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

[notme]

...snip...

How the hell is essentially creeping toward centralization being equated with addressing a "most crippling flaw"? lol

We could have 20 MB blocks and it would still be trivial to run a node at home on a single machine.  Mining is at peak centralization now for one reason: ASICs.  There are precious few manufacturers and they are smart enough to realize it is more profitable to just use them then to sell them.  If mining hardware were more widely available there would be much less centralization.  Block size is a red herring.

[CoinCube]

Will be interesting to see what happens to BCH once the difficulty adjusts way up and (I suspect) it's larger enemies both stop mining it and move to dump the price.

I think we are soon going to see the resolve of the BCH pumpers truly tested.

It only takes six blocks mined every 12 hours to prevent BCH's automatic short term difficulty adjustment.
https://www.coindesk.com/even-miners-hate-bitcoin-cash-might-want-mine/

Disclaimer: I sold all my BCH over the weekend and if I had any more I would probably sell right now.

[bones261]

Will be interesting to see what happens to BCH once the difficulty adjusts way up and (I suspect) it's larger enemies both stop mining it and move to dump the price.

I think we are soon going to see the resolve of the BCH pumpers truly tested.

It only takes six blocks mined every 12 hours to prevent BCH's automatic short term difficulty adjustment.
https://www.coindesk.com/even-miners-hate-bitcoin-cash-might-want-mine/

Disclaimer: I sold all my BCH over the weekend and if I had any more I would probably sell right now.

The difficulty has already went up for BCH, hours ago. Surprisingly, the average block time has only been about 15 minutes since then. They may be able to go this entire 2016 blocks without the emergency difficulty adjustment kicking in.

[NewWorldCoiner]

1. He is a muddle headed millionaire. He's also an egotistical megalomaniac, "I was the first investor", I'm the biggest shareholder", "I know about economic code", "homogeneous is another word for privacy", etc, etc.

2. What did this "significant fraction" do? Ah yes, congested the network with spam to drive transaction fees up, which the muddle headed clown then proceeds to blame the core team for, banging on about a horrible user experience.

3. All is going according to plan? What, coordinated pumps of BCC at the same time as dumping BTC to drive the price of the shitcoin up so they get more BTC for it? Great plan, excellent.

Whoosh. There it goes. Over your head.

Anyways....

Of course, I realized the implication was about Roger Ver. Here's the thing though. Roger had zero to do with the creation of Bitcoin ABC, which ended up the catalyst that kicked this big block initiative over the hump. Sure, he likes it, but he was not -- and is not -- a driving force to its creation. This is a team effort. By a rather large team.  Hence my comment about this here echo chamber.

Yes, it went right over my head that the people who are offering forcing a solution to a problem are in fact the people who created the problem in the first place.

I have also failed to notice that you ignore this point, and the issue of blatant market manipulation because neither of these fit with your agenda.

And no, I am not BlindMayorBitcoin. Alt accounts and shills are a tactic more often employed by the BCC fanbase, so I can see how your mind may have become naturally suspicious.

Anyway...

[CoinCube]

The difficulty has already went up for BCH, hours ago. Surprisingly, the average block time has only been about 15 minutes since then. They may be able to go this entire 2016 blocks without the emergency difficulty adjustment kicking in.

Interesting I thought it was later tonight. Maybe things won't play out the way I described above but we will see. I have my popcorn ready just in case.

[bones261]

The difficulty has already went up for BCH, hours ago. Surprisingly, the average block time has only been about 15 minutes since then. They may be able to go this entire 2016 blocks without the emergency difficulty adjustment kicking in.

Interesting I thought it was later tonight. Maybe things won't play out the way I described above but we will see. I have my popcorn ready just in case.

Maybe a lot of the miners that they have retained just haven't had the chance to change where their miners are pointed to. We'll get a better idea how it goes in about 24 hours, to see how many devotees they managed to retain. Perhaps some miners are speculating the the BCH will pump up the market again to attract the lost miners back.

[Paashaas]

1. He is a muddle headed millionaire. He's also an egotistical megalomaniac, "I was the first investor", I'm the biggest shareholder", "I know about economic code", "homogeneous is another word for privacy", etc, etc.

2. What did this "significant fraction" do? Ah yes, congested the network with spam to drive transaction fees up, which the muddle headed clown then proceeds to blame the core team for, banging on about a horrible user experience.

