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

[r0ach]

I just want to go with whichever chain allows me to buy a coffee now...and when I am an old man looking back 50 years from now I can point to that transaction and say "that was my transaction...it was a coffee and it was delicious".

Why not just use physical silver and then you don't have to worry about all your transactions being tracked and monitored in an Orwellian-style dystopia?

[d_eddie]

we're gonna see a whale jump out of the ocean.  Also someone's made an error.

I can't figure out your cryptic statement. Someone on which side? What makes you think an error was made?

This war is going to evolve to involve fiat and nations

You mean PBoC vs. Fed? Care to elaborate?

[d_eddie]

The community doesn't realize yet it has been besieged.

I think most people involved in BTC (the community) do realize this is an attack. I, for one, do.
A siege, though, is not a generic attack. It involves being starved by the enemy outside, which can't happen as long as we keep our provisions (BTC) - that is, if we don't trade BTC for BCH.

I am convinced that the value of BCH will vanish soon, unless it is artificially (and expensively) pumped from the BCH side. Which they are welcome to do, as far as I'm concerned. I'm going to trade my BCH back into BTC if I see steady rates in the order of 0.3-0.5 BCH/BTC.

[HanvanBitcoin]

The community doesn't realize yet it has been besieged.

I think most people involved in BTC (the community) do realize this is an attack. I, for one, do.
A siege, though, is not a generic attack. It involves being starved by the enemy outside, which can't happen as long as we keep our provisions (BTC) - that is, if we don't trade BTC for BCH.

I am convinced that the value of BCH will vanish soon, unless it is artificially (and expensively) pumped from the BCH side. Which they are welcome to do, as far as I'm concerned. I'm going to trade my BCH back into BTC if I see steady rates in the order of 0.3-0.5 BCH/BTC.

I dont expect it to come back to 0.3-0.5 rate ever. Upcoming days BCH will drop in value drasticly. At the moment of speaking BCH is already down to 275 Euro on Kraken.

Get a decent price for em while you still can....

[Elwar]

I just want to go with whichever chain allows me to buy a coffee now...and when I am an old man looking back 50 years from now I can point to that transaction and say "that was my transaction...it was a coffee and it was delicious".

Why not just use physical silver and then you don't have to worry about all your transactions being tracked and monitored in an Orwellian-style dystopia?

Set up a service to allow me to do that and I will.

I can currently do it with bitcoin via many third party services.

[becoin]

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.  

"Profitable to mine" means you have to have buyers. If you haven't noticed, everyone is trying to dump their BCC (BCH? whatever) at any price and trade for more BTC.

Having a price on an exchange implies there is somebody willing to buy.  Your argument is invalid, nice try.

Somebody willing to buy from somebody unable to sell. What argument is that? Nice try really...

[d_eddie]

The community doesn't realize yet it has been besieged.

I think most people involved in BTC (the community) do realize this is an attack. I, for one, do.
A siege, though, is not a generic attack. It involves being starved by the enemy outside, which can't happen as long as we keep our provisions (BTC) - that is, if we don't trade BTC for BCH.

I am convinced that the value of BCH will vanish soon, unless it is artificially (and expensively) pumped from the BCH side. Which they are welcome to do, as far as I'm concerned. I'm going to trade my BCH back into BTC if I see steady rates in the order of 0.3-0.5 BCH/BTC.

I dont expect it to come back to 0.3-0.5 rate ever. Upcoming days BCH will drop in value drasticly. At the moment of speaking BCH is already down to 275 Euro on Kraken.

Get a decent price for em while you still can....

Thanks for your suggestion, HanvanBitcoin. I see what you mean and it's reasonable.

However, I've thought a bit about it. I need to set up an account and move all my coins to new addresses before I can actually sell. For the time being, I like to consider my hedl BCH as an insurance on the unlikely black swan of BTC losing value as the real chain. And I'm waiting for a possible pump in November. Deferred rewards and all that.

[rjclarke2000]

The community doesn't realize yet it has been besieged.

I think most people involved in BTC (the community) do realize this is an attack. I, for one, do.
A siege, though, is not a generic attack. It involves being starved by the enemy outside, which can't happen as long as we keep our provisions (BTC) - that is, if we don't trade BTC for BCH.

I am convinced that the value of BCH will vanish soon, unless it is artificially (and expensively) pumped from the BCH side. Which they are welcome to do, as far as I'm concerned. I'm going to trade my BCH back into BTC if I see steady rates in the order of 0.3-0.5 BCH/BTC.

I dont expect it to come back to 0.3-0.5 rate ever. Upcoming days BCH will drop in value drasticly. At the moment of speaking BCH is already down to 275 Euro on Kraken.

Get a decent price for em while you still can....

Thanks for your suggestion, HanvanBitcoin. I see what you mean and it's reasonable.

However, I've thought a bit about it. I need to set up an account and move all my coins to new addresses before I can actually sell. For the time being, I like to consider my hedl BCH as an insurance on the unlikely black swan of BTC losing value as the real chain. And I'm waiting for a possible pump in November. Deferred rewards and all that.

