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

[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 

[JorgeStolfi]

Does anyone have the slightest clue who this coinwallet.eu joint is and whether they have any actual customers? It seems its sole purpose is to push people into the arms of XT.

A possible motivation has been discovered: Coinwallet.eu has a wallet whose distinguishing feature, according to them, is an effective fee estimator. 

Needless to say a fee estimator is useful only when there is a backlog of unconfirmed transactions.  Without a backlog, every transaction should be confirmed in the next 1-2 blocks, whatever its fee.

[JorgeStolfi]

Like Dostoevsky's Grand Inquisitor, I bear the burden of being reviled by all, so that the weak may bare the living.

Wait, where does that leave me?  Am I useless then?

[billyjoeallen]

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.

+1 well said

[aztecminer]

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.

did you hear that everyone ?? bitfinex is going to collapse....

[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.

did you hear that everyone ?? bitfinex is going to collapse....

It's already started.

You know they had to stop margin calls on that sell off to 160 as there wasn't enough liquidity on the books if they had let them carry on cascasing it would have gone to 0. They simply couldn't handle even half of the $25 million in longs they have open closing.

When longs were this high before we were at over double the price and there was a huge amount more liquidity on there.

[Fakhoury]

[ChartBuddy]

Coin
Explanation

[Cconvert2G36]

The pegasus? Monero isn't going to pump itself. Amirite?

[billyjoeallen]

I wonder how much money and time it would take to add enough XT hashing power to trigger the switch assuming no more existing nodes defected.  I'm guessing it could easily be done for less than $500M.  The problem is that the cripplecoiners would only need to add one Terahash/second for every 3 Terahashes/sec new nodes to prevent it from happening.

I'm pretty sure 21.co's chips will be mining XT. Microtransactions will not be practical once the network approaches capacity.  At capacity, they won't even be possible.

Cripplecoiners consider small transactions "spam", but microtransactions will prevent spam if, for example, email requires 0.1 milibit postage. or even 0.01 mBit. A lightning network adds a layer of complexity to a system that is already too complex for mainstream use.  Trusted third parties may make it simple and easy, but that defeats the whole purpose of a peer to peer network.

[shmadz]

Like Dostoevsky's Grand Inquisitor, I bear the burden of being reviled by all, so that the weak may bare the living.

Wait, where does that leave me?  Am I useless then?

I hope not professor, looks like there's not a lot of money lying around for useless eaters.

http://www.bloomberg.com/news/articles/2015-08-21/brazil-has-yet-another-big-mess-on-its-hands-after-state-default
"The state (Rio Grande do Sul), proportionally the most-indebted in Brazil, is in such distress that it didn’t pay salaries to public workers in July."

I hope professors don't rely on public money in Brazil, though I'm sure you've seen this all before and you'll be fine. After all, government fiat money is good, bitcoin bad, right?

[YourMother]

Moderator bans me for 2 months+ trying to teach me a lesson, but instead he learns a lesson. To not ever ban a well-reasoned bear that's contributing at making a less pretentious and less circle-jerking bull-infested swamp-like thread.

It was truly atrocious to see so many bitcoin bulls going full retard during the Grexit speculation.

Anyways, here's an x-ray of a squirrel




Unless the TwinklePimple brothers release some sort of a countdown for their over-hyped Gemini exchange, BTC will have nothing to cling on while on its way to sub-100$.

Viva la Bitcoin-XT!

[shmadz]

I wonder how much money and time it would take to add enough XT hashing power to trigger the switch assuming no more existing nodes defected.  I'm guessing it could easily be done for less than $500M.  The problem is that the cripplecoiners would only need to add one Terahash/second for every 3 Terahashes/sec new nodes to prevent it from happening.

I'm pretty sure 21.co's chips will be mining XT. Microtransactions will not be practical once the network approaches capacity.  At capacity, they won't even be possible.

Cripplecoiners consider small transactions "spam", but microtransactions will prevent spam if, for example, email requires 0.1 milibit postage. or even 0.01 mBit. A lightning network adds a layer of complexity to a system that is already too complex for mainstream use.  Trusted third parties may make it simple and easy, but that defeats the whole purpose of a peer to peer network.

Did you make some bad bets Mr decentral banker? You seem awfully bitter as of late.

[Cconvert2G36]

Moderator bans me for 2 months+ trying to teach me a lesson, but instead he learns a lesson. To not ever ban a well-reasoned bear that's contributing at making a less pretentious and less circle-jerking bull-infested swamp-like thread.

It was truly atrocious to see so many bitcoin bulls going full retard during the Grexit speculation.

Anyways,




Unless the TwinklePimple brothers release some sort of a countdown for their over-hyped Gemini exchange, BTC will have nothing to cling on while on its way to sub-100$.

Viva la Bitcoin-XT!

Ahahahaha

[aztecminer]

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.

did you hear that everyone ?? bitfinex is going to collapse....

It's already started.

You know they had to stop margin calls on that sell off to 160 as there wasn't enough liquidity on the books if they had let them carry on cascasing it would have gone to 0. They simply couldn't handle even half of the $25 million in longs they have open closing.

When longs were this high before we were at over double the price and there was a huge amount more liquidity on there.

might explain why we havn't seen new lows with the blockchain drama with 220 heavy resistance .............