3. All is going according to plan? What, coordinated pumps of BCC at the same time as dumping BTC to drive the price of the shitcoin up so they get more BTC for it? Great plan, excellent.

Whoosh. There it goes. Over your head.

Anyways....

Of course, I realized the implication was about Roger Ver. Here's the thing though. Roger had zero to do with the creation of Bitcoin ABC, which ended up the catalyst that kicked this big block initiative over the hump. Sure, he likes it, but he was not -- and is not -- a driving force to its creation. This is a team effort. By a rather large team.  Hence my comment about this here echo chamber.

Yes, it went right over my head that the people who are offering forcing a solution to a problem are in fact the people who created the problem in the first place.

I have also failed to notice that you ignore this point, and the issue of blatant market manipulation because neither of these fit with your agenda.

And no, I am not BlindMayorBitcoin. Alt accounts and shills are a tactic more often employed by the BCC fanbase, so I can see how your mind may have become naturally suspicious.

Anyway...

Jbreher is one of those Jonald Fyookballs. They are getting paid, trolling ore just plain stupid to see what the consequences are when Jihan takes the lead.

[xhomerx10]

The difficulty has already went up for BCH, hours ago. Surprisingly, the average block time has only been about 15 minutes since then. They may be able to go this entire 2016 blocks without the emergency difficulty adjustment kicking in.

Interesting I thought it was later tonight. Maybe things won't play out the way I described above but we will see. I have my popcorn ready just in case.

Maybe a lot of the miners that they have retained just haven't had the chance to change where their miners are pointed to. We'll get a better idea how it goes in about 24 hours, to see how many devotees they managed to retain. Perhaps some miners are speculating the the BCH will pump up the market again to attract the lost miners back.

 ...so the value of BCH will be pumped to ~ US$1250?

[Eric Cartman]

Has BCC spread outside China

[bones261]

The difficulty has already went up for BCH, hours ago. Surprisingly, the average block time has only been about 15 minutes since then. They may be able to go this entire 2016 blocks without the emergency difficulty adjustment kicking in.

Interesting I thought it was later tonight. Maybe things won't play out the way I described above but we will see. I have my popcorn ready just in case.

Maybe a lot of the miners that they have retained just haven't had the chance to change where their miners are pointed to. We'll get a better idea how it goes in about 24 hours, to see how many devotees they managed to retain. Perhaps some miners are speculating the the BCH will pump up the market again to attract the lost miners back.

 ...so the value of BCH will be pumped to ~ US$1250?

Not taking into consideration the profit made from transaction fees, BCH must command a price of 272,888,550,038.82/923,233,068,449=0.29557926309 BTC for their profitability to be on parity with BTC.

[infofront]

Has BCC spread outside China

Like AIDS.

[BlindMayorBitcorn]

And no, I am not BlindMayorBitcoin

[jbreher]

The r/btc crowd would pick over the whiskers in Greg's beard before it considered thinking about the miner centralization. Because revolution!

I find it somewhat curious that you are deriding others' thoughts about centralization, while invoking "the whiskers in Greg's beard".

sheesh!

[jbreher]

We could have 20 MB blocks and it would still be trivial to run a node at home on a single machine.  Mining is at peak centralization now for one reason: ASICs.  There are precious few manufacturers and they are smart enough to realize it is more profitable to just use them then to sell them.  If mining hardware were more widely available there would be much less centralization.  Block size is a red herring.

Of course, I'm merely guessing, but I guess you've not seen the recent work calculating the GINI coefficients regarding mining vis a vis other aspects of the ecosystem?

[xhomerx10]

The difficulty has already went up for BCH, hours ago. Surprisingly, the average block time has only been about 15 minutes since then. They may be able to go this entire 2016 blocks without the emergency difficulty adjustment kicking in.

Interesting I thought it was later tonight. Maybe things won't play out the way I described above but we will see. I have my popcorn ready just in case.

Maybe a lot of the miners that they have retained just haven't had the chance to change where their miners are pointed to. We'll get a better idea how it goes in about 24 hours, to see how many devotees they managed to retain. Perhaps some miners are speculating the the BCH will pump up the market again to attract the lost miners back.

 ...so the value of BCH will be pumped to ~ US$1250?

Not taking into consideration the profit made from transaction fees, BCH must command a price of 272,888,550,038.82/923,233,068,449=0.29557926309 BTC for their profitability to be on parity with BTC.

