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

[Cconvert2G36]

This slide speaks to the Chinese as if they're absolute idiots... like they don't even know what they are deciding. The one positive... the outcome will give me a clear answer as to the level of risk I'm willing to place on this experiment... possibly forced diversification, as it were... pulling the cords after/during the "no fork" relief rally of course.

[billyjoeallen]

here's why I am bearish:

In poker, if you have a hand with a 10% chance of winning $10,000, it's worth a $1000 bet. I think Bitcoin has a ~25% of being worth $3,000 at the next bubble top if there is one.  There is a 50/50 chance that the scaling conflict will be resolved and a 50/50 chance that either the mining concentration issue will be fixed by adding enough hashpower outside of China or that the ChiComs can't figure out how to launch a 51% attack or choose not to. 

Then there is also the risk that Bitcoin is outlawed, hacked, broken or surpassed by a better coin (50/50)

So Bitcoin should be trading around (O.5 X 0.5 X 0.5 X $3,000) or $375

[fichtn12345]

i have a dream! i dream of large corporations/governments competing for blocks with 100,000's of 0.00001BTC fees

I have a dream where a bitcoin is worth $400,000 each three halvings from now so the blockreward is over a million bucks and miners still won't care about fees.  

If BTC value doubles more frequently than the blockreward halves, fees will never be needed to sustain miners. Of course BTC can't grow exponentially in purchasing power forever, but it can in nominal terms if the U.S. Dollar ever hyperinflates.

Keep on believing!

[ChartBuddy]

Coin



Explanation

[iCEBREAKER]

   Pervert it all you'd like iCE, it won't be Bitcoin when you're done with it.   

Thanks for posting that wonderful slide, it's like the Rosetta Stone of Bitcoin's Great Schism.

How do you imagine I'm going to cause some radical change in our beloved phlegmatic Honey Badger?

I'm flattered you believe it's within my powers to transmute Bitcoin into some perverted form (via inaction no less!), but can't fathom the internal logic of such a fanciful delusion.

The truth is Honey Badger really doesn't give a shit what I (or you) do (or don't do).

Bitcoin will only stop being Bitcoin if it ceases to be immune to the populist nonsense and moral hazard insisted upon by Gavinista quasi-majoritarians.

Gavincoin's 75% threshold is three wolves and a lamb voting on what to have for lunch.

Bitcoin is never going to sacrifice its critical consensus for your high time preference.

The max block size will increase eventually but Sorry, Not Tonight Dear.

If you want to use a democratically elected political currency try the USD, EUR, or CNY.   

[Fatman3001]

Mods of Reddit, what's the most fucked up post you had to remove?

I bet you'll never guess.

Lambie is a celebrity.

[Cconvert2G36]

   Pervert it all you'd like iCE, it won't be Bitcoin when you're done with it.  

Thanks for posting that wonderful slide, it's like the Rosetta Stone of Bitcoin's Great Schism.

How do you imagine I'm going to cause some radical change in our beloved phlegmatic Honey Badger?

I'm flattered you believe it's within my powers to transmute Bitcoin into some perverted form (via inaction no less!), but can't fathom the internal logic of such a fanciful delusion.

The truth is Honey Badger really doesn't give a shit what I (or you) do (or don't do).

Bitcoin will only stop being Bitcoin if it ceases to be immune to the populist nonsense and moral hazard insisted upon by Gavinista quasi-majoritarians.

Gavincoin's 75% threshold is three wolves and a lamb voting on what to have for lunch.

Bitcoin is never going to sacrifice its critical consensus for your high time preference.

The max block size will increase eventually but Sorry, Not Tonight Dear.

If you want to use a democratically elected political currency try the USD, EUR, or CNY.  

I'm aware that you're impotent, personally, but those that you endorse and enable are not...

Truth is... Core Power Rangers have been given an ultimatum... now we anxiously await an answer.

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

Unlike you? I'm willing to accept their decision.

[billyjoeallen]

   Pervert it all you'd like iCE, it won't be Bitcoin when you're done with it.   

Thanks for posting that wonderful slide, it's like the Rosetta Stone of Bitcoin's Great Schism.

How do you imagine I'm going to cause some radical change in our beloved phlegmatic Honey Badger?

I'm flattered you believe it's within my powers to transmute Bitcoin into some perverted form (via inaction no less!), but can't fathom the internal logic of such a fanciful delusion.

The truth is Honey Badger really doesn't give a shit what I (or you) do (or don't do).

Bitcoin will only stop being Bitcoin if it ceases to be immune to the populist nonsense and moral hazard insisted upon by Gavinista quasi-majoritarians.

Gavincoin's 75% threshold is three wolves and a lamb voting on what to have for lunch.

Bitcoin is never going to sacrifice its critical consensus for your high time preference.

The max block size will increase eventually but Sorry, Not Tonight Dear.

If you want to use a democratically elected political currency try the USD, EUR, or CNY.   

Sorry, but you won't get rid of us that easily. Bitcoin price goes down as Classic node count goes up, so if you want the value to appreciate, you will convince your masters that they will give us 2MB or we will end up getting 2MB AND cheap coins through Classic or whatever follows that. 

