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

[ImI]

Nope, Mike went to New York Times, told "Bitcoin is dead!" and informed the public about the ongoing inner-Bitcoin fight. THAT did fucking damage to BTC and was completely unnecessary!

Its not about big or small blocks its about being a fucking dramaqueen!

It appears to be too much of a coincidence the timing of it all with this --
https://youtu.be/R0iArSIU0Z8?t=47m16s

Looks to me to be a coordinated attack by R3.(42 banks against bitcoin)

I dont know, but one thing is for sure Hearn did tremendous damage and he did it on purpose and thats whats so disgusting in this whole matter. Like some kid who destroys your toy after you told him that he isnt allowed to play with.
I dont want to have folks like him in the dev team no matter what stance on the blocksize issue they have.

[MinermanNC]

Who pissed in Hearns Wheaties? (or is it greed) here we go again. Craptsy (who has been in turmoil for a while) now screwed many. Stock market crashing,,, boy, I think tomorrow will be a better day  

Life goes on.....

[BitUsher]

I dont know, but one thing is for sure Hearn did tremendous damage and he did it on purpose and thats whats so disgusting in this whole matter. Like some kid who destroys your toy after you told him that he isnt allowed to play with.
I dont want to have folks like him in the dev team no matter what stance on the blocksize issue they have.

Yes, I am glad he contributed so little to core , so we don't have to re-audit all his code.

Whether this is merely an opportunistic bearwhale shaking the weak hands to buy more, a deliberate attack by r3 which invested in some coins a 2months ago in order to dump them now and shake the faith of the community, or just some scared investors reading the NYT rag doesn't ultimately matter ... I'm picking up the carnage along with others and we are moving forward.

[Divitiae miserae]

Its not about big or small blocks its about being a fucking dramaqueen!

Just an understandable physiological outburst given all the incompetence around him.

I use Bitcoin to transfer funds to Venezuela, a country whose sole export, oil, is now produced at the cost of $20 a barrel and sold for $25 a barrel.
Which one is going to fail first?

[a7mos]

This fall will be so hard for bitcoin to recover, it will take months to reach 400$ level again
I predect the price will continue falling to 300 soon

[CuntChocula]

So Cryptsy was really not whole ? Pulled a Gox? If that is true then guess what? BTC image is going to be damaged big time, and much worse than Gox era.

No one gives a shit about Cryptsy.  I don't think there was single moment in time where they weren't a shit hole experiencing problems.  Also, they were hacked a year and a half ago, and the coins have been sitting since.

So this is all because of Mike?

Hearn, Cryptsy, NYT article, Bitcoin "Classic" fud, constantly spamming blockchain to reach the 1MB limit and mobilize XT altcon suckers and want-free-bitcoin-space crowd, and finally dumping stolen bitcoins from Cryptsy. It is well coordinated attack. But... thanks for the cheap coins!

Hope that statist bullshit don't disruptivize our antifragile honey badger beyond her tipping point. I mean before we get a chance to off-board into filthy fiat...

[MinermanNC]

I don't think its going to be a hard crash. I think are many seeing it as a good time to buy a little BTC. Not sure how much of this dip in price is really about Mike Hearn ( if any) anyways. I see more of it as a reaction with Cryptsy (and the bad press it always brings) and the stock market crashing today. Come  Monday make that Tuesday lol, Monday is a U.S holiday.....things will be back swinging upwards probably on all fronts...  

[Trolfi]

Still almost $26MM in leveraged longs on BFX. If this results in a margin call cascade, we could go under $200 again. Nobody can post dollar margin until Monday.

Bring it on! I had no ammo when it happened, exactly one year ago. You were busy chasing trolls that day (and talking about 4 Punch Raiders).

[Lauda]

You know the media has caught up on the story and barely any reported the story correctly as in "Mike is wrong and Bitcoin died 80+ times already". I've got sent a few screenshots from Facebook (which I don't use) from a few partners already. Quite unfortunate that it has reflected itself this heavily on the price within a single day.

[ChartBuddy]

Coin



Explanation

[CuntChocula]

I don't think its going to be a hard crash. I think are many seeing it as a good time to buy a little BTC. Not sure how much of this dip in price is really about Mike Hearn ( if any) anyways. I see more of it as a reaction with Cryptsy (and the bad press it always brings) and the stock market crashing today. Come  Monday make that Tuesday lol, Monday is a U.S holiday.....things will be back swinging upwards probably on all fronts...  

