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

[r0ach]

Shorts are piling in (@Finex). How much do we need for the potential up move?

What kind of idiot would short after that massive sell off? lol

[mrkavasaki]

Thank you for cheap  Bitcoins, Bears!!  

[r0ach]

Crash over, China going green.

[JorgeStolfi]

Anyone with a bit of a deeper network and cryptography knowledge care to comment on this technical proposal:

https://bitcoinmagazine.com/articles/bitcoin-ng-or-how-cornell-researchers-think-a-radical-redesign-can-solve-bitcoin-s-scaling-issues-1447108649

Basic idea seems to be to decouple proof of work blocks from transactions blocks (while keeping the two connected, obviously), without the usual trade off that means more tx -> bigger blocks.

Looks plausible to me, and actually a lot less "radical" than, say, turning Bitcoin into a proof-of-stake system. That said, I don't have sufficient technical knowledge to judge if it only appears plausible at a glance or if there's a catch I don't see right now.

(... he asked on the Wall Observer thread, thinking "What could possibly go wrong?")

I don't have enough knowledge of the field to look for bugs.  However, the paper has been circulated for a month or so, at least, and was presented at the Monteral scaling conference.  So, if there are bugs, they must not be very obvious.

On the other hand, it is hard to foresee all the bad things that could happen in systems that that include human elements.  One example of a problem that was not quite foreseen when bitcoin was designed is the extreme concentration of bitcoin mining (with 54% of the hashrate now in the hands three Chinese pools).  The protocol becoming the property of a single company was another.  The fast price rise (that made the block reward be worth ~$8/tx) was yet another.  

So, who knows what failure modes the "NG" blockchain coudl have.

Anyway, I see little chance that the proposal will be implemented in bitcoin.  There is already too much software developed out there that assumes the current design.  Implementing a change of that magnitude would be like swimming in molasses.  Maybe some altcoin will adopt the idea.

[Tzupy]

Thank you for cheap  Bitcoins, Bears!!  

You shouldn't thank the bears, but the piglets... Bears provided some support when closing shorts...

[hdbuck]

Thank you for cheap  Bitcoins, Bears!!  

You shouldn't thank the bears, but the piglets... Bears provided some support when closing shorts...

just thank DWR.

[coinpr0n]

That caught me off guard. I wasn't expecting any big moves today and definitely not that China would synchronize it's price with USD markets.

[JayJuanGee]

Crash over, China going green.

Bitstamp does not seem to be done dumping, yet. 

I think we gotta wait for Bitstamp to be done dumping, before we can declare that we are in green territory.  no?

[Trolfi]

awww jorge, 'tis lovely when you actually make sense . . .

[snip]

I don't have enough knowledge of the field to look for bugs.  However, the paper has been circulated for a month or so, at least, and was presented at the Monteral scaling conference.  So, if there are bugs, they must not be very obvious.

On the other hand, it is hard to foresee all the bad things that could happen in systems that that include human elements.  One example of a problem that was not quite foreseen when bitcoin was designed is the extreme concentration of bitcoin mining (with 54% of the hashrate now in the hands three Chinese pools).  The protocol becoming the property of a single company was another.  The fast price rise (that made the block reward be worth ~$8/tx) was yet another.  

So, who knows what failure modes the "NG" blockchain coudl have.

Anyway, I see little chance that the proposal will be implemented in bitcoin.  There is already too much software developed out there that assumes the current design.  Implementing a change of that magnitude would be like swimming in molasses.  Maybe some altcoin will adopt the idea.

[Torque]

That caught me off guard. I wasn't expecting any big moves today and definitely not that China would synchronize it's price with USD markets.

Lol.  You mean that Chinese exchange accounts couldn't possibly be owned by the same whale that own Stamp and Bitfinex accounts?

[BlackSpidy]

At first I started to freak out, but then I decided "I wanna try to catch that falling knife", and bought. Now, I'm waiting for that sweet, sweet rebound. That is, if it comes at all, but I'm confident it'll come.

[tarmi]

At first I started to freak out, but then I decided "I wanna try to catch that falling knife", and bought. Now, I'm waiting for that sweet, sweet rebound. That is, if it comes at all, but I'm confident it'll come.

goooood! more dump incoming your way.

[ChartBuddy]

Coin

Explanation

[blunderer]

^Not pulling any punches, are you, BitBuddy?

[Cereberus]

With that time - get a better ship 

I found one.  I know she looks like a piece of fei wu, but if you treat her proper, she'll be with you for the rest of your life.

Now thats what I am talking about

You can ride that one to the moon!

[Hunyadi]

At first I started to freak out, but then I decided "I wanna try to catch that falling knife", and bought. Now, I'm waiting for that sweet, sweet rebound. That is, if it comes at all, but I'm confident it'll come.

goooood! more dump incoming your way.

Seriously... 

[Sitarow]

[Fatman3001]

BAAAAAAAHHH!!!!!?

To all of those who's followed this thread for the last year:


$374 $378 $356!!!!!? WOOOOOHOOOOO!!!!!!!?

[Tmdz]

Only testing those 360 waters, but I see this as a opportunity to pick up some coin.  Since this correction from the 500 bubble we have not seen btc trading at this level for very long has been rebounding to 580 and above. 

[Divitiae miserae]

Do you think there's an imminent dump also considering the auctioned coins?