Bitcoin didn't start with a 1 MB limit as you damn well know and it was not intended to be an economic tool but an anti-spam tool.  21 MM coins is sacred. 1MB is just a feature that has turned into a bug.
Lack of consensus for a specific change is not the same as consensus for the status quo. There is NOT consensus for artificial scarcity of blockspace.  There is lack of consensus, and it's Core's fault.

[iCEBREAKER]

Core Power Rangers have been given an ultimatum

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

You honestly expect Honey Badger to respond to ultimatums (ie threats)?

If X gives a shit about ultimatums and threats, X is not Honey Badger.

As for the [impressively large number of] hashes, their function is to act as well-paid security guards, not executives.

If the security guards start demanding a vote in the boardroom they protect, the board will simply fire and replace them with new rent-a-cops.

There is nothing indispensable about sha256, and if the centralized miner tail tries to wag the distributed socioeconomic majority dog we will simply change to another PoW.

[arklan]

Core Power Rangers have been given an ultimatum

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

You honestly expect Honey Badger to respond to ultimatums (ie threats)?

If X gives a shit about ultimatums and threats, X is not Honey Badger.

As for the [impressively large number of] hashes, their function is to act as well-paid security guards, not executives.

If the security guards start demanding a vote in the boardroom they protect, the board will simply fire and replace them with new rent-a-cops.

There is nothing indispensable about sha256, and if the centralized miner tail tries to wag the distributed socioeconomic majority dog we will simply change to another PoW.

"simply" he says.

[Cconvert2G36]

I'm aware that you're impotent, personally, but those that you endorse and enable are not...

Truth is... Core Power Rangers have been given an ultimatum... now we anxiously await an answer.

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

Unlike you? I'm willing to accept their decision.

You honestly expect Honey Badger to respond to ultimatums (ie threats)?

If X gives a shit about ultimatums and threats, X is not Honey Badger.

As for the [impressively large number of] hashes, their function is to act as well-paid security guards, not executives.

If the security guards start demanding a vote in the boardroom they protect, the board will simply fire and replace them with new rent-a-cops.

There is nothing indispensable about sha256, and if the centralized miner tail tries to wag the distributed socioeconomic majority dog we will simply change to another PoW.

Have fun with your altcoin... may it be more exciting than monero.

[ChartBuddy]

Coin



Explanation

[billyjoeallen]

Core Power Rangers have been given an ultimatum

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

You honestly expect Honey Badger to respond to ultimatums (ie threats)?

If X gives a shit about ultimatums and threats, X is not Honey Badger.

As for the [impressively large number of] hashes, their function is to act as well-paid security guards, not executives.

If the security guards start demanding a vote in the boardroom they protect, the board will simply fire and replace them with new rent-a-cops.

There is nothing indispensable about sha256, and if the centralized miner tail tries to wag the distributed socioeconomic majority dog we will simply change to another PoW.

Are you really that stupid? You think you can take our chain, render the entire mining industry incompatible and everyone will just dogpile onto your fork with microhash security?   

The Board isn't just dealing with collective bargaining from the help, but also from the customers and shareholders.   The board is a cunt hair away from getting sent packing by all of us because all they have to do is make one tiny change from a 1 to a 2 and they won't do it. 
I will sell my stash. I will tell everyone I meet that Bitcoin is radioactive. I will spin down my node.  There are thousands like me.

There is nothing indispensable about Core. We want to work with them. Plead, in fact. We would greatly appreciate their cooperation, but we don't need it.  I really want to avoid a fight, but I have already conceded everything I can. Without a commitment to 2MB in a specific timeframe,  I walk and so does half the bitcoin economy.  You give us no choice. 

[arklan]

Core Power Rangers have been given an ultimatum

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

You honestly expect Honey Badger to respond to ultimatums (ie threats)?

If X gives a shit about ultimatums and threats, X is not Honey Badger.

As for the [impressively large number of] hashes, their function is to act as well-paid security guards, not executives.

If the security guards start demanding a vote in the boardroom they protect, the board will simply fire and replace them with new rent-a-cops.

There is nothing indispensable about sha256, and if the centralized miner tail tries to wag the distributed socioeconomic majority dog we will simply change to another PoW.

Are you really that stupid? You think you can take our chain, render the entire mining industry incompatible and everyone will just dogpile onto your fork with microhash security?    *snip*

like i said, "simply."

i am honestly shocked this has taken this long to work out. the original intent was crystal clear. unfortunately that wasn't implemented and now will be rather painful to do so. but the status quo is untenable, and we all know it. the time to fix this is long past, it seems to me.

shame we can't agree HOW to fix it...

[iCEBREAKER]

Core Power Rangers have been given an ultimatum

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

You honestly expect Honey Badger to respond to ultimatums (ie threats)?

If X gives a shit about ultimatums and threats, X is not Honey Badger.

As for the [impressively large number of] hashes, their function is to act as well-paid security guards, not executives.

If the security guards start demanding a vote in the boardroom they protect, the board will simply fire and replace them with new rent-a-cops.

There is nothing indispensable about sha256, and if the centralized miner tail tries to wag the distributed socioeconomic majority dog we will simply change to another PoW.

