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

[d_eddie]

Can someone explain the hate towards btg?

I don't know much about it, but making it mineable with gpu's should make it more decentralized, or no?

What's so wrong with it?

Thanks!

The way it was described to me recently here is this:
GPU would work for a short period of time until someone manufactures and monopolizes on ASIC machines to control the hash power. In short, that is what we already have.

Anyone Feel free to correct me if I've got that wrong.

It's correct - GPU would work for a while, then we'd have GPU farms instead of ASIC farms: no big difference. However, from what I've read, this particular algorithm is memory-hungry. Now I don't know exactly how hungry it is, but in principle an algorithm that requires, say, 8GB to compute one hash would be very hard to farm. It would equalize hash power in a significant way, at least until RAM prices go down one or more orders of magnitude.

Difficulty with such an algorithm may involve adjusting both computing power (as it is now with SHA256) and memory requirements. By tweaking the "memory-hunger" parameter, it could be made so that adding more GPUs to a farm won't yield significant results. You'd have to upgrade all your GPU chips with more RAM, or configure your farm to make a chip borrow RAM from its neighbor, which would then be made useless. Rather than "one CPU, one vote" it would be "one memory bank, one vote."  Same concept basically, but economically more sensible with the current state of hardware progress.

..and something about a premine (only designed to make the initial devs rich)

On the other hand, premine is the unmistakable hallmark of a scam. So this particular altcoin is a joke/scam/useless anyway.

[Denker]

So BTCGold is more like BTCFail? Who would've guessed

B2X won't do any better.
With Coinbase's announcements to give their shitty Bizcoin another ticker it is clear that Bitcoin will continue being the main chain.
And with Garzik doing his own shitty ICO, no one can really tell that B2X will be relevant in any way!
These two big news from yesterday where the final nail in the coffin of B2X imo.
However I still believe they will fork just to shake the market and absorb more cheap coins.
After all this nonsense is over, I could imagine a rally in december bringing us maybe close to 10k.
Just my 2 two satoshis.

[600watt]

This just in:

"Jeff Garzik, one of a handful of key developers who helped build the underlying software for bitcoin that is known as blockchain, has seen its shortcomings firsthand. So he decided to create a better digital currency.

He’s calling it Metronome..."

https://www.bloomberg.com/news/articles/2017-10-24/bitcoin-pioneer-says-new-coin-to-work-on-multiple-blockchains?utm_content=buffer54373&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Flabbergasting

very interesting.

has seen actively multipled its shortcomings firsthand. So he decided to create a better digital currency.

ftfy

[vroom]

So BTCGold is more like BTCFail? Who would've guessed

B2X won't do any better.
With Coinbase's announcements to give their shitty Bizcoin another ticker it is clear that Bitcoin will keep being what it is.
And with Garzik his own shitty ICO no one can really temm that B2X will be relevant in any way!
This two big news from yesterday where the final nail lin the coffin of B2X imo.
However I still believe they will fork just to shake the market and absorb more cheap coins.
After all this nonsense is over I could imagine a rally in december bringing us maybe close to 10k.
Just my 2 two satoshis.

For me bitcoin cash and bitcoin 2x are just assaults on bitcoin. But for some reason I was under the impression that at least bitcoin gold is something "serious". Well, what did I know, I'm new to this game.

[soullyG]

The company and others that helped create and promote the cryptocurrency will retain 2 million metronome coins, out of an initial trove of 10 million to be auctioned off in December.

Emphasis mine 

[Torque]

This just in:

"Jeff Garzik, one of a handful of key developers who helped build the underlying software for bitcoin that is known as blockchain, has seen its shortcomings firsthand. So he decided to create a better digital currency.

He’s calling it Metronome..."

https://www.bloomberg.com/news/articles/2017-10-24/bitcoin-pioneer-says-new-coin-to-work-on-multiple-blockchains?utm_content=buffer54373&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Flabbergasting

Stupidity. Bitcoin is simple and robust and that's why it is worth what it is. It does exactly what it needs to do, and no more. The more complex things get the bigger risk of something going very wrong and the more it will be used to swindle people who don't fully grasp how it works.

Utopian dreamers are why we can't have nice things.

Holy crap, is that what that guy has been working on all this time? So many things wrong with his Metronome premise, I don't even know where to start:

1. Solution looking for a problem that doesn't even exist

2. Atomic swaps/ sidechains would be similar and would work better

3. Would introduce numerous bugs, exploits, and hidden attack vectors

4. Even if the code somehow worked, Jeff obviously doesn't understand mining or game theory. If pre-mined coin then really silly. That coin will be exploited like crazy. That coin would never hold any value.

I'm so glad that Jeff Garzik doesn't work on Bitcoin core anymore... that idea sounds DOA

[Ibian]

The company and others that helped create and promote the cryptocurrency will retain 2 million metronome coins, out of an initial trove of 10 million to be auctioned off in December.

Emphasis mine 

Hmm. Nope, doesn't stink at all.

[vroom]

with coinbase's recent announcement and jeff's new altcoin the B2X fork seems more and more unlikely. I hope the market will realize that soon, it's time to end this B2X fud and focus on 10k!

[Ibian]

with coinbase's recent announcement and jeff's new altcoin the B2X fork seems more and more unlikely. I hope the market will realize that soon, time to end this B2X fud and focus on 10k!

Would be nice, but no. There will always be fools ready to part with their money, so the promised splitcoins will happen. We have to get through it to move on, and in the end it will be proof that bitcoin can handle that kind of nonsense with no major issue.

[d_eddie]

Decent dip in the last 24 or so hours. Large enough to make even Jimbo happy, probably. We'll know soon enough! 

I managed to buy some more around $5600 (avg). Good enough for me. Still got some fiat for a pretty little accumulation.

