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

[KFR]

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Bitcoin is not here to compete with visa. It's not here to make banking better, it's not about buying coffee or micro payments or any of that crap. It's not about mass adoption.

 It's about monetary freedom.

If three transactions per second is not enough, then there will grow an ecosystem of alt coins to pick up the slack. We will see exchanges grow that allow for easy transfer of value from one coin to the next and through this multi-coin environment, we can scale without limit.

There is no solution for one chain to hold all the transactions. Any proposal that suggests compromising the security, integrity, or distributed nature of bitcoin in order to gain some kind of imaginary "adoption" is an attack and should be treated as such.

A fine case well argued. 

[rolling]

Anybody worried about this yet?



Thanks flat earth 1MB maxblocksize aficionados!

Nah...

A Peer-to-Peer Electronic Cash System*

*A limit of less than three transactions per second occurring on planet earth may apply.

Bitcoin is not here to compete with visa. It's not here to make banking better, it's not about buying coffee or micro payments or any of that crap. It's not about mass adoption.

 It's about monetary freedom.

If three transactions per second is not enough, then there will grow an ecosystem of alt coins to pick up the slack. We will see exchanges grow that allow for easy transfer of value from one coin to the next and through this multi-coin environment, we can scale without limit.

There is no solution for one chain to hold all the transactions. Any proposal that suggests compromising the security, integrity, or distributed nature of bitcoin in order to gain some kind of imaginary "adoption" is an attack and should be treated as such.

Can someone please explain this to Gavin and the other "Scientists"?

[ChartBuddy]

Coin
Explanation

[JayJuanGee]

Anybody worried about this yet?



Thanks flat earth 1MB maxblocksize aficionados!

Nah...

A Peer-to-Peer Electronic Cash System*

*A limit of less than three transactions per second occurring on planet earth may apply.

Bitcoin is not here to compete with visa. It's not here to make banking better, it's not about buying coffee or micro payments or any of that crap. It's not about mass adoption.

 It's about monetary freedom.

If three transactions per second is not enough, then there will grow an ecosystem of alt coins to pick up the slack. We will see exchanges grow that allow for easy transfer of value from one coin to the next and through this multi-coin environment, we can scale without limit.

There is no solution for one chain to hold all the transactions. Any proposal that suggests compromising the security, integrity, or distributed nature of bitcoin in order to gain some kind of imaginary "adoption" is an attack and should be treated as such.

Can someone please explain this to Gavin and the other "Scientists"?

I have a sense that Gavin and some of the other like minded scientist are attempting to discuss bitcoin by use of less disruptive terms in order that BTC seems less threatening to the status quo.

[Sitarow]

[rolling]

Anybody worried about this yet?



Thanks flat earth 1MB maxblocksize aficionados!

Nah...

A Peer-to-Peer Electronic Cash System*

*A limit of less than three transactions per second occurring on planet earth may apply.

Bitcoin is not here to compete with visa. It's not here to make banking better, it's not about buying coffee or micro payments or any of that crap. It's not about mass adoption.

 It's about monetary freedom.

If three transactions per second is not enough, then there will grow an ecosystem of alt coins to pick up the slack. We will see exchanges grow that allow for easy transfer of value from one coin to the next and through this multi-coin environment, we can scale without limit.

There is no solution for one chain to hold all the transactions. Any proposal that suggests compromising the security, integrity, or distributed nature of bitcoin in order to gain some kind of imaginary "adoption" is an attack and should be treated as such.

Can someone please explain this to Gavin and the other "Scientists"?

I have a sense that Gavin and some of the other like minded scientist are attempting to discuss bitcoin by use of less disruptive terms in order that BTC seems less threatening to the status quo.

Not the monetary freedom part but they have to realize that every cup of coffee and micro transaction on the planet can't possibly and shouldn't be kept in the blockchain.

[cyclotronmajesty]

precipitous dump

[bassclef]

precipitous dump

Or a low volume dump. Of course you'll get a pullback after a big price rise, every time. There's overarching supply to be worked out of the market because of profit taking. Once it's all absorbed, whoosh back up we go. Look at the volume compared to similar moves to the left and it will give you an idea of how much gasoline is behind it.

[cyclotronmajesty]

So if Greece makes a deal with the EU is that good or bad for bitcoin?

A meeting is supposed to take place today in Greece on that topic.

I guess it's somewhat irrelevant. It only matters if the Greeks want bitcoin.
But the Euro declining does help people buy bitcoin. And Greece exiting the EU would help the Euro decline.

[bassclef]

So if Greece makes a deal with the EU is that good or bad for bitcoin?

It doesn't matter too much although I'm sure some would sell expecting a drop. The price was ready to move up before the Greek drama, but the drama acted as a trigger for everyone who was out to jump back in and for whales to pump the price by taking bigger positions. It would have happened eventually. But the price is not directly being pumped by the Greeks, that is for sure. They are a very small percentage of the buyers.

The long term trend for Bitcoin is up regardless of the drama in the world.

[aztecminer]

precipitous dump

with china out the way is easier to smash down .. probably not 284, more likely 250 - 255 tomorrow morning . i'm HODL through the smash again .

[Cconvert2G36]

Anybody worried about this yet?



Thanks flat earth 1MB maxblocksize aficionados!

Nah...