"simply" he says.

Yes I said "simply."

You seem confused so I'll draw you a picture.

If Gavincoin forces a situation where catastrophic consensus failure is unacceptably likely, the socioeconomic majority will simply change the PoW to something other than sha256^2.

It's not hard; the code has already been written.  We may even use the crisis as an opportunity to upgrade to a less centralization prone/friendly algorithm.

But don't take my word for it, read what the CEO of Spondoolies says.

https://medium.com/@vcorem/lesson-learned-from-the-classic-coup-attempt-or-why-core-needs-to-prepare-a-gpu-only-pow-6a9afe18e4b0

Sha256 isn't any more important to Bitcoin than an individual worker bee is to Honey Badger.  Their angry buzzing and futile stings simply have no real power.  They can try to make Honey Badger give a shit, but the attempt only results in their own demise.

The Sovereign Citizens of La Serenissima will not allow Gavinista bankster shitlords like R3's Mike Hearn and Coinbase's Brian Armstrong to trade off their critical consensus (as preserved in the Holy Blockchain) for the sake of high time preferences.

Any impatient/impertinent miner that joins in such a hostile effort may go straight to hell, and take their suddenly-obsolete sha256 ASICs with them as a handy doorstop/paperweight/boat anchor/souvenir.

[becoin]

With every bitcoin price increase big blocktards are getting more desperate in their funny 'ultimatums'.

[Fatman3001]

Looks like someone tripped over the wire and shut down their core pseudonodes.

Nodecounter.com

[billyjoeallen]

Core Power Rangers have been given an ultimatum

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

You honestly expect Honey Badger to respond to ultimatums (ie threats)?

If X gives a shit about ultimatums and threats, X is not Honey Badger.

As for the [impressively large number of] hashes, their function is to act as well-paid security guards, not executives.

If the security guards start demanding a vote in the boardroom they protect, the board will simply fire and replace them with new rent-a-cops.

There is nothing indispensable about sha256, and if the centralized miner tail tries to wag the distributed socioeconomic majority dog we will simply change to another PoW.

Are you really that stupid? You think you can take our chain, render the entire mining industry incompatible and everyone will just dogpile onto your fork with microhash security?    *snip*

like i said, "simply."

i am honestly shocked this has taken this long to work out. the original intent was crystal clear. unfortunately that wasn't implemented and now will be rather painful to do so. but the status quo is untenable, and we all know it. the time to fix this is long past, it seems to me.

shame we can't agree HOW to fix it...

We have agreed. We will give Core a chance to come with or do it without them.  There is only one party in this conflict who will not compromise and they have a company with the initials "B.S."  Consensus doesn't just happen. It is BUILT and the very people who should be building it are preventing it, but they are increasingly isolated. The consensus party is coming and Core has an invitation. If they don't want to come, it's on them. 

[Fatman3001]

Core Power Rangers have been given an ultimatum

It's not about votes granted by breathing... it's about votes granted by quadrillions of hashes...  

You honestly expect Honey Badger to respond to ultimatums (ie threats)?

If X gives a shit about ultimatums and threats, X is not Honey Badger.

As for the [impressively large number of] hashes, their function is to act as well-paid security guards, not executives.

If the security guards start demanding a vote in the boardroom they protect, the board will simply fire and replace them with new rent-a-cops.

There is nothing indispensable about sha256, and if the centralized miner tail tries to wag the distributed socioeconomic majority dog we will simply change to another PoW.

"simply" he says.

Yes I said "simply."

You seem confused so I'll draw you a picture.

If Gavincoin forces a situation where catastrophic consensus failure is unacceptably likely, the socioeconomic majority will simply change the PoW to something other than sha256^2.

It's not hard; the code has already been written.  We may even use the crisis as an opportunity to upgrade to a less centralization prone/friendly algorithm.

But don't take my word for it, read what the CEO of Spondoolies says.

https://medium.com/@vcorem/lesson-learned-from-the-classic-coup-attempt-or-why-core-needs-to-prepare-a-gpu-only-pow-6a9afe18e4b0

Sha256 isn't any more important to Bitcoin than an individual worker bee is to Honey Badger.  Their angry buzzing and futile stings simply have no real power.  They can try to make Honey Badger give a shit, but the attempt only results in their own demise.

The Sovereign Citizens of La Serenissima will not allow Gavinista bankster shitlords like R3's Mike Hearn and Coinbase's Brian Armstrong to trade off their critical consensus (as preserved in the Holy Blockchain) for the sake of high time preferences.

Any impatient/impertinent miner that joins in such a hostile effort may go straight to hell, and take their suddenly-obsolete sha256 ASICs with them as a handy doorstop/paperweight/boat anchor/souvenir.

Guy Corem has about as good a business sense as you have. About as much charm and grace too. I really hope you two can join forces and get that shitcoin of yours. Take Peter Todd with you. He seems to like shitcoins.

[billyjoeallen]

With every bitcoin price increase big blocktards are getting more desperate in their funny 'ultimatums'.

What price increase? From $1156? $502? $475? $465? You really think price is going up?