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

[Dafar]

r/BTC seems very angry about that exchanges announcement. i interpret that as a good sign.

Anytime r/BTC is angry is good for bitcoin

[Torque]

Indeed, for most of us bitcoiners there is no incentive to sell.

The thing is though that I don't think there's much incentive to do anything in either direction. I wouldn't really be inclined to buy or sell at present. So if that means a small number does take a direction, a larger number might join in for larks.

We really shouldn't underestimate how much the China PBoC has actually helped Bitcoin since January.  Yes, helped lol! I know that may sound weird, but look at what has been done to save Bitcoin's bacon this time around:

First, removing 100X margin trading was great in that the FOMO buying bubble leading up to the ETF announcement could only go so high. It would have been ALOT higher if 100X margin trading had been enabled.

Second, by locking down withdrawal of BTC on the Chinese exchanges, however crappy that may be for their users in the short term, there's zero chance of a Chinese exchange hack happening right now. And that's a good thing. Because no crash reason due to something like that. So the dumpers can't short bigly on bad news.

So that has forced the PnD'ers to rethink their strategy. Hence all the fork FUD and altcoin pumping. Other than that, they got nothing right now.

[Killerpotleaf]

http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/

According to the statement – backed by Bitfinex, Bitstamp, BTCC, Bitso, Bitsquare, Bitonic, Bitbank, Coinfloor, Coincheck, itBit, QuadrigaCX, Bitt, Bittrex, Kraken, Ripio, ShapeShift, The Rock Trading and Zaif – the exchanges would list the BU asset under the BTU or XBU tickers in the event of a network split, which they collectively say "may be inevitable".

That's some really great news!
The big exchanges would list BU as an alternative asset in terms of a network split!
So even with less hashrate BTC keeps being BTC.Awesome!

gr8 news everyone BU is gonna be one of these altcoins that are rising +25% a day  

[tk3609]

First, removing 100X margin trading was great in that the FOMO buying bubble leading up to the ETF announcement could only go so high. It would have been ALOT higher if 100X margin trading had been enabled.

Which Chinese exchanges had 100x leverage?

[york780]

Down we go ! 

[arklan]

https://coin.dance/nodes/share

Heh.. yeah, it really looks like that BU fork is happening any day now 

wait - bitcoin unlimited has 11%? that's what we're dealing with? 11 FUCKING PERCENT!? jesus christ you guys.

or am i wrong and even with that 11% we'd still be shy of activating segwit? do we need 90% consensus or 95%?

it's about hashrate not nodes. and 32% isnt THAT minor.

ah, my mistake.

[BinaryReign]

Must the battle for $1,100 still wage on? Who will win? Do we go up or down from here? No way for me to know for sure, but I for once am starting to consider selling more than .2 btc, which probably means up lmao

[Torque]

First, removing 100X margin trading was great in that the FOMO buying bubble leading up to the ETF announcement could only go so high. It would have been ALOT higher if 100X margin trading had been enabled.

Which Chinese exchanges had 100x leverage?

I think at least a few of the major ones like OKCoin and Huobi.
http://www.newsbtc.com/2017/01/17/bitcoin-price-thrives-despite-china-curbing-margin-trading/

[gentlemand]

I think at least a few of the major ones like OKCoin and Huobi.
http://www.newsbtc.com/2017/01/17/bitcoin-price-thrives-despite-china-curbing-margin-trading/

What's the deal with their international iterations? I assume okcoin.com stayed open and .cn was hobbled but haven't been paying much attention.

[bitserve]

I am a bit surprised that noone has mentioned one of the consecuences a split between CORE and BU would have, apart from the AMAZINGLY HUGE volatility lower combined price etc...

1) If Bitcoin is split in two, core side will be at 1MB max block size at that time, and BU with an undetermined but bigger max block size.

2) Both "parties" will start dumping each other strongly. Chaos will reign and volatility could be so huge as to wipe ENTIRE order books up and down. (mainly down, even to 0).

3) All leveraged positions will be wiped on the peaks and valleys.

4) The difficulty will be much higher than the hashrate which, by itself, will create big delays between blocks. It is uncertain how big though.

And this is what I haven't seen anyone mention:

5) There will be a huge spike in transactions with people sending his coins to the exchanges. And I mean an unprecedently HUGE number of transactions. Orders of magnitude higher than anything we have ever seen.

6) Core with its 1MB max block and difficulty over hashrate combined will take ages to move the coins (which is not that bad because there will be less BTC coins arriving at the exchanges to be dumped), BU blocksize...well, I am not sure what it will do in that scenario, but it is possible that it will lead to additional hard forks/blocksize adjustment. Also Orphan blocks will be everywhere.

