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

[bitcrypto10101]

(nonsense)

Ignored.
But it's interesting how Vertcoin is pumping lately. It must be a coincidence. It can't be related to the ASICs politics b/s in BTC.

Interesting

[BlindMayorBitcorn]

I'm liking the new avatar BMB, you buy that with our pants?

Yup. God bless America

[conspirosphere.tk]

What -- exactly -- do you find _unfair_ about the current situation? Some had the foresight, drive, business acumen, and such to actually get into the business of making ASICs. Others used similar resources to build datacenters full of miners. These avenues are still open today for anyone suitably talented and driven. It is perfectly fair.

Who cares about fairness? The problem is that with ASICs it's too easy to quasi-monopolize the mining scene, and what is worse is that either some major players in the scene are not economically rational or they are pawns of some bigger hands behind the scene, which is why they're apparently just doing their best to destroy BTC not actually caring about the future success of their shitcoin -which is impossible because if they manage to kill btc any reason to trust a clone will die with it.

Even if the battle will go on undecided the risk of 51% attacks will likely increase. So it's a crappy situation with no end in sight which I would solve with a change in PoW so to leave the ASIC farmers and their owners alone with their chinacoins.

[Last of the V8s]

[Rosewater Foundation]

Spoken like a true r.

You buy this stuff, Bob? Should I look into it? What _does_ the scientific community have to say about it? I haven't done much reading lately.

Social Darwinism is vogue again, it's not as complicated as it seems.

[LewisPirenne]

I think Luke Jr. is just pointing out that it is more "heroic" to try something new even if you knew that you are doomed to fail, rather than just imitate when you know that you will probably succeed.  So Luke Jr. is probably just projecting the "opposite" of himself onto those big blockers and identify with the act of defending their ideal even when doomed.  

As for the ASIC vs whatever ASIC-resistant algo, I think the point is trying to prevent economy of scale, not effort and ingenuity.  That is, someone who spent $1 billion on mining vs one million guys spending $1,000 each on mining.   With current BTC algo, the 1 billion guy will gain enormous edge and econ scale over 1 million dudes.  With other ASIC-resistant algo, there is nothing to prevent someone spending 1 billion or the effort and ingenuity to gain an edge, but at least that edge is not exponentially greater than the masses.  

So the new algo is not ASIC-resistant, rather "Economy-of-Scale Resistant".  Someone can still datacenter it and even built their own power plant next to it (yes, there are people in the world that actually do this for other electricity-intensive industry), but they are bound by the law of physics and thus can not have exponential gain from scaling. Because after all, wealth distribution do follows power law and there is little that one can do short of forced wealth redistribution.

[jojo69]

Social Darwinism is vogue again, it's not as complicated as it seems.

It's so much more comfortable when you dehumanize the ones that "have to" die.  On a deep level we all know it, the deluge of zombie flics is our collective subconscious welling up.  If you can "other" some segment of the population it helps with the rationalization.

[yefi]

Au contraire, my good friend - BCH is off to a smashing start.

By "smashing start" do you mean worse than ETC?

[BlindMayorBitcorn]

Au contraire, my good friend - BCH is off to a smashing start.

By "smashing start" do you mean worse than ETC?

Or totally centralized by cartel Bitmain? I, too, would like a reasonable definition of "smashing" in this context.

[jbreher]

However, cheap electricity, newest generation chips, and other factors that are now unbalancing the game won't be that relevant anymore, and there will be much fairer competition.

What -- exactly -- do you find _unfair_ about the current situation?

Difference in costs and in the cost/return ratio.

I don't necessarily disagree that there may be differences in cost/return ratio. But if you consider that _unfair_, then your definition of 'unfair' is considerably different than that I've grown up with.

Peanuts. Besides, newer hardware squashes old to the point that old rigs aren't economical. Obsolescence should be realigned, too.

Any American could put up a mining rig knowing that electricity costs are not the bottleneck anymore.

Nonsense. Electrical costs will always be a dominant factor in Bitcoin mining. Whether in flip flops in an ASIC or words in a memory column, each bit flip requires some number of Joules of energy.

Of course, but flipping "the same bits" as quickly as possible (computing power, not memory bound) is one thing. Flipping "a much larger number of different bits" as quickly as possible - but less quickly because RAM won't allow max speed (memory bound computation) is rather less energy-intensive.