[ChartBuddy]

Coin
Explanation

[marcus_of_augustus]

I wonder how much money and time it would take to add enough XT hashing power to trigger the switch assuming no more existing nodes defected.  I'm guessing it could easily be done for less than $500M.  The problem is that the cripplecoiners would only need to add one Terahash/second for every 3 Terahashes/sec new nodes to prevent it from happening.

I'm pretty sure 21.co's chips will be mining XT. Microtransactions will not be practical once the network approaches capacity.  At capacity, they won't even be possible.

Cripplecoiners consider small transactions "spam", but microtransactions will prevent spam if, for example, email requires 0.1 milibit postage. or even 0.01 mBit. A lightning network adds a layer of complexity to a system that is already too complex for mainstream use.  Trusted third parties may make it simple and easy, but that defeats the whole purpose of a peer to peer network.

i think you should try squeezing in more "cripplecoiners" slurs into your rants to be more believable ... or it's simply a rant and ineffective

[billyjoeallen]

I wonder how much money and time it would take to add enough XT hashing power to trigger the switch assuming no more existing nodes defected.  I'm guessing it could easily be done for less than $500M.  The problem is that the cripplecoiners would only need to add one Terahash/second for every 3 Terahashes/sec new nodes to prevent it from happening.

I'm pretty sure 21.co's chips will be mining XT. Microtransactions will not be practical once the network approaches capacity.  At capacity, they won't even be possible.

Cripplecoiners consider small transactions "spam", but microtransactions will prevent spam if, for example, email requires 0.1 milibit postage. or even 0.01 mBit. A lightning network adds a layer of complexity to a system that is already too complex for mainstream use.  Trusted third parties may make it simple and easy, but that defeats the whole purpose of a peer to peer network.

Did you make some bad bets Mr decentral banker? You seem awfully bitter as of late.

Well, a small profit in BTC terms. I immediately reinvested my profits from the flash crash back into BTC. Obviously my stash in dollar terms is down. No, I'm bitter because I know this scaling controversy will drag on for months. Markets hate uncertainty.

Having said that, I know BFX isn't going to crash to double digits. If it didn't during the flash crash with far more dollar swaps and fewer BTC swaps, it won't crash now. It may go down and probably will, but there are too many people living in countries with crashing fiat and BTC onramps now. All I have to do is stay solvent and wait.  BTC is crippled, but in the land of the lepers, the man with the most toes is king.

[billyjoeallen]

I wonder how much money and time it would take to add enough XT hashing power to trigger the switch assuming no more existing nodes defected.  I'm guessing it could easily be done for less than $500M.  The problem is that the cripplecoiners would only need to add one Terahash/second for every 3 Terahashes/sec new nodes to prevent it from happening.

I'm pretty sure 21.co's chips will be mining XT. Microtransactions will not be practical once the network approaches capacity.  At capacity, they won't even be possible.

Cripplecoiners consider small transactions "spam", but microtransactions will prevent spam if, for example, email requires 0.1 milibit postage. or even 0.01 mBit. A lightning network adds a layer of complexity to a system that is already too complex for mainstream use.  Trusted third parties may make it simple and easy, but that defeats the whole purpose of a peer to peer network.

i think you should try squeezing in more "cripplecoiners" slurs into your rants to be more believable ... or it's simply a rant and ineffective

I call our side "scaleforkers", because I try to be an equal opportunity offender. Anyhowz, if the slur fits...

There's no reason for there to be any block size limit for the same reason there is no reason to fear selfish miners witholding blocks to get a head start on the next one. If your block is too big, someone else's block will propagate faster and you'll miss out on the block reward.

You gotta decide if you want a small slice of a big pie or a huge slice of a tiny one.  intentionally throttling the network to collect more fees is like strangling the golden goose to get more eggs.

[Cconvert2G36]

I wonder how much money and time it would take to add enough XT hashing power to trigger the switch assuming no more existing nodes defected.  I'm guessing it could easily be done for less than $500M.  The problem is that the cripplecoiners would only need to add one Terahash/second for every 3 Terahashes/sec new nodes to prevent it from happening.

I'm pretty sure 21.co's chips will be mining XT. Microtransactions will not be practical once the network approaches capacity.  At capacity, they won't even be possible.

Cripplecoiners consider small transactions "spam", but microtransactions will prevent spam if, for example, email requires 0.1 milibit postage. or even 0.01 mBit. A lightning network adds a layer of complexity to a system that is already too complex for mainstream use.  Trusted third parties may make it simple and easy, but that defeats the whole purpose of a peer to peer network.

i think you should try squeezing in more "cripplecoiners" slurs into your rants to be more believable ... or it's simply a rant and ineffective

I call our side "scaleforkers", because I try to be an equal opportunity offender. Anyhowz, if the slur fits...

There's no reason for there to be any block size limit for the same reason there is no reason to fear selfish miners witholding blocks to get a head start on the next one. If your block is too big, someone else's block will propagate faster and you'll miss out on the block reward.

You gotta decide if you want a small slice of a big pie or a huge slice of a tiny one.  intentionally throttling the network to collect more fees is like strangling the golden goose to get more eggs.

Or like jumping out of a certain wooden sculpture when the walls of Troy first come into view?