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

[soullyG]

Hey all, would love to participate in the ongoing segwit conversation that many seem to be having, but apparently the mods believe in just selectively culling whatever posts in this thread they want to remove about that topic (or any topic), without any explanation as to why.

I guess (selective, random) censorship is alive and well here.

It's for your own good, obviously! Don't want you hurting yourself thinking too much /s

On topic, I'm waiting for another high volume drop/rebound off ~$700-$710 before we start moving up in any major way.

[Killerpotleaf]

Hey all, would love to participate in the ongoing segwit conversation that many seem to be having, but apparently the mods believe in just selectively culling whatever posts in this thread they want to remove about that topic (or any topic), without any explanation as to why.

I guess (selective, random) censorship is alive and well here.

It's for your own good, obviously! Don't want you hurting yourself thinking too much /s

On topic, I'm waiting for another high volume drop/rebound off ~$700-$710 before we start moving up in any major way.

good targets.

[Paashaas]

After scrapping 500 and 1,000 rupee bank notes few weeks ago the rumor is now that the Indian goverment wants to ban imported gold 

These are extreem measures to reduce corruption and money laundering activities...

https://cointelegraph.com/news/india-to-ban-gold-importation-bitcoin-price-rally-market-shock-imminent

[Denker]

Hey all, would love to participate in the ongoing segwit conversation that many seem to be having, but apparently the mods believe in just selectively culling whatever posts in this thread they want to remove about that topic (or any topic), without any explanation as to why.

I guess (selective, random) censorship is alive and well here.

It's for your own good, obviously! Don't want you hurting yourself thinking too much /s

On topic, I'm waiting for another high volume drop/rebound off ~$700-$710 before we start moving up in any major way.

Yes another drop to the $700 level could be expected before moving up again.
Testing this level a several times before trying go for 800 or even higher seems to be needed or wanted by some market participants.
Maybe it's going to happen this weekend! Weekends often have surprised us.

[LFC_Bitcoin]

Today my son drew me this picture at school. Is it a sign? or is that a black wall  

Could be a black wall but it doesn't look strong enough to stop the rocket powering through it on its moon bound mission

[Paashaas]

id like to remind everyone that

SegWit is great for Bitcoin. It brings more transaction throughput, fixes malleability, defrags the UTXO set, makes hardware wallets more secure and most importantly, it enables Lightning which will bring instant low cost Bitcoin transactions to the world. The team at BTCC have been working hard at making their exchange and mining pool services SegWit ready, and everyone else should do the same.

You are correct but people are forgetting one major thing; Bitcoin cannot go mainstream with just bigger blocks. You need something like 1gig blocks to make a shot for it, the internet cant even handle that. Hardforking from 1mb all the way up to 1gig is just a no-go zone, Lightning will fulfill that job because you really want to have high capacity when ''monkey see monkey do'' situation arrives.

Bitcoin is booming all over the globe, what will happen with the memepool with to low mb blocks if millions if not a few billion off people want to use the network? We will be seeing millions of unconfirmed txs that will lead to a more panic situation than now.

If someone doesn't like Lightning well youre are not forced to use it, you can always use the normal payment option like today...Also lots of private keys coins will be lost when millions of sheeps start to use Bitcoin. The more payment options ore layers there is the better. Look at Roostock they use another layer for there Smart Contracts using Bitcoin for security just like Kim.com with his BitCache!

Segwit followed with the Lightning network is the best possible update Bitcoin can have. Those unlimited guys are very short sighted they screaming for bigger blocks no matter what the consequences are

I want to see Bitcoin beeing used by many as possible, not because for the $$ (making $$ is sweet but it's not my 1st priority ) but to free youre self from the Zionist Jew Fiat Debt Slave Pyramide Ponzi Banking System.

[JimboToronto]

Good AM Bitcoinland.

Negligible change since yesterday... $749USD/$1011CAD (Bitcoinaverage).

It's been pretty flat this week. What will the weekend bring? Down before up? Simple move upward? More sideways?

Even if it dips, I seriously doubt it will go much below $720.

[Tzupy]

Good AM Bitcoinland.

Negligible change since yesterday... $749USD/$1011CAD (Bitcoinaverage).

It's been pretty flat this week. What will the weekend bring? Down before up? Simple move upward? More sideways?

