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

[clopoterian]

Comparing bitscoins to alcohol (documented history of use going back ~5000 years) is as much of a stretch as comparing beadcoin to the internet: ridiculous.

The documented history of the use of something means nothing. Books have been banned before publication yet still disseminated. You can't stop what people want, and people want crypto, whether rightly, whether wrongly, whether ridiculously...

Of course history of use matters. Otherwise the cigs I'm smoking would have been banned a long time ago.
And sure, if people want something bad enough, be it raping, shooting people, shooting dope, or using bleatcoins, they will get it. OTOH, when things are made illegal, they become less desirable. Not to pubescent children with daddy issues, but to most people.

Banning betcoin would certainly make it less attractive to extortionists bitcoin entrepreneurs. No hospital would break the law (by buying illegal beetcoins) to pay ransom

I was here before you: surely a better way to stop extortion would be to make paying any ransom illegal. This is strangely at odds with the last advice I heard from the FBI...

Not looking for the optimal solution, simply pointing out that you're factually wrong: making bitscoin illegal would discourage beetcoin extortionists

[2015Bubble]

https://www.youtube.com/watch?v=vT8OU5WtfkQ

Push it to the limit.



3300 

[adamstgBit]

[finkelsteinMonster]

^^But remember:

http://www.benton.ar.gov/sites/default/files/image007.gif

[adamstgBit]

lol there is no escape

trust me.

[Torque]

Is it time to short ETH yet? 

[gizmoh]

KNC MINER DECLARES BANKRUPTCY – CHINESE COMPETITION TOO TOUGH

http://swedishstartupspace.com/2016/05/27/knc-miner-declares-bankruptcy-chinese-competition-too-tough/

[Karartma1]

It's time to hold onto Bitcoin! No ETH involved now. When BTC moves it is fast, it is furious and it is big. I bought in around 200$ and whenever I see green above that I'm a happy guy, to quote George Carlin

[yefi]

Of course history of use matters. Otherwise the cigs I'm smoking would have been banned a long time ago.
And sure, if people want something bad enough, be it raping, shooting people, shooting dope, or using bleatcoins, they will get it. OTOH, when things are made illegal, they become less desirable. Not to pubescent children with daddy issues, but to most people.

The difficulty of enforcing regulation is not a result of the length of a thing's history. It is a product of its distribution, prevalence, concealability etc. and these things can develop from a long history or a very short one. Gnutella and Kad network are relatively novel, yet I would like to see you regulate them away, even with all the $ from the MPAA in your pocket.

Not looking for the optimal solution, simply pointing out that you're factually wrong: making bitscoin illegal would discourage beetcoin extortionists

But it won't. What will happen more often is that the crime simply won't be reported, and that the victims will be criminalized. Good 'nuff? 

[Karartma1]

KNC MINER DECLARES BANKRUPTCY – CHINESE COMPETITION TOO TOUGH

http://swedishstartupspace.com/2016/05/27/knc-miner-declares-bankruptcy-chinese-competition-too-tough/

holy crap! they were doing something around 5% of the global hashrate. That's bad news really. Chinese competition is tough on everything which requires big numbers: no quality involved. Bitcoin is about doing calculation before others and they have too much power on it, unfortunately

[adamstgBit]

dang this is bearish.

hash rate will drop by~4% with KNC gone?
how many others will turn off their small and medium sizes rigs and yield to the chinese mage mining farm?

[jbreher]

And according to wisdom's FX rate Whoboi just broke $500  

Half way to the second $1k party?

did someone mention btc1k party? 

Do you have the stomach to re-up?

[AlexGR]

dang this is bearish.

hash rate will drop by~4% with KNC gone?
how many others will turn off their small and medium sizes rigs and yield to the chinese mage mining farm?

Bitcoin Difficulty:   199,312,067,531
Estimated Next Difficulty:   206,408,627,573 (+3.56%)

[JayJuanGee]

the big wow factor will be when >75% hashing power + economic majority HardFork bitcoin to 2MB blocks.

It's already going to 2MB blocks + segwit with 2017 hard fork anyway, which should be an effective 3.x MB block size.  That's why there's not much of a reason to make a big deal out of it unless someone tries to renig.  Also, weak blocks make raising block size not an actual problem and weak blocks is already planned here:

http://coinjournal.net/blockstream-president-adam-back-shares-roadmap-scaling-bitcoin/

There's not even any argument that Bitcoin will or won't be scaled, it's just that people believe core is doing it too slowly, but that's just how it is when you actually have to develop and test things first for something where you make a mistake would implode billions of dollars.

