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

[Paashaas]

Even after the MT-Gox fiasco, Bitcoin is still a rising star in Japan. Regulated BTC exchanges underway within 1 year.

http://www.newsbtc.com/2016/05/25/japan-exchange-bitcoin-regulations/

[finkelsteinMonster]

Even after the MT-Gox fiasco, Bitcoin is still a rising star in Japan. Regulated BTC exchanges underway within 1 year.

This is gonna be H U G E!!!
Almost like Gemini and Coinbase, but in Japan!
https://d21ii91i3y6o6h.cloudfront.net/gallery_images/from_proof/5103/large/1429026695/to-the-moon.png

[AlexGR]

Small blockists are killing Bitcoin.

https://bitcoinfees.21.co/

Which fee should I use?

The fastest and cheapest transaction fee is currently 40 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 9,040 satoshis (0.03$).

It's short-sighted.

What is important is not today but the future.

In the future there'll be more capacity to satisfy actual txs (not spammy near-zero cost txs). That much is a given.

So why the price is stagnating and VC investment is decreasing? Sure you computer geeks folks are cleverer than all the economic minded people on the planet.

"Economic minded people" = the only model they understand is one of centralization, trust and counterparties. Trustless peer to peer economy is a foreign concept. Some people who think they understand "economics" by insisting on turning a decentralized system into a centralized one, simply don't get what Bitcoin is about.

Client-server databases are better for centralized systems. You don't need inefficient blockchains to do this work in a centralized manner.

As for price movement, what I'm seeing is a lot of big-blockers bitching "blocks are full, it's impossible to move upwards" since we were in 200, in 300, in 400, etc etc and we are currently at 450. Why? Because the market, unlike some idiot bigblockers who try to pin-down price correlations with small or big blocks, full or not full blocks, is expecting that the system will be responsibly upgraded, in time, when it is necessary, with all the surrounding work being done.

The market only reacted negatively in the two reckless attempts to fork bitcoin in to two currencies - a precedent that would have been extremely problematic.

[Elwar]

So looks like we're holding steady with $1.6 million worth of fiat coming in on a daily basis.

After the halving we will not see that amount daily until the price is $900.

[SomaliRebel]

Small blockists are killing Bitcoin.

https://bitcoinfees.21.co/

Which fee should I use?

The fastest and cheapest transaction fee is currently 40 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 9,040 satoshis (0.03$).

It's short-sighted.

What is important is not today but the future.

In the future there'll be more capacity to satisfy actual txs (not spammy near-zero cost txs). That much is a given.

So why the price is stagnating and VC investment is decreasing? Sure you computer geeks folks are cleverer than all the economic minded people on the planet.

"Economic minded people" = the only model they understand is one of centralization, trust and counterparties. Trustless peer to peer economy is a foreign concept.

Well no, economic models tend to account for centralization, trust, and counterparties. Amongst other things. The most discriptive/predictive ones tend to get complex, with maths and stuff.
You, of course, reject them because
1. Decentralization itself is your objective (as opposed to maximizing wealth, knowledge, hippy stuff, etc.). If a model leads to solutions which do not require decentralization, into the trash it goes. Like rating cake recipes by the amount of Drano used. Angel food cake doesn't use Drano decentralization? Bad cake!
2. You simply don't understand conventional economics.

Some people who think they understand "economics" by insisting on turning a decentralized system into a centralized one, simply don't get what Bitcoin is about.

If Bitcoin is about maximizing the use of Drano decentralization, you're right. Some people see blockchains as interesting data structures, and play with them/try to adopt them to their needs. Naturally, they're starting to distance themselves from Bitcoin due to militant, dogmatic zealots like you.

Client-server databases are better for centralized systems. You don't need inefficient blockchains to do this work in a centralized manner.

Perhaps. But that's no reason for you to be upset

[r0ach]

If Bitcoin is about maximizing the use of Drano decentralization

The purpose of Bitcoin is to escape the system of neo-feudalism through usury that exists via fractional reserve fiat currencies.

Don't want to be a slave?  Don't use money designed for slaves.

Debt based, fiat usury, federal reserve notes also cease to function and implode without an infinite growth model.

[Syke]

So looks like we're holding steady with $1.6 million worth of fiat coming in on a daily basis.

