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

[BldSwtTrs]

XT altcoin was much more serious bitcoin take over attempt than this joke named ClasSick.

You seem scared.

Wrong. Think again.

What will you do when the hard fork happens?

Unbelievable number of antibitcoin trolls are pouring in. Who is paying? That is the question!

I am not paid for my forum activity but I welcome anyone who wants to finance me.

[ChartBuddy]

Coin



Explanation

[JayJuanGee]

the price seems to be getting back after the previous drop, the blocks are getting filled more and more often, i hope this problem will be solved as soon as possible as its definitely not a good thing for bitcoin

The price is still higher than it has been in the past recently, however I do agree that the drop has not been good for Bitcoin. I am not a master of economics, but I think a steady rise is not entirely out of the question for now. We are currently mostly stagnant at $389/$388, and it hasn't dropped severely since then.

I find it a bit curious to see frequent assessments of bitcoin's "stability", after price stays in a certain range for a few days or returns to a certain range for a week or so.

Surely, prolonged downtrends in trade volume could cause us to conclude stability, yet I get the sense that bitcoin prices are no where near stability, even though from time to time, we experience what seems to be extended price and trade volume lulls.

[BlindMayorBitcorn]

This is good.

Interestingly, since there is no government forcing everyone to run any particular software, it would seem that the "free market" has already decided that a 1 MB block cap is best.  At some point in the future that same free market may choose a larger cap, or it may get rid of the cap altogether, but I don't see how a cap is in anyway at odds with the idea that bitcoin is a "free-market experiment".

Things may not be the way that some group of people might want it to be, but free-market doesn't mean "everyone gets to be happy". Unfortunately, an unregulated free market can be a VERY messy thing at times.  It is quite possible that we could see transaction fees of $100 worth of bitcoins or more just to get a transaction confirmed within a week, and unconfirmed transactions being regularly "double-spent" days after the original transaction is sent long before we see a change in the cap on blocksize.  We could see the exchange rate drop to pennies per bitcoin (or even bitcoins per penny) as people lose interest in a system that they feel excludes them.

A useless and worthless bitcoin could very well be exactly what the free market feels is best.  That doesn't mean that Bitcoin isn't a free-market experiment. It just means that bitcoin might prove that an unregulated free market is a disaster.

Or

Perhaps an innovative person will find a way to motivate the free market to force a change.  There are people that thought they would be able to motivate change, and they failed.  Some of these people think that their own failure is an indication that bitcoin or the free market is a failure, but it is entirely possible that they simply didn't provide the right motivations in the right way to effect market forces in a way that would push changes they desired.

[JayJuanGee]

^I can't tell if you actually just said anything lol.

hahahahahahaha


You talking about me, willis?


In fact, you may be emulating fatty?   

[BlindMayorBitcorn]

^I can't tell if you actually just said anything lol.

hahahahahahaha


You talking about me, willis?


In fact, you may be emulating fatty?   

I assume his role when he isn't here. I'm eating donuts for breakfast.

[sAt0sHiFanClub]

This is good.

Interestingly, since there is no government forcing everyone to run any particular software, it would seem that the "free market" has already decided that a 1 MB block cap is best. 

By inaction, or at least benign indifference, we signal approval?  I can buy that.

But the existence of Big Blockers and 3 alternative implementations surely signals a less than universal acceptance of the status quo.

[BlindMayorBitcorn]

This is good.

Interestingly, since there is no government forcing everyone to run any particular software, it would seem that the "free market" has already decided that a 1 MB block cap is best.

By inaction, or at least benign indifference, we signal approval?  I can buy that.

But the existence of Big Blockers and 3 alternative implementations surely signals a less than universal acceptance of the status quo.

Of course. I'm personally mad as hell and ain't gonna take much more.

[ChartBuddy]

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Explanation

[peonminer]

This stable price crap is boooooooooorrrrrrrrrrrrrrrrrrrrrrrriiiiiiiiiiiiiinnnnnnnnnnnnnggggggggggggggggg gg.

