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

[DaRude]

https://blockchain.info/charts/miners-revenue?timespan=2year

idiot miners will be forced to stop selling or buy in the market ... revenue hasn't been this low since Dec. 2015

What do miners have to do with how much buyers are willing to pay per btc again?

[rizzlarolla]

Times are changing. It is a dynamic world out there.
The miners got into bed with core, believing they could deliver.
Miners will keep the blockchain, Core can keep their code.

such shit FUD ... Core delivers everytime, >100 high quality contributors serving up huge quantities of quality code

https://www.reddit.com/r/Bitcoin/comments/4tqb59/bitcoin_core_v0130rc1_binaries_are_available_for/

miners have spent not a milliBitcoin producing quality code (or even funding some Core devs (i have no idea why it's a no brainer for wealthy idiot miner to hire a Core dev or two??wtf idiot miners)) so until they do they will the run the best code out there, Core.

And Core have spent bugger all on mining?
The idiot miners didn't think they had to write their own code, of course, because they are idiots?

When the miners have written their code, Core will need to start mining their alt coin.
Do the idiots at Core realise that?

[marcus_of_augustus]

Times are changing. It is a dynamic world out there.
The miners got into bed with core, believing they could deliver.
Miners will keep the blockchain, Core can keep their code.

such shit FUD ... Core delivers everytime, >100 high quality contributors serving up huge quantities of quality code

https://www.reddit.com/r/Bitcoin/comments/4tqb59/bitcoin_core_v0130rc1_binaries_are_available_for/

miners have spent not a milliBitcoin producing quality code (or even funding some Core devs (i have no idea why it's a no brainer for wealthy idiot miner to hire a Core dev or two??wtf idiot miners)) so until they do they will the run the best code out there, Core.

And Core have spent bugger all on mining?

Core will need to start mining their alt coin.

Do the idiots at Core ...

totally out of your depth, dude. just shut it before you look completely silly ... roll another dooby, chillax and all that ... Core==bitcoin, there is only one bitcoin.

[respawn2]

The miners get their block reward (12.5 BTC) whether they include transactions or not. Transactions are a pretty insignificant percentage on top of that (bouncing between .3 and .5 BTC, here: https://www.smartbit.com.au/charts/transaction-fees-per-block).

If the miners come to an agreement among themselves not to include any transactions, the impact on their bottom line would be pretty small (12.5 BTC per block solved, vs. 12.9 BTC).
But the bargaining power that gives them...

[marcus_of_augustus]

^^ yeah all those mining agreements to destroy bitcoin are gonna work out awesome  ffs, get some new materials guise, this is some pathetic FUD shit

[respawn2]

^^ yeah all those mining agreements to destroy bitcoin are gonna work out awesome 

Dunno, better than the ones with Core individuals, that's for sure. The miners have a common goal, so don't see where you see a problem. No different than any labor union, am I right?

[mymenace]

The miners get their block reward (12.5 BTC) whether they include transactions or not. Transactions are a pretty insignificant percentage on top of that (bouncing between .3 and .5 BTC, here: https://www.smartbit.com.au/charts/transaction-fees-per-block).

If the miners come to an agreement among themselves not to include any transactions, the impact on their bottom line would be pretty small (12.5 BTC per block solved, vs. 12.9 BTC).
But the bargaining power that gives them...

cool sounds like our current economy, plenty of opportunity for gains

why tell people this when you can profit

[DaRude]

The miners get their block reward (12.5 BTC) whether they include transactions or not. Transactions are a pretty insignificant percentage on top of that (bouncing between .3 and .5 BTC, here: https://www.smartbit.com.au/charts/transaction-fees-per-block).

If the miners come to an agreement among themselves not to include any transactions, the impact on their bottom line would be pretty small (12.5 BTC per block solved, vs. 12.9 BTC).
But the bargaining power that gives them...

Yeah they're so profitable especially now, what's another 4% cut from their profit margins   and another 25%+ cut due to price tanking because of this retardedness

[respawn2]

The miners get their block reward (12.5 BTC) whether they include transactions or not. Transactions are a pretty insignificant percentage on top of that (bouncing between .3 and .5 BTC, here: https://www.smartbit.com.au/charts/transaction-fees-per-block).

If the miners come to an agreement among themselves not to include any transactions, the impact on their bottom line would be pretty small (12.5 BTC per block solved, vs. 12.9 BTC).
But the bargaining power that gives them...

Yeah they're so profitable especially now, what's another 4% cut from their profit margins   and another 25%+ cut due to price tanking because of this retardedness

No different than labor strikes.
Workers don't strike because they make too much, they strike because they don't make enough

[adamstgBit]

^^ yeah all those mining agreements to destroy bitcoin are gonna work out awesome 

Dunno, better than the ones with Core individuals, that's for sure. The miners have a common goal, so don't see where you see a problem. No different than any labor union, am I right?

every hear of a labor union fighting for lower pay and longer hours?

[respawn2]

every hear of a labor union fighting for lower pay and longer hours?

Never. They fight for higher pay and shorter hours. Often get what they want, too.
If unions had the sort of bargaining power that miners have (bring Bitcoin to a grinding halt until they get their way), they'd get whatever they asked for. Always

[BlindMayorBitcorn]

Don't we have a not-so-top secret algo change from hell in case of emergencies?

[respawn2]

Don't we have a not-so-top secret algo change from hell in case of emergencies?

You can start mining a worthless alt with a new algo. Have fun.

This is no different than a typical business/labor dispute, the sort that happens when bosses make promises they don't keep.
Really.
And the slimmer the miner's (it's, like, 9 pool operators, who are we kidding?) current margin is, the more incentive they have to "Unionize" and "strike."