There is no guarantee it will happen it can only happen if mostly everyone wants it to happen. that much has been made clear as day in the past year. ( to the point were people are afraid nothing can ever happen because getting "mostly everyone" to agree is "impossible" )
when the HF happens and we get our first 2MB block 10mins later.
people's heads will explode.
dont kid yourself the 2MB HF will be a BIG DEAL.

lol, big deal yeah, massive dump.

but it aint going to happen, gonna need a tad bit more than a buncha whiny shits to fuck with Bitcoin.

it's funny how back when they reduced the capacity from 32 to 1 MB a few years back as a 'temporary measure against spam attacks' no one cared, but when we need to up it to 2 MB it seems to be a large debate over nothing.

Seriously, why is everyone making such a fuzz about it.

Common... You are making it sound as if the 2mb  XT/Classic folks were reasonable in their approach to this mater, and that is all that they wanted... You are buying into a spin.

They wanted 2mb by holding a gun to the heads of others and at the same time coupling such proposals with unnecessary and bitcoin debilitating governance changes... and tried to package them as the future/efficiency etc.

If they were reasonable, as you had proposed, and merely were talking in terms of technicalities, such an upgrade from 1mb to 2mb could have likely been achieved in a fairly short period of time... and so now, we also realize that even the 1mb to 2mb is not that urgent .. because we gotta see seg wit, first...   

[podyx]

dang this is bearish.

hash rate will drop by~4% with KNC gone?
how many others will turn off their small and medium sizes rigs and yield to the chinese mage mining farm?

They are filing for bankruptcy because of "high uncertainty around the block halving" and because of "continued mining pressure from china".

How is that bearish?

[clopoterian]

Of course history of use matters. Otherwise the cigs I'm smoking would have been banned a long time ago.
And sure, if people want something bad enough, be it raping, shooting people, shooting dope, or using bleatcoins, they will get it. OTOH, when things are made illegal, they become less desirable. Not to pubescent children with daddy issues, but to most people.

The difficulty of enforcing regulation is not a result of the length of a thing's history. It is a product of its distribution, prevalence, concealability etc. and these things can develop from a long history or a very short one. Gnutella and Kad network are relatively novel, yet I would like to see you regulate them away, even with all the $ from the MPAA in your pocket.

I'm not suggesting that regulation of everything is trivial. Merely that regulating bit-coin is trivial. As far as piracy goes, regulation works well enough
http://s33.postimg.org/xezgddj5r/Capture.jpg

Not looking for the optimal solution, simply pointing out that you're factually wrong: making bitscoin illegal would discourage beetcoin extortionists

But it won't. What will happen more often is that the crime simply won't be reported, and that the victims will be criminalized. Good 'nuff?  

Explain to me the mechanics of paying off a bitcoin ransom for the case in question:

Ransomware attackers refuse to decrypt hospital's files after being paid off

"Negotiating with criminals doesn’t always work out, as Kansas Heart Hospital in Wichita learned last week. The hospital paid to get files back after falling victim to ransomware, but only got “partial access” and a demand for more money, Techspot is reporting.

That’s right: the criminals got their ransom, and then decided they wanted more money. The hospital’s president, Dr. Greg Duick says the hospital is not paying up."

https://www.yahoo.com/news/kansas-hospital-pays-ransomware-demand-235824773.html

The hospital director would use his personal money, ask his drug-addicted nephew to hook him up with BitcoinPro7569, meetup with BitcoinPro7569 to exchange $30k US in unmarked, non-sequential 20s for BTC-coins behind Wendy's dumpster?
Or would he cook the hospital's books?
http://s33.postimg.org/pcmlldbr3/Capture.jpg

[clopoterian]

KNC MINER DECLARES BANKRUPTCY – CHINESE COMPETITION TOO TOUGH

http://swedishstartupspace.com/2016/05/27/knc-miner-declares-bankruptcy-chinese-competition-too-tough/

holy crap! they were doing something around 5% of the global hashrate. That's bad news really. Chinese competition is tough on everything which requires big numbers: no quality involved. Bitcoin is about doing calculation before others and they have too much power on it, unfortunately

Don't worry brah, BitFury still got 8%
*Not4long tho...

[becoin]

Explain to me the mechanics of paying off a bitcoin ransom for the case in question:

“Elementary, my dear Watson”. One group of criminals pretending to be another group of criminals.

[clopoterian]

^Makes zero sense. Please delete your post and read before posting in the future. ty.

[brg444]

dang this is bearish.

hash rate will drop by~4% with KNC gone?
how many others will turn off their small and medium sizes rigs and yield to the chinese mage mining farm?

They are filing for bankruptcy because of "high uncertainty around the block halving" and because of "continued mining pressure from china".

How is that bearish?

Right? A bunch of scammers going out of business because they couldn't get their Bitcoin Classic bailout