A Peer-to-Peer Electronic Cash System*

*A limit of less than three transactions per second occurring on planet earth may apply.

Bitcoin is not here to compete with visa. It's not here to make banking better, it's not about buying coffee or micro payments or any of that crap. It's not about mass adoption.

 It's about monetary freedom.

If three transactions per second is not enough, then there will grow an ecosystem of alt coins to pick up the slack. We will see exchanges grow that allow for easy transfer of value from one coin to the next and through this multi-coin environment, we can scale without limit.

There is no solution for one chain to hold all the transactions. Any proposal that suggests compromising the security, integrity, or distributed nature of bitcoin in order to gain some kind of imaginary "adoption" is an attack and should be treated as such.

Can someone please explain this to Gavin and the other "Scientists"?

I have a sense that Gavin and some of the other like minded scientist are attempting to discuss bitcoin by use of less disruptive terms in order that BTC seems less threatening to the status quo.

Not the monetary freedom part but they have to realize that every cup of coffee and micro transaction on the planet can't possibly and shouldn't be kept in the blockchain.

As far as I can tell, no one pays for coffee with bitcoin, and micro transactions are comparatively rare. And yet, here we are with full blocks, and very minimal global adoption.

Consensus from the enlightened seems to be: Buy alts, short btc. (Or wait for our magic sidechain to solve it for you.)

[Chef Ramsay]

precipitous dump

Or a low volume dump. Of course you'll get a pullback after a big price rise, every time. There's overarching supply to be worked out of the market because of profit taking. Once it's all absorbed, whoosh back up we go. Look at the volume compared to similar moves to the left and it will give you an idea of how much gasoline is behind it.

bc, your commentary I find is the most impressive and worthwhile content on this entire forum. Keep it up and wish we could get more of it. You're either really smart or really cool by default.

[macsga]

So if Greece makes a deal with the EU is that good or bad for bitcoin?

A meeting is supposed to take place today in Greece on that topic.

IMHO, Greece & EU deal has a very small impact to BTC's price. The fact is that so many other things, are now ready to fall apart and they are much - MUCH bigger. Greece used to be the decoy that hid the main flaw of the ecosystem. Now that we're in front of a solution (whatever that might be), chances are we will have to face the music on a global scale. And NO, I don't think that "print more" will work this time...  

[brg444]

precipitous dump

with china out the way is easier to smash down .. probably not 284, more likely 250 - 255 tomorrow morning . i'm HODL through the smash again .

What did I miss about China ?

[aztecminer]

So if Greece makes a deal with the EU is that good or bad for bitcoin?

A meeting is supposed to take place today in Greece on that topic.

I guess it's somewhat irrelevant. It only matters if the Greeks want bitcoin.
But the Euro declining does help people buy bitcoin. And Greece exiting the EU would help the Euro decline.

yeah they are going to convince the greeks that debt slavery is in their's and "all of us" best interest. cant blame me us for the failing debt slavery system, for one thing i wasnt even born into the world when they started down that path. if have intelligence should be able to figure out that system was doomed to failure from the start. ridiculous that one mans debt slavery is another mans investment .. i'm vocal about it because they are stealing from me with their #abusivehightaxes and other schemes .. u not going to get the cooperation u want from people who know you are stealing from them .

[aztecminer]

precipitous dump

with china out the way is easier to smash down .. probably not 284, more likely 250 - 255 tomorrow morning . i'm HODL through the smash again .

What did I miss about China ?

your missing the 'great chinese lockout' from your formula calculations. the chinese are panicing and have made new levels of panic mode.

[xxxxxzzzzz]

And in the mean time idiot dumpers keeps dumping.

Hello idiot dumpers buying back above.

Can you believe there are still people dumping?

precipitous dump

There will be ongoing "fuck you market" dumps from now until the end of time, roughly on the hour every hour, between 100 and 5000 coins (they're clever though, and split their dumps into multiple quick succession orders so as to make it not quite so obvious to anyone new to the market) and resulting in $1-10 in 1-5 minute losses in global bitcoin price.

It's not early adopters who "need fiat money" in a "hurry". They already have more fiat than they know what to do with and don't dump in a non-stop systematic fashion (they'd long ago have been out of coins) nevermind that they'd be able to get more fiat money if they sold 500 coins over the course of 2 hours than in 2 minutes. And it's not the big industrial miners, most of them have private off market contract buyers. Clearly it's the shorters market makers market manipulators market fuckers take your pick. These people have a deranged obsessive need (and financial motive) to desperately always and repeatedly try to force the price ever lower regardless of what the current price is. Crush the market with 1000 coins (most often borrowed coins) in 1 minute, wiping out everything from current price and down $3 or $4, re-buy at the price you just forced the market to go down by, or more, if you successfully cause a downward cascade from other parties, still have 1000 coins plus an extra couple thousand dollars, repeat perpetually until bitcoin dies.

*oh lookie one just happened as I was typing, about an hour after the last one, and an hour after the previous one, and ...

[Blazin8888]

Is this double spending issue a bad thing? What's going on regarding this? I have been gone all weekend and just found out.  That sounds super fucked up but I'm not technical enough to fully understand these implications.  


Besides that looks like we are on the upside...


http://www.coindesk.com/double-spending-risk-bitcoin-network-fork/

[ChartBuddy]

Coin
Explanation