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

[pfrtlpfmpf]

It's correction time.

Even if we are correcting, the money seems to be flowing out of Bitcoin and into Bitcoin Cash. The original Bitcoin holders ate not losing much. But if you took a punt and dumped your Bitcoin cash, then you are exposed to more volatility.

It's nothing new - money has always flowed back and forth between Bitcoin and altcoins. Personally I'm only interested in owning Bitcoin. I've missed out on plenty of altcoin and ICO pumps - but I don't want to play that game.

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[ivomm]

Ver is delibarately spending his 25K bitcoins on bitfinex two weekends in a row, when people can't transfer fiat from their bank accounts and stop the drop. At the same time he is buying bch to confuse people that investors are switching from bitcoin to bch. He is so full of himself that can't admit his own defeat with all these scaling gibberish. Anyway, he can't change neither the upward trend of Bitcoin nor the downward trend of bch, no matter how great pumper/dumper he thinks he is. Next week we will see many ATH's for the Bitcoin, and below 1000$ for the bch.

[AlexGR]

Yep, and those of us who were hodlers of both sides were labelled fools and shills.  You've got to be a special kind of cocky to think only one side of a contentious fork is valuable and that you can pick which side that is immediately after the fork.  Clearly there are people who value each path.  That's why it is contentious.

A contentious fork is something different. BCH was not launched as a result of a contentious fork, more like an altcoin with a shared tx history but with different parameters.

A major catalyst for BCH was segwit being forced down miners throats when less than the original threshold was in favor of it.

IIRC the code was rather clear that in case of less than X% miner adoption segwit wouldn't happen, with X being something like 90-95%... how is that "forcing" miners? Segwit only happened because the miners signaled in favor of it - even though some had a twist (2x) to it.

BCH forked off to avoid segwit and increase blocksize.  How is that not a contentious fork?

One morning Wu decided that if btc goes with segwit he will launch his altcoin. This is unilateral action. It's like me deciding that I want to launch bitcoin <another name here> for whatever reason. It's not an organic split like what happened, say, in ETH, where the devs proposed a change and some people stuck with the old chain where "code is law". There's a difference. Even Wu won't claim BCH is Bitcoin. He says it's something different. At least he's honest about it.

[AlcoHoDL]

BTC is under attack again, but it looks like it's holding strong...

The good thing about BTC is that all the weight of the altcoiners that never really wanted to have BTC, but bought them just to get free SegWit2x coins has now been lifted, and the price has risen due to (mostly) genuine, new investors that want to join in. For this reason, I believe that the BCH camp will have a much harder time winning this weekend's race.

Whatever doesn't kill you makes you stronger. BTC will come out stronger after all this, and many will learn a hard and painful lesson.

I know this may be an opportunity for all of us to increase our BTC stash by trading the battle, but I'm not good at this game and will choose to sit on the sidelines and watch it all from a distance.

[vroom]

bitcoin is strong and does not give a shit about ver's recent bch pump. go bitcoin go, we want to see at least 8000 this weekend!

[Searing]

Yep, and those of us who were hodlers of both sides were labelled fools and shills.  You've got to be a special kind of cocky to think only one side of a contentious fork is valuable and that you can pick which side that is immediately after the fork.  Clearly there are people who value each path.  That's why it is contentious.

A contentious fork is something different. BCH was not launched as a result of a contentious fork, more like an altcoin with a shared tx history but with different parameters.

A major catalyst for BCH was segwit being forced down miners throats when less than the original threshold was in favor of it.

IIRC the code was rather clear that in case of less than X% miner adoption segwit wouldn't happen, with X being something like 90-95%... how is that "forcing" miners? Segwit only happened because the miners signaled in favor of it - even though some had a twist (2x) to it.

BCH forked off to avoid segwit and increase blocksize.  How is that not a contentious fork?

One morning Wu decided that if btc goes with segwit he will launch his altcoin. This is unilateral action. It's like me deciding that I want to launch bitcoin <another name here> for whatever reason. It's not an organic split like what happened, say, in ETH, where the devs proposed a change and some people stuck with the old chain where "code is law". There's a difference. Even Wu won't claim BCH is Bitcoin. He says it's something different. At least he's honest about it.

Jihan Wu of Bitmain, also supposedly can still get 15% to 20% more in mining BCH than BCT with ASIC boost..asicboost does NOT work with ANY flavor of seg witness...

..thus he has slack to push this BCH protocol as a BTC replacement, and if that does not work...fallback as an ALTCOIN and if that does not work..he can dump it back to BTC

at a much lower price...(he has only accepted BCH since this Fall for Bitmain Equipment...obviously hoarding it for this option if needed)

than when BCH becomes an Altcoin he can run his older fading sha-256 miners in mass yet on BCH.... (sha-256 becoming obsolete BTC equip on and still use ASIC boost as a hedge win/win)

This is especially true,

if BCH does NOT work in the above manner...stalling the difficulty and obsolescence of his sha-256 stuff and the 15% to 20% hedge with asicboost....he can always dump ALL at a much

higher price back to BTC


Ideally, for him...in the longer term...with BTC price continuing upward....in price....BCH becomes a $400 or $500 USD mineable sha-256 ALT coin ....for his fading BTC miners and it is a

win/win/win o

Jihan Wu of Bitmain, with very little risk, whale wise...but a hell of a lot of upside for the trouble....

