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

[ChartBuddy]

Coin
Explanation

[coins101]

Bitcoin-XT is not a re-implementation, it's a patch on top of Bitcoin Core that adds two features, double-spend relaying (which can be flagged for inspection) and the BIP64 getutxos message (which he needs for Lighthouse). The reason XT exists is because Mike Hearn can't get BIP64 implementation merged into Core (https://github.com/bitcoin/bitcoin/pull/4351). Gavin happened to be for putting BIP 64 in, so moving forward if this happened, Bitcoin-XT would be a proper fork based on the actual Core codebase, simply with these two differences plus the blocksize changes. The fact that moving to XT is considered a viable option might suggest that there is a much larger "turf war" going on here since at least the middle of 2014.

Thanks!

Indeed there seems to be more going on than a simple technical disagreement.

I won t say that Gavin's proposal is the best one, but at least I understand his position: "with 1 MB blocks the network is close to saturation and will not handle the volume that we would like to see, so let's make the blocks bigger".

The thinking of his opponents (who include Peter Todd, Gregg Maxwell, and Luke Dash Jr.) seems less clear: they say that they are worried about the consequences of bigger blocks, but they have no alternative proposal to deal with impending congestion, and seem to want to see the network saturate.

Someone on reddit pointed out that most or all of those big opponents work for Blockstream, the company that was supposed to develop sidechains and is now working on a thing called the Lightning Network,  Those are projects that would provide fast bitcoin transactions and other bitcoin services (such as micropayment channels) outside the blockchain.  That could be a reason for wanting the network to saturate.  However, Greg says that they were opposed to big blocks well before creating Blockstram.

Someone else suggested that they may want to see the network saturate so that big non-payment users like NASDAQ and Factom are forced to pay huge fees, like $50 on a 1000 satoshi transaction.  That would push common users out of the system and turn bitcoin into a tool for big corporations only.  (Peter Todd does not miss a chance to mention that he is "talking to Big Banks".) Sounds like the FUD that only JorgeStolfi would write.  

Anyway, last Friday night a handful of reddit users set out, without much planning, to try to saturate the network with small transactions.  In the course of 2 hours (23:00 to 01:00 UTC) they put out maybe 30'000 transaction requests.  The queues at the nodes got over the 20'000 mark and the backlog took 8 hours to clear.  It is not clear what fees the guys paid, but they did not put much money into it.  Yet Luke Jr claims that the test only showed that 1 MB is fine.  Boh.

Perhaps the real fear is how the system will react to an intentional hard fork, that is not mandated by a bug...

Good summary.

Not sure why Gavin doesn't create an environement and then request a load test.

OKCoin sage, Bitcoin devs saga and sybil attacks saga.

This is turning into a future Game of Thrones series.

[Fatman3001]

This kind of quality reporting doesn't help.

http://www.theguardian.com/technology/2015/jun/01/bitcoin-app-critical-update-bug-crypto-breakdown

[cyclotronmajesty]

This kind of quality reporting doesn't help.

http://www.theguardian.com/technology/2015/jun/01/bitcoin-app-critical-update-bug-crypto-breakdown

It's not meant to.

These dumps aren't meant to help either.

Call me a conspiracy theorist... I don't think the establishment likes Bitcoin.

If you noticed today there was a price increase to 232 then the whale dumped his load.
That was intentional. They wanted to kill the bullish recovery. The war continues.


Call me crazy I think now would be a good time to buy.

[coinableS]

This kind of quality reporting doesn't help.

http://www.theguardian.com/technology/2015/jun/01/bitcoin-app-critical-update-bug-crypto-breakdown

Facepalms galore in just the 1st sentence:

Blockchain has issued an update for the Android version of its bitcoin wallet after discovering a critical failure which breaks the cryptocurrency’s security.

Let me FTFY

Blockchain.info, a private company named after the bitcoin blockchain, has issued an update for their Android bitcoin wallet after discovering a critical security flaw which could lead to a consumer generating a well known and unsecure address.

