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

[oda.krell]

bitcoin is experiencing a huge pump right now i hope no one will dump it after the pump

Actually this is short covering. All big blocktards were caught off guard.

You seem awfully cheerful for someone who I didn't expect to be too stoked about "more than 2 MB and less than 4 MB", "within three months after the release of SegWit" :3

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[iCEBREAKER]

“A democracy is two wolves and a lamb voting on what to have for lunch”

http://www.strateman.ninja/roundtable-tech.pdf

GavinCoin thinks consensus is 75 wolves and 25 sheep voting on what to have for lunch.

It's actually an irrelevant number of wolves howling and one Honey Badger just not giving a shit.

Code:

#REKT

[ChartBuddy]

Coin



Explanation

[adamstgBit]

anything below 460 is pure GOLD

[hdbuck]

If there is strong community support, the hard-fork activation will likely happen around July 2017.

~not tonight dear...

 

Blockstream is never to be underestimated. They literally didn't move an inch and everyone is circle jerking "the great compromise"... incredible. What a wet noodle the miners turned out to be... so much for that childish delusion I used to hold.

Watching fatty lose his principles for a $20 $19 relief rally was the hardest part.  

GG guys... GG

Although I am surprised to see anyone thought I had any principles, it does seem like the draft for the consensus is somewhat different from what I initially thought.

https://www.reddit.com/r/Bitcoin/comments/46qpua/bitcoin_roundtable_consensus_statement/

"This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the maximum effective block size, to more than 2 MB and less than 4 MB, and will only be adopted with a broad support across the entire Bitcoin community."

I've partially accepted the fact that "big blockers" have lost this round and have been trying to figure out if there's any future for Bitcoin after the miners decided to go with Core. I was very encouraged by two things today:

1. Core will commit to a HF of at least 2MB and have the code ready for July. Even if the trigger is Feb 1 2017 it would mean that a lot of the uncertainty surrounding Bitcoins viability would be gone. 2MB with Segwit would allow Bitcoin to grow on the main chain. Not much, but maybe enough for it not to experience an economic collapse.

2. Miners were explicitly threatening to ditch Core if they didn't give them a bump in the block size limit within a given time frame. That is powerful. What little I've understood from this debate is that parts of core are manipulators and lying bastards and can't be trusted, so it would be nice if someone held a gun against their heads.

However, If the miners accept the wording quoted above then this agreement is a total loss. We've seen the phrase "maximum effective block size" before. It takes into account the theoretical increase from segwit and all the other witchcraft they've been talking about lately. Bitusher even started including LN blocks into the calculations in an earlier discussion in this thread. We might end up with less than 1MB maxBlockSize on the main chain by the looks of it.

In short, I'm as disappointed in me as you are.

just give up already, i told you it is not that core does not want to raise the blocksize, it is more like core cannot do it unilaterally.. because ~consensus.

but you crassic bitchez seems not to understand what that means. (hint: not 75% miners)

[DaRude]

anything below 460 1200 is pure GOLD

There, fixed

[iCEBREAKER]

If there is strong community support, the hard-fork activation will likely happen around July 2017.

~not tonight dear...

 

The consensus is "there is no consensus on anything but 1. segwit asap and 2. fuck Classic."

Honey Badger continues to sleep soundly.  The noise of cans being kicked down the road does not disturb him in the least.

[rafanadal]

how many bitcoins do you guys own

 

[JimboToronto]

how many bitcoins do you guys own

 

Not enough. 

[USB-S]

how many bitcoins do you guys own

 

I'm all in, wish I had more though.

[adamstgBit]

If there is strong community support, the hard-fork activation will likely happen around July 2017.

~not tonight dear...

 

The consensus is "there is no consensus on anything but 1. segwit asap and 2. fuck Classic."

Honey Badger continues to sleep soundly.  The noise of cans being kicked down the road does not disturb him in the least.

Classic is still on the table, should Core not deliver on promises...

[shmadz]

anything below 460 is pure GOLD

Awww, yeah!

https://youtu.be/hj-jPJK8DEE

Sit back, sip that Hennessy, and watch the money flow.

