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

[r0ach]

In the future we will be sucking our entire sun energy to mine a tiny fraction of the already existing 21 mill of bitcoins, while a fleet of mining space ships will be dumping tons of fresh infinite precious metals in the market.  

This is basically the exact opposite of what will happen.  Nobody will ever be building Dyson spheres to mine bitcoin because anyone with the power and funds to do such a thing can just as easily fork bitcoin and build a bigger buy side and you will witness bitcoin's reverse Schelling point in action.  There is no real incentive for everyone to stay on the same chain and be enslaved by whoever managed to acquire more coins than you.  Some will claim the network effect enforces this paradigm, but it obviously doesn't apply to bitcoin.

The network effect makes assumptions like infinite scalability, which bitcoin doesn't have, and that there would be some type of actual cost or roadblock in creating a competitor, but there's not.  Network effect only works for gold and silver because a normal human is incapable of fabricating a new noble metal out of thin air.  In that case it is not really network effect, more like forced convergence.

[slowlyslowly]

Yep. It's those damned masons.

Nobody knows how to lay the stones any more... except maybe Margaret Trudeau.

Oops, I'm showing my age again.

I get it too so I must be around your age as well.

  I still hate all those rock stars in that period for monopolising all the women and all the drugs. They were like a loose knit cartel. Perhaps I should let that hate go but I am not a quitter.

 If bitcoin had been around then just one big group simply by mentioning they were into it would have made it take off with the kids and it would be well established now. Think the Beatles and Eastern religion.
 Our current problem is that the kids are not becoming adopters - its the kids that have got into uber and airbnb and we need them into bitcoin. Not so that they boost the price but so that it becomes the thing to use.

[DaRude]

When BTC "nose dove" on decent volume ETH stopped its uptrend and traded sideways on fairly decent volume as well, which leads me to conclude that some of the capital left ETH to prop up BTC.  What do you think will happen with BTC when ETH nose dives?

[empowering]

⚡ ⚡  https://twitter.com/Bitstamp/status/874287421923483649  ⚡ ⚡ 

[BlindMayorBitcorn]

Bitmain going ahead with private HF.
http://bitsonline.com/bitmain-plans-hard-fork-august/

[gentlemand]

Bitmain going ahead with private HF.
http://bitsonline.com/bitmain-plans-hard-fork-august/

I am sooooo going to dump the living fuck out of that.

The best thing is that they'll be throwing money at it to prop it up so we'll get even more non Bitmaincoin than before.

[Asrael999]

Bitmain going ahead with private HF.
http://bitsonline.com/bitmain-plans-hard-fork-august/

Instead of engaging in debate Bitcoin miner throws toys out of pram and spits  out dummy.

Article is particularly disingenuous as it fails to mention the links between Bitcoin.com, its owner and Jihan Wu

[BlindMayorBitcorn]

Everybody wants to rule the world these days. It will also be pre-mined. Still, I guess someone will buy it.

[600watt]

Bitmain going ahead with private HF.
http://bitsonline.com/bitmain-plans-hard-fork-august/

I am sooooo going to dump the living fuck out of that.

The best thing is that they'll be throwing money at it to prop it up so we'll get even more non Bitmaincoin than before.

i am really getting confused. what will happen if... and what if...? can you tell me what you will do with your stash around august 1st? cash out to fiat? sit and wait?

my little stash is more money that i have ever possesed in my life. how can i protect it?

to me this civil war is as if there is an airplane in midflight, and the wings start to get into an argument with the cockpit. wings think they can leave the airplane, cockpit thinks it is ok for the wings to leave, engines get involved and couldn´t decide which side to support so half the engines decided to follow the wings, while the other engines try to support the cockpit.

the passengers are starting their own soft fork and think they don´t really need the airplane, the crew says it is no single unified entity and that they cannot force anyone to do anything.

guys, what a clusterfuck. we are UP IN THE AIR. our airplane will crash if we do not keep it together.

new aiplanes already departed, and i am sure part of this nightmare is being orchestrated by owners of new departing airplanes....

[DieJohnny]

Bitmain going ahead with private HF.
http://bitsonline.com/bitmain-plans-hard-fork-august/

I am sooooo going to dump the living fuck out of that.

The best thing is that they'll be throwing money at it to prop it up so we'll get even more non Bitmaincoin than before.

i am really getting confused. what will happen if... and what if...? can you tell me what you will do with your stash around august 1st? cash out to fiat? sit and wait?

my little stash is more money that i have ever possesed in my life. how can i protect it?

to me this civil war is as if there is an airplane in midflight, and the wings start to get into an argument with the cockpit. wings think they can leave the airplane, cockpit thinks it is ok for the wings to leave, engines get involved and couldn´t decide which side to support so half the engines decided to follow the wings, while the other engines try to support the cockpit.

the passengers are starting their own soft fork and think they don´t really need the airplane, the crew says it is no single unified entity and that they cannot force anyone to do anything.

guys, what a clusterfuck. we are UP IN THE AIR. our airplane will crash if we do not keep it together.

new aiplanes already departed, and i am sure part of this nightmare is being orchestrated by owners of new departing airplanes....

If bitcoin corrects to 1800ish, there is no safe haven because all coins are over priced by 50% minimum, in some cases 90%. Cash is the only safe haven until the pathway is clear.

[BlindMayorBitcorn]

The Lord giveth and the Lord taketh away.

