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

[peonminer]

[BlindMayorBitcorn]

ok ... the overnight model runs are in and the news looks good.

456 was expected to be an important number and looks to have confirmed. 500 is a pressure point but not an important number as such, 600 equally weighted.

620 is an important number ... strangely there doesn't seem to be much else between ATH 1250 ish (pressure point) and then important number 1666!

You mean much else besides a 1 MB brick wall?  You seriously think we could get that high without jamming up the network? I'm a firefighter. You can't put out a conflagration with a garden hose, no matter how much water you have in the tank. Capacity matters.

Do you honestly believe people right now are buying coins to use them for transactions? Are you that dense?

Have you ever heard of drugs?

[peonminer]

ok ... the overnight model runs are in and the news looks good.

456 was expected to be an important number and looks to have confirmed. 500 is a pressure point but not an important number as such, 600 equally weighted.

620 is an important number ... strangely there doesn't seem to be much else between ATH 1250 ish (pressure point) and then important number 1666!

You mean much else besides a 1 MB brick wall?  You seriously think we could get that high without jamming up the network? I'm a firefighter. You can't put out a conflagration with a garden hose, no matter how much water you have in the tank. Capacity matters.

Do you honestly believe people right now are buying coins to use them for transactions? Are you that dense?

Have you ever heard of drugs?

or Purse.io?

[ssmc2]

ok ... the overnight model runs are in and the news looks good.

456 was expected to be an important number and looks to have confirmed. 500 is a pressure point but not an important number as such, 600 equally weighted.

620 is an important number ... strangely there doesn't seem to be much else between ATH 1250 ish (pressure point) and then important number 1666!

You mean much else besides a 1 MB brick wall?  You seriously think we could get that high without jamming up the network? I'm a firefighter. You can't put out a conflagration with a garden hose, no matter how much water you have in the tank. Capacity matters.

Do you honestly believe people right now are buying coins to use them for transactions? Are you that dense?

Have you ever heard of drugs?

lol

[marcus_of_augustus]

I'm a firefighter. You can't put out a conflagration with a garden hose, no matter how much water you have in the tank. Capacity matters.

As a firefighter, do you also have cantankerous, intransigent, opinionated positions on technical details of the electricity network grid, the railway network, the telecomms infrastructure or interstate traffic systems?

[peonminer]

[billyjoeallen]

I'm a firefighter. You can't put out a conflagration with a garden hose, no matter how much water you have in the tank. Capacity matters.

As a firefighter, do you also have cantankerous, intransigent opinionated positions on technical details of the electricity network grid, the railway network, the telecomms infrastructure or interstate traffic systems?

Yes. In every case you mentioned, capacity matters. If the core devs can't increase capacity, then we have a 6.7 billion dollar network that can only handle half a million active users, no matter how high fees they pay.

I also don't power whole cities with an extension chord or run bullet trains on narrow gauge tracks.

[billyjoeallen]

I am just a firefighter, but before that I was a nuclear power plant operator in the Navy, so you may not want to dismiss my technical opinions so easily.  Blue collar guys can know a thing or two about complex systems.

You're basically saying the core devs either can't get the network to scale or they won't. Which case is supposed to make me bullish?

[Cconvert2G36]

I'm a firefighter. You can't put out a conflagration with a garden hose, no matter how much water you have in the tank. Capacity matters.

As a firefighter, do you also have cantankerous, intransigent opinionated positions on technical details of the electricity network grid, the railway network, the telecomms infrastructure or interstate traffic systems?

Yes. In every case you mentioned, capacity matters. If the core devs can't increase capacity, then we have a 6.7 billion dollar network that can only handle half a million active users, no matter how high fees they pay.

I also don't power whole cities with an extension chord or run bullet trains on narrow gauge tracks.

BJA, give them a day to mourn.

All that milking of lolcows has turned out to be rather stressful work.

[ChartBuddy]

Coin



Explanation

[BlindMayorBitcorn]

stable like a rock.



  plunge at any time ... it's friday  

[rocks]

Nobody but me is shorting. Just look at BFX.com.  Only 691 shorts opened up in the last 24 hrs. All the short-sellers (except me) got wiped out in the November spike. No, two million bucks worth of margin longs deleveraged to bulls. That's all. That means they only have another 24 million to deleverage before they can pull their damn coins out of BFX before it goes GOX.  

