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

[supercops]

Bittrex locking all withdrawals and deposits.

If you trade on Bittrex, they are locking withdrawals and deposits, in fact, they may already be locked, we haven't tried yet. ~ One fork after another this month. Get ready its that time of the month for bitcoin!

Bittrex says
However, Bittrex will close deposits and withdrawals of Bitcoin (including 2nd layer protocol XCP/OMNI and associated assets) 4 hours prior to the BIP 91 activation block 477,120 anticipated to be at July 23, 12am PST (7am UTC). The wallet will remain closed until the majority hash power chain is clearly established.
Trading will remain active during this time. In the event of a chain split, Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains.


Here is Bittrex Support Article: https://support.bittrex.com/hc/en-us/articles/115000761392

What They Have To Say
Bitcoin Improvement Proposal 91 (BIP 91, also known as Miner Activated Soft Fork) recently locked in over 90 percent of all mining hash power, signaling majority support for this proposal. BIP 91's lock in effectively makes BIP 148 (User Activated Soft Fork scheduled for August 1) obsolete and nullifies the chances of the Bitcoin network forking through UASF.

At this time, with BIP 91 locked in, we are confident that the Bitcoin network will successfully activate and enforce BIP 91 blocks. Bittrex will be monitoring this situation closely. We do not anticipate any issues with BIP 91 activation. However, Bittrex will close deposits and withdrawals of Bitcoin (including 2nd layer protocol XCP/OMNI and associated assets) 4 hours prior to the BIP 91 activation block 477,120 anticipated to be at July 23, 12am PST (7am UTC). The wallet will remain closed until the majority hash power chain is clearly established. Trading will remain active during this time. In the event of a chain split, Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains.

For more informative and up to the minute posts on what these kind of news stories around bitcoin and other cryptocurrency go to my focal point:
https://steemit.com/@pbitcoin/feed
Follow me please to get the latest breaking news that is relevant to you the bitcoin audience on BCTalk.

I just link the information on there and do not say I am the author or the writer.
Just the messenger to get the news that is relative to the public before it is spread site wide on here or on other outlets.

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[Torque]

So is Bitfinex driving this market right now?

[Tmdz]

some fools throwing their money away in that little dip.

Now bip 91 is being enforced.

Pretty soon segwit so let the fun begin.

[silverfuture]

So is Bitfinex driving this market right now?

that 7 5  million $ buy wall on there seems impressive enough.

EDIT  It's starting to look like no one exchange is driving this. There is broader exchange infrastructure than there has ever been in bitcoin history.

[silverfuture]

That buywall on 'finex is getting decimated.

[marcus_of_augustus]

after bip141 locks in there is another 2016 blocks grace period before it goes live on the network ... maybe around August 21 which is dun-dun-dun ... solar eclipse day over North America!

coincidence!? i think not.

Yeah, but who cares about going active, right?  
What significance does going active have?  
Isn't the locking in the important event?

not so fast young padawan ... until it goes active then we will never really experience a block with segwit transactions in it such that it could be rejected, split the chain or be accepted and cause no forks (as per the signalled intentions). Potentially, if a majority of the miners were just spoofing the signal that they were segwit-enabled but in fact were preparing for a chain-split attack then this would be the time it would be performed ... very unlikely but we wont know for sure until that day that segwit transactions are committed to a block and that block is committed to a chain and that chain with the new consensus rules demonstrated does not split the network.

My bet is satoshi is watching over us from on high and the segwit activation and total eclipse August 21 is not a coincidence!!

[Pajulapoiss]

after bip141 locks in there is another 2016 blocks grace period before it goes live on the network ... maybe around August 21 which is dun-dun-dun ... solar eclipse day over North America!

coincidence!? i think not.

Yeah, but who cares about going active, right?  
What significance does going active have?  
Isn't the locking in the important event?

not so fast young padawan ... until it goes active then we will never really experience a block with segwit transactions in it such that it could be rejected, split the chain or be accepted and cause no forks (as per the signalled intentions). Potentially, if a majority of the miners were just spoofing the signal that they were segwit-enabled but in fact were preparing for a chain-split attack then this would be the time it would be performed ... very unlikely but we wont know for sure until that day that segwit transactions are committed to a block and that block is committed to a chain and that chain with the new consensus rules demonstrated does not split the network.

