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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26385091 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (174 posts by 3 users with 9 merit deleted.)
billyjoeallen
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January 24, 2016, 01:43:54 PM

If today's daily candle stays green, it will be the first time this year that we have 2 consecutive up days.

ChartBuddy
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January 24, 2016, 02:01:32 PM

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bargainbin
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January 24, 2016, 02:25:45 PM

http://cpgblogger.blogspot.de/2016/01/what-heck-is-bitcoin-core-thinking.html
Quote
With the combination of these changes, we are looking at a MASSIVE increase in capacity of the network over the next 1-2 years which will keep transactions cheap and maintain decentralization.

meh.  He is again describing segwit as a scaling solution, when that was never the intention. To rely on a latent side effect as the primary reason to implement it so quickly is simply poor engineering practice.  Also, his space saving projections are optimistic.

Streaming to >50 people is an engineering problem too.
https://www.reddit.com/r/Bitcoin/comments/42bdwm/consensus_round_table_meeting_in_miami_going_on/cz962q7 (open the collapsed comment for extra lel)

luke-jrLuke Dashjr - Bitcoin Expert: It won't let me without giving Google my phone number...

Other guy: Is there something stopping you from registering a google voice number and then giving it to them?

luke-jrLuke Dashjr - Bitcoin Expert: Dunno, sounds like a lot of steps/time that would distract me from the actual topic.

TL;DR: Expert fails, but not after trying to break TOS & h4xx0r all things.
designerusa
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January 24, 2016, 02:33:44 PM

do you think may the bitcoin prices go up again like today ? i bought little bitcoin but prices start to drop again. i am nervous.. what are your predictions ?
molecular
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January 24, 2016, 02:36:54 PM

do you think may the bitcoin prices go up again like today ? i bought little bitcoin but prices start to drop again. i am nervous.. what are your predictions ?

maybe you invested too much?

If you're getting nervous about every little price swing, what will you do when bitcoin goes -30% or +50% like it will surely do again some time in the future? Panic? Act on emotion?

make a plan (something like dollar cost averaging every week) and stick to it!

Don't invest what you can't afford to lose.

If you don't have enough money: try to earn more and cut expenses. Also cut expenses.

EDIT: oh and my personal favorite: whatever you do, don't ever commit all available funds/resources. Always leave some room for the possibility of a bad decision. (I will never understand people who go "all in", or "fully out")
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January 24, 2016, 03:01:32 PM

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tomothy
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January 24, 2016, 03:12:01 PM

https://www.reddit.com/r/Bitcoin/comments/42fggm/chinese_community_has_voiced_consensus_opinion_to/

I think this is why we are starting to go up. Miners providing clear road map.

Also, I'm interpreting this as a miner revolt. Not siding with core or classic. Just changing 1mb to 2mb and nothing else. I'm happy with the move but not everyone might be.


Copied from Google translate.


[Currency] 1992 consensus reached circle gathering support 2MB, against less than 90% count bifurcated force consensus
Lai Bite mine pool | 01-24 | Look landlord
This post was last at 2016-1-24 22:25 edited by 莱比特 mine pool

Author : Lai Bite mine pond river Thatcher stakeholders : Bitcoin / litecoin miners, who hold out

January 23 afternoon, the coldest day in Beijing, good Bitcoin (haobtc.com) organized a party in full swing in currency circles. Participants in the development of good bitcoins, bitcoin block expansion, force mining operator, on Bitcoin future prospects and other topics heated discussion.

On the block expansion, the participants reached the following consensus and hoped that all bitcoin businesses and users to join this broad nine (90%) di (2MB) consensus:

1, Bitcoin need expansion to 2MB.
2, against less than 90% count bifurcated force consensus.

