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

[hdbuck]

right facepalm as much as you want.



so smart dude.

[Terwa]

you are wrong fatman, im not sure either you are stupid or naive.

to stay polite. because you seems to be a genuine bitcoiner but just not getting it.

hahaha best facepalm ever!

[luckygenough56]

time to crack 220 ?

[Wekkel]

time to crack 220 ?

Crack 200 if it remains so weak.

[Fatman3001]

right facepalm as much as you want.



so smart dude.

[aztecminer]

time to crack 220 ?

Crack 200 if it remains so weak.

the fork had no affect on bitcoin price. this is normal nothing is going on bitcoin price pattern.

[Wary]

Democracy is the rule of the mob.
Bitcoin is a consensus system. Anyone trying to contaminate it with "democractic" process is proposing an attack at the heart of Bitcoin ethos.  

Imagine we have a project that requires consensus. You've invested 1M$ and I've invested 1$. Now I would be able to blackmail you, not giving you my consensus until you give me most of your M$. And in the long run nobody will invest in such a project. So if you want a project to work, you'll have to use force against me, obstructing minority, i.e. to switch from consensus to democracy.

At consensus minority blackmails majority. And those who care less win.
At democracy majority oppresses minority. And brute force wins.
The both systems are inherently bad.

The good solution is the free market.

[Terwa]

time to crack 220 ?

220 is a very strong resistence, it not easy broke it

[brg444]

Democracy is the rule of the mob.
Bitcoin is a consensus system. Anyone trying to contaminate it with "democractic" process is proposing an attack at the heart of Bitcoin ethos.  

Imagine we have a project that requires consensus. You've invested 1M$ and I've invested 1$. Now I would be able to blackmail you, not giving you my consensus until you give me most of your M$. And in the long run nobody will invest in such a project. So if you want a project to work, you'll have to use force against me, obstructing minority, i.e. to switch from consensus to democracy.

At democracy majority oppresses minority. Brute force wins.
At consensus minority blackmails majority. Those who care less wins.
The both systems are inherently bad.

The good solution is the free market.

Consensus =! Unanimity

If you only have 1$ at your disposition then you are by definition poor and at a disadvantage over someone with millions. In an ecosystem as big as BTC this will make you an outlier and no matter how strong you shout your voice will not be heard because it is not respected.

Stop throwing "free market" around as if it makes any sense or is relevant in that situation.

[ChartBuddy]

Coin
Explanation

[Cconvert2G36]

Mining pools may vote with the software they use to make blocks. Smaller miners can delegate their influence to the pool (i.e. their representative).

Mining pools are highly incentivized to come to a consensus on what a valid block is, and what the longest chain is/will be. It is in the pool's best interest to please as many of their customers (buyers and users of bitcoin) as possible.

This whole XT drama has shown us that Bitcoin isn't ruled by the Core devs, in fact, there is a free market for bitcoin software. I think economic incentives influencing individual actors trying to act rationally will rule the day. Either by continuing to use software from the Core group, or using other software if the Core group isn't developing in line with what the market wants. 

 

[sAt0sHiFanClub]

Stop throwing "free market" around as if it makes any sense or is relevant in that situation.

Jesus, you really are batshit crazy.  You are afraid that stakeholders might act in the best interest of Bitcoin, and not in the self interest of a private for-profit company which controls 80% of Bitcoin Core.

[Wary]

Imagine we have a project that requires consensus. You've invested 1M$ and I've invested 1$. Now I would be able to blackmail you, not giving you my consensus until you give me most of your M$. And in the long run nobody will invest in such a project. So if you want a project to work, you'll have to use force against me, obstructing minority, i.e. to switch from consensus to democracy.

At democracy majority oppresses minority. Brute force wins.
At consensus minority blackmails majority. Those who care less wins.
The both systems are inherently bad.

The good solution is the free market.

Consensus =! Unanimity

Right. Unanimity is the end result.
Consensus is process of reaching this unanimity.
The process consists of cliques blackmailing each other until the one who cares less wins.

If you only have 1$ at your disposition then you are by definition poor and at a disadvantage over someone with millions. In an ecosystem as big as BTC this will make you an outlier and no matter how strong you shout your voice will not be heard because it is not respected.

I took these numbers - 1M$ against 1$ to make it more clear for you. However, the same principle works in any "consensus" situation, including bitcoin core dev consensus.

Stop throwing "free market" around as if it makes any sense or is relevant in that situation.

In that situation it does. BTW, I'm preparing a post about it right now.

[ChartBuddy]

Coin
Explanation

[Cconvert2G36]

What could possibly fill the heart shaped void in your chest if we disappeared lambie? Soldering up valve amps? Wrenching on classic cars? Trolling the stackers of zerohedge would be such a poor substitute. 

[Cconvert2G36]

As Voltaire (might have said ), The great consolation in life is to say what one thinks.

All to the better, if it's also humorous. Being short or long adds a whole 'nother dimension.

For a dash of on-topic: $1.5 million or so protecting $200 on bitfinex, borrowed USD (likely with btc collateral) is at $26 mil, down from near $36 million before the flash crash margin wipeout. Borrowed btc is up about $1 mil from its lows in july.

It looks ugly, but if you haven't learned yet, that's occasionally an inverse indicator. 

[betterangels]

VPS are turned off... XT 14.4%
https://getaddr.bitnodes.io/nodes/?page=1&q=/Bitcoin%20XT:0.11.0/

[ChartBuddy]

Coin
Explanation

[dreamspark]

time to crack 220 ?

220 is a very strong resistence, it not easy broke it

$220 is gone, dead buried.

Just a series of lower highs and lower lows, come back in a year or two. This shits dead for now.

BFX is going to collapse. There's simply not enough money there to make their lenders whole. Gonna be very very ugly for those with coins or cash on that platform. Most people on there use BTC as collateral as well so when they get liquidated more btc needs to be sold to make usd lenders whole. With the state of the books at the moment it won't be able to absorb it. $160 and lower will be seen on BFX for sure.

[xIronCrossx]

I'm surprised the price has been so "high" all day, specifically at coinbase. The highs have been lower and the lows relatively the same, right above $225. But the highs are decreasing by $1-3 every day, so a mini dump/crash was inevitable. The high for today, so far anyways, is right around $233, while yesterday it was $235. Now the question is whether tomorrow is gonna be a huge dump (my guess), rally or just the same as this weekend.

I do think the long term is looking good though, but everyone hates waiting