 So help me out here please; I'm a little tired so I might be way off.

 The average of the last 10 or so blocks is about 14k USD per Bitcoin block in fees and the average for the last same number of blocks for Bitcoin Cash is SFA in fees (less than $1).  Does this mean that in addition to the 0.29557926309 BTC we need to add $14,000/12.5 BCH to the value of each coin to make it equally profitable to mine BCH?  In this case, I think we're looking at a BCH value of around US$2,330 per BCH just to make mining one or the other equivalent.

 With the 4X higher difficulty, the last 10 average block time is now 20.5 minutes.  Why do so many continue to mine the less profitable B_itCH?

edit: SFA is closer to $25 than my initial less than $1 estimate.  I believe it is still SFA when compared to $14k

[jbreher]

Jbreher is...getting paid, trolling ore just plain stupid to see what the consequences are when Jihan takes the lead.

Pick one assertion and stick with it... ASSHOLE.

[xhomerx10]

Jbreher is...getting paid, trolling ore just plain stupid to see what the consequences are when Jihan takes the lead.

Pick one assertion and stick with it... ASSHOLE.

Hey. I'm thinking of dumping 100 B_itCH in the next hour or so.

Do you think it's gonna head back north of $700 or should I just dump it in one go on a market order and see what happens ?

 IDK... there's $555k USD between now and $700 on Kraken and the B_itCH_'s hashrate is falling.  There would have to be some intervention to prop it up... I'm only guessing though.

[jbreher]

Jbreher is...getting paid, trolling ore just plain stupid to see what the consequences are when Jihan takes the lead.

Pick one assertion and stick with it... ASSHOLE.

Hey. I'm thinking of dumping 100 B_itCH in the next hour or so.

Do you think it's gonna head back north of $700 or should I just dump it in one go on a market order and see what happens ?

Curious why you quoted me in your post, BobLawblaw. Frankly, I don't know what your optimal timing is. Moreover, as you know, I have an interest in Bitcoin Cash's future, while you seem directly antagonistic thereof.

I'm suggesting we drop the pretenses, and have you drop your load where you may.

If ever we meet in RL, I would hope that we could laugh over a beer.

(Incidentally, 100 BCH is like... what... 13 BTC? oooh... skeered!)

edit: <<trembling intensifies>>

[bones261]

The difficulty has already went up for BCH, hours ago. Surprisingly, the average block time has only been about 15 minutes since then. They may be able to go this entire 2016 blocks without the emergency difficulty adjustment kicking in.

Interesting I thought it was later tonight. Maybe things won't play out the way I described above but we will see. I have my popcorn ready just in case.

Maybe a lot of the miners that they have retained just haven't had the chance to change where their miners are pointed to. We'll get a better idea how it goes in about 24 hours, to see how many devotees they managed to retain. Perhaps some miners are speculating the the BCH will pump up the market again to attract the lost miners back.

 ...so the value of BCH will be pumped to ~ US$1250?

Not taking into consideration the profit made from transaction fees, BCH must command a price of 272,888,550,038.82/923,233,068,449=0.29557926309 BTC for their profitability to be on parity with BTC.

 So help me out here please; I'm a little tired so I might be way off.

 The average of the last 10 or so blocks is about 14k USD per Bitcoin block in fees and the average for the last same number of blocks for Bitcoin Cash is SFA in fees (less than $1).  Does this mean that in addition to the 0.29557926309 BTC we need to add $14,000/12.5 BCH to the value of each coin to make it equally profitable to mine BCH?  In this case, I think we're looking at a BCH value of around US$2,330 per BCH just to make mining one or the other equivalent.

 With the 4X higher difficulty, the last 10 average block time is now 20.5 minutes.  Why do so many continue to mine the less profitable B_itCH?

Let's just make this a simple approximation. Let's say the fees add an additional 25% to the profitability to BTC. (Not all pools share the fee, Antpool doesn't.) Then 0.29557926309*1.25 = 0.36947407886 BTC. At the moment, the average BTC price is 4087.64USD per BitcoinWisdom. So BCH would have to be at 1208.22 USD for the profitability to be on parity with BTC. It looks like your estimate of $1250USD was pretty close.

[Mrpumperitis]

Bones is right, just over a week ago , he said it had to be 0.17ish and he was spot on, and bch got there.
This week its higher, and it will get there to, over 0.3 and maybe over 0.4.