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

[xyzzy099]

I don't completely agree with the tactical decisions Hearn made over the last year, and I'd be fine with slower increases than BIP101, but I'm 100% certain he did more for Bitcoin on his worst day than Nov 2013 hdbuck ever will.

If we're still (inexplicably?) stuck at 1MB popescu pogs through the majority of 2016, I'll be lacing up my shoes too.

Hear, hear!

Could someone point out a few of Mr. Hearn's more notable contributions to Bitcoin?  I am having trouble finding them. (serious question)

[gentlemand]

Come on. Every pixel of Mr HD's posts will be scripture burnt into mountainsides long after the rest of us are dust.

I don't agree with Mr Hearn's move but I do agree with his sentiment regarding the direction of development. In the coming months summat's gotta give.

[jaberwock]

Are the weekend dumps back again? I bet we will go up to 330 again by Monday

[JayJuanGee]

Mike's final "Fuck You!!!" to Bitcoin:

https://www.reddit.com/r/Bitcoin/comments/3tftas/mike_hearn_now_working_for_r3cv_blockchain/cx5wwwu

"The current Bitcoin system, I mean the system we actually use today with the block chain, isn't going to change the world at all due to the 1mb limit.
Unless the community changes direction very clearly (which in practice will require getting rid of Bitcoin Core completely), then "the system" will simply wither on the vine whilst the community waits for Lightning, or whatever solution they're being sold. But Lightning bears no resemblance to the Bitcoin I signed up to work on 5 years ago. It's an entirely different design which looks very much like the existing model of banking - nodes that hold people's money (i.e. may end up regulated), route it between them, no support for smart contracts, byzantine complexity due to being built on a 'legacy' layer that wasn't designed for it, occasional settlement between parties etc. Assuming it even works at all.
So if I have a choice between helping the existing financial system build something better than what they have today that resembles Bitcoin, or helping the Bitcoin community build something worse than what they have today that resembles banking, then I may as well go where the users are and work with the banks."

I believe that he misspoke>>>>>>>   ........"then I may as well go where the users are money is  and work with the banks."


Out of courtesy, I fixed it for him to say what he really meant to say.... which his choice may not be a bad thing for him on a personal financial level, and he may also possibly gain some interesting and useful experiences through his future endeavors.

[Fatman3001]

Mike's final "Fuck You!!!" to Bitcoin:

https://www.reddit.com/r/Bitcoin/comments/3tftas/mike_hearn_now_working_for_r3cv_blockchain/cx5wwwu

"The current Bitcoin system, I mean the system we actually use today with the block chain, isn't going to change the world at all due to the 1mb limit.
Unless the community changes direction very clearly (which in practice will require getting rid of Bitcoin Core completely), then "the system" will simply wither on the vine whilst the community waits for Lightning, or whatever solution they're being sold. But Lightning bears no resemblance to the Bitcoin I signed up to work on 5 years ago. It's an entirely different design which looks very much like the existing model of banking - nodes that hold people's money (i.e. may end up regulated), route it between them, no support for smart contracts, byzantine complexity due to being built on a 'legacy' layer that wasn't designed for it, occasional settlement between parties etc. Assuming it even works at all.
So if I have a choice between helping the existing financial system build something better than what they have today that resembles Bitcoin, or helping the Bitcoin community build something worse than what they have today that resembles banking, then I may as well go where the users are and work with the banks."

I believe that he misspoke>>>>>>>   ........"then I may as well go where the users are money is  and work with the banks."


Out of courtesy, I fixed it for him to say what he really meant to say.... which his choice may not be a bad thing for him on a personal financial level, and he may also possibly gain some interesting and useful experiences through his future endeavors.

Burn?

I don't completely agree with the tactical decisions Hearn made over the last year, and I'd be fine with slower increases than BIP101, but I'm 100% certain he did more for Bitcoin on his worst day than Nov 2013 hdbuck ever will.

If we're still (inexplicably?) stuck at 1MB popescu pogs through the majority of 2016, I'll be lacing up my shoes too.

Hear, hear!

