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

[TakeTheSkyRoad]

Anyone else watching this unfold ?

https://np.reddit.com/r/technology/comments/48rac0/bitcoins_nightmare_scenario_has_come_to_pass/

Déjà vu. It is time for 'classic' altcoin fans to follow their 'XT' predecessors and ragequit.

You really didn't read it did you ?

This is the r/technology sub (no affiliation to classic/core/xt) with it's 5mill subscribed user base.

The current top voted post is this :

Tom_Hanks13 3571 points 7 hours ago

Except the nightmare is still unfolding. What was supposed to be a decentralized digital currency is now controlled by Core developers who are intentionally not allowing the block size limit to be raised. They are likely doing this because they have ties to the company Blockstream whose business model relies on people using their “sidechain” payment processor. By keeping the block size limited to 1MB they are effectively forcing bitcoin users to eventually use this payment processor. To date, blockstream has raised over $75M USD of venture capitalist funds.

What's worse is the moderators of /r/bitcoin are involved and are intentionally censoring content regarding the corruption. People have caught onto this censorship and are now flocking to /r/btc as an alternative. Users there are fighting to promote a fork in bitcoin called Bitcoin Classic which in the short term would raise the block size limit to 2MB.

[ChartBuddy]

Coin



Explanation

[Hunyadi]

Current bitcoin hodlers are surprisingly 'strong hands'. There is so much FUD and pessimism currently that the situation is quite scary for some, I'm sure. On the other hand, there is Ethereum's amazing bull run...which surely attracts some greedy btc hodlers.

I hope I didn't speak too early, though  

[Ibian]

Current bitcoin hodlers are surprisingly 'strong hands'. There is so much FUD and pessimism currently that the situation is quite scary for some, I'm sure. On the other hand, there is Ethereum's amazing bull run...which surely attracts some greedy btc hodlers.

I hope I didn't speak too early, though  

Why would those of us who are still here quit now?

[becoin]

Anyone else watching this unfold ?

https://np.reddit.com/r/technology/comments/48rac0/bitcoins_nightmare_scenario_has_come_to_pass/

Déjà vu. It is time for 'classic' altcoin fans to follow their 'XT' predecessors and ragequit.

You really didn't read it did you ?

Really?!

People have caught onto this censorship and are now flocking to /r/btc as an alternative. Users there are fighting to promote a fork in bitcoin called Bitcoin Classic which in the short term would raise the block size limit to 2MB.

Yep, nothing new under the sun.
There will always be people fighting for free money. If they don't get what they want they call it injustice and censorship.

[Hunyadi]

Current bitcoin hodlers are surprisingly 'strong hands'. There is so much FUD and pessimism currently that the situation is quite scary for some, I'm sure. On the other hand, there is Ethereum's amazing bull run...which surely attracts some greedy btc hodlers.

I hope I didn't speak too early, though  

Why would those of us who are still here quit now?

That was my point...kind of 

[TakeTheSkyRoad]

I'm not interested in the war, more thoughts on the current "issues" being discussed in a more open forum.

Also consider that in that reddit sub there are alot of potential future bitcoin users.

[ahpku]

https://np.reddit.com/r/technology/comments/48rac0/bitcoins_nightmare_scenario_has_come_to_pass/

Except the nightmare is still unfolding

No love for Night Mare

[BlindMayorBitcorn]

http://gavinandresen.ninja/One-Dollar-Lulz

[Fatman3001]

eth down 10% in 2 minutes and still falling.

Stick with your legacy banking system. Crypto doesn't want you.

Edit: 15% in 3 minutes. Magnificent crash!

eth+15% in the last 24h. What the crash are you saying?

He was referring to the drop that was quick from 0.023 to 0.019.

I'm surprised it bounced and held. I thought the bubble was about to burst.

[Sitarow]

eth down 10% in 2 minutes and still falling.

Stick with your legacy banking system. Crypto doesn't want you.

Edit: 15% in 3 minutes. Magnificent crash!

eth+15% in the last 24h. What the crash are you saying?

He was referring to the drop that was quick from 0.023 to 0.019.

I'm surprised it bounced and held. I thought the bubble was about to burst.

