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

[gembitz]

what's up with the ETH? why this pump?

"Because tens/hundreds of thousands, perhaps millions of smart contracts are being created by mega corporations and elite financial institutions all across the world using Ethereum's exclusive, bleeding edge smart contract technology!"

-said no one ever

To be fair, I don't think Ethereum ever targeted mega corporations or elite financial institutions with those.

Even worse. Smart contracts from Average Joe's mom's basement then?

drug markets..keep it real :-D weeee

[sirazimuth]

so anyway,

I love when checking BTC price on CCM and seeing price is WAY down...
until I hit refresh button... and then I'm like "oh thats better! "

works both ways though....


ok back to eth.... oh wait, nm....

[Torque]

what's up with the ETH? why this pump?

"Because tens/hundreds of thousands, perhaps millions of smart contracts are being created by mega corporations and elite financial institutions all across the world using Ethereum's exclusive, bleeding edge smart contract technology!"

-said no one ever

To be fair, I don't think Ethereum ever targeted mega corporations or elite financial institutions with those.

Even worse. Smart contracts from Average Joe's mom's basement then?

Small to mid sized businesses I would guess.

So let's go down this rabbit hole. Reality and truth are buried deep somewhere down there.

How many small businesses? 10? 20?

And for what specific use case? A smart contract that did what exactly? Give example.

And for what benefit would this have for the small business to do this outside of the legal system?

Would this smart contract even be legally defensible in court in such case of a dispute? What if there is no legal recourse? Who would take that risk if it wasn't?

And what ROI benefit would there be that would justify buying ETH at $400+ to make this smart contract happen?

People that want to believe the ETH hype really need to walk through a few "theoretical use cases" of ETH smart contracts to even see if any of it makes any sense whatsoever, from a legal perspective, risk perspective, ROI perspective, etc., etc.

And it's not clear that the Ethereum blockchain or its tokens (as ETH traded on the exchanges) is even needed for 'smart contracts' functionality.

[Paashaas]

I laugh at all those (to fat) Americans running over each other, stealing, fighting for those ''Black Friday" deals, maxing out there 4th credit card 

Hordes of sheeple in action, enjoy!

[BTCMILLIONAIRE]

what's up with the ETH? why this pump?

"Because tens/hundreds of thousands, perhaps millions of smart contracts are being created by mega corporations and elite financial institutions all across the world using Ethereum's exclusive, bleeding edge smart contract technology!"

-said no one ever

To be fair, I don't think Ethereum ever targeted mega corporations or elite financial institutions with those.

Even worse. Smart contracts from Average Joe's mom's basement then?

Small to mid sized businesses I would guess.

So let's go down this rabbit hole. Reality and truth are buried deep somewhere down there.

How many small businesses? 10? 20?

And for what specific use case? A smart contract that did what exactly? Give example.

And for what benefit would this have outside of the legal system?

Would this smart contract even be legally defensible in court in such case of a dispute? What if there is no legal recourse? Who would take that risk if it wasn't?

And what ROI benefit would there be that would justify buying ETH at $400+ to make this smart contract happen?

People that want to believe the ETH hype really need to walk through a few "theoretical use cases" of ETH smart contracts to even see if any of it makes any sense whatsoever, from a legal perspective, risk perspective, ROI perspective, etc., etc.

And it's not clear that the Ethereum blockchain or its tokens (as ETH traded on the exchanges) is even needed for 'smart contracts' functionality.

It's actually clear that Ethereum is not needed for that type of functionality.

However, creating your own equivalent is something that wouldn't make sense unless you were already a large corporation and had the funds to solve that problem yourself in a more customized and efficient way.

Meanwhile, the main benefit of Ethereum over Bitcoin (as I see it at least for now), is that it allows much simpler and more efficient collection of funds and allocation of tokens.

And while there's probably hundreds of absolute garbage and/or outright scam tokens around on the market right now, the basic principle still applies.