Could someone point out a few of Mr. Hearn's more notable contributions to Bitcoin?  I am having trouble finding them. (serious question)

https://github.com/mikehearn

[Cconvert2G36]

I don't completely agree with the tactical decisions Hearn made over the last year, and I'd be fine with slower increases than BIP101, but I'm 100% certain he did more for Bitcoin on his worst day than Nov 2013 hdbuck ever will.

If we're still (inexplicably?) stuck at 1MB popescu pogs through the majority of 2016, I'll be lacing up my shoes too.

Hear, hear!

Could someone point out a few of Mr. Hearn's more notable contributions to Bitcoin?  I am having trouble finding them. (serious question)

Ever used schildbach's Bitcoin Wallet for android? It uses bitcoinj, which was created by Mike.

[bitowl]

But Lightning bears no resemblance to the Bitcoin I signed up to work on 5 years ago. It's an entirely different design which looks very much like the existing model of banking - nodes that hold people's money (i.e. may end up regulated), route it between them, no support for smart contracts, byzantine complexity due to being built on a 'legacy' layer that wasn't designed for it, occasional settlement between parties etc. Assuming it even works at all.

This type of blowup is so common in open source software that its a bit eye roll inducing. Basically as a project becomes more popular it attracts better talent who eventually start stripping out the early contributors crappy but working code and shooting down their ideas. They feel unappreciated and claim 'This isn't the ____ that I used to love!!' and then vanish.

Good for him though if they offered him a ton of money for some banking system shit. You can't expect people to just wait around 10+ years hoping bitcoin takes off and they never have to work again. I just hope his project fails miserably 

[Winner]

Woops

http://www.wired.com/2015/11/coinbase-unveils-countrys-first-bitcoin-debit-card/

bitcoin debit card



hehehe



Edit: You buy LTC on Huobi?

chart looks cute

[gentlemand]

Woops

http://www.wired.com/2015/11/coinbase-unveils-countrys-first-bitcoin-debit-card/

bitcoin debit card

The article bangs on about it breeding Bitcoin acceptance. I think I must've missed why. You still have to buy it to spend it. Why not, er, cut out Coinbase and just spend your dollars?

[ChartBuddy]

Coin



Explanation

[Fatman3001]

Woops

http://www.wired.com/2015/11/coinbase-unveils-countrys-first-bitcoin-debit-card/

bitcoin debit card

The article bangs on about it breeding Bitcoin acceptance. I think I must've missed why. You still have to buy it to spend it. Why not, er, cut out Coinbase and just spend your dollars?

Both ANX and Bitstamp offers debit cards. All it's done is piss off regulators.

[makeacake]

... I just hope his project fails miserably 

... Nor hell a fury like a woman scorned

[Cconvert2G36]

Woops

http://www.wired.com/2015/11/coinbase-unveils-countrys-first-bitcoin-debit-card/

bitcoin debit card

The article bangs on about it breeding Bitcoin acceptance. I think I must've missed why. You still have to buy it to spend it. Why not, er, cut out Coinbase and just spend your dollars?

Annoyingly, each purchase you make is also a taxable event in the US. One of the biggest impediments to wider adoption imo. Capital gains from trading are messy enough, adding 300 lunch transactions to the mix makes it even worse, especially when the merchant is still just getting USD via the visa network.

If you do ALL of your buying/selling/spending via coinbase they'll produce statements for you... but that's not for everyone.   

[hdbuck]

Bitcoin debit cards? Genius.

[makeacake]

Bitcoin debit cards? Genius.

Now if Bitcoin just dropped that ridiculous 21 million coin limit, and mannaged not to lose most of its value over a couple of years, it'd be as good as real money



Oh wait, no... No it wouldn't. Nevermind.

P.S. I hear the 21 Inc. Bitcoin computer is now available for direct purchase. Not seeing much about it in the news for some reason, anyone buy one?

[Dotto]

But Lightning bears no resemblance to the Bitcoin I signed up to work on 5 years ago. It's an entirely different design which looks very much like the existing model of banking - nodes that hold people's money (i.e. may end up regulated), route it between them, no support for smart contracts, byzantine complexity due to being built on a 'legacy' layer that wasn't designed for it, occasional settlement between parties etc. Assuming it even works at all.

