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

[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.

[1611512809]

1611512809

[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?

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

99% of users use bitcoin only to diversify their assets. They can wait. Miners can't!
If Bitcoin goes down all the crypto economy goes down with it irrespective of the coin used.

Definitely miners depend on users and not vice versa. UASF is a very good idea and should be respected by honest miners.

[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

99% of users use bitcoin only to diversify their assets. They can wait. Miners can't!
If Bitcoin goes down all the crypto economy goes down with it irrespective of the coin used.

Definitely miners depend on users and not vice versa. UASF is a very good idea and should be respected by honest miners.

That's crazy. If you really think that..

[bitserve]

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

99% of users use bitcoin only to diversify their assets. They can wait. Miners can't!
If Bitcoin goes down all the crypto economy goes down with it irrespective of the coin used.

Definitely miners depend on users and not vice versa. UASF is a very good idea and should be respected by honest miners.

Who can wait? Who is only diversifying? I am, many people are, but if it really were 99% we wouldn't have had this dump. So it is obvious it is more than 1% of users that can't wait. They couldn't in late 2013 and 2014 and they can't now (the new weak hands... earlier ones are long gone now).

Also, if someone is SURE the price will keep going lower it is better to sell now and rebuy lower (except in case of tax issues).

[crypto research]

Below 1900 inside 48 hours.
Trust me.

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

Buy  the dip 

[BlindMayorBitcorn]

Buy the dip is a fools errand. I'm not even sure buy the crash is wise at this point.

[bones261]

Below 1900 inside 48 hours.
Trust me.

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

Buy  the dip 

Buy the dip is a fools errand. I'm not even sure buy the crash is wise at this point.

In other words, don't catch falling knives. 

[bitserve]

I don't know why, but for some reason I was watching the Gangnam Style videoclip and then I think that guy looks like a chineese pool mafia guy. It also has some resemblance to a mix between satoshilite and f2pool_wang.... but that's not the point.... Anyone have the patience to edit the whole video with the face of Jihan BU?

The guy in the elevator can be Roger Ver and the one with the yellow suit Barry Silbert.

I think this dump has affected my mind somehow.

[tonyq]

Below 1900 inside 48 hours.
Trust me.

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

Here's a cookie (BTC)

I call below 1800 inside 24 hours now.

[mastrox92]

r we goin' to see a break the average 1.8k!
r we just reach the bottom!

I think is hard to persuite the crash train

[luckygenough56]

too much chaos/uncertainty =1200

[Mr Frog]

I just heard that quote: "If you've not been throught a crash with BTC then you are not a Bitcoiner yet."

I guess I am becoming a Bitcoiner. Cool. 
It can drop more... I am not scared at all.

By the end of summer we will be back at $2900. And looking UP.

[Icygreen]

I was expecting a bigger bounce from 1800s, oh well, if we fall soon through here I'm thinking the bottom is lower than 1500.

[User705]

I just heard that quote: "If you've not been throught a crash with BTC then you are not a Bitcoiner yet."

I guess I am becoming a Bitcoiner. Cool. 
It can drop more... I am not scared at all.

By the end of summer we will be back at $2900. And looking UP.

Summer 2020 or 2021 that is.

[duke944]

I just heard that quote: "If you've not been throught a crash with BTC then you are not a Bitcoiner yet."

I guess I am becoming a Bitcoiner. Cool. 
It can drop more... I am not scared at all.

By the end of summer we will be back at $2900. And looking UP.

Let me guess, you are all in with .05 btc?

[luckygenough56]

nobody wants to buy a coin whose chain can split anytime

[bones261]

too much chaos/uncertainty =1200

I'm beginning to suspect that some whale(s) with an agenda are causing this crash, probably because they do not care for the upcoming "scaling solutions." (UASF and/or segwit2x) I still think it's rather "amazing" how we really haven't had much problems with transaction backlog since around the time the Segwit2x agreement came into play...

[bitserve]

I just heard that quote: "If you've not been throught a crash with BTC then you are not a Bitcoiner yet."

I guess I am becoming a Bitcoiner. Cool.  
It can drop more... I am not scared at all.

By the end of summer we will be back at $2900. And looking UP.

By 2020 it will be $10.000+ or nothing. That's all I care.

[BlindMayorBitcorn]

nobody wants to buy a coin whose chain can split anytime

Some people here seem immune to the probability of chain-splits. I don't know what to call that other than blind faith.

[bitserve]

nobody wants to buy a coin whose chain can split anytime

Some people here seem immune to the probability of chain-splits. I don't know what to call that other than blind faith.

You think the probability of a chain split is bigger than 10-20%? Then sell and rebuy later.