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

[Richy_T]

 

100% filled block and price on the downside, not a good morning for me at the moment.
I need some coffee to wake up and analyze WTF happened tonight

Also note the subtext. We had one block found in an hour. It took *three* blocks after that for the backlog to clear. Then we had an hour with two blocks.

An artificially low block size limit means that backlogs won't clear quickly, no matter what fees are in use. The only answer is some stupid bidding war apparently.

[LFC_Bitcoin]

Getting sick of Mike Hearn. What makes him think he has any right to try & become some kind of bitcoin godfather?

Get fucked & piss off back to your Google job.

[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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

[ahpku]

[...]
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.

Caveat: Must be a top-notch crypto expert fluent in C & willing to pore over code & spend free time on bitcointalk/r/b***

[only]

good riddance, you fucking clown

[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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

[Richy_T]

And as I don't totally understand how it works and what's happening, I'm afraid of using it. And tempted to quit.

That's not an irrational position.

If you're buying bitcoins just to have some or to buy some drugs or whatever, you probably don't care much about how it works. If you're buying a bunch because you're a speculator, sure you should know about what's going on.

[Richy_T]

I think this drop is more about the global stock market selloff then Mike hearn.

Cheap stocks?

[ChartBuddy]

Coin



Explanation

[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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

[ZephramC]

I wonder...
If there is version of Bitcoin client which changes 21M BTC cap, increases block reward and blacklists some addresses... would you still use it if it were marketed under name "Bitcoin Original" or "Original Bitcoin" or "Satoshi's Bitcoin"?

[hendra147]

some hours ago
Global Bitcoin Nodes Distribution

Reachable nodes as of Fri Jan 15 2016 03:14:51 GMT+0000 (UTC).
5485 nodes

now
Global Bitcoin Nodes Distribution

Reachable nodes as of Fri Jan 15 2016 15:06:29 GMT+0000 (UTC).
5641 nodes



we have new 200 conected nodes
still keep positive thinking at bitcoin price

[QuestionAuthority]

Coin

Hey ChartBuddy, did you have a good Christmas? Thanks for letting me know when to sell before Christmas. I remember asking you when to buy back in for the after Christmas sale and it looks like you're about to tell me when. Thanks again pal.

[ahpku]

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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Not at all. See: Cryptsy; Havelock.
O% fiat. 100% scam

Oh, and some butthurt douche just nuked my account. Because that's how we make problems disappear here, in Bitcoinia.
Sure, banning accounts when new ones take < 20 secs to make isn't very effective, and just pisses people off, but hey...

To be fair, this is a private forum, so the moderators are like a private police force.
Only with neckbeards.

[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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

[Post-Cosmic]

It's important that a distributed ledger (blockchain) network not get spammed / be vulnerable to wasteful, spammy, or malicious transactions/requests. So, this argument, in favor of small blocks, is very legitimate and must be considered.

It's also important that a distributed ledger (blockchain) network be allowed to grow in userbase, feature set, adapt to new functionalities and processing capabilities, to match the ever-evolving needs and demand from a diverse userbase, particularly in the midst of the rapidly changing technological landscape of modern societies. So, this argument, in favor of larger blocks, is also very legitimate and must be considered.


..But implementing solutions that address either, or ideally, somehow, both of of these main issues, doesn't solve bitcoin's ACTUAL biggest problem as the premier [theoretically] decentralized payment system & store of value we need it for.

Why? Because as Mike unceremoniously put it,

As long as China controls Bitcoin, it has failed it's most cardinal mission as a decentralized trustless system.

To save Bitcoin we must execute a benevolent, temporary 51% attack on Chinese pools and/or vote to change Core to blacklist them (or use any similar method, I don't know - I'm not a programmer ;3) to 'force' Chinese monopolistic miners OUT OF THEIR DDOS'ING, SELF-INTERESTED, CHINESE-WALL+AUTHORITARIAN-REGIME-PROBLEMATIC MAJORITY.

Beyond dreams of a fee market, beyond issues with full blocks ~ If Bitcoin is to succeed, CHINA MUST GO.

[ZephramC]

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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

What is the problem with Havelock?

[bargainbin]

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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

Which would you recommend? Let's say I want to sell 20 BTC for fiat/another coin?

@ZephramC: its track record of empoverishing intrepid investors. You must be new.

[ZephramC]

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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

Which would you recommend? Let's say I want to sell 20 BTC for fiat/another coin?

@ZephramC: its track record of empoverishing intrepid investors. You must be new.

I am not new. But perhaps I missed something. You mean companies listed on Havelock empoverishing or the Havelock itself<

[bargainbin]

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.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.

Which would you recommend? Let's say I want to sell 20 BTC for fiat/another coin?

@ZephramC: its track record of empoverishing intrepid investors. You must be new.

I am not new. But perhaps I missed something. You mean companies listed on Havelock empoverishing or the Havelock itself<

I mean when you go to a store, and each and every time you buy a snack -- any kind of a snack -- you wind up in the emergency room, getting your tummy pumped, I'd say avoid the store.
Regardless of whether it's the store or the store's suppliers who poison the food.

So, technically no, it's not Havelock, it's their expertly curated offerings

P.S. Which is not to say you should avoid it.
P.P.S. still waiting for the answer re. boldface above.