So. Markets fell about 2%, and BTC fell 15%? Sounds legit :-

[fisheater22]

Still almost $26MM in leveraged longs on BFX. If this results in a margin call cascade, we could go under $200 again. Nobody can post dollar margin until Monday.

Bring it on! I had no ammo when it happened, exactly one year ago. You were busy chasing trolls that day (and talking about 4 Punch Raiders).

You mean you're not all in?!

Below $375, I am a buyer. Come on, make it happen!

[MinermanNC]

BTC the "longest running blockchain" has value. Its not going away over night. The chain hasn't really even been tapped in to. Just got to keep the miners happy. $$$$$  

[ImI]

You know the media has caught up on the story and barely any reported the story correctly as in "Mike is wrong and Bitcoin died 80+ times already". I've got sent a few screenshots from Facebook (which I don't use) from a few partners already. Quite unfortunate that it has reflected itself this heavily on the price within a single day.

He sold himself to the media as one important (if not the most important) developer. Which is a fucking joke! Yes he did some work but i wouldnt name him in the Top10. Hilarious that he could make such an public impression...

[MinermanNC]

I don't think its going to be a hard crash. I think are many seeing it as a good time to buy a little BTC. Not sure how much of this dip in price is really about Mike Hearn ( if any) anyways. I see more of it as a reaction with Cryptsy (and the bad press it always brings) and the stock market crashing today. Come  Monday make that Tuesday lol, Monday is a U.S holiday.....things will be back swinging upwards probably on all fronts...  

So. Markets fell about 2%, and BTC fell 15%? Sounds legit :-

Its a ratio thing  

[AZwarel]

So this is all because of Mike?

Mike only stated facts. Small blockians are those to blame.

Nope, Mike went to New York Times, told "Bitcoin is dead!" and informed the public about the ongoing inner-Bitcoin fight. THAT did fucking damage to BTC and was completely unnecessary!

Its not about big or small blocks its about being a fucking dramaqueen!

Drama queen or not, he had some valid points - not necessary technically, but about the whole deadlock situation and censorship. Ofc, he should not go to the stupid mainstream media, who want the blood of bitcoin.
Still, he raised good points in his blog post (not in the NYT article!!!) about that there should NOT be a fee market, which is arising artificially, based on an old DoS prevention mechanism (which was always thought to
be temporary!). There is no fee market (or shouldn't be), this is system with a >6bil$ market cap, with less than 0,1% world population using it, and they ALREADY want to develop a blockage with transaction throughput?? Just count: doesn't matter, how high fees go - it is still impossible to do more than 4-7 ts/s!!! Fees do not solve this hardcap!! People will just not transact.

That's why the Harn "whistleblow" in MSM caused panic sell, many realized we MUST act NOW. Check out, 70% of big miners/ processing companies /exchanges already signed Bitcoin Classic https://bitcoinclassic.com/ after 2 days...

Or will they be just censored again? You mean 70-80% of the industry can be censored? :-)


EDIT: I was pretty much agnostic in this debate about blocksize so far, both sides has pros/cons. But the idea, that free market be abolished by a technical policy limit and give rise to "fee market" (means: "no, no, you are too Philippine to send cash home, we now have 10$ fee for the next 114 blocks, k thxbye), and "dissidents" must be censored, and "burned"- it is OS ffs, how the ***k they dared to censor?!? - so these two alone pushed me into "raise that blocksize" camp. And yes, i run a node, and no i don't care, will just buy a bigger HDD.

[solitude]

Why are there so many cucked "the sky is falling!" panic-selling faggots out there?

Don't you get tired of panic selling and panic buying?

Can't you see this is a deliberate effort by the bank kikes and the kike media (New York Times, etc, just about all journalists are lying kikes) to undermine Bitcoin?

Grow some balls and hold your coins, man.

[brg444]

"Raise the block size!" they said.

"We have consensus!" they said.

"Market is going to rally around big blocks" they said.

welp  

[ImI]

So this is all because of Mike?

Mike only stated facts. Small blockians are those to blame.

Nope, Mike went to New York Times, told "Bitcoin is dead!" and informed the public about the ongoing inner-Bitcoin fight. THAT did fucking damage to BTC and was completely unnecessary!

Its not about big or small blocks its about being a fucking dramaqueen!

Drama queen or not, he had some valid points - not necessary technically, but about the whole deadlock situation and censorship. Ofc, he should not go to the stupid mainstream media, who want the blood of bitcoin.
Still, he raised good points in his blog post (not in the NYT article!!!) about that there should NOT be a fee market, which is arising artificially, based on an old DoS prevention mechanism (which was always thought to
be temporary!). There is no fee market (or shouldn't be), this is system with a >6bil$ market cap, with less than 0,1% world population using it, and they ALREADY want to develop a blockage with transaction throughput?? Just count: doesn't matter, how high fees go - it is still impossible to do more than 4-7 ts/s!!! Fees do not solve this hardcap!! People will just not transact.

