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

[Syke]

You guys do realize that the total crypto market hit a high of $116B, and now with even this mega pump we are only back up $92B? Not even back to over $100B, nor do I see that happening within 6 months.

Crypto "market cap" means absolutely nothing.

[bikerleszno]

BIP141 - 76.4% and growing fast (almost all blocks mined recently signal BIP141)

Maybe another run up when BIP141 lock-in is inminent?

BIP141 is good for us? If yes it means price will explode again soon above 3000 usd

[becoin]

What specifically will be so earth shattering for Bitcoin within the next 6 months that price will rise from here to "insane levels"?

Short covering!

[hv_]

You guys do realize that the total crypto market hit a high of $116B, and now with even this mega pump we are only back up $92B? Not even back to over $100B, nor do I see that happening within 6 months.

Crypto "market cap" means absolutely nothing.

Correct.

Reputation and user base is all!

[bitserve]

BIP141 - 76.4% and growing fast (almost all blocks mined recently signal BIP141)

Maybe another run up when BIP141 lock-in is inminent?

BIP141 is good for us? If yes it means price will explode again soon above 3000 usd

BIP141 is bassically *SEGWIT*. So, yeah, i would say it is good. But maybe most effect is already priced in at the passing of BIP91. We will know soon

[Torque]

You guys do realize that the total crypto market hit a high of $116B, and now with even this mega pump we are only back up $92B? Not even back to over $100B, nor do I see that happening within 6 months.

Crypto "market cap" means absolutely nothing.

I disagree. The number itself may be way off, but at a glance it reflects how much on exchange trading is going on, and whether or not money is flowing into the exchange markets vs. flowing out.

The fact remains that the total amount of money in the crypto market has been decreasing since the high of $116B was achieved.

Just go look at the first two charts, they are not in an uptrend anymore:
http://coinmarketcap.com/charts/

[Last of the V8s]

https://medium.com/insurge-intelligence/pentagon-study-declares-american-empire-is-collapsing-746754cdaebf? bullish

"The U.S. thus must try to minimize any “purposeful, malevolent, or incidental interruption of access to the commons, as well as critical regions, resources, and markets.”"

[El duderino_]

Thanks Mic. Grts PS I am from Ghent, your name appears Belgian?

Haha Antwerpen gr

[European Central Bank]

https://medium.com/insurge-intelligence/pentagon-study-declares-american-empire-is-collapsing-746754cdaebf? bullish

"The U.S. thus must try to minimize any “purposeful, malevolent, or incidental interruption of access to the commons, as well as critical regions, resources, and markets.”"

it's pretty simple really. they should've done more to actually benefit more people. and now they're worrying about people not taking any more of their shit they plan... more of their shit.

[luckygenough56]

Bips ! Bips everywhere !

[bitserve]

BIP141 77.8% now. My bet is that it will be at 95% by sunday, before the BIP91 activation/enforcement.

I have also noticed that Segwit2x (intention) has lowered from 100% to 90.3% and BIP91 from 98% to 93.1%.

It is true that there's no need need to keep signaling those anymore (at least until a future HF if core does not deliver) but my theory is that some mining pools are now using standard core software for the BIP141 signaling as there is no need anymore for btc1 nor segsignal (core+BIP91). Safer too.

[xyzzy099]

...(at least until a future HF if core does not deliver) but my theory is that some mining pools are now using standard core software for the BIP141 signaling as there is no need anymore for btc1 nor segsignal (core+BIP91). Safer too.

If  core does not deliver what?

Miners have to continue to use a client that enforces BIP91 until segwit activates, because the stock Bitcoin Core client will not ignore blocks that don't signal segwit.

[bitserve]

...(at least until a future HF if core does not deliver) but my theory is that some mining pools are now using standard core software for the BIP141 signaling as there is no need anymore for btc1 nor segsignal (core+BIP91). Safer too.

If  core does not deliver what?

Miners have to continue to use a client that enforces BIP91 until segwit activates, because the stock Bitcoin Core client will not ignore blocks that don't signal segwit.

It will not reject blocks without segwit signaling, but its blocks won't be rejected either. Not sure I see the issue there. On second thought that could be a block orphaning orgy as those clients start working on non-segwit blocks from other non signaling pools. Ok, scratch that

I mean that it is a possibility that core accepts to add the code for the FIXED 2MB blocksize increase in the future. That would be the more desirable outcome (instead of miners running their own buggy frakenclients).

[Ludwig Von]

Something interesting about Elliot wave...

http://www.cnbc.com/2017/07/20/bitcoin-bubble-dwarfs-tulip-mania-from-400-years-ago-elliott-wave.html

[infofront]

What would continue to drive the market up higher from here? Serious question.

What always did.
Bitcoin is an excellent store of value. Can't be confiscated. There are 16,4 million bitcoins currently in circulation. There will be only 21 million. There are more than 7 billion humans on this planet. Central banks are printing new money in hundreds of billions every month. This is more than enough to drive bitcoin price to really insane levels.

Yes yes, those are all valid reasons long term for the price of bitcoin to rise to great new heights in the future.

So let me rephrase my question.

What specifically will be so earth shattering for Bitcoin within the next 6 months that price will rise from here to "insane levels"?

You guys do realize that the total crypto market hit a high of $116B, and now with even this mega pump we are only back up $92B? Not even back to over $100B, nor do I see that happening within 6 months.

If you believe in the exponential trend theory of bitcoin, the price should be around $4,500 now. The exponential trend fell largely out of favor during the long bear market but was popular in the earlier days.
So, a sharp, 50%+ rise may just be a return to the trendline.

https://bitcointalk.org/index.php?topic=470453.0

[nanobtc]

What would continue to drive the market up higher from here? Serious question.

FOMO from n00bs?

[rjclarke2000]

I'm bored of seeing 1xxx and 2xxx. It's time for 3xxx.

I was expecting more from the lock in but maybe I'm just being greedy. We were at 2600-2700 with no bip 91 lock in.

Still bullish as always but no doubt a weekend bleed will follow.

[European Central Bank]

Something interesting about Elliot wave...

http://www.cnbc.com/2017/07/20/bitcoin-bubble-dwarfs-tulip-mania-from-400-years-ago-elliott-wave.html

'tulip mania' and 'beanie babies' in the one same article.

fail.

[r0ach]

LET'S REMIND THE SHIT COINS WHO THE REAL KING IS!!!

[Torque]

Something interesting about Elliot wave...

http://www.cnbc.com/2017/07/20/bitcoin-bubble-dwarfs-tulip-mania-from-400-years-ago-elliott-wave.html

'tulip mania' and 'beanie babies' in the one same article.

fail.

Yeah, I saw that too. Also the tulip mania only lasted for 3 years, and we all know that tulips are beautiful but otherwise worthless and plentiful. How that mania ever manifested in the first place is beyond me. Same with beanie babies, just a viral fad that lasted 3 years and even the creator was expanding supply the whole time.

If one believes that bitcoin and it's associated network is a good place to store and transfer value, due to it's inherent attributes and its consensus rules/mechanism, then that was true 9 years ago, is true today, and there is no reason to believe it wouldn't be true 9, 18, 27 years from now.

That's why it is a completely different animal from a short term 'mania' or fad. It endures because of what it is capable of TODAY, not just promises of tomorrow.

Now ETH ICOs on the other hand... that's the Dot Com or South Seas bubble mania all over again.