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

[xyzzy099]

A well-reasoned response:

https://medium.com/@btcdrak/full-of-lies-and-desperation-of-someone-who-risked-his-entire-reputation-on-something-and-lost-and-6c206e68d0cf#.i2wtg2uhv

"Lost"

Bitcoin XT was around well before BIP-101 and, those that found it useful (of whom I am not one, FWIW) will no doubt continue to use some incarnation of it, whatever happens.

Meanwhile, BIP-101 is out there and has forced the issue of actually addressing the blocksize instead of hoping nobody notices that we're heading toward a brick wall and the guy who runs the repair shop has not been servicing the brakes.

Before you declare "won" or "lost" be sure you know which game you're playing.

If you want to reply to BTCDrak, you should probably do it in the same forum he posted in.  I don't know if he will read your response here.

[Richy_T]

...yet his article totally avoids discussion of the other crap he tried to sneak into XT. Were XT limited to the block size change ( his '...single number...' claim - riiiight), I would be running it. It may not be the best approach to the block size, but it's a damned sight better than 1 MB forever (or even 1 MB now). But with the other crap changes? No thanks.

So you're running the version he released with only the BIP101 patch and none of the other XT stuff included then, right? (This is what I am running)

[Richy_T]

If you want to reply to BTCDrak, you should probably do it in the same forum he posted in.  I don't know if he will read your response here.

I don't. I was addressing a comment that was posted in this forum. Neither when I get into a discussion about the Affordable Care Act, do I get on the phone to Obama.

[ChartBuddy]

Coin

Explanation

[jbreher]

...yet his article totally avoids discussion of the other crap he tried to sneak into XT. Were XT limited to the block size change ( his '...single number...' claim - riiiight), I would be running it. It may not be the best approach to the block size, but it's a damned sight better than 1 MB forever (or even 1 MB now). But with the other crap changes? No thanks.

So you're running the version he released with only the BIP101 patch and none of the other XT stuff included then, right? (This is what I am running)

No. If it has an inbuilt polling mechanism upon which a switch to larger blocks is predicated, I might. Where is definitive info to be found?

I kind of bowed out of the entire discussion after it got too acrimonious and both sides dug in for trench warfare.

[xyzzy099]

If Core can't find a way to scale the network with a reasonable amount of safety and security in TWO YEARS, then they are incompetent and need to make way for better developers. 

How much time is a reasonable amount of time for you?  I really want to know. Give me an actual number.

That is a pretty bold statement about solving a non-trivial computer science problem.  I'm sure your patches will be accepted if you have a solution.

I think the problem is that you assume that increasing the blocksize fixes the problem.

I imagine a future where all manner of services that are currently ad-supported or subscription-based might instead be payed for with bitcoin microtransactions, seamlessly and transparently.  There could be millions, or maybe even billions of transactions per day from all these page views/minutes of video/etc. - vastly more than even Visa handles at peak capacity.  And add to that all the microtransactions that might be generated by devices on the Internet of Things, that none of us know the extent or nature of yet.

I don't see how increasing blocksize will handle this.  Even data-center sized nodes may not be able to handle all those microtransactions.

I don't claim to know what the answer is, but I am pretty sure that block-size alone won't do it - and lurching down that path in a non-judicious way could lead to permanent problems that will be painful to work around in the long term, after a real solution is found.

[JayJuanGee]

http://s13.postimg.org/z8o9dvacn/onethird.png[/img]

1/3rd of all bitcoin in existence traded this week in China on one exchange

http://media.steampowered.com/steamcommunity/public/images/avatars/ba/ba6320fcb5b18e5d355c8f5885b6a96ef7846c42_full.jpg[/img]

Oh??? maybe some coins were traded twice....

Go figure.  Isn't that called the velocity of money?    

only twice?
high trading bots are working hard this days

I was merely attempting to make the point that in and of itself, the mere fact that the volume of 1/3 of all bitcoins in existence were traded on one exchange in one day, does NOT signify that the Chinese are faking the existence of the coins or engaging in fractional reserves.

So I agree with you that it is feasible that one coin could be traded well over 100 times in one day... maybe even 1,000 if there are NO trading fees and the coins path is frequent and minute microtrading back and forth.

[xyzzy099]

If you want to reply to BTCDrak, you should probably do it in the same forum he posted in.  I don't know if he will read your response here.

I don't. I was addressing a comment that was posted in this forum. Neither when I get into a discussion about the Affordable Care Act, do I get on the phone to Obama.

Your response did not address anything I posted.  It addressed the content of BTCDrak's post, which I simply provided a link to.

[JayJuanGee]

http://s13.postimg.org/z8o9dvacn/onethird.png[/img]

1/3rd of all bitcoin in existence traded this week in China on one exchange

http://media.steampowered.com/steamcommunity/public/images/avatars/ba/ba6320fcb5b18e5d355c8f5885b6a96ef7846c42_full.jpg[/img]

Oh??? maybe some coins were traded twice....

Go figure.  Isn't that called the velocity of money?    

No, not in the usual sense.* There's "transactions velocity," rarely used, mainly because meaningless. Few care how many times I move a dollar from my right pocket to the left, or how many back-and-forth transactions happen on a currency exchange.
*"Which is the frequency at which the average unit of currency is used to purchase newly domestically-produced goods and services within a given time period"-wikip

Could be true that exchange trading is NOT as significant, but we cannot act as if there is NO significance because in fact, the exchange is including the use of fiat currencies.

