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

[PoolMinor]

Good Morning Doji Star!

[brg444]

who will bother to open an account with coinbase to buy bitcoins so they can buy stuff while paying a high fee ?? whats the point.. pay high fees.. instead use a debit card doesnt cost end user nothing to use a debit card and its easy.. no reason to use bitcoin that has multiples of issues that we all are aware of .. and if you are a gun owner and support the second amendment then you need to oppose the implementation of the "blockchain blacklists" code. i happen to be one of the "dwayne" brothers and i think your "blockchain blacklists" is a real cute trick. obviously there is only once choice.. cripple bitcoin with low bandwidth, slow payments with high fees ...... RIP XT or bitcoin make your choice.

about to get smacked down by the bear troll fud (i gotta get me one these cameras!) : https://www.youtube.com/watch?v=JIhCNbdIFT4

Indeed. What is the point of buying bitcoins to buy stuff? That is the question maybe you should ask yourself.

Did you consider maybe you did not have the right idea about what Bitcoin's real utility is?

[aztecminer]

who will bother to open an account with coinbase to buy bitcoins so they can buy stuff while paying a high fee ?? whats the point.. pay high fees.. instead use a debit card doesnt cost end user nothing to use a debit card and its easy.. no reason to use bitcoin that has multiples of issues that we all are aware of .. and if you are a gun owner and support the second amendment then you need to oppose the implementation of the "blockchain blacklists" code. i happen to be one of the "dwayne" brothers and i think your "blockchain blacklists" is a real cute trick. obviously there is only once choice.. cripple bitcoin with low bandwidth, slow payments with high fees ...... RIP XT or bitcoin make your choice.

about to get smacked down by the bear troll fud (i gotta get me one these cameras!) : https://www.youtube.com/watch?v=JIhCNbdIFT4

Indeed. What is the point of buying bitcoins to buy stuff? That is the question maybe you should ask yourself.

Did you consider maybe you did not have the right idea about what Bitcoin's real utility is?

it doesnt matter what i think or used to think about bitcoin utility..  problem is i think making a tool to intimidate gun owners with "blockchain blacklists" is unacceptable .. bitcoin not going to be reserve currency .

[brg444]

[ mass adoption ] will NEVER happen if the network doesn't scale efficiently.

One must wonder whether mass adoption will ever happen.  The block size limit has not been an obstacle so far, yet adoption does not seem to be exactly exploding.  (The block size limit might be an obstacle within a year, if the traffic keeps growing at the recent rate.)

Internet adoption didn't dramatically accelerate until the World Wide Web. Bitcoin is still looking for that "killer app".  There are many potential candidates, but what will take off is probably something we haven't even thought of yet. 

Heh, so you're a "killer app" troll too  

Consider that Bitcoin adoption is not merely about adding users but attracting capital. Bitcoin as it exists can accommodate an infinite amount of capital. There is no "scaling" problem in that regard.

Now what you are concerned with "transaction scaling" is a different set of problem. One that is often correlated to the growth of the network but any perspicacious onlooker will have noticed there is something missing from this theory.

You have misconception about Bitcoin's utility value and you need to address it before coming forward with more arguments!

[brg444]

who will bother to open an account with coinbase to buy bitcoins so they can buy stuff while paying a high fee ?? whats the point.. pay high fees.. instead use a debit card doesnt cost end user nothing to use a debit card and its easy.. no reason to use bitcoin that has multiples of issues that we all are aware of .. and if you are a gun owner and support the second amendment then you need to oppose the implementation of the "blockchain blacklists" code. i happen to be one of the "dwayne" brothers and i think your "blockchain blacklists" is a real cute trick. obviously there is only once choice.. cripple bitcoin with low bandwidth, slow payments with high fees ...... RIP XT or bitcoin make your choice.

about to get smacked down by the bear troll fud (i gotta get me one these cameras!) : https://www.youtube.com/watch?v=JIhCNbdIFT4

Indeed. What is the point of buying bitcoins to buy stuff? That is the question maybe you should ask yourself.

