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

[LewisPirenne]

It's hard to notice this, even harder to explain. You can set it if you go to: http://statoshi.info/dashboard/db/mining and then choose "Last 7d" or "Last 30d" upper right. It looks like someone is turning enormous amount of mining power on and off the BTC chain, looks like randomly. I bet this is the cause of Bitcoinwisdom's difficulty prediction algorithm to go nuts.

It is just the effect of hashrate leaving for BCH chain when EDA manipulation or price pump makes it more profitable to mine BCH chain.  Various Chinese pools such as VIABTC and BTC.TOP already sets the autopilot for jumping chain depending on relative profitability.  This can lead to 30%~40% of hashrate leaving BTC chain.  This often coincides with spam attack to bloat the mempool, with some tx paying 400+ satoshi/byte, i.e. 1 mbtc for fee on standard 225 byte tx and a few satoshi leftover as dust.  
https://blockchain.info/address/1FLDCfr9iG7n6bAdGsqBXmhaLgC4aSze72

However, BTC went UP during all these time, further proving that people don't give a damn about tx fees or mass adoption or payment utility, at least the whales who can move price don't.  

[Ludwig Von]

It's down .2%???

Fuck, time to look at Trabants.

Humm, a slightly romanticized post era version... . (As the owner too) :-)

[yefi]

wisdom has been on autopilot for like a year

It's a shame the guy's abandoned it. For many of us, it's been the go-to site since the days of Clarkmoody.

[jbreher]

We should ask jbreher what is next for the one true coin,

It's already been discussed upthread. A hard fork to improve the difficulty adjustment algorithm.

Oh - by the way, the term is The One True Bitcoin^[tm]

[jbreher]

. Not one investor is remotely interested in blocksize, capacity or any other monetary vehicular niceties any more.

You might want to check that braggadocio. Other than the fact that your absolutest statement is demonstrably false, your position is reminiscent of Democrat party operatives a year ago.

Ok, so why don't you prove/demonstrate that his statement is false instead of being the snarky troll you always are.

Jeeze, thanks for the low hanging fruit.

I am an investor. I am interested in block size. Ergo, claim is demonstrated as false.

Thanks for playing. We have a lovely consolation prize for you backstage.

[Torque]

. Not one investor is remotely interested in blocksize, capacity or any other monetary vehicular niceties any more.

You might want to check that braggadocio. Other than the fact that your absolutest statement is demonstrably false, your position is reminiscent of Democrat party operatives a year ago.

Ok, so why don't you prove/demonstrate that his statement is false instead of being the snarky troll you always are.

Jeeze, thanks for the low hanging fruit.

I am an investor. I am interested in block size. Ergo, claim is demonstrated as false.

Thanks for playing. We have a lovely consolation prize for you backstage.

Hahahahahahaa!!! So you think by "investor" that he meant a scrub like you?  

Wow, you're so brilliant! What a mastermind you are! How could anyone compete with such intellect??!

[itod]

It's hard to notice this, even harder to explain. You can set it if you go to: http://statoshi.info/dashboard/db/mining and then choose "Last 7d" or "Last 30d" upper right. It looks like someone is turning enormous amount of mining power on and off the BTC chain, looks like randomly. I bet this is the cause of Bitcoinwisdom's difficulty prediction algorithm to go nuts.

It is just the effect of hashrate leaving for BCH chain when EDA manipulation or price pump makes it more profitable to mine BCH chain.  Various Chinese pools such as VIABTC and BTC.TOP already sets the autopilot for jumping chain depending on relative profitability.  This can lead to 30%~40% of hashrate leaving BTC chain.  This often coincides with spam attack to bloat the mempool, with some tx paying 400+ satoshi/byte, i.e. 1 mbtc for fee on standard 225 byte tx and a few satoshi leftover as dust.  
https://blockchain.info/address/1FLDCfr9iG7n6bAdGsqBXmhaLgC4aSze72

However, BTC went UP during all these time, further proving that people don't give a damn about tx fees or mass adoption or payment utility, at least the whales who can move price don't.  

Pardon my ignorance, what is "EDA manipulation"?

