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Question: How far will this leg take us?
$110K - 9 (8.3%)
$120K - 19 (17.6%)
$130K - 17 (15.7%)
$140K - 9 (8.3%)
$150K - 19 (17.6%)
$160K - 2 (1.9%)
$170K+ - 33 (30.6%)
Total Voters: 108

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26816529 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (174 posts by 1 users with 9 merit deleted.)
arcanaaerobics
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February 17, 2017, 07:27:39 PM

Bitcoin price is getting scary right now. Cry
Rising too fast too soon.
Ready for a drop from dump soon maybe?
PBoC will be giving their statements tomorrow if they found anything from these investigations they performed?
Holliday
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February 17, 2017, 07:35:03 PM

Then why has no one been caught for all these high profile thefts / hacks?

Why would they be?  Mixers and things like monero (just a built in mixer on-chain) aren't illegal...yet.  There will come a time when using a mixer will be a conviction for laundering by default and all transactions will be to and from fixed address alias systems.  Everything outside of that will be considered criminal.

You act like a government outlawing something prevents it from happening. You are smarter than that...

I fully expect Bitcoin to be illegal in most places some day. But that will probably actually increase usage...

To quote a famous princess: "The more you tighten your grip, Tarkin, the more star systems will slip through your fingers."
HI-TEC99
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February 17, 2017, 07:39:33 PM

Then why has no one been caught for all these high profile thefts / hacks?

Why would they be?  Mixers and things like monero (just a built in mixer on-chain) aren't illegal...yet.  There will come a time when using a mixer will be a conviction for laundering by default and all transactions will be to and from fixed address alias systems.  Everything outside of that will be considered criminal and the coins will be blacklisted.  The side effect of a non-fungible currency = permissioned ledger.  You're not getting around governments co-opting any digital currency system made.  Even Satoshi says the same thing via two quotes:  "bitcoin does not solve political problems" and "bitcoin will buy us only a few years".

Where did Satoshi say that?

Googling it resulted in nothing, and neither did a search of the white paper.

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Your search - satoshi "bitcoin will buy us only a few years" - did not match any documents.
mainpmf
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February 17, 2017, 07:40:01 PM

Bitcoin price is getting scary right now. Cry
Rising too fast too soon.
Ready for a drop from dump soon maybe?
PBoC will be giving their statements tomorrow if they found anything from these investigations they performed?

Just wait a few dollars left then short a bit Wink

No way such a rise is meaningful or sustainable.
r0ach
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February 17, 2017, 07:52:38 PM

I fully expect Bitcoin to be illegal in most places some day.

Bitcoin does not function if made illegal.  First off, the network traffic is not obfuscated.  Second, the mining pools are too huge of an attack vector.  Third, it's usage would be barter only in the black market.  Unless bitcoin captured every transaction from the entire drug market on earth it's market cap would be tiny.  So basically a small market cap with an insecure chain.  If you outlaw gold it does not incur a penalty on gold's security; it does for bitcoin.  As for mining the actual coins, it would be even less decentralized than it is now, or maybe entirely controlled by one single guy.  

You can't mine it with commodity hardware so all mining would be controlled by some shady guy in the backstreets of Shanghai.  It would be like having to visit the Mogwai dealer in gremlins in order to mine.  In fact, it's already basically like that in the first place.



Holliday
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February 17, 2017, 08:20:41 PM

Bitcoin does not function if made illegal.

Debatable.

First off, the network traffic is not obfuscated.

Easily changed.

Second, the mining pools are too huge of an attack vector.

The mining landscape has grown as it would in a world where Bitcoin is legal. If Bitcoin becomes illegal, it will obviously adapt. It can function just fine without large warehouses full of hardware. (Actually, it would be better off.)

Third, it's usage would be barter only in the black market.

If things get as bad as you are suggesting, EVERYTHING will be on the black market.

Unless bitcoin captured every transaction from the entire drug market on earth it's market cap would be tiny.

Entirely possible.  

So basically a small market cap with an insecure chain.  If you outlaw gold it does not incur a penalty on gold's security; it does for bitcoin.  As for mining the actual coins, it would be even less decentralized than it is now, or maybe entirely controlled by one single guy.  

You can't mine it with commodity hardware so all mining would be controlled by some shady guy in the backstreets of Shanghai.  It would be like having to visit the Mogwai dealer in gremlins in order to mine.  In fact, it's already basically like that in the first place.

You sound like old Anonymint with this "government is going to take over / prevent Bitcoin" nonsense. It was silly back then, and it's just as silly today.

If the government tries to crack down, Bitcoin simply adapts and evolves into something else. Good luck doing that with your shiny rocks!
jbreher
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February 17, 2017, 08:22:50 PM

WoW, look at all those fake Nodes popping up at the same time.

Just for clarification - what is a 'fake node'?

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To many Nodes running by a hand-full of people, BU will go bust. Segwitt will prevail!

At least one of those recent BU nodes is mine. I opened up my node to inbound connections last week.

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Segwitt will prevail!

Doesn't appear that The SegWit Omnibus Changeset will ever amass the 95% block requirement for activation. What's plan B?
Holliday
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February 17, 2017, 08:28:06 PM

I opened up my node to inbound connections last week.

A few months of uploading 500-1000+ GB per month might start to convince you that drastically increasing the amount of data required to keep the network running might not be such a great idea.
r0ach
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February 17, 2017, 08:39:45 PM

Doesn't appear that The SegWit Omnibus Changeset will ever amass the 95% block requirement for activation. What's plan B?