My bet is satoshi is watching over us from on high and the segwit activation and total eclipse August 21 is not a coincidence!!

I would love to get more into that. Has anyone produce any literature about the eclipse and btc subject?
This is so intriguing, cuz I do believe in this kind of stuff

[orpington]

after bip141 locks in there is another 2016 blocks grace period before it goes live on the network ... maybe around August 21 which is dun-dun-dun ... solar eclipse day over North America!

coincidence!? i think not.

Yeah, but who cares about going active, right?  
What significance does going active have?  
Isn't the locking in the important event?

not so fast young padawan ... until it goes active then we will never really experience a block with segwit transactions in it such that it could be rejected, split the chain or be accepted and cause no forks (as per the signalled intentions). Potentially, if a majority of the miners were just spoofing the signal that they were segwit-enabled but in fact were preparing for a chain-split attack then this would be the time it would be performed ... very unlikely but we wont know for sure until that day that segwit transactions are committed to a block and that block is committed to a chain and that chain with the new consensus rules demonstrated does not split the network.

My bet is satoshi is watching over us from on high and the segwit activation and total eclipse August 21 is not a coincidence!!

I would love to get more into that. Has anyone produce any literature about the eclipse and btc subject?
This is so intriguing, cuz I do believe in this kind of stuff

Definitely all kinds of shit might be going down for the eclipse - so watch out!

[BlindMayorBitcorn]

I predict a mighty shitstorm. Great cascading waves of shit. Down a thousand dollars in an hour kind of shit. Jimbo will be pleased.

[Mrpumperitis]

[ivomm]

If viabtc begins trading ABC (http://bitcoinist.com/viabtc-begins-trading-bitcoin-cash-bcc-for-chinese-yuan-cny-in-anticipation-of-uahf/) does this mean that there will be HF chain split at 1 Aug? In that case, the drop of price will continue indefinitely and Jihan Wu will curse the day he made that shit  

[fluidjax]

If viabtc begins trading ABC (http://bitcoinist.com/viabtc-begins-trading-bitcoin-cash-bcc-for-chinese-yuan-cny-in-anticipation-of-uahf/) does this mean that there will be HF chain split at 1 Aug? In that case, the drop of price will continue indefinitely and Jihan Wu will curse the day he made that shit  

I think everyone should take a sigh of relief, the big blockers are going to fork off and effectively create their own altcoin.
This gives the possibility of an amicable divorce.
The markets can decide the outcome and the petty fighting and trolling can reduce.

Plus, a successful fork to BitcoinCash means that 2x part of Segwit2x has less likelihood of being supported and causing another more damaging fork in November.

[ivomm]

If viabtc begins trading ABC (http://bitcoinist.com/viabtc-begins-trading-bitcoin-cash-bcc-for-chinese-yuan-cny-in-anticipation-of-uahf/) does this mean that there will be HF chain split at 1 Aug? In that case, the drop of price will continue indefinitely and Jihan Wu will curse the day he made that shit  

I think everyone should take a sigh of relief, the big blockers are going to fork off and effectively create their own altcoin.
This gives the possibility of an amicable divorce.
The markets can decide the outcome and the petty fighting and trolling can reduce.

Plus, a successful fork to BitcoinCash means that 2x part of Segwit2x has less likelihood of being supported and causing another more damaging fork in November.

NYA is still valid and there will be a HF in November. There is a possibility of 100% support so there could be no chain split. On the other hand, ABC was initially proposed as a counter strike to UASF suggested by core's developers who wanted to make it with nodes and change in POW. However, this will not happen. I am really surprised that after the lesson of the Bip 91 Wu and probably Ver still insist on their 'projects'. They clearly saw that the bitcoin economy is against any chain split and will punish any man no matter how great he think he is. Such splits are endangering the upward trend of the BTC as everyone on this planet saw this Summer.

