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

[Bitcoinaire]

What a drop. Why wasn't this thing settled years ago? Couldn't Satoshi just implement this into the bitcoin code from the start and bypass this?

[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.

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

I happen to be a glutton for punishment, thank you very much.

[r0ach]

[Micman--PLO]

Can somebody give me A Very Good option about whats gonna happen and why with A Good and easy explanation
And what to do best with A big stack of btc???

Let me know thnx

[bones261]

What a drop. Why wasn't this thing settled years ago? Couldn't Satoshi just implement this into bitcoin the code from the start and bypass this?

The original blocksize was 32MB. Early on, Satoshi changed it to 1MB, probably to mitigate a possible DDOS attack vector.

https://www.reddit.com/r/Bitcoin/comments/3giend/citation_needed_satoshis_reason_for_blocksize/
https://bitcointalk.org/index.php?topic=1347.9

He assured people at the time that it was an easy fix to increase blocksize, if need be. Not so easy when you have to have many parties try to arrive at some kind of consensus.

[BlindMayorBitcorn]

Can somebody give me A Very Good option about whats gonna happen and why with A Good and easy explanation
And what to do best with A big stack of btc???

Let me know thnx

1. Probably doom
2. Because Bitcoin
3. Hookers and blow

You're welcome

[becoin]

And what to do best with A big stack of btc???

Make it even bigger!

[Meuh6879]

Not bad for a stop loss ...

[r0ach]

Can somebody give me A Very Good option about whats gonna happen and why with A Good and easy explanation

Yea, bitcoin is currently the worst of both worlds.  People claim it's purpose is decentralization, yet if they actually cared about that, they would fork it to a new PoW to be GPU mineable.  If we're going to continue the scheme under ASIC centralization, you may as well scale while being centralized and unleash blocksize to the moon.  So as I said, we now have the worst of all worlds with all the negatives of each philosophy and no benefit of either one.

There is ZERO reason for bitcoin to exist with non-commodified ASIC mining, so my vote is give everyone the middle finger and fork PoW to GPU mining so we can pretend bitcoin has some type of reason to exist.  If anyone who has some type of credibility like being a former BTC dev attempts a PoW fork, the GPU fork will win simply because the GPU side will have far more actors, many of which are willing to mine at a loss for extended duration, while all the ASIC warehouses will shut down immediately like KNC did.

[Meuh6879]

Can somebody give me A Very Good option about whats gonna happen and why with A Good and easy explanation

Free Market.

[oblox]

Hey if any US bitcoiners are thinking BTC is still overvalued here and want to sell for tangible GPUs, PM me. I'll gladly swap for your overpriced btc.

[sosasnois]

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.

What?

[PoolMinor]

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.

But..........

[becoin]

By the end of August we shall have new ATH.

[Asrael999]

Can somebody give me A Very Good option about whats gonna happen and why with A Good and easy explanation
And what to do best with A big stack of btc???

Let me know thnx

If you own coins in a wallet to which you own the private keys then after any chain split you will own coins on both chains, you can keep both or sell both, either way buying now ( and taking coins off exchange) gives you options, buying after a fork, you have to pick which chain and hope you pick the right one, or buy on both chains.

[r0ach]

If you own coins in a wallet to which you own the private keys then after any chain split you will own coins on both chains

We are going to Barry Silbert the fuck out of the GPU chain and just mine at a loss until all ASIC companies are bankrupt because aggregate GPU miners can outlast them with ease.

[bones261]

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.

What?

http://www.coindesk.com/gdax-suspend-bitcoin-withdrawals-uasf/

Since Coinbase, DCG and Coindesk are all in the same bed, I'm sure that the article is reliable on GDAX plans.

[Mr Frog]

I know there is a lot of old bitcoiners here. One thing make me think that we are near the bottom here. Even at very low electricity rate we are now at $4,85 per day reward for mining with 1 S9.

I am sorry but it would make no sense to mine losing money. That would mean Bitcoin is dead.

So can somebody who think BTC is going to $1250 or below explain to me how that would work thinking that at that price every miner is loosing money.

I mean we all love bitcoin but there is a limit I suppose.

[bones261]

I know there is a lot of old bitcoiners here. One thing make me think that we are near the bottom here. Even at very low electricity rate we are now at $4,85 per day reward for mining with 1 S9.

I am sorry but it would make no sense to mine losing money. That would mean Bitcoin is dead.

So can somebody who think BTC is going to $1250 or below explain to me how that would work thinking that at that price every miner is loosing money.

I mean we all love bitcoin but there is a limit I suppose.

Most BTC holders these days are not miners. They don't give a shit whether the miners ROI or not. Especially if they are planning on making an exit and already have there coins at an exchange ready to dump. Yes, there are some big interests in mining, that may try to prop things up. But I doubt that it's going to be enough. Especially when many of these big mining interest are getting subsidized electricity from China...

[Mr Frog]

I know there is a lot of old bitcoiners here. One thing make me think that we are near the bottom here. Even at very low electricity rate we are now at $4,85 per day reward for mining with 1 S9.

I am sorry but it would make no sense to mine losing money. That would mean Bitcoin is dead.

So can somebody who think BTC is going to $1250 or below explain to me how that would work thinking that at that price every miner is loosing money.

I mean we all love bitcoin but there is a limit I suppose.

Most BTC holders these days are not miners. The don't give a shit whether they ROI or not. Yes, there are some big interests in mining, that may try to prop things up. But I doubt that it's going to be enough. Especially when many of these big mining interest are getting subsidized electricity from China...

Ok for the holders, but we are not in a proof of stack. They may not give a shit but I don't think the miners give a shit of the big holders ?
I mean no miners no decentralized blockchain ?

Edit: Even with free electricity there must a point price limit. And if only people or big mining pool with free electricity are the only one mining how decentralized that become then...