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

[marcus_of_augustus]

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.

These are logical options to consider if the mining power cartelises and becomes hostile to the financial majority. It is laudable that they discuss these options in public and not in backroom deals with faceless Blockchain Alliance power brokers.

[ChartBuddy]

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Explanation

[bargainbin]

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 the HF and Classic. Either way, the future is great.

Didn't you say some stuff about staying with core for "ideological reasons"?

[BitUsher]

Didn't you say some stuff about staying with core for "ideological reasons"?

Quite the opposite. I have repeatedly said I would attack core and blockstream if there was any betrayal to my ideals. Ethos takes precedence. Tribalism is to be despised.

[pleaseexplainagain]

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 fascinating and encouraging that we shouldn't worry and all be happy despite the outcome. I am at peace with the 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. GPU only mining would bring in many new participants who left for other alts long ago , and casual gamers with good gpus as well .

yes as Andreas said in one of the links posted here there is nothing to really worry about with many players - core, classic, etherum etc - it is just the market coming up with different ways of operating .

It is just that we have had a single market player for so long it seems odd.
interesting that the bitcoin price is not being hit by these new (possible) changes. Not sure that shows they understand them and percieve little risk or that they are waiting for an actual definite outcome before buying/selling. But considering the price reaction to hearn's comments a while back it is odd there is so little movement?

[Cconvert2G36]

The Blockstream faction and MP's chatroom squabbling over the crumbs left over from a 75--->100% hard fork, assembling two different and competing altcoins without any practical utility... could there be a more deliciously ironic outcome?

[BitUsher]

The Blockstream faction and MP's chatroom squabbling over the crumbs left over from a 75--->100% hard fork, assembling two different and competing altcoins without any practical utility... could there be a more deliciously ironic outcome?

Congrats comrade! I sincerely wish you no ill and the best of luck in your endeavors. Whatever the resolution we are prepared to move forward, together or apart, everyone will do fine.

Now, its time for me to leave and go and code. Good Night everyone. 

[julian071]

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 .

Why would anyone come back?

[gentlemand]

Why would anyone come back?

The siren lure of potential cashola? I assume there would just be GPU farms instead though, then evil ASICs masquerading as GPUs. Then it all goes down in flames. 

[2legit2]

its a pity to see that the price is not recovering and that the price is neither going down nor growing up, i cant wait to see some more action in the bitcoin price and how will everything turn out with the block size limit

[julian071]

Why would anyone come back?

The siren lure of potential cashola? I assume there would just be GPU farms instead though, then evil ASICs masquerading as GPUs. Then it all goes down in flames. 

Lol exactly.

[BlindMayorBitcorn]

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.

Final thoughts

In the long term, in case of chain split, I think that Core’s better governance model and far better technical team will cause it to have a higher market cap.

We’ll have an interesting dichotomy:

Classic will have (kind of) democratic governance but centralized, ASIC based mining.

Core will have (kind of) meritocratic governance but democratic, GPU based mining.

This is the future. Core will never relent.

[ssmc2]

Why do you fools really think there will be 2 chains lasting longer than a couple days 

[ChartBuddy]

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Explanation

[gentlemand]

Why do you fools really think there will be 2 chains lasting longer than a couple days  

The losers will maintain their ShitChaintm just to annoy us.

Call me a commie pinko liberal faggot if you like but I'd get a boner for democratic governance and democratic mining. Who wants to fork with me? I think we all deserve another one.

[BlindMayorBitcorn]

Why do you fools really think there will be 2 chains lasting longer than a couple days  

[CuntChocula]

Why do birds sing so gay, and lovers await the break of day?

Ooooo wah, oooooo wah, ooooo wah, oooooo wah,
ooooo wah, oooooo wah, Why do fools fall in love?

[Richy_T]

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 .

Any fork with a low hashrate would be subject to what Luke-jr did with to Coiledcoin.

[billyjoeallen]

There is absolutely no possibility of forking away from Proof of Work. That is simply too radical of a change to gain any traction. There is a very remote possibility of forking to a different POW algorythm,but that would likely be in the distant future if some advancement in computing power such as quantum computing renders SHA256 obsolete.  It would serve no purpose to do fork in order to get away from mining being concentrated in China. It's cheep electricity that gives them an advantage and that will give them an advantage with any POW scheme.

Similarly, there is no possibility of successfully forking away from the 21 Million BTC cap.Any serious proposal to do that would trigger a catastrophic market dump if it even started to gain any credibility.

The 1 MB cap on block size is a different scenario entirely. Without raising the limit, BTC appreciation is severely limited. There is no way a significant increase in BTC valuation will not attract enough new users to clog the mempool and render the network unreliable.

If I had to guess, I would say the general direction of the market is down until AFTER a successful hard fork to increase capacity. In any case, it's risky to be long, even if you support Bitcoin Classic and you see support growing.  I have a suspicion that the natural differences in opinion, vision and philosophy are being exacerbated by some force hostile to our project and is carrying out a successful rough consensus attack. If that's true, there is no reason to assume that this attack will cease until a competing coin gains a critical mass or market share. 

I don't know what's worse: that somebody found and is exploiting Bitcoin's governance vulnerability or that governance is so bad that development is fracturing on it's own without help. 

[BlindMayorBitcorn]

Blockchain, chain, chain
(Chain, chain, chain)
Chain, chain, chain
(Chain, chain, chain)
Chain, chain, chain
(Chain, chain, chain)
Chain of fools