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

[Mervyn_Pumpkinhead]

Did you make that theory up all by yourself ?

History of ETH helped a little.

I appreciate you need to live up to your handle but that may be taking it a bit far, even for irony  Wink

The whole point of a store of value is that it isn't stable (because it has to accrue value against the prevailing stable currency). So bitcoin's volatility is a sign of 2 things:

1. that it's operating in a free market and is correctly able to reflect the balance of supply and demand

2. that it's growing very rapidly

Store of value and stable currency are mutually exclusive objectives. The only way you can make a currency "stable" in terms of purchasing power is to vary its supply in response to demand (otherwise it will be...volatile). On the other hand, the only way you can preserve value is to fix the supply.

Regarding your beloved "1-3 month gains", think it through for a moment. Why is Ether massively shooting up in value ?...because there's a tsunami of IPOs coming over the horizon, all of which require Ether to buy into them.

What will happen now that the IPO founders are bagholding a gazilion Ether at 2x the value it was against Bitcoin when they announced and also an ATH ?........cash out to BTC (or $USD), being the defacto store of value, since they know that's what everyone else will be doing.

(Not to mention a wave of competing blockchains that are about to make Ethereum look as obsolete as a record player when CDs came along).

1. Volatility isn't a sign of a free market. Reading that people actually write things like that makes me sad.
Proper openness and effective regulations would create a free market. If those things don't exist, then you can be sure that the heaviest players control the market without any need to answer for their methods or actions in general.

2. It can also be growing very rapidly, because an exchange has decided to create some digital funny-money, so it would stimulate demand just enough, so he could hide the fractional reserve in the end of round. I bet when this bubble is over, then 2-3 exchanges will suddenly experience terrible hacking again, and couple of billion $ will just vanish without a trace.

The ending part of your post gets a little confusing. It seems like you are fighting yourself between the concepts of crypto having to be stable or not. You look naive, but the good thing is that it also makes you look kind of cute.

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[toknormal]

1. Volatility isn't a sign of a free market.

If there are rapidly changing supply and demand dynamics then, yes, volatility is a sign of a free market as long as the price of the asset reflects those.

[becoin]

am afraid eth eats more of btc marketcap now

Who cares?

[FractalUniverse]

bitcoin has been somewhat calm for 2 hours, looks like breakout is coming soon

[BlindMayorBitcorn]

I completely missed the boat on ETH and I'm still pissed about it. But I still don't get it. If decentralized applications ever take off, won't using ETH be prohibitively expensive at this price? Such that a cheaper alternative will instantly take it's place?

Cost of gas for computations is price-adjusted, so shouldn't increase in real terms until there is competition for block space.

I remember when block space was cheap as chips. What's in store for those dApps when it's a buck a transaction? Am I missing something?

That didn't take long. Literally.
https://twitter.com/VitalikButerin/status/869972830191984641

[lost_in_base]

I completely missed the boat on ETH and I'm still pissed about it. But I still don't get it. If decentralized applications ever take off, won't using ETH be prohibitively expensive at this price? Such that a cheaper alternative will instantly take it's place?

Cost of gas for computations is price-adjusted, so shouldn't increase in real terms until there is competition for block space.

I remember when block space was cheap as chips. What's in store for those dApps when it's a buck a transaction? Am I missing something?

That didn't take long. Literally.
https://twitter.com/VitalikButerin/status/869972830191984641

You are telling that ETH just got bitcoins scaling problem? ETH crash coming?

https://etherscan.io/tx/0xf299d5e20e9f7dcf18da467c562ad671b91dd0f90ccc1eeaeb3ddcdfc37a4359

Actual Tx Cost/Fee: 27.287306046 Ether ($6,144.01)

Is this true? Someone paid $6,144.01 fee for one transaction in a block?

[FractalUniverse]

eth is detached from reality for now

[Meuh6879]

OK, all green, guys.