[JayJuanGee]

This is good.

Interestingly, since there is no government forcing everyone to run any particular software, it would seem that the "free market" has already decided that a 1 MB block cap is best.

By inaction, or at least benign indifference, we signal approval?  I can buy that.

But the existence of Big Blockers and 3 alternative implementations surely signals a less than universal acceptance of the status quo.

Of course. I'm personally mad as hell and ain't gonna take much more.

What you gonna do?  stop buying?  sell?  contact the media?

[sAt0sHiFanClub]

This is good.

Interestingly, since there is no government forcing everyone to run any particular software, it would seem that the "free market" has already decided that a 1 MB block cap is best.

By inaction, or at least benign indifference, we signal approval?  I can buy that.

But the existence of Big Blockers and 3 alternative implementations surely signals a less than universal acceptance of the status quo.

Of course. I'm personally mad as hell and ain't gonna take much more.

What you gonna do?  stop buying?  sell?  contact the media?

Thou shall be above only, and not beneath. Thou shall be the head, and never the tail.

[shmadz]

XT altcoin was much more serious bitcoin take over attempt than this joke named ClasSick.

You seem scared.

Those who solely support Core are getting scared.  So scared in fact that they're now discussing a change of PoW if Classic hardforks.

They are discussing the nuclear option if they don't get their way.  Telling.

From my recollection, the group threatening the "nuclear option" is not promoting core, but promoting a pure, uncluttered version of bitcoin they have been working on (available here -> http://thebitcoin.foundation )

If bitcoin hard forks, and if your preferred fork were not in the majority, a change PoW algorithm would be rational and recommended. In fact, depending on the split of hashpower, refusing to change the proof of work algorithm would be suicidal.

I'm still undecided, I appreciate the value that a group like blockstream can offer in terms of innovation. I also appreciate the value of a group like The Serene Republic can offer in terms of protecting the vision of incorruptible money.

I have no dog in this fight, and I haven't been following very closely lately. My position is set, my coins are old and will spend on whatever forks emerge so I'm not as immersed as I used to be. --but... if you are bullish about the long term prospect of bitcoin, but uncertain of the resolution of this bitcoin civil war, your best option might be to simply secure as many bitcoin as you can before the hard fork happens to secure your place on all subsequent forks.

[ChartBuddy]

Coin



Explanation

[sAt0sHiFanClub]

XT altcoin was much more serious bitcoin take over attempt than this joke named ClasSick.

You seem scared.

Those who solely support Core are getting scared.  So scared in fact that they're now discussing a change of PoW if Classic hardforks.

They are discussing the nuclear option if they don't get their way.  Telling.

From my recollection, the group threatening the "nuclear option" is not promoting core, but promoting a pure, uncluttered version of bitcoin they have been working on (available here -> http://thebitcoin.foundation )

No need to bring in random nutters to blame for the nuclear option. Luke and Greg talked about this on reddit. Apparently the code is all ready to go.

[bargainbin]

XT altcoin was much more serious bitcoin take over attempt than this joke named ClasSick.

You seem scared.

Those who solely support Core are getting scared.  So scared in fact that they're now discussing a change of PoW if Classic hardforks.

They are discussing the nuclear option if they don't get their way.  Telling.

From my recollection, the group threatening the "nuclear option" is not promoting core, but promoting a pure, uncluttered version of bitcoin they have been working on (available here -> http://thebitcoin.foundation )

No need to bring in random nutters to blame for the nuclear option. Luke and Greg talked about this on reddit. Apparently the code is all ready to go.

[BitUsher]

From my recollection, the group threatening the "nuclear option" is not promoting core, but promoting a pure, uncluttered version of bitcoin they have been working on (available here -> http://thebitcoin.foundation )

If bitcoin hard forks, and if your preferred fork were not in the majority, a change PoW algorithm would be rational and recommended. In fact, depending on the split of hashpower, refusing to change the proof of work algorithm would be suicidal.

