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

[billyjoeallen]

i just realize this :

 cost mining of 1 btc per month at current difficulty (for 12 c per kwh) is around 560 usd  for latest miner.  

I'm actually surprised it's that low, judging by the prices for antminer S7s. How did you arrive at that figure?

overdeveloped mining in China is creating a very unstable situation.

[BlindMayorBitcorn]

^^Copy-pasting bits of your self-moderated thread with a question mark tacked on the end? Not even trolling, just spam. Might as well paste lorem ipsum.

Not interesting, adds nothing, minimal "meaning and lel through repetition" (the guy with Northern Exposure moose does it well, you do not).
If you are seriously struggling to understand how Bitcoin works, ask complete, direct questions. Make sure they're your own.
This is merely a suggestion

Thanks. It's always a pleasure talking with you.

[adamstgBit]

...
don't worry the "stable price" we've been seeing for past 48hours (420-425) is almost over, it's decision time.

>70% chance it resolves down IMO

Actually I expect a little pump first, fail to break resistance and then down. And the evolution of the bid sum on Chinese exchanges favors a pump.
I might shit myself if the pump does break resistance though...

no way it's going to crash hard, any second now.

[ChartBuddy]

Coin



Explanation

[billyjoeallen]

an S7 burns ~930960 watts of juice per month.

cost of electricity at 4C per kWh is then ~$37 for one miner.

Then there is the cost of:
buying the miner plus shipping
rackspace
installation and operation
bandwidth

Blockreward gets chopped in half in July.

It seems like a crazy risky business.

Risks include but not limited to:

defective product
Change of Pow (disaster)
theft, fire, flooding or other natural disaster
market collapse
environmental and other regulations
tech breakthrough that renders them obsolete

No wonder these miners are acting so crazy.

[AlexGR]

No wonder these miners are acting so crazy.

They've actually been doing pretty ok given the shitstorm, FUD, dev wars, etc.

[adamstgBit]

No wonder these miners are acting so crazy.

They've actually been doing pretty ok given the shitstorm, FUD, dev wars, etc.

+1

its pretty clear who is acting crazy....

[adamstgBit]

i sold a bunch, as a hedge against blockstearms rock hard heads.
if these guys continue to have influence over bitcoin, i foresee myself rage quitting at one point .
they are bound to keep pissing me off...

[ChartBuddy]

Coin



Explanation

[BlindMayorBitcorn]

Lambie, you’re becoming a bully like iCEBREAKER

Now you're being unfair. Lambie has always been an asshole. iCEBREAKER is the pretender. And not a very good one.

But seriously, eli5 it to me now. How will decentralization be altered in a meaningful way if the number of nodes go down from 6000 to 2000 (I don't think it would, but I'm curious nonetheless)?

What is often overlooked is the fact that number of nodes is irrelevant if all nodes are run by the same parties, this is why it's crucial that the nodes can be run on people's personal computers at home, at their offices, and so on. "Specialization" of nodes, would kill Bitcoin as we know it (as a decentralized currency), this is why there is a clear agenda by some people to raise the block size and make Bitcoin nodes end up as centralized as mining is right now.

?

That's not an answer, that's a paranoid delusion.



Again with the agendas.

Even if this weird conspiracy were to play out there are still people out there, real people like you and me, with ultra high speed connections. And I can buy 20 professional grade used servers with sas drives and xeon processors for $300 a piece on our national equivalent to ebay. I'm guessing ebay has something similar. So all we need to protect ourselves from this cataclysmic event is to have some slightly above average dedicated Bitcoin nutters. A quick look at the WO thread tells me we're safe for now.

And again, who are these "people" with "a clear agenda"? I want names. If the agenda really is "clear" it should be easy to attach it to some identifiable entities. And if this agenda is so bloody clear, I want it explained in detail.

You're probably right. But my thinking is we already have development centralization and miner centralization. Are nodes the last shoe to drop? How many is not enough?

[davedx]

https://www.reddit.com/r/btc/comments/47luh3/f2pool_is_under_ddos_attack/

of course they are.

It's not an "attack."  Core supporters are merely voting with their packets.