I've decided to do exactly the same d_eddie

[soullyG]

Bitfinex just opened BCH withdrawals and deposits, lets see what happens to the price now

[williamuk]

Lastest bcc block 

478617   22 minutes ago   0x20000000   Unknown   M6Y q$/Fuck BitcoinCash - bcc.suprnova.cc/   1,999.20

The level of maturity is impressive. I'm sure this kind of behaviour will entice high net worth individuals to put a sizeable portion of their savings into BTC

[r0ach]

I like to consider my hedl BCH as an insurance on the unlikely black swan of BTC losing value as the real chain.

You are correct.  Random noobs on this forum INCORRECTLY stated that the only valid game theory path was to dump BCH (think it was derived from some nonsense Szabo said).  He made the error of assuming you're required to keep one token at all.  The real optimal path is to dump both of them in event of rough consensus attack, meaning what's going on right now.  If you refuse to dump both for whatever reason, then the optimal path to try and minimize loss would just be to hold all of them.

[conspirosphere.tk]

Deferred rewards and all that.

For me the instant gratification -both financial and not- of dumping that crap is too big to be left on the table.

[conspirosphere.tk]

You are correct.  Random noobs on this forum INCORRECTLY stated that the only valid game theory path was to dump BCH (think it was derived from some nonsense Szabo fabricated).  He made the error of assuming you're required to keep one token at all.  The real optimal path is to dump both of them in event of rough consensus attack.  If you refuse to dump both for whatever reason, then the optimal path to try and minimize loss would just be to hold all of them.

I like and own several other cryptocoins, and still I consider BCH a joke of a shitcoin.

[r0ach]

You are correct.  Random noobs on this forum INCORRECTLY stated that the only valid game theory path was to dump BCH (think it was derived from some nonsense Szabo fabricated).  He made the error of assuming you're required to keep one token at all.  The real optimal path is to dump both of them in event of rough consensus attack.  If you refuse to dump both for whatever reason, then the optimal path to try and minimize loss would just be to hold all of them.

I like and own several other cryptocoins, and still I consider BCH a joke of a shitcoin.

Yea well, I consider bitcoin a useless shitcoin compared to physical silver coins, but holding bitcoin has been more profitable recently.

[Elwar]

Bitfinex just opened BCH withdrawals and deposits, lets see what happens to the price now

Price is similar to other exchanges that accept bcash deposits. About 10% of BTC.

[r0ach]

A funny thing happened on the way to the bullion market:

Provident Metals had stopped taking Bitcoin as payment!  That was a shock, so I had to open an account with jmbullion.com who still did.  I have not checked back with Provident to see if they have changed their minds, but for whatever reason they stopped taking BTC

Interestingly, you used to receive the max discount for using bitcoin on JM Bullion (same as paying with check or bank transfer), but now it's more expensive to pay with BTC there lol.  So bullion dealers no longer like people paying with BTC for whatever reason even though they stated people who purchased using bitcoin spent more money than normal customers.

[soullyG]

Bitfinex just opened BCH withdrawals and deposits, lets see what happens to the price now

Price is similar to other exchanges that accept bcash deposits. About 10% of BTC.

*yawn* was hoping for a megadump

[JayJuanGee]

What should I do with my 2K sats of BCH on Bitfinex? I haven't bothered confirming, but that is not enough to meet the order minimum, correct? I guess that I'll have to keep them. So I am now an official BCH HODLer who will get left holding the bag.

(I also have 500 BCH sats on Hashnest too, left over from my dump. Guess I'm a HODL no matter what.)

Whenever I have dust like that, you can buy more on a dip, or add to that, and then sell on a 1% increase.. something like that, then you get rid of ever single thingie-ma-jiggie.

[JayJuanGee]

Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.

Yes, the existence BCC will destabilize BCT mining.  

Everyone knows that at equilibrium, if BCC has 1/10th the value of BTC, that the hash power mining BCC will be 1/10th that mining BTC.  

What is less obvious what happens when the system is not in equilibrium. Imagine that the market reprices BCC 100% higher and BTC 10% lower.  What is the expected distribution of hash power now assuming short-term profit-maximizing miners?  

The answer is "most of it will be mining BCC." Because the difficulty adjusts only very slowly (every 2016 blocks) BCC becomes twice as profitable to mine as BTC.  Hash-per-hash miners would earn double by mining BCC.  This continues until the difficulty reset comes when BCC would go "limit up" (4X), when most miners would leave BCC back for BTC.  BCC's difficulty would slowly ratchet back down due to its fast difficulty adjustment and the process would later repeat.  

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.  

Well. Fuck.

We really should just have raised the block size and been done with it.

Who is "we?"

You mean "we"should just give in to terrorists?   

something does not seem right about that proposition.

[JayJuanGee]

I'm not excited yet. Seen this before.

Friday pumpy, weekend dumpy.

But of course I'm still bullish!


Edit. To be honest we need to go up a lot more before I class this as a pump. % terms this is nothing

Look at you..... 


Grumpy.

This price movement is bullish as fuck.

I was hoping that we would not get to ATH until the end of the month, but looks like within the next 12 hours, perhaps?

And, pump does not necessarily mean a dump, and even if there is a dump, we still be good. 

I had been kind of thinking a correction to $2400 or so would be reasonable, but we barely reached $2600s, and then back up again... My gosh.. the honey badger doesn't wanna take a bit of a breather..