It will probably still take some time, but I can see some serious companies being birthed from the utility side of platforms like Ethereum that would've had a very hard time to even be conceived without those.


As far as the law is concerned, I don't see why a clearly defined contract should not hold in law depending on what the application of it is. But I'm not a lawyer so that's not something that I can even speculate about given how absurd some of the loopholes over there are.

[vroom]

eternal love letter found in a reddit comment, really awesome:

https://blockchain.info/block/0000000000000000016f615859ca5cb88bb3983777df6f9f5ecbd57261cad454

[RobSteward]

eternal love letter found in a reddit comment, really awesome:

https://blockchain.info/block/0000000000000000016f615859ca5cb88bb3983777df6f9f5ecbd57261cad454

Here's the text:

DayahDover11111111111111112JYRq2 0.00314159 BTC
YourPersona1ity1sUnmatched43YzMv 0.00314159 BTC
Your1nte11igenceJustShines4B7QFA 0.00314159 BTC
YouCanDoThingsFewPeop1eCan1G6NPV 0.00314159 BTC
AndYoureA1waysJustGorgeous2x1SyG 0.00314159 BTC
YouAreRea11yMyEntireWor1d116eypT 0.00314159 BTC
GivingMyLifeMeaningAndFun13pcr5P 0.00314159 BTC
Dayah7Px1kbs5x5cQbQMHtMm9wnUWJYTG 0.00314159 BTC
LoveYou1111111111111111111GPc4r 0.00314159 BTC
Forever11111111111111111113RMwCB

[BTCMILLIONAIRE]

eternal love letter found in a reddit comment, really awesome:

https://blockchain.info/block/0000000000000000016f615859ca5cb88bb3983777df6f9f5ecbd57261cad454

I bet BCash doesn't get any love letters.

[bones261]

Where's my Black Friday discount on BTC? This small 2% discount off ATH just isn't going to cut it. In fact, yesterday's dip wasn't even that big of a deal. I want a deep discount. Jimbo wants one too. I am sure.  

Maybe if I want a doorbuster, I'm going to have to go to Wal-Mart. 

https://www.youtube.com/watch?v=n_adgG8Ba2Q

[vroom]

Where's my Black Friday discount on BTC? This small 2% discount off ATH just isn't going to cut it. In fact, yesterday's dip wasn't even that big of a deal. I want a deep discount. Jimbo wants one too. I am sure.  

I'm disappointed too. difficulty change is getting closer, all this new bitfinex/tether and flippening FUD. It looked like something was brewing. even the mempool looks ok.

[Torque]

As far as the law is concerned, I don't see why a clearly defined contract should not hold in law depending on what the application of it is. But I'm not a lawyer so that's not something that I can even speculate about given how absurd some of the loopholes over there are.

Yes, but here's the thing:

1. In the cases where there is already legal precedent (99.99% of contracts that one would write), contracts must be written in alignment with what is already legally defensible. Thus involvement of the legal system is unavoidable. So no advantage to a smart contract over non-smart one (i.e. paper contract) there.

- and -

2. If you write a legally-binding contract in paper form vs. a smart contract in code, their wording and rules will be virtually identical, but the paper form will be easier to write and sign. And won't require purchasing ETH to create and execute it. So still no ROI advantage to doing it in smart code.

See what I mean? This is what I mean when I say that smart contracts are a solution looking for a problem that doesn't exist.

It like when companies say that Blockchain tech will change the world, but the coins themselves are irrelevant and unnecessary.
 

[bones261]

Where's my Black Friday discount on BTC? This small 2% discount off ATH just isn't going to cut it. In fact, yesterday's dip wasn't even that big of a deal. I want a deep discount. Jimbo wants one too. I am sure.  

I'm disappointed too. difficulty change is getting closer, all this new bitfinex/tether and flippening FUD. It looked like something was brewing. even the mempool looks ok.

I absolutely hate Bitfinex and believe the "FUD" about spoofy and Tether.   However, Bitcoin does not need Bitfinex for it's own viability. There are plenty of other exchanges. I don't know why some of these twitter OG are coming to the defense of Bitfinex. I think the BTC economy will be a whole lot better without them. I don't even mind that they kicked us US customers to the curb.

