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

[Richy_T]

I have never run a full node, the only knowledge I have of the experience is from posts by others here. Spider-Carnage said his computer took about 4 days to index the blockchain, and I have heard others complaining of longer durations. I have sometimes read posts by the operators of exchanges saying Bitcoin withdrawals will be delayed for hours while they reindex their Bitcoin wallet. If this problem is ignored such delays will get longer. It would be better to deal with the problem before things get any worse, and if it's possible to fix it and make running a full node as effortless as syncing your icloud account then more people will start running full nodes to help the network.

The blockchain does take a long time to download and index. It did when I first downloaded qt three years ago and it takes a hell of a lot longer now. It's long even when I haven't been running it for a week (which is why I'm moving to running it full time on a separate server). If an exchange is down for long periods of time for reindexing, however, that is just shitty exchange design.

[JayJuanGee]

Ahahaha, it's a crucial time for everyone.

Every day is crucial for bitcoin during last 6 years. Nothing really new here.

Are we going to get another $10 to $20 downward adjustment in BTC prices before returning to the uptrend?

I have NOT sold, and I am just attempting to figure  out the best point to buy some more.  I already bought a bunch of BTC in the $260 range, so, maybe it would be nice to pick up a few more in the $240s, that is if prices are going to go into the $240s... Further, who wants to buy in the $240s, if they are able to get some coins in the $230s?

[Richy_T]

what's the blue thing below explanation in the chartguy's posts?

It's a protest at the censorship going on over on Reddit.

[shmadz]

So is everyone supposed to sell their coins and then repurchase them on Bitcoin XT?
And where do you go to buy Bitcoin XT coins?

Just on the contrary! If you buy bitcoins now will give the opportunity to spend same coins twice both on Bitcoin and XT networks in future if there is a split at all. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true alternative to bitcoin!

I don't think this is correct.

If curious, this is an example of what will actually happen once bitcoin forks:

http://qntra.net/2015/01/the-hard-fork-missile-crisis/

[shmadz]

Can somebody explain this to me like I'm a 5 year old:

XT is supposed to make bitcoin futureproof, but how is it going to achieve that, when it can be spammed up to ~1.15gb / day, meaning that it'll take just 100 days for a determined attacker to increase the blockchain to +115gb, and around a year to take it up half a terabyte. Is this "futureproofing" or ensuring that the future of bitcoin is one where it dies out of bloat and where no-one wants to download it?

Increasing the fees within the 1mb limit is a far more acceptable strategy. If that means bitcoin not doing microtransactions (at least in the traditional / on-chain way), so be it. Gold coins weren't used for microtransactions either, they had silver and copper coins for that.

Exactly, XT offers nothing other than kicking the can, and removing all scarcity from the blockchain. This dramatically increases the potential attack vectors.

A far more thoughtful and sane way of allowing the blocksize to grow is detailed here.  <- you may need to be more than five to understand it, but it's a quite straightforward and elegant solution.

[JayJuanGee]

So is everyone supposed to sell their coins and then repurchase them on Bitcoin XT?
And where do you go to buy Bitcoin XT coins?

Just on the contrary! If you buy bitcoins now will give the opportunity to spend same coins twice both on Bitcoin and XT networks in future if there is a split at all. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true alternative to bitcoin!

I don't think this is correct.

If curious, this is an example of what will actually happen once bitcoin forks:

http://qntra.net/2015/01/the-hard-fork-missile-crisis/

That linked article is from January 2015.  Are the ideas contained therein still current, 7 months later?

[becoin]

I have NOT sold, and I am just attempting to figure  out the best point to buy some more. 

Every point is good point to buy some more. But you've to follow few simple rules:

- Use only long term funds to buy bitcoins. Funds you won't need for the next couple of years.
- Use only your own money. Don't borrow!
- Use only such an amount you can afford to lose entirely with a smile.
- Work on your own bitcoin project that improves bitcoin economy and don't waste your time looking at bitcoin price day and night.

Never forget that Bitcoin is just one experiment. It is very promising and getting stronger every day, but still is an experiment.

[ImI]

what's the blue thing below explanation in the chartguy's posts?

It's a protest at the censorship going on over on Reddit.

i thought its a protest against this whole fork-mess

[JayJuanGee]

I have NOT sold, and I am just attempting to figure  out the best point to buy some more. 

Every point is good point to buy some more. But you've to follow few simple rules:

- Use only long term funds to buy bitcoins. Funds you won't need for the next couple of years.
- Use only your own money. Don't borrow!
- Use only such an amount you can afford to lose entirely with a smile.
- Work on your own bitcoin project that improves bitcoin economy and don't waste your time looking at bitcoin price day and night.