That's why the Harn "whistleblow" in MSM caused panic sell, many realized we MUST act NOW. Check out, 70% of big miners/ processing companies /exchanges already signed Bitcoin Classic https://bitcoinclassic.com/ after 2 days...

Or will they be just censored again? You mean 70-80% of the industry can be censored? :-)

Its not a "whistleblow" cause the public and MSM dont care about such details, all they understand is that Bitcoin has inner fights going on. You see a whistleblow is usually something that wakes up important players that take action then, but in this case who did he wake up? Nobody, cause all important players are already aware of the issue. To cause a crash and to demolish the image of Bitcoin in public further is just what it is an asshole action.

He may have had some valid point, nevertheless his NYT article overshadows this completely as we did know those things before. Also his medium article is full of bullshit also, i would say 75% is just crap and 25% is valid concern.

[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.

[...]

Now obviously, the problem isn't that they're Chinese, or even considering their country's regime & internet problems. That's nowhere near an issue as the centralization of power is.

[...]

What matters is, NO POOL should be allowed more than ~6-17% of total hashing power, and advanced technical stopgaps to prevent and/or cripple this from happening should be implemented in at the protocol level if need be, even if that concedes a certain unfortunate 'central planning' cost for the greater good of safeguarding Decentralized Trustlessness against any attempts by agents into asserting more than the maximum allowed % control of the network.

A cryptocurrency's most core value proposition - trustlessness - cannot exist if its network is centralized!!!

Your logic and use of large fonts in attempt to further your point makes me think you're 16?

No - ironically, it's to counter the prevalent teenager crowds' '16 yo' lack of attention span and general apathy, that I try to use varied font sizes, wanna make sure I get them page views y'know, my time not wasted, and what not ;3

Thankfully the badger doesn't care.

Your honey badger doing good af atm : Was propped up & overbought for too long, at last it's shown itself in the price action, much to the teary dismay of degenerate bulltards galore <3

-----------------------------------

[...]

A cryptocurrency's most core value proposition - trustlessness - cannot exist if its network is centralized!!!

How would the protocol distinguish two pools from a single pool masquerading as multiple pools (one pool split up into several pools, all still controlled by one guy)?

^Perfect question - One of the main issues facing this proposal which would have to be debated and solved on technical & philosophical/ideological merits. Not gonna pretend I have all the answers, in a heartbeat ;p

-----------------------------------

..Vote to change Core to blacklist them (or use any similar method, I don't know - I'm not a programmer ;3)

That is trivial to program.  However, if you use any rule to select the "right" blockchain other than "the one that has the majority of the hashpower", including blacklisting some miners, you are no longe using the bitcoin protocol.  What you are using is a centralized payment system -- an incredibly stupid and inefficient one.

You are right. Of course..I should have known that ;/

So, what if millions of users/miners do this vote? I know this wouldn't be practical in our current world - just theorizing about the concept itself.

They wouldn't get blacklisted - it's more the protocol would dynamically detect any given pool is amassing too much hashpower, wallet users &/or miners that are reasonably detected to not be likely to be affiliated w/ this pool, get to do a 'consensus check trigger' that, if successful, starts limiting this pool to a lower % so it's held in check? The minute users stop being in general majority agreement about it - it stops limiting the pool in question, so it's both non-draconian and consensus-based + decentralized-control-mechanism?

-----------------------------------

[...]
What matters is, NO POOL should be allowed more than ~6-17% of total hashing power, and advanced technical stopgaps to prevent and/or cripple this from happening should be implemented in at the protocol level if need be, even if that concedes a certain unfortunate 'central planning' cost for the greater good of safeguarding Decentralized Trustlessness against any attempts by agents into asserting more than the maximum allowed % control of the network.

A cryptocurrency's most core value proposition - trustlessness - cannot exist if its network is centralized!!!

How would the protocol distinguish two pools from a single pool masquerading as multiple pools (one pool split up into several pools, all still controlled by one guy)?

You can't, so what we need is a open policy, no pool can exceed 5%. Then we need policemen to enforce that policy, how, DDOS attacks. Wild west baby, comply or get killed.

Such an activist, loving it xD  *Picturing him w/ cowboy hat & silver-star-heeled leather boots <3*