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

[Syke]

So why don't we want to double traffic? Anyone?

I want 10x.

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[marcus_of_augustus]

So why don't we want to double traffic? Anyone?

The dilettantes and sociopaths got butthurt when the engineers came up with a good working interim solution to avert short term capacity constraints without a dangerous hardfork ... so the dilettantes and sociopaths created a grand experiment in theoretical free market constructs and unleashed Unlimited Bitcoins "emergent consensus" hand-wavy, untested techno-anarchy. Chinese communist miners got butthurt when the dilettantes and sociopaths told them they were the most important bitcoiners in the world and then the engineers told them, actually they're not.

Up to speed now ...? I want to know why Satoshi didn't just make the blocksize a user-selectable parameter when he wrote v0.1, it just seems so simple and easy and elegant, he must have been such an idiot for messing that up?

[talkingleaves]

I want to know why Satoshi didn't just make the blocksize a user-selectable parameter when he wrote v0.1, it just seems so simple and easy and elegant, he must have been such an idiot for messing that up?

like god giving humans free will, he just wanted to see what we'd do with it

[jbreher]

I want to know why Satoshi didn't just make the blocksize a user-selectable parameter when he wrote v0.1

He did. The only limit at v0.1 was the 32 MB protocol limit.

Incidentally, I like your term 'techno-anarchy'. Cheers!

[Dafar]

jbreher, no hard feelings, sorry for being an ass over different opinions

[Arcteryx]

Is this a new dump coming or just a trap guys?

Looks like a "cliché" dump!        (word of advice: don't hope for too much! Be happy with a $20-30$ dip then buyback in)

Mah
I'm just hoping it will be a 40$ dump...
Last time we reach those heights it was NOT a 40$ dump xD

This is unnerving talk about so big of these sort of dumps to come and expected to happen soon.
Is anybody else worrying about their value of bitcoin diminishing over night like I am?

[jbreher]

jbreher, no hard feelings, sorry for being an ass over different opinions

And likewise, Dafar. We're seeing different routes forward due to our differing perspectives, but I trust we both have noble motivations driving us.

[jbreher]

Is anybody else worrying about their value of bitcoin diminishing over night like I am?

Nope. Though the masses are currently unaware, they _need_ a permissionless, uncensorable money that can be transmitted over the internet. At this point, Bitcoin is 85%+ certain to be that thing. There may be bumps along the way, but the future is golden.

[gembitz]

BU is garbage, only a fucking idiot thinks it's a good idea.

I think BU is a good idea. I realize you don't know me from adam, but I assure you, I am not a fucking idiot. Certainly the evidence of my position in life disproves the assertion.

Mr. "I'm gonna defraud a million bucks from daddy under false pretenses" (bystanders might ask Dafar what I refer to here)

I note you make no argument -- only sling shit -- in your screed.

I'm not married to segwit, but I'm unconvinced that BU or any hardfork-driven change to the actual protocol is necessary or even the right move. I rarely hear any talks about the merits of BU over segwit, 90% of the time the opinions of that community become so personal and political that it's hard to even hear reason in their arguments. When you don't have the merits to back up your argument you rely on propaganda, but I'm getting sick of being told bitcoin is dying unless some drastic HF happens right now. That is just bullshit and my vision of bitcoin is not as shortsighted as these people. I'm okay with bitcoin being the way it is right now, scaling is gonna happen one way or another... and I will back the side that has received extensive testing and review. Segwit offers most of what people wanted to begin with, which is a near doubling of transaction capacity, virtually all of the technical community supports it, and wallets are ready to go with that support. I just don't see people's attraction to BU and I have done my due diligence

Oh look - new material edited. OK - amongst the ad-homs you do say one thing at least defensible:

BU may never achieve critical mass. As neither has done Classic or others...

...As neither has done The SegWit Omnibus Changeset.

I did not even edit my post, are you fucking stupid?

Actually, you are a BU supporter so the answer is yes

It is hilarious how much panic a few BU blocks can cause.  Even if BU becomes the majority, it won't fork until a large size is coordinated with all the relevant actors.  Nobody in their right mind would mine a block bigger than 1MB before everyone is ready.  If they do, fuck 'em.  But all the smallblockists are shitting themselves over nothing.

I'm glad you have confidence, but a lot of the parties who support BU don't seem to have bitcoins best interest in mind. Just go visit the BU fourm r/btc, half the posters are alt coin pumpers and they are just praying for BU to gain more traction

^the word "UNLIMITED" is what throws you off ..once you hear the real story the bu logic makes more sense than keeping the 1mb limit/segwit/lightning in a bottle :-D

[marcus_of_augustus]

I want to know why Satoshi didn't just make the blocksize a user-selectable parameter when he wrote v0.1

He did. The only limit at v0.1 was the 32 MB protocol limit.

Incidentally, I like your term 'techno-anarchy'. Cheers!

Thought you might like that, you're projecting your motives, as always ...

The SegWit Omnibus Changeset

... more interested in bending language, pushing your barrow and promoting propaganda through deceptive sloganeering than discussing and analysing solutions and ideas.

What are all the BUcoin holders gonna do when satoshi dumps on their rogue chain from a great height? Promote Segwit with propaganda?

[Stevenirving]

Anyone know what's causing the crash?

[gijoes]

Anyone know what's causing the crash?

Bitcoin is under a Trust Attack: https://medium.com/@lukeparker/the-trust-attack-a6241a08a9cd

[Johnny00]

Anyone know what's causing the crash?

it's not crashing, volatile up and down. Crash would be 10% drop in 5 minutes. Nothing goes up forever. It was bid up for the ETF, just like the halving if jumped. Lets see how it reacts with the bitcoin ETF ruling.

