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

[BitUsher]

https://twitter.com/AaronvanW/status/690120783281156097

Confirmed: Chinese mining pools are sticking with Bitcoin Core.

Context and more details? I knew it was coming from the conversations , but just didn't expect it this quickly.

You are incredulous or simply lack details of the announcement? Aaron van Wirdum is a respected journalist so I would give a little credence to his announcement and wait to verify.

52% to 72% of hashpower*, two of the most respected developers**, plus what looks like a majority of community sentiment in favor*** are saying otherwise. Oh, right, and I forgot to mention loaded posted he's in favor of 2MB****

* Depending on whether you believe rumors of "false pledges of 2MB allegiance" by some pools.

I believe most miners are indeed in favor of 2MB capacity , but also understand that is what segwit provides.

[Fatman3001]

https://twitter.com/AaronvanW/status/690120783281156097

Confirmed: Chinese mining pools are sticking with Bitcoin Core.

Context and more details? I knew it was coming from the conversations , but just didn't expect it this quickly.

You are incredulous or simply lack details of the announcement? Aaron van Wirdum is a respected journalist so I would give a little credence to his announcement and wait to verify.

Yeah, let's do that "wait to verify" thingy.

[sAt0sHiFanClub]

https://twitter.com/AaronvanW/status/690120783281156097

Confirmed: Chinese mining pools are sticking with Bitcoin Core.

Context and more details? I knew it was coming from the conversations , but just didn't expect it this quickly.

You are incredulous or simply lack details of the announcement? Aaron van Wirdum is a respected journalist so I would give a little credence to his announcement and wait to verify.

Thats hilarious. Adam back quotes him on twitter every now and again, but his earlier tweet which included"more to follow" was bullshit as well. About the atempt to fud the f2p announcement.

Respected my ass. Puppet more like.

edit: added tweet link.

[mmitech]

Blocks are full. Let's see what happens.

https://www.reddit.com/r/btc/comments/41whvw/maximum_of_transactions_second_that_bitcoin_can/cz5v60m

It's the FULLBLOCALYPSE_TM

I think I'm done arguing. It just has to play out now.

(I was actually going to use that word but couldn't remember it exactly.)

big blocker capitulation is close ... they have no logical ground to stand on and the whole edifice is crumbling, Crassic was just the Hearn echo swansong

52% to 72% of hashpower*, two of the most respected developers**, plus what looks like a majority of community sentiment in favor*** are saying otherwise. Oh, right, and I forgot to mention loaded posted he's in favor of 2MB****


* Depending on whether you believe rumors of "false pledges of 2MB allegiance" by some pools.

**  Yes, yes, we know... "Gavin is a government shill!", "paid for by the banks", etc.

*** In here, across all forums of btctalk, perhaps doubtful -- but much less so on r/bitcoin and r/btc.

**** On reddit. Caveat: not via signed message, so could be fake.

I said that I will never speculate about price again since I started developing, even though I am in the speculation sub-forum I am going to hold to my word and not speculate about the price...


I am not against raising the block size, I am strongly in favor because Bitcoin is at the edge of technical death, most blocks are full and there is a ton of unconfirmed transactions waiting (with valid fees paid) to be included in the next blocks and the number is going up exponentially. One of the fundamental points of Bitcoin is failing, Bitcoin is no longer cheap/free especially for small transactions and this will be even worse if the price goes up.

Raising the Block size to 2 MB will not solve the problem, it will just buy us some more time, a month, two or maybe even 6 months but we will hit the cap again and when we hit that cap we better have a better solution prepared because we can't fork Bitcoin every 6 months or so to raise the block size cap.

Bitcoin is already failing as a payment system, even if we raise the block size today to 32MB, technically we wont be able to make more than 100 transaction a second, and at this rate of adoption this means certain death.


 

[BitUsher]

Yeah, let's do that "wait to verify" thingy.

Details and context being revealed ....(I look forward to more data confirming before making any judgments)

https://www.bikeji.com/t/3144
http://www.weibo.com/3884337005/De95fs0cx?from=page_1005053884337005_profile&wvr=6&mod=weibotime

The translation:

Yesterday, Jeff(Garzik?), a developer of Bitcoin Classic, took a flight to Beijing from New York, to attend a meeting with the Chinese Bitcoin businesses, including Haobtc, OKCoin, Bitmain, Bither, LIGHTNINGASIC, with the aim of gaining further support for Bitcoin Classic. When talking about Bitcoin Classic's releases, Jeff stated that a hard fork is needed for the upgrading and improvement of the source code(the original Chinese are weasel words and possibly syntactically incorrect), yet(and) without providing a clear long-term roadmap(about what lies ahead of the 2MB increase?), which led to almost universal dissatisfaction among those present, whom further expressed their withdrawal of support for Bitcoin Classic, and the need to reach a wider consensus within the community before a decision can be made.

