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

[podyx]

This drop is brought to you by the good folks at Bitcoin Classic.  

Hopefully ya'll enjoy being hard forked into double digits prices  

What is Bitcoin Classic?

https://bitcoinclassic.com/

So basically the fork we've been waiting on? Why is that a bad thing?

[ImI]

This drop is brought to you by the good folks at Bitcoin Classic.  

Hopefully ya'll enjoy being hard forked into double digits prices  

What is Bitcoin Classic?

https://bitcoinclassic.com/

So basically the fork we've been waiting on? Why is that a bad thing?

Because forks, especially controversial ones, can mean trouble.

[AlexGR]

"This project began as the work of Marshall Long, Olivier Janssens, Ahmed Bodiwala, Jonathan Toomim, Michael Toomim, and Gavin Andresen, but we hope it includes you too, soon."

[BlindMayorBitcorn]

This drop is brought to you by the good folks at Bitcoin Classic.  

Hopefully ya'll enjoy being hard forked into double digits prices  

What is Bitcoin Classic?

https://bitcoinclassic.com/

So basically the fork we've been waiting on? Why is that a bad thing?

IDK. Blockstream hasn't told me what to think yet.

https://www.reddit.com/r/btc/comments/40nufb/eppur_se_muove_its_not_even_about_the_specifics/

[Gyrsur]

it's the chicken game of Bitcoin.

[Cconvert2G36]

This drop is brought to you by the good folks at Bitcoin Classic.  

Hopefully ya'll enjoy being hard forked into double digits prices  

What is Bitcoin Classic?

https://bitcoinclassic.com/

So basically the fork we've been waiting on? Why is that a bad thing?

Because forks, especially controversial ones, can mean trouble.

75% of the last 1000 mined blocks to activate means the remaining 25% will switch sides very fast or be left trying to mine worthless coins at an extreme difficulty. This is how Bitcoin was designed to resolve disputes.

If it never hits 75%, nothing happens. Now you know.  

(Agree that Marshall Long is a bit of a douche... but Antminer, BW, OKcoin, BTCC? etc etc are pretty serious endorsements)

[AlexGR]

(Agree that Marshall Long is a bit of a douche... but Antminer, BW, OKcoin, BTCC? etc etc are pretty serious endorsements)

And what exactly are they endorsing? Changing a constant to 2MB?

The only people who can seriously do development and maintenance work are core devs. Not bitpay, or coinbase, or the miners. Anyone can set the constant to whatever value and say "this is bitcoin xt, unlimited, classic" etc.

[ImI]

This drop is brought to you by the good folks at Bitcoin Classic.  

Hopefully ya'll enjoy being hard forked into double digits prices  

What is Bitcoin Classic?

https://bitcoinclassic.com/

So basically the fork we've been waiting on? Why is that a bad thing?

Because forks, especially controversial ones, can mean trouble.

75% of the last 1000 mined blocks to activate means the remaining 25% will switch sides very fast or be left trying to mine worthless coins at an extreme difficulty. This is how Bitcoin was designed to resolve disputes.

If it never hits 75%, nothing happens. Now you know.  

(Agree that Marshall Long is a bit of a douche... but Antminer, BW, OKcoin, BTCC? etc etc are pretty serious endorsements)

agree. will be very interesting to see how many blocks they get.

is there any good website to follow those blocks?

[Gyrsur]

it's the chicken game of Bitcoin.

good good, still cheap prices in 2016 to buy more!

[bri912678]

This drop is brought to you by the good folks at Bitcoin Classic.  

Hopefully ya'll enjoy being hard forked into double digits prices  

What is Bitcoin Classic?

https://bitcoinclassic.com/

So basically the fork we've been waiting on? Why is that a bad thing?

Because forks, especially controversial ones, can mean trouble.

75% of the last 1000 mined blocks to activate means the remaining 25% will switch sides very fast or be left trying to mine worthless coins at an extreme difficulty. This is how Bitcoin was designed to resolve disputes.

If it never hits 75%, nothing happens. Now you know.  

(Agree that Marshall Long is a bit of a douche... but Antminer, BW, OKcoin, BTCC? etc etc are pretty serious endorsements)

agree. will be very interesting to see how many blocks they get.

is there any good website to follow those blocks?

This one, chartbuddy will most likely get updated to show those blocks if Bitcoin Classic starts getting anywhere. Chartbuddy already shows how full the blocks are, and showing the percentage of Bitcoin Classic blocks isn't much different.

[Cconvert2G36]

(Agree that Marshall Long is a bit of a douche... but Antminer, BW, OKcoin, BTCC? etc etc are pretty serious endorsements)

And what exactly are they endorsing? Changing a constant to 2MB?