Meeting participants :
Good Bitcoin CEO Wu Gang, super bitcoin, Thief, Bear, etc.
Continental CEO Wu Ji Han Bit
Ants mine pool Panzhi Biao
Ants mining machine Li Ying Fei
Guo Hong Btc123 only
Wells Fargo Funds Zhao Guofeng
Cloud coins cat
Too wallet than Wenhao
Look currency Fangfang
Soso Bitcoin Linjia Peng
(Many participants, if missing, please forgive me)

Consensus [Interpretation]
As we all know, this block expansion is no longer a technical issue, but a conflict of interest due to political problems. Background see previous article: " [Bitcoin facing a critical choice] urge all people to support macro news 2MB expansion . "

Miami Bitcoin Assembly yesterday did not reach any substantive program or conclusions, in the case of the community unable to agree on the bifurcation to the Classic program, in order to avoid splitting the community, it is necessary to seek common ground and reach a more basic consensus. Core agree that the expansion is not at risk, need consensus, we gave him a consensus. This consensus is necessary to be able to reach a broad consensus to avoid split in order to appease the market, but also a future operability.

90% consensus from the community on any separatist act resolutely resist , to ensure the continued development of the security community .

2MB consensus from Nakamoto white paper - " a peer to peer electronic cash system ", rather than" a peer to peer electronic clearing system , "according to Nakamoto Bitcoin design is the currency, rather than clearing system, 1MB not may meet the demand for money, we can not even meet the needs of the settlement system (1MB = 7 strokes / sec, SWIFT = 60 strokes / sec ).

On the basis of consensus, welcomes all bitcoin businesses and users to join other further views and programs, for example, the discussion in the party on the collision of a good program:
Quote: If the premise of full block occurs, and the Core program is not upgraded to 2MB, Classic program has not been a broad consensus in the case, to support mine pool in the community has reached a broad consensus on the expansion, and 90 percent have considered the force of consensus, according to Nakamoto given block expansion plan in 2010 ( [PATCH] Increase Block size limit ), on the basis of the existing version, simply modify the line of code, will be upgraded to 1MB 2MB, in order to meet their urgent needs, so that communities are more fully time to discuss the pros and cons of different options.

This would be a good and simple, the most likely to reach a broad consensus. There is such a final feasible solution possible pro (bi) make (po) Core reconciliation initiative.

[Risk] isolation witness
Core developers tried to isolate the witness (segwit) to indirectly achieve expansion effect, but there is a big problem and a safety hazard.

First, isolation witness in the case of single signature transactions 100%, up only 1.6MB achieve expansion effect, segregation witness the complexity and huge development effort, making it difficult to update other applications, not even update. Suppose you have 50% use transaction that is equivalent, after 6-12 months to achieve the expansion effect 1.3MB, it does not make sense.

Secondly, the isolation testimony to Bitcoin underlying logic changes a lot, developing a huge workload and a high degree of risk, under the pressure of expansion in the community, Core development there must rush, the bit continent CEO Wu Han bogey on the party yesterday confirmed the "Core development work ten hours a day presence crashing" . Bitcoin user a lot of people are technical background, you rush out very clearly what is the quality of the code.

And many people's minds, "stable and reliable" Bitcoin different bit on history there have been many loopholes credits (" History vulnerability disclosure "). For example, 15 August 2010, hackers have used integer overflow vulnerability brush coins (" Bitcoin had been brushed out of 184 400 000 000 ").

Now "stable", is six years constantly fixing bugs results Bitcoin. If the hurried work on the line isolation witness, once similar serious loopholes, currency price volatility is not a simple one or two hundred, but to directly erase a number and cause irreparable long-term adverse impact on the reputation of Bitcoin . Thus preventing on-line Core hastily without adequate verification of isolation testimony is very important.

[Consensus Action]
We will do our best to invite Bitcoin companies added to this basic consensus.
Please all Bitcoin users, replies to support this consensus basis, thank you for your support for Bitcoin!