[gijoes]

People who hope ETF will be approved shortly are entirely too optimistic:

Subject: File Number SR-BatsBZX-2016-30
From: Michael Lee

March 6, 2017

Dear Commissioners,

I have been a bitcoin enthusiast for many years now but I do feel that an ETF at this time would be a very risky investment vehicle for the general public, as well as detrimental to the future of bitcoin. On my first point, right now bitcoin is at a crossroads in its development which has split the community in two. This is in regards to the issue of the "hard fork" in the software code noted in the S-1 amendments, which is in reality more serious than is explained as a risk factor. For the better part of a year, there has been manipulation on the bitcoin network by one side of the community in an attempt to flood the transaction pool thus slowing transaction speeds down and raising fees. There is also the threat of a forced consensus by this same group that involves investing millions to buy more mining equipment and raising mining share for one version of code, resulting in a forced "fork" of the bitcoin network. Once they have raised their percentage of the network high enough, a coup of the bitcoin network is possible. Basically, the truth is no one is completely sure which version of bitcoin is the right way to go with, only that one of these sides will eventually win out. And even then, no one can say with absolute certainty that the improvements to the network will be successful and not break the entire bitcoin experiment altogether. Right now we are in very shaky times regarding the future of scaling and development for bitcoin.

In regards to price, the price of bitcoin is being heavily manipulated at this very moment on exchanges which somehow began the day of the SEC's Feb 14th meeting but before the news of this very meeting was released to the public. Currently, we are at all time highs based on rumors and speculation on this meeting alone and it feels like we are again in a price bubble which could result in a huge loss for new investors. An approval of the COIN ETF at this time would only exacerbate this bubble and result in a price crash even before ETF trading will be fully available. As you may well know, there is no regulation or oversight right now for our 24 hour worldwide market of exchanges. Earlier this year in China, the price reached an all time high of $1289 per bitcoin only to crash 58% down to $750 based on tweets that the PBOC was about to hold private meetings with the Chinese bitcoin exchanges. This news was tweeted out by one of the very exchanges they were meeting with, BTCChina. Price manipulation by the Chinese has been rampant since the beginning in the form of zero-fee trading resulting in huge, fake volume by several of the Chinese exchanges combined with empty threats of banning bitcoin by the PBOC, resulting in huge price drops each time. It's also very important to note that the PBOC has recently announced that they will be releasing their own digital currency called the RMBCoin at some point in the future, in order to stem the flow of capital flights that bitcoin is used for. This could certainly result in the outright ban of bitcoin in a country that holds a very large percentage of the world's bitcoin miners, which is possibly 50% or more.

I am optimistic about bitcoin's future in the long run. It is not a ponzi scheme as others claim. However, due to the reasons listed above, I feel that it would be a hasty decision to approve an ETF to the general public at this time before the software issues, price manipulation and certain issues with China are fully resolved.

https://www.sec.gov/comments/sr-batsbzx-2016-30/batsbzx201630-136443.htm

[Coinnosaurus]

Anyone know what's causing the crash?

Bitcoin is under a Trust Attack: https://medium.com/@lukeparker/the-trust-attack-a6241a08a9cd

srsly? that article is from feb 2

[gijoes]

Anyone know what's causing the crash?

Bitcoin is under a Trust Attack: https://medium.com/@lukeparker/the-trust-attack-a6241a08a9cd

srsly? that article is from feb 2

So? Did you read it? Do you see any difference between what's unfolding right now and the scenario it describes?

[chopstick]

It's a bloodbath.

What did you expect with huge fees and congestion of the network?

Fiverr.com just dropped Bitcoin as a payment method since fees are amounting to 20-40% of all bitcoin transactions.

Good Game, it was fun while it lasted.

The idiots over at Kore ruined this rally.

[Killerpotleaf]

Anyone know what's causing the crash?

Bitcoin is under a Trust Attack: https://medium.com/@lukeparker/the-trust-attack-a6241a08a9cd

A hardforking is about as threatening as a well executed altcoin. maybe slightly more threatening if we are talking about a forking with <70% backing.

but IMO, trying to portray HF as evil and a "huge problem" is going to cost you in the long run, feels like HF's are inevitable... ( its more or less THE design of bitcoin... the ability to HF 'forkoff' is what make bitcoin so special, is it not?  ) if you are holder you have nothing to fear, you simply HODL, if you are speculator well then... get ready to speculate! HUGE wins if you pick the right fork and go ALL IN    

but all this forking talk is premature, none of this crap really means anything untill someone gets at least 51%.. even then... IMO if its "meant to be" we will only tell 5-15% of nodes to "Fork-off" as we upgrade the system(whether it's BU or Segwit), so no biggie really.

the price is tanking because the ETF might not get approved.
and also probably because this thread... is... so... bitter?

[spiderbrain]

The idiots over at Kore ruined this rally.

Yeah, that's the real trust attack.

[OROBTC]

It's a bloodbath.

What did you expect with huge fees and congestion of the network?

Fiverr.com just dropped Bitcoin as a payment method since fees are amounting to 20-40% of all bitcoin transactions.

Good Game, it was fun while it lasted.

The idiots over at Kore ruined this rally.

It's ugly, $1188.

IMO, much of this can indeed be blamed squarely on those (core developers and miners) who just cannot seem to get their acts together and actually solve problems.

And they keep saying Bitcoin is strong.  Mmm-hmm...