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

[Lauda]

I think it's starting to sink in with some people that FrankenSegwit may not come out with sound code; and with it's planned Hardfork, come November, it's just kicking the can down the road a little for another major forking threat.

It has horrible code. One of the hardcoded seeds is basically an anti-privacy (chain analysis) company by Garzik.  

Weak hands are not afraid of 1st Agust, as you said they would have sold earlier. Weak hands are dumping because they are afraid of the dumping other weak hands started. That's all.

In other words: Speculating on possible negative scenarios?

The biggest bubbles of our time are the dollar, the euro, the yen, the pound... When they pop bitcoin price will be measured in hundreds of thousands.

What's the point of Bitcoin being worth $100k if those $100k are almost worthless? If all traditional currencies collapse, then we will have to fundamentally change how we value Bitcoin.

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[Paashaas]

If Jeff fails with coding the x2 part we wont see a HF, even Jihan's BitcoinABC coin will be a flop..so i expect full Segwit support within 2 weeks. The price might drop more during this climax..i see so much FUD.


Anyway, this is a good time to buy my coins back.

[Torque]

Whatever happens it seems some sort of chain-split is inevitable. That's my bet. But I don't seem to be doing anything about it. Which is odd.

Welcome to the club. Maybe your reasons for not doing anything are the same as mine... the moment to sell was a thousand above. Maybe it could keep going down but if didn't sell before, I won't be doing it now no matter what.

If someone is doubting between selling now or sometime soon if things get uglier, maybe he should just sell now and go on with his life.

If one believes in Bitcoin in the longer term, believing it to be superior to all other cryptos and that eventually things will sort themselves out, then the best advice is to do absolutely nothing but sit on your bitcoin and watch the ongoing fiasco.

If all one cares about is a quick flip for cash, then they should sell immediately and walk away.

Belief is the ONLY thing that gives bitcoin its value long term. We need the true believers.

[User705]

Holders don't matter shit. This is proof of work, not proof of stake. WTF are you going to do with ownership of essentially altcoin Bitcoins you can't exchange for the tons of fiat on the exchanges?

Ideologically, I'm on your side, but you UASF cultists are striking me as increasingly delusional.

LOL
The delusion is thinking that economic majority is the workers that work for owners.  That's like thinking the household staff is somehow the economic majority of the house instead of the owner that pays the bills.  It's not proof of work it's proof of having a private key that controls your bitcoin.  ETH and ETC split, the foundation sold all their ETC for ETH which was a huge % so ETH ended much higher but both combined were much lower in the immediate aftermath because the friction and transfer costs of having two camps switch into the currency they wanted to be in was pretty large.  Same will happen here.  Just make sure you pick the right one.

[BlindMayorBitcorn]

Most of the nodes are still Core. The west doesn't seem to have the same interest in bigger blocks. How the hellfire are the Chinese supposed to evade capital controls with a Bitcoin nobody wants to buy?

Edit: but they must want it for a reason so I must be missing something. I always do.

[bones261]

I think it's starting to sink in with some people that FrankenSegwit may not come out with sound code; and with it's planned Hardfork, come November, it's just kicking the can down the road a little for another major forking threat.

It has horrible code. One of the hardcoded seeds is basically an anti-privacy (chain analysis) company by Garzik.  

Easy fix. All one has to do is download the source code, delete the offending seeds and compile yourself. Of course, the casual user probably isn't going to do that. I'm worried about the other code. Since I only have a rudimentary understanding of C++, I'm afraid it's way beyond my capability to do an analysis. 

[European Central Bank]

Most of the nodes are still Core. The west doesn't seem to have the same interest in bigger blocks. How the hellfire are the Chinese supposed to evade capital controls with a Bitcoin nobody wants to buy?

Edit: but they must want it for a reason so I must be missing something. I always do.

they want to control bitcoin - the mining and the development. that's all anyone needs to know.

[BrewMaster]

I think it's starting to sink in with some people that FrankenSegwit may not come out with sound code; and with it's planned Hardfork, come November, it's just kicking the can down the road a little for another major forking threat.

It has horrible code. One of the hardcoded seeds is basically an anti-privacy (chain analysis) company by Garzik. 

Easy fix. All one has to do is download the source code, delete the offending seeds and compile yourself. Of course, the casual user probably isn't going to do that. I'm worried about the other code. Since I only have a rudimentary understanding of C++, I'm afraid it's way beyond my capability to do an analysis. 

bitcoin 101 for newcomers (apparently):
1. you download your bitcoin node client and start it up
2. the node goes through a series of hard coded IP addresses to connect to one of them. these IP addresses are for reliable, always up, nodes (that is why they are hard coded anyways). you connect to one of them.
3. end of story. you are now connected to the bitcoin p2p network and receive the rest of the IP addresses from the nodes that you are connected to via a specific message.