Even if it dips, I seriously doubt it will go much below $720.

In a couple of days there should be another attempt to break resistance. If it fails to, then the uptrend will be broken and we'll test support and we'll have a boring 2017.

[Killerpotleaf]

id like to remind everyone that

SegWit is great for Bitcoin. It brings more transaction throughput, fixes malleability, defrags the UTXO set, makes hardware wallets more secure and most importantly, it enables Lightning which will bring instant low cost Bitcoin transactions to the world. The team at BTCC have been working hard at making their exchange and mining pool services SegWit ready, and everyone else should do the same.

You are correct but people are forgetting one major thing; Bitcoin cannot go mainstream with just bigger blocks. You need something like 1gig blocks to make a shot for it, the internet cant even handle that. Hardforking from 1mb all the way up to 1gig is just a no-go zone, Lightning will fulfill that job because you really want to have high capacity when ''monkey see monkey do'' situation arrives.

Bitcoin is booming all over the globe, what will happen with the memepool with to low mb blocks if millions if not a few billion off people want to use the network? We will be seeing millions of unconfirmed txs that will lead to a more panic situation than now.

If someone doesn't like Lightning well youre are not forced to use it, you can always use the normal payment option like today...Also lots of private keys coins will be lost when millions of sheeps start to use Bitcoin. The more payment options ore layers there is the better. Look at Roostock they use another layer for there Smart Contracts using Bitcoin for security just like Kim.com with his BitCache!

Segwit followed with the Lightning network is the best possible update Bitcoin can have. Those unlimited guys are very short sighted they screaming for bigger blocks no matter what the consequences are

I want to see Bitcoin beeing used by many as possible, not because for the $$ (making $$ is sweet but it's not my 1st priority ) but to free youre self from the Zionist Jew Fiat Debt Slave Pyramide Ponzi Banking System.

i agree with mostly everything you say.
but i feel that limiting blocks to 1MB does push users off chain.
I believe other cryptos will not push/force poeple off chain this way, and user might find themselves tipping with dash or somthing else, rather then go to LN...

the segwit blocking isn't about blocking segwit persay, its about blocking the direction we are headed.

sacrifice the usage of the blockchain as a trade off to keep maximal node distribution
Or
sacrifice node distribution to incress usage of the blockchain

this is the true reason why poeple have a problem with segwit, is that it locks in the idea that offchain payments are an acceptable compromise to maintain max node distribution.

some would rather sacrifice node distribution to incress usage of the blockchain. and many believe that node distribution would not be affected at all anywho, because BU provides some enhancements which greatly reduce bandwidth usage.

in the end there will be cryptos that go the LN scaling way and others that go the block size scaling way, bitcoin must compete in this environment  ( there is simply no avoiding that )

its a very complex issue.... with no clear cut right answer.

[kurious]

.....

its a very complex issue.... with no clear cut right answer.

+1

This I can agree with.  I have read and read as much as I can, but all I can conclude is that I don't know the right answer.

[Temp_JayJuanGee]

id like to remind everyone that

SegWit is great for Bitcoin. It brings more transaction throughput, fixes malleability, defrags the UTXO set, makes hardware wallets more secure and most importantly, it enables Lightning which will bring instant low cost Bitcoin transactions to the world. The team at BTCC have been working hard at making their exchange and mining pool services SegWit ready, and everyone else should do the same.

You are correct but people are forgetting one major thing; Bitcoin cannot go mainstream with just bigger blocks. You need something like 1gig blocks to make a shot for it, the internet cant even handle that. Hardforking from 1mb all the way up to 1gig is just a no-go zone, Lightning will fulfill that job because you really want to have high capacity when ''monkey see monkey do'' situation arrives.

Bitcoin is booming all over the globe, what will happen with the memepool with to low mb blocks if millions if not a few billion off people want to use the network? We will be seeing millions of unconfirmed txs that will lead to a more panic situation than now.

If someone doesn't like Lightning well youre are not forced to use it, you can always use the normal payment option like today...Also lots of private keys coins will be lost when millions of sheeps start to use Bitcoin. The more payment options ore layers there is the better. Look at Roostock they use another layer for there Smart Contracts using Bitcoin for security just like Kim.com with his BitCache!

