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

[keithers]

Were any of you lucky enough to swap out some BTC to ETH during that flash crash?  I'm reading around that it briefly touched $13.   What a steal...I'm sitting in front of a computer all day at work and I can't believe I missed it.   I usually have the charts up on at least one of my windows on one of my screens while I'm doing other work.

Coinbase stopped trading pretty quickly it looks like though...

[gentlemand]

Were any of you lucky enough to swap out some BTC to ETH during that flash crash?  I'm reading around that it briefly touched $13.   What a steal...I'm sitting in front of a computer all day at work and I can't believe I missed it.   I usually have the charts up on at least one of my windows on one of my screens while I'm doing other work.

Coinbase stopped trading pretty quickly it looks like though...

What is it about GDAX that attracts the grottiest traders? There's been an incredibly clumsy Bitcoin trader on there for ages now too spoofing things all over the place. Maybe they have a special section for sub teenagers.

[Elwar]

Seems strange bitcoin price is declining given Segwit optimism and ETH implosion.

Any information im missing here?

The jump over $2700 was a bit quick. We were in the $2500s just 2 days ago. Quick jumps come with sell offs.

[Torque]

There's also the fact that every time Ethereum comes close to Bitcoin in the number of transactions processed, exchanges needs to shut down ETH processing completely and wait for it to blow over.

But... bbut... but ETH better, faster, more powerful than Bitcoin! Right??

It'll have none of Bitcoin's problems at scale! Right?? Guyz?? /s

[Elwar]

I am thinking that Core not supporting SegWit2x may be because after SegWit is activated, all eyes will be on them to raise the block size to 2mb. By not supporting it they can push for just moving on with SegWit and LN instead. They are also balking at the 3 month timeline which is not a lot of time for testing something that would fork the chain.

I can also see that the miners are agreeing to this compromise because they see that BIP148 will probably get SegWit activated so they might as well try to get the 2mb if they can.

Either way, it's looking like we will have SegWit some time around August.

[JayJuanGee]

I am thinking that Core not supporting SegWit2x may be because after SegWit is activated, all eyes will be on them to raise the block size to 2mb. By not supporting it they can push for just moving on with SegWit and LN instead. They are also balking at the 3 month timeline which is not a lot of time for testing something that would fork the chain.

I can also see that the miners are agreeing to this compromise because they see that BIP148 will probably get SegWit activated so they might as well try to get the 2mb if they can.

Either way, it's looking like we will have SegWit some time around August.

Yeah, but what code is going to be run?

Will it be the segwit tested code or some inferior variation?

[Fatov]

I am thinking that Core not supporting SegWit2x may be because after SegWit is activated, all eyes will be on them to raise the block size to 2mb. By not supporting it they can push for just moving on with SegWit and LN instead. They are also balking at the 3 month timeline which is not a lot of time for testing something that would fork the chain.

I can also see that the miners are agreeing to this compromise because they see that BIP148 will probably get SegWit activated so they might as well try to get the 2mb if they can.

Either way, it's looking like we will have SegWit some time around August.

Yeah, but what code is going to be run?

Will it be the segwit tested code or some inferior variation?

Segwit is working fine in Litecoin

[QuantumMiner]

Were any of you lucky enough to swap out some BTC to ETH during that flash crash?  I'm reading around that it briefly touched $13.   What a steal...I'm sitting in front of a computer all day at work and I can't believe I missed it.   I usually have the charts up on at least one of my windows on one of my screens while I'm doing other work.

Coinbase stopped trading pretty quickly it looks like though...

not sure about $13 but I bought at around 0.11 in the afternoon thinking that's bottom, then watched it fall in the evening. Not recommended. Glad it's pulling up though.

[Elwar]

I am thinking that Core not supporting SegWit2x may be because after SegWit is activated, all eyes will be on them to raise the block size to 2mb. By not supporting it they can push for just moving on with SegWit and LN instead. They are also balking at the 3 month timeline which is not a lot of time for testing something that would fork the chain.

I can also see that the miners are agreeing to this compromise because they see that BIP148 will probably get SegWit activated so they might as well try to get the 2mb if they can.

Either way, it's looking like we will have SegWit some time around August.

Yeah, but what code is going to be run?

Will it be the segwit tested code or some inferior variation?

Whatever the miners run it better be compatible with BIP148.

[JayJuanGee]

I am thinking that Core not supporting SegWit2x may be because after SegWit is activated, all eyes will be on them to raise the block size to 2mb. By not supporting it they can push for just moving on with SegWit and LN instead. They are also balking at the 3 month timeline which is not a lot of time for testing something that would fork the chain.

I can also see that the miners are agreeing to this compromise because they see that BIP148 will probably get SegWit activated so they might as well try to get the 2mb if they can.

Either way, it's looking like we will have SegWit some time around August.

