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

[brg444]

I thought this debate made it clear that no one w/ half a brain really cares about spending Bitcoin at online stores. If Bitpay decides for some reason to support Bitcoin XT then by all means go ahead. They'll be left with no users in no time. The economic majority (people who actually hold coins) couldn't care less what Bitpay decides to do, they're not trying to spend their coins anyway.

You obviously don't seem to understand the peculiarities of a fork here.
For anyone holding Bitcoins before the fork, there'd be a huge incentive to spend their coins on the chain they don't feel like supporting. After all, they would still hold all coins in their respective preferred chain, while at the same time, they could go shopping "for free" with their assumed worthless Altcoins. Basically, the more convinced you are that you're on the "right" side of the chain, the stronger your motivation to push the "wrong" side.

You obviously don't seem to understand the reality of what we have to deal with here.

The millions of coins held on cold storage and paper wallets will NEVER risk the security of their holdings by starting to shop their coins around in the event of a fork. That's just outrageous to say.

[hdbuck]

Thawing in the debate: https://twitter.com/adam3us/status/636410827969421312
Consensus being reached.

Amazing generosity... 

I think that signed joint statement made by BC.i, Circle, etc.. is what turned the tides and caused a sense of urgency in the discussion. (At least for most of these guys, Szabo still sticking to his guns.)

yea well, wont bring circle et al. new users tho XD

[JorgeStolfi]

Let it be known that every single word is patently false and a blatant misrepresentation of reality.

The Blockstream guys AND a group of other developers are apparently working hard behind the scene testing, formalizing, validating new & refined proposals that I imagine is the plan for them to present at the ScalingBitcoin workshop.

You mean Lightning Network?  I am anxiously waiting for such "refined" proposals.  Hopefully with numbers on them -- which so far seem to be curiously absent from Blockstream plans.

There will be compromise and it is very doubtful 8 MB blocks will be in the discussion or contention.

Well, His majesty King Adam just conceded "2 MB now, then 4 MB in 2 years, and 8 MB in 4 years" -- and only then Gavin will be permitted to raise his hand again.  

[aztecminer]

Thawing in the debate: https://twitter.com/adam3us/status/636410827969421312
Consensus being reached.

Amazing generosity... 

I think that signed joint statement made by BC.i, Circle, etc.. is what turned the tides and caused a sense of urgency in the discussion. (At least for most of these guys, Szabo still sticking to his guns.)

yea well, wont bring circle et al. new users tho XD

i might go open an account there and start buying my bitcoins through there.. and find a new exchange to trade on too.

[notme]

I thought this debate made it clear that no one w/ half a brain really cares about spending Bitcoin at online stores. If Bitpay decides for some reason to support Bitcoin XT then by all means go ahead. They'll be left with no users in no time. The economic majority (people who actually hold coins) couldn't care less what Bitpay decides to do, they're not trying to spend their coins anyway.

You obviously don't seem to understand the peculiarities of a fork here.
For anyone holding Bitcoins before the fork, there'd be a huge incentive to spend their coins on the chain they don't feel like supporting. After all, they would still hold all coins in their respective preferred chain, while at the same time, they could go shopping "for free" with their assumed worthless Altcoins. Basically, the more convinced you are that you're on the "right" side of the chain, the stronger your motivation to push the "wrong" side.

You obviously don't seem to understand the reality of what we have to deal with here.

The millions of coins held on cold storage and paper wallets will NEVER risk the security of their holdings by starting to shop their coins around in the event of a fork. That's just outrageous to say.

What it will do if two chains coexist for any significant length of time is create a premium on post fork coins.  Adding post fork coins to the transaction will taint it so that it can be spent on one chain only.  After that, you can freely spend on each fork separately.  Basically we break fungibility and confuse the shit out of anyone who doesn't understand the technical details.

[brg444]

Let it be known that every single word is patently false and a blatant misrepresentation of reality.