It's difficult to comprehend the size of these schemes. When you look at https://coinmarketcap.com/currencies/bitcoin-cash/#markets, it's mind boggling to see 0.7 - 0.8 Billion US$ per day (through fiat, not BTC) moved to a shitcoin like BCH, mostly through South Korean currency (KRW). How can this be done without some kind of government cooperation?

[xhomerx10]

Emergency Difficulty Adjustment

[BlindMayorBitcorn]

Why buy that much fiat all at once? Why not just buy as much as you need as you go along.

I'd rather be retired with as much Bitcoin as possible growing in cold storage far more than a bunch of crumbling dollars in some bank account.

If you need to buy a new car, or some  real estate, or simply some cash to party with, by all means spend some coins as need be.

Otherwise it makes more sense to just continue holding.

What if Bitcoin implodes and goes down to zero? What then? I think his approach is smarter, as he is guaranteed to enjoy the rest of his life with his $2m, even if Bitcoin disappears. And he is still left with more than 600 BTC for the future.

What if the dollar implodes and goes down to zero? It's probably as likely as Bitcoin imploding and going to zero, although both are extremely unlikely.

I can see hedging your bet by spending some coins on appreciating assets like businesses, land, or other means of production.

Fiat currency doesn't appreciate. It's a depreciating asset.

I do hope you're right about Bitcoin going to zero being extremely unlikely. If Bitcoin's value keeps increasing, then it's obvious that your strategy makes the most sense and guarantees maximum profitability, and also low to zero taxation for those of us with modest needs, as the conversion to fiat can be kept to a minimum and only when needed. Also, converting large amounts of BTC to fiat has its own problems. Do we trust the banks to hold our fiat? What if there's a bail-in, as it has already happened in Cyprus? Then there's the depreciation of fiat due to inflation.

All these are valid reasons not to liquidate, and follow your strategy, provided Bitcoin keeps rising (or, at least, not dropping) in value. I hope Bitcoin has a bright future, but no one can know for sure, hence my conservative reply to BobLawblaw's post.

Indeed, there's a risk with everything. Even land can become unusable under certain circumstances. Banks can default and businesses can fail.

Risk reduction through diversification is a good thing. Fiat currency is just something I choose not to invest too much into.
_______

When I finally spend some of my hard-earned Bitcoin, I plan on buying land and and new implanted teeth and paying off what the taxman thinks I owe them. That would total more than what I spent to acquire all my coins. Then my entire stash would be gravy. That might be as early as January.

I've already arranged to buy the land with Bitcoin. I'm hoping the dental tourism clinic will accept Bitcoin as well. That just leaves the Canada Revenue Agency to be paid in dollars, so I guess I'll have to buy enough to pay them.

Jimbo! January is too soon. I don't even have a boat yet!

[Punisher1314]

Hum, I think around the 13th of this month there will be a good opportunity to dump our remaining BCH for BTC. The insane BCH pumping during these days points there, it will be almost 0.09 BTC per BCH right now and it keeps rising lol, that will not last too much after both drama forks end

[BlindMayorBitcorn]

So is someone dumping, or is this just a daylight savings time thing?

because

[lightfoot]

Ok, looks like the Diablo might be a better fit for me than the Countach. When bitcoin hits the right level someday I'll buy one.

[BlindMayorBitcorn]

I guess none of you lives in dense urban centres where driving is a mind-numbing pain in the ass.
Or has my experience with shit-heaps left me soured to the idea of owning a personal automobile again?
Off-topic, but I wonder.

I do wonder..

[Dabs]

I live in a densely populated urban center, but occasionally drive some distances to ... beaches, for example, on wide open highways (where there are lots of traffic cameras, so what's the point unless you don't mind paying the speeding fine.)

[xhomerx10]

I live in a densely populated urban center, but occasionally drive some distances to ... beaches, for example, on wide open highways (where there are lots of traffic cameras, so what's the point unless you don't mind paying the speeding fine.)

 Well, if you're doing 50km/h over the posted speed limit where I live, you will be charged with stunt driving (speed limit is 100k on 400 series highways) which means an automatic 1 week suspension of your licence, 6 demerit points, your car gets impounded for a week at your expense and there is a fine of 2 to 10 thousand dollars.  If you manage to get to 15 demerit points, you get your licence suspended for 30 days.

NB. I couldn't afford the insurance and maintenance on a Lamborghini anyway.