[Cconvert2G36]

And as the post linking to Mike's article gets poofed for the 3rd? 4th time?...

A new star rises in the east: https://www.reddit.com/r/Bitcoin/comments/3r81is/building_liquid_next_steps_and_more_details_about/

[mrkavasaki]

i feel so sorry for the shorters who short at $250

 

[Fatman3001]

If you want to reply to BTCDrak, you should probably do it in the same forum he posted in.  I don't know if he will read your response here.

I don't. I was addressing a comment that was posted in this forum. Neither when I get into a discussion about the Affordable Care Act, do I get on the phone to Obama.

Your response did not address anything I posted.  It addressed the content of BTCDrak's post, which I simply provided a link to.

...?

You posted a link and referred to it as "a well-reasoned response". That's a statement. Don't be surprised if someone here has an opinion about it.

[Elwar]

Heh...looks like some people sold/shorted at this high price and are hoping some block chain panic will send it back down.

I think people got tired of that being in every thread. Not so scary anymore to anyone who's spent 5 minutes looking into it.

[unent]

http://s13.postimg.org/z8o9dvacn/onethird.png[/img]

1/3rd of all bitcoin in existence traded this week in China on one exchange

Oh??? maybe some coins were traded twice....

Go figure.  Isn't that called the velocity of money?    

only twice?
high trading bots are working hard this days

I was merely attempting to make the point that in and of itself, the mere fact that the volume of 1/3 of all bitcoins in existence were traded on one exchange in one day, does NOT signify that the Chinese are faking the existence of the coins or engaging in fractional reserves.

So I agree with you that it is feasible that one coin could be traded well over 100 times in one day... maybe even 1,000 if there are NO trading fees and the coins path is frequent and minute microtrading back and forth.

I had the OKcoin chart running in real time in my browser, and the trades were so fast that there was almost smoke coming out of my computer after a few minutes! Loading a real time chart of any of the exchanges with fees doesn't drive my computer's CPU use up to that extent. Those OKcoin trades are their own bots competing with the other zero fee exchange's bots to fake the highest volume.

[JayJuanGee]

Bitcoin Monthly Candles

Who's ready?

A Chart with monthly candles looks really nice.


Where do we get one of those? 

Is there any service that includes monthly BTC candles?

[xyzzy099]

If you want to reply to BTCDrak, you should probably do it in the same forum he posted in.  I don't know if he will read your response here.

I don't. I was addressing a comment that was posted in this forum. Neither when I get into a discussion about the Affordable Care Act, do I get on the phone to Obama.

Your response did not address anything I posted.  It addressed the content of BTCDrak's post, which I simply provided a link to.

...?

You posted a link and referred to it as "a well-reasoned response". That's a statement. Don't be surprised if someone here has an opinion about it.

That's correct, but that is not what his post addressed.  I don't think anything in his post even suggests that BTCDrak's response was not well-reasoned - just that he personally disagrees with the content of that post.

[JayJuanGee]

http://s13.postimg.org/z8o9dvacn/onethird.png[/img]

1/3rd of all bitcoin in existence traded this week in China on one exchange

http://media.steampowered.com/steamcommunity/public/images/avatars/ba/ba6320fcb5b18e5d355c8f5885b6a96ef7846c42_full.jpg[/img]

Oh??? maybe some coins were traded twice....

Go figure.  Isn't that called the velocity of money?    

only twice?
high trading bots are working hard this days

I was merely attempting to make the point that in and of itself, the mere fact that the volume of 1/3 of all bitcoins in existence were traded on one exchange in one day, does NOT signify that the Chinese are faking the existence of the coins or engaging in fractional reserves.

So I agree with you that it is feasible that one coin could be traded well over 100 times in one day... maybe even 1,000 if there are NO trading fees and the coins path is frequent and minute microtrading back and forth.

I had the OKcoin chart running in real time in my browser, and the trades were so fast that there was almost smoke coming out of my computer after a few minutes! Loading a real time chart of any of the exchanges with fees doesn't drive my computer's CPU use up to that extent. Those OKcoin trades are their own bots competing with the other zero fee exchange's bots to fake the highest volume.

The results may be the same as fake volume; however, possibly their purpose is to make money, so if you have your bot programed correctly, you can lock in profits on an ongoing basis, even possibly with only a few cents change in the price.

[!! pop]

... but we cannot act as if there is NO significance because in fact, the exchange is including the use of fiat currencies.

Just explaining what people usually mean when talking about 'velocity of money,' NOT telling you how to act, not bothering NObody, just mending my Primus. If you do NOT like the conventional definition, you do NOT have to use it, which is to say, feel free to NOT use it if you do NOT like it.

[Wandererfromthenorth]

Bitcoin Monthly Candles

Who's ready?

A Chart with monthly candles looks really nice.


Where do we get one of those? 

Is there any service that includes monthly BTC candles?

https://www.tradingview.com/chart/BTCUSD/

Go to "Expand BTCUSD chart" and select "1M (one month)" time frame.

[Patel]

This rally is continuing to look a lot like Jan-April 2013