Irrelevant. Crypto mining will still be energy bound.

Let me try this another way. What force is it that you believe will prevent the determined and well-funded from creating massive datacenters full of memory-optimized miners?

[jbreher]

Au contraire, my good friend - BCH is off to a smashing start.

By "smashing start" do you mean worse than ETC?

$415 a pop right now. $7B market cap. AND up 12.5% on the day. In what way is that worse than ETC?

Or totally centralized by cartel Bitmain? I, too, would like a reasonable definition of "smashing" in this context.

In what way is BCH centralized by Bitmain, that BTC is not?

[BlindMayorBitcorn]

Or totally centralized by cartel Bitmain? I, too, would like a reasonable definition of "smashing" in this context.

In what way is BCH centralized by Bitmain, that BTC is not?

Don't make me pull out my pie charts, bro. Nobody wants that.

[jbreher]

Or totally centralized by cartel Bitmain? I, too, would like a reasonable definition of "smashing" in this context.

In what way is BCH centralized by Bitmain, that BTC is not?

Don't make me pull out my pie charts, bro. Nobody wants that.

No - really. I'm asking.

(What good are pie charts to the blind? Do they come in braille )

[jojo69]

Wish me luck Jimbo, loaded out for a Halloween gig, got our Misfits cover ready to go.

I'm wearing my ZeroHedge T shirt and taking a tiki torch, going as a white nationalist...we'll see how that goes over 

[BlindMayorBitcorn]

Or totally centralized by cartel Bitmain? I, too, would like a reasonable definition of "smashing" in this context.

In what way is BCH centralized by Bitmain, that BTC is not?

Don't make me pull out my pie charts, bro. Nobody wants that.

No - really. I'm asking.

(What good are pie charts to the blind? Do they come in braille )

It is not uncommon for miners to remain anonymous, yet it is of grave concern for Bitcoin Cash. The unknown entity has been mining close to 95% of all network blocks for quite some time now.

https://themerkle.com/unknown-bitcoin-cash-miners-control-almost-97-of-the-networks-hashpower/

[Torque]

Oh hey look guys, the totally-not-being-nationalized-by-the-state Amazon just announced their latest spy on you device. Because 'mah house needz moar security' 

http://www.businessinsider.com/amazon-cloud-cam-announced

[yefi]

$415 a pop right now. $7B market cap. AND up 12.5% on the day. In what way is that worse than ETC?

By way of the most relevant metric: ETC/ETH : BCH/BTC.

[jbreher]

Or totally centralized by cartel Bitmain? I, too, would like a reasonable definition of "smashing" in this context.

In what way is BCH centralized by Bitmain, that BTC is not?

Don't make me pull out my pie charts, bro. Nobody wants that.

No - really. I'm asking.

(What good are pie charts to the blind? Do they come in braille )

It is not uncommon for miners to remain anonymous, yet it is of grave concern for Bitcoin Cash. The unknown entity has been mining close to 95% of all network blocks for quite some time now.

https://themerkle.com/unknown-bitcoin-cash-miners-control-almost-97-of-the-networks-hashpower/

Bitmain is conspicuous in its absence.

Yes, the mystery miner is likely to be Bitmain. But we don't know. More germane however, the current percentage is much different. And is likely to be more so as price-sub-BCH : price-sub-BTC approacheth 1.

$415 a pop right now. $7B market cap. AND up 12.5% on the day. In what way is that worse than ETC?

By way of the most relevant metric: ETC/ETH : BCH/BTC.

ETC $1B / ETH $28B
BCH $7B / BTC $96B

Nope. Still not seeing it.

Besides, ETH is an irrelevancy.

[BlindMayorBitcorn]

Just tell me where I can get 100x leverage to go short already
We both know this won't last.

Or maybe it will. Idk. Srsly. What do I know? Nothing. Obviously.

Good luck.

[bones261]

Just tell me where I can get 100x leverage to go short already
We both know this won't last.

Or maybe it will. Idk. Srsly. What do I know? Nothing. Obviously.

Good luck.

It's possible on Bitmex. However, they do not accept US customers(there are ways around this) and I do not know if you must meet certain criteria to qualify for the 100x leverage. I've never used Bitmex personally. Just a lot of the traders on Twitter that I follow seem to bring them up a great deal.

Are you sure that you want your short to get immortalized here?

https://twitter.com/bitmexrekt