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

[billyjoeallen]

https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff#.jq3kwmpb5

It's better than the draft, but July 2017 is a very long wait.

Nothing concrete, just another delay. And a delay was all blockstream wanted.

"Bitcoin and its users can go fuck themselves" seems to be the only take away from this.

But  Blockstreams $76m is secure, so we can be thankful for that.

Yeah, a bunch of weasel words. "likely", "recommended".  The miners caved by ditching Classic.  They just gave up any leverage they have to actually enforce any of this.


Just a thought: If miners have the backbone of jellyfish, how secure is our network if the Chinese government "suggests" they cooperate in a 51% attack? 

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[adamstgBit]

...
Few people decide the future of 'Bitcoin'.... really decentralized , right ?

An unregulated currency money, created by & for people united by their unwavering faith in greed being a virtue?

What could possibly go wrong???

That's proof of stake, silly.

Proof of work is serious business, dontcha know?

There's a Russian book about NEP (1920s, after the revolution -- corrupt Soviet privatization program), and, just like today, there were shell corporations which served as facades for whatever_was_really_making_money. Anyhow, in this book they ran a firm called "Horns & Hooves," which had nothing to do with horns or hooves. In the back room, there were two barrels, a length of hose, and a hired boy. The boy's job was to put a full barrel up on the table, connect it with the length of a hose to the empty barrel below, and let the water gravity-siphon into the empty barrel. Once that was done, he simply moved the full barrel onto the table, the [now] empty one to the floor, and repeat the process ad infinitum.
Work.

If you are VButerin I will literally shit myself.

Met him, had no idea what he was talking about, left.

i met him too, unbelievably bright kid...

[BlindMayorBitcorn]

Ya. I can barely understand Bitcoin.

[JayJuanGee]

PUmp until 500$ or more? I hope we'll see 4-digits again. I'm tired of holding, want to dump something.

When are you going to begin dumping? 

At $500+?   

or   4 digits+?

or some other amount?

[JayJuanGee]

Waiting for the addition of the block increase to the official Core roadmap, and once confirmed my Classic node will switch back to Core.

Good luck with that wait.


The way things are looking, currently, maybe 1 year from now, at the very soonest?

[adamstgBit]

Waiting for the addition of the block increase to the official Core roadmap, and once confirmed my Classic node will switch back to Core.

Good luck with that wait.


The way things are looking, currently, maybe 1 year from now, at the very soonest?

i'd imagine they would add it to the road map within a week?

bitcoiners are so distrustful, i wonder why that is ? 

[shmadz]

...
Few people decide the future of 'Bitcoin'.... really decentralized , right ?

An unregulated currency money, created by & for people united by their unwavering faith in greed being a virtue?

What could possibly go wrong???

That's proof of stake, silly.

Proof of work is serious business, dontcha know?

There's a Russian book about NEP (1920s, after the revolution -- corrupt Soviet privatization program), and, just like today, there were shell corporations which served as facades for whatever_was_really_making_money. Anyhow, in this book they ran a firm called "Horns & Hooves," which had nothing to do with horns or hooves. In the back room, there were two barrels, a length of hose, and a hired boy. The boy's job was to put a full barrel up on the table, connect it with the length of a hose to the empty barrel below, and let the water gravity-siphon into the empty barrel. Once that was done, he simply moved the full barrel onto the table, the [now] empty one to the floor, and repeat the process ad infinitum.
Work.

If barrel-siphoning was a requirement for making entries in a distributed ledger, than this would be a useful analogy.

If a [trustless] distributed ledger was as useful as some would have you believe, it *wouldn't* be a useful analogy.
The point being, is it really *useful* to burn $1 of electricity & buy a dollar's worth of gear to make a $2 bill? And I don't mean "earn $2," literally make $2 bill, to go into circulation, which you could have printed for pennies.

Is it worth it to make the two dollar bill? No.

Is it worth it to provide a mechanism for creating, distributing, transferring and accounting for that two dollar bill for the next 40+ years? On a global scale? Providing trusted means of settlement between antagonistic nations? Whilst preventing any means of counterfeiting? Yes.

[BlindMayorBitcorn]

Waiting for the addition of the block increase to the official Core roadmap, and once confirmed my Classic node will switch back to Core.

Good luck with that wait.


The way things are looking, currently, maybe 1 year from now, at the very soonest?

i'd imagine they would add it to the road map within a week?

bitcoiners are so distrustful, i wonder why that is ? 

[marcus_of_augustus]

https://www.youtube.com/watch?v=OqE7GTvbJ9I

here's some nostalgia ... and heads up for those who haven't been through a real bitcoin adoption wave event (AWE) yet.

[Fatman3001]

Ya. I can barely understand Bitcoin.

I think the clue is to write angrily as if you know something and be very upset when others disagree with you.

