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

[Mervyn_Pumpkinhead]

Hash rate is skyrocking Intel started to mine bitcoins or what?  

Intellectual individuals.

Hardly.  The intellectual miners, chip manufacturers aside, started in 2009 and stopped somewhere in late 2014/early 2015 if not earlier.    

Bitcoin mining has been a game for idiots since coming of ASICs.
The initial idea of PoW mining was to distribute control over the network, so that everyone could get their part with hardware that they already own. Things started to go downhill with GPU mining, but coming of ASICs turned this thing into a total mess. Control isn't shared anymore, but control is chased by a bunch greedy idiots, who waste resources to build machinery, that are solving problems that don't have to exist anyway.

And the solution is Piece Of Shit mining? That only works for shitcoins.

I've always observed trolls with curiosity.

[Fatman3001]

Hash rate is skyrocking Intel started to mine bitcoins or what?  

Intellectual individuals.

Hardly.  The intellectual miners, chip manufacturers aside, started in 2009 and stopped somewhere in late 2014/early 2015 if not earlier.    

Bitcoin mining has been a game for idiots since coming of ASICs.
The initial idea of PoW mining was to distribute control over the network, so that everyone could get their part with hardware that they already own. Things started to go downhill with GPU mining, but coming of ASICs turned this thing into a total mess. Control isn't shared anymore, but control is chased by a bunch greedy idiots, who waste resources to build machinery, that are solving problems that don't have to exist anyway.

And the solution is Piece Of Shit mining? That only works for shitcoins.

I've always observed trolls with curiosity.

I thought I'd just stop some shitcoin shilling in its tracks.

Edit: BTW, The Irony!

[chesthing]

Alts are deader than a doornail, all eyes are on Bitcoin. Hopefully next year they take off again, sure miss the pumps.

[ChartBuddy]

Coin



Explanation

[soullyG]

The nsa is testing just one prototype asic, that they're going to build millions more of </fud>

Good to have you back TERA 

[conspirosphere.tk]

noone knows what "high" is, relatively speaking, since the potential pool of buying funds is overwhelmingly massive and the supply of coins is limited and fickle sellers could dry up supply in an instant .... c'est la bitcoin, place your bets, don't whine if you get stopped out, left out or scammed, dyodd.

[rocks]

Hash rate is skyrocking Intel started to mine bitcoins or what?  

Intellectual individuals.

Hardly.  The intellectual miners, chip manufacturers aside, started in 2009 and stopped somewhere in late 2014/early 2015 if not earlier.    

Bitcoin mining has been a game for idiots since coming of ASICs.
The initial idea of PoW mining was to distribute control over the network, so that everyone could get their part with hardware that they already own. Things started to go downhill with GPU mining, but coming of ASICs turned this thing into a total mess. Control isn't shared anymore, but control is chased by a bunch of greedy idiots, who waste resources to build machinery, that are solving problems that don't have to exist anyway.

Even without asics mining was always going to concentrate in the lowest cost electricity regions. There are places that pay <$0.02 for electricity. Even with CPU only mining, people in higher cost regions would become unprofitable and shutdown, and people in low cost regions would buy CPUs and deploy on a large scale.

ASICs had nothing to do with this trend

[inca]

Hash rate is skyrocking Intel started to mine bitcoins or what?  

Intellectual individuals.

Hardly.  The intellectual miners, chip manufacturers aside, started in 2009 and stopped somewhere in late 2014/early 2015 if not earlier.    

Bitcoin mining has been a game for idiots since coming of ASICs.
The initial idea of PoW mining was to distribute control over the network, so that everyone could get their part with hardware that they already own. Things started to go downhill with GPU mining, but coming of ASICs turned this thing into a total mess. Control isn't shared anymore, but control is chased by a bunch greedy idiots, who waste resources to build machinery, that are solving problems that don't have to exist anyway.

And the solution is Piece Of Shit mining? That only works for shitcoins.

I've always observed trolls with curiosity.

Do you do anything but bitterly whine?

[peonminer]

[conspirosphere.tk]

This is supposed to be a peer to peer network for the people, not <1 million elitists, criminals and middlemen.

elitists, criminals, etc. rule the world. For everyone else, there is VISA.

[Mervyn_Pumpkinhead]

Even without asics mining was always going to concentrate in the lowest cost electricity regions. There are places that pay <$0.02 for electricity. Even with CPU only mining, people in higher cost regions would become unprofitable and shutdown, and people in low cost regions would buy CPUs and deploy on a large scale.

ASICs had nothing to do with this trend

CPU mining had the potential to remain distributed because of hardware availability of the majority. CPU mining would of had a lot more stable expansion because the hardware could have been used for other tasks. ASICs made things needlessly wasteful and attracted dumb money and dumb people.

[jbreher]

And downloading terabytes of blockchain bloat will?

Bitcoin is a protocol and while it is true that scaling issues exist, they are being worked on to find solutions. But nobody says we all have to use just one blockchain for storing everything, and doing so with zero cost.

Having a second blockchain does absolutely nothing to reduce bloat. In order to use a federated blockchain in a trustless manner requires the user to download the entire bitcoin blockchain plus the entire federated blockchain. This can be no smaller than the bitcoin blockchain would be if all transactions were done in bitcoin. What's the point?

If one wants to accept a different trust model, one can avoid downloading these blockchains by using SPV clients. Or one could just put all transactions on the bitcoin blockchain, and use an SPV client. Again, what's the point?

Or, we could go to SegWit, which will buy us a one-time 1.8x bump in capacity -- with the tradeoff that it becomes free for an attacker to have false transactions relayed throughout the network, crowding out real transactions in a false transaction storm. But one still needs to download the entire signature tree in order to continue to use bitcoin in a trustless manner. Which can be no smaller than the current blockchain design. Again, what's the point?

[hdbuck]

so, sheeps are 99% long, okcoin bots are down, inb4 the margin call begins.

[noobtrader]

so, sheeps are 99% long, okcoin bots are down, inb4 the margin call begins.

i thought that was the funding... ie usd available to go long... === not many ppl go long yet

[ChartBuddy]

Coin



Explanation

[peonminer]

so, sheeps are 99% long, okcoin bots are down, inb4 the margin call begins.

[hdbuck]

so, sheeps are 99% long, okcoin bots are down, inb4 the margin call begins.

i thought that was the funding... ie usd available to go long... === not many ppl go long yet

is it usd 'available' or 'borrowed'?


quite so, it is margin funding ie. usd borrowed. (to long bitcoin)

[peonminer]

  Any time between now and 6:30PM CST (8:30 AM Friday, Hong Kong Time HKT) we will have our bull parade.

[AlexGR]

And downloading terabytes of blockchain bloat will?

Bitcoin is a protocol and while it is true that scaling issues exist, they are being worked on to find solutions. But nobody says we all have to use just one blockchain for storing everything, and doing so with zero cost.

Having a second blockchain does absolutely nothing to reduce bloat. In order to use a federated blockchain in a trustless manner requires the user to download the entire bitcoin blockchain plus the entire federated blockchain. This can be no smaller than the bitcoin blockchain would be if all transactions were done in bitcoin. What's the point?

Multiple blockchains do not reduce bloat on aggregate, they multiply it. However, you only download the blockchains you want. You are not forced to use 1000 blockchains if there are 1000 altcoins. You only download and use those that you like.

[Tzupy]

so, sheeps are 99% long, okcoin bots are down, inb4 the margin call begins.

i thought that was the funding... ie usd available to go long... === not many ppl go long yet

That pic is just 1h sentiment, to get a more comprehensive image go here:
https://bfxdata.com/sentiment/longshort