This type of blowup is so common in open source software that its a bit eye roll inducing. Basically as a project becomes more popular it attracts better talent who eventually start stripping out the early contributors crappy but working code and shooting down their ideas. They feel unappreciated and claim 'This isn't the ____ that I used to love!!' and then vanish.

Good for him though if they offered him a ton of money for some banking system shit. You can't expect people to just wait around 10+ years hoping bitcoin takes off and they never have to work again. I just hope his project fails miserably 

Great newbie detected.

[nioc]

24 hrs?

https://www.youtube.com/watch?v=YJ7MH7oecK0

[Elwar]

Woops

http://www.wired.com/2015/11/coinbase-unveils-countrys-first-bitcoin-debit-card/

bitcoin debit card

The article bangs on about it breeding Bitcoin acceptance. I think I must've missed why. You still have to buy it to spend it. Why not, er, cut out Coinbase and just spend your dollars?

Both ANX and Bitstamp offers debit cards. All it's done is piss off regulators.

I have the ANX card. Kinda sucks because you can just pre-load it and it costs 5%. And pre-loading takes a few days.

[JayJuanGee]

...
There is a different dynamic for down versus up, and part of the reason for the different dynamics likely has to do with differing levels of ease to move BTC in comparison to moving fiat (and who may have access to mechanisms to move fiat quickly - surely, these days almost anyone has access to mechanisms to move BTC really quickly), which considerably changes the dynamics for each of two binary possible price directions.

The entities moving the market are not the entities who have problems with moving BTC/fiat onto exchanges quickly. There's little evidence that much money is actually moving in & out of exchanges. The fiat you sell (for BTC) is the fiat you buy (with BTC). It's simply a question of timing.

Well you may not have to really move very much fiat if you buy BTC in one location and sell BTC on an exchange (mostly thinking about Stamp).  And, really how do you know about money moving off and onto various exchanges, is there some public way of verifying such beyond attempting to infer such info from the order books and/or trade volume?

No, there isn't. At best, the only thing to be inferred from volume is the sum spent on making the volume look like it does. Not even that, in reality.
There's one thing that hodlers say that I agree with: you will lose money if you trade (unless you're a 'market maker'). The reason legacy real trading is regulated is to prevent exactly what's going on on BTC exchanges now.
Financial fraud develops & advances, just like any other field. Regulators manage to plug one loophole, manipulators figure out another, and the game goes on.

Now imagine this wealth of experience, this boatload of scams that got invented and burnt down IRL over *centuries*, and, suddenly ...unregulated market!!1! Everything old is new again, you don't even have to figure out new ways to do shit -- just recycle. Hard to get this across, but another way to look at it is imagine some bacterial strain that becomes more and more antibiotic-resistant as new antibiotics are introduced, and then... stop taking antibiotics.
Good luck.

What the fuck are you talking about?

You are the one who made the claim suggesting that there was NO real evidence of money moving in and out of exchanges, and I asked you, more or less, how you would know... then you agree that you do not know and subsequently babble on in some side and distracting irrelevant tangent.

Not sure what you mean. I said there's no evidence, and you expect me to ...offer you evidence? Of what, pray tell? Of there being no evidence? How would one go about doing that?

Yeah.    your response seems a great attempt at obfuscating matters.   



In your first post: you imply that there's some kind of evidence that low amounts of money is going in and out of exchanges.

Then I ask you to provide some evidence for how you know what money is going in and out of the exchanges.

Then you agree that there is NO evidence, and you go on about some stupid-ass tangential thoughts regarding why, allegedly, trading bitcoin is not a good thing.

Then I ask you about what the fuck you are going on a tangent about... suggesting that you just stick to the topic.

Then you respond and go on and on about a point about there being NO evidence of money going in and out of exchanges, attempting to falsely imply that such lack of evidence was your idea all along.

Then I write this post summarizing your bullshit/baloney posts.


In other words (tldr), either you are a slimy fucking disingenuous idiot, or you are doing a good job at imitating one.

[ChartBuddy]

Coin



Explanation