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

[crossabdd]

 

[billyjoeallen]

@BJA Tim Swanson wrote a paper about how adding exogenous value onto a network that cannot detect and dynamically protect the exogenous value is a bad idea. It was hard to disagree.

The metacoins and colored coin projects listed above unquestionably increase the social value
of the chain, yet they do not proportionally incentivize security beyond the existing block
reward (seigniorage) subsidy.  This could lead to an economic incentive to attack the chain, a
type of fat tail risk that could dramatically impact any layer residing on top of the Bitcoin
network.

The network is ridiculously oversecure for it's current market cap.  How many goddamn exaflops or whatever?

You might be able to snow the noobs with technobabble but I've been around too long. I'm not buying.

Security is the most important feature. Without a block subsidy today the Bitcoin network would be extremely insecure. The subsidy is going to go away. I want Bitcoin to work long term. It doesnt seem that those that want to increase the block size want that....

You don't overinsure a house for fire damage. It's called "moral hazard" and it makes the house statistically MORE likely to burn.  You don't put a $1000 case ona $100 phone. It means someone will be MORE likely to steal it. If you put too much armor on an armored truck, you limit it's cargo capacity to the point that you have to make two trips INCREASING the chance of losing the cargo. There IS such a thing as too much security.

[Fatman3001]

Monkey vision:  Drop towards 390 support intraday, rising trend to continue thereafter on a daily basis, and over the weekend.

You know this is wrong

Monkey now sees at least one week downtrend, 362 support.

The wrong bit was you keeping that monkey in a cage forcing it to watch Bitccoin charts.

[BlindMayorBitcorn]

Monkey vision:  Drop towards 390 support intraday, rising trend to continue thereafter on a daily basis, and over the weekend.

You know this is wrong

Monkey now sees at least one week downtrend, 362 support.

The wrong bit was you keeping that monkey in a cage forcing it to watch Bitccoin charts.

And giving it Rage Virus was probably against an international convention or two.

[Meuh6879]

they have tried ... they have fail.

[nioc]

Monkey vision:  Drop towards 390 support intraday, rising trend to continue thereafter on a daily basis, and over the weekend.

You know this is wrong

Monkey now sees at least one week downtrend, 362 support.

That makes me feel better about my buy @ 427

Best wishes to you and Monkey

[jbreher]

@BJA Tim Swanson wrote a paper about how adding exogenous value onto a network that cannot detect and dynamically protect the exogenous value is a bad idea. It was hard to disagree.

The metacoins and colored coin projects listed above unquestionably increase the social value
of the chain, yet they do not proportionally incentivize security beyond the existing block
reward (seigniorage) subsidy.  This could lead to an economic incentive to attack the chain, a
type of fat tail risk that could dramatically impact any layer residing on top of the Bitcoin
network.

I guess I would have thought that would have been self-evident for anybody that pondered the prospect with any seriousness.

[marcus_of_augustus]

...snip ... blah-de-blah bear rant ... snip

So Internet money, not the Internet of money.  This is a mutiny. Imagine what would happen if the Federal Reserve Board of Directors staged a mutiny like that against Janet Yellen. How would the markets react?

so still short then?

[TERA]

Release the Kraken!

[Hyperjacked]

Absolute madness they don't know whether to panic buy or panic sell LOL 

No need for panic selling, it spiked up really fast, makes sense it would drop back into the high 90s. 

...and it hasn't gone past the 2 month Vwap...only kissed it! zoom out...

I doubt it goes much lower but maybe someone smarter can chime in...

[ChartBuddy]

Coin



Explanation

[Meuh6879]

Release the Kraken!

[marcus_of_augustus]

So far in this discussion there's already a lot of housekeeping data required.  It will be much easier if you can freely use all the space you need without worrying about paying fees for expensive space in Bitcoin's chain.

- SN

Space on the Bitcoin blockchain IS intended to be expensive. Anything else is an intention to undermine the security model.

[BlindMayorBitcorn]

@BJA Tim Swanson wrote a paper about how adding exogenous value onto a network that cannot detect and dynamically protect the exogenous value is a bad idea. It was hard to disagree.

The metacoins and colored coin projects listed above unquestionably increase the social value
of the chain, yet they do not proportionally incentivize security beyond the existing block
reward (seigniorage) subsidy.  This could lead to an economic incentive to attack the chain, a
type of fat tail risk that could dramatically impact any layer residing on top of the Bitcoin
network.

I guess I would have thought that would have been self-evident for anybody that pondered the prospect with any seriousness.

So racist.

