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

[Elwar]

I hope the price goes up. I'm selling some bitcoins to buy a car.

A classic Tuscani with 4 wheels and a sunroof.

[BlindMayorBitcorn]

I hope the price goes up. I'm selling some bitcoins to buy a car.

A classic Tuscani with 4 wheels and a sunroof.

Same. I'd really like to get insurance for my van down by the river.

If a billionaire attempted a hostile takeover, the proof of work could be changed rather trivially.

This is a point! This is why I believe in Core. But how fast it could be done until we need a massive rollback Buterin's style?

It's going to cost a lot of money for such an attempt to take place.

Usually billionaries are very wary on where and how they spend their money, otherwise they wouldn't be billionaries in the first place. 

It's thought a week long attack on the ETH network would only cost about $3.5m. No one bothers.

[Icygreen]

If a billionaire attempted a hostile takeover, the proof of work could be changed rather trivially.

This is a point! This is why I believe in Core. But how fast it could be done until we need a massive rollback Buterin's style?

It's going to cost a lot of money for such an attempt to take place.

Usually billionaries are very wary on where and how they spend their money, otherwise they wouldn't be billionaries in the first place. 

If the intent were to snuff out bitcoin as competition to banks, losing some money would not be a concern if it was to ensure theirs does not go valueless to a new successor.  

[Iranus]

I hope the price goes up. I'm selling some bitcoins to buy a car.

A classic Tuscani with 4 wheels and a sunroof.

Same. I'd really like to get insurance for my van down by the river.

If a billionaire attempted a hostile takeover, the proof of work could be changed rather trivially.

This is a point! This is why I believe in Core. But how fast it could be done until we need a massive rollback Buterin's style?

It's going to cost a lot of money for such an attempt to take place.

Usually billionaries are very wary on where and how they spend their money, otherwise they wouldn't be billionaries in the first place.  

It's thought a week long attack on the ETH network would only cost about $3.5m. No one bothers.

People like to talk about "if a billionaire..." but it's meaningless.  Billionaires never waste their money trying to screw with something that isn't even a threat to them.

Crypto enthusiasts just like to feel like outsiders so they always pretend they're under attack.  A bank could always screw with Bitcoin, but if I were them I would have done it years ago.

The longer they wait, the harder it becomes anyway.

[conspirosphere.tk]

The longer they wait, the harder it becomes anyway.

Too late. The crypto-genius is out of the bottle.

[gentlemand]

Crypto enthusiasts just like to feel like outsiders so they always pretend they're under attack.  A bank cohld always screw with Bitcoin, but if I were them I would have done it years ago.

Aye. It's a tad unbecoming.

11 times out of 10 when someone screams 'they're declaring war on us' it's down to completely bog standard and existing regulations that have nothing to do with BTC.

The Bitfinex banking thing is a prime example. That was down to Taiwan's regulatory slackness, not an attack on Bitcoin. No doubt Bitfinex would've fucked themselves eventually as they're neither honest or competent.

[Bitcoinaire]

So...weekend lift or dump?

I feel like it's a weekend dump.  It's either gonna roll over or rocket up, lol.

[600watt]

https://hackernoon.com/why-everyone-missed-the-most-important-invention-in-the-last-500-years-c90b0151c169

great read. awesome.

[MachineZero]

Billionaire spends a billion dollars to destroy Bitcoin...

Litecoin becomes the new main cryptocurrency.

Next...


Or Bitcoin 2.0 is created without the billionaire's coins.

Easier to create a successor altcoin than another billion dollars to wreck it.
But, if wrecked enough times, crypto can lose confidence. Look at Gold and Silver. Just not the proper inflation adjusted prices given population growth and some of it gone for industrial purposes.

[matrix zion]

Post about current cryptocurrency dotcom bubble in relation to bitcoin vs altcoins and reference to video games industry:

http://steemit.com/cryptocurrency/@r0achtheunsavory/the-r0ach-report-15-the-current-cryptocurrency-dotcom-bubble-will-it-play-crysis

Good review.

I perfectly agree that most cryptos are pure bubbles.
But in the case of GAME like you showed it's pretty obvious that it's a pure scam xD

It won't stop me from trading it though. Those coins are pure speculative assets right now.

[steelboy]

https://hackernoon.com/why-everyone-missed-the-most-important-invention-in-the-last-500-years-c90b0151c169

great read. awesome.

Yep, enjoyed that.