[ElectricMucus]

Sounds like the FUD that only JorgeStolfi would write. 

lol

[Fatman3001]

This kind of quality reporting doesn't help.

http://www.theguardian.com/technology/2015/jun/01/bitcoin-app-critical-update-bug-crypto-breakdown

Facepalms galore in just the 1st sentence:

Blockchain has issued an update for the Android version of its bitcoin wallet after discovering a critical failure which breaks the cryptocurrency’s security.

Let me FTFY

Blockchain.info, a private company named after the bitcoin blockchain, has issued an update for their Android bitcoin wallet after discovering a critical security flaw which could lead to a consumer generating a well known and unsecure address.

Not what I have come to expect from The Guardian.

[JorgeStolfi]

Not sure why Gavin doesn't create an environement and then request a load test.

A few weeks ago he wrote that he had run tests with a 20 MB version of Bitcoin-Core.  I don't know how realistic were the tests.

[JorgeStolfi]

Let me FTFY

Blockchain.info, a private company named after the bitcoin blockchain, has issued an update for their Android bitcoin wallet after discovering a critical security flaw which could lead to a consumer led to several consumers generating a well known and unsecure the same address whose private key could be computed by anyone who knew the bug.

FTFY

[inca]

27300 shorts on bitfinex. What is that 6k additional borrowed since saturday?

Another dump to smash the bidside orderbook - after all we recovered immediately from the weekend attempt. This is getting expensive and whoever is doing it is borrowing heavily on leverage to try and paint the chart in a very crude fashion. Must. Keep. Bitcoin. Down!

[alesx.onfire]

is this the end of bearish trend?

[Morecoin Freeman]

What does 'LFC' stand for? Liverpool FC?

[ChartBuddy]

Coin
Explanation

[BayAreaCoins]

Call me crazy I think now would be a good time to buy.

LoL you get them tiger

I don't think there is any way we stay about $200 at this point.

[rich93]

This kind of quality reporting doesn't help.

http://www.theguardian.com/technology/2015/jun/01/bitcoin-app-critical-update-bug-crypto-breakdown

It's not meant to.

These dumps aren't meant to help either.

Call me a conspiracy theorist... I don't think the establishment likes Bitcoin.

If you noticed today there was a price increase to 232 then the whale dumped his load.
That was intentional. They wanted to kill the bullish recovery. The war continues.


Call me crazy I think now would be a good time to buy.

I'm not so sure it's due to a conspiracy, it could be due to what technical analysts see in the charts. Blitz says the daily and weekly Bollinger bands are at the tightest levels they've been at for years. If you check out most of the technical analysis threads here all the chart guys think we are at a pivotal point and have been expecting a big move one way or the other. Big time traders take technical analysis seriously and what it predicts can have a huge effect on the price.

Everyone's eyes should be glued to the charts at this pivotal point.
.......
Daily and weekly Bollinger bands are at the tightest levels they've been at for years. This is in addition to the volume flattening out over a long time. A breakout here is likely to set the tone for the coming weeks and months.

.......

[Wings1987]

Comparing these moves to what has happened in the last year I would not consider any of this a big move. The BIG move being predicted hasn't happened yet.


Another note - Anyone have an explanation why Huobi has been 2-3 higher than finex for the last 10 days or so? It was never like that before and I haven't seen it talked about a lot.

[greenlion]

Sounds like the FUD that only JorgeStolfi would write.  

No, you've actually come across uncharacteristically, for lack of a better word, sane with regard to this block size stuff.

Should we be concerned for your well-being that something is terribly wrong?

[Mayer Amschel]

I think the tables have turned.

The Bulls are on their way in.

Get ready to rally HODLers.

- Mayer Amschel

[JorgeStolfi]

Sounds like the FUD that only JorgeStolfi would write.  

No, you've actually come across uncharacteristically, for lack of a better word, sane with regard to this block size stuff.

Should we be concerned for your well-being that something is terribly wrong?

No, it is just that I believe bitcoin is doomed either way, so it is easy for me to be neutral. 

[Fatman3001]

I think the tables have turned.

The Bulls are on their way in.

Get ready to rally HODLers.

- Mayer Amschel

Just don't go 50x on it.