Only when IRL workers strike, they don't get to draw 96% of their paycheck, as the miners will (because block reward).

[dumbfbrankings]

Don't we have a not-so-top secret algo change from hell in case of emergencies?

That's just an empty threat to the miners. The stick in the stick/carrot basket. Come to think of it... did Blockstream's basket even come with a carrot?

If not, someone give them one... it's getting embarrassing. And that stick is looking fairly flimsy today.

[DaRude]

Don't we have a not-so-top secret algo change from hell in case of emergencies?

You can start mining a worthless alt with a new algo. Have fun.

This is no different than a typical business/labor dispute, the sort that happens when bosses make promises they don't keep.
Really.
And the slimmer the miner's (it's, like, 9 pool operators, who are we kidding?) current margin is, the more incentive they have to "Unionize" and "strike."

Only when IRL workers strike, they don't get to draw 96% of their paycheck, as the miners will (because block reward).

Step1: Grind BTC to a complete stop
Step2: ??
Step3: Profit 

Think there's a flaw in your logic somewhere

[BlindMayorBitcorn]

Don't we have a not-so-top secret algo change from hell in case of emergencies?

You can start mining a worthless alt with a new algo. Have fun.

Bitcorn Regenesis: with 50% more Luke Jr.... for the children.  

[respawn2]

And that stick is looking fairly flimsy today.

Isn't that alt algo just something Luke-dash-jr said once? What, exactly, would that be?
"Bitcoin: World's least secure, lowest hashrate blockchain!"?

[respawn2]

Don't we have a not-so-top secret algo change from hell in case of emergencies?

You can start mining a worthless alt with a new algo. Have fun.

This is no different than a typical business/labor dispute, the sort that happens when bosses make promises they don't keep.
Really.
And the slimmer the miner's (it's, like, 9 pool operators, who are we kidding?) current margin is, the more incentive they have to "Unionize" and "strike."

Only when IRL workers strike, they don't get to draw 96% of their paycheck, as the miners will (because block reward).

Step1: Grind BTC to a complete stop
Step2: ??
Step3: Profit  

Think there's a flaw in your logic somewhere

How do you think strikes work?
Step1: Grind BTC to a complete stop
Step2: "Your coin isn't worth dick until you let us have what we want. While we're on strike, we're making only 4% less than when we're working for you. Think about it. Take your time."
Step3: Profit  

[JayJuanGee]

By October 2015, when I set up a plan to begin to trade BTC, my average cost per BTC was about $502, and so I began to trade, and today my average cost per BTC is about $440.  Furthermore, I have dollars and BTC stacked on both ends, so I hardly feel trapped.  I keep saying this, but stubbornly, you continue with your own seemingly judgmental narrative.

Wow, how many satoshi do you own/trade with?

Since about mid-2014, my personal policy has been to not disclose the quantity of BTC that I have; however, I do not mind describing some specifics regarding my holdings and my BTC trading strategy in order to be able to discuss trading/HODLing strategies.

Because I am mostly bullish about BTC, and I have other dollar related investments, I only trade small portions of my BTC holdings. 

In October 2015, I divided my BTC holdings into three and then I just traded a portion of the holdings that I considered to be profitable (because I bought them in the $200s).  This was likely more of a psychological tool because my total holdings were in the red at that time, but it did allow me to conceptually get over my mental block about selling coins at a "loss,"  yet as BTC's price continued to rise in late 2015 (and then kind of get stuck largely in the $360 to $460 range during late 2015 and early 2016 (through May), I was able to reconceptualize my trading strategy in order to authorize myself to trade a percentage of my whole BTC holdings and reconceptualize my whole trading strategy in terms of working with percentages of my whole BTC trading portfolio.


Currently, I have about 95% of my BTC trading portfolio funds in BTC and the other 5% in fiat,  and at this time, I have a created tentative authorization levels that are in this kind of a range.



BTC Price           BTC Allocation
200-350                   97-99.5%
350-450                   96-99%
450-550                   92-98%
550-650                   90-96%
650-850                   85-94%
850-1250                   84-92%
1250-2000                   83-91%
2000-3000                   82-90%
3000-5000                   55-84%
5000-10000           50-80%
10000-20000           48-78%
20000=30000           45-75%
30000-50000           43-73%


Of course, I have the power to reconsider these allocations at any time and to even make bolder moves within the strategy if I have a decent belief that the BTC market is going to move in one direction or another.

I consider my whole trading strategy to be a lot less risky than other trading strategies that are employed;  however, the most important part of my strategy is that it is tailored to my own financial situation, risk profile and personal preferences.

I am more interested in being secure in my strategy rather than getting rich, yet my trading strategy still has built in presumptions that BTC prices are going to rise in the long term.

 Additionally, even though some guys might quibble about my BTC trading strategy and say that it is not as good as some other BTC trading strategies, I don't really care that much because it is my own personal trading strategy, and in fact my strategy has allowed me to stack fiat and bitcoin on both ends (which brings considerable security to my holdings), and really my BTC holdings have increased by about 8.5%, even at this current price point, while I am selling BTC as the price goes up and buying BTC as the price goes down.  There is a bit of a moving target because my BTC/dollar funds are spread across several accounts, yet my rough calculation is that I still have about 8.5% more bitcoins than I had when I started trading at $250 factoring the same investment amount and the fact that BTC prices have risen by about 165%, and my BTC holdings have gone from about 50% in the red to about 50% in the black (or green as some folks say).







 

[marcus_of_augustus]

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so cool

so refreshing to see the losers twisting and twining in the face of overwhelming proof-of-wrongness ... honey badger don't give a toss losers