Additional information: Why are 90% considered force consensus?
Because some operators not force open the mine pool (solo mining or private pool), which is considered part of the force is difficult to directly express their will,
remove this part of the silent count force, requiring 90% considered force consensus, in fact, it requires 95%
sAt0sHiFanClub
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January 24, 2016, 03:14:53 PM

http://cpgblogger.blogspot.de/2016/01/what-heck-is-bitcoin-core-thinking.html
Quote
With the combination of these changes, we are looking at a MASSIVE increase in capacity of the network over the next 1-2 years which will keep transactions cheap and maintain decentralization.

meh.  He is again describing segwit as a scaling solution, when that was never the intention. To rely on a latent side effect as the primary reason to implement it so quickly is simply poor engineering practice.  Also, his space saving projections are optimistic.

Streaming to >50 people is an engineering problem too.
https://www.reddit.com/r/Bitcoin/comments/42bdwm/consensus_round_table_meeting_in_miami_going_on/cz962q7 (open the collapsed comment for extra lel)

luke-jrLuke Dashjr - Bitcoin Expert: It won't let me without giving Google my phone number...

Other guy: Is there something stopping you from registering a google voice number and then giving it to them?

luke-jrLuke Dashjr - Bitcoin Expert: Dunno, sounds like a lot of steps/time that would distract me from the actual topic.

TL;DR: Expert fails, but not after trying to break TOS & h4xx0r all things.

Luke has always shown a consistently high threshold to technology adoption.

I think richy said it best with ""Dumpster diving for 486's"  Cheesy
ChartBuddy
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January 24, 2016, 04:01:36 PM

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mmitech
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January 24, 2016, 04:05:47 PM

Wouldn't touch this dead horse for now, even if they raise the block size to 32 MB, this would give us less than 100 transaction/sec, with this growth pace we will have the same problem after a couple of years, Bitcoin is already failing as a payment system.

We had twice more blocks the last hour than we suppose to have (6 blocks/hour), but blocks are full and couldn't clear the backlog of unconfirmed transactions waiting to be included, the amount of backlog went as high as 13 MB at once the last couple of days. and kept a consistent 10 MB for more than 24 hours.






Why buy Bitcoin when Ethereum can do everything Bitcoin does way better, efficient and even more.... Ethereum is the next big thing.

 
Richy_T
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January 24, 2016, 04:05:51 PM

If today's daily candle stays green, it will be the first time this year that we have 2 consecutive up days.



Blocks get full, price goes down. Blocks get less full, price goes up. Trend is to fuller blocks.

Or maybe just Bitcoin doing its thing.
Richy_T
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January 24, 2016, 04:08:09 PM

Streaming to >50 people is an engineering problem too.
https://www.reddit.com/r/Bitcoin/comments/42bdwm/consensus_round_table_meeting_in_miami_going_on/cz962q7 (open the collapsed comment for extra lel)

luke-jrLuke Dashjr - Bitcoin Expert: It won't let me without giving Google my phone number...

Other guy: Is there something stopping you from registering a google voice number and then giving it to them?

luke-jrLuke Dashjr - Bitcoin Expert: Dunno, sounds like a lot of steps/time that would distract me from the actual topic.

TL;DR: Expert fails, but not after trying to break TOS & h4xx0r all things.

I am a little sympathetic to not wanting to give Google your phone #. (Though they already have mine)
bargainbin
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January 24, 2016, 04:24:54 PM

Streaming to >50 people is an engineering problem too.
https://www.reddit.com/r/Bitcoin/comments/42bdwm/consensus_round_table_meeting_in_miami_going_on/cz962q7 (open the collapsed comment for extra lel)

luke-jrLuke Dashjr - Bitcoin Expert: It won't let me without giving Google my phone number...

Other guy: Is there something stopping you from registering a google voice number and then giving it to them?

luke-jrLuke Dashjr - Bitcoin Expert: Dunno, sounds like a lot of steps/time that would distract me from the actual topic.

TL;DR: Expert fails, but not after trying to break TOS & h4xx0r all things.

I am a little sympathetic to not wanting to give Google your phone #. (Though they already have mine)

~brinnng!~
-Hello?
-Do you have Prince Albert in a can? Then let him out! Hahhaha!!1
-Darn you Google kids!