7) Even if in that scenario it seems that BU would be at an advange with its increased TPS over BTC, that will lead to more BUcoins arriving at the exchanges and being dumped by BTC supporters. The price of BUcoin will be much lower than BTC, at least for some time (days, weeks, months, maybe forever).

I could go on... but the only reasonable conclusion is that all this chaos and confussion will benefit noone (maybe to exchanges in the short period, due to the extreme volatility and huge number of trades) and that all this nonsense must come to and end now.

[Killerpotleaf]

I am a bit surprised that noone has mentioned one of the consecuences a split between CORE and BU would have, apart from the AMAZINGLY HUGE volatility lower combined price etc...

1) If Bitcoin is split in two, core side will be at 1MB max block size at that time, and BU with an undetermined but bigger max block size.

2) Both "parties" will start dumping each other strongly. Chaos will reign and volatility could be so huge as to wipe ENTIRE order books up and down. (mainly down, even to 0).

3) All leveraged positions will be wiped on the peaks and valleys.

4) The difficulty will be much higher than the hashrate which, by itself, will create big delays between blocks. It is uncertain how big though.

And this is what I haven't seen anyone mention:

5) There will be a huge spike in transactions with people sending his coins to the exchanges. And I mean an unprecedently HUGE number of transactions. Orders of magnitude higher than anything we have ever seen.

6) Core with its 1MB max block and difficulty over hashrate combined will take ages to move the coins (which is not that bad because there will be less BTC coins arriving at the exchanges to be dumped), BU blocksize...well, I am not sure what it will do in that scenario, but it is possible that it will lead to additional hard forks/blocksize adjustment. Also Orphan blocks will be everywhere.

7) Even if in that scenario it seems that BU would be at an advange with its increased TPS over BTC, that will lead to more BUcoins arriving at the exchanges and being dumped by BTC supporters. The price of BUcoin will be much lower than BTC, at least for some time (days, weeks, months, maybe forever).

I could go on... but the only reasonable conclusion is that all this chaos and confussion will benefit noone (maybe to exchanges in the short period, due to the extreme volatility and huge number of trades) and that all this nonsense must come to and end now.

it all depends on which chain satoshi dumps on...
that chain will die.
not because he crashed its price
but because he expressed his preference

[arklan]

I am a bit surprised that noone has mentioned one of the consecuences a split between CORE and BU would have, apart from the AMAZINGLY HUGE volatility lower combined price etc...

1) If Bitcoin is split in two, core side will be at 1MB max block size at that time, and BU with an undetermined but bigger max block size.

2) Both "parties" will start dumping each other strongly. Chaos will reign and volatility could be so huge as to wipe ENTIRE order books up and down. (mainly down, even to 0).

3) All leveraged positions will be wiped on the peaks and valleys.

4) The difficulty will be much higher than the hashrate which, by itself, will create big delays between blocks. It is uncertain how big though.

And this is what I haven't seen anyone mention:

5) There will be a huge spike in transactions with people sending his coins to the exchanges. And I mean an unprecedently HUGE number of transactions. Orders of magnitude higher than anything we have ever seen.

6) Core with its 1MB max block and difficulty over hashrate combined will take ages to move the coins (which is not that bad because there will be less BTC coins arriving at the exchanges to be dumped), BU blocksize...well, I am not sure what it will do in that scenario, but it is possible that it will lead to additional hard forks/blocksize adjustment. Also Orphan blocks will be everywhere.

7) Even if in that scenario it seems that BU would be at an advange with its increased TPS over BTC, that will lead to more BUcoins arriving at the exchanges and being dumped by BTC supporters. The price of BUcoin will be much lower than BTC, at least for some time (days, weeks, months, maybe forever).

I could go on... but the only reasonable conclusion is that all this chaos and confussion will benefit noone (maybe to exchanges in the short period, due to the extreme volatility and huge number of trades) and that all this nonsense must come to and end now.

i think plenty of people agree with that sentiment - chaos is bad, contentious hard fork = chaos.

the problem, i think arises with HOW to stop the divide. as in, "ok, we're not gonna fork, but we're also not going to give in! our way or nothing!" which... well, stagnation, which is what we have, solution wise.

it all depends on which chain satoshi dumps on...
that chain will die.
not because he crashed its price
but because he expressed his preference

damn... if that happened ... wow. just, wow.

[BinaryReign]

I am a bit surprised that noone has mentioned one of the consecuences a split between CORE and BU would have, apart from the AMAZINGLY HUGE volatility lower combined price etc...