[FractalUniverse]

I have a feeling that its going to break up above 2240 soon

[BlindMayorBitcorn]

I completely missed the boat on ETH and I'm still pissed about it. But I still don't get it. If decentralized applications ever take off, won't using ETH be prohibitively expensive at this price? Such that a cheaper alternative will instantly take it's place?

Cost of gas for computations is price-adjusted, so shouldn't increase in real terms until there is competition for block space.

I remember when block space was cheap as chips. What's in store for those dApps when it's a buck a transaction? Am I missing something?

That didn't take long. Literally.
https://twitter.com/VitalikButerin/status/869972830191984641

You are telling that ETH just got bitcoins scaling problem? ETH crash coming?

https://etherscan.io/tx/0xf299d5e20e9f7dcf18da467c562ad671b91dd0f90ccc1eeaeb3ddcdfc37a4359

Actual Tx Cost/Fee: 27.287306046 Ether ($6,144.01)

Is this true? Someone paid $6,144.01 fee for one transaction in a block?

[Eric Cartman]

I completely missed the boat on ETH and I'm still pissed about it. But I still don't get it. If decentralized applications ever take off, won't using ETH be prohibitively expensive at this price? Such that a cheaper alternative will instantly take it's place?

Cost of gas for computations is price-adjusted, so shouldn't increase in real terms until there is competition for block space.

I remember when block space was cheap as chips. What's in store for those dApps when it's a buck a transaction? Am I missing something?

That didn't take long. Literally.
https://twitter.com/VitalikButerin/status/869972830191984641

You are telling that ETH just got bitcoins scaling problem? ETH crash coming?

https://etherscan.io/tx/0xf299d5e20e9f7dcf18da467c562ad671b91dd0f90ccc1eeaeb3ddcdfc37a4359

Actual Tx Cost/Fee: 27.287306046 Ether ($6,144.01)

Is this true? Someone paid $6,144.01 fee for one transaction in a block?

maybe he misstyped the fee, like happened more than once with Bitcoin?

[FractalUniverse]

omg $500 in red again. when i'll get it right for a change  

maybe he misstyped the fee, like happened more than once with Bitcoin?

that would be funny mistake 

[Eric Cartman]

omg $500 in red again. when i'll get it right for a change 

maybe he misstyped the fee, like happened more than once with Bitcoin?

that would be funny mistake 

No mistake, there are several of these:

https://etherscan.io/tx/0x1baf6f61b19b27f2900942f30157dd1f4487d70c1d1236edfe7dc4f9f1a4ba9f

Never crossed my mind that it could be worse than bitcoins fee.

Actual Tx Cost/Fee:
28.97506 Ether ($6,641.95)

Bitcoin is for big money, Eth is useless for big money

The transaction fee depends of how much is transferred

Weird coin, ether is

[Torque]

Bitcoin is for big money and store of value, Eth is useless for big money either one

FTFY

[European Central Bank]

The transaction fee depends of how much is transferred

Weird coin, ether is

it was desperation to be the first for an ico sale.

pretty soon they're gonna come down hard on this type of thing. it's not gonna operate with impunity forever.

[FractalUniverse]

there will be nice red dump printed on eth weekly chart sooner or later. and it will be tens of percents, as weekly candles are pretty longrange.there. the question is only from where it will start

[lost_in_base]

There is a start for a dip at bitstamp.
How down it will reach tonight?
I am gonna fill in worth of some thousands usd.

[mymenace]

wow someone's bullish

https://www.rt.com/business/390275-bitcoin-hundred-thousand-decade-expert/

this news certainly adds to any walls

[Elwar]

I have a feeling that its going to break up above 2240 soon

Happened. Stamp over 2300 now.

[leowonderful]

I go out to make a purchase and price rises. Maybe if I spend all my coins price will pump to the moon possibly the beginning of another period of price rise? Stamp beginning to move, as are the other exchanges. I just don't like sideways movements too much, I'd rather prefer more movement in either direction.