1. when you open your node again. restart or whatever. your node has saved all the IP addresses of nodes that it successfully connected to before. now it has a bigger list.

where is this DNS thing you ask,
it is only a fallback method in case your node failed to connect to any of the nodes (hard coded IPs which are reliable nodes that are always up and responding) or your list of previously connected nodes. it connects to the next source to find IP addresses of the other nodes to connect to.

in other words the "casual user" will probably never even use them!

[JimboToronto]

Good morning Bitcoinland.

The panic continues... currently $1946USD (Bitcoinaverage).

This reminds me of the Winklevoss ETF being priced in weeks before the decision, except in reverse. The actual day it was decided, the reaction was sharp but didn't last long.
_____

The buy fee at my closest ATM is down to 5.8%, not as low as the 2.1% I paid the night before last but a lot lower than the 10% it touched yesterday.

At least the actual cost per coin is lower than I paid, so if it doesn't change by the time I get a coffee into me, I'll hop over and buy some more.

My serious cash influx is still a week away but if there's a dip to buy, I'll try to take advantage of it on general principles, even if it's just a couple of hundred bucks.

[lemmyK]

http://bitcoinist.com/gdax-to-suspend-bitcoin-transactions-if-uasf-activates/
Maby coinbase now what will comming....

[User705]

Most of the nodes are still Core. The west doesn't seem to have the same interest in bigger blocks. How the hellfire are the Chinese supposed to evade capital controls with a Bitcoin nobody wants to buy?

Edit: but they must want it for a reason so I must be missing something. I always do.

Nothing to do with bigger blocks.  It's a power grab to see if they can hardfork and stay on same chain.  Then later then can hardfork for higher fees or no halving of block rewards or no total limit.  Asics came to the game later on so they have a lot more hashing power then actual BTC.

[leowonderful]

Just another dead cat bounce downwards while the chaos continues. Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Interestingly enough Bitcoin difficulty continues to chug upwards, not too price related but just something i'd like to point out. Seems miners will continue to mine no matter what the price is.

[starmman]

Whatever happens it seems some sort of chain-split is inevitable. That's my bet. But I don't seem to be doing anything about it. Which is odd.

Business as usual for me - I'll just continue with my accumulation strategy and react to what happens at the end - there is so much going on its difficult to second guess what will happen at the end. The current volatility has been pretty good for my trading strategy.

[BlindMayorBitcorn]

Just another dead cat bounce downwards while the chaos continues. Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Interestingly enough Bitcoin difficulty continues to chug upwards, not too price related but just something i'd like to point out. Seems miners will continue to mine no matter what the price is.

From all time high to being delisted on GDAX in a matter of weeks is sort of surprising. Even for us.

[Meuh6879]

2. the node goes through a series of hard coded IP addresses to connect to one of them. these IP addresses are for reliable, always up, nodes (that is why they are hard coded anyways). you connect to one of them.

Official Bitcoin Core ... Solution :

Code:

2017-07-08 12:14:22 Loaded 58421 addresses from peers.dat  382ms

[tonyq]

Below 1900 inside 48 hours.
Trust me.

Did anyone listen to me when I said this?
Thought not.

[becoin]

Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Users can easily wait couple of weeks or even months for those exchanges to open but where will miners sell bitcoins to pay their electricity bills?

[tonyq]

Below 1900 inside 48 hours.
Trust me.

Did anyone listen to me when I said this?
Thought not.

Here's a cookie (BTC)

Thanks!
 

[BlindMayorBitcorn]

Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Users can easily wait couple of weeks or even months for those exchanges to open but where will miners sell bitcoins to pay their electricity bills?

A couple weeks or months of users not being able to use Bitcoin and they will move to a crypto they can use. The actual economy won't wait for us

[bones261]

bitcoin 101 for newcomers (apparently):
1. you download your bitcoin node client and start it up
2. the node goes through a series of hard coded IP addresses to connect to one of them. these IP addresses are for reliable, always up, nodes (that is why they are hard coded anyways). you connect to one of them.
3. end of story. you are now connected to the bitcoin p2p network and receive the rest of the IP addresses from the nodes that you are connected to via a specific message.

1. when you open your node again. restart or whatever. your node has saved all the IP addresses of nodes that it successfully connected to before. now it has a bigger list.

where is this DNS thing you ask,
it is only a fallback method in case your node failed to connect to any of the nodes (hard coded IPs which are reliable nodes that are always up and responding) or your list of previously connected nodes. it connects to the next source to find IP addresses of the other nodes to connect to.

in other words the "casual user" will probably never even use them!

True, but for the extra paranoid, they are not bound to use any of DNS seeds as a failover. They can still download the source code for segwit2x, modify the DNS seeds any way as they see fit, and compile. Easy fix. Oh well, I don't run a full node anyway. I just use either Trezor's web interface or interface with Electrum. A full node is not really needed by me to access my 1.8 BTC.