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

[julian071]

Support was at around 40 percent.  Then BIP-148 came along and threatened to disconnect any nodes that relayed blocks that were not signaling for segwit.  At that point, you either signal or stop mining, so miners signaled.  They were also encouraged by strong support (90%+) for the segwit2x agreement, which turned out to be a joke.

As I recall, this BIP wasn't merged in any official bitcoin-core clients. You'd have to download alternative versions or patch it yourself. UASF-supporting nodes were by no means dominating the node-network to be a threat. At least that's how I saw it while connecting for my daily sync. Perhaps the s2x was more of a motive.

There is a very large community of bitcoiners besides Wu involved with BCH.  If you never venture out of bitcointalk.org or /r/bitcoin, I can't blame you for being blind to it.  Censorship tends to create echo chambers, to the detriment of the people in those chambers.  I never made the claim that BCH is Bitcoin.  Clearly that moniker is more closely associated with the Segwit chain.  But that may change with time.

My claim is that BCH is more closely aligned with Satoshi's whitepaper.  At 1MB and with 2 week difficulty adjustment, the segwit chain is much more fragile than BCH.  BCH's mempool has not ever seen backlog and now that the difficulty adjustment algorithm has been upgraded, blocks times are much more reliable than the segwit chain.

BCH is much more centralized, plus it's at the mercy of any script-kid wanting to spam it for peanuts and fill it with gigabytes/day of spam. Just because it hasn't happened, doesn't mean it can't happen. I would probably do it myself for 24hrs or so, just to make an "academic" point that the "mempool is full" bullshit and "we need an upgrade" can equally apply to a 8mb chain if one goes out and spams it. I guess other people too had this thought, but there is also the thought that people who want to sell their BCH will be prevented if they have to download endless gigabytes.

The marketing being pushed by the same crew is about the peer-to-peer e-cash system, with emphasis on the e-cash aspect. Centralization changes the first aspect: As people become unable to participate as peers, you go from peer-to-peer to a client/server model. You go towards the cash system a bit more (a few more tx/s while global requirements are in excess of XX.XXX tx/sec - which ultimately don't make a dent towards the cash-goal), but you recede way more in terms of p2p characteristics. If it's not a decentralized peer to peer system, then who cares? THIS is the novelty of bitcoin. Not the 10 minute transactions. If people wanted a client/server system, they have paypal and it can do instant txs.

Even the cash-aspect of BCH promising "faster" txs is problematic. I mean if you want to go faster, you can do it like Litecoin (faster blocks). 10m blocks (on avg - could be 1hr if the difficulty is high) aren't good enough to buy you a coffee. Even 2.5m (LTC) aren't good enough - you'd need something like dash's system, or a pre-funded lightning channel.

Anyway...

Exactly. If these guys really just wanted faster and cheaper transactions they'd either just proclaim an altcoin like Dash 'the new bitcoin', or build something new from the ground up. Or they could even back Byteball, which by virtue of not needing mining at all is much cheaper, and actually gets faster when the number of transactions on the network goes up.

But of course, their real agenda is just making money. By mining, by pumping and dumping, or by any other means. This so called community behind BCH is just a mix of people who are purely in it for the money, and others who are simply being duped.

[1714861825]

1714861825

[1714861825]

1714861825

[gentlemand]

RoboGoogleTranslateShite

вы caмый xyдший aгитaтop, кoтopый мы иcпoльзoвaли дo cиx пop. вы никoгo нe yбeждaeтe. roger ver нe бyдeт cчacтлив. пepeйдитe к выxoдy для вaшeгo yничтoжeния

[julian071]

... And another asshole ^ on ignore.

[sirazimuth]

RoboGoogleTranslateShite

вы caмый xyдший aгитaтop, кoтopый мы иcпoльзoвaли дo cиx пop. вы никoгo нe yбeждaeтe. roger ver нe бyдeт cчacтлив. пepeйдитe к выxoдy для вaшeгo yничтoжeния

For a minute there I thought you were impersonating Donald Trump.....

[gentlemand]

For a minute there I thought you were impersonating Donald Trump.....

He and I share more similarities than I care to admit to at this particular moment.

[sirazimuth]

For a minute there I thought you were impersonating Donald Trump.....

He and I share more similarities than I care to admit to at this particular moment.

You just made me wear my coffee...
that's epic my friend, lmao!

[bitserve]

... the bitcoin is delaying it. At least the bitcash is growing.

I have always wondered how a "social farming" network works.

How much do you earn? Payment is per hour or some other criteria you need to meet? Are you given rough guidelines or do you guys have a master list of arguments to repeat like parrots? Do you like your work?

[bitcoinPsycho]

... I no longer work, I'm a rentier. And you? What´s your profession?

you a rent boy?

[Ludwig Von]

... I no longer work, I'm a rentier. And you? What´s your profession?

you a rent boy?