[Torque]

Proof that banks are shitting their pants about Bitcoin.
https://bitnewstoday.com/news/bitcoin/steve-wozniak-bitcoin-is-better-than-gold-and-usd/

"Benjamin Lawsky, former New York state financial services chief, has held a speech at Money 20/20 as well. Cryptocurrency was mentioned by Mr. Lawski, as he told that he once rejected to “shut Bitcoin down” after a request from a bank lawyer. "

[ghandi]

So, the previous correction was around 12% (~$5800 to ~$5100).
The recent low at ~$5300 was ~12% of the last ATH (~$6100). Time to go up again. Plz!

[fragout]

All this talk about people & Bitcoin...

Over the years I have dealt with so many people asking about Bitcoin. It's uncanny how exactly alike all their thought processes are:

2013: wtf is this shit, it's a bubble, nerd money, governments will destroy it, it doesn't have any value because it's not regulated/controlled. It's too late to buy now anyway.
2014: told you it was crap nobody cares
2015: *crickets*
2016: I wish I bought Bitcoin a year ago. You are so lucky!! Now it's too late for me.
2017: I wish I bought Bitcoin a year ago. You are so lucky. Now it's too expensive for me. I realize I can buy just a fraction but my ego doesn't allow me to be content with just a fraction of an arbitrary numerical division of the thing. But have you heard about Ethereum? Or Shitcoin xyz? Someone said it's the next Bitcoin and it has been going up and I can actually afford to buy one! *proceeds to not buy anything*
2018: I wish I bought Bitcoin a year ago...

I don't care. I don't preach. All I do is explain the technology and its implications for society to those who show genuine interest. Why should I wish unjust rewards on those who clearly don't deserve them? Bitcoin is a revolutionary technology with a promise of changing society to the better. Because it is a monetary technology, those of us with enough vision to see the potential, risk our own money and enough nerve to hold through the FUD, haters, bear markets, hacks and laughter get rewarded. Simple as that. The guy who laughed it off in 2014 and felt he "missed the boat" in 2017 will end up buying some in 2023 together with his gradma.

This sums it up perfectly. I have a good friend that i introduced to bitcoin in 2013 when it was around $100. He was more or less convinced and pledged to buy 1 (both he and I were pretty broke at the time).
Alas he didn't and bitcoin went on its first big pump to $1200. He was not pleased. As btc crashed though, he became more confident that he made the right choice.
Today we are still good friends but i dare not bring up the subject of bitcoin

[Torque]

Today we are still good friends but i dare not bring up the subject of bitcoin

The same type of people who cannot see or grasp how high yearly inflation is making them poorer and poorer even if their yearly wage doesn't change or even goes up a little bit every couple of years. If your net worth is not rising at least 8-10%/per year on average and EVERY year, you are really falling behind and don't realize it. You need that just to have your purchasing power stay even.

[600watt]

great article.

I was hooked. But I still couldn't bring myself to talk about Bitcoin publicly.

Blockchain was easier to talk about – it made me appear to be on the cutting edge and allowed me to avoid the dirty looks and the hushed whispers that followed any mention of Bitcoin.  When I talked about blockchain, friends and colleagues would listen intently and engage me with questions about this wondrous new technology.  However, once I mentioned Bitcoin they would pull me aside and ask how I was feeling, not so subtly questioning my mental clarity.

Blockchain made me feel good, but there was something missing; there was something hollow about blockchain without Bitcoin. I went back and re-examined my first encounter with Bitcoin in an attempt to discover where we had gone wrong.

https://www.forbes.com/sites/briankelly/2017/10/24/why-bitcoin-matters-more-than-blockchain/#778f65a437ac

[Dakustaking76]

So Whats up with bitcoin gold?
The fork happend ore still gonne happen?
Witch Exchange site's are supporting btcgold??

[gembitz]

can't wait for luke jrs' BitcoinLead with 1/4mb blocks weeee

https://www.youtube.com/watch?v=ybTtI0pAN4c

[Torque]

great article.

I was hooked. But I still couldn't bring myself to talk about Bitcoin publicly.

Blockchain was easier to talk about – it made me appear to be on the cutting edge and allowed me to avoid the dirty looks and the hushed whispers that followed any mention of Bitcoin.  When I talked about blockchain, friends and colleagues would listen intently and engage me with questions about this wondrous new technology.  However, once I mentioned Bitcoin they would pull me aside and ask how I was feeling, not so subtly questioning my mental clarity.

Blockchain made me feel good, but there was something missing; there was something hollow about blockchain without Bitcoin. I went back and re-examined my first encounter with Bitcoin in an attempt to discover where we had gone wrong.

https://www.forbes.com/sites/briankelly/2017/10/24/why-bitcoin-matters-more-than-blockchain/#778f65a437ac

Yep, that guy gets it. Here's another good quote:

Without the currency, there would be no incentive for people to spend money on the computers needed to run the Bitcoin software.  Blockchain without Bitcoin replicates the same financial system already in existence.  There may be some efficiency gains through sharing private distributed ledgers, but blockchain without Bitcoin is not one of the most important innovations in the history of finance.

This finance guy grasps it, but for some reason Jamie Dimon cannot? Or does but won't cop to it...

[ghandi]

So Whats up with bitcoin gold?
The fork happend ore still gonne happen?
Witch Exchange site's are supporting btcgold??

CoinMarketCap lists it in "pre-launch" mode. The fork already happened at block 491407.

[vroom]

So Whats up with bitcoin gold?
The fork happend ore still gonne happen?
Witch Exchange site's are supporting btcgold??

CoinMarketCap lists it in "pre-launch" mode.

on bitfinex it's already active: https://cryptowat.ch/bitfinex/btgbtc/15m