[oda.krell]

52% to 72% of hashpower*, two of the most respected developers**, plus what looks like a majority of community sentiment in favor*** are saying otherwise. Oh, right, and I forgot to mention loaded posted he's in favor of 2MB****

* Depending on whether you believe rumors of "false pledges of 2MB allegiance" by some pools.

I believe most miners are indeed in favor of 2MB capacity , but also understand that is what segwit provides.

True. I believe the (likely) majority I cite above doesn't really care how a total tx capacity increase is achieved, only that it is achieved.

That said:

1. Segwit likely constitutes a somewhat smaller increase in tx capacity than a maxblocksize change to 2MB. Bitcoin core itself mentions "1.6MB to 2MB", depending on the type of transaction.

2. What the consensus (I claim exists) really shows is that - technical questions aside - the economical assumptions of the smallblockers arguments are rejected by miners, community, and large economic entities (several of the major companies, and at least a few known cases of major capital holders).


In other words: 2MB maxblocksize or not, segwit now or later -- in any case, the majority of the Bitcoin economy seems to be against artificial transaction scarcity.

This last point is something the economically motivated smallblock proponents (as opposed to the technically motivated ones) need to wrap their head around, but seem unwilling to do, so far at least.

[BitUsher]

In other words: 2MB maxblocksize or not, segwit now or later -- in any case, the majority of the Bitcoin economy seems to be against artificial transaction scarcity.

Source? Hopefully you aren't basing this off of an unscientific Toomin like poll with small sample sizes and no controls of sample data.
I would also like to analyze the questions posed in the poll as that can greatly effect the responses.

I.E...  

1) Do you want to increase the block size for bitcoin to have very small fees for everyday tx's?

vs

2) Do you want the bitcoin chain to remain efficient and lean with a decentralized p2p payment layer that keeps tx's small for everyday purchases?

Users would likely say yes to both the above even when they are very different plans.

[soullyG]

Adam, time for a new poll - what size blocks do you want?

[sAt0sHiFanClub]

In other words: 2MB maxblocksize or not, segwit now or later -- in any case, the majority of the Bitcoin economy seems to be against artificial transaction scarcity.

Source? Hopefully you aren't basing this off of an unscientific Toomin like poll with small sample sizes and no controls of sample data.
I would also like to analyze the questions posed in the poll as that can greatly effect the responses.

I.E...  

1) Do you want to increase the block size for bitcoin to have very small fees for everyday tx's?

vs

2) Do you want the bitcoin chain to remain efficient and lean with a decentralized p2p payment layer that keeps tx's small for everyday purchases?

Users would likely say yes to both the above even when they are very different plans.

What percentage of the mining pool is represented by "Haobtc, OKCoin, Bitmain, Bither, LIGHTNINGASIC" ? 

[BitUsher]

Adam, time for a new poll - what size blocks do you want?

I believe many of these polls are worthless as they don't consider the nuances, timeframe, and dependencies.

Most everyone *wants* bigger blocks. In order for the lighting network to succeed, we must have much larger blocks!

What percentage of the mining pool is represented by "Haobtc, OKCoin, Bitmain, Bither, LIGHTNINGASIC" ? 

We probably shouldn't jump to conclusions being that none of them are running classic nodes yet and the latest news indicate that they are sticking with core. The true vote is one that has commitment and resources behind it and not merely a nod of approval towards both core and classic.

[oda.krell]

In other words: 2MB maxblocksize or not, segwit now or later -- in any case, the majority of the Bitcoin economy seems to be against artificial transaction scarcity.

Source? Hopefully you aren't basing this off of an unscientific Toomin like poll with small sample sizes and no controls of sample data.
I would also like to analyze the questions posed in the poll as that can greatly effect the responses.

I.E...  

1) Do you want to increase the block size for bitcoin to have very small fees for everyday tx's?

vs

2) Do you want the bitcoin chain to remain efficient and lean with a decentralized p2p payment layer that keeps tx's small for everyday purchases?

Users would likely say yes to both the above even when they are very different plans.

I've already answered that: hashpower (slight majority to strong majority) plus major companies plus the fact that only a fringe of the posters in here, and nearly none on reddit or otherwhere, defend artificial scarcity means (most likely) an economic majority rejects the latter, but seems to be doubtful about technical issues (or doesn't understand them).