Slovakian rentier, mostly means missing some screws and guest in a mental hospital... .

[bitserve]

https://blockchain.info/unconfirmed-transactions

46000+ unconfirmed tx's... and only 20BTC in fees. Average of 3 cents per TX.... Sounds totally legit.

[d_eddie]

Strange pattern this weekend: lots of shilling by newbies or outright new accounts, but without the serious pump&dump action we are accustomed to.  Someone out of sync possibly?

On a related note, censoring jbreher's posts was less than wise IMO. He's still an apostate living out of the Grace of Bitcoin, but some of the points he makes contain enough thought to deserve discussion (and civilized flaming, including the occasional f'off).

[d_eddie]

https://blockchain.info/unconfirmed-transactions

46000+ unconfirmed tx's... and only 20BTC in fees. Average of 3 cents per TX.... Sounds totally legit.

I wish someone with time and a few extra satoshis on their hands would bother to spend a couple of weekends spamming the BCH network, just for the demonstrative lulz.

[AlexGR]

https://blockchain.info/unconfirmed-transactions

46000+ unconfirmed tx's... and only 20BTC in fees. Average of 3 cents per TX.... Sounds totally legit.

~44k in the 0-20sat range: https://bitcoinfees.earn.com/

[AlcoHoDL]

https://blockchain.info/unconfirmed-transactions

46000+ unconfirmed tx's... and only 20BTC in fees. Average of 3 cents per TX.... Sounds totally legit.

~44k in the 0-20sat range: https://bitcoinfees.earn.com/

So we're talking about transactions of $0.0015 each (tops). I wonder where they come from...

How can anyone support a coin whose team uses such methods?

[xhomerx10]

Massive sales are normal. Massive mempool is not normal. The network is weak, needs upgrade.

May I ask, what is your native language ?

I would like to find a proper translation for "Fuck Off", that you may - more fully - appreciate.

My native language is language of Slush. Another question, darling?

01000110  01010101 01000011 01001011  01011001 01001111 01010101 00100001

01010100 01101000 01100001 01110100 00100000 01110111 01100001 01110011 00100000 01100110 01110101 01100011 01101011 01101001 01101110 01100111 00100000 01100001 01110111 01100101 01110011 01101111 01101101 01100101 00100000 00111010 00101001

... my native language: https://youtu.be/y-mintvBH8M

 That's a beautifully sad song.  Also you have stumbled on the magic word!  Welcome.

[preshpresh]

https://blockchain.info/unconfirmed-transactions

46000+ unconfirmed tx's... and only 20BTC in fees. Average of 3 cents per TX.... Sounds totally legit.

~44k in the 0-20sat range: https://bitcoinfees.earn.com/

So we're talking about transactions of $0.0015 each (tops). I wonder where they come from...

How can anyone support a coin whose team uses such methods?

how much does it work out that theyre spending on these attacks?

presumably they could get much much worse if they spent more...

[fabiorem]

For a moment I thought I was in rutracker.

[gentlemand]

Mнe нpaвятcя бoльшиe ягoдицы. Я нe мoгy cкaзaть тo, чтo нe пpaвдa. Bы нe мoжeтe oтpицaть этoгo, бpaт. Кoгдa чeлoвeк вxoдит, c yлыбкoй нa лицe, кaк бyдтo oн xoчeт кoлбacy в aнyce, и кoлбacy вo pтy, вы нaчинaeтe пoдпpыгивaть, кaк cчacтливый чeлoвeк.

You're going to get a Russian cruise missile up your ring piece for defiling the language of the Rodina with that type of sexytalk. I'm sure Putin is bi curious at the very least though.

[bitebits]

[...]
On a related note, censoring jbreher's posts was less than wise IMO. He's still an apostate living out of the Grace of Bitcoin, but some of the points he makes contain enough thought to deserve discussion (and civilized flaming, including the occasional f'off).

I agree. Being able to delete posts comes with great responsibility. Act accordingly.

Or in other words: don't moderate this thread to an even bigger circle jerk. Nobody gains from this and it just forces discussion elsewhere. You end up moderating an informationless thread with just memes and price cheering (which sounds awfully familiar to a certain heavily moderated reddit sub).

[Torque]

So I was at a happy hour and a couple of colleagues brought up the subject of Bitcoin out of the blue. It was all I could do to bite my tongue, none of them know I own any bitcoin and never will.

So one of them brings up the old, tired Peter Schiff argument of "Well at least Gold has intrinsic value. You can make jewelry out of it. Bitcoin has no intrinsic value."

So I look at him and casually say, "So you can make jewelry out of gold. Fair enough. So what then, gives jewelry value?"

That look on his face when his brain seemed to completely lock up for about a minute was priceless.

And then when his brain started processing again, of course comes the requisite reply, "Um, what do you mean? Because jewelry...has gold in it?"

People simply don't understand the philosophical basis for human's valuing anything. Everything is just taken for granted.