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

[HI-TEC99]

Nice beartrap ...

What kind of an idiot sells any kind of substantial amount of coins right now when the price could be literally anything ridiculously high in years to come.

The same kind of idiot that dumped at the red arrow less than a month ago. That was a worse bear trap than this one.

[Stevenirving]

Loads fiat into exchange ------>Prays for a dip so I can gobble up some cheap coins ------> Wakes up right as its happening and buys at bottom ------> Blessed be Satoshi

[MR1]

The beast in unstoppable!

[Elwar]

[Stevenirving]

Why is this a 1?
What am I missing?
Is ETF by tomorrow?
Have I lost my mind?!

[Torque]

Roger Ver is the BIGGEST hypocrite in the Bitcoin space.

Why do I say that? Just go take a look at his Twitter stream:
https://twitter.com/rogerkver?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

He has tweets where he is saying
1. Average transaction time over 2 hours
2. Transaction fees too high
3. Blocksize limit *killing* bitcoin usability as a currency
4. No one spends bitcoin, just hordes

- AND -

Interspersed with those tweets, he shows other tweets of himself

5. Smiling and seemingly proud using bitcoin just fine as a currency at many restaurants for his meals, where I'm pretty sure he didn't have to wait 2 hours to get a transaction confirmation or give up in total disgust

 

[becoin]

Roger Ver is the BIGGEST hypocrite in the Bitcoin space.

This guy has sold almost all of his bitcoins a year ago to invest in dubious business projects. Now he is mad to see he had lost a fortune and could have done much better if he had just hodled his bitcoin stash. He is craving for cheaper bitcoins.

[Stevenirving]

Why is this a 1?
What am I missing?
Is ETF by tomorrow?
Have I lost my mind?!

Anyone?

[600watt]

Roger Ver is the BIGGEST hypocrite in the Bitcoin space.

This guy has sold almost all of his bitcoins a year ago to invest in dubious business projects. Now he is mad to see he had lost a fortune and could have done much better if he had just hodled his bitcoin stash. He is craving for cheaper bitcoins.

got any sauce? so no danger of him dumping his stash if he hearns out of bitcoin?

[JimboToronto]

Good morning Bitcoinland.

I see we had a little correction/beartrap to "oblivion" overnight and we're barely above where we were less than a week ago... currently $1218USD according to Bitcoinaverage.
 
Seems some people panicked over  a couple of BU blocks being mined.  

It certainly wasn't a deep enough dip for me to buy. I'll keep setting aside enough fiat for the inevitable reaction to the SEC ETF decision.

If it is rejected, I'll buy the proper dip that will ensue. If it's accepted, I'll wait out the following mega-rally and buy the dip that will follow the over-extension.

Meanwhile, life goes on in Bitcoinland. Congrats to anyone who bought some cheaper coins. My deepest sympathy goes out to anyone who sold.

[jbreher]

The current code has a true "bug" (i.e., transaction malleability)

Yes it does. But this malleability bug is inconsequential. It has known workarounds. It affects almost nobody.

OTOH, the fact that no more than ~250,000 transactions can be processed in a day negatively affects everyone who wants to make a transaction, every time they attempt to do so.

[Torque]

The current code has a true "bug" (i.e., transaction malleability)

Yes it does. But this malleability bug is inconsequential. It has known workarounds. It affects almost nobody.

OTOH, the fact that no more than ~250,000 transactions can be processed in a day negatively affects everyone who wants to make a transaction, every time they attempt to do so.

So the desire is instantaneous transactions?  Or scale to Visa-level tpd throughput? Never going to happen on-chain with Bitcoin, no matter what the block size limit is set to. Anyone selling that vision is selling pure snakeoil.

[0xfff]

1. Average transaction time over 2 hours
4. No one spends bitcoin, just hordes

wat? why transaction exist if no one spending? people moving their btc around for fun? wtf this dude is crazy

[jbreher]

The current code has a true "bug" (i.e., transaction malleability)

Yes it does. But this malleability bug is inconsequential. It has known workarounds. It affects almost nobody.

OTOH, the fact that no more than ~250,000 transactions can be processed in a day negatively affects everyone who wants to make a transaction, every time they attempt to do so.

So the desire is instantaneous transactions? 

Not necessarily. Predictable transactions.

Or scale to Visa-level tpd throughput?

As adoption requires, yes.

Never going to happen on-chain with Bitcoin, no matter what the block size limit is set to. Anyone selling that vision is selling pure snakeoil.

Given the timescale over which adoption may possibly grow, you are wrong. And I have grown bored with this conversation.

[Torque]

Or scale to Visa-level tpd throughput?

As adoption requires, yes.

Never going to happen on-chain with Bitcoin, no matter what the block size limit is set to. Anyone selling that vision is selling pure snakeoil.

Given the timescale over which adoption may possibly grow, you are wrong. And I have grown bored with this conversation.

No you are wrong. Grow bored all you want (or stick your head back in the sand). But their are TECHNICAL LIMITATIONS to how the Bitcoin network is designed/architected, that PREVENT Visa-level transaction-per-second processing (4,000/sec).  No wishing for a 2 MB limit increase will even come close to achieving that.

Now I'm bored...sigh

[becoin]

1. Average transaction time over 2 hours
4. No one spends bitcoin, just hordes

wat? why transaction exist if no one spending? people moving their btc around for fun? wtf this dude is crazy

Yep. The dude is crazy!

This is like saying: "This place is not attractive to people because it is overcrowded"...

[jbreher]

Or scale to Visa-level tpd throughput?

As adoption requires, yes.

Never going to happen on-chain with Bitcoin, no matter what the block size limit is set to. Anyone selling that vision is selling pure snakeoil.

Given the timescale over which adoption may possibly grow, you are wrong. And I have grown bored with this conversation.

No you are wrong. Grow bored all you want (or stick your head back in the sand). But their are TECHNICAL LIMITATIONS to how the Bitcoin network is designed/architected, that PREVENT Visa-level transaction-per-second processing (4,000/sec).  No wishing for a 2 MB limit increase will even come close to achieving that.

Now I'm bored...sigh

Yep, I've got more processing power in my pocket then all of NASA had when they put a man on the moon. <s>But hey - technology will never advance to allow anyone who wants to make a transaction on-chain whenever they want</s>.

Yes, it gets boring. So I'll just go back to operating my BU node, thereby signaling my preference for larger blocks (currently EB 2MB, AD4). You?

[Stevenirving]

Why is this a 1?
What am I missing?
Is ETF by tomorrow?
Have I lost my mind?!

Anyone?

 
 

This is what happens when you stay out of the loop for as long as I have

[york780]

Chinese exchanges OKcoin and  Huobi open on march 9. Perhaps thats it.

[Stevenirving]

Chinese exchanges OKcoin and  Huobi open on march 9. Perhaps thats it.

Have they been down and I am stupid enough to be investing large sums of money without knowing this?!