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

[Meuh6879]

Burn, Baby. Burn.

-

[soullyG]

[ChartBuddy]

Coin



Explanation

[julian071]

I am quite sure the price has not finished going down a little bit. BTC deserves a good haircut for bad management and not acting quick enough. I can only hope (for the bagholders) that when the price does get cut bij 30% or more, some people get the wake up call.

My personal opinion is that this is not going to happen any time soon. The discussion on this particular forum should not be taken as an indicator for that, I know, but I do sense that there are just to many bagholders with wrong motives in this scene.

[fisheater22]

Coin



Explanation

[becoin]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

[Mrpumperitis]

im dumping some btc over the next few days...need to hedge a bit incase btc does go down.  Not dumping for fiat...gonna buy a small basket of Alts.(eth #1)

 

[hdbuck]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

I don't believe a second, compatible implementation of Bitcoin will ever be a good idea.  So much of the design depends on all nodes getting exactly identical results in lockstep that a second implementation would be a menace to the network.  The MIT license is compatible with all other licenses and commercial uses, so there is no need to rewrite it from a licensing standpoint.

Good idea or not, SOMEBODY will try to mess up the network (or co-opt it for their own use) sooner or later.  They'll either hack the existing code or write their own version, and will be a menace to the network.

I admire the flexibility of the scripts-in-a-transaction scheme, but my evil little mind immediately starts to think of ways I might abuse it.  I could encode all sorts of interesting information in the TxOut script, and if non-hacked clients validated-and-then-ignored those transactions it would be a useful covert broadcast communication channel.

That's a cool feature until it gets popular and somebody decides it would be fun to flood the payment network with millions of transactions to transfer the latest Lady Gaga video to all their friends...

https://bitcointalk.org/index.php?topic=195.msg1613#msg1613

[Fatman3001]

What are the odds of R3 giving Hearn a financial incentive for the announcement in addition to this happening at the same time as Cryptsy closes its doors? I'll let you think about that one.

I agree, I always think people who disagree with me must be a minion of the devil. How else would they come to that conclusion?

Edit: Ok, not the best point. A lot of the people who disagree with me ARE minions of The Accuser.

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

[Andre#]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

Instead of shooting the messengers, we could also fix the problem. Adopting Bitcoin Classic would be a good, first step.

[wachtwoord]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

Instead of shooting the messengers, we could also fix the problem. Adopting Bitcoin Classic would be a good, first step.

Not the messengers, the traitors. Increasing the block size is as bad as increasing the 21M Bitcoin limit.

[iCEBREAKER]

I am quite sure the price has not finished going down a little bit. BTC deserves a good haircut for bad management and not acting quick enough. I can only hope (for the bagholders) that when the price does get cut bij 30% or more, some people get the wake up call.

My personal opinion is that this is not going to happen any time soon. The discussion on this particular forum should not be taken as an indicator for that, I know, but I do sense that there are just to many bagholders with wrong motives in this scene.

Turn on your TV.  The markets are melting down.  Again.

Oil down to $29.50, a 12 year low.

Blockstream's fault.  Obviously.

Dow down 400.

Why, thermos, why?  

[tomothy]

Brian Armstrong ‏@brian_armstrong  11h11 hours ago
Theory: Mike Hearn has not left bitcoin, he is just trying to help the industry move off core, which we should have done a long time ago.


^
|
-  
 
So here's what I think is happening. I think R3, likes bitcoin and is secretly developing applications that could be used on bitcoin/litecoin and other 'blockchains.' I don't think they like china's mining capacity and they see it as a threat to this sweet deals that they could otherwise conduct using bitcoin. I think it's likely that some of their applications require an increase, 2mb would work, but they want to make sure things will ALWAYS work hence the exponential scaling suggestions. If blocks got huge, it could also mitigate the impact of China's mining capacity.

So, increase blocks = weaken china = have cake and eat it too. I'm surprised there hasn't been more of a market drop; 13000 btc AND 300000k, LTC, that's like ~$6mil or somethign right?  

I think it's all a game to implement classic, prepping the ignition for launch                 

[tomothy]

How is increasing to 2mb as bad as increasing supply past 21m?

