorry, but the first claim is terribly naive wishful thinking (just look at how cartels act in other markets, e.g. international banks), and the second "defense" would be just a ridiculous form of economic suicide by a small set of irreducible ideologues.

ok, so you found the fatal flaw in bitcoin ... go, make yourself rich exploiting it, let us know how your academic exercises pay off.

[SilenceOfTheLamb]

^Would you stop being such an angry faggot already?
 

[JorgeStolfi]

^What is it that you fail to grasp about "your BTC will be worthless unless you use the new client"?  What good is a coin you can't spend?

lol,
 - you have to spend $100,000,000 USD to prevent me make one transaction what is worth $1
 - you have to spend a lot of money forever(every day) just to prevent me from make transactions

You jumped in midway through the discussion... More like, "after 2016-03-01 we will freeze the coins of anyone who has not upgraded to our version of the software.  That may cost us a few BTC per day in lost fees, but we will continue making the same revenue from block rewards that we are making now, even if we ultimately fail to impose the switch; all this so that we don't lose 300 million dollars per year because of the halving".

[sporket]

The founder of  Buttonwood SF has started an online petition against a California legislative proposal for regulating digital currencies.

Penned by Assemblyman Matt Dababneh, chairman of the state’s Banking and Finance Committee, the proposal aims to regulate virtual currency businesses under the state's Money Transmission Act.

In so doing, the bill, otherwise known as AB-1326, would prohibit virtual currency businesses from operating unless they are licensed by the Department of Business Oversight (DBO) or have received an exemption from the agency.

http://www.coindesk.com/buttonwood-sf-california-bitcoin-bill/



That's right, start a petition in the intertubes and whine how they won't let you support terrorism or buy bath salts on neckbeard connection "Dark Markets," so's you can get geeked & jerk it to the child porn (which you also bought with Bitcoin)

[empowering]

Sorry but thats bullsh*t, if the block halving changed the price would crumble.

Already replied to that.  It is a subjective prediction of how "the bitcoiners" would behave. My view of "the bitcoiners" and their motivations is obviously very different from yours.

You suggest that the miners could agree on it and everyone who pays their bills (the buyers) would just be like ah okay. Not gonna happen.

Today, the new investors (those who buy or earn coins and hold them for a while) are quite happily paying 900'000 $/day to the miners, plus who-knows-how-much to the earlier investors who are selling; money that will never come back to the system.  The new investors cannot be entirely conscious of that.  So, if the halving were to be postponed, they would probably not take notice, and continue pouring in the same daily amounts, either way.

By the way, don't expect the price to immediately double when the next halving happens.  The miners will put 1800 fewer coins per day on the markets, but many earlier investors will start selling their coins once the price rises a little.  In other words, there is lots of hidden liquidity in the old hoards, that will readily absorb the 450'000 k$/day that the miners will stop receiving.

right well if it so so "subjective" in your opinion, stop harping on about how you think it will go down, as a "non investor" your opinion, literally means jack shit.

Let me tell you, and you can add this to your research, if you care for such things.... fuck with the halving, or the coin limit, and I am OUT.

So take that as you will, for what its worth... in a way I am agreeing with you, yeah they could change it, and I suggest if they think it is a good idea, they try it, and see what happens.

I and many, many, many others will be out, simple as that.

It really is simple as that.


So I agree with your Jorge, and I say let "them" who are actually "we" , try it, and lets see what happens.

Either scenario works for me, if they do it, then the market can decide, and I will decide, and if i no longer think BTC is what I want to invest in, then I will withdraw my support, as will others, and it will stand or fall on its merits.

Fine with me.

Something else will pop up, after, one thing for sure.

The system, that you seem to think will remain in place, regardless of the world swirling around it,  will also continue to be accepted , or , it will not be, and it will change....

I bet on the fact it will change, and regardless of if BTC as we know it, will succeed or not,  then I and everyone else will have the choice as to whether  or not to support BTC, or any new innovation, or not. The market will ultimately decide what survives or not.



 

[empowering]

Even with Memristor technology it would take more than a small group to jam out the global hashpower.  There's billions in infrastructure and it would require trillions to topple.

As said before, the "small group" will be the top 4-6 miners, who already have enough power to overcome all the others.