Ted E. Bare
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February 17, 2017, 08:44:05 PM

The only question remaining: Do you buy bitcoin before or after $1100? New all time high seems inevitable.
GreekGeek
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February 17, 2017, 08:46:31 PM


It's okay to talk about politics, but maybe you guys could try to keep it a bit more directly related to bitcoin?

you mean like this?
Bernie would have won !!!
CCMF

jbreher
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February 17, 2017, 08:53:02 PM

I opened up my node to inbound connections last week.

A few months of uploading 500-1000+ GB per month might start to convince you that drastically increasing the amount of data required to keep the network running might not be such a great idea.

Perhaps. For the last several years, however, I've hardly noticed the presence. Typically fully opened, sometimes outbound only, sometimes running multiple nodes (production, development, test, core, classic, xt, bu)- not an issue. If it ever gets to be a strain, I'll throttle back from fully promiscuous (at the moment, I have 63 inbound connections) to something lower.

IOW: I can keep it up longer than you can hold your breath. Certainly long enough to resolve the current scaling solution impasse, AAR.
HanvanBitcoin
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February 17, 2017, 09:01:54 PM

The only question remaining: Do you buy bitcoin before or after $1100? New all time high seems inevitable.

I was Lucky enough to get in the bitcoin train again at the last dip @ 971$ a week ago  Grin
r0ach
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February 17, 2017, 09:24:06 PM

I was Lucky enough to get in the bitcoin train again at the last dip @ 971$ a week ago  Grin

Holliday
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February 17, 2017, 09:30:35 PM

Perhaps. For the last several years, however, I've hardly noticed the presence. Typically fully opened, sometimes outbound only, sometimes running multiple nodes (production, development, test, core, classic, xt, bu)- not an issue. If it ever gets to be a strain, I'll throttle back from fully promiscuous (at the moment, I have 63 inbound connections) to something lower.

I've had a different experience, possibly because I've been running a full node non-stop since 2011 (maybe more nodes have mine in their peers list)?

At some point last year (maybe 2 years ago) my node was saturating my upload to the point where normal web browsing would not function smoothly. I had to reduce max connections (to around 20) in order to continue supporting the network. I guess a gimped node is better than none at all.

Eventually, I upgraded my internet from top tier cable to top tier fiber. Now I'm back to non-gimped mode. I have the best possible home internet available in my area, and it's not cheap.

Yet, this is all with the 1 MB limit in place. Just recently, in a different thread, PeterR pointed out that he had his BU node set to accept 16 MB blocks today! I'm of the opinion that if you build it, they will come, meaning it will not take long for those blocks to be full of no-fee-paying transactions, for whatever purpose someone happens to come up with. If that would be the case, there is no way my home internet could possibly do much more than a few connections at a time. I, personally, believe this would lead to a lot of people to refuse incoming connections entirely. If a Bitcoin fanatic like myself can't afford to run a full (non-gimped) node, well there will probably be a steep drop in available nodes. I don't think this is the direction we want to be going at this point in the experiment.

We have r0ach telling us that governments are going to co-opt Bitcoin, and while I argue that Bitcoin will be able to survive such attempts, if we start eroding decentralization of the network from inside, he could be right.

I'm not arrogant enough to think that I'm 100% correct and big blockers are 100% wrong. I always say that I simply prefer to err on the side of decentralization. It's obvious to me that increasing the traffic required to keep the network running does harm decentralization to some degree.

On a side note, I typically have over 100 connections, and I ban anything that isn't Core .12 or newer. Meaning, I'm feeding lots of block chain data to full nodes as opposed to whatever the countless bitcoinj connections are asking for.

IOW: I can keep it up longer than you can hold your breath. Certainly long enough to resolve the current scaling solution impasse, AAR.

You mean the impasse that is 3-4 years old now? Heh, a lot can happen in that amount of time.
JimboToronto
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February 17, 2017, 10:00:08 PM

Just for clarification - what is a 'fake node'?

Kinda like a "so-called" president with a "fake" administration?

 Tongue
greenlion
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February 17, 2017, 10:08:10 PM

At some point last year (maybe 2 years ago) my node was saturating my upload to the point where normal web browsing would not function smoothly. I had to reduce max connections (to around 20) in order to continue supporting the network. I guess a gimped node is better than none at all.

I'm not sure your concept of "gimped" makes any sense.

20 inbound connections is enough to broadcast to the entire network and then some in 3 hops.

Why is it "gimped" to not completely saturate your uplink 24/7 without any QoS measures in place?
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February 17, 2017, 10:17:21 PM

At some point last year (maybe 2 years ago) my node was saturating my upload to the point where normal web browsing would not function smoothly. I had to reduce max connections (to around 20) in order to continue supporting the network. I guess a gimped node is better than none at all.

I'm not sure your concept of "gimped" makes any sense.

20 inbound connections is enough to broadcast to the entire network and then some in 3 hops.

Why is it "gimped" to not completely saturate your uplink 24/7 without any QoS measures in place?

There are people who want historical block chain data. My node is either available to provide it to them or it isn't.

I'm either doing more to strengthen the network or doing less to strengthen the network.

It may not seem important when there are thousands of other nodes capable of doing the job... but that's kind of my point.
abercrombie
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February 17, 2017, 10:18:06 PM

are we rich yet??   Shocked

pinger
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February 17, 2017, 10:57:26 PM

are we rich yet??   Shocked



Still poor here. What about there?
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