1) If Bitcoin is split in two, core side will be at 1MB max block size at that time, and BU with an undetermined but bigger max block size.

2) Both "parties" will start dumping each other strongly. Chaos will reign and volatility could be so huge as to wipe ENTIRE order books up and down. (mainly down, even to 0).

3) All leveraged positions will be wiped on the peaks and valleys.

4) The difficulty will be much higher than the hashrate which, by itself, will create big delays between blocks. It is uncertain how big though.

And this is what I haven't seen anyone mention:

5) There will be a huge spike in transactions with people sending his coins to the exchanges. And I mean an unprecedently HUGE number of transactions. Orders of magnitude higher than anything we have ever seen.

6) Core with its 1MB max block and difficulty over hashrate combined will take ages to move the coins (which is not that bad because there will be less BTC coins arriving at the exchanges to be dumped), BU blocksize...well, I am not sure what it will do in that scenario, but it is possible that it will lead to additional hard forks/blocksize adjustment. Also Orphan blocks will be everywhere.

7) Even if in that scenario it seems that BU would be at an advange with its increased TPS over BTC, that will lead to more BUcoins arriving at the exchanges and being dumped by BTC supporters. The price of BUcoin will be much lower than BTC, at least for some time (days, weeks, months, maybe forever).

I could go on... but the only reasonable conclusion is that all this chaos and confussion will benefit noone (maybe to exchanges in the short period, due to the extreme volatility and huge number of trades) and that all this nonsense must come to and end now.

Essentially BU is a Kamikaze attack on Bitcoin..  and the funny part is it's the bigger blocks that rek them in your scenario haha

[Torque]

it all depends on which chain satoshi dumps on...
that chain will die.
not because he crashed its price
but because he expressed his preference

[tk3609]

First, removing 100X margin trading was great in that the FOMO buying bubble leading up to the ETF announcement could only go so high. It would have been ALOT higher if 100X margin trading had been enabled.

Which Chinese exchanges had 100x leverage?

I think at least a few of the major ones like OKCoin and Huobi.
http://www.newsbtc.com/2017/01/17/bitcoin-price-thrives-despite-china-curbing-margin-trading/

Hm, maybe on okcoin.cn because okcoin.com has only 20x. Thanks for the link

[BinaryReign]

it all depends on which chain satoshi dumps on...
that chain will die.
not because he crashed its price
but because he expressed his preference

and if he doesn't dump either? 

[gentlemand]

it all depends on which chain satoshi dumps on...
that chain will die.
not because he crashed its price
but because he expressed his preference

Personally I think Satoshi would create a burn address along the lines of yOufUcKinGBratsruInedEveryThingFu2KokSukkAzzz69 and burn his holdings on both chains.

[york780]

Is crypto done 

[alexeft]

Is crypto done 

No, only the ones that have big blocks are!

[Biodom]

I am a bit surprised that noone has mentioned one of the consecuences a split between CORE and BU would have, apart from the AMAZINGLY HUGE volatility lower combined price etc...

1) If Bitcoin is split in two, core side will be at 1MB max block size at that time, and BU with an undetermined but bigger max block size.

2) Both "parties" will start dumping each other strongly. Chaos will reign and volatility could be so huge as to wipe ENTIRE order books up and down. (mainly down, even to 0).

3) All leveraged positions will be wiped on the peaks and valleys.

4) The difficulty will be much higher than the hashrate which, by itself, will create big delays between blocks. It is uncertain how big though.

And this is what I haven't seen anyone mention:

5) There will be a huge spike in transactions with people sending his coins to the exchanges. And I mean an unprecedently HUGE number of transactions. Orders of magnitude higher than anything we have ever seen.

6) Core with its 1MB max block and difficulty over hashrate combined will take ages to move the coins (which is not that bad because there will be less BTC coins arriving at the exchanges to be dumped), BU blocksize...well, I am not sure what it will do in that scenario, but it is possible that it will lead to additional hard forks/blocksize adjustment. Also Orphan blocks will be everywhere.

7) Even if in that scenario it seems that BU would be at an advange with its increased TPS over BTC, that will lead to more BUcoins arriving at the exchanges and being dumped by BTC supporters. The price of BUcoin will be much lower than BTC, at least for some time (days, weeks, months, maybe forever).

I could go on... but the only reasonable conclusion is that all this chaos and confussion will benefit noone (maybe to exchanges in the short period, due to the extreme volatility and huge number of trades) and that all this nonsense must come to and end now.

OR...you can chill out for a year or 18 mo and wait until the dust settles while mining alts.
In btc mining the biggest question would be WHERE as different pools would probably setup differently.