[fichtn12345]

Found UP-to date picture: 

So Amazon till Christmas? 

Confirmed.

[DARKHOLDER]

Found UP-to date picture: 

So Amazon till Christmas? 

Confirmed.

Btc like baby

[CoinCube]

https://hackernoon.com/why-everyone-missed-the-most-important-invention-in-the-last-500-years-c90b0151c169

great read. awesome.

Yep, enjoyed that.

Yes I second that thanks for sharing this 600watt. A thought provoking article on the topic of the evolution of civilization and accounting and how it relates to bitcoin.

The author Daniel Jeffries appears to be a science fiction author, engineer, serial entrepreneur, and now bitcoin commentator which makes for an interesting combination.

[r0ach]

I love how all these people talk about bitcoin becoming the world reserve currency worth 5 quadrillion dollars each without touching on the scalability factor at all, or the fact that it's designed to completely centralize, thus defeating the entire purpose in the first place.  Yet, completely centralized and with no scalability, let's talk about how bitcoin is going to "defeat gold"!

[Torque]

I love how all these people talk about bitcoin becoming the world reserve currency worth 5 quadrillion dollars each without touching on the scalability factor at all, or the fact that it's designed to completely centralize, thus defeating the entire purpose in the first place.  Yet, completely centralized and with no scalability, let's talk about how bitcoin is going to "defeat gold"!

Bitcoin is not trying to "defeat" Gold. Gold is technically no longer money either.

https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/did-gold-survive-the-depression/

[r0ach]

I love how all these people talk about bitcoin becoming the world reserve currency worth 5 quadrillion dollars each without touching on the scalability factor at all, or the fact that it's designed to completely centralize, thus defeating the entire purpose in the first place.  Yet, completely centralized and with no scalability, let's talk about how bitcoin is going to "defeat gold"!

Bitcoin is not trying to "defeat" Gold. Gold is technically no longer money either.

https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/did-gold-survive-the-depression/

You cited a complete fraud that said gold was going to collapse below $1000 like a year ago, then he gets called out on it and claims otherwise.  What this asshole does is he creates a spam of predictions, often ones that completely contradict one another, so no matter what happens he claims he's right. 

Before going to jail Armstrong gave all the same numbers as everyone else, that they will likely be forced to re-integrate metals into the currency which would bring gold to at least $20,000 an ounce at 40% backing.  Then he gets out of jail and mysteriously says "$5000 gold will be the top no matter what!".  So even with this guy shilling against metals now as some type of govt stooge, his bearish view would still bring enormous profits in things like silver (which is really just a leveraged play on gold).

[Torque]

You cited a complete fraud that said gold was going to collapse below $1000 like a year ago, then he gets called out on it and claims otherwise.

Go look at the chart, I'd say $1050 is pretty damn close. And with near infinite leverage they might be able to push Gold further down from here.

Before going to jail Armstrong gave all the same numbers as everyone else, that they will likely be forced to re-integrate metals into the currency which would bring gold to at least $20,000 an ounce at 40% backing.  Then he gets out of jail and mysteriously says "$5000 gold will be the top no matter what!".  So even with this guy shilling against metals now as some type of govt stooge, his bearish view would still bring enormous profits in things like silver (which is really just a leveraged play on gold).

IF they ever back a new currency with Gold. And that's a big "IF". My bet is that we'll see hyperinflation before that happens, which could be another 20 years down the road. At that point I don't know if I'll even care anymore. I'll have a little silver and maybe gold too just in case.

But in terms of how crashes go, the dollar has always been the best temporary safe haven. Anyone that says otherwise apparently can't read historical charts. Commodities have dived during crashes including precious metals. I expect that Bitcoin will take a temporary tumble as well, but I guess we shall see. It'll of course rally if banks start to fail and we get more QE.

[Dabs]

Bitcoin will centralize, with a several countries. Not just one. Scalability will come later or not, depends on what happens, but alts are already part of that.

[JayJuanGee]

So...weekend lift or dump?

I feel like it's a weekend dump.  It's either gonna roll over or rocket up, lol.

Does anyone think that we might be in a kind of ascending triangle with a tightening of the price range that is working out in such a way that an upwards breakout is likely to take place in the coming days?  so in that regard, we are likely to experience an upwards break before the end of the weekend resulting in another test of $3k?

Thereafter, if we actually get to the point of testing $3k resistance, what are the odds of breaking through $3k?  60% yes/40% no?