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

Instead of shooting the messengers, we could also fix the problem. Adopting Bitcoin Classic would be a good, first step.

Not the messengers, the traitors. Increasing the block size is as bad as increasing the 21M Bitcoin limit.

So the price should be going up then because Hearn left?

[AlexGR]

Burn, Baby. Burn.

There is no guarantee Bitcoin can be saved, but in CANNOT be saved without a crash that wakes up everyone to the threat of the smallblockers.

Fuckin' smallblocker Satoshi who didn't realize that dust/spam payments aren't practical...

Bitcoin isn't currently practical for very small micropayments.  Not for things like pay per search or per page view without an aggregating mechanism, not things needing to pay less than 0.01.  The dust spam limit is a first try at intentionally trying to prevent overly small micropayments like that.

Bitcoin is practical for smaller transactions than are practical with existing payment methods.  Small enough to include what you might call the top of the micropayment range.  But it doesn't claim to be practical for arbitrarily small micropayments.

Forgot to add the good part about micropayments.  While I don't think Bitcoin is practical for smaller micropayments right now, it will eventually be as storage and bandwidth costs continue to fall.  If Bitcoin catches on on a big scale, it may already be the case by that time.  Another way they can become more practical is if I implement client-only mode and the number of network nodes consolidates into a smaller number of professional server farms.  Whatever size micropayments you need will eventually be practical.  I think in 5 or 10 years, the bandwidth and storage will seem trivial.

I am not claiming that the network is impervious to DoS attack.  I think most P2P networks can be DoS attacked in numerous ways.  (On a side note, I read that the record companies would like to DoS all the file sharing networks, but they don't want to break the anti-hacking/anti-abuse laws.)

If we started getting DoS attacked with loads of wasted transactions back and forth, you would need to start paying a 0.01 minimum transaction fee.  0.1.5 actually had an option to set that, but I took it out to reduce confusion.  Free transactions are nice and we can keep it that way if people don't abuse them.

It would be nice to keep the blk*.dat files small as long as we can.

The eventual solution will be to not care how big it gets.

But for now, while it's still small, it's nice to keep it small so new users can get going faster.  When I eventually implement client-only mode, that won't matter much anymore.

There's more work to do on transaction fees. In the event of a flood, you would still be able to jump the queue and get your transactions into the next block by paying a 0.01 transaction fee.

Blocks are full with spam/dust => "oh no the end of the world is coming", yet the predicted design to bump fees and bypass the spam is working as it should (with less fees - as value per BTC has increased).

All the arguments about the good anti-core forkers who want the best for the small guy so that he can make micropayments for free / almost free against the "evil blockstream employees" seem to go out the window in light of what Satoshi himself said about the design.

It seems Satoshi was of the belief that eventually technological resources will be boosted to a level that the existing design can scale even for micropayments, when currently it can't. What he expected is 100% probable (give it a few decades at most and VISA-like tx capability will be easy), however I suspect he was expecting some kind of non-linear breakthrough sometime soon - that hasn't yet been invented (?) or mass implemented as of today.

He was also of the opinion that there is no need for the blockchain to be bloated and his preference was to keep it relatively small, in order to boost adoption and prevent centralization. He offered an alternative "design" where a much more centralized bitcoin with nodes in server farms could take over and people would be running light clients.

People just repeating "big blocks" remind me of the movie Idiocracy with the "electrolytes".

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

[becoin]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

Instead of shooting the messengers, we could also fix the problem. Adopting Bitcoin Classic would be a good, first step.

Bitcoin "Classic" is suggested by the same person that couple of years ago opposed the translation of Bitcoin-Qt GUI into Farsi because US government imposed sanctions on Iran... I don't trust this person at all. It was obvious from the beginning who were the rotten apples in core dev team.

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

Instead of shooting the messengers, we could also fix the problem. Adopting Bitcoin Classic would be a good, first step.

Bitcoin "Classic" is suggested by the same person that couple of years ago opposed the translation of Bitcoin-Qt GUI into Farsi because US government imposed sanctions on Iran... I don't trust this person at all. It was obvious from the beginning who were the rotten apples in core dev team.

That's the great thing about Bitcoin. You don't have to trust a person. If you don't like the idea, that's your problem.