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

[Dotto]

https://steemit.com/cryptocurrency/@anonymint/shocking-crisis-coming-to-cryptocurrency-in-sept

I don´t get the part of "stealing" segwit transactions. It sounds like bullshit, but Anonymint have a greater tech knowledge than me. Can some tech savvy user confirm it?

[Asrael999]

https://steemit.com/cryptocurrency/@anonymint/shocking-crisis-coming-to-cryptocurrency-in-sept

I don´t get the part of "stealing" segwit transactions. It sounds like bullshit, but Anonymint have a greater tech knowledge than me. Can some tech savvy user confirm it?

I think the arguement lies something along the lines of the following, overtime more and more coins would be held in segwit rather than in on chain addresses (as currently). This results in an incentive for a miner with sufficient hash power to fork Bitcoin again into a chain which no longer provides segwit functionality - they would then "spend" the segwit coin to themselves on their new chain - all those who had held their coin via segwit recorded transactions would lose their coin and there would be no recourse.  It is assumed that this will happen as eventually the value of the coins held in segwit related accounts will be so big the economic incentive to do will be to big to ignore.

I fully admit my understanding here is incomplete/limited so I maybe misunderstanding or misrepresenting the arguement.

[Torque]

Point is, i've been waiting for fiat to blow since people starting saying this on the internet about 15 years ago. It's coming.... It's coming....

It's really coming and it ain't be fun. US desperately need another WW.

Don't worry, they're desperately working on that behind the scenes as we speak. Can't have all those millions of barrels of oil just stockpiling in shipyards around the world with no usage. Got to protect the honey pot and get that oil burned up so they can pump more. Otherwise the price of oil will plummet to below $25/barrel and the poor Global elite's wealth will suffer miserably.

That's why you constantly see new MSM articles about North Korea firing missiles. It is all planting the seeds within the populous to prep them for things to come that are already being planned by the Globalist Deep State.

I mean, just take a look at this article headline. How in the fk would the U.S. Army know or predict such things before it has even happened yet?
http://www.newsweek.com/next-us-war-long-hard-take-entire-country-win-army-chief-643520

[fabiorem]

Point is, i've been waiting for fiat to blow since people starting saying this on the internet about 15 years ago. It's coming.... It's coming....

It's really coming and it ain't be fun. US desperately need another WW.

Tell that to the music, movie and video game addicted millennial.
Middle finger will be shown to the government promptly!

Like they did in 2001? People signed up in droves for the chance to fight. Propaganda and media manipulation are very powerful tools.

Shit, where were those WMD's again?

Mp3 was not very popular at the time, there were no smartphones, no usb sticks.

Movies were not in high definition. Most monitors were still CRT.

Video games were niche, often hard, the masses regarded as something for children.



There were no millennials back 2001.

[Torque]

Why? Be the change you want to see in the world.  In the words of right wing death squad leader Duterte:

This quote is the classic mindset of a Dictator. Exactly what Mussolini, Hitler, and Hussein thought. And what Maduro is thinking right now.

[FractalUniverse]

Jihan Wu dumped 3K bitcoin on bitfiniex in 5 mins. Only 1% damage. He will see what a real dump is on his BCC on 1 Aug  

does it mean he has some 10m dollars or maybe more sitting there, ready to buy/support/pump BTH? 

[rjclarke2000]

I will try to keep my negativism to myself.  I wish that things turn out as well as possible for everybody...

Oh the good old days........

I believe that was not stolfi's whole quote. This is the original:-

"I will try and keep my negativism to myself.......except writing more pessimistic know it all shit on bitcointalk and Reddit for the next 2-3 years or so and I may also write a bullshit report to the SEC explaining what a ponzi untrustworthy so called asset bitcoin is. Apart from that I will keep my negativism to myself I promise. I wish that things turn out as well as possible for everybody and you all lose you bitcoins and burn in hell as you should have listened to me as I am a professor and you are all spotty scrubs living in your parent's basement."

jstolfi

[oda.krell]

[...]

I believe that was not stolfi's whole quote. This is the original:-

"I will try and keep my negativism to myself.......except writing more pessimistic know it all shit on bitcointalk and Reddit for the next 2-3 years or so and I may also write a bullshit report to the SEC explaining what a ponzi untrustworthy so called asset bitcoin is. Apart from that I will keep my negativism to myself I promise. I wish that things turn out as well as possible for everybody and you all lose you bitcoins and burn in hell as you should have listened to me as I am a professor and you are all spotty scrubs living in your parent's basement."

jstolfi

Granted, stolfi was stubborn as hell, and his biases tended to cloud his (generally) informed judgments to the point where they became uninformed again. Still, I had some of the better discussions in here with him, so I for one miss the old geezer.

[rjclarke2000]

[...]

I believe that was not stolfi's whole quote. This is the original:-

"I will try and keep my negativism to myself.......except writing more pessimistic know it all shit on bitcointalk and Reddit for the next 2-3 years or so and I may also write a bullshit report to the SEC explaining what a ponzi untrustworthy so called asset bitcoin is. Apart from that I will keep my negativism to myself I promise. I wish that things turn out as well as possible for everybody and you all lose you bitcoins and burn in hell as you should have listened to me as I am a professor and you are all spotty scrubs living in your parent's basement."

jstolfi

Granted, stolfi was stubborn as hell, and his biases tended to cloud his (generally) informed judgments to the point where they became uninformed again. Still, I had some of the better discussions in here with him, so I for one miss the old geezer.

