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

[BitcoinNewsMagazine]

Acutally if a hostile fork happens then almost the whole network will reject the invalid blocks    
They could fuck up bitcoin really bad.

Yes,  91% of nodes will reject BU blocks and ban all nodes relaying them -

 http://luke.dashjr.org/programs/bitcoin/files/charts/software.html

Jihan is either bluffing to renegotiate (not going to happen) or he is serious and hoping that 91% of nodes will suddenly switch to BU (also not going to happen)

There are 32610 Core nodes on the network ? How this Nr is measured ?

http://luke.dashjr.org/programs/bitcoin/files/charts/services.html

Is https://bitnodes.21.co/nodes/ more reliable?

[gentlemand]

The biggest mining pool Antpool made wrong business assumption while planning their expansion and investment last year. They didn't anticipate bitcoin's rapid appreciation. They might have sold customer bitcoins to finance that. Now they will make some noise to cause price pullback. However, this will be their second wrong business decision... and might turn to be lethal for the pool. But hey, other miners will be happy. Bitcoin doesn't care for exceptionally greedy miners.

That discounts the possibility that our annoying mining friend personally controls far, far more mining firepower than he's going to publicly admit to. Bad for business too. He probably operates more than half the pools to give us the illusion that centralisation isn't an issue.

[BitUsher]

Acutally if a hostile fork happens then almost the whole network will reject the invalid blocks    
They could fuck up bitcoin really bad.

Yes,  91% of nodes will reject BU blocks and ban all nodes relaying them -

 http://luke.dashjr.org/programs/bitcoin/files/charts/software.html

Jihan is either bluffing to renegotiate (not going to happen) or he is serious and hoping that 91% of nodes will suddenly switch to BU (also not going to happen)

There are 32610 Core nodes on the network ? How this Nr is measured ?

http://luke.dashjr.org/programs/bitcoin/files/charts/services.html

This includes listening nodes with broadcasting. Anyone can log what nodes are peers if they run a full node.

https://bitnodes.21.co/ only represent a smaller subset of broadcasting nodes.

We need to refer to all nodes in this scenario as listening nodes also validate the rules and will reject any BU coins and ban any peers that relay invalid blocks exactly like we say with that buggy BU code caused a BU miner to lose ~13k

Is https://bitnodes.21.co/nodes/ more reliable?

No , for this exercise we need to also include listening nodes as they effect the outcome.

[BitUsher]

That discounts the possibility that our annoying mining friend personally controls far, far more mining firepower than he's going to publicly admit to. Bad for business too. He probably operates more than half the pools to give us the illusion that centralisation isn't an issue.

Perhaps , either way he than has to make the economic decision to ignore profits while the economic majority dumps his coin. If he takes the loss and mines at a negative return for a while than we will be forced to change the PoW algo.

[BitUsher]

Can someone explain we what is going on? For the last few days everyone was talking about EFT, but today from few hours you are talking about some "BU", "Antpool", "pool"and other stuff. I'm pretty new in BTC and I don't understand what you are taking about, could someone help me?

I wouldn't know how to summarize or distill it further as you have to be somewhat familiar with bitcoin to grasp it. Bottom line if you are a new user. You are safe if you keep your coins off online wallets and exchanges as this blows over. Secure them in Hard ware wallets if you can or an offline computer.

[Master mind]

Bitcoin is too volatile to act as a currency there will be soon no point to owning it.

[bitcoinvest]

Can someone explain we what is going on? For the last few days everyone was talking about EFT, but today from few hours you are talking about some "BU", "Antpool", "pool"and other stuff. I'm pretty new in BTC and I don't understand what you are taking about, could someone help me?

I wouldn't know how to summarize or distill it further as you have to be somewhat familiar with bitcoin to grasp it. Bottom line if you are a new user. You are safe if you keep your coins off online wallets and exchanges as this blows over. Secure them in Hard ware wallets if you can or an offline computer.

Why do you recommend this ? Some people are here to trade and invest and buy-sell- sell-buy... why if i have coins to the exchange i maybe have problem?
( don't tell me is not safe like gox we all know that but it's the price to pay if something happen in case of hacker - or government we know that, at least we took a lesson with gox )

but what this have to do?

[cmacwiz]

Bitcoin is too volatile to act as a currency there will be soon no point to owning it.

Oh. Pack it up everyone, no point in owning any bitcoin anymore

[gentlemand]

Bitcoin is too volatile to act as a currency.

