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

[PoolMinor]

starting to look like a reversal

Reversals are usually preceded by large purchases of Litecoin.

Interesting observation. Why would that happen?

Firstly 4x block speed on average, lower tx fee, lower volume of tx per block, very secure network, maturity of coin, immutability of blockchain, ease of use, widely exchanged,........Is that enough reasons?

[bitserve]

starting to look like a reversal

Reversals are usually preceded by large purchases of Litecoin.

Interesting observation. Why would that happen?

Firstly 4x block speed on average, lower tx fee, lower volume of tx per block, very secure network, maturity of coin, immutability of blockchain, ease of use, widely exchanged,........Is that enough reasons?

I know that, Litecoin is 20% os my portfolio but... that doesn't explain why would reversals start at Litecoin and not Bitcoin itself. Also, Litrecoin haven't been so much affected by this dump.

[PoolMinor]

starting to look like a reversal

Reversals are usually preceded by large purchases of Litecoin.

Interesting observation. Why would that happen?

Firstly 4x block speed on average, lower tx fee, lower volume of tx per block, very secure network, maturity of coin, immutability of blockchain, ease of use, widely exchanged,........Is that enough reasons?

I know that, Litecoin is 20% os my portfolio but... that doesn't explain why would reversals start at Litecoin and not Bitcoin itself. Also, Litrecoin haven't been so much affected by this dump.

Sometimes it is, sometimes not. My guess would be that it is easy to use as a mover of funds from one exchange to another, therefore it would not be affected by whether Bitcoin is going up or down. The process of using Litecoin as a money tunnel works either way.

[Ted E. Bare]

Weak hands and gamblers shaken out! Lovely.

I have been panic buying all the way down.

[r0ach]

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

The "bitcoin can only go up, buy every dip!" crowd has been getting rewarded for an abnormally long amount of time, so it's inevitable a bear market rape correction sweeps in at some point to dislodge a fool and his money.

Yes, it's called gamblers fallacy.

Nice, Blythe Masters is back.  When are we going to pump silver?  Is there another temporary fakeout to the $14.6 level first, or is it straight skateboard ramp moonshot from here to $3000 gold $90-120 silver?

[kenji]

Bulltrap...

[JayJuanGee]

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.

You are just spouting off random bullshit, and then when you randomly happen to get it right, you proclaim to have some kind of insight - on the other hand, if you don't get it right, you don't mention the matter.

In other words, your proclamations have little significance beyond a roulette wheel - and perhaps their attempt at random distracting trolling impact

[mrcash02]

Bitcoin - $1987 at this moment.

Price recovering or will it continue dropping hard for more one day?

[JayJuanGee]

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.

Well, one blind should know what is another "blind,"  wundnt u tink?   

[unknown04]

tbh, i think it will drop even more before 1st of august.... but im positive about after 1st august, it will go back up...

[r0ach]

but im positive about after 1st august, it will go back up...

All four bitcoins?

[Torque]

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.

Honestly the most pro-libertarian, anti- centralized corpcoin approach. If it happens, I'm in. And if the rest of the business/exchange/merchant world follows the centralized corpcoin fork instead, then you have your answer on where their loyalties lie in the long run. Not to the users that's for sure.

[BrewMaster]

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

(i am not an expert but) it seems like this is not a solution this is how the client always worked. this seems to be the list of peers (nodes) that you have connected to so far. your node saves them after successful connection or when it receives the list from another node.
the solution is what bones said, you edit that part about Seeds out.

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.

the extra paranoid run their own code, they don't trust a downloaded code from anyone
like me "trying" to do it. i didn't even know these seeds existed! i just have the hard coded IPs hard coded in my own thing and connect to one without any trouble so far.

[Searing]

well..my paranoid self sees the following:

1) the segwit2 +2mb code does not get deployed in time or rushed and hardforks or other issues

2) UASF goes hits August 1st

3) Bitmain does the UAHF as they state if UASF comes into play.....so the head of bitmain can be a hero....by eventually ..making the same deal
    that was done for litecoin...again accumulating much cheap coin in the process....miners take the lead....

4) Yeah, I know I'm crazy as hell...but seems I've seen this 'tragic play' on stage before ...... ie Litecoin Act I

[JayJuanGee]

https://blockchain.info/block-height/476096

a bip 91 block just got created.

How can you tell that is a bip 91 block?

[JayJuanGee]

Weak hands and gamblers shaken out! Lovely.

I have been panic buying all the way down.

Me too. I keep buying on the way down.

Sometimes, it becomes a bit complicated and confusing regarding which points to place your buy orders or maybe to tweak your system because of downwards price movements that seem to go beyond expectations - and sometimes, mistakes can take place. 

One common mistake might be to sell when you meant to buy, and for some reason (I must have been tired) I did that twice (at about the same time, and I am not really sure how it happened).

 I think what happened is that accidentally placed a buy order in the sell boxes.  I ended up selling twice at the then market rate of $1859 on Stamp. 

After the mistake I set buy orders at $1840 and $1820.... to recover from the mistake, but so far, the price never returned to those levels - so I have to just write them off.. or at least absorb them. 

I will likely leave the recovery buy orders, because it is possible that we are going to experience another leg down in this dump fest -further it seems that ETH could not be done dumping yet, correct?  An ETH low of $136 just seems like it has not sufficiently corrected, yet.. and in recent months, there seems to be some correlation between price movements of ETH and BTC - even if not exact... so it seems fairly likely to get ETH in the double digits - though not inevitable, which could cause BTC to dip down to $1500, and hopefully not below that, but you never know.

[Dafar]

http://imgur.com/yK44UH9.png

[r0ach]

Bulltrap...

[SERVERIA]

How sad it is - just another dump by the whales to make weak hands panic so they can buy some cheap coins. As in the real world economy - the rich are getting richer the poor are getting poorer. I guess we're back on the right track though and BTC is recovering...

[NUFCrichard]

https://blockchain.info/block-height/476096

a bip 91 block just got created.

How can you tell that is a bip 91 block?

I thought BIP91 blocks would only be formed when 80% of the miners indicate that they will accept BIP91.
Why are individual BIP91 blocks being created, is it not an all or nothing, we go BIP91 or not situation?

This whole UASF, UAHF, BIPXX stuff is pretty confusing for me as a non-technical person.  Even when I look at the current state of affairs with how many nodes indicate what, I have no idea what is winning and what is the most likely end result!