 

[adamstgBit]

Now Chinese translated version also ready, words are carefully selected by attendees to avoid any disparities between languages.

[bankingbtc]

listening to this one right now https://www.youtube.com/watch?v=XR9-y4u9mew so pumped for the price rise

[chopstick]

Classic is still on the table, should Core not deliver on promises...

We may very well end up in a position where miners are forced to fork off of core onto classic, if we end up with a massive transactions backlog - if the miners really care about the future of bitcoin at all, that is.

A VC-funded company that cares first and foremost about nothing more than making Profits for its Investors has taken over Bitcoin's development. That is positively not good.



Cross-post from r/bitcoin regarding the current situation:

The CEO of a VC-backed private corporation, and a handful of Chinese miners, just unilaterally decided the future of Bitcoin. And they have the gall to call it consensus.

This is bad, really bad.

Editing this comment to respond in one place to the army of throwaway accounts jumping down my throat:

What would consensus look like? In my view there are five main groups that would need to agree on changes to Bitcoin to achieve consensus: The developers (the code), the miners (the hashpower), the nodes (the network), the exchanges and payment processors (the economic majority), and of course the users (Bitcoin early adopters). The users don't really steer the ship, they just vote by deciding to use/hold Bitcoin, and they'll vote by buying alt-coins if they don't agree with the direction the other four take.

At this meeting there are only representatives of two of those groups; the code and the hashpower. Missing from the developers are extremely important people like Gavin Andresen (Bitcoin's chief scientist), and Jeff Garzik. Missing from the hashpower is the single biggest pool Antpool and other pools like Slush, who have decided a hard fork to 2 MB needs to happen urgently, not years from now.

Calling this tiny meeting consensus? Laughable.

As to VC-backed Blockstream taking control of the Bitcoin protocol, they have a fiduciary duty to create a return for their investors. Their business plan is to profit from protocols built on top of Bitcoin, protocols that benefit from a crippled Bitcoin layer usable only for settlement. All their actions so far show they have a laser-like focus on enabling features in Bitcoin that will benefit the Lightning Network, while restricting the throughput of the Bitcoin network as much as possible until their product is ready to sell.

This will backfire, the users and the economic majority will move to a network that functions correctly.

[iCEBREAKER]

If there is strong community support, the hard-fork activation will likely happen around July 2017.

~not tonight dear...

 

Blockstream is never to be underestimated. They literally didn't move an inch and everyone is circle jerking "the great compromise"... incredible. What a wet noodle the miners turned out to be... so much for that childish delusion I used to hold.

Watching fatty lose his principles for a $20 $19 relief rally was the hardest part. 

GG guys... GG

Thanks for having to integrity to admit defeat and offer unconditional surrender.  I can respect that.

I hope you've learned something here, besides what it feels like to be crushed by a 75,000 horsepower iCEBREAKER.

[oda.krell]

If there is strong community support, the hard-fork activation will likely happen around July 2017.

~not tonight dear...

 

The consensus is "there is no consensus on anything but 1. segwit asap and 2. fuck Classic."

Honey Badger continues to sleep soundly.  The noise of cans being kicked down the road does not disturb him in the least.

Cute. If you think miners will accept an "oh, by the way, but when our agreement included a reference to 2-4MB maxblock, that was more like a bone we were throwing to you, not really something we were going to do", you'll almost certainly find out that Classic will upgrade from 'credible HF threat' to, well, HF

[blunderer]

anything below 460 is pure GOLD

Awww, yeah!

https://youtu.be/hj-jPJK8DEE

Sit back, sip that Hennessy, and watch the money flow.

 

And I'll just sit and grin
The money will roll right in

[bankingbtc]

how many bitcoins do you guys own

 

i actually dont even own a 1 bitcoin, i did not look at it so seriously and i did not wait for such a huge price increase, but now i regret that i havent bought something like 10 bitcoins, i will seek such events closer in the future

[Fatman3001]

I hope you've learned something here, besides what it feels like to be crushed by a 75,000 horsepower iCEBREAKER.

You'll always be a loser in my eyes.