 

[BlindMayorBitcorn]

I live in a densely populated urban center, but occasionally drive some distances to ... beaches, for example, on wide open highways (where there are lots of traffic cameras, so what's the point unless you don't mind paying the speeding fine.)

 Well, if you're doing 50km/h over the posted speed limit where I live, you will be charged with stunt driving (speed limit is 100k on 400 series highways) which means an automatic 1 week suspension of your licence, 6 demerit points, your car gets impounded for a week at your expense and there is a fine of 2 to 10 thousand dollars.  If you manage to get to 15 demerit points, you get your licence suspended for 30 days.

NB. I couldn't afford the insurance and maintenance on a Lamborghini anyway.


 

You know exactly where I'm coming from.
The local authorities can be.. . difficult.

[Elwar]

I live in a densely populated urban center, but occasionally drive some distances to ... beaches, for example, on wide open highways (where there are lots of traffic cameras, so what's the point unless you don't mind paying the speeding fine.)

The only point of having a Lambo is part of the "peacocking" process where you are displaying your prowess (wealth) to the opposite sex and to others in the hopes of achieving higher social standing and thus being able to obtain a better mate and ensure the survival and prosperity of your offspring.

Totally legit human desire.

Not all that necessary though. When I had my Porsche I found it quite futile when trying to pick up women. I'd be in the bar, my Porsche sitting outside in the parking lot...no assistance to my game. Now I drive a 2005 Hyundai but have the hottest girlfriend I've ever had.

[Heater]

The only point of having a Lambo is part of the "peacocking" process where you are displaying your prowess (wealth) to the opposite sex and to others in the hopes of achieving higher social standing and thus being able to obtain a better mate and ensure the survival and prosperity of your offspring.

Totally legit human desire.

Not all that necessary though. When I had my Porsche I found it quite futile when trying to pick up women. I'd be in the bar, my Porsche sitting outside in the parking lot...no assistance to my game. Now I drive a 2005 Hyundai but have the hottest girlfriend I've ever had.

https://i.imgur.com/mMM8BXS.gifv

[BlindMayorBitcorn]

I live in a densely populated urban center, but occasionally drive some distances to ... beaches, for example, on wide open highways (where there are lots of traffic cameras, so what's the point unless you don't mind paying the speeding fine.)

The only point of having a Lambo is part of the "peacocking" process where you are displaying your prowess (wealth) to the opposite sex and to others in the hopes of achieving higher social standing and thus being able to obtain a better mate and ensure the survival and prosperity of your offspring.

Totally legit human desire.

Not all that necessary though. When I had my Porsche I found it quite futile when trying to pick up women. I'd be in the bar, my Porsche sitting outside in the parking lot...no assistance to my game. Now I drive a 2005 Hyundai but have the hottest girlfriend I've ever had.

I imagined that in a Desmond Morris voice.

[Dabs]

I live in a densely populated urban center, but occasionally drive some distances to ... beaches, for example, on wide open highways (where there are lots of traffic cameras, so what's the point unless you don't mind paying the speeding fine.)

 Well, if you're doing 50km/h over the posted speed limit where I live, you will be charged with stunt driving (speed limit is 100k on 400 series highways) which means an automatic 1 week suspension of your licence, 6 demerit points, your car gets impounded for a week at your expense and there is a fine of 2 to 10 thousand dollars.  If you manage to get to 15 demerit points, you get your licence suspended for 30 days.

NB. I couldn't afford the insurance and maintenance on a Lamborghini anyway.


 

You know exactly where I'm coming from.
The local authorities can be.. . difficult.

Oh, is that where you live? G licence? That's a problem as I to, have no influence on the local authorities there. Where I come from (and I'm assuming where you once were, or if not, maybe where your parents or grandparents came from), ... being in any government position has it's fringe benefits. I'm speeding and counter flowing sometimes, and no tickets. Spotless driving record. Most of time I'm "law abiding" and just "being good."

I did get a ticket for a broken tail light, and the guy knew who or what I was; much respect to him for doing his job. I paid the fine and got my license back.

One day, when I'm there, I want to join the OPP (Ontario Provincial Police) or TPS (Toronto Police Service), but will most probably prefer to be CF (Canadian Forces), cuz I like the CADPAT uniform look.