I believe he still posts on Reddit.

[aesma]

https://steemit.com/cryptocurrency/@anonymint/shocking-crisis-coming-to-cryptocurrency-in-sept

I don´t get the part of "stealing" segwit transactions. It sounds like bullshit, but Anonymint have a greater tech knowledge than me. Can some tech savvy user confirm it?

I think the arguement lies something along the lines of the following, overtime more and more coins would be held in segwit rather than in on chain addresses (as currently). This results in an incentive for a miner with sufficient hash power to fork Bitcoin again into a chain which no longer provides segwit functionality - they would then "spend" the segwit coin to themselves on their new chain - all those who had held their coin via segwit recorded transactions would lose their coin and there would be no recourse.  It is assumed that this will happen as eventually the value of the coins held in segwit related accounts will be so big the economic incentive to do will be to big to ignore.

I fully admit my understanding here is incomplete/limited so I maybe misunderstanding or misrepresenting the argument.

That potential value doesn't exist if the fork is not followed. Like some here are repeating, cryptos are only worth what we want it to be worth. BCC might be worth something in the future, in part because it is done "the right way", BTC holders get BCC, no ifs and buts.

It's a hard fork but it's not screwing people.

The fork you're describing has as a goal to screw over millions of people. Why would those new coins be worth anything, who would put money in that shitcoin ?

[becoin]

This should cheer you all up, some quality Game Theory Analysis of Bitcoin Cash.

https://medium.com/@rextar4444/the-myth-of-bitcoin-cash-understanding-game-theory-f87858bf8791


TLDR: There is no economic viability to bitcoin cash. There is no founded argument for its valuation. The exchanges and companies that support it are insecure and nefarious.

and a coin with 1mb blocks forever has economic viability?

Yes it does.  It would help us secure bitcoin's greatest use case: https://medium.com/@rextar4444/bitcoins-most-valuable-usecase-7f5c6e95be22

Whereas targeting the block size for some arbitrary optimal or maximum transaction capacity serves no founded argument.  

Lots of holes on this article, it boils to down to keeping Bitcoin in a limited circle of people under the guise of "decentralization" ignoring advances in hardware and bandwidth. But 640kb ought to be sufficient for everybody right?

list of bs points:

Bitcoin As A Settlement System Scales Indefinitely
Bitcoin As Coffee Money Doesn’t Provide A Unique Service
Increasing Low Value Bitcoin Usage Doesn’t Necessarily Increase Its Value As Per Metcalfe’s Law
Bitcoin As A Coffee Money Doesn’t Scale

In a 5 years time a 1mb chain will be completely forgotten, after Bitpay accepts Bitcoin Cash its game over.

Nobody cares about BitPay. In 5 years time BitPay will be forgotten.

[hodl_2015]

Mp3 was not very popular at the time, there were no smartphones, no usb sticks.

And on my 486 CPU it took 16 hours to convert 1 hour of ripped WAV files to a stereo MP3. None of this real-time encoding 4k video from a cheap phone.

[williamuk]

In a 5 years time a 1mb chain will be completely forgotten, after Bitpay accepts Bitcoin Cash its game over.

Unlikely to happen since Bitpay is part of the conglomerate (http://dcg.co/portfolio/) that controls Blockstream / Core. Whatever Bitpay do is likely to be in support of DCG and DCG / Blockstream / Core is behind the 1Mb constraint

It's one big centralisation effort presented as decentralisation. You've got to admire how well they've managed to mislead so many for so long.

[drbrockcoin]

Time for MOOON?
Cup and Handle pattern...

[JimboToronto]

Good morning Bitcoinland.

It's bouncing up and down quite nicely with indecision in anticipation of Aug 1-4 I see... currently $2746USD (Bitcoinaverage).

Good for day traders I suppose. No dips deep enough for me to buy though.

[drbrockcoin]

Good morning Bitcoinland.

It's bouncing up and down quite nicely with indecision in anticipation of Aug 1-4 I see... currently $2746USD (Bitcoinaverage).

Good for day traders I suppose. No dips deep enough for me to buy though.

So do you think we will see a significant price drop before the 1st of August? I think it may break ATH in the next 12 hours or so. And if that happens will it go crazy? or remain calm until the FORK?

[Last of the V8s]

All aboard the gobbledygook train

https://cindicator.com/

Hybrid Intelligence for Effective Asset Management

Millions of decentralized financial analysts enhanced by AI

[drbrockcoin]

All aboard the gobbledygook train

https://cindicator.com/

Hybrid Intelligence for Effective Asset Management

Millions of decentralized financial analysts enhanced by AI

P$D SCAM???

[Last of the V8s]

All aboard the gobbledygook train

https://cindicator.com/

Hybrid Intelligence for Effective Asset Management

Millions of decentralized financial analysts enhanced by AI

P$D SCAM???

Yup.

In other news, an interesting article https://www.coindesk.com/spv-support-billion-bitcoin-users-sizing-scaling-claim/

[aesma]

I now have several BTC loaned on Poloniex at between 4 and 4.9999% daily rate.

5% being the max allowed.

Feeling a bit Jewish right now...