I'm still undecided, I appreciate the value that a group like blockstream can offer in terms of innovation. I also appreciate the value of a group like The Serene Republic can offer in terms of protecting the vision of incorruptible money.

I have no dog in this fight, and I haven't been following very closely lately. My position is set, my coins are old and will spend on whatever forks emerge so I'm not as immersed as I used to be. --but... if you are bullish about the long term prospect of bitcoin, but uncertain of the resolution of this bitcoin civil war, your best option might be to simply secure as many bitcoin as you can before the hard fork happens to secure your place on all subsequent forks.

There are alternative forks with different visions that are looking to jump at the opportunity with this hardfork and they are already working on the code---
https://medium.com/@vcorem/lesson-learned-from-the-classic-coup-attempt-or-why-core-needs-to-prepare-a-gpu-only-pow-6a9afe18e4b0#.gpzfq1qtw

 Looks like there might be multiple penitential chains created . Potentially a 3 for 1 "stock" split?  

Very interesting. I suppose this is all possible when you have a contentious HF and a low 75% fuse.

[sAt0sHiFanClub]

From my recollection, the group threatening the "nuclear option" is not promoting core, but promoting a pure, uncluttered version of bitcoin they have been working on (available here -> http://thebitcoin.foundation )

If bitcoin hard forks, and if your preferred fork were not in the majority, a change PoW algorithm would be rational and recommended. In fact, depending on the split of hashpower, refusing to change the proof of work algorithm would be suicidal.

I'm still undecided, I appreciate the value that a group like blockstream can offer in terms of innovation. I also appreciate the value of a group like The Serene Republic can offer in terms of protecting the vision of incorruptible money.

I have no dog in this fight, and I haven't been following very closely lately. My position is set, my coins are old and will spend on whatever forks emerge so I'm not as immersed as I used to be. --but... if you are bullish about the long term prospect of bitcoin, but uncertain of the resolution of this bitcoin civil war, your best option might be to simply secure as many bitcoin as you can before the hard fork happens to secure your place on all subsequent forks.

There are alternative forks with different visions that are looking to jump at the opportunity with this hardfork and they are already working on the code---
https://medium.com/@vcorem/lesson-learned-from-the-classic-coup-attempt-or-why-core-needs-to-prepare-a-gpu-only-pow-6a9afe18e4b0#.gpzfq1qtw

 Looks like there might be multiple penitential chains created . Potentially a 3 for 1 "stock" split?  

Very interesting. I suppose this is all possible when you have a contentious HF and a low 75% fuse.

The more contentious alternatives the better. The HF only triggers at 75% - thats 75% for Classic.
That means that core must now share the remaining 25% with all the other implementations.  They will attack each other into oblivion.

[marcus_of_augustus]

Satoshi gets the final say on any contentious hard fork, neither fork could survive the satoshi deluge ... and he only needs to move a few well-known coins to make intentions clear without the full 1million BTC dump. If you don't know his intentions then you are working inside a drastic information asymmetry. It would be good if all the pretenders, imposters, usurpers and sundry scumbags ended up on the wrong side before being washed away in the salutary flood.

[BitUsher]

The more contentious alternatives the better. The HF only triggers at 75% - thats 75% for Classic.
That means that core must now share the remaining 25% with all the other implementations.  They will attack each other into oblivion.

Check out the link, comrade. There is no competing over 25% remaining ASICs' with what is being discussed. It is both fascinating and encouraging and we shouldn't worry regardless the outcome. I am at peace with a potential HF and Classic. Either way, the future is great.

P.S.. 75% of hashing does not equal an economic majority or a majority of users. Appears to be more supporting Core, but who knows , such a difficult thing to measure. GPU only mining would bring in many new participants who left for other alts long ago , and casual gamers with good gpus as well .