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

[kludzins]

Now I feel foolish, traded the top of the BTC/ETH bubble,  now a big dive on polo.  

... don't buy ETH.

FTFY

The Korean's frenzy over ETH is pretty much exactly like the Chinese frenzy over bitcoin back in 2013. I.E., they weren't buying because they actually believed in it, but just to try and get rich quick. The Korean whale pumpers are having a field day right now.

The eventual ETH wash-out is going to be epic. But they'll be able to milk it as long as FOMO delusion is there.

better look @ btc wash-out coming days 

[JimboToronto]

Good morning Bitcoinland.

Still consolidating sideways... $2256USD (Bitcoinaverage). Pretty much where we've been for the last half week.

Up a bit, down a bit. Still waiting for a real move.

Ho hum.

[Dafar]

Sup fellas...


Are we bleeding down to $1500-$1700?

Or trying for $3000 again?

And what's gonna happen on August 1st? Anyone else a little worried about UASF vs Jihan??

Well, transaction fees to get into next block are now $2.18, so bitcoin is now more expensive than an ATM.  This means it's usage as a currency is rapidly dwindling and putting it into settlement network only territory, except it doesn't actually function as a store of value like metals, so not useful as a settlement network.  The fundamentals just don't make any sense in that regard.  I assume the bitcoin traffic will also begin to spill into another coin looking for lower fees (probably litecoin).

Well true but the solution for transaction throughput is there... the community just needs to agree and implement which I think will happen.

BTC is still a better store of value than precious metals. Upside potential far greater than gold/silver... with greater ease of access and ability to move the value anywhere in the world, not to mention use it for online shopping and via ATMs.

[bitcoinrevolution]

Good morning Bitcoinland.

Still consolidating sideways... $2256USD (Bitcoinaverage). Pretty much where we've been for the last half week.

Up a bit, down a bit. Still waiting for a real move.

Ho hum.

good mawning sir ..yes btc is building a base here low $2250s then up we fly soon

https://www.youtube.com/watch?v=BLbocs16h78

[European Central Bank]

ETH pairs on Chinese exchanges tomorrow and soon on Stamp coupled with the first ever 24h vol. exceeding the kings, I thought it was the best move.  I'm not a trader, just hoping to get lucky.  Anyway, I'll hold with these pieces in mind. Very curious to see if ETH breaks away from BTC pairing in the coming days.

i didn't realise all of that was happening at once. that's quite something.

it's time bitcoin people stopped getting uptight about it because it doesn't care about bitcoin. it's off to do its own thing and soon neither market will have much to do with each other.

if people didn't get in for moral onjections that's fine. morals in crypto ain't too thick on the ground and are absolutely nowhere when it comes to profit.

[mike4001]

Just a reminder:

On April 30th we were at about USD 1350

Now even with the big dump last weekend we are still about 900 USD higher than last month.

[Meuh6879]

That hashrate tho 

acceleration.

[bitcoinrevolution]

That hashrate tho 

acceleration. http://imagize[Suspicious link removed]ageshack.us/a/img922/8595/zs3fHW.jpg

http://imagize[Suspicious link removed]ageshack.us/a/img923/4448/cEJQys.png

nuclear submarines * just sayin'

[laiducnam]

Now I feel foolish, traded the top of the BTC/ETH bubble,  now a big dive on polo.  

... don't buy ETH.

FTFY

The Korean's frenzy over ETH is pretty much exactly like the Chinese frenzy over bitcoin back in 2013. I.E., they weren't buying because they actually believed in it, but just to try and get rich quick. The Korean whale pumpers are having a field day right now.

The eventual ETH wash-out is going to be epic. But they'll be able to milk it as long as FOMO delusion is there.

better look @ btc wash-out coming days 

ETH pairs on Chinese exchanges tomorrow and soon on Stamp coupled with the first ever 24h vol. exceeding the kings, I thought it was the best move.  I'm not a trader, just hoping to get lucky.  Anyway, I'll hold with these pieces in mind. Very curious to see if ETH breaks away from BTC pairing in the coming days.

FTFY

[rjclarke2000]

Although I've been here a while please don't be fooled by the hero status when it comes to mining, pools, hashrate etc.


Therefore can someone explain the increase in hashrate and what this means? Is it increasing security somehow or am I making this up?

What does it all mean?

I am a simple hodler.

I'm more of a PS4 guy than a PC guy if you get my drift.

[European Central Bank]

Therefore can someone explain the increase in hashrate and what this means? Is it increasing security somehow or am I making this up?

What does it all mean?

I am a simple hodler.

I'm more of a PS4 guy than a PC guy if you get my drift.

a rise in hash rate means more machines coming online. the more machines there are the harder it would be to attack the blockchain by trying to out mine it. they'd need even more than before, which was already a mountain of them.

[rjclarke2000]

Thanks for the reply.

[European Central Bank]

of course that doesn't stop someone who wants to screw with bitcoin going around to a few mines and burning them down. they must be quite hard to disguise these days.

[Meuh6879]

Looking good.

[bitserve]

of course that doesn't stop someone who wants to screw with bitcoin going around to a few mines and burning them down. they must be quite hard to disguise these days.

Yep, one problem is that even if there is a bunch of hashrate unless it is well decentralised there are risks that a 51% of the hashrate can be owned and an attack carried out.

Ie: BITMAIN would be a great candidate for a hacking attack. Anyway, I think the impact would be mitigated by some sort of rollback/hardfork if something really obvious happened against the will and rules of the majority.

The cost of a "legit" hashrate attack is increasing greatly. That is a good thing. It also has an impact on price and price has an impact on hashrate (the recent price increase is in part responsible of the increase in hashrate).

[conspirosphere.tk]

Imho there are only 2 options about how the global debt bubble ends: either with hyperinflation or with a massive wave of bankruptcies/depression (see: https://charleshughsmith.blogspot.nl/2017/05/how-debt-asset-bubbles-implode.html). In the first scenario bitcoin and other cryptocoins should be winners, in the second maybe not. I think historically there are few or no exceptions to the first option in the long term (which is here now), and considering that there are not many safe places to put your money in and get a return (or get them returned to you), I expect bitcoin to keep winning big time.

[pfrtlpfmpf]

of course that doesn't stop someone who wants to screw with bitcoin going around to a few mines and burning them down. they must be quite hard to disguise these days.

Yep, one problem is that even if there is a bunch of hashrate unless it is well decentralised there are risks that a 51% of the hashrate can be owned and an attack carried out.

Ie: BITMAIN would be a great candidate for a hacking attack. Anyway, I think the impact would be mitigated by some sort of rollback/hardfork if something really obvious happened against the will and rules of the majority.

The cost of a "legit" hashrate attack is increasing greatly. That is a good thing. It also has an impact on price and price has an impact on hashrate (the recent price increase is in part responsible of the increase in hashrate).

Hashrate ?
Is that, when my girlfriend hashes me ?
Sorry, for being ignorant  

[European Central Bank]

https://www.okcoin.com/t-387.html

okcoin lists eth/etc because it's getting dominant. and then tells bitcoin to sort its dominance out.

[pfrtlpfmpf]

I think, people (currently japan) are just buying by name, bitcoin beeing number one, ethereum sounds good too, but man, satoshi picked the best name, right off the start.

I mean, they have no idea about bitcoin or altcoin, new money picks whatever sounds good, and i`m there. They even just try to spell "cryptocurrencies" !

[BlindMayorBitcorn]

I'm just sitting here watching the world get rich with alt coins. But that's none of my business..