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

[BlindMayorBitcorn]

It sure is nice, sitting here lending out my fiat at >%20 annual return. I don't have to worry about dumps, crashes, hard forks or network congestion failures.  I don't care if it goes up, either, because that just boosts the interest rate I get paid.  

Will you shut up already.  Just the other day you were whinging about having your life savings tied up in the market, mere weeks after you claimed you had sold off most of your coins and working on the rest.

You're full of shit and not fooling anyone.

JJG would have taken like 22 pages to say that.

[billyjoeallen]

It sure is nice, sitting here lending out my fiat at >%20 annual return. I don't have to worry about dumps, crashes, hard forks or network congestion failures.  I don't care if it goes up, either, because that just boosts the interest rate I get paid. 

Will you shut up already.  Just the other day you were whinging about having your life savings tied up in the market, mere weeks after you claimed you had sold off most of your coins and working on the rest.

You're full of shit and not fooling anyone.

No contradiction at all. I still have the cold storage coins I bought in 2011, but my trading account is almost entirely cash, except what I haven't flipped from yesterday's dip.

Look, it's either gonna go down or up eventually, but this way I get paid to wait.  Can you say the same?

[ChartBuddy]

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[orpington]

so now all the usual suspect XTrolls have become Classic trolls?  

endless FUD, these useful idiots are getting led around like around stupid, docile beasts and they actually think they are doing the best by Bitcoin ... looks like another beating is needed for them to figure out who really has their best interests covered.

https://github.com/bitcoinclassic/bitcoinclassic/pull/6

bitcoinclassic
kindof a joke...

I look forward to blocksize incress i have debated the issues for  years now! i'v been on both sides of the debate ...  cant wait!

wtf is this bitcoinclassicy thing?

lol wtv

I think they were going for the Coca-Cola Classic sounding thing.

Only Coke Classic was the Real Thing, whereas bitcoin classic is just a sad joke thing.

[lyth0s]

It sure is nice, sitting here lending out my fiat at >%20 annual return. I don't have to worry about dumps, crashes, hard forks or network congestion failures.  I don't care if it goes up, either, because that just boosts the interest rate I get paid.  

How much did you buy your account from the original owner for? I don't remember you being that emotional nor negative.

[ChartBuddy]

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[billyjoeallen]

It sure is nice, sitting here lending out my fiat at >%20 annual return. I don't have to worry about dumps, crashes, hard forks or network congestion failures.  I don't care if it goes up, either, because that just boosts the interest rate I get paid.  

How much did you buy your account from the original owner for? I don't remember you being that emotional nor negative.

It's still me. I'm negative because I know markets hate uncertainty. We have a capacity issue with an uncertain outcome.  If nothing changes, we're going to reach maximum capacity soon and congestion problems  with costs (higher fees) will arrive which will drive the price down. If nothing changes, growth will grind to a halt at some point BEFORE the halving. If something does happen to increase capacity, meaning by some miracle we get a consensus on how to scale, then that will cause great uncertainty. There will be winners and losers. There are risks.

The technicals and fundamentals point down for at least the short to intermediate term.

[hdbuck]

so now all the usual suspect XTrolls have become Classic trolls? 

endless FUD, these useful idiots are getting led around like around stupid, docile beasts and they actually think they are doing the best by Bitcoin ... looks like another beating is needed for them to figure out who really has their best interests covered.

https://github.com/bitcoinclassic/bitcoinclassic/pull/6

bitcoinclassic
kindof a joke...

I look forward to blocksize incress i have debated the issues for  years now! i'v been on both sides of the debate ...  cant wait!

wtf is this bitcoinclassicy thing?

lol wtv

And this is your contribution to the debate? I think I may have overestimated some of you people.   

sell your coins already. not gonna be able to afford the upcoming fee market.

[ChartBuddy]

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[bitebits]

My educated guess is that $400 will not be breached. We might touch it briefly, but I am not 100% sure.
However, I opened a new short position at $390. I like my odds from there because the trend is down (my opinion).

Whether the trend is up or down depends upon your starting point..., no?

He is a day trader, staring at the minute candles. With bitcoin's extreme volatility (percentage wise) you really have to zoom out (and have a strong stomach).

Still crossing my fingers for your magic $502 JJG, still holding those ~210 coins?

[bitebits]

https://medium.com/@bramcohen/bitcoin-s-ironic-crisis-32226a85e39f#.sie1emacg

Even if transaction fees go up to an amount that’s unpleasantly large, they’ll still be amounts people are paying. To claim that high fees are a disaster is like saying ‘Nobody goes there any more, it’s too crowded.’

In the long term the mining rewards for bitcoin will go away completely (there’s a strict schedule for this) and all that’s left will be transaction fees. Attempting to ‘solve’ the problem of transaction fees would in the long run undermine the security of Bitcoin even if it were done perfectly.

Not sure if you are trying to prove a point, or just summarizing the article. Even with an unlimited blocksize, miners decide which transactions to include. So there will be a free market with a healthy competition deciding which low-fee transactions are still economically viable to include.

You will even have mining philanthropists (like the current people who run a full node) who like to only include zero-fee transactions. They have other motives being in Bitcoin than strictly earning the most bitcoin.