We may know by next week Thursday

[bitebits]

If I were a market maker and want to accumulate more btc before the inevitable halving and 'consensus' price rise, I would definitely:

0. Accumulate on the almost forgotten alt coin market
1. Spread FUD so people sell their btc, btc price drops
2. Pump altcoins. People sell their btc in the chase, btc price drops further (<--- we are here)
3. Dump expensive altcoins for cheap bitcoins.
4. Let the bitcoin bubble occur because of 'consensus' and halving
5. People sell cheap altcoins for chasing expensive bitcoins
5. Sell expensive bitcoins for cheap altcoins
6. Spread FUD
7. Rinse, repeat.

[rebuilder]

Becoin: the 21 mil. cap is a different issue because Bitcoin was set up from the very start to divorce the issuance rate from resources expended by anyone. However much miners may toil, they can not significantly affect the amount of BTC issued during any given timeframe, and that's how it was from day one. (you know the caveats that apply, I'm sure.)

I put it to you that what the miners produce isn't BTC, it's the processing of transactions. I think you'll find my assertion is backed up by pretty much everything going back to the original whitepaper.

To reiterate: While changing the issuance cap is possible, everything down to the difficulty balancing shows the cap is a fundamentally hardcoded feature of BTC that isn't meant to be subject to market forces, and this is known by all participants in the economy. A cap on TX rates, instead, is a new development and a direct attempt to control the miners business practices.

[ChartBuddy]

Coin



Explanation

[hdbuck]

Becoin: the 21 mil. cap is a different issue because Bitcoin was set up from the very start to divorce the issuance rate from resources expended by anyone. However much miners may toil, they can not significantly affect the amount of BTC issued during any given timeframe, and that's how it was from day one. (you know the caveats that apply, I'm sure.)

I put it to you that what the miners produce isn't BTC, it's the processing of transactions. I think you'll find my assertion is backed up by pretty much everything going back to the original whitepaper.

To reiterate: While changing the issuance cap is possible, everything down to the difficulty balancing shows the cap is a fundamentally hardcoded feature of BTC that isn't meant to be subject to market forces, and this is known by all participants in the economy. A cap on TX rates, instead, is a new development and a direct attempt to control the miners business practices.

nope, it was not, there is no mention of such cap in the original wp.

ironically the fixed limit of 21m coins was implemented in 2014 - with Hearnia's contribution!  

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

...

Given the moderate time frame over which this change is to be implemented, we expect all miners to choose to screw themselves and deploy this change before 2214.

If they don't, and a minority remains on the old code base, a fork may occur. Essentially, they'll be mining fool's gold after that time.

https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

now that's an example of a non contentious fork. nobody hardly opposed it, and most people did not even noticed it. ergo. consensus.

anyway, as History shows, honeybadger is all what matters here and inflationists are free to either rage quit or fork off.


ps: or buy ethereum?! whatever, you are free, but bitcoin clearly is not..

[ChartBuddy]

Coin



Explanation

[BlindMayorBitcorn]

Will $400 hold?

[Fatman3001]

Will $400 hold?

Mempool is clearing up. That should be enough for speculators to pump some more.

[becoin]

Will $400 hold?

No. Sell now. Hurry!
We need all your bitcoins.

[bambou]

Becoin: the 21 mil. cap is a different issue because Bitcoin was set up from the very start to divorce the issuance rate from resources expended by anyone. However much miners may toil, they can not significantly affect the amount of BTC issued during any given timeframe, and that's how it was from day one. (you know the caveats that apply, I'm sure.)

I put it to you that what the miners produce isn't BTC, it's the processing of transactions. I think you'll find my assertion is backed up by pretty much everything going back to the original whitepaper.

To reiterate: While changing the issuance cap is possible, everything down to the difficulty balancing shows the cap is a fundamentally hardcoded feature of BTC that isn't meant to be subject to market forces, and this is known by all participants in the economy. A cap on TX rates, instead, is a new development and a direct attempt to control the miners business practices.

nope, it was not, there is no mention of such cap in the original wp.

ironically the fixed limit of 21m coins was implemented in 2014 - with Hearnia's contribution! 

Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.

This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.

To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.

...

Given the moderate time frame over which this change is to be implemented, we expect all miners to choose to screw themselves and deploy this change before 2214.

If they don't, and a minority remains on the old code base, a fork may occur. Essentially, they'll be mining fool's gold after that time.

https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

now that's an example of a non contentious fork. nobody hardly opposed it, and most people did not even noticed it. ergo. consensus.

anyway, as History shows, honeybadger is all what matters here and inflationists are free to either rage quit or fork off.


ps: or buy ethereum?! whatever, you are free, but bitcoin clearly is not..