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

[mymenace]

it begins


https://www.coinspeaker.com/2017/07/25/ledgerx-first-federally-fegulated-bitcoin-options-exchange-clearing-house

https://www.coindesk.com/start-hedging-ledgerx-begin-trading-cryptocurrency-derivatives/


a new poll would be good


The next world currency

a) bitcoin
b) ethereum
c) all crypto
d) hacked crypto (segwit)
e) government controlled crypto regulated

[ivomm]

Jesus, those 1-2K sell walls at 2600 in bitfinex eaten so fast

[yonton]

[Last of the V8s]

First McAfee, now Scaramucci
From the organ of the President:

[Dakustaking76]

Were riding upwards

Bumpy ride here we go again

[YamashitaRen]

Byebye train, have a nice ride 

[RayX12]

Looks like Rothschild is buying more cheap coins.   

[Dakustaking76]

Byebye train, have a nice ride 

Why your not happy?

[trackermut]

I keep wondering the same thing.. When are they gonna come and buy some?? Because when they do everything will go apesh!t.. with blood and paper money flying on the walls. The exchanges will go absolutely bonkers! Vertical will be the way! Trying to flush out coins from all corners of the world with a higher, higher and higher price for each coin from those that hodl so they can regain control of the manipulation.

big money does not get big by going on an exchange and buying everything with two hands.

it buys otc, but only after crashing the market to the best of its ability.

This. This is how it works.

The most bullish scenario I can imagine right now has nothing to do with SegWit, or aversion of a hard fork, or any of that crap. None of that is even remotely interesting.

The bullish scenario has to do with the CFTC approval of bitcoin option swaps through LedgerX. That's supposedly coming online in Sept/Oct. timeframe. With that we could see some large hedge fund money move in, but not before they first short the market into the absolute ground to shake out weak hands.

If Sept/Oct passes with no new money coming in, or even after the first of the year in 2018, then I don't see anything else as bullish on the horizon right now.

Looking for someone to quote the LedgerX story, Read yesterday can see Hedge funds eyeing Bitcoin and its volatility, don't automatically see as good for the ecosystem at this early stage. Came to same conclusion they will short the hell out of bitcoin.

[YamashitaRen]

Byebye train, have a nice ride 

Why your not happy?

Had the great idea to stop trading for today after my little short profit cause I was tired etc... Didn't prevent me from looking at the charts and thinking I was missing nice opportunities 
Now bitcoin will play rollercoaster while I'm asleep 

[r0ach]

Yeah. See, the thing is: none of that is dependent upon SegWit. A fix for malleability -- any fix for malleability -- simplifies those advances, but even that is not required for the features of which you speak.

The bitcoin market is in deep shit once the general public finds out Lightning Network isn't a valid scaling solution.  Sure, it works as a CENTRALIZED scaling solution, but not a decentralized one.  Not that the base bitcoin network itself is even decentralized in the first place.  

The market can remain irrational longer than you can remain solvent, but on a long enough timeline, dumping bitcoin for silver (while silver is at the floor) is the best move you can make in the long run right now.  Sure, some idiot could pump BTC higher, but there is no valid scaling solution, and it's useless without scaling.  It's value prospect is also supposed to be based on decentralization, and it's not even decentralized either!  There's no god damn fundamentals for it anywhere!  It's all just a pump and dump scheme at this point.

[RayX12]

Byebye train, have a nice ride 

Why your not happy?

Had the great idea to stop trading for today after my little short profit cause I was tired etc... Didn't prevent me from looking at the charts and thinking I was missing nice opportunities 
Now bitcoin will play rollercoaster while I'm asleep 

Roller coaster not!  Rocket yes!  

[BTCtrader71]

I do agree that even the BTC-E issue could be somewhat bullish. Let's face it, that exchange was operating completely out of any basic regulation.

There's something wrong with this statement - that seems to be applauding the strong arm of government, and likely stealing and loss of user funds because of governmental actions... The fine of $100million on BTC-e is outrageous and exceedingly likely to cause user funds to be used in either defending the actions or paying the fines.  


I don't know if the situation is bullish - even though silk road ended up being bullish, merely because bitcoin was in a different place at that time, and the death of bitcoin had been greatly exaggerated.. there could be some bullish aspects that could take a large quantity of bitcoins out of circulation for an extended time?

There are still lots of people who know very little about bitcoin except that it's used by cybercriminals and it went bankrupt a few years ago when Mt Gox got hacked and all the bitcoins got stolen and the bitcoin CEO got arrested and it's a big scary black box as far as they are concerned. If they hear that the Mt Gox hacker got caught and the good guys are taming the wild beast, it will seem a little bit less scary. Bullish.

[Meuh6879]

https://bitcointalk.org/index.php?topic=1166428.msg13664554#msg13664554



Only 1,5 years ... and now, the same pattern repeat with SegWit adoption.
Choose wisely ... mathematic rules are just.

[Syke]

dumping bitcoin for silver (while silver is at the floor) is the best move you can make in the long run right now.

Sure, you might get 2x out of silver. I see 10x out of Bitcoin as far more likely, even without a scaling solution, just with the block reward halvings to come.

[Dotto]

looks like finex will credit bch  [bcc] using "socialized distribution coefficient"

Bitcoin Cash (BCH) Token Distribution
July 27, 2017

A minority of Bitcoin miners will be forking on August 1st, 2017 to create a new chain called Bitcoin Cash. The fork does not impact Bitcoin balances, but it creates a new token. At the time of the fork, all Bitcoin addresses holding a balance will automatically have equivalent balances in Bitcoin Cash.