Segwit followed with the Lightning network is the best possible update Bitcoin can have. Those unlimited guys are very short sighted they screaming for bigger blocks no matter what the consequences are

I want to see Bitcoin beeing used by many as possible, not because for the $$ (making $$ is sweet but it's not my 1st priority ) but to free youre self from the Zionist Jew Fiat Debt Slave Pyramide Ponzi Banking System.

i agree with mostly everything you say.
but i feel that limiting blocks to 1MB does push users off chain.
I believe other cryptos will not push/force poeple off chain this way, and user might find themselves tipping with dash or somthing else, rather then go to LN...

the segwit blocking isn't about blocking segwit persay, its about blocking the direction we are headed.

sacrifice the usage of the blockchain as a trade off to keep maximal node distribution
Or
sacrifice node distribution to incress usage of the blockchain

this is the true reason why poeple have a problem with segwit, is that it locks in the idea that offchain payments are an acceptable compromise to maintain max node distribution.

some would rather sacrifice node distribution to incress usage of the blockchain. and many believe that node distribution would not be affected at all anywho, because BU provides some enhancements which greatly reduce bandwidth usage.

in the end there will be cryptos that go the LN scaling way and others that go the block size scaling way, bitcoin must compete in this environment  ( there is simply no avoiding that )

its a very complex issue.... with no clear cut right answer.

I might agree with you that the answer is not exactly clear; however, you seem to be framing the issue as if the onblock and offblock solutions are equal and competing proposals, which is truly not the case.

The case with seg wit is that it has gone through the early stages of consensus, development and testing, and therefore it is a yes or no vote about whether you agree to going forward with this version.  There is no other version that is competing for attention or approval.. so if you go for the other version, then that version needs to be vetted and to go through testing.. and any code that is currently out there as a supposed competing version is either sloppy, non supported or both.

[hv_]

Have a look on this log log plot and channel.

The price is log as you normally compare gains in percentage.

The time, from about Aug 2010 to now, is in log scale as well i.o. to account for the exponential growth.

It predicts a top of 80000 by end of 2018 and reaching 1Mio not before 2025...

Data are from blockchain.info




In the lower right corner you see same log log for gold. from 1969 to about 1990 you might just compare the price increase, which was mostly same shape as for bitcoin but way lower exponent.

[Fakhoury]

Have a look on this log log plot and channel.

The price is log as you normally compare gains in percentage.

The time, from about Aug 2010 to now, is in log scale as well i.o. to account for the exponential growth.

Data are from blockchain.info




In the lower right corner you see same log log for gold. from 1969 to about 1990 you might just compare the price incease, which was mostly same shape as for bitcoin but way lower exponent.

I believe in that chart, and here comes some questions and a small favor

1. The favor : Could you please edit the chart with time scale to see when we can hit $10K and $1MM ?

2. I believe in "History Does Not Repeat Itself, But It Rhymes", what makes you sure that we will hit $10K and $1MM ?

[hv_]

Have a look on this log log plot and channel.

The price is log as you normally compare gains in percentage.

The time, from about Aug 2010 to now, is in log scale as well i.o. to account for the exponential growth.

Data are from blockchain.info




In the lower right corner you see same log log for gold. from 1969 to about 1990 you might just compare the price incease, which was mostly same shape as for bitcoin but way lower exponent.

I believe in that chart, and here comes some questions and a small favor

1. The favor : Could you please edit the chart with time scale to see when we can hit $10K and $1MM ?

2. I believe in "History Does Not Repeat Itself, But It Rhymes", what makes you sure that we will hit $10K and $1MM ?

Tech Analysis is no guarantee...

To 1. You see that there are two moves. One slow growth and sometimes hyberbolic to  2 characteristic maxima 35 and 1200. I tried to mark the 3rd in same distance, which is 80k. The run start to 80k is hard to find and so the 10k first hitting even harder...

2. alert is on only once the lower bound gets hurt

[uki]

Have a look on this log log plot and channel.

The price is log as you normally compare gains in percentage.

The time, from about Aug 2010 to now, is in log scale as well i.o. to account for the exponential growth.

Data are from blockchain.info


-snip-

In the lower right corner you see same log log for gold. from 1969 to about 1990 you might just compare the price incease, which was mostly same shape as for bitcoin but way lower exponent.