After all that time you've only just figured that out? Off you go then and let me offer a friendly pat on your silky buttock to help you along. If you find a cheeky finger in your crack then I hope you take it in the spirit it was intended.

[BitcoinNewsMagazine]

Can someone explain we what is going on? For the last few days everyone was talking about EFT, but today from few hours you are talking about some "BU", "Antpool", "pool"and other stuff. I'm pretty new in BTC and I don't understand what you are taking about, could someone help me?

I wouldn't know how to summarize or distill it further as you have to be somewhat familiar with bitcoin to grasp it. Bottom line if you are a new user. You are safe if you keep your coins off online wallets and exchanges as this blows over. Secure them in Hard ware wallets if you can or an offline computer.

Why do you recommend this ? Some people are here to trade and invest and buy-sell- sell-buy... why if i have coins to the exchange i maybe have problem?
( don't tell me is not safe like gox we all know that but it's the price to pay if something happen in case of hacker - or government we know that, at least we took a lesson with gox )

but what this have to do?

It is all about having options. If there is an imminent hard fork you want to have possession of your private keys as you have more options. The safest most private way is to run a Bitcoin Core node on a home computer. Second would be a hardware wallet like Trezor or Ledger Nano S.

[BitcoinNewsMagazine]

You can use a Trezor with Electrum. If you are going to use a local bitcoin wallet like Core that does not support hardware wallets YET use a real good password.

[Master mind]

Bitcoin is too volatile to act as a currency.

After all that time you've only just figured that out? Off you go then and let me offer a friendly pat on your silky buttock to help you along. If you find a cheeky finger in your crack then I hope you take it in the spirit it was intended.

[Arcteryx]

Anybody else getting nervous about next week?
I don't know whether to sell or buy right now.

[BlindMayorBitcorn]

Bitcoin is too volatile to act as a currency.

After all that time you've only just figured that out? Off you go then and let me offer a friendly pat on your silky buttock to help you along. If you find a cheeky finger in your crack then I hope you take it in the spirit it was intended.

[BitcoinNewsMagazine]

You can use a Trezor with Electrum. If you are going to use a local bitcoin wallet like Core that does not support hardware wallets YET use a real good password.

Okay, one more question, why should I combine Trevor with electrum?

I thought only online wallets such as blockchaininfo wallet are vulnerable to hackers.
I thought that Electrum wallet is not possible to be hacked (if yes, how?).

Any wallet that exposes your private keys can be hacked. Keylogger malware can steal your password or a trojan could substitute a different bitcoin address. Bitcoin Core is still the most private way to use bitcoin but it is ultimately not as secure as a hardware wallet. The most secure way to use Bitcoin Core is to run Armory on top of it in cold storage mode. Needs two computers one always offline for the Armory wallet with private keys.

[Master mind]

Anybody else getting nervous about next week?
I don't know whether to sell or buy right now.

[DieJohnny]

GBTC spiked today... institutional money betting on approval..... ?

[Johnny00]

You can use a Trezor with Electrum. If you are going to use a local bitcoin wallet like Core that does not support hardware wallets YET use a real good password.

Okay, one more question, why should I combine Trevor with electrum?

I thought only online wallets such as blockchaininfo wallet are vulnerable to hackers.
I thought that Electrum wallet is not possible to be hacked (if yes, how?).

Any wallet that exposes your private keys can be hacked. Keylogger malware can steal your password or a trojan could substitute a different bitcoin address. Bitcoin Core is still the most private way to use bitcoin but it is ultimately not as secure as a hardware wallet. The most secure way to use Bitcoin Core is to run Armory on top of it in cold storage mode. Needs two computers one always offline for the Armory wallet with private keys.

As hardware wallet you mean wallet on USB or other offline device, right?

Lets say i created wallet with Electrum, then someone infects my PC with keylogger. All what he can get from me is just my wallet password - is it enough to steal my coins?

From what I know hacker can also hack my computer and steal my private keys which are located on my PC - but they are encrypted, right? What is required to decrypt them?

Whats the best way to save your bitcoins? just cold storage bitaddress.org?

[DieJohnny]

Anybody else getting nervous about next week?
I don't know whether to sell or buy right now.

Place your bets.... I think we will witness chaos either way.

[jjacob]

Anybody else getting nervous about next week?
I don't know whether to sell or buy right now.

Place your bets.... I think we will witness chaos either way.

That is true. If anybody has a leveraged position, he is either going to get bankrupt, or very very rich.
I don't have the stomach to take those kind of risks.