Did you consider maybe you did not have the right idea about what Bitcoin's real utility is?

it doesnt matter what i think or used to think about bitcoin utility..  problem is i think making a tool to intimidate gun owners with "blockchain blacklists" is unacceptable .. bitcoin not going to be reserve currency .

Uh. Ok.

Now I remember why I always skip over your posts.

 

[aztecminer]

who will bother to open an account with coinbase to buy bitcoins so they can buy stuff while paying a high fee ?? whats the point.. pay high fees.. instead use a debit card doesnt cost end user nothing to use a debit card and its easy.. no reason to use bitcoin that has multiples of issues that we all are aware of .. and if you are a gun owner and support the second amendment then you need to oppose the implementation of the "blockchain blacklists" code. i happen to be one of the "dwayne" brothers and i think your "blockchain blacklists" is a real cute trick. obviously there is only once choice.. cripple bitcoin with low bandwidth, slow payments with high fees ...... RIP XT or bitcoin make your choice.

about to get smacked down by the bear troll fud (i gotta get me one these cameras!) : https://www.youtube.com/watch?v=JIhCNbdIFT4

Indeed. What is the point of buying bitcoins to buy stuff? That is the question maybe you should ask yourself.

Did you consider maybe you did not have the right idea about what Bitcoin's real utility is?

it doesnt matter what i think or used to think about bitcoin utility..  problem is i think making a tool to intimidate gun owners with "blockchain blacklists" is unacceptable .. bitcoin not going to be reserve currency .

Uh. Ok.

Now I remember why I always skip over your posts.

 

you mean your not going to tell me about the utility of bitcoin ?? i figure it has utility since i can't put a gold or silver coin through the internet. the usa is going to have to replace the usd eventually, probably sooner than we think. i don't believe it will be with cryptos though.. i think cryptos wont be going away however i do not believe they will be the primary currency. i think they will continue just as they are as a secondary speculative commodity + currency ... too many problems to overcome to become a primary currency at this time.. and "blockchain blacklists" will toast bitcoin so we will have to be happy with "cripplecoin" ..

[billyjoeallen]

[ mass adoption ] will NEVER happen if the network doesn't scale efficiently.

One must wonder whether mass adoption will ever happen.  The block size limit has not been an obstacle so far, yet adoption does not seem to be exactly exploding.  (The block size limit might be an obstacle within a year, if the traffic keeps growing at the recent rate.)

Internet adoption didn't dramatically accelerate until the World Wide Web. Bitcoin is still looking for that "killer app".  There are many potential candidates, but what will take off is probably something we haven't even thought of yet. 

Heh, so you're a "killer app" troll too  

Consider that Bitcoin adoption is not merely about adding users but attracting capital. Bitcoin as it exists can accommodate an infinite amount of capital. There is no "scaling" problem in that regard.

Now what you are concerned with "transaction scaling" is a different set of problem. One that is often correlated to the growth of the network but any perspicacious onlooker will have noticed there is something missing from this theory.

You have misconception about Bitcoin's utility value and you need to address it before coming forward with more arguments!

I know what Bitcoin's utility value to me is, but nobody has the whole picture. What are you implying is the "real" utility value?  Yes, we absolutely need to attract new capital.  How do you think we're gonna do it?

[DieJohnny]

Bitcoin's killer app is whenever bank lets you create a savings account in bitcoin and you don't have to worry about ever losing your keys.

In other words, Bitcoin itself sucks for the average person, it won't be until trusted financial institutions offer it as an investment and insulate people from bitcoins horrid private key management problems that bitcoin will ever get to 100 billion.

Funny the way to bitcoin moving forward is through trust, too funny.

[brg444]

[ mass adoption ] will NEVER happen if the network doesn't scale efficiently.

One must wonder whether mass adoption will ever happen.  The block size limit has not been an obstacle so far, yet adoption does not seem to be exactly exploding.  (The block size limit might be an obstacle within a year, if the traffic keeps growing at the recent rate.)

