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

[deepcolderwallet]

Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?

Already did, war of attrition.  Miners will not mine at a loss forever.  They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later.  If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates.  

Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to.  It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are.

Lol when those chinese bastards are outta game my CPU will gratefully do the job.
While there are perhaps some hundreds of thousands of AntMiners there are BILLIONS of CPUs and GPUs happily waiting to start mining Bitcoins and the only tradeoff will be a minor increase in energy bill.

You would need more than 5 billion gaming computers to even come close to the current hash rate. Only got 5 million? Expect each block to take a year or more for you to mine. And I'm being generous on assuming that your high end gaming rigs can hash a gig per second. Better hope the next difficulty adjustment is a few blocks away...(BTW I'm using the American definition of million and billion.)

AFAIK every two weeks the difficulty is recalculated, so the worst scenario would be 2 weeks with no blocks mined. After that the difficulty would be affordable for GPUS.

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[machasm]

Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?

Already did, war of attrition.  Miners will not mine at a loss forever.  They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later.  If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates.  

Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to.  It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are.

Lol when those chinese bastards are outta game my CPU will gratefully do the job.
While there are perhaps some hundreds of thousands of AntMiners there are BILLIONS of CPUs and GPUs happily waiting to start mining Bitcoins and the only tradeoff will be a minor increase in energy bill.

You would need more than 5 billion gaming computers to even come close to the current hash rate. Only got 5 million? Expect each block to take a year or more for you to mine. And I'm being generous on assuming that your high end gaming rigs can hash a gig per second. Better hope the next difficulty adjustment is a few blocks away...(BTW I'm using the American definition of million and billion.)

AFAIK every two weeks the difficulty is recalculated, so the worst scenario would be 2 weeks with no blocks mined. After that the difficulty would be affordable for GPUS.

Also it is unlikely that all the Asics would switch off at the same time so the diff level will hopefully decline at a softer rate and blocks would continue to be solved albeit, at a slower rate.

[deepcolderwallet]

Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?

Already did, war of attrition.  Miners will not mine at a loss forever.  They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later.  If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates.  

Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to.  It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are.

Lol when those chinese bastards are outta game my CPU will gratefully do the job.
While there are perhaps some hundreds of thousands of AntMiners there are BILLIONS of CPUs and GPUs happily waiting to start mining Bitcoins and the only tradeoff will be a minor increase in energy bill.

You would need more than 5 billion gaming computers to even come close to the current hash rate. Only got 5 million? Expect each block to take a year or more for you to mine. And I'm being generous on assuming that your high end gaming rigs can hash a gig per second. Better hope the next difficulty adjustment is a few blocks away...(BTW I'm using the American definition of million and billion.)

AFAIK every two weeks the difficulty is recalculated, so the worst scenario would be 2 weeks with no blocks mined. After that the difficulty would be affordable for GPUS.

Also it is unlikely that all the Asics would switch off at the same time so the diff level will hopefully decline at a softer rate and blocks would continue to be solved albeit, at a slower rate.

Exactly!

[bones261]

Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?

Already did, war of attrition.  Miners will not mine at a loss forever.  They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later.  If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates.  

Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to.  It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are.

Lol when those chinese bastards are outta game my CPU will gratefully do the job.
While there are perhaps some hundreds of thousands of AntMiners there are BILLIONS of CPUs and GPUs happily waiting to start mining Bitcoins and the only tradeoff will be a minor increase in energy bill.

You would need more than 5 billion gaming computers to even come close to the current hash rate. Only got 5 million? Expect each block to take a year or more for you to mine. And I'm being generous on assuming that your high end gaming rigs can hash a gig per second. Better hope the next difficulty adjustment is a few blocks away...(BTW I'm using the American definition of million and billion.)

AFAIK every two weeks the difficulty is recalculated, so the worst scenario would be 2 weeks with no blocks mined. After that the difficulty would be affordable for GPUS.