[ChartBuddy]

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[Andre#]

https://medium.com/@bramcohen/bitcoin-s-ironic-crisis-32226a85e39f#.sie1emacg

In the long term the mining rewards for bitcoin will go away completely (there’s a strict schedule for this) and all that’s left will be transaction fees. Attempting to ‘solve’ the problem of transaction fees would in the long run undermine the security of Bitcoin even if it were done perfectly.

The problem of transaction fees will in the long run be solved by the free (not fee!) market. Once the subsidy for miners subsides, they will have to make a living with fees. So they'll have an incentive to sell blockspace at a competitive price. It's too early for this now, since the subsidy is still so much bigger than the fees.

Even the EU stopped capping milk production (done out of fear milk would become too cheap for the farmers to make a living). And Core wants to be the central planner of the tx production quotum? Get real.

[Andre#]

There does seem to be a considerable tendency in this thread to get caught up on the big block small block discussions, which I suppose has some relation to the walls, but from time to time does get to be a bit much... and even seemingly tangentially related to wall observer speculations...  rather than some more relevant discussion regarding  putting forth various price theory and wall speculations.


Really, I was of the opinion that we were probably not going to witness prices below $390.. and even reaching as low as $351 was a bit of a surprise...   and certainly, we are not out of danger yet of potentially even lower prices in the coming days.....

If we could get a fairly volume heavy rebound above $410-ish, I would feel a bit better in assessing $351 as the bottom.

You know why we dropped so low? It was because we hit a wall. Perhaps not the walls we are observing in this thread most of the time, but a wall  nevertheless. A ladder has been put up against this wall, and it now looks we will be able to get over it. Hence, the price is rising again.

Sometimes, you have to look a bit further to find the explanations you seek.

[ChartBuddy]

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[Andre#]

It's funny how the dev side has more small blockers, while the speculation side is almost entirely large blockers nowadays.  Why is this?  Because the dev side doesn't understand markets.  People evaluate stocks by things like cash on hand and future expansion prospects.  If blocks are full, this is bad for speculators because you're no longer getting price appreciation from increased utility, but relying entirely on things like Gresham's law to push the price up for your artificial scarcity tokens with people hoarding it.

Relying on price appreciation through artificial scarcity of coin count and block space is a magician's trick.  It may or may not work, because as we all know, things like Litecoin and a million other altcoins exist.  No matter what you believe is the proper technical solution to the problem, the wise speculator, economist, or even honest human being is going to prefer to increase price via increased utility rather than increase solely by trying to recruit people to invest more.  If you're not increasing utility, that's the point where it does turn into kind of a scheme.  Unless you're going to try and claim the markets currently have vastly undervalued Bitcoin, but that's a different argument.

Things like Lightning Network will increase utility a lot by increasing throughput, the only problem is, it's currently nowhere to be seen.  People demand an increase in utility now, otherwise they feel stupid to invest or tell others to do so because it seems like a greater fool theory when utility is not increasing.  This is what the devs do not understand, and Segwit is kinda too little, too late.  This is the reason why I believe the blockchain does need an increase, to allow expansion until something like Lightning Network is released (assuming it works).

The bottom line is, due to the factors cited above, an increase in block size can really only be beneficial for price, assuming it didn't infringe upon decentralization, and you would need very big blocks to centralize things more in comparison to the size of mining pools that already exist.  Whether you're trying to avoid the greater fool theory, or if all you care about is making money and don't give a shit about anything else, you're going to be in the large(r) block camp.

Interesting observation. I also wondered why the smallblockers have no problem with a central planning of the tx quotum. But software engineers are actually central planners by profession. More market oriented people understand better that limiting usage of Bitcoin now will not help it grow. You can't just say "hey, we need an extra year for implementing LN, can you all take a break?". You'll lose the momentum.

[Karartma1]

Markets are reacting well after the drop, hopefully we are going up to 400$ soon.
The Bitcoin rollercoaster is here to stay and is not going anywhere.

[Spaceman_Spiff]

It sure is nice, sitting here lending out my fiat at >%20 annual return. I don't have to worry about dumps, crashes, hard forks or network congestion failures.  I don't care if it goes up, either, because that just boosts the interest rate I get paid.  

How much did you buy your account from the original owner for? I don't remember you being that emotional nor negative.

I actually remember him as being more emotional, but squarely in the bull camp.  I even think I like the "new" (don't think he sold his account) BJA better.

[JayJuanGee]

i called this one prett fucking good

[http://bitcoincharts.com/charts/chart.png?width=940&m=bitfinexUSD&SubmitButton=Draw&r=60&i=6-hour&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&[/img]

and i have the profits to prove it.

k so lets start up that Choo Chooooooo MOTHER FUCKERS  

I know you were sweating your balls off, and that may be part of the reason that you were absent for a few weeks....

Again.. hopefully, you learned your lesson (while profitting).....      

i wasn't sweating my balls off, i've been doing good... i was writing a bot, which was has turn out nicely he is busy scraping 1% while helping me manage my position. just needs a few tweets

Also, don't be waiting for $330 because it seems to be too risky of a proposition.. at least at the moment.

if it hits 333$ ill be buying

i'm more or less closed my position now.

opening a long  



... and Boy could i go looong, swinging in fiat right now Muhahahahaha

Well sounds like you are doing pretty good then... and surely, if you are able to intervene with a bit of automation, that can be very helpful, especially if you can largely get it to conform with your parameters and you have limits that  account for wild unexpected turns in the market.

[ChartBuddy]

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