There has been a variety of responses by the community about how to handle this new token. After a significant show of interest from our customers, we have decided to take steps to facilitate the distribution of Bitcoin Cash balances to those holding a settled Bitcoin balance on Bitfinex. We may also list markets for this new token, but that decision will be made after the fork event.

Although we see this token referred to as BCC on other platforms, unfortunately, that ticker symbol is already in use on our platform by the chain-split token representing Bitcoin Core. As such, we plan to use BCH as the ticker symbol and “Bcash” as the descriptive name to avoid confusion with Bitcoin.

Although several months ago, we developed a methodology for handling contentious hardforks, we will be applying a different methodology for what we regard as a spurious forking of the Bitcoin project with little mining support. Although we have not supported such Bitcoin UTXO-based distributions in the past (Stellar Lumens, Clams, etc.), we will support the distribution of Bitcoin Cash due to significant customer interest.

Distribution Policy

BCH will be distributed to settled bitcoin wallet balances as of the UTC timestamp of the first forking block, which is expected to occur on August 1st, 2017.

The token distribution methodology will be:

    All BTC wallet balances will receive BCH
    Margin longs in BTC/USD and margin shorts in XXX/BTC will not receive BCH
    Margin shorts in BTC/USD and margin longs in XXX/BTC will not pay BCH
    BTC Lenders will receive BCH

Due to the net amount of BTC committed in margin positions at the time of the fork, the above methodology may result in Bitfinex seeing a surplus or deficit of BCH. As such, we will be resolving this discrepancy in the form of a socialized distribution coefficient. For example, currently, there are more longs than shorts on the platform, causing a distribution coefficient of ~1.091 (Meaning that for each qualifying BTC a user will receive 1.091 BCH). The actual coefficient will be calculated at the moment of the distribution. Please note that if there are more shorts than longs at the fork event, this coefficient will be less than one. This coefficient can be roughly computed from publicly available information from our API (longs & shorts) and the Blockchain (cold storage).

We recognize that this model is not perfect, but given the short time frames imposed upon us, better choices are not available. It would be an undue burden to create negative BCH balances for BTC/USD shorts and XXX/BTC longs. Furthermore, lenders may be locked in for up to 30 days and would be adversely impacted. In the end, we believe that this solution creates the least amount of disruption and facilitates a timely distribution of BCH.

Margin longs who wish to receive BCH should consider either claiming some or all of their position or exchanging and holding BTC collateral in their margin wallet as opposed to other assets. We hope to make withdrawals available soon after the fork, assuming everything is fine with the BCH blockchain.

Once again we want to reassure our customers that your bitcoin is safe and this event will not affect your bitcoin balances, positions, or loans - you will simply be receiving an additional token balance based upon the aforementioned methodology.

Way more professional way of handling it then Bitstamp and Polo. Cheers to them.

[Dotto]

Antonopoulos making some good points about the possibility of Govs taking over exchanges on a 6 minutes video:

https://www.youtube.com/watch?v=9PrJQeKl9w4

[r0ach]

dumping bitcoin for silver (while silver is at the floor) is the best move you can make in the long run right now.

Sure, you might get 2x out of silver. I see 10x out of Bitcoin as far more likely, even without a scaling solution, just with the block reward halvings to come.

LOL, no.  Silver is the most undervalued asset in the world right now.  If silver was only good for a 2x I wouldn't even bother.  US debt vs gold chart has a 92% correlation, which means gold will head to $2200 in the near future which will see the GSR collapse from 80:1 to 30:1 or lower ($73 silver).  That's a 4.4x even within their rigged system where the price is suppressed, let alone factoring in something like massive money printing or the economic system imploding.  This is what I consider easy money because it's very likely, almost inevitable to occur.  

You would need someone to pump bitcoin to $12,000 to match that trade.  Bitcoin, even though it has crap for fundamentals since it's not decentralized and doesn't scale, might get another pump looking for greater fools to buy next halving, but bitcoin is no longer a cheap penny stock to buy.  The market cap of bitcoin and silver are around the same now.  It's no longer the biggest upside item around because other assets were suppressed by central bankers while they allowed this imaginary, digital asset to rise in order to try and promote a "cashless society" and eventually release their own governmentcoin.

[Torque]

r0ach, I think Syke meant that the potential of seeing another 10X in Bitcoin before seeing Silver rally to $600/oz is more likely.

Which, barring a complete worldwide fiat crash, I'm inclined to agree with. They could keep a cap on PMs for another decade or so.

[fabiorem]

https://bitcointalk.org/index.php?topic=1166428.msg13664554#msg13664554



Only 1,5 years ... and now, the same pattern repeat with SegWit adoption.
Choose wisely ... mathematic rules are just.

Very true. I was sympathetic to the idea of increasing block size until I saw a graphic showing it would reach 1tb for the blockchain to be stored in a computer, in case it would increase block size to 2mb.

Then I remembered Ethereum Mist which I had my computer turned on constantly for two weeks to download its blockchain, and it never completed it, making me drop it. And as you know, Ethereum is supported by big corporations, big banks, oligarchies, even Microsoft. Ethereum is very centralized and its creator dictates what happens in that network.

Then it occurred to me the external hd where I have the blockchain is a very old 640gb Samsung, with a usb 2.0 port. And it occurred to me I would never be able to run a bitcoin node again, if it were to increase block size, since 2mb would be only the beginning of a long centralization process.