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

[BitThink]

FWIW I'm seriously thinking to cut my loose at $200. I want to be ready for $1xx.

This rift in the core developer camp is really starting to eat at me. I honestly don't know on what side of the debate I fall. I like Gavin, but tell me we're not becoming Ripple. Someone please tell me that.

Wasn't there some talk about an 8MB compromise? For regular users there is no "side" to take. If a hard fork lasts for more than a few hours we are really going to see both double and single digits. But they can't be that stupid.

Yes there is a side to take. If BTC can be hard-forked, how can it be totally trusted as a Store of Value? Currency, in and out, sure, no problem. But if someone has the power to hard fork, we are back to centralisation again, which is the antithesis of BTC. Does not matter if it is put out there as 2 options for people to choose between. Fact remains, there is the power to change the parameters, push out a fork, and the value of your savings is dependent upon what the majority choose. Does not sound like the trustless currency that I thought BTC was.

Everyone can do a hard fork to BTC. Just fork the code and do your change. The point is how many followers you could have. Moreover, your value of BTC does not change at all and they are the same on the two blockchains.

That said, Gavin has said again and again that there will be a soft fork acts as voting before any hard fork. The hard fork will only happen when the most majority has decided to accept large block.

People who want to do big investment have to do due diligence instead of just read news written by others. I am really surprised how brave someone can be by investing big money on something they don't know much and don't want to spend time on studying.

[JorgeStolfi]

That said, Gavin has said again and again that there will be a soft fork acts as voting before any hard fork. The hard fork will only happen when the most majority has decided to accept large block.

That seems to be the current plan, yes: trigger the fork when 800 of the last 1000 blocks have been mined with new-version software.  

This plan is better than the previous one (hard fork at programmed block number), because no one will be able to predict when it will occur.  

Also, a fixed-date fork had a good chance of achieving a 100% to 0% split, since  the anti-fork minority would switch once it realizes that it has lost; whereas the new adoption-triggered plan, if it triggers, it is guaranteed to fork when 20% of the miners (and god knows how many clients) are still on the old chain.  

Much better.  I mean, better for those who wish to see bitcoin collapse in the most comical way possible.

[ahumanbeingx]

Liftoff is upon us everyone. Get strapped in. This boring stage of btc is just what the doctor ordered prior to moon shotting again.
I think we will see major rally in the next few months, forget TA and all that, I trust my gut.

[ChartBuddy]

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Explanation

[conspirosphere.tk]

But then, again, if the adoption happens fast and you want to use bitcoin for microtransactions and destroy Visa,Paypal,Stripe etc, then you will have to face the hard fact that:

7 Billion people doing 2 blockchain transactions per day will require:
 - 24GB blocks
 - 3.6 TB/Day
 - 1.27 PetaBytes/year


So you will realize pretty fast that Moore's/Nielsen's laws cannot keep up with a hyper-growth scenario like this. In the end you will still have to rely on off chain solutions.

Thx for pointing out that Gavincoins are pointless. And there is ppl -like me- who does not want use bitcoin for microtransactions if it takes a fork and an order of magnitude greater bandwidth and storage which means much less full nodes (which are already pathetically few). There are tons of shitcoins for tips and gifts. imho Bitcoin should remain a serious crypto for gentlemen's transactions and store of value, just like gold is. BTW who would wait 3 confirmations to buy a coffee?

Let the market do the allocation thing and the fees doing their job. If it will take getting rid of tons of spam tx so be it.

[hdbuck]

But then, again, if the adoption happens fast and you want to use bitcoin for microtransactions and destroy Visa,Paypal,Stripe etc, then you will have to face the hard fact that:

7 Billion people doing 2 blockchain transactions per day will require:
 - 24GB blocks
 - 3.6 TB/Day
 - 1.27 PetaBytes/year


So you will realize pretty fast that Moore's/Nielsen's laws cannot keep up with a hyper-growth scenario like this. In the end you will still have to rely on off chain solutions.

