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

[natewelt]

It seems to me that OKCoin BTC and Litecoin in general are leading BTC higher.

OKCoin bouncing hard right now.

[Cconvert2G36]

The max_blocksize debate takes a big step forward. All the major chinese pools voting for 8MB blocks  by stamping the blocks they are mining. This plus chinese devaluation = UP.

[billyjoeallen]

wow, that was unexpected.  $273 and now we're green on the four hour moving average.

I'm starting to feel that old bull FOMO again.

[dreamspark]

The max_blocksize debate takes a big step forward. All the major chinese pools voting for 8MB blocks  by stamping the blocks they are mining. This plus chinese devaluation = UP.

The big miners are always going to want 8mb blocks, they have the economic incentive to as they can punish the smaller miners by not relaying their solved blocks to them and with the added bandwith needed to relay the larger blocks the big miners only relaying their blocks to the big miners
reduces competition and centralizes even more.

[Cconvert2G36]

The max_blocksize debate takes a big step forward. All the major chinese pools voting for 8MB blocks  by stamping the blocks they are mining. This plus chinese devaluation = UP.

The big miners are always going to want 8mb blocks, they have the economic incentive to as they can punish the smaller miners by not relaying their solved blocks to them and with the added bandwith needed to relay the larger blocks the big miners only relaying their blocks to the big miners
reduces competition and centralizes even more.

Are there really small miners anymore? Even the small guys point at big pools. If anything, the remote mines in china may be at a disadvantage compared to locations with better bandwidth.

The concern with big blocks isn't the mining nodes, it's just the regular nodes. People worry about a percentage of them shutting down after balking at increased network costs leading to more centralization on a relaying node (vs mining node) level.

It's definitely not resolved yet, but progress is good, markets hate uncertainty.

[ChartBuddy]

Coin
Explanation

[fairglu]

The concern with big blocks isn't the mining nodes, it's just the regular nodes. People worry about a percentage of them shutting down after balking at increased network costs leading to more centralization on a relaying node (vs mining node) level.

It's definitely not resolved yet, but progress is good, markets hate uncertainty.

Indeed, and regular nodes are not incentivized in any way, unlike pools which get block rewards.

Increased block size can just be one leg of bitcoin going forward, the other leg has to be "pruning full nodes" of some sort.

[ChartBuddy]

Coin
Explanation

[JayJuanGee]

It looks we are ending august behind 300$.... again

Maybe?  However, there are nearly three more weeks in August, no?  In other words, it seems to be premature to calling August, already.


Certainly, I would like to see some action above $300; however, I would NOT be surprised if, as you suggest, prices remain below $300 for several more weeks.

[Wary]

Indeed, and regular nodes are not incentivized in any way, unlike pools which get block rewards.

That's the major problem to fix. When(if) they change bitcoin protocol in a way that node would be able to charge miners/users for their services, block size won't be a problem anymore. I'm not sure if somebody works on it.

[Spider-Carnage]

Looks like we are setup for a stale few months.  This is actually good news.

https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcSHd7LsmYCb4uaaxYyGKOMO0kysACOywCAhl6ly-Knq0iWG8-K78Mmu0ug

Low as possible

Long as possible

I hope he's right. I'm just selling some stuff to get bitcoin. I should be ready to buy bitcoin September. Do you think I will be able to get some under $300 by then? Though, any bitcoin below $370 is a bargain, considering the fact that the halving is about a year and a few months away. 2016 is going to be so much fun.

[ChartBuddy]

Coin
Explanation

[ChartBuddy]

Coin
Explanation

[coinpr0n]

Is the exhange rate for CNY-USD they are using on BitcoinWisdom wrong or is China really more than $5 above Bitfinex?

[ChartBuddy]

Coin
Explanation

[rebuilder]

Is the exhange rate for CNY-USD they are using on BitcoinWisdom wrong or is China really more than $5 above Bitfinex?

Okcoin is at 1693 CNY/BTC, which at the current rate of 6.43 CNY/USD comes to 263.3 USD. Maybe Bitcoinwisdom hasn't caught on that the Yuan has been devalued twice in two days.

Edit: What are you  referring to actually? Bitcoinwisdom is showing Huobi's price as 263 USD

[Natalia_AnatolioPAMM]

Looks like we are setup for a stale few months.  This is actually good news.

Low as possible

Long as possible

Please ,please, please

[ChartBuddy]

Coin
Explanation

[Karpeles]

Is the exhange rate for CNY-USD they are using on BitcoinWisdom wrong or is China really more than $5 above Bitfinex?

china is more than $5 over finex, but btc-e still has a bigger gap, at least most of the times

[ChartBuddy]

Coin
Explanation