You'd rather see a poll? Sure, we can have one, maybe in this thread, or anywhere in this forum - however, I'm pretty sure whatever result we get will be challenged on grounds of manipulation, brigading, whatever.

The real test will be in case we're getting a hardfork. I don't think these should be taken lightly, but I'm also not convinced they are the 'death sentence' some make them out to be. This really runs down to a few basic psychological assumptions people seem to make: will "getting used to hardforks" inevitably mean crypto will be subverted, and capital diluted? Or can they become a (carefully) employed tool to bring about required major changes in the software, without dividing the network beyond repair. I'm leaning towards the latter, in case that wasn't clear already.

[aztecminer]

I am doubting myself for being bearish but at the same time this pump does not make too much sense.
I feel like this should dump back down. What am I missing here?

It makes sense if you stop thinking about Bitcoin as an organic market, and start thinking about it as a Cash Cow controlled by Chinese Bitcoin Cowboys. Crash down to Long RLZ, and then right back up to Short RLZ within a few days? It's bullshit. It is a rigged casino designed to deprive the majority of thier funds. Perma bulls get the thrill of seeing their USD wealth inflate when 'they' pump but get that sinking feeling in their gut when they see their USD wealth evaporate when BTC crashes, and bears vice versa.

An organic market is 'the herd'. And it is possible to develop an acumen in the reading of charts and the use of statistical based tools, to forecast future herd movements. Bitcoin is not so much the herd, as the herd being rounded up by the Bitcoin Cowboys. 'They' have this market on the end of a piece of string like a fucking Yo Yo.

U will know how to read market signals. Look back at the consolidation formation prior to break out. It was saying bear all the fkn way. It was as though the formation was intentionaly designed to trick as many people as possible, and for those who had the audacity to still see it as Long (I was one of them), we even got a move down to take out lowest low, and wipe out all the long Stop Orders. 'They' did not want the public getting in on this at the bottom. 'They' wanted the public chasing the momentum. 'They' want the public to be buying Bitcoin right now! Buying 'their' Bitcoin, that they picked up $350-$380. Although, after that vicious engulfing Doji candle that hit right into 61.8% Short RLZ, only the most fucking stupid of investors are going to enter Bitcoin here, enter they still will, and last I checked, PoC is sitting up at $435...a likely upside target when all is said and done, but will I be attempting to ride it up? NOOOO!

Point is, everything about the crash, and everything about this 'miracle' rise, has fuck all to do with fundamentals, and everything to do with rigged market machinations. Rise was too fast, and it came from nowhere. Reminds me a bit of the March 2014 parabolic rise when Bitcoin surged from $580 - $710. Too much, too soon. Just not fucking sustainable, manufactured as fuck and we all know what happened next.

As soon as the 'top' is confirmed, I will be hunting shorts on Bitcoin targetting $310 area, cos that is where this fucker is going. But if that V bottom was anything to go by, I guess I shouldn't expect a nice easy double top M market structure to trade....I suspect only the chosen and the highly risk tolerant will get to short with the choice trade entry points.

i'm not sure its really "the chinese" doing this.. it might be coming from chinese exchanges... the part ur missing is how it was well timed with the marshal's auction. must not lose sight of that fact...

i think the biggest challenge facing bitcoin rocketing on up is the continued weakness of the bitfinex exchange..

while bitcoin is being a biatch.. keep buying suppressed pms .. that totally puts it in em hard . .. imagine buying a bitcoin for less than 15.00 a coin and suddenly during the reset it's value goes to triple or quadruple digits... they can't pump the pms right now, the only thing they can do is keep them suppressed.. pumping pms would cause everyone to rush into pms.. thats not the plan. pms won't make their big move until the financial implosion is in full force and noone can get any pms at that time because there will be no supply. the wait will be longer, but then ur waiting on the reset that is coming.  if you need a place to store your pms, consider a vault in singapore. i think is possible to use ripple to get pms in a vault in singapore... from there u can move into several currencies, or have the pms shipped to u.

keep in mind the rate hike was forced! ... and we can see the immediate affect on the stock market has been instant crash mode. this shows us the fed has lost control. they also moved a bunch fed balance to the treasury (20 billion) for who knows what reasons... everything is getting weird... hardball bitcoin.. can't get a buy in ?? then buy pms and leave em pissed.. they can pump or crash bitcoin all pissed off about it.. too bad sorry charlie.

[BitUsher]

I've already answered that: hashpower (slight majority to strong majority)

This is in question as the miners are making political nods to both sides : Core and Classic. Additionally, this information along with Bitfury's article that strongly rejects all of classics principles lead me to doubt the sincerity of those commitments.