Thx for pointing out that Gavincoins are pointless. And there is ppl -like me- who does not want use bitcoin for microtransactions if it takes a fork and an order of magnitude greater bandwidth and storage which means much less full nodes (which are already pathetically few). There are tons of shitcoins for tips and gifts. imho Bitcoin should remain a serious crypto for gentlemen's transactions and store of value, just like gold is. BTW who would wait 3 confirmations to buy a coffee?

Let the market do the allocation thing and the fees doing their job. If it will take getting rid of tons of spam tx so be it.

why aim at 7Bn people when not even half of it have access to teh internet, 20+ years after it became mainstream.
serioulsy there is far more important matter for the rest of the world than our silly digital tokens.

first would be food and water. and no, the blockchain wont help in any way.

[luckygenough56]

light bulbs guys LIGHT BULBS

[inca]

Shorts approacheth 28k

[ChartBuddy]

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[Fatman3001]

Coin
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ChartBuddy ded?

[macsga]

Coin
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ChartBuddy ded?

Seems so; maybe the api connection died. I see bid walls rising though (Finex)... CCMF soon?

[Mrpumperitis]

guys if you dont already know the direction btc is now heading listen up...check out circle, create account if you can, you will notice its not an exchange!  , its a bank! your amount of btc is automatically converted into dollars and offered or you take the btc.
Now think of your wifes bank account,lol if it says she has $1500 available , it will also say she has 5btc(or equiv value at the time) if she takes 0.2btc out, it automatically deducts the amount from her dollars balance     or she could choose to ignore the btc option and resume normal banking. Circle is already offering free insurance on stored btc and other perks, oneday they or another bank will add interest payments on your stored btc.  This is only possible through regulation, which has now happened.    

[hdbuck]

Coin
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ChartBuddy ded?

Seems so; maybe the api connection died. I see bid walls rising though (Finex)... CCMF soon?

no ccmf, just a 5$ pump before a 10$dump. rinse&repeat.

[Fatman3001]

FWIW I'm seriously thinking to cut my loose at $200. I want to be ready for $1xx.

This rift in the core developer camp is really starting to eat at me. I honestly don't know on what side of the debate I fall. I like Gavin, but tell me we're not becoming Ripple. Someone please tell me that.

Wasn't there some talk about an 8MB compromise? For regular users there is no "side" to take. If a hard fork lasts for more than a few hours we are really going to see both double and single digits. But they can't be that stupid.

Yes there is a side to take. If BTC can be hard-forked, how can it be totally trusted as a Store of Value? Currency, in and out, sure, no problem. But if someone has the power to hard fork, we are back to centralisation again, which is the antithesis of BTC. Does not matter if it is put out there as 2 options for people to choose between. Fact remains, there is the power to change the parameters, push out a fork, and the value of your savings is dependent upon what the majority choose. Does not sound like the trustless currency that I thought BTC was.

That's pretty much the essence of a 51% attack, it's just a bit weird that Gavin is considering one.

[ChartBuddy]

Coin
Explanation

[Fatman3001]

Coin
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[Norway]

^ Thank god. I thought bitcoin was dead!

[luckygenough56]

dat is very sweet, let's be bullish a bit  

https://www.circle.com/en/user-agreement/#section11

11. Theft Insurance

In the event that any bitcoin held in your account are lost or stolen as a result of a direct breach of Circle’s digital or physical storage facilities, such bitcoin reserves are fully insured, subject to the terms and conditions of Circle’s insurance policy with Marsh Insurance. If your bitcoin are lost or stolen as a result of your own failure to maintain proper security protocols in accordance with Section 5, such loss is not covered by Circle’s insurance. Your account is not covered by any government-backed deposit insurance scheme.

If Circle’s security measures are compromised, we have you covered up to your full account balance. If someone is able to gain access to your account by gaining direct access to your phone and computer, or otherwise, that is not covered by our insurance.

[soullyG]

^ Thank god. I thought bitcoin was dead!

Nope, just snoozing 

[ChartBuddy]

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Explanation