[billyjoeallen]

...snip ... blah-de-blah bear rant ... snip

So Internet money, not the Internet of money.  This is a mutiny. Imagine what would happen if the Federal Reserve Board of Directors staged a mutiny like that against Janet Yellen. How would the markets react?

so still short then?

I closed that bitch. Sitting in sweet cash, Baby! Lent it out to bulls earning vig.

[JayJuanGee]

You smallblock cripplecoiners don't get it. I can't lose. If the price goes down, it's a market rejection of your vision. If it goes up, I can sell. I don't have to buy another single bitcoin now. 

Whenever something sells on Bitquick, I can rebuy with my trading account cash on BFX. When that runs out, I'll start selling from cold storage. I can sell for a looooong time before I run out. I got your asses. 

Why not just hurry the fuck up and stop making excuses to troll us with your bullshit broken record. 

Sell your BTC and get the fuck out of here.  What good are you doing anyone whining and complaining with your feigned bitterness and ongoing assertions of self-righteousness.

It's getting a bit old.... but I suppose that is the point of the more subtle trolls to annoy about quasi-irrelevant topics.

[Hyperjacked]

Shorts might want to start covering...go slow ...Just a heads up!

Don't say I 'm not a nice kind hearted troll... Tonight I celebrate!!!

sometimes I throw a bone...and a cup of coffee to da homeless!

[billyjoeallen]

You smallblock cripplecoiners don't get it. I can't lose. If the price goes down, it's a market rejection of your vision. If it goes up, I can sell. I don't have to buy another single bitcoin now. 

Whenever something sells on Bitquick, I can rebuy with my trading account cash on BFX. When that runs out, I'll start selling from cold storage. I can sell for a looooong time before I run out. I got your asses. 

Why not just hurry the fuck up and stop making excuses to troll us with your bullshit broken record. 

Sell your BTC and get the fuck out of here.  What good are you doing anyone whining and complaining with your feigned bitterness and ongoing assertions of self-righteousness.

It's getting a bit old.... but I suppose that is the point of the more subtle trolls to annoy about quasi-irrelevant topics.

I earned the right to be here, Pal. Not everyone who tells you things you don't want to hear is your enemy.

[marcus_of_augustus]

You smallblock cripplecoiners don't get it. I can't lose. If the price goes down, it's a market rejection of your vision. If it goes up, I can sell. I don't have to buy another single bitcoin now. 

Whenever something sells on Bitquick, I can rebuy with my trading account cash on BFX. When that runs out, I'll start selling from cold storage. I can sell for a looooong time before I run out. I got your asses. 

Why not just hurry the fuck up and stop making excuses to troll us with your bullshit broken record. 

Sell your BTC and get the fuck out of here.  What good are you doing anyone whining and complaining with your feigned bitterness and ongoing assertions of self-righteousness.

It's getting a bit old.... but I suppose that is the point of the more subtle trolls to annoy about quasi-irrelevant topics.

I earned the right to be here, Pal. Not everyone who tells you things you don't want to hear is your enemy.

I'm not sure that the big-blocks-yesterday camp has any bullets left except to hang around as a vindictive, toxic remnant to a settled debate. In fact, if they are not going to go forward with the technical consensus then they probably should be seen as external actors actively looking to destablise and hinder bitcoin's progress.

When the herd is heading towards you either get out of the way or start running in their direction.

Get on board or get out of the way.

[billyjoeallen]

You smallblock cripplecoiners don't get it. I can't lose. If the price goes down, it's a market rejection of your vision. If it goes up, I can sell. I don't have to buy another single bitcoin now. 

Whenever something sells on Bitquick, I can rebuy with my trading account cash on BFX. When that runs out, I'll start selling from cold storage. I can sell for a looooong time before I run out. I got your asses. 

Why not just hurry the fuck up and stop making excuses to troll us with your bullshit broken record. 

Sell your BTC and get the fuck out of here.  What good are you doing anyone whining and complaining with your feigned bitterness and ongoing assertions of self-righteousness.

It's getting a bit old.... but I suppose that is the point of the more subtle trolls to annoy about quasi-irrelevant topics.

I earned the right to be here, Pal. Not everyone who tells you things you don't want to hear is your enemy.

I'm not sure that the big-blocks-yesterday camp has any bullets left except to hang around as a vindictive, toxic remnant to a settled debate. In fact, if they are not going to go forward with the technical consensus then they probably should be seen as external actors actively looking to destablise and hinder bitcoin's progress.

When the herd is heading towards you either get out of the way or start running in their direction.

Get on board or get out of the way.

I've been on board for four and a half years. I'm not bitter at all. Pump it all you want. More money for me, Holmes. But with that 2-4-8 plan, i don't see how you can stop Bitcoin being used for non-cash purposes.