This is the simple reason why shorting BTC was just plain dumb.

There is a limited number of BTC available to borrow to short Bitcoin.

On the other hand there is an infinite number of dollars available to borrow to leverage long into Bitcoin. You guys are complaining about $24 million leveraged longs on bfx, well the banks have over $100 trillion in leveraged dollar longs. The supply of dollars to borrow is infinite.

Just wait until the Gemini exchange in wall street gets going. It's going to make bfx look like a doll house. And Gemini will have access to all the dollars in the world to lend to people, but they will have very few BTC to lend as well. You do the math.

[Hyperjacked]

Daily reminder:

>Trading your bitcoin for short-term profits will burn you in the long run
>You're not "lucky", you can't time the market, stop trying.
>TA (Technical Analysis) is always bullshit, you can safely disregard any retard who posts a picture of a graph anywhere.
>Gambling in any form is for braindead retards
>Bitcoin will increase, and increase by a lot, in the long run.
>The mere fact that this forum allows paid signature campaigns and third world trash to post utter nonsense in broken english for their signature campaign just goes to show this forum is reddit-tier (shit)

OP, you may now close this thread.  Everything important has been said in this post.

shitty ass autistic green text, but your 100% correct

>You're 100% right Mr. Solitude but you're autistic

Really...? Austism is not something to joke about!

[billyjoeallen]

UPDATE: SwampNode is up and running BitcoinXT on dedicated hardware. If you have a better solution, I'd like to hear it, but it had better be soon. We're getting full blocks daily now. Before long it will be hourly and then every damn one.  You can imagine what happens to bitcoin price when the only offramp from the exchanges is fiat. Only it won't just be one exchange. It will be all of them.

[Donald Pump]

thee next level isa coooomin, me gona buy all thee btc, muahahaha

[peonminer]

FUDing for the LuLz™

[billyjoeallen]

This is the simple reason why shorting BTC was just plain dumb.

There is a limited number of BTC available to borrow to short Bitcoin.

On the other hand there is an infinite number of dollars available to borrow to leverage long into Bitcoin. You guys are complaining about $24 million leveraged longs on bfx, well the banks have over $100 trillion in leveraged dollar longs. The supply of dollars to borrow is infinite.

Just wait until the Gemini exchange in wall street gets going. It's going to make bfx look like a doll house. And Gemini will have access to all the dollars in the world to lend to people, but they will have very few BTC to lend as well. You do the math.

Yeah, because regulated exchanges are not going to report your earning to the IRS. They won't honor court orders to seize your account. The Winklevi are good or bad at implementing their ideas? Maybe ask Mark Zuckerberg about that. I'm sure he's just love to give his old pals a bunch of money and there is no way he would take advantage of any vulnerabilities in Bitcoin just to eat their lunch again. No way he could ever implement a better version of their idea. I mean, he's never done that before, right?

Come to think of it, he's prime suspect number one behind the rough consensus attack, but even if it's not Zuck, it could be someone or a group thinking like that.

EDIT: speaking of the creators of Facebook, have you logged into your MySpace account lately? I mean, first mover advantage gives you a permanent lock on market share, right?

EDIT: You know there is also an infinite amount of money to short bitcoin with leverage also. Judging by the near zero interest rate on borrowing coins, there are plenty available for exactly that purpose.

[BlindMayorBitcorn]

UPDATE: SwampNode is up and running BitcoinXT on dedicated hardware. If you have a better solution, I'd like to hear it, but it had better be soon. We're getting full blocks daily now. Before long it will be hourly and then every damn one.  You can imagine what happens to bitcoin price when the only offramp from the exchanges is fiat. Only it won't just be one exchange. It will be all of them.

You seem alarmed. 3 of 5 core devs are (I believe) in principle opposed to bigger blocks, and are by conflict of interest disincentivised to buckle. Problem?

[peonminer]

Even if we hard fork with a 75% general concensus for a bigger transaction capacity, why would this cause anyone to sell out their stash? The derp is strong in this forum.

[orpington]