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

[luckygenough56]

dev ran away

just shorted to buy back at 140

[BitThink]

Miners and full nodes owners decide whether to go 20M or not. Devs (mostly only bug fixing) has no more power than normal users.

[Searing]

Miners and full nodes owners decide whether to go 20M or not. Devs (mostly only bug fixing) has no more power than normal users.

so basically when/if the 20m block is the norm...the fix is simply software ie stuff like bfgminer etc and thus you move on thru this hard fork?

so that is how consensus is reached...ie the software is mod'ed as such and if enough people follow the bread crumbs to this new fork at 20m blocks?

(if i have this completely wrong i will move on and research it further on my own ...thus keeping my ignorance to myself)

thanks

[hdbuck]

Miners and full nodes owners decide whether to go 20M or not. Devs (mostly only bug fixing) has no more power than normal users.

so basically when/if the 20m block is the norm...the fix is simply software ie stuff like bfgminer etc and thus you move on thru this hard fork?

so that is how consensus is reached...ie the software is mod'ed as such and if enough people follow the bread crumbs to this new fork at 20m blocks?

(if i have this completely wrong i will move on and research it further on my own ...thus keeping my ignorance to myself)

thanks

people will follow the money.

gavin fork is highly debatable and i believe its implementation will be far more difficult than he pretends.


@stolfi: this is nice for once https://www.reddit.com/r/Bitcoin/comments/354qbm/bitcoin_devs_do_not_have_consensus_on_blocksize/

[ChartBuddy]

Coin
Explanation

[_biO_]

Miners and full nodes owners decide whether to go 20M or not. Devs (mostly only bug fixing) has no more power than normal users.

Of course they have "more power" in the sense that they have a bigger influence on public opinion.

[rebuilder]

In a fork, the chain with the most miner support (hashpower) is the most secure. Users can decide not to follow miners but risk getting stuck on an insecure blockchain, which miners backing the other chain could sabotage given their hashpower advantage.

In the event of a fork where users and miners disagree on which chain to support, which chain is Bitcoin?

[hdbuck]

In a fork, the chain with the most miner support (hashpower) is the most secure. Users can decide not to follow miners but risk getting stuck on an insecure blockchain, which miners backing the other chain could sabotage given their hashpower advantage.

In the event of a fork where users and miners disagree on which chain to support, which chain is Bitcoin?

i'd be tempted to say Bitcoin would be the Blockchain with most miners support.

otoh, Bitcoin would also be the one more close to its beginning, as in a hardfork is not Bitcoin but rather, well, just a fork.

[ChartBuddy]

Coin
Explanation

[Fatman3001]

Prob a repost, but a good read

http://www.nytimes.com/2015/05/03/magazine/how-bitcoin-is-disrupting-argentinas-economy.html?_r=0

[hdbuck]

Prob a repost, but a good read

http://www.nytimes.com/2015/05/03/magazine/how-bitcoin-is-disrupting-argentinas-economy.html?_r=0

no mention of Mr Popescu?! bogusss.

[Elwar]

Prob a repost, but a good read

http://www.nytimes.com/2015/05/03/magazine/how-bitcoin-is-disrupting-argentinas-economy.html?_r=0

There are some interesting tidbits in that article. One interesting part I noticed was this:

"But Casares noticed that every time he helped another one of his wealthy friends start buying Bitcoins, prices rose, suggesting to him that they were responsible for much of the increase. Over the course of March, the price of a single Bitcoin nearly tripled, to around $100"

All of the charts and trend analysis cannot predict some guy encouraging his wealthy friends to buy a lot of bitcoins. It also cannot account for someone who has a lot of bitcoins that needs to sell them all to pay for a house or yacht.
We seem to still be in the place where the price jumps by a lot all at once, which is likely these types of scenarios. But over time with more money on the exchanges hundreds of thousands of dollars will not be moving the price as much as it does right now.

[atlosas]

Huge volume on bitfinex at the last "dump" but not much price action. I would say it is kinda bullish.

[Fatman3001]

Huge volume on bitfinex at the last "dump" but not much price action. I would say it is kinda bullish.

I think we need an answer to what happened first, at finex yesterday.

[ChartBuddy]

Coin
Explanation

[UnholyTrinity]

Huge volume on bitfinex at the last "dump" but not much price action. I would say it is kinda bullish.

I think we need an answer to what happened first, at finex yesterday.

"The issue has been fixed. We're looking into exactly what happened now and I'll be sure to post a detailed explanation in the future"

https://www.reddit.com/r/BitcoinMarkets/comments/353yu8/bitfinex_having_serious_lag_issues_be_very/cr12ouy


Everything is okay! Definitely! No, really! We know how to run such a business, we are having massive errors every few months which result in huge losses for our customers and still you stupids send us your money. How could we be wrong.

[Fatman3001]

Huge volume on bitfinex at the last "dump" but not much price action. I would say it is kinda bullish.

I think we need an answer to what happened first, at finex yesterday.

"The issue has been fixed. We're looking into exactly what happened now and I'll be sure to post a detailed explanation in the future"

https://www.reddit.com/r/BitcoinMarkets/comments/353yu8/bitfinex_having_serious_lag_issues_be_very/cr12ouy

[NLC Stuff that almost makes sense, not like blimmin Stolfi!]

Thx NLC! You're a stand-up guy!

[inca]

So post dump there are more bids on the order book for us to drop 6 dollars than to buy us all the way back to 258. Longs up a bit. Shorts over 30000.

Come on bulls!

[sAt0sHiFanClub]

Looks like almost 30k bitcoin was moved in the last hour with less than 5 dollars slippage.

That's some decent liquidity.

Except that its probably not real. Im guessing there is a trading script gone mad here.

As I thought, Alphapoint integration messed up. Integration testing much?  

[LFC_Bitcoin]

So post dump there are more bids on the order book for us to drop 6 dollars than to buy us all the way back to 258. Longs up a bit. Shorts over 30000.

Come on bulls!

inca do you trade or do you just HODL for the future?
No reason, I'm just being nosey.