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

[Spaceman_Spiff]

Saw this link on /r/bitcoin, interesting stuff.

http://meaningness.com/metablog/geeks-mops-sociopaths

Completely irrelevent for Bitcoin though, since the entire purpose of a currency is to become a monopoly, a consensus mechanism for exchange.  The less of a monopoly it has, the less useful it is.  Your link argues popularity weakens the idea, so the article is inverse to how Bitcoin actually works.  Don't try and conflate grunge music and economics.  People like money to be as boring and predictable as possible, not "cool".  Just like when you open your refrigerator, you don't want to have to guess what's edible or not.  That's definitely not cool.

I agree, but it definitely has some relevance to the 'hipster' vibe surrounding 'blockchain technology' in finance (in as much as they can be hipster) and the same in fintech, VC funded start-ups surrounding bitcoin.

Yeah, the fact that bitcoin is an economic thing with utility and economic incentives attached make this a different beast than the coolness of a subculture, but it is funny to see that a lot of the social dynamics are similar.

[bargainbin]

>economic incentives

[yefi]

* yefi prods Bitcoin with a stick

[Spaceman_Spiff]

* yefi prods Bitcoin with a stick

Looks like you are going to need a bigger stick, or give it some more time to wake up...

[degxtra1]

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.

IMHO I would say we are approaching point 4 on your listing.

[ErisDiscordia]

Today, 24 hours ago, 7 days ago and one month ago, the price of one Bitcoin has been the same: 420USD

[inBitweTrust]

Today, 24 hours ago, 7 days ago and one month ago, the price of one Bitcoin has been the same: 420USD

Incredibly stable....Is there some whale pothead trolling us by keeping the price around 420?

[ErisDiscordia]

Today, 24 hours ago, 7 days ago and one month ago, the price of one Bitcoin has been the same: 420USD

Incredibly stable....Is there some whale pothead trolling us by keeping the price around 420?

They're waiting for 4/20 to hit that bong and launch us into the stratosphere!

[r0ach]

Eth scam unraveling.  Goldman Sachs and a few unfortunate noobs who I warned this would happen left holding the bag.

[ssmc2]

Eth scam unraveling.  Goldman Sachs and a few unfortunate noobs who I warned this would happen left holding the bag.

All alts down, BTC at the breakout point of the wedge....wait for iiiiit

[BitUsher]

Eth scam unraveling.  Goldman Sachs and a few unfortunate noobs who I warned this would happen left holding the bag.

It is extremely doubtful GS or MSFT or any large company has purchased even one ETH. Do you have a citation?

[purebitco]

Eth scam unraveling.  Goldman Sachs and a few unfortunate noobs who I warned this would happen left holding the bag.

All alts down, BTC at the breakout point of the wedge....wait for iiiiit

i hope that bitcoin price will grow a lot in near future as im holding it as strong as possible now

[bargainbin]

Eth scam unraveling.  Goldman Sachs and a few unfortunate noobs who I warned this would happen left holding the bag.

FUD! ETH wales shakin' out them weak hands & secretly accumulating. Remember when BTC took a dive into the $3s after being up in the $7s?
Yeah, some panic-sodl, but pros got all over that buying opportunity & stockpiled.
They're x100 wealthier now. Those who sodl? In mental asylums, on suicide watch

Brothers and sisters, the time has come for each and every one of you to decide
Whether you are gonna be the problem, or whether you are gonna be the solution.
You must choose, brothers, you must choose.
It takes 5 seconds, 5 seconds of decision.
Five seconds to realize that it's time to move.
It's time to get down with it.
Brothers, it's time to testify and I want to know,
Are you ready to testify?
Are you ready?
Hodl!!!!1

[JayJuanGee]

The HK CRTA said specifically that we were supposed to get SegWit this month. Where the hell is it? What will happen to the price if it is delayed?

Blocks are full. We need relief now! The TA is suggesting that we could have a huge rally if the network was able to handle the extra traffic.

Now we see your true motivation ... Short term profits instead of concerns for the security or testing within segwit.

...

Segwit will likely be deployed later this month or early may. You have to understand that Core developers care more about testing and security than your short term price rallies.

Oh spare me the sanctimony.  Core devs had YEARS to come up with a scaling solution and it took an implicit threat from miners to get them to do the bare minimum and even now, they are not going to have it ready when they agreed to have it ready.  This isn't being cautious. This is obstructionism.  