[hdbuck]

https://www.youtube.com/watch?v=OqE7GTvbJ9I

here's some nostalgia ... and heads up for those who haven't been through a real bitcoin adoption wave event (AWE) yet.

"the unmanipulated-free-market-bitcoin" .. god i dont even..

[BlindMayorBitcorn]

^^Hero member woot. Congrats gifs incoming! Hold please...

Three cheers for Fatty!!!

[cr7]

" I am relatively happy with the consensus reached today. "

I'm happy with more money in my pocket, if consensus = less fear and higher prices, then I'm happy

[ChartBuddy]

Coin



Explanation

[kehtolo]

And OpenBazzar launching soon too... bootstrap 2.0 ??

Hmpmmm...

[adamstgBit]

" I am relatively happy with the consensus reached today. "

I'm happy with more money in my pocket, if consensus = less fear and higher prices, then I'm happy

that works.

you can disagree but welcome it at the same time.

[BlindMayorBitcorn]

Get fat or go home. Congrats Chubs. You deserve this^

[blunderer]

...
Few people decide the future of 'Bitcoin'.... really decentralized , right ?

An unregulated currency money, created by & for people united by their unwavering faith in greed being a virtue?

What could possibly go wrong???

That's proof of stake, silly.

Proof of work is serious business, dontcha know?

There's a Russian book about NEP (1920s, after the revolution -- corrupt Soviet privatization program), and, just like today, there were shell corporations which served as facades for whatever_was_really_making_money. Anyhow, in this book they ran a firm called "Horns & Hooves," which had nothing to do with horns or hooves. In the back room, there were two barrels, a length of hose, and a hired boy. The boy's job was to put a full barrel up on the table, connect it with the length of a hose to the empty barrel below, and let the water gravity-siphon into the empty barrel. Once that was done, he simply moved the full barrel onto the table, the [now] empty one to the floor, and repeat the process ad infinitum.
Work.

If barrel-siphoning was a requirement for making entries in a distributed ledger, than this would be a useful analogy.

If a [trustless] distributed ledger was as useful as some would have you believe, it *wouldn't* be a useful analogy.
The point being, is it really *useful* to burn $1 of electricity & buy a dollar's worth of gear to make a $2 bill? And I don't mean "earn $2," literally make $2 bill, to go into circulation, which you could have printed for pennies.

Is it worth it to make the two dollar bill? No.

Is it worth it to provide a mechanism for creating, distributing, transferring and accounting for that two dollar bill for the next 40+ years? On a global scale? Providing trusted means of settlement between antagonistic nations? Whilst preventing any means of counterfeiting? Yes.

But while you have paid for creating (a binary string), distributing (to miners), and transferring (for as long as the miners are interested in mining) you have not paid for accounting -- having it exist on the blockchain is far from accounting, ask your accountant.
And certainly not for the next 40 years -- why assume that Bitcoin will even exist in a year or two?

Of course, you were joshin' when you brought up "providing trusted means of settlement between antagonistic nations." No nation I know of transacts in BTC, other than paying an occasional ransom to an extortionist, like that douche that recently earned $17k by hacking a hospital & encrypting all the patient data. No nations transact in BTC, antagonistic or otherwise.

And, of course, a transaction is not simply sending the money in one direction. A transaction is only complete when the stuff you paid for arrives at your door. Shit ain't trustless if you want to buy a car from me, you send me your trustless money, and I take your money & show you my middle finger. You get no car. What now?

The reason that shit don't happen with fiat is we have jackbooted thugs to intervene on our part. Bitcoin? Well, you try to have "trusted escrows," but, judging by this forum, they tend to run away/screw you out of your money.
You gotta trust somebody

[Fatman3001]

^^Hero member woot. Congrats gifs incoming! Hold please...

Three cheers for Fatty!!!

Thx!



"Dididadadududadadididadadududada.....burrrggrrrrssss!!!!"

[JayJuanGee]

Waiting for the addition of the block increase to the official Core roadmap, and once confirmed my Classic node will switch back to Core.

Good luck with that wait.


The way things are looking, currently, maybe 1 year from now, at the very soonest?

i'd imagine they would add it to the road map within a week?

bitcoiners are so distrustful, i wonder why that is ? 

Maybe we are talking about two different things?

From my reading, if they are saying that they are implementing seg wit first, and then they will work on planning to increase the blockchain with some tests of such plans beginning to take place 3 months after seg wit (summer of 2016), therefore, no real need to commit to any actual increase for 6 more months (after testing it out blah, blah, blah). 

All of this sounds good to me, and really shouldn't be that big of a deal, no?

Don't we need to test things out before actually implementing?   And seg wit is going to provide some interesting and potentially unanticipated developments that need to be considered in light of any additional future changes, no?

Even though the current consensus roadmap is not considerably concrete, it sounds pretty decent, reasonable and really good for bitcoin on both a technical and political level, under the current circumstances, no?