Yeah, but what code is going to be run?

Will it be the segwit tested code or some inferior variation?

Segwit is working fine in Litecoin

Don't get me wrong.

I don't have any problem with seg wit, and like most people, I welcome it.

My point was that there seems to be some gamesmanship regarding what code is going to be running in bitcoin, and maybe we would not know until the miners actually begin running the code, right?

[JayJuanGee]

I am thinking that Core not supporting SegWit2x may be because after SegWit is activated, all eyes will be on them to raise the block size to 2mb. By not supporting it they can push for just moving on with SegWit and LN instead. They are also balking at the 3 month timeline which is not a lot of time for testing something that would fork the chain.

I can also see that the miners are agreeing to this compromise because they see that BIP148 will probably get SegWit activated so they might as well try to get the 2mb if they can.

Either way, it's looking like we will have SegWit some time around August.

Yeah, but what code is going to be run?

Will it be the segwit tested code or some inferior variation?

Whatever the miners run it better be compatible with BIP148.

Well maybe I am overreacting regarding the level of uncertainty and gamesmanship that can be played in this regard - because it seems most likely that they are going to be running compatible and compliant code rather than attempting to implement some untested version and to get others to run such untested version...

[CoinCube]

Yeah, but what code is going to be run?

Will it be the segwit tested code or some inferior variation?

It will be hopefully be SegWit activated via Bit 91 which makes SegWit2x and BIP141 (Core Segregated Witness) compatible.

BIP91 activates at an 80% hash threshold and rejects any non-SegWit signalling blocks and is signaled via bit 4 per the Silbert Accord.

Once BIP91 activates it functions like the USAF reject any blocks that do not signal support for SegWit through bit 1. Thus it is compatible with BIP148.

BIP141 is activated through the activation method defined by BIP9. This means that 95 percent of all blocks within a two-week period need to include a piece of data: bit 1

Following BIP91 the longest valid Bitcoin chain will consist of SegWit-signaling blocks only, and all regular BIP141 SegWit nodes will activate the protocol upgrade as the 95% threshold will be activated.

The only folks who would potentially not fall under the umbrella of BIP91 would be miners who opposed both Core SegWit and SegWit2x.

There is a good and detailed writeup in bitcoin magazine by Aaron van Wirdum.

BIP91: The SegWit Activation "Kludge" That Should Keep Bitcoin Whole
https://bitcoinmagazine.com/articles/bip91-segwit-activation-kludge-should-keep-bitcoin-whole/

[yefi]

Sure, suppose the ICO craze spreads even further. It carries the ETH price to a thousand bucks. Or several. Whatever. Something extreme.

What exactly have shifted? Will your BTC be worthless? No. Will the companies and services go away? No. Or consider the other way around, there is a new DAO and now it's worth fifty cents. BTC doesn't care.

For a something supposedly declared obsolete, altcoin shills sure have a fixation with Bitcoin...

That's a little like rabbis asking what's shifted with the whole Christianity thing. I'm not sure if they will be the new religion, but they're proselytising at a faster pace currently, and that's bad news for those of us who seek power above belief.

[JayJuanGee]

Yeah, but what code is going to be run?

Will it be the segwit tested code or some inferior variation?

It will be hopefully be SegWit activated via Bit 91 which makes SegWit2x and BIP141 (Core Segregated Witness) compatible.

BIP91 activates at an 80% hash threshold and rejects any non-SegWit signalling blocks and is signaled via bit 4 per the Silbert Accord.

Once BIP91 activates it functions like the USAF reject any blocks that do not signal support for SegWit through bit 1. Thus it is compatible with BIP148.

BIP141 is activated through the activation method defined by BIP9. This means that 95 percent of all blocks within a two-week period need to include a piece of data: bit 1

Following BIP91 the longest valid Bitcoin chain will consist of SegWit-signaling blocks only, and all regular BIP141 SegWit nodes will activate the protocol upgrade as the 95% threshold will be activated.

The only folks who would potentially not fall under the umbrella of BIP91 would be miners who opposed both Core SegWit and SegWit2x.

There is a good and detailed writeup in bitcoin magazine by Aaron van Wirdum.

BIP91: The SegWit Activation "Kludge" That Should Keep Bitcoin Whole
https://bitcoinmagazine.com/articles/bip91-segwit-activation-kludge-should-keep-bitcoin-whole/

I had seen that Bitcoin magazine article soon after it released; however, your above description seems to bring some additional clarification to this matter, and maybe in the end, the segwit portion of the code is going to be fairly solid and implemented from the already tested versions.... and then we just have to wait for the next portion to see whether some uncertainties evolve from the rest of it, that involves the 2mb testing, implementation and whether there is sufficient consensus in regards to the hard forking of that... 

Accordingly, we might be able to get through a few months before the next crisis hits, no?  October-ish?