Internet adoption didn't dramatically accelerate until the World Wide Web. Bitcoin is still looking for that "killer app".  There are many potential candidates, but what will take off is probably something we haven't even thought of yet. 

Heh, so you're a "killer app" troll too  

Consider that Bitcoin adoption is not merely about adding users but attracting capital. Bitcoin as it exists can accommodate an infinite amount of capital. There is no "scaling" problem in that regard.

Now what you are concerned with "transaction scaling" is a different set of problem. One that is often correlated to the growth of the network but any perspicacious onlooker will have noticed there is something missing from this theory.

You have misconception about Bitcoin's utility value and you need to address it before coming forward with more arguments!

I know what Bitcoin's utility value to me is, but nobody has the whole picture. What are you implying is the "real" utility value?  Yes, we absolutely need to attract new capital.  How do you think we're gonna do it?

By attracting capital looking for a safe, deflationary, impossible to censor or seize store of wealth.  

Stop the posturing about mainstream sheeple adoptions. The sheeps are generally poor and can only procure so much value to Bitcoin. We are still a couple years from crossing the technological chasm as Bitcoin as it stands is quite honestly not a competitive consumer product.

Fortunately there are trillions of capital who will soon be looking for that exit. Better strap your helmet and just be patient. Stop trying to "make Bitcoin better" 

[brg444]

Bitcoin's killer app is whenever bank lets you create a savings account in bitcoin and you don't have to worry about ever losing your keys.

Bitcoin's killer app is its deflationary nature and scarce supply in a world of inflationary money and quantitative easing.

[ChartBuddy]

Coin
Explanation

[aztecminer]

Bitcoin's killer app is whenever bank lets you create a savings account in bitcoin and you don't have to worry about ever losing your keys.

Bitcoin's killer app is its deflationary nature and scarce supply in a world of inflationary money and quantitative easing.

they will make more when the "cripplecoin" miners vote to make more .. they have to because people lose bitcoins all the time by losing their private keys to their cold storage wallets and stuff.. precious metals is a much more true deflationary and scarce supply than cryptos... bitcoin is not being straightforward about the cap just as they are not being straightforward about "blockchain blacklists" or how they intend to use "cripplecoins" and the new miner companies ability to vote how slow we gonna go and how much fees they are going to charge everyone ... u need to ask yourself again what is bitcoins utility because you obviously have not thought it through.

[mavericklm]

i want 300 or under 200!!!
c'mon btc! do something!

[JorgeStolfi]

If the miners do something that the bitcoin hodlers don't like, they will be mining worthless tokens. Care to explain why they would abuse their power?

My mother had a supertitious prayer in Venetian that she recited during storms, asking for "Santa Barbara e San Simon" to protect us from "thunder and lightning".  Of the same genre as St. Benedict's apocriphal verses to repeal the Devil.

"The economic majority rules" is a similar mantra that superstitious bitcoiners invoke to drive away the menace of the Five Evil Mining Pools, those that have 70% or more of the total hashing power.   The bitcoiner's mantra is just as logical, effective, and tested by experience as those medieval formulas.

If a mining majority decides to impose a protocol change, that the other players don't like but can live with -- like higher or lower block size limit, higher minimum fees, delayed reward halving -- the "economic majority" will accept it, because it knows that miners can hurt them far more efffectively and promptly than they can hurt the miners.

Holders, in particular, have almost no power.  All they could do is to commit financial suicide by dumping their coins and crashing the price; but they wold inflict more harm to themselves than to the miners.  Therefore they will not do that; they will keep holding, praying to Sain Barbara that the price will not suffer.  Indeed, I bet that they will even speak out in favor of the change, to protect their investment.

When the US government removed the backing of the dollar, Americans did not burn their dollar bills.  When banks as a whole raise their fees or cut some services, clients do not run en masse to close their accounts.  

I would really like you to research what would happen if every bitcoin hodler, in the event of the miners going rogue, turns on GPU miners and their ASIC units that are now collecting dust.