Never forget that Bitcoin is just one experiment. It is very promising and getting stronger every day, but still is an experiment.

Yes.... those are fair consideration points. 

[ChartBuddy]

Coin
Explanation

[redsn0w]

Ahahaha, it's a crucial time for everyone.

Every day is crucial for bitcoin during last 6 years. Nothing really new here.

*fix for you (speculation side)  only after 2013 :






so not in the last 6 years....

[Cconvert2G36]

So is everyone supposed to sell their coins and then repurchase them on Bitcoin XT?
And where do you go to buy Bitcoin XT coins?

Just on the contrary! If you buy bitcoins now will give the opportunity to spend same coins twice both on Bitcoin and XT networks in future if there is a split at all. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true alternative to bitcoin!

I don't think this is correct.

If curious, this is an example of what will actually happen once bitcoin forks:

http://qntra.net/2015/01/the-hard-fork-missile-crisis/

There is no fork, until 75% of mining power is making blocks using software that supports more than 2.7tps. Once the fork does happen, Mircea better have some idle petahashes ready to fire up to mine at a (extremely high for <25% hashing power) difficulty. The fork will be quick, and brutal, for those who choose pride over logic.

Not surprising that his ego is telling him he can bend the entire network to his will by selling off his coins tho.

[ImI]

one is for sure, bad publicity has just getting started.

[shmadz]

So is everyone supposed to sell their coins and then repurchase them on Bitcoin XT?
And where do you go to buy Bitcoin XT coins?

Just on the contrary! If you buy bitcoins now will give the opportunity to spend same coins twice both on Bitcoin and XT networks in future if there is a split at all. So, if you buy 1 bitcoin now you actually buy 2 bitcoins if XT altcoin succeeds in being true alternative to bitcoin!

I don't think this is correct.

If curious, this is an example of what will actually happen once bitcoin forks:

http://qntra.net/2015/01/the-hard-fork-missile-crisis/

That speak about getting coin fractions from the competing chain, thus tainting your otherwise good coins - that is plain rubbish.

I'm unfamiliar with this "fractional tainting"  part. Perhaps you could quote or outline that bit?

As far as I understand, any fork that persists will allow for this kind of double spending.

[gentlemand]

Not surprising that his ego is telling him he can bend the entire network to his will by selling off his coins tho.

I thought that unusual fella only had around 30,000 coins or so which isn't going to set the world on fire. Either way it'll be fun to see whichever opposing side flattened in the rush to stay on the chain that pays.

[dreamspark]

one is for sure, bad publicity has just getting started.

Yep and thats the main take away from all of this.

With all the bullshit going on r/bitcoin

All the chatter here it makes the whole project look amateurish, none of the big btc publications have picked up on it yet either. Will be interesting to see what happens when they do.

[Fatman3001]

what's the blue thing below explanation in the chartguy's posts?

It's a protest at the censorship going on over on Reddit.

... if you want a site with no editorial responsibility you will have to wait for some autonomous ethereum- or sidechain-driven site. There's a limit to how long a company can condone their business being the platform for pedos and racists to promote their activities.

[ImI]

one is for sure, bad publicity has just getting started.

Yep and thats the main take away from all of this.

With all the bullshit going on r/bitcoin

All the chatter here it makes the whole project look amateurish, none of the big btc publications have picked up on it yet either. Will be interesting to see what happens when they do.

in germany one big newspaper has already picked up the story. http://www.welt.de/wirtschaft/webwelt/article145288223/Bitcoin-spaltet-die-Software-der-eigenen-Waehrung.html

[sAt0sHiFanClub]

I have NOT sold, and I am just attempting to figure  out the best point to buy some more. 

Every point is good point to buy some more. But you've to follow few simple rules:

- Use only long term funds to buy bitcoins. Funds you won't need for the next couple of years.
- Use only your own money. Don't borrow!
- Use only such an amount you can afford to lose entirely with a smile.
- Work on your own bitcoin project that improves bitcoin economy and don't waste your time looking at bitcoin price day and night.

Never forget that Bitcoin is just one experiment. It is very promising and getting stronger every day, but still is an experiment.

That post should be a sticky at the top of the topic.  

[gentlemand]

... if you want a site with no editorial responsibility you will have to wait for some autonomous ethereum- or sidechain-driven site. There's a limit to how long a company can condone their business being the platform for pedos and racists to promote their activities.

Regardless of whether anyone likes it or not, XT is one of Bitcoin's potential futures.

That's a much more important and valid thing to be discussing than the latest announcement about a vaping shop accepting BTC.