[becoin]

If viabtc begins trading ABC (http://bitcoinist.com/viabtc-begins-trading-bitcoin-cash-bcc-for-chinese-yuan-cny-in-anticipation-of-uahf/) does this mean that there will be HF chain split at 1 Aug? In that case, the drop of price will continue indefinitely and Jihan Wu will curse the day he made that shit  

I think everyone should take a sigh of relief, the big blockers are going to fork off and effectively create their own altcoin.
This gives the possibility of an amicable divorce.
The markets can decide the outcome and the petty fighting and trolling can reduce.

Plus, a successful fork to BitcoinCash means that 2x part of Segwit2x has less likelihood of being supported and causing another more damaging fork in November.

Of course, the sooner big blockers get their own stupid coin the better whatever the name. I suspect though they will only play the threat and never actually fork off, thus profiting from price movements which they think they can control. Good news is that process is already triggered and now they can't indefinitely postpone the final outcome of this multifaceted game.

[r0ach]

The fact that the ESF has not yet attempted to destroy bitcoin means one of two [three] things:  1) either bitcoin is a govt sanctioned scam, or 2)  they just haven't gotten around to destroying it yet:

;or
3) Nobody will accept a naked short bitcoin, as it not only is a naked short, but it is no easier to obtain, hold, and secure than a real Bitcoin. Paper gold, OTOH, is much easier to obtain, hold, and secure than real gold - which is why (some foolish) people accept it.

Due to the technical nature of bitcoin and the fact that most people don't even know how to work a VCR, it's a given the vast majority of the population will be using "bitcoin banks" like Coinbase or other entities and not taking delivery of their coins.  It will be even easier to short bitcoin into the ground than metals.  

Like I said, you don't even need naked shorts.  All you need to do is short the price below cost of production and force miners to turn off, which in turn further reduces the synthetic price floor through a feedback loop since cost of production is recursive based on it's own demand.  Anyone who doesn't acknowledge bitcoin is far more vulnerable to weaponized shorts than metals is either lying or doesn't know what they're talking about imo.

TLDR: there is no incentive whatsoever for the ESF to short metals below cost of production, but there's huge incentive for them to do so in bitcoin.

the sooner big blockers get their own stupid coin the better

[d_eddie]

The fact that the ESF has not yet attempted to destroy bitcoin means one of two [three] things:  1) either bitcoin is a govt sanctioned scam, or 2)  they just haven't gotten around to destroying it yet:

;or
3) Nobody will accept a naked short bitcoin, as it not only is a naked short, but it is no easier to obtain, hold, and secure than a real Bitcoin. Paper gold, OTOH, is much easier to obtain, hold, and secure than real gold - which is why (some foolish) people accept it.

Due to the technical nature of bitcoin and the fact that most people don't even know how to work a VCR, it's a given the vast majority of the population will be using "bitcoin banks" like Coinbase or other entities and not taking delivery of their coins.  It will be even easier to short bitcoin into the ground than metals.  

Vast majority? I disagree. It's not like you need a vault to store your bitcoins. You understand they have no volume or weight, do you?

Like I said, you don't even need naked shorts.  All you need to do is short the price below cost of production

Without naked shorts and without buying a lot of btc? Could you ELI5 how for me please? A few details wouldn't hurt.

and force miners to turn off, which in turn further reduces the synthetic price floor through a feedback loop since cost of production is recursive based on it's own demand.

Right: cost of production depends on difficulty, which depends on mining power (cost of production), which ultimately can be traced back to demand. So some miners will shut down. We could be back to GPUs, and the network could become less secure. That is, assuming the price can be driven down without raising a massive spike before (again: ELI5 how, please).

Would this make the bitcoin network easier to take over? Sure. Would it make such an attempt practical? I doubt it.
A takeover attempt would still require substantial hashpower (uneconomical with a significantly depreciated bitcoin). If a well-engineered change of PoW is enacted, such an attempt can be made even harder.

[fragout]

So the UAHF is going ahead i gather. Never a dull moment. How to ye see this playing out? . Presumably Ju Ver have a plan to see their chain win. Dumping their BTC for BCC? The other side will be dumping BCC for BTC. Neutrals confidence in either will falter and they will dump both for cash.
I would love to just hibernate for a month and wake up when the dust settles

[luckygenough56]

can't wait for the shitstorm to happen. Popcorn is ready.

[fluidjax]

[lost_in_base]

Down we go..

Total idiots pushing bcc coin??
And one of them is staff?