[ErisDiscordia]

eternal love letter found in a reddit comment, really awesome:

https://blockchain.info/block/0000000000000000016f615859ca5cb88bb3983777df6f9f5ecbd57261cad454

Here's the text:

DayahDover11111111111111112JYRq2 0.00314159 BTC
YourPersona1ity1sUnmatched43YzMv 0.00314159 BTC
Your1nte11igenceJustShines4B7QFA 0.00314159 BTC
YouCanDoThingsFewPeop1eCan1G6NPV 0.00314159 BTC
AndYoureA1waysJustGorgeous2x1SyG 0.00314159 BTC
YouAreRea11yMyEntireWor1d116eypT 0.00314159 BTC
GivingMyLifeMeaningAndFun13pcr5P 0.00314159 BTC
Dayah7Px1kbs5x5cQbQMHtMm9wnUWJYTG 0.00314159 BTC
LoveYou1111111111111111111GPc4r 0.00314159 BTC
Forever11111111111111111113RMwCB

A love letter written on the blockchain with every address having an amount of mBTC equivalent to the value of pi. The nerd is strong in this one!

[barota]

[itod]

As far as the law is concerned, I don't see why a clearly defined contract should not hold in law depending on what the application of it is. But I'm not a lawyer so that's not something that I can even speculate about given how absurd some of the loopholes over there are.

I thought the whole idea of the smart contracts is that they don't care about the law, the justice system can not turn them over. Contracts based on math, Honey badger don't care sort of thing, it either executes on the blockchain or not. What's the point of troubling with it if some judge can invalidate it?

[Vin]

Soon...
Today is BlackFriday and there is (luckily?) no big discount on BTC.
But the day is not over.
Lets hope the best  

[gentlemand]

A love letter written on the blockchain with every address having an amount of mBTC equivalent to the value of pi. The nerd is strong in this one!

It's from Jihan Wu to yours truly. We met at a conference where he signed my Antminer and things went from there.

The fact he did it on the BTC chain shows how much I mean to him.

I don't really have the words right now...

[Torque]

As far as the law is concerned, I don't see why a clearly defined contract should not hold in law depending on what the application of it is. But I'm not a lawyer so that's not something that I can even speculate about given how absurd some of the loopholes over there are.

I thought the whole idea of the smart contracts is that they don't care about the law, the justice system can not turn them over. Contracts based on math, Honey badger don't care sort of thing, it either executes on the blockchain or not. What's the point of troubling with it if some judge can invalidate it?

But..but.. what's the advantage for the participants involved if a breach of contract or dispute is not defensible in court? Why not just spit and shake hands on a gentleman's agreement for that matter?

And anything that has legal precedent (99.99% of contracts) can be challenged in court. Smart contract or no.

[itod]

As far as the law is concerned, I don't see why a clearly defined contract should not hold in law depending on what the application of it is. But I'm not a lawyer so that's not something that I can even speculate about given how absurd some of the loopholes over there are.

I thought the whole idea of the smart contracts is that they don't care about the law, the justice system can not turn them over. Contracts based on math, Honey badger don't care sort of thing, it either executes on the blockchain or not. What's the point of troubling with it if some judge can invalidate it?

But..but.. what's the advantage for the participants involved if a breach of contract or dispute is not defensible in court? Why not just spit and shake hands on a gentleman's agreement for that matter?

And anything that has legal precedent (99.99% of contracts) can be challenged in court. Smart contract or no.

Spit and shake hands as much as you want, brother, but only signature with your private key counts in the end!

[Torque]

Spit and shake hands as much as you want, brother, but only signature with your private key counts in the end!

Nope. Go ask a lawyer. No matter which party ends up with the asset at the center of a smart contract dispute, that said ownership can still be challenged in a court of law. Smart contracts will not alleviate or nullify this.