WELL PLAYED, WELL PLAYED INDEED! (Slow Clap)

(bitmain: we do evil well!) (tm bitmain)

[explorer]

Thank you for your beneficial and interesting post. Very useful for my bitcoin.

  these things are funny, though annoying.

[flynn]

google translate at its best

[BitcoinBunny]

I'm a newbie when it comes to understanding the mining game and this may not be much of use to most here but to me this automatic switching to higher yields advert on the Bitmain homepage explains a lot with regards to what happened over the weekend. And why that was so coordinated I guess.




I'm assuming then if you have an S9 sitting there and you are observing what it is doing you could potentially also profit from the BTC/BCH trading elsewhere.

[jbreher]

Jihan Wu of Bitmain, also supposedly can still get 15% to 20% more in mining BCH than BCT with ASIC boost..asicboost does NOT work with ANY flavor of seg witness...

..thus he has slack to push this BCH protocol as a BTC replacement

Yeah...unh ... I dunno, man. Assertion does not stand the scrutiny of logic.

You know miners get to include whatever transactions are in the mempool to make their block out of, right? Like, it's entirely their choice.

So if Jihan wanted to keep on using ASICBOOST on BTC*, he'd just have to pick non-segwit transactions. His problem is solved. He doesn't need BCH to do that. And, with the BTC mempool at staggering numbers, he's got plenty to pick from.

No, 'ASICBOOST does not work on segwit' is not a probative reason for Jihan's supposed preference of BCH.

*Incidentally, I am not stipulating your assertion that ASICBOOST does not work on segwit. I am just using your hypothetical to show that your conclusion deos not follow from your postulates.

[alexeft]

I'm a newbie when it comes to understanding the mining game and this may not be much of use to most here but to me this automatic switching to higher yields advert on the Bitmain homepage explains a lot with regards to what happened over the weekend. And why that was so coordinated I guess.




I'm assuming then if you have an S9 sitting there and you are observing what it is doing you could potentially also profit from the BTC/BCH trading elsewhere.

As I wrote before, sha256 altcoins have existed for a long time. Why didn't miners switch to them from time to time? Does that stupid machine Jihad advertises
also calculate the mining fees? If yes, it will never switch to BCH mining as it has soooooooooooooo much space and soooooooooooo low fees!
Talk about shooting themselves in the foot! 

[alexeft]

Funny thought:
BCH is like FIAT (cars).
Fiat meaning "Fork It Again Toni", as in "Fix It Again Toni" for FIAT cars.

[flynn]

Funny thought:
BCH is like FIAT (cars).
Fiat meaning "Fork It Again Toni", as in "Fix It Again Toni" for FIAT cars.

Do not denigrate italian cars, all bicoiners willing to buy a lambo.

[alexeft]

Funny thought:
BCH is like FIAT (cars).
Fiat meaning "Fork It Again Toni", as in "Fix It Again Toni" for FIAT cars.

Do not denigrate italian cars, all bicoiners willing to buy a lambo.

Well, my dad used to have a fiat when I was a boy! We still have front suspension parts at home in his closets!!! 

[flynn]

Funny thought:
BCH is like FIAT (cars).
Fiat meaning "Fork It Again Toni", as in "Fix It Again Toni" for FIAT cars.

Do not denigrate italian cars, all bicoiners willing to buy a lambo.

Well, my dad used to have a fiat when I was a boy! We still have front suspension parts at home in his closets!!! 

I drive an alfa 159, love it.

[0zarm]

I may have missed some posts but no one speaks about the possible Segwit2x fork coming.

The Bitcoin Segwit2x would be happening in the next 6 hours according to a Coinbase statement:

https://blog.coinbase.com/bitcoin-segwit2x-update-b69a1c1e5ece


"Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork."

Have a window statement on my coinbase account too preventing BTC transactions pending situation resolves.

[alexeft]

Funny thought:
BCH is like FIAT (cars).
Fiat meaning "Fork It Again Toni", as in "Fix It Again Toni" for FIAT cars.

Do not denigrate italian cars, all bicoiners willing to buy a lambo.

Well, my dad used to have a fiat when I was a boy! We still have front suspension parts at home in his closets!!! 

I drive an alfa 159, love it.

Good for you, happy to hear it! I on the other side won't touch them with a barge pole! Give me a corolla any day! I'll have it for 30 years by just spending pennies and sleep well at night!

[P_Shep]

I may have missed some posts but no one speaks about the possible Segwit2x fork coming.

The Bitcoin Segwit2x would be happening in the next 6 hours according to a Coinbase statement:

https://blog.coinbase.com/bitcoin-segwit2x-update-b69a1c1e5ece


"Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork."

Have a window statement on my coinbase account too preventing BTC transactions pending situation resolves.

More free money!

[alexeft]

Funny thought:
BCH is like FIAT (cars).
Fiat meaning "Fork It Again Toni", as in "Fix It Again Toni" for FIAT cars.

BCH is like FIAT. Fine Income - A Thousand.

I admit it was a nice income!

[BitcoinBunny]

I reckon we hit $8350 today.