[gentlemand]

i am really getting confused. what will happen if... and what if...? can you tell me what you will do with your stash around august 1st? cash out to fiat? sit and wait?

my little stash is more money that i have ever possesed in my life. how can i protect it?

I'll be staying put whatever but your only real protection is USD, EUR or whatever and very extremely definitely not USDT. Forget every single alt completely and totally.

I believe this is all still posturing. It'll heat up far more as August 1st approaches. Rationality will win out, even if a minority is left far behind. Unlimited was firmly pissed all over by everyone who wasn't paid by Bitmain. This is even more of a fucking joke than that was.

[starmman]

i am really getting confused. what will happen if... and what if...? can you tell me what you will do with your stash around august 1st? cash out to fiat? sit and wait?

my little stash is more money that i have ever possesed in my life. how can i protect it?

I'll be staying put whatever but your only real protection is USD, EUR or whatever and very extremely definitely not USDT. Forget every single alt completely and totally.

I believe this is all still posturing. It'll heat up far more as August 1st approaches. Rationality will win out, even if a minority is left far behind. Unlimited was firmly pissed all over by everyone who wasn't paid by Bitmain. This is even more of a fucking joke than that was.

Sounds like we have a couple of interesting (and volatile) months ahead =)

[Denker]

Bitmain going ahead with private HF.
http://bitsonline.com/bitmain-plans-hard-fork-august/

I am sooooo going to dump the living fuck out of that.

The best thing is that they'll be throwing money at it to prop it up so we'll get even more non Bitmaincoin than before.

I believe it's the last desperate attempt to get out of something Jihan knows he can not escape from.SegWit2x is dead now as BU!
The people are not that dumb to jump on this highly centralized, premined chain. And if so it will be a very small crowd imo!
Imo it's just empty talk and will get clarified as "trolling" (to save face). Otherwise this move is in terms of his business operation totally self destruction.
This makes me even more bullish on Bitcoin!
And if he should fork off so be it. We will finally get rid of the tumor! This is good for all of us in the long run for Bitcoin as well of course!

[jbreher]

Article is light on details. Still, if it is what I think it is....

Everybody wants to rule the world these days. It will also be pre-mined. Still, I guess someone will buy it.

Buy it!? It will be Bitcoin, pure and simple.

And the pre-mine? Not a pre-mine of new coins on a new blockchain. A means of invalidating any progress the UASF makes.

The removal of the precise centrally-planned amount of witness discount is perhaps the removal of the most odious aspect of the SegWit Omnibus Changeset.

While I need to look further into details, I am very encouraged about this development. Big blocks, improved version of segwit, removal of the biggest bug Bitcoin has (the artificial constraint on system capacity), what's not to love?

And the funniest part is that this is nothing but the obvious* solution to the UASF-ers 'threat' to roll back the non-UASF chain.

* (like, duh)

I've not been this encouraged about the future in months.

[jbreher]

my little stash is more money that i have ever possesed in my life. how can i protect it?

Answer is the same as it ever was. Hodl.

[jbreher]

Unlimited was firmly pissed all over by everyone who wasn't paid by Bitmain.

Incorrect.

[gentlemand]

Incorrect.

So almost every single exchange, wallet, developer, payment processor and miner who isn't paid by Bitmain isn't everyone?

Okey doke.

[Asrael999]

Bitmain going ahead with private HF.
http://bitsonline.com/bitmain-plans-hard-fork-august/

I am sooooo going to dump the living fuck out of that.

The best thing is that they'll be throwing money at it to prop it up so we'll get even more non Bitmaincoin than before.

i am really getting confused. what will happen if... and what if...? can you tell me what you will do with your stash around august 1st? cash out to fiat? sit and wait?

my little stash is more money that i have ever possesed in my life. how can i protect it?

<snip>

Options

A) do nothing, if coins on exchange or in a 3rd party wallet you are at mercy of the exchange or wallet provider as to what happens
B) move coins to your own wallet or cold storage - choose after the fact which chain you want your coins to move onto
C) cash out to fiat - choose to buy back inn after the fact if you like on whichever chain wins
D) buy a different crypto/ combination of crypto (i.e. Diversify risk)  and wait and see what happens

The only really foolish decision is option A) although many will do this as doing nothing is the easiest thing to do, and what if all forks crash and I can't get my coins to exchange because fees.......also
If many coins leave exchanges without being sold then liquidity falls, vol rises and potentially price does to if buying demand remains constant as coin supply is reduced.

[gentlemand]

Options

A) do nothing, if coins on exchange or in a 3rd party wallet you are at mercy of the exchange or wallet provider as to what happens
B) move coins to your own wallet or cold storage - choose after the fact which chain you want your coins to move onto
C) cash out to fiat - choose to buy back inn after the fact if you like on whichever chain wins
D) buy a different crypto/ combination of crypto (i.e. Diversify risk)  and wait and see what happens

The only really foolish decision is option A) although many will do this as doing nothing is the easiest thing to do, and what if all forks crash and I can't get my coins to exchange because fees.......also
If many coins leave exchanges without being sold then liquidity falls, vol rises and potentially price does to if buying demand remains constant as coin supply is reduced.

The difficulty thing needs to be kept in mind. It's possible a UASF chain will be painfully slow until it readjusts. I can imagine many people will be on exchanges that have declared they'll host both as otherwise it might be impractical to capitalise on it.