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

[Last of the V8s]

I know technically I am in cryostasis but I'll just say this....


I thought we are all expecting a huge drop tomorrow? Why talk of ATH?? What am I missing?

Off to freeze myself again until this blows over

am bullish re ath because tomorrow's fork is just a fart in the wind. Markets will see nothing bad happened. Although it may linger on, this fork/fart longer than ideally.
also there will be a huge drop tomorrow - from 3600 to 3170...

[fluidjax]

So I see once we hard fork, from a purely BTC point of view, there are a number of counter acting pressures

2 main ones
1) Alt people, will sell BTC and go back to Alts (Alts will rise)
2) People who decided to stay out of crypto and sold everything, now will want to get back in and  Buy BTC

To a lesser extent.
3) Fanatical BCH (BCC) supporters will be selling BTC, I think the risk is low, but the effect could be huge.
4) People with conflicting objectives have split off from BTC, this is positive for BTC and will create confidence.

I think this is a real tug of war and when the very thin markets effectively re-open after the fork it could be pretty wild.

What did I miss?

[rjclarke2000]

The one thing I know is:-

No one has a clue.

[Torque]

So I see once we hard fork, from a purely BTC point of view, there are a number of counter acting pressures

2 main ones
1) Alt people, will sell BTC and go back to Alts (Alts will rise)
2) People who decided to stay out of crypto and sold everything, now will want to get back in and  Buy BTC

To a lesser extent.
3) Fanatical BCH (BCC) supporters will be selling BTC, I think the risk is low, but the effect could be huge.
4) People with conflicting objectives have split off from BTC, this is positive for BTC and will create confidence.

I think this is a real tug of war and when the very thin markets effectively re-open after the fork it could be pretty wild.

What did I miss?

[fluidjax]

[becoin]

I thought we are all expecting a huge drop tomorrow? Why talk of ATH?? What am I missing?

You're missing Bitcoin C(r)ash^tm

[leowonderful]

I know technically I am in cryostasis but I'll just say this....


I thought we are all expecting a huge drop tomorrow? Why talk of ATH?? What am I missing?

Off to freeze myself again until this blows over

https://coinmarketcap.com/currencies/bitcoin-cash/

If this continues, Bitcoin Cash will just be a drop in the bucket and it'll be dumped to oblivion. Less free money for us now, but it's still money. Maybe Jihan + Friends will pump the coin but I doubt they can hold back the force of the community dumping.

[williamuk]

Everywhere I read its recommended to withdraw coins from exchanges until the dust settles sometime after Aug.1st. That would create very thin pools everywhere without the option to transfer back and prices could move any direction much easier.  The skeptic in me wonders if it might be better to put my coins on an exchange and perhaps just ignore the fork drama.   BTC seems to have a tendency to go the opposite direction of the masses.  

My thought exactly. Thin pools, low liquidity, high volatility. Should be interesting

[lightfoot]

Question: If BCC forks tomorrow then it will have the same difficulty height as the rest of bitcon, correct?

If so then why would it not be a vapor lock? If it's only worth 200 a coin, few miners would mine it (doing so means losing out on the reward from bitcoin chain) thus if 1/16th of the miners mined BCC it would take um... 32 weeks for the difficulty to reset along with transaction confirm times of 8 hours per block found. At best.

This sounds like a complete fail out of the box. What am I missing?

[Last of the V8s]

Question: If BCC forks tomorrow then it will have the same difficulty height as the rest of bitcon, correct?

If so then why would it not be a vapor lock? If it's only worth 200 a coin, few miners would mine it (doing so means losing out on the reward from bitcoin chain) thus if 1/16th of the miners mined BCC it would take um... 32 weeks for the difficulty to reset along with transaction confirm times of 8 hours per block found. At best.

This sounds like a complete fail out of the box. What am I missing?

they fiddled with the difficulty adjust mechanism of btccash

[lightfoot]

Ah ok, so this is not a fork of Bitcoin with a single tweak, this is a completely new coin a-la catcoin.

*munches on popcorn* Thank you.

C

[Last of the V8s]

Ah ok, so this is not a fork of Bitcoin with a single tweak, this is a completely new coin a-la catcoin.

*munches on popcorn* Thank you.

C

yuh so many tweaks and deletions on their github. "de-core-ification" is all the rage ... again.

[Searing]

Question: If BCC forks tomorrow then it will have the same difficulty height as the rest of bitcon, correct?

If so then why would it not be a vapor lock? If it's only worth 200 a coin, few miners would mine it (doing so means losing out on the reward from bitcoin chain) thus if 1/16th of the miners mined BCC it would take um... 32 weeks for the difficulty to reset along with transaction confirm times of 8 hours per block found. At best.

This sounds like a complete fail out of the box. What am I missing?

they fiddled with the difficulty adjust mechanism of btccash

How much of a 'tweak' did they do?

Can I fire up the KNC 550gh Jupiter Bitcoin Miner from 2013 again? (raring to go...not likely to move from doorstop status ...poor baby)

[williamuk]

1) Alt people, will sell BTC and go back to Alts (Alts will rise)

^^ this

[Last of the V8s]

Question: If BCC forks tomorrow then it will have the same difficulty height as the rest of bitcon, correct?

If so then why would it not be a vapor lock? If it's only worth 200 a coin, few miners would mine it (doing so means losing out on the reward from bitcoin chain) thus if 1/16th of the miners mined BCC it would take um... 32 weeks for the difficulty to reset along with transaction confirm times of 8 hours per block found. At best.

This sounds like a complete fail out of the box. What am I missing?

they fiddled with the difficulty adjust mechanism of btccash

How much of a 'tweak' did they do?

Can I fire up the KNC 550gh Jupiter Bitcoin Miner from 2013 again? (raring to go...not likely to move from doorstop status ...poor baby)

loads of miners have been emptying their sheds and dusting off their doorstops, claiming they want to support the proper btc network even if at a loss, secretly hoping bccash is worth mining...
you might be to mine able that shit at viabtc almost certainly for a loss. they might exit scam soon as well. glhf

[lemmyK]

https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-99e2d4790a53

farmer farming on customers bitcoins.... 

[Paashaas]

Segwit pump will slowly start after the BCC drama has ended.

[Last of the V8s]

ooh ICBC competing to out'launder' HSBC http://www.reuters.com/investigates/special-report/icbc-spain/
and
https://www.wsj.com/articles/chinese-banks-dash-for-capital-gets-under-way-1501488927 @AaronBack

PingAn Bank, "poster child for Chinese bank excesses," turns to stealth capital raise.

[lemmyK]

segwt pump calculate -chinese wil sell.. but IF they will no ... what will happen after?   "some pump" will happy make chinese bilionare when  the pump  price ...  and chinese will have again power to by boss on btc world   ....of course no
 i like learn ,teach me

[fragout]

So it looks like people are selling alts for btc to get the "free BCC" when the fork occurs. My guess is they will dump their new bcc asap and buy back their original Alts. Not a bad strategy except for the viabtc stage and the fact that i expect all Alts to rise pretty fast as these speculators come back.