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

[r0ach]

Perhaps at $10000 you will consider it a store of value rather than a processor.

You're just being irrationally biased now.  Everyone knows metals are more fungible, more anti-fragile, and less counter party risk.  This means Bitcoin can never dethrone metals as a store of value or hope to compete with them on Exter's pyramid.  If you're acting as a settlement layer, you're attempting to compete with metals as a store of value and Bitcoin CANNOT do it.  This means Bitcoin has to derive value more from raw transaction flow and being a payment processor instead.  

This is why I think Bitcoin probably doesn't have a value proposition without large scaling.  The lightning network claims to be able to do that, but I'm not convinced it can do so in a decentralized manner when economy of scale already forces centralization in the base bitcoin network in the first place.  Bitcoin did not "solve" the decentralization problem.   Bitcoin is a centralization problem waiting for someone to solve it.

As for solving that centralization problem, to do so you would likely need to engineer it so it's impossible to practice usury in bitcoin.  The only way I can think of to do that is either unprofitable PoW (which probably can't work in practice), or by some really exotic system of decentralized captchas where anyone attempting to solve blocks requires manual human intervention and can't be automated on cruise control via CPUs as I talked about in the thread below.

You cannot have decentralization without engineering bitcoin so automated usury is impossible

https://bitcointalk.org/index.php?topic=1700073.0

Whether you believe "god" is a person, quantum fluctuation, whatever, metals are a blockchain created by "god"; bitcoin is a blockchain created by people.  The blockchain created by people can never compete because it will always have more flaws or side channel attacks that render it useless.  I have a feeling anything blockchain related will forever be a Rube Goldberg machine that claims to accomplish some type of task, but in reality fails to accomplish that task (decentralization) while doing it an extremely complicated manner.

[bitwitt]

Text Bubbles speak for themselves.  A little humor...

IMAGE EDIT: 

Hey Dumb ask
 I see you found a bunch of saps that listen to your BS.
You are so full of Ship...
Did your wife leave you yet?
Your son is old enough to know your a POS.
How's the Bitcoin farm going, that you bought with the wifes 401k?

Thought you you where going to Washington State ?

I Here the company your Dad started you turned into a joke, people said you are unstable. 

Keep posting your CRAP.

XOXO

[Riddikulo]

This thread went full retard 

[Killerpotleaf]

Perhaps at $10000 you will consider it a store of value rather than a processor.

You're just being irrationally biased now.  Everyone knows metals are more fungible, more anti-fragile, and less counter party risk.  This means Bitcoin can never dethrone metals as a store of value or hope to compete with them on Exter's pyramid.  If you're acting as a settlement layer, you're attempting to compete with metals as a store of value and Bitcoin CANNOT do it.  This means Bitcoin has to derive value more from raw transaction flow and being a payment processor instead.  

This is why I think Bitcoin probably doesn't have a value proposition without large scaling.  The lightning network claims to be able to do that, but I'm not convinced it can do so in a decentralized manner when economy of scale already forces centralization in the base bitcoin network in the first place.  Bitcoin did not "solve" the decentralization problem.   Bitcoin is a centralization problem waiting for someone to solve it.

As for solving that centralization problem, to do so you would likely need to engineer it so it's impossible to practice usury in bitcoin.  The only way I can think of to do that is either unprofitable PoW (which probably can't work in practice), or by some really exotic system of decentralized captchas where anyone attempting to solve blocks requires manual human intervention and can't be automated on cruise control via CPUs as I talked about in the thread below.

You cannot have decentralization without engineering bitcoin so automated usury is impossible

https://bitcointalk.org/index.php?topic=1700073.0

Whether you believe "god" is a person, quantum fluctuation, whatever, metals are a blockchain created by "god"; bitcoin is a blockchain created by people.  The blockchain created by people can never compete because it will always have more flaws or side channel attacks that render it useless.  I have a feeling anything blockchain related will forever be a Rube Goldberg machine that claims to accomplish some type of task, but in reality fails to accomplish that task (decentralization) while doing it an extremely complicated manner.

point me to the central authority which governs bitcoin TX, or stfu.
 

[JayJuanGee]

Finally, some decent ACTION!!!!


And in the right direction, too.

Hahahahaha...

hopefully there is a sufficient quantity of push behind this that could maybe get us into the upper $900s, at least.

 

[rjclarke2000]

I believe this is most definitely gentleman

[Ibian]

Everyone knows

Argument invalid.

I have no dog in this fight, but taking your own opinion as an axiom annoys me wherever it pops up.

[600watt]

Everyone knows

Argument invalid.

I have no dog in this fight, but taking your own opinion as an axiom annoys me wherever it pops up.

you are right and we all know it. 

[Ted E. Bare]

Yes everyone that is experienced has already bought back in. The latest all-in moment was like a week ago.

[Karartma1]

After a bit of sideways another nice leg up. Cool

[gembitz]

After a bit of sideways another nice leg up. Cool

^yessir the new bitcoin movement is picking up thanks to the UBQ team! 

[soullyG]

See you guys > $1000?

[droizs]

See you guys > $1000?

too soon I think...

[spooderman]

all signs point to gentleman

[jbreher]

1MB = 1024KB.
not 1000KB

Sorry but no. Do to an accident of 2^10 being within a couple % of 10^3, lazy people have misused the kilo prefix to refer to a unit of 1024. However, all standards committees of which I am aware are united in the fact that kilo==1000. Period. If you want a convenient unit to refer to 1024, the world has standardised the unit of kibi, or Ki. Similarly, 2^20 is referred to as mebi or Mi, 2^30 is gibi or Gi etc.

So 1024 bytes is 1 KiB. Not 1 KB. Period.

While this seems pedantic to some at first, the ambiguity of using SI units that approximate powers of two has killed people.

Just. Fucking. Stop. Before it kills again.

[Denker]

See you guys > $1000?

Lets wait a few days to see if this rise is sustainable or not.
Could also just be another short upswing which might correct soon.

[yefi]

See you guys > $1000?

too soon I think...

Not really, $1000 is very much doable as a retrace of the big move. After that I fear more down however, but for now:  up, up, up.

[Hunyadi]

[Red-Apple]

core nodes are bugged.
1MB = 1024KB.
not 1000KB
this caused them to orphen a block that was less than 1MB

what you as a (old) 4 year old member don't yet know about bitcoin and yet give opinion on it, is that at code level there is no such thing as MB, KB, or as jbreher explained above KiB, MiB

there is only BYTES.
https://github.com/bitcoin/bitcoin/blob/master/src/consensus/consensus.h#L15-L16
and it is a round 1000000 bytes number and it has always been a round "byte" number
and they orphaned a block that violated the 1000000 bytes consensus rule!

[JayJuanGee]

See you guys > $1000?

too soon I think...

Not really, $1000 is very much doable as a retrace of the big move. After that I fear more down however, but for now:  up, up, up.

I agree.  It is looking nice and lots of things are looking doable, but we are really moving up quick.


Almost a desire for a short squeeze (if there are shorts anymore), and earlier I had predicted that $1k was going to be more difficult this time around (versus early January), but you never know.. we could shoot through $1k again.. .. not very clear, yet... partly because of how rapid this movement seems and whether there is going to be sufficient ongoing support on such short notice.