No, the difficulty is calculated every 2016 blocks. The two week figure assumes an average 10 minute block time. If the network rate were to suddenly drop, the blockchain would plod along until the next difficulty change. It probably won't happen to bitcoin, but many shitcoins in the past have had their blockchains basically freeze when interest suddenly waned.

[600watt]

Lol @ the ETH bull trap. Those poorrich people.

Sorry I couldn't resist. 

a 30% bulltrap.wow.  

[bitserve]

Lol @ the ETH bull trap. Those poorrich people.

Sorry I couldn't resist. 

a 30% bulltrap.wow.  

I would like a bulltrap like that in Bitcoin.

[Torque]

Lol @ the ETH bull trap. Those poorrich people.

Sorry I couldn't resist. 

a 30% bulltrap.wow.  

I'm sure you know I meant the poor suckers buying the rally. Or the poor shorts that just got creamed. 

[theymos]

Please vote in the poll about the future of this thread: https://bitcointalk.org/index.php?topic=1993570.0

[bones261]

Yippe WO is back!   

[BlindMayorBitcorn]

Yippe WO is back!   

[bitserve]

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OUYEAHHHH!

[Holliday]

Hello Wall Observer, my old friend
I've come to troll with you again
Because a vision softly creeping
Left its seeds while Adam was sleeping
And the vision that was planted in my brain
Was a block chain
Within the sound of trolling

In restless dreams I trolled alone
Narrow threads in speculation
'Neath the halo of a monitor glow
I clicked a tab to bitcoinity show
When my eyes were stabbed by the flash of an all time high
That split the night
And touched the sound of trolling

And in the all time high I saw
Ten thousand trolls maybe more
Trolls posting without typing
Trolls moderating without reporting
Trolls writing posts that voices never shared
No one dared
Disturb the sound of trolling

"Trolls," said I, "you do not know
Trolling like a cancer grows
Read my posts that I might troll you
Take my keyboard that I might troll you"
But my words like unconfirmed transactions fell
And echoed in the wells of trolling

And the people bowed and prayed
To the Bitcoin god they made
And the sign flashed out its warning
In the words that it was forming
And the sign said "The words of satoshi is written in the order walls"
We dropped our jaws
And whispered in the sound of trolling

[lightfoot]

Toot toot! The Bitcoin train has left the station!!!!



Anyone remember this image?



Ah those were the days...

[yefi]

[yefi]

Hello Wall Observer, my old friend
I've come to troll with you again
Because a vision softly creeping
Left its seeds while Adam was sleeping
And the vision that was planted in my brain
Was a block chain
Within the sound of trolling

In restless dreams I trolled alone
Narrow threads in speculation
'Neath the halo of a monitor glow
I clicked a tab to bitcoinity show
When my eyes were stabbed by the flash of an all time high
That split the night
And touched the sound of trolling

And in the all time high I saw
Ten thousand trolls maybe more
Trolls posting without typing
Trolls moderating without reporting
Trolls writing posts that voices never shared
No one dared
Disturb the sound of trolling

"Trolls," said I, "you do not know
Trolling like a cancer grows
Read my posts that I might troll you
Take my keyboard that I might troll you"
But my words like unconfirmed transactions fell
And echoed in the wells of trolling

And the people bowed and prayed
To the Bitcoin god they made
And the sign flashed out its warning
In the words that it was forming
And the sign said "The words of satoshi is written in the order walls"
We dropped our jaws
And whispered in the sound of trolling

lol have to plus rep that. 

[Wexlike]

[Meuh6879]

But ... datas first :



and

https://bitcointalk.org/index.php?topic=2009655.msg20017578#msg20017578

[arklan]

wohoo! we're back! yay us!

and hey, the price didn't crash without the thread. i'm shocked.

[harrymmmm]

Yay! We're back!
Gratz infofront.

[freedomno1]

I missed you so much holds the bottle for the WSO thread! Congrats Infofront