I believe in that chart, and here comes some questions and a small favor

1. The favor : Could you please edit the chart with time scale to see when we can hit $10K and $1MM ?

2. I believe in "History Does Not Repeat Itself, But It Rhymes", what makes you sure that we will hit $10K and $1MM ?

Tech Analysis is no guarantee...

To 1. You see that there are two moves. One slow growth and sometimes hyberbolic to  2 characteristic maxima 35 and 1200. I tried to mark the 3rd in same distance, which is 80k. The run start to 80k is hard to find and so the 10k first hitting even harder...

2. alert is on only once the lower bound gets hurt

One more thing:
please google ted talk on the exponential function and watch the video.
The main point is that the exponential growth cannot last endlessly.
There is always a limiting factor that stops it.
Take an example of colony of bacteria. They multiplicate exponentially, or nearly that, as long as there is enough food supply.
Once there is more bacteria than food, the exponential growth stops.

[JimboToronto]

The main point is that the exponential growth cannot last endlessly.
There is always a limiting factor that stops it.
Take an example of colony of bacteria. They multiplicate exponentially, or nearly that, as long as there is enough food supply.
Once there is more bacteria than food, the exponential growth stops.

Yes. This is why it forms an S curve.

It only grows exponentially until it goes "vertical" and then it tapers off exponentially to the saturation point.

Luckily Bitcoin adoption is far from going vertical, let alone reaching saturation. Exponential growth a while longer is a reasonable expectation.

[savetherainforest]

Have a look on this log log plot and channel.

The price is log as you normally compare gains in percentage.

The time, from about Aug 2010 to now, is in log scale as well i.o. to account for the exponential growth.

It predicts a top of 80000 by end of 2018 and reaching 1Mio not before 2025...

Data are from blockchain.info




In the lower right corner you see same log log for gold. from 1969 to about 1990 you might just compare the price increase, which was mostly same shape as for bitcoin but way lower exponent.

So.... we gonna have "millions" in 8-9 years by 2025! ... Nice! Very sweet & tender!  

(*edit: btw Roach... I know the "illuminati" banking zionists pay someone to detele our comments with "you want f#@k?" )  

[uki]

The main point is that the exponential growth cannot last endlessly.
There is always a limiting factor that stops it.
Take an example of colony of bacteria. They multiplicate exponentially, or nearly that, as long as there is enough food supply.
Once there is more bacteria than food, the exponential growth stops.

Yes. This is why it forms an S curve.

It only grows exponentially until it goes "vertical" and then it tapers off exponentially to the saturation point.

Luckily Bitcoin adoption is far from going vertical, let alone reaching saturation. Exponential growth a while longer is a reasonable expectation.

Well, that yet remains to be proven how reasonable assumption it is. Looking at the market cap, and looking at the prediction for the 2018, it means quite a lot of new money flowing into Bitcoin in the next two years. Not sure if the adoption will keep the necessary pace to achieve it.

[kurious]

The main point is that the exponential growth cannot last endlessly.
There is always a limiting factor that stops it.
Take an example of colony of bacteria. They multiplicate exponentially, or nearly that, as long as there is enough food supply.
Once there is more bacteria than food, the exponential growth stops.

Yes. This is why it forms an S curve.

It only grows exponentially until it goes "vertical" and then it tapers off exponentially to the saturation point.

Luckily Bitcoin adoption is far from going vertical, let alone reaching saturation. Exponential growth a while longer is a reasonable expectation.

Well, that yet remains to be proven how reasonable assumption it is. Looking at the market cap, and looking at the prediction for the 2018, it means quite a lot of new money flowing into Bitcoin in the next two years. Not sure if the adoption will keep the necessary pace to achieve it.

It does look pie in the sky right now...

I'd like to see some sort of scaling consensus to make sure we don't drop back below 700 first..

80,000 bucks in 2 years?  Ahem....  A LOT of things would need to go VERY right.

[DaRude]

.....

its a very complex issue.... with no clear cut right answer.

+1

This I can agree with.  I have read and read as much as I can, but all I can conclude is that I don't know the right answer.

Try to see if you can find a single good argument against SegWit or LN. Free instant transactions sound terrible right?
Now put yourself in the miners shoes, where you just invested millions in these mining farms and the only way you make money is by mining blocks. Bigger blocks = more money. Now i wonder why would miners want unlimited blocks hmmmm