(I actually opted into Google tracking my searches etc., have gmail, google voice etc. accounts linked. Limit questionable stuff to TOR. Actually improved my "browsing experience" (or whatever that's called))
*BTW, you taking any time off before starting the new job?
Richy_T
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January 24, 2016, 04:31:11 PM

~brinnng!~
-Hello?
-Do you have Prince Albert in a can? Then let him out! Hahhaha!!1
-Darn you Google kids!

(I actually opted into Google tracking my searches etc., have gmail, google voice etc. accounts linked. Limit questionable stuff to TOR. Actually improved my "browsing experience" (or whatever that's called))

A lot of what Google does is pretty good but they do tend to make things mandatory which really are not technically needed but do help Google to monetize their customers.

Now, that's all well and good, free market, blah blah blah until you find yourself in the situation, as Luke-jr did, where you are required to use their services to participate in something. If you are trying to organize that something, particularly in this sphere where it's voluntary participation, you'll find there are those that don't accede to those requirements (See RMS). Better to go with open solutions if you can.

New job? I just left the old one. Cheesy I have some projects I want to work on. Hopefully I can turn at least one of them into a steady income but if not, my skills are in demand around this area.
becoin
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January 24, 2016, 04:34:06 PM

Bitcoin is already failing as a payment system.
Big blocktards don't understand that Bitcoin was never ment to be payment system. it was created as electronic cash system!

Bitcoin: A Peer-to-Peer Electronic Cash System

Every payment system is created on top of a cash system. You can have many payment systems on top of a single cash system! If we constantly increase block size we shall never create environment where creating competitive payment system is economically feasible AND more importantly in the end we shall ruin bitcoin as cash!

Right now it is not the block size that needs to be increased. It is the tx fees that need to be increased!

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January 24, 2016, 04:38:09 PM

It is the [use cost] that need to be increased!



Said no successful business in a competitive market anywhere.
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January 24, 2016, 04:39:24 PM

Bitcoin is already failing as a payment system.
Big blocktards don't understand that Bitcoin was never ment to be payment system. it was created as electronic cash system!

Bitcoin: A Peer-to-Peer Electronic Cash System

Every payment system is created on top of a cash system. You can have many payment systems on top of a single cash system! If we constantly increase block size we shall never create environment where creating competitive payment system is economically feasible AND more importantly in the end we shall ruin bitcoin as cash!

Right now it is not the block size that needs to be increased. It is the tx fees that need to be increased!



What ever gives you self comfort and illusion while Bitcoin crawl to its death... instead of fixing the real issue.

We wont give our costumers what they need but lets keep increasing the fee instead, until no one wants to use our overpriced old service especially with other better and efficient services raising... this really seems like a smart move.
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January 24, 2016, 04:42:35 PM

It is the [use cost] that need to be increased!



Said no successful business in a competitive market anywhere.

Longterm Bitcoin has to gather enough fees to survive, without fees no miners.

Or in your business language: We can give away our product for free, said no successful business ever.

edit: the fees will longterm lead 1:1 to Bitcoins security. the higher the gathered fees the higher the security of the network.
mmitech
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January 24, 2016, 04:43:56 PM

It is the [use cost] that need to be increased!



Said no successful business in a competitive market anywhere.

Longterm Bitcoin has to gather enough fees to survive, without fees no miners.

Or in your business language: We can give away our product for free, said no successful business ever.

by long term you mean a couple of years from now ? or when the block reward is almost zero ? we have to define what is long term first then we can discuss what is right.
ImI
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January 24, 2016, 04:46:08 PM

It is the [use cost] that need to be increased!



Said no successful business in a competitive market anywhere.

Longterm Bitcoin has to gather enough fees to survive, without fees no miners.

Or in your business language: We can give away our product for free, said no successful business ever.

by long term you mean a couple of years from now ? or when the block reward is almost zero ? we have to define what is long term first then we can discuss what is right.

longterm i mean when blockreward is zero, yes. nevertheless we should already be aware of that fees are not something "evil" but overall necessary. its a balance between allowing 0-fee transactions to process, while still having enough pressure to have some fees paid.
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