[deepcolderwallet]

Yeah, but what code is going to be run?

Will it be the segwit tested code or some inferior variation?

It will be hopefully be SegWit activated via Bit 91 which makes SegWit2x and BIP141 (Core Segregated Witness) compatible.

BIP91 activates at an 80% hash threshold and rejects any non-SegWit signalling blocks and is signaled via bit 4 per the Silbert Accord.

Once BIP91 activates it functions like the USAF reject any blocks that do not signal support for SegWit through bit 1. Thus it is compatible with BIP148.

BIP141 is activated through the activation method defined by BIP9. This means that 95 percent of all blocks within a two-week period need to include a piece of data: bit 1

Following BIP91 the longest valid Bitcoin chain will consist of SegWit-signaling blocks only, and all regular BIP141 SegWit nodes will activate the protocol upgrade as the 95% threshold will be activated.

The only folks who would potentially not fall under the umbrella of BIP91 would be miners who opposed both Core SegWit and SegWit2x.

There is a good and detailed writeup in bitcoin magazine by Aaron van Wirdum.

BIP91: The SegWit Activation "Kludge" That Should Keep Bitcoin Whole
https://bitcoinmagazine.com/articles/bip91-segwit-activation-kludge-should-keep-bitcoin-whole/

I had seen that Bitcoin magazine article soon after it released; however, your above description seems to bring some additional clarification to this matter, and maybe in the end, the segwit portion of the code is going to be fairly solid and implemented from the already tested versions.... and then we just have to wait for the next portion to see whether some uncertainties evolve from the rest of it, that involves the 2mb testing, implementation and whether there is sufficient consensus in regards to the hard forking of that...  

Accordingly, we might be able to get through a few months before the next crisis hits, no?  OctoBEAR-ish?

FTFY

EDIT: IMO OctoBULL-ish.

[Okurkabinladin]

Sure, suppose the ICO craze spreads even further. It carries the ETH price to a thousand bucks. Or several. Whatever. Something extreme.

What exactly have shifted? Will your BTC be worthless? No. Will the companies and services go away? No. Or consider the other way around, there is a new DAO and now it's worth fifty cents. BTC doesn't care.

For a something supposedly declared obsolete, altcoin shills sure have a fixation with Bitcoin...

That's a little like rabbis asking what's shifted with the whole Christianity thing. I'm not sure if they will be the new religion, but they're proselytising at a faster pace currently, and that's bad news for those of us who seek power above belief.

We are comparing a method of knowledge (science) to a system of belief (faith), which is not known for revising itself based on new evidence.  Even when it does, the “wrongs” are blamed on human interpretation.  Science is all about improving ideas to get closer to the truth, and, in some cases, completely throwing out theories that have been proven wrong.  Furthermore, the claims of religion are virtually all unfalsifiable, thus cannot be proven wrong.  Therefore, comparing religion and science on the basis of falsifiability is a faulty comparison.

[BlindMayorBitcorn]

While we were busy being all thinky about it somebody crashed ETH down to ten cents. They're calling it 'The Floppening'

[STT]

Bitcoin dont care about the pleb coins not even the top ones ?

Huobi is tusselling with uptrend, I kinda didnt expect it to last but its sort of been in play for a month so its continuing.    Bitstamp I think is the most neat currently, its resting on the previous downtrend for June.   So not a strong line, the longer lines are of course up not down but we beat this one and have come back done to confirm or lose it here I guess.    I presume between those two we stay positive, we got a hammer or pin candle whatever as we ping upwards so its looking that way initially.

Is all the action here about discovering buyers before beating 3,000.  We did that with 2000, just repeating or maybe more meaning with the discussion on protocol is how we are guided

[BlindMayorBitcorn]

While we were busy being all thinky about it somebody crashed ETH down to ten cents. They're calling it 'The Floppening'

ETH is well above $300, but this topic is not about ETH

So report me.

https://www.reddit.com/r/ethtrader/comments/6iohq9/trader_sells_100k_eth_with_the_lowest_price_at/

https://www.reddit.com/r/ethtrader/comments/6iokzy/gdax_just_sold_a_good_chunk_of_my_ether_at_10/?st=J47J0SVK&sh=e45fe891

[BurstIncomeAsset]

While we were busy being all thinky about it somebody crashed ETH down to ten cents. They're calling it 'The Floppening'

ETH is well above $300, but this topic is not about ETH

So report me.

https://www.reddit.com/r/ethtrader/comments/6iohq9/trader_sells_100k_eth_with_the_lowest_price_at/https://www.reddit.com/r/ethtrader/comments/6iokzy/gdax_just_sold_a_good_chunk_of_my_ether_at_10/?st=J47J0SVK&sh=e45fe891

Someone once filled the whole MtGox orderbook, but an event that happened due to a big dumper doesn't represent the price at all