The Blockstream guys AND a group of other developers are apparently working hard behind the scene testing, formalizing, validating new & refined proposals that I imagine is the plan for them to present at the ScalingBitcoin workshop.

You mean Lightning Network?  I am anxiously waiting for such "refined" proposals.  Hopefully with numbers on them -- which so far seem to be curiously absent from Blockstream plans.

There will be compromise and it is very doubtful 8 MB blocks will be in the discussion or contention.

Well, His majesty King Adam just conceded "2 MB now, then 4 MB in 2 years, and 8 MB in 4 years" -- and only then Gavin will be permitted to raise his hand again.  

Gavin should kiss the ring yes.

Dude has made a clown of himself and has started trolling the community and escaping discussion, challenge & attention.

No, not Lightning Network you lying shill. I'm talking about Greg Maxwell's flexcap and I would assume quite possibly a revision of Peter's BIP. No one can tell of course so we will see then but people have been working all while trying to avoid this unproductive mess.

[ChartBuddy]

Coin
Explanation

[rolling]

I don't understand all of this talk about two chains etc. There is no way that is going to happen. The miners won't mine on a shorter chain, they will follow the longest chain period. The whole system is controlled by miners regardless of what devs and investors think of themselves. The only power and the only votes that count are those of the miners.

[findftp]

I don't understand all of this talk about two chains etc. There is no way that is going to happen. The miners won't mine on a shorter chain, they will follow the longest chain period. The whole system is controlled by miners regardless of what devs and investors think of themselves. The only power and the only votes that count are those of the miners.

Miners do not determine price or usage, the market does.
The market is everyone.

I'm sure there will be miners who mine on the shorter chain. And you know what? I'll spend on their chain, because I can. And to annoy everyone else.
I hope we can fuck this whole bitcoin system to the max.

Only if it survives all it is worth something.
For everything else there is paypal and friends.

[Chopperman]

I'm sure there will be miners who mine on the shorter chain. And you know what? I'll spend on their chain, because I can. And to annoy everyone else.
I hope we can fuck this whole bitcoin system to the max.

Yup, why not?   There are many home miners from the early ASIC days who turned off when the mega-miners came in, why wouldn't they want to stick it to the majority who took the fun out of the game.

[ChartBuddy]

Coin
Explanation

[oda.krell]

And yet there still are those who  who speak contemptuously of bitcointalk, and claim it a toxic place

Gentlemen, you need me here no longer to maintain your morale--
like brewer's yeast, y'all learned to exterminate each other
with a disruptive, gamne-changing technology: your own shit.

Au revoir!

You went long, I take it?

[stereotype]

Bye Crumbs

[Wekkel]

I hope we can fuck this whole bitcoin system to the max.

Only if it survives all it is worth something.

This

[ChartBuddy]

Coin
Explanation

[Fatman3001]

I don't understand all of this talk about two chains etc. There is no way that is going to happen. The miners won't mine on a shorter chain, they will follow the longest chain period. The whole system is controlled by miners regardless of what devs and investors think of themselves. The only power and the only votes that count are those of the miners.

Long time no see

https://www.youtube.com/watch?v=RdR6MN2jKYs

[coins101]

We must raise the possibility that this is a coordinated price attack by the big block and small block camps working in cahoots.

Can all the exchanges please check the trading histories for the active players.

Interpol: I hope you're taking note.

[Monopoly]

I want to invest in Gold .... it seems the only thing that has worth in bad situations ..........

[esse83]

For all the bulltards, take one close look at the restistance line which was formed in january and acted as resistance on august 18th (and since) - now will the market be able to break through it? Perhaps, not likely (resistance is at $238 about). If we approach that level short like a motherfucker or die broke. Bitcoin is in serious trouble both with liquidity and with the divide on blocksize.

Go long and laugh at us bears as we approach $238..

[ChartBuddy]

Coin
Explanation