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

[Last of the V8s]

https://youtu.be/UuQfuCqupkI
Rick Reacts 2017-W45 With last Bitcoin scaling hope CRUSHED, people come together to magic.

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[micalith]

So what do we reckon for what happens at the end of this triangle flag thing forming? Up or down?

I'm hoping for down because I've heard people who get it right most of the time saying that we need a good correction down to $5k in order to go up to $10k or $20k next year

[arklan]

well, that was a hell of a night's ride...

[vroom]

one last bch pump before difficulty increase. then all miners will switch back to btc and bch transactions will freeze making selling bch harder.

[AZwarel]

Pick one, because the laws of economics - just like the laws of physics - doesn't give a shit about human's subjective concepts like "fairness".

On that point you're right. I had not understood correctly. My apologies.
But, equity does not matter, but competitiveness does. That is my point.

No need for an apology. This is a logical argument, no emotions involved, no "winners".

[BlindMayorBitcorn]

https://youtu.be/UuQfuCqupkI
Rick Reacts 2017-W45 With last Bitcoin scaling hope CRUSHED, people come together to magic.

"And their reasons aren’t going to be “decentralization”, “censorship resistance”, “non-aggression money”, or any other nice theoretical construct. Their three reasons for joining Bitcoin Cash, in 99.999% of cases, are going to be profit, profit, and more profit, in that order."
CEO Rick

Why does he think Bitcoin would be worth anything without these things? I'm trying to understand.

[micalith]

https://youtu.be/UuQfuCqupkI
Rick Reacts 2017-W45 With last Bitcoin scaling hope CRUSHED, people come together to magic.

So this guy is utterly convinced that scaling is impossible without centralisation. And obviously hasn't noticed any of the meteoric rises of countless other pump and dump alts, many of which make the recent BCH price action look trivial. Basically the kind of eegit who votes Conservative for all the wrong reasons

there hasn't been a massive shift of users from BTC to BCH. Rather a pump by very very rich manipulators and a large number of BCH fans

[bones261]

Yes, it appears that Ver, Wu and friends doubled down on an 11 a hard 16 and ended up getting an ace a face. (Dealer isn't going to bust either...)

 Related: Recently got back from a Vegas trip. Fuck perpetually shuffling shoes. That is all.

 I enjoyed counting on my prior trips.

Bummer, don't they know that the risk of ruin defeats most card counters, anyway? I went to Reno in May, and was able to find tables without perpetually shuffling shoes.

[yermom]

You have the balls to say that paying high fees is financial freedom. FREEDOM  
Otherwise I can go back to banksters, why? Different faces, same slavery problem

No, you pay high fees, BECAUSE it is giving you freedom. If you value the cost less than you value the freedom granted, do not use it. It is OPT-IN.
In other words:
The demand for financial sovereignty through the use of the - voluntary(!)- network of Bitcoin is higher than the supply right now, that is why it is expensive, not because of technical limitations. And spam attack, ofc  

Freedom has a cost. No one forces you to pay it.

Ehm... no. You basically are saying
-If I want to voluntarily use the bitcoin network, I must pay those high fees. That doesn't sound like freedom for me. I cannot manage my resources freely if I'm losing a percentage every time besides the spent.

Please rephrase that, because only two alternatives available: fiat banking or the dark side

[El duderino_]

Time for the BIG big BIG bounceback ..., the onces selling right now can only be fools and idiots JOKERS ;-) :-)

[Torque]

https://youtu.be/UuQfuCqupkI
Rick Reacts 2017-W45 With last Bitcoin scaling hope CRUSHED, people come together to magic.

"And their reasons aren’t going to be “decentralization”, “censorship resistance”, “non-aggression money”, or any other nice theoretical construct. Their three reasons for joining Bitcoin Cash, in 99.999% of cases, are going to be profit, profit, and more profit, in that order."
CEO Rick

Why does he think Bitcoin would be worth anything without these things? I'm trying to understand.

It wouldn't. He's a liar. Just like the whole BCH camp. They are all out to rape a small subset of believers who they can successfully gaslight into thinking that those principles/attributes don't matter any more. It's become like Jim Jones level cult brainwashing shit.

And he talks about the transaction backlog @ 140K right now, but disingenuously omits mentioning who was the fkn cause of all that spamming these past 24hrs. More bullshit.

[lightfoot]

So what's happening today. Anything interesting?

[Ibian]

You have the balls to say that paying high fees is financial freedom. FREEDOM  
Otherwise I can go back to banksters, why? Different faces, same slavery problem

No, you pay high fees, BECAUSE it is giving you freedom. If you value the cost less than you value the freedom granted, do not use it. It is OPT-IN.
In other words:
The demand for financial sovereignty through the use of the - voluntary(!)- network of Bitcoin is higher than the supply right now, that is why it is expensive, not because of technical limitations. And spam attack, ofc  

Freedom has a cost. No one forces you to pay it.

Ehm... no. You basically are saying
-If I want to voluntarily use the bitcoin network, I must pay those high fees. That doesn't sound like freedom for me. I cannot manage my resources freely if I'm losing a percentage every time besides the spent.

Please rephrase that, because only two alternatives available: fiat banking or the dark side

It's the wrong angle.

What counts for networks is network effect. The bigger the network, the more valuable the network. High fees discourage new users from joining, hence, high fees are detrimental to network effect, and to network value.

We need more throughput. We needed it a year ago.

[Last of the V8s]

So what's happening today. Anything interesting?

had some nice bangers for tea

[AZwarel]

You have the balls to say that paying high fees is financial freedom. FREEDOM  
Otherwise I can go back to banksters, why? Different faces, same slavery problem

No, you pay high fees, BECAUSE it is giving you freedom. If you value the cost less than you value the freedom granted, do not use it. It is OPT-IN.
In other words:
The demand for financial sovereignty through the use of the - voluntary(!)- network of Bitcoin is higher than the supply right now, that is why it is expensive, not because of technical limitations. And spam attack, ofc  

Freedom has a cost. No one forces you to pay it.

Ehm... no. You basically are saying
-If I want to voluntarily use the bitcoin network, I must pay those high fees. That doesn't sound like freedom for me. I cannot manage my resources freely if I'm losing a percentage every time besides the spent.

Please rephrase that, because only two alternatives available: fiat banking or the dark side

I will try, not sure i will be able

You have to pay high fees, because there are other people who also want to use the bitcoin network just as you, for whatever reason. Basically, you are competing for the next x block tx inclusion - it doesn't matter which timeline, those with "not urgent" needs also compete with the other "not urgent" ones.
This is the cost side.

The benefit side, aka the "financial freedom" comes from the properties of the bitcoin network, like censorship resistance aka:
you are mathematically/cryptographically protected against third party intrusion, such as freezing or confiscating your wealth on any reason or with method.

That is what i define as financial freedom, which comes with the aformentioned cost.

EDIT: oh i see the confusion: free (=zero cost on energy/resource expenditure) does not equals freedom (the ability to ignore the command of other actors without repercussion).

[BlindMayorBitcorn]

[AZwarel]

That made me 

[jojo69]

So what's happening today. Anything interesting?

not really, little flash crash to mid channel

seems to be a lot of chatter about alt coins but meh

[player99]

What a day! Making btc by trading bch. Easiest profit days I ever had in crypto. Go bitcoin go!

[Peter R]

The difficulty on BCH has reset upwards, making BTC more profitable to mine.  We should see significant hash power migration shortly, a partial clearing of mempool, and a reduction in transaction fees on the Bitcoin Core chain.  

What I can't figure out is if people will dump more BTC because their coins can now move, or dump more BCH because the miners have left.