Well, not "every" bitcoin holder would do that.  Like bankers and governments, the miners will usually avoid diong something so bad that it will directly hurt all of them and cause all of them to revolt.  Therefore, most holders will be upset, but will not spend real money with utility bills just to fight some ideological "purity of protocol" cause.  

But, even if all off-line mining equipment was brought on-line again, it probably would not account for 20% of the total hashpower.,

[billyjoeallen]

By attracting capital looking for a safe, deflationary, impossible to censor or seize store of wealth.  

Stop the posturing about mainstream sheeple adoptions. The sheeps are generally poor and can only procure so much value to Bitcoin. We are still a couple years from crossing the technological chasm as Bitcoin as it stands is quite honestly not a competitive consumer product.

Fortunately there are trillions of capital who will soon be looking for that exit. Better strap your helmet and just be patient. Stop trying to "make Bitcoin better" 

So the new Swiss Bank Account, huh? Why not just store wealth in an active volcano? It doesn't do you any good to hide wealth if you can't retrieve it.

[brg444]

Bitcoin's killer app is whenever bank lets you create a savings account in bitcoin and you don't have to worry about ever losing your keys.

Bitcoin's killer app is its deflationary nature and scarce supply in a world of inflationary money and quantitative easing.

they will make more when the "cripplecoin" miners vote to make more .. they have to because people lose bitcoins all the time by losing their private keys to their cold storage wallets and stuff.. precious metals is a much more true deflationary and scarce supply than cryptos...

Do you realise how retarded you sound?

Bitcoin could run fine under 10 bitcoins with some little magic.

[aztecminer]

Bitcoin's killer app is whenever bank lets you create a savings account in bitcoin and you don't have to worry about ever losing your keys.

Bitcoin's killer app is its deflationary nature and scarce supply in a world of inflationary money and quantitative easing.

they will make more when the "cripplecoin" miners vote to make more .. they have to because people lose bitcoins all the time by losing their private keys to their cold storage wallets and stuff.. precious metals is a much more true deflationary and scarce supply than cryptos...

Do you realise how retarded you sound?

Bitcoin could run fine under 10 bitcoins with some little magic.

obviously... you missed the point.. once all the precious metals are mined from the earth you cant mine any more just by tweaking the program code.. the way things are going it will be the "cripplecoiner" mining companies who will vote/decide if the cap on bitcoin production is raised .

[rolling]

I think there is some confusion on this board. A mining pool does not really control the hashing power on that pool. If they try to do something strange with the hashing power, the miners behind the pool move their miners to another pool. Antpool would probably be less than 5% of the network if they didn't allow outside miners. The only real exception (with more than about 5%) is Bitfury who does independently control 20% of the network right now and growing.

[JorgeStolfi]

Mining profitability does not make mining less distributed because gold rush. If economies of scale concentrates industry then why is all industry not concentrated?

Industry does get concentrated.  For example, many car makers that were independent in the early 20th century got absorbed by the big ones -- Ford, GM, Chrysler in the US.  There are thousands of other examples. 

Customs barriers and national economic policies are one obstacle for the concetration of  traditional industries.  In some countries, anti-trust / fairi-competition laws also prevent total centralization.  Neither of these obstacles exists for bitcoin.

Miners don't want to throw the baby out with the bathwater because they realize this is still low valuation. By the time it will be even possible to be worth cheating the system, it will be to strong to do so. They are better off just looking for other means to cheat the system, like politicking the politboro of governance.

Miners are not fools to kill their cash cow; but there are many things they can do to squeeze more milk out of it, that will not be bad enough to scare bitcoiners away.

[JorgeStolfi]

Strange, I saw quite a few articles about great Bitcoin adoption in Brazil. Not that that is anything great, it would be better if another country was named, instead of that shithole that's going down the drain.

Brazil currently has many big problems, but fortunately bitcoin still does not seem to be one of them.  Perhaps Brazilians are indeed smarter than the folks in your bithole.