Technically , there is 0 miner support for Classic and 100% for Core right now. Until the miners start switch code , the vote hasn't happened.(Faking support like slush did with XT doesn't count either )

Details and context being revealed ....(I look forward to more data confirming before making any judgments)

https://www.bikeji.com/t/3144
http://www.weibo.com/3884337005/De95fs0cx?from=page_1005053884337005_profile&wvr=6&mod=weibotime

The translation:

Yesterday, Jeff(Garzik?), a developer of Bitcoin Classic, took a flight to Beijing from New York, to attend a meeting with the Chinese Bitcoin businesses, including Haobtc, OKCoin, Bitmain, Bither, LIGHTNINGASIC, with the aim of gaining further support for Bitcoin Classic. When talking about Bitcoin Classic's releases, Jeff stated that a hard fork is needed for the upgrading and improvement of the source code(the original Chinese are weasel words and possibly syntactically incorrect), yet(and) without providing a clear long-term roadmap(about what lies ahead of the 2MB increase?), which led to almost universal dissatisfaction among those present, whom further expressed their withdrawal of support for Bitcoin Classic, and the need to reach a wider consensus within the community before a decision can be made.

[sAt0sHiFanClub]

What percentage of the mining pool is represented by "Haobtc, OKCoin, Bitmain, Bither, LIGHTNINGASIC" ? 

We probably shouldn't jump to conclusions being that none of them are running classic nodes yet and the latest news indicate that they are sticking with core. The true vote is one that has commitment and resources behind it and not merely a nod of approval towards both core and classic.

I asked what the percentage of mining is represented by that list. I'm not jumping to any conclusions, but you clearly are - the tweet you quoted says "Chinese mining pools are sticking with Bitcoin Core"

[ChartBuddy]

Coin


Explanation

[sAt0sHiFanClub]

I've already answered that: hashpower (slight majority to strong majority)

This is in question as the miners are making political nods to both sides : Core and Classic.

Indeed, but if it turns out that only 2% make a nod to Core, then that is an important detail.

Additionally, this information along with Bitfury's article that strongly rejects all of classics principles lead me to doubt the sincerity of those commitments.

Bitfurys article strongly rejects XT principles. Not Classic.  XT != Classic.

Read it again, and the underlying tone is that they prefer development to be more open.

[BitUsher]

What percentage of the mining pool is represented by "Haobtc, OKCoin, Bitmain, Bither, LIGHTNINGASIC" ? 

The context was Chinese mining pools. With the list above and F2Pool which already made a deal with core a couple days ago(evidence provided earlier)... I see BTCC and BW mining missing which is ~20% global hash rate or around 2/3rds of Chinese mining pools  indicating they are sticking with core(If we are to believe the sources) and the remaining Chinese pools having an unknown position.

[petahashminer]

total hashrate has increased 20% in the last 4 days, i think this is a good sign of organic growth too.

[aztecminer]

Blocks are full. Let's see what happens.

https://www.reddit.com/r/btc/comments/41whvw/maximum_of_transactions_second_that_bitcoin_can/cz5v60m

It's the FULLBLOCALYPSE_TM

I think I'm done arguing. It just has to play out now.

(I was actually going to use that word but couldn't remember it exactly.)

big blocker capitulation is close ... they have no logical ground to stand on and the whole edifice is crumbling, Crassic was just the Hearn echo swansong

You don't seem to understand. Bigblockers will win if we crash the price far enough to persuade the miners to switch. If we fail in that, it's because the price is going up and they have no reason to listen to us. (if it ain't broke, don't fix it). So it's simple. Just keep pumping until we go away. That's how you'll get us to capitulate.

at this stage they can't drop bitcoin.. cuz if they do all the people who sold 300-320 will buy back .. hearn couldn't even get it to drop ... if u want to be in the bitcoin game then u gonna have to risk and buy >350. .. although bitfinex has continued weakness that suggest they are in very weak position. i doubt they can blow through a bitfinex collapse like they did cryptsy .

[aztecminer]

You don't seem to understand. Bigblockers will win if we crash the price far enough to persuade the miners to switch. If we fail in that, it's because the price is going up and they have no reason to listen to us. (if it ain't broke, don't fix it). So it's simple. Just keep pumping until we go away. That's how you'll get us to capitulate.

Did you miss the bit when it's been tried & failed a number of times now?

Yeah, well we'll see what happens when xaction fees triple and then triple again. 

well that will kill bitcoin as a currency. it doesn't cost me fees to use my debit card... sorry miners.. i feel for ya though..