The only people who can seriously do development and maintenance work are core devs. Not bitpay, or coinbase, or the miners. Anyone can set the constant to whatever value and say "this is bitcoin xt, unlimited, classic" etc.

You really think that all people capable of developing Bitcoin are on Blockstream's payroll? That doesn't sound very promising for our decentralized, trustless network.

The Core devs had a chance and a clear endorsement by miners to start planning a hardfork after Hong Kong. They ignored it and offered to shoehorn in segwit with a soft fork to gain 0.6MB, with NO hardfork in the cards at all for the foreseeable future, and with the added side "benefit" of knocking possibly a majority of current nodes to SPV+ mode. Some miners didn't like that, this is how they demonstrate their disapproval.

If Core devs can't stand being second guessed by the free market... this is the way the free market could gently show them the door. If it never hits 75%, they have nothing to worry about and were right all along. It would be a clear vote of confidence in their chosen direction, a win-win. 

[MinermanNC]

Idk I don't see the fork as really a big deal... just got to upgrade software like everything else.  

I have had many alt forks with no issues or consequences. Just another day in crypto land

I think its all political almost and just gives everyone something to talk about lol

[HydroThunder]

That slight drop was scary to see after just putting in a buy order. I considered making one of those "I just bought, dump incoming" threads but it seems I wasn't far off.

[BellaBitBit]

China is trading and where are they going with this?  It seems to have stabilized in the 420s which is good.  

[ChartBuddy]

Coin



Explanation

[shmadz]

What's this? Recovering already?

Dead cat bounce?

"As low as possible for as long as possible."

And so I come to the wall observer to seek the wisdom of said observers to find only that they have been foolishly arguing about frivolous diversions from the current state of bitcoin, as if it were so easy...

Price up or Price down? And Why? .. Ok, I'll go first.

Disclaimer: I'm not putting any of my own money into this speculation. My position is set, I am not anticipating changing my position in the near future ( a few months at least)

I say, Price is going up.

Short, mid, and long term. ☝ UP! (Or zero, there is always zero)

I can see a scenario where the price will dip. This is, after all, an asset class that has a true worst outcome of zero. Like holding onto a rotting crop. There exists the chance this will all be worth nothing and it can happen so quickly that you may not be able to cash out in time.


All commodities are having trouble finding a value right now, or the market is trying to come to terms with the fraudulent nature of the entire system and it's relation to assigning some measure of value that makes sense.

Ok, that's it, sorry it got so long, if I get too wasted to stay up and read your prediction, (or if I don't anger your pm for a week) please have mercy on this old soul and don't hold it against me.

[Fatman3001]

Idk I don't see the fork as really a big deal... just got to upgrade software like everything else.  

I have had many alt forks with no issues or consequences. Just another day in crypto land

I think its all political almost and just gives everyone something to talk about lol

https://bitcoinmagazine.com/articles/bitcoin-network-shaken-by-blockchain-fork-1363144448

We've even fallen ass first into a fork and we're still here.


Edit: @shmadz

[AlexGR]

You really think that all people capable of developing Bitcoin are on Blockstream's payroll? That doesn't sound very promising for our decentralized, trustless network.

Well, I don't see many others doing scaling work. Tampering the constant isn't improving the scaling fundamentals. This is a power grab by questionable people.

The Core devs had a chance and a clear endorsement by miners to start planning a hardfork after Hong Kong. They ignored it and offered to shoehorn in segwit with a soft fork to gain 0.6MB, with NO hardfork in the cards at all for the foreseeable future, and with the added side "benefit" of knocking possibly a majority of current nodes to SPV+ mode. Some miners didn't like that, this is how they demonstrate their disapproval.

If Core devs can't stand being second guessed by the free market... this is the way the free market could gently show them the door. If it never hits 75%, they have nothing to worry about and were right all along. It would be a clear vote of confidence in their chosen direction, a win-win. 

Bitcoin mining is more like a cartel rather than a free market. When 4-5 people have supermajority, it's an issue.

[Cconvert2G36]

Bitcoin mining is more like a cartel rather than a free market. When 4-5 people have supermajority, it's an issue.

A little different when these 4-5 people are backed by thousands who contribute hashes to them, and will move their hashes if they vehemently disagree with their decisions.

In development, we have even fewer people with permanent veto power to block any change involving a hardfork, because consensus. Oh, and these people happen to have formed a company, and have been given $21 mil to build a profit seeking business that can provide the medicine for a disease that they incubated... an issue indeed.

[Cconvert2G36]

Our gracious politburo has deemed this information unfit for your consumption.

https://archive.is/UsUH3

Summarily deleted.