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

[BlindMayorBitcorn]

Heroic Fatman in motion:

So elegant, so powerful.

[billyjoeallen]

...
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.

counterfeiting like double spending? Which you can do if you control 51% of the network like the Chinese do?

[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 ?  

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?

sure but all this should be on the Roadmap https://bitcointalk.org/index.php?topic=1349965.0


just to clarify.
implementation = the code
implementing = writing the code

[Fatman3001]

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

Doesn't really look like she needs me.

Nor will I need much once I get my Oculus.

VirtualRealPorn.com takes Bitcoin.

[BlindMayorBitcorn]

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

Three cheers for Fatty!!!

Thx!



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

Only 1MB required? You a spy, Fatty?

[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 ? 

It's more like that cat got wrapped up into a subway sandwich wrapper, and because of such wrapping doesn't really trust humans any more.

when you lose trust in the community, it can be a long (and hard) row to hoe to regain such trust (and maybe the trust will not be completely regained).

[Fatman3001]

Heroic Fatman in motion:

So elegant, so powerful.

That's amazing! You can even see which fold I hid my dick in.

[billyjoeallen]

Let's look at Adam's poll: 79 percent support the compromise. Totally too small of a samples size, but just for shits and giggles, let's assume that is representative. 75% is NOT consensus, but 79% is?

[Fatman3001]

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

Three cheers for Fatty!!!

Thx!



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

Only 1MB required? You a spy, Fatty?

I was young and foolish.

[BlindMayorBitcorn]

Flip floppin' around. Sounds like you.

[shmadz]

You gotta trust somebody

Right. with bitcoin I need to trust the integrity of the blockchain, that the record has not been tampered with. I can verify this myself, and I can cross-verify with several thousand other nodes across the network.

In a fiat transaction I need to trust the government and central bank, which do not have a great track record over the last hundred years. When was the last time the federal reserve was audited?

[adamstgBit]

Let's look at Adam's poll: 79 percent support the compromise. Totally too small of a samples size, but just for shits and giggles, let's assume that is representative. 75% is NOT consensus, but 79% is?

on bitcointalk poll 60% = consensus

60% is a pass, we can't expect everyone to understand the question, and answer it correctly. ( i kid... sorta )

[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?

sure but all this should be on the Roadmap https://bitcointalk.org/index.php?topic=1349965.0


just to clarify.
implementation = the code
implementing = writing the code

Oh thanks a lot.  Now you have given me another thread to read.  I'm not sure if I can handle it.   


It seems that I was using the terms implementing and implementation differently from you, and for me both terms are the same - and it would depend upon context to choose which is used:  one is a verb and the other is a noun.

My understanding of seg wit is that the code has largely been written.. it is currently being tested and will be implemented after the testing (anticipated in April).... I mean implemented means it is available to be able to run in reality rather than merely as a test.. blah blah blah.

[JayJuanGee]

Let's look at Adam's poll: 79 percent support the compromise. Totally too small of a samples size, but just for shits and giggles, let's assume that is representative. 75% is NOT consensus, but 79% is?

You seem to like to pervert things and to apply poor analogies.

From my understanding, this is not a one vote one person question.  


In actual practice, some votes count more than others.


For instance, I doubt that my vote counts for much of anything, merely participating in this thread, versus if I were to show up and be allowed to attend and participate in a scaling meeting in which they are taking votes... and probably, even there some votes weigh more than others (someone new to the meetings would carry less weight than someone who has been involved in such scaling discussions and contributions for a longer period of time).

[shmadz]

Let's look at Adam's poll: 79 percent support the compromise. Totally too small of a samples size, but just for shits and giggles, let's assume that is representative. 75% is NOT consensus, but 79% is?

Consensus is 100%

If you mine a block that 79% agree with you create 2 forks. One with 100% consensus on the old rules, and the other with 100% consensus on the new rules.

Unless you can force the 21% that disagree with the new rules to accept the change and abandon their block history, you effectively now have 2 separate bitcoins.

http://qntra.net/2015/01/the-hard-fork-missile-crisis/ <~ I thought everyone knew this by now?

[BlindMayorBitcorn]

This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the non-witness data to be around 2 MB, with the total size no more than 4 MB, and will only be adopted with broad support across the entire Bitcoin community.

    SegWit is expected to be released in April 2016.
    The code for the hard-fork will therefore be available by July 2016.
    If there is strong community support, the hard-fork activation will likely happen around July 2017.

[billyjoeallen]

You gotta trust somebody

Right. with bitcoin I need to trust the integrity of the blockchain, that the record has not been tampered with. I can verify this myself, and I can cross-verify with several thousand other nodes across the network.

In a fiat transaction I need to trust the government and central bank, which do not have a great track record over the last hundred years. When was the last time the federal reserve was audited?

With Bitcoin you only have to trust the government and central bank of China.  Chinese miners caved to core. You think they wouldn't cave to their own government? 

[kehtolo]

" 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

Is that really you Ronaldo? - looking for moar money in do phocha.. I tawt you was already minted you greedy ++++

[blunderer]

You gotta trust somebody

Right. with bitcoin I need to trust the integrity of the blockchain, that the record has not been tampered with. I can verify this myself, and I can cross-verify with several thousand other nodes across the network.

In a fiat transaction I need to trust the government and central bank, which do not have a great track record over the last hundred years. When was the last time the federal reserve was audited?

Again, you can verify your bitcoin on the blockchain all you want, but

... 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?

Bitcoin is solving only one half of the trust equation, the half I never had trouble with in fiat. My bank never stole any of my money, and, what's more, my CC *lends me money at zero interest, to use, for free Does Bitcoin lend you money?
Oh, and my parents' money was also never stolen by their bank. We're a lucky bunch

As far as auditing federal reserve, I never even audited Bitcoin software, and shit's open source. And BTC goes missing all the time, think Gox. If my bank runs away with my money, gets haxxored, or loses $$$ due to malleability, my account is FDIC insured, so I'm good

[shmadz]

You gotta trust somebody

Right. with bitcoin I need to trust the integrity of the blockchain, that the record has not been tampered with. I can verify this myself, and I can cross-verify with several thousand other nodes across the network.

In a fiat transaction I need to trust the government and central bank, which do not have a great track record over the last hundred years. When was the last time the federal reserve was audited?

With Bitcoin you only have to trust the government and central bank of China.  Chinese miners caved to core. You think they wouldn't cave to their own government? 

I'm certain they would capitulate to their government. If they try to make a change or otherwise manipulate transactions their blocks will be rejected and we will fork.

Why can you not understand censorship resistance?