That is a paradoxical thing about the bitcoin protocol: no matter how massive he mining network, there will always be a potential enemy with the all power needed to take control of it.  Just as, no matter how big of an army a country has, it will never be big enough to protect it from a military coup...

Yes but, notice, that countries with small armies, do exist.

Sure, a bigger army could , right now, tomorrow take over the whole world, and then a little country would not have the ability to "protect itself"
but do you notice, that the people of Luxemburg, the people of Ireland, the people of New Zealand, manage to get to sleep just fine.

(and whilst no countries are immune to a 100% internal military coup, in most countries it is not something that keeps people awake at night, why? because, the second you instigate something like a military coup, then all bets are off, you have changed the entire game)
  

[SilenceOfTheLamb]

... fuck with the halving, or the coin limit, and I am OUT.
...

Well...  You sure sound like you mean it...   Anything we could do to make you reconsider?

http://www.vmir.su/uploads/posts/2013-05/1368448222_007.jpg

[hdbuck]

Sorry but thats bullsh*t, if the block halving changed the price would crumble.

Already replied to that.  It is a subjective prediction of how "the bitcoiners" would behave. My view of "the bitcoiners" and their motivations is obviously very different from yours.

You suggest that the miners could agree on it and everyone who pays their bills (the buyers) would just be like ah okay. Not gonna happen.

Today, the new investors (those who buy or earn coins and hold them for a while) are quite happily paying 900'000 $/day to the miners, plus who-knows-how-much to the earlier investors who are selling; money that will never come back to the system.  The new investors cannot be entirely conscious of that.  So, if the halving were to be postponed, they would probably not take notice, and continue pouring in the same daily amounts, either way.

By the way, don't expect the price to immediately double when the next halving happens.  The miners will put 1800 fewer coins per day on the markets, but many earlier investors will start selling their coins once the price rises a little.  In other words, there is lots of hidden liquidity in the old hoards, that will readily absorb the 450'000 k$/day that the miners will stop receiving.

right well if it so so "subjective" in your opinion, stop harping on about how you think it will go down, as a "non investor" your opinion, literally means jack shit.

Let me tell you, and you can add this to your research, if you care for such things.... fuck with the halving, or the coin limit, and I am OUT.

So take that as you will, for what its worth... in a way I am agreeing with you, yeah they could change it, and I suggest if they think it is a good idea, they try it, and see what happens.

I and many, many, many others will be out, simple as that.

It really is simple as that.


So I agree with your Jorge, and I say let "them" who are actually "we" , try it, and lets see what happens.

Either scenario works for me, if they do it, then the market can decide, and I will decide, and if i no longer think BTC is what I want to invest in, then I will withdraw my support, as will others, and it will stand or fall on its merits.

Fine with me.

Something else will pop up, after, one thing for sure.

The system, that you seem to think will remain in place, regardless of the world swirling around it,  will also continue to be accepted , or , it will not be, and it will change....

I bet on the fact it will change, and regardless of if BTC as we know it, will succeed or not,  then I and everyone else will have the choice as to whether  or not to support BTC, or any new innovation, or not. The market will ultimately decide what survives or not.



 

bitcoin is about money power. and money power sure finds its way.

[YourMother]

^^^^

[Shatoshi]

Even with Memristor technology it would take more than a small group to jam out the global hashpower.  There's billions in infrastructure and it would require trillions to topple.

As said before, the "small group" will be the top 4-6 miners, who already have enough power to overcome all the others.

That is a paradoxical thing about the bitcoin protocol: no matter how massive he mining network, there will always be a potential enemy with the all power needed to take control of it.  Just as, no matter how big of an army a country has, it will never be big enough to protect it from a military coup...

Yes but, notice, that countries with small armies, do exist.

Sure, a bigger army could , right now, tomorrow take over the whole world, and then a little country would not have the ability to "protect itself"
but do you notice, that the people of Luxemburg, the people of Ireland, the people of New Zealand, manage to get to sleep just fine.

(and whilst no countries are immune to a military coup, in most countries it is not something that keeps people awake at night, why? because, the second you instigate something like a military coup, then all bets are off, you have changed the entire game)
  

I feel like there were definitely some long stretches of recent history where the Irish and Maori did not sleep well.