If that happens to disturb f2pool's existing datagram consensus with a more contentious version, well too bad.

Majoritarian Democracy > Nork Sensor Ships

Not only are you an obnoxious dick, you support DDoS attacks against people you don't like?

I think you're just jealous because nobody cares enough to DDoS your pet altcoin

[JayJuanGee]

The fact that 90% of bitcoin holders bought bitcoins just to "get more fiat money" means that they all have a sell point and there will be very few huge run-ups.

But that's ok because it creates liquidity and stabilizes the price so bitcoin can actually be used as a currency.

I'm curious.


From where did you get your "fact" regarding the motivations of 90% of bitcoin holders? 


Can you describe that demographic a bit, your sources, and that (those) sources provide any specifics about these holders?

I really would like to know more about some of the characteristics and motives about bitcoin holders (whether individuals or entities), what motivates them in respects to bitcoin, how much they are holding, for how long and how the amounts change over time; however, my sense is that there is not very accurate information out there regarding such demographics and the particulars about their BTC holdings, and it seems that the best information that we have regarding hodlers is a variety of indirect sources, inferences and in sum guestimations with some guestimations likely being more accurate than others.

TLDR:  What's your sources describing the motivations of bitcoin hodlers?

[JayJuanGee]

Blocks are full again. I think this will now probably happen any time the market tries to pump.

I don't see much upside but there's a lot of potential downside.

What's your source for this apparently pure conjecture?

Looks like we are generally down in the last days by nearly 15%, and even at 85% full, transactions were still going completely through with nearly no fees in less than 10 hours, and with fees in about an hour or so.

https://blockchain.info/charts/avg-block-size?timespan=60days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

[Fatman3001]

@JJG are you one of lambies characters?

[BlindMayorBitcorn]

@JJG are you one of lambies characters?

Aren't we all?

[ChartBuddy]

Coin



Explanation

[Fatman3001]

@JJG are you one of lambies characters?

Aren't we all?

Don't get me started.

[JayJuanGee]

the price is pretty stable right now, im wondering if it will stay like that for a while, im looking to buy some bitcoins but honestly i dont have the courage to do that now

There's really no such thing as stable in bitcoin... even though peeples seem to like to throw that word around.

Really, if you are not sure, and you think prices could go up or they could go down, then you should figure out the amount that you are considering investing, and then divide it up into portions that you could invest some portion of that now, and then additional portions if the price goes down (at certain triggering points). 

If you do not have any bitcoins, and you choose to not invest any at all at this point, then that would logically signify that you believe 100% that the price is going to go down, and based on your above text, it already appears that you are not 100% convinced, and you should therefore invest a little bit right now in accordance with your actual view and your risk tolerance.   

No need to get greedy, just invest sensibly to the best of the information now available to you in order that you are prepared for the price to go in either direction in accordance with your risk tolerance and your view of probabilities.

[Fatman3001]

the price is pretty stable right now, im wondering if it will stay like that for a while, im looking to buy some bitcoins but honestly i dont have the courage to do that now

There's really no such thing as stable in bitcoin... even though peeples seem to like to throw that word around.

Really, if you are not sure, and you think prices could go up or they could go down, then you should figure out the amount that you are considering investing, and then divide it up into portions that you could invest some portion of that now, and then additional portions if the price goes down (at certain triggering points). 

If you do not have any bitcoins, and you choose to not invest any at all at this point, then that would logically signify that you believe 100% that the price is going to go down, and based on your above text, it already appears that you are not 100% convinced, and you should therefore invest a little bit right now in accordance with your actual view and your risk tolerance.   

No need to get greedy, just invest sensibly to the best of the information now available to you in order that you are prepared for the price to go in either direction in accordance with your risk tolerance and your view of probabilities.

[BlindMayorBitcorn]

^
This is merely your feeble attempt at manifesting in some of my recent content, but I may or may not be working on, or, rather, composing, another post that may or, in all likelihood, shall, address some, if not all, of these areas of your purported and/or potential concern(s), which is to say the concerns you may or may not hold now are likely to be addressed in the post which is the topic of the post I'm currently composing.