You can't credibly claim that they are doing everything possible to get it up and running in a timely manner consistent with security and quality goals and still claim they don't need to rush.  Core is either incompetent and cannot do what users require or they are dishonest and dragging their heels.  Either way, they are not meeting the network's needs.  

I do not accept that it is simply impossible for Bitcoin to scale safe and securely. It may be impossible with current governance, but all that means it we need to change governance.  This kind of shit didn't happen when Gavin was in charge.

It's not about short term profits. It's about having confidence that the network's needs will be met. It's not reassuring when the people responsible for meeting those needs don't even have the will to do it to say nothing of the ability.

I'm quoting this for how ridiculous it is...

hahahahaha

BJA talking your book, and suggesting that you don't care if the price goes down or up because you sold a large quantity of BTC at $370 about 2 months ago, yet the price has been having a lot of upwards pressures since then, and a lot of failed attempts to break below $400 in the past month.

Everything you say in your above post seems to be XT / classic talking points in which people are beginning to realize that they are baseless and wishful thinking rather than any meaningful reflection of the robustness of bitcoin, both in terms of its technicals and in terms of its governance.  

In fact, the peer to peer aspect of bitcoin surely causes some inefficiencies in bitcoin's governance, and that is a feature and not a bug... and really the difficulties to change the status quo of bitcoin and its blocksize limits (which is not a problem like you and your xt/classic supporting buddies would like us to believe) is a sign of decentralization rather than the propaganda scare mongerings attempts to suggest that bitcoin is flawed in some kind of meaningful way.

Certainly, we do not know when BTC prices are going to break back into the $430s, yet likely I would not be surprised see prices continuing to bounce around between $400 and $450 for a month or two.  On the other hand, I would be a bit surprised (and wouldn't be the first time) if we were to witness prices go back below $380 for any significant time (gonna need some seriously convincing FUCD spreading for that to occur (maybe when seg wit goes live there may be something to grasp onto regarding some kind segwit flaw?).. good luck with those continued and unconvincing attempts at spreading FUCD......................................NOT).

 

[BitUsher]

Oh spare me the sanctimony.  Core devs had YEARS to come up with a scaling solution and it took an implicit threat from miners to get them to do the bare minimum and even now, they are not going to have it ready when they agreed to have it ready.  This isn't being cautious. This is obstructionism.  

You can't credibly claim that they are doing everything possible to get it up and running in a timely manner consistent with security and quality goals and still claim they don't need to rush.  Core is either incompetent and cannot do what users require or they are dishonest and dragging their heels.  Either way, they are not meeting the network's needs.  

The creation of a fee market is by design. There is no dishonesty or secret plan ... we are quite overt that having a fee market is a good thing for bitcoin rather than excess capacity. Can't you understand by now that we have different opinions on what the network needs?

I do not accept that it is simply impossible for Bitcoin to scale safe and securely.

I agree, Bitcoin can scale securely one we start using payment channels.

This kind of shit didn't happen when Gavin was in charge

Why do you think Gavin gave up being chief maintainer for the sake of some glorified chief scientist role where he could speak at conferences ? It is likely because he had more confidence in the other core devs and as a matter of fact shit did hit the fan under his watch.

It's about having confidence that the network's needs will be met. It's not reassuring when the people responsible for meeting those needs don't even have the will to do it to say nothing of the ability.

Bitcoin does not need to prioritize making sure a few VC make short term profits or allow you to make subsidized 2 penny txs at the cost of security. The core devs are meeting our needs just fine.

[dumbfbrankings]

We have been overt about wanting a Core Dev planned fee market at less than 10 tps since the very beginning in 2009 Billy Jo.

Do you want the 5 mining pools to become more centralised?? 'Cause that's what you get with on chain growth. Pls be patient while the monolithic payment hubs can be rolled out.

Mewn sewn boyz.

420 Blaze it.  

[yefi]

* yefi prods Bitcoin with a stick

Looks like you are going to need a bigger stick, or give it some more time to wake up...

My stick's pretty big, just ask Lambie. Guess I'll just have to be patient.

[bargainbin]

* yefi prods Bitcoin with a stick

Looks like you are going to need a bigger stick, or give it some more time to wake up...

My stick's pretty big, just ask Lambie. Guess I'll just have to be patient.

It's true, big as a log! Yefi carries the thing around like it's her cub or a baby, have no idea what she thinks it is.
A bit creepy if you ask me, but you know, bitcoin.
I try not to judge

[marcus_of_augustus]

9

[USB-S]

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