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

[LFC_Bitcoin]

Sounds like get everything the fuck into cold storage to me & await the chaos.




Edit -

NLC style

[Gyrsur]

Sounds like get everything the fuck into cold storage to me & await the chaos.

not the worst strategy for a certain time.

[adamstgBit]

Does anybody know which exchanges offer cryptographic proof of reserves? It seems like an obvious selling point to any that want to gain market share.

doesn't bitfinex only hold some kind of custodial key so that owners can remain in control of their BTC while holding a balance on bitfinex?

i that i saw that somewhere on bitfinex idk i dont use it, maybe it was another exchange, good concept tho.

[CuntChocula]

What kind of notice could/would/will we expect?

I've got coins spread across various devices, forms of storage etc. I don't fancy being left with a load of shitcoins (whichever becomes the defeated chain).

Acid rain, dogs eating cats...chaos everywhere.

 

Entire towns being washed away
Favelas exploding on inflammable spillways
Lynch-mobs, death squads, babies being born without brains
The mad heat and the relentless rains

[adamstgBit]

Sounds like get everything the fuck into cold storage to me & await the chaos.

not the worst strategy for a certain time.

best strategy of all time.

just do what everyone says and lock away all your bitcoin on paper wallet and come back in 10 years.

bitcoin will have halved and forked like 14 times!!  

[Gyrsur]

Sounds like get everything the fuck into cold storage to me & await the chaos.




Edit -

NLC style

so you mean Bitcoin CLASSIC is CCCP?

[Richy_T]

What kind of notice could/would/will we expect?

I've got coins spread across various devices, forms of storage etc. I don't fancy being left with a load of shitcoins (whichever becomes the defeated chain).

Acid rain, dogs eating cats...chaos everywhere.

 

Points off for missing the chance of a Ghostbusters reference.

[Richy_T]

Sounds like get everything the fuck into cold storage to me & await the chaos.




Edit -

NLC style

Just use half your coins to buy massive amounts of drugs off the darknet and wake up in 2019

[LFC_Bitcoin]

Sounds like get everything the fuck into cold storage to me & await the chaos.




Edit -

NLC style

so you mean Bitcoin CLASSIC is CCCP?

The name's Gavin....Gavin A

[LFC_Bitcoin]

Sounds like get everything the fuck into cold storage to me & await the chaos.




Edit -

NLC style

Just use half your coins to buy massive amounts of drugs off the darknet and wake up in 2019

I don't buy drugs online.

**Disclaimer - I'm not admitting to regular drug abuse via RL dealers though **

[BlindMayorBitcorn]

What kind of notice could/would/will we expect?

I've got coins spread across various devices, forms of storage etc. I don't fancy being left with a load of shitcoins (whichever becomes the defeated chain).

Acid rain, dogs eating cats...chaos everywhere.

 

Points off for missing the chance of a Ghostbusters reference.

Haha. I knew I didn't make that up, but I couldn't put my finger on where I was stealing it from. 

[Gyrsur]

Sounds like get everything the fuck into cold storage to me & await the chaos.




Edit -

NLC style

so you mean Bitcoin CLASSIC is CCCP?

The name's Gavin....Gavin A

ACK!

[Fakhoury]

Why don't we witness what is going around as "growing pains" or to be more context-specific "evolution pains" ?

[BlindMayorBitcorn]

What kind of notice could/would/will we expect?

I've got coins spread across various devices, forms of storage etc. I don't fancy being left with a load of shitcoins (whichever becomes the defeated chain).

Acid rain, dogs eating cats...chaos everywhere.

 

Entire towns being washed away
Favelas exploding on inflammable spillways
Lynch-mobs, death squads, babies being born without brains
The mad heat and the relentless rains

[coins101]

In the end, Classic might win because of RBF

Work on 0.12 will start after the 0.11.2 release. We are planning to disable opt-in RBF. This decision is based on community feedback (miners included).

https://www.reddit.com/r/Bitcoin_Classic/comments/41qeac/release_plan_19jan2016/

With testing due to start at the end of the month, Core will have to decide pretty soon if it will match Classic's increase in block sizes, or face a realistic forking off the chain.

I had thought support for Classic was a veiled threat by some of those that have come out in support....but, RBF might be the clincher.

[CuntChocula]

Why don't we witness what is going around as "growing pains" or to be more context-specific "evolution pains" ?

"Butthurt"?

[smooth]

Regarding existing holders, if you have your own keys you are relatively ok (minus the obvious destruction of USD value), but the situation with coins in online exchanges and wallets will be "problematic" if say an exchange with 500k BTCs, say 'ok my clients, now you have 500k BTCCs because we adopted this fork' (and we are keeping 500k BTCs of the other fork for ourselves). It would be like stealing BTCs and exchanging them for Gavincoins.

This is a legit concern. However, there will be plenty of notice. Anyone who is genuinely worried about this should ensure their Bitcoins are withdrawn to keys they hold themselves, as always (and as you say. Missed that bit).

This might be a dumb question, but: have we ever had a contentious hard fork before? What will plenty of notice look like?

No the only hard forks have been uncontroversial development issues or bugs.

According to BitcoinHistory, a hardfork occurred March 12, 2013.


http://historyofbitcoin.org/

Yes due to a bug. There was no meaningful contention over fixing it.

[ImI]

In the end, Classic might win because of RBF

Work on 0.12 will start after the 0.11.2 release. We are planning to disable opt-in RBF. This decision is based on community feedback (miners included).

https://www.reddit.com/r/Bitcoin_Classic/comments/41qeac/release_plan_19jan2016/

With testing due to start at the end of the month, Core will have to decide pretty soon if it will match Classic's increase in block sizes, or face a realistic forking off the chain.

I had thought support for Classic was a veiled threat by some of those that have come out in support....but, RBF might be the clincher.

imo its already given that classic will reach the 75% easily. the only question remains how core will react. as i see it they have also some breakup-potential, some might be willing to cooperate and to switch to 2MB also, others might go radical and choose another hash-algo (like maxwell/luke already hinted).

that could get really messy.

as i see it at the moment the biggest concern of the most core-devs is if segwit is able to run side by side with a non-segwit-client.

[ChartBuddy]

Coin



Explanation

[billyjoeallen]

Sounds like get everything the fuck into cold storage to me & await the chaos.

Why does everyone seem so certain this will blow over? I think it will, but it's not even close to a certainty, in any amount of time. This is the largest test of Bitcoin's anti-fragility yet and it's likely to get worse before it gets better. BitcoinClassic isn't an implementation. It's a proposed governance model that is only promising.  When concrete proposals get rolled out to be attacked, criticized and nitpicked, support may waver. 

The game isn't over. It's not even half time yet. We won't win until the longest chain has a block in it bigger than 1MB.  There's a bunch of stuff that can go wrong before then. Hell, it's possible something could go wrong AFTER that.

There are three main possibilities:
1. Bitcoin goes down before it comes back up.
2. Bitcoin could go up before it crashes again.
3. It could go down and stay down, like the Japanese stock market. 2 decades later and nowhere near it's all-time high.

The one thing that almost certainly will not happen is it goes up and stays up, because that would bring in new users and the network can't handle them. Fees higher than Mastercard AND the ChiComs have the kill switch?  Hey, what's this GooglePay app preinstalled on my new phone?