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

[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.

[pinger]

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

This is a reason to go to 1200, we have a problem and it was not the end of the world, congratulations all

[MinermanNC]

Yep, I'm just ready to get on with the show. I think once done it will be good for bitcoin. End this madness lol

[chopstick]

From the RAND corporation virtual currency report:

"The report suggests that the U.S. Department of Defense should disrupt decentralized digital currencies to prevent “unprecedented global access to information and communication services that, at its core, is agnostic to the national security interests of the United States.”

Therefore, the RAND report suggests pre-emptive strikes and notes that “perhaps the best strategy for the United States and its allies to thwart a VC deployment would be to target those properties of a VC that would most increase its acceptance, most notably transaction anonymity, security, and availability.”

Link:

https://www.reddit.com/r/Bitcoin/comments/40lwsq/the_rand_corporation_report_national_security/

[abercrombie]

is crypto done?? 

[AlexGR]

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.

Too much blame for my preferences... It's not like altcoins have solved scaling or the attack vectors related to spamming (except by raising fees - which is the way for BTC too).

In the end of the day there is an equilibrium between the available transaction space, the fees paid, the abuse the network gets and the willingness of miners to mine transactions. And this equilibrium will not get any better (in favor of scaling) if either

a) the software itself doesn't gets better in terms of using storage, processing and network resources
b) the resources themselves aren't upgraded to cope, as technology improves

[ChartBuddy]

Coin



Explanation