Assuming all mined coins are soon sold. I wonder how long coins typically sit in their original address...

[Elwar]

So looks like we're holding steady with $1.6 million worth of fiat coming in on a daily basis.

Assuming all mined coins are soon sold. I wonder how long coins typically sit in their original address...

The bears tend to throw out those big numbers to scare us: "3600 bitcoins are being cashed out every day to pay for electricity!!?!!!$!!"

Now they can eat their words.

[finkelsteinMonster]

If Bitcoin is about maximizing the use of Drano decentralization

The purpose of Bitcoin is to escape the system of neo-feudalism through usury that exists via fractional reserve fiat currencies.
http://s33.postimg.org/wvf6ca89r/diversity1.jpg
Don't want to be a slave?  Don't use money designed for slaves.
http://s33.postimg.org/qcwftl8pr/bambifollo2.gif

Debt based, fiat usury, federal reserve notes also cease to function and implode without an infinite growth model.

http://s33.postimg.org/wfmg31qov/bitcoiner.png

You ain't getting away so easy, c0ckroach. We see you

[r0ach]

Latest news on the Ethereum pump and dump scamcoin:



No other exchanges followed the BTC manipulation movements because everyone already knows what these Eth scammers are doing.

[SomaliRebel]

That 450 is like a gazillion volt electric cattle fence: One touch and bzzzrrrrp! ouchies!
owell, there's always the next time

[JimboToronto]

Good morning Bitcoinland.

Looks like we're right where we were yesterday, scrapping over $450.

[Tzupy]

https://www.cryptocoinsnews.com/breaking-tokyo-trustee-completes-review-mt-gox-claims/

[altsheets]

Newbium WOB preview

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is aggregating all available orderbook data from
52 markets in 13 currencies on 27 exchanges.


(click for larger)

We call the approach WOB = "world order book".
Already working & useful, within our Newbium beta (preview).

WOB Explanations: pt1 and pt2



--> Medium Blog, and Whitepaper (8 levels are planned) --> chat (soon)
--> fully functional  Preview beta: WOB within MVP (minimum viable product) for "view live data + trade"
--> Crowdsale (ends May 31st), with Affiliate Program - please use this link, thx.


Really interested to hear your opinion!
Perhaps PM me geeky questions, and we later publish a summary.

 

Edit: retweet - thx.

[altsheets]

Possible WOB interpretation: Totally balanced BTC orderbooks --> neither strong up nor strong down movements are imminent. No guarantees, though ;-)

[bobabouey2]

https://www.cryptocoinsnews.com/breaking-tokyo-trustee-completes-review-mt-gox-claims/

So even after taking out the one claim for $2.3 trillion, there are still $32 billion of claims...  And $91m of assets.

[r0ach]

I expect the sell side to list something like 75 million coins for sale eventually.  It's kind of a useless metric unless all the exchanges listed actually do proof of solvency.

[becoin]

I expect the sell side to list something like 75 million coins for sale eventually.  It's kind of a useless metric unless all the exchanges listed actually do proof of solvency.

Yep, it is useless metric. Most of the exchanges allow placing hidden orders if order is bigger than 50 btc.

[Assmaster2000]

*teletype noises*

Reuters Madrid! Reuters Barcelona! Reuters Valencia!! Reuters Cordoba!!

Spain arrests 30 suspected of laundering money in bitcoin centers

"Spanish police said on Wednesday they had arrested 30 people suspected of illegally distributing pay television content and of laundering the proceeds by investing in bitcoin "mining" centers for processing transactions in the digital currency, which use intensive computing power to generate more bitcoins.

Police said the bitcoin "mining" operations had also been fraudulently using vast amounts of electricity to keep their computing systems running."

http://www.reuters.com/article/us-spain-[Suspicious link removed]ests-idUSKCN0YG1YQ <==censorship! can't post link!!

[r0ach]

Spain arrests 30 suspected of laundering money in bitcoin centers

Many wow, they seize an amount of Bitcoin equal to robbing a gas station:

"They did not say how much money had been laundered through the bitcoin mining operation but added they had for now seized 31,320 euros ($34,903) worth of the currency as well as cash, motorbikes and luxury cars and a small aircraft."

Fiat currencies such as the USD and Yuan will now crash from them auctioning off "a small aircraft".