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

[Ludwig Von]

And while the Pentagon looks at the sky for UFO 's, you can also read this on ZH, I quote a piece of the introduction :

"There is just one thing that cryptocurrency bulls love hearing more than Dennis Gartman bashing bitcoin, and that is Whitney Tilson bashing bitcoin. The reason is the same: just like Gartman, Tilson has rarely if ever been right about anything -in fact, it is almost safe to say that he has been largely wrong about everything - with the added bonuses that unlike Gartman, Tilson has blown up not one but two "hedge funds" (which really were copycats of other hedge funds)."

Enjoy... .

[Torque]

And while the Pentagon looks at the sky for UFO 's, you can also read this on ZH, I quote a pice of the introduction :

"There is just one thing that cryptocurrency bulls love hearing more than Dennis Gartman bashing bitcoin, and that is Whitney Tilson bashing bitcoin. The reason is the same: just like Gartman, Tilson has rarely if ever been right about anything -in fact, it is almost safe to say that he has been largely wrong about everything - with the added bonuses that unlike Gartman, Tilson has blown up not one but two "hedge funds" (which really were copycats of other hedge funds)."

Enjoy... .

If Tilson was really a genius fund manager and could call a top on Bitcoin, then he wouldn't have to preface his prediction with "But for all I know it could go to $1M first" like all the other geniuses out there. That's just moving the goal posts waaayy out so he doesn't have to look wrong.

That's about as useful a statement as me saying "The U.S. stock market is in a bubble and is going to crash again one day, but for all I know the S&P 500 could hit 10k first!" There, I just said it. I guess that now makes me as smart as a billion dollar hedge fund manager then?

[Ludwig Von]

And while the Pentagon looks at the sky for UFO 's, you can also read this on ZH, I quote a pice of the introduction :

"There is just one thing that cryptocurrency bulls love hearing more than Dennis Gartman bashing bitcoin, and that is Whitney Tilson bashing bitcoin. The reason is the same: just like Gartman, Tilson has rarely if ever been right about anything -in fact, it is almost safe to say that he has been largely wrong about everything - with the added bonuses that unlike Gartman, Tilson has blown up not one but two "hedge funds" (which really were copycats of other hedge funds)."

Enjoy... .

If Tilson was really a genius fund manager and could call a top on Bitcoin, then he wouldn't have to preface his prediction with "But for all I know it could go to $1M first" like all the other geniuses out there. That's just moving the goal posts waaayy out so he doesn't have to look wrong.

That's about as genius a statement as me saying "The U.S. stock market is in a bubble and is going to crash again one day, but for all I know the S&P 500 could hit 10k first!" There, I just said it. I guess I'm now as much of a genius as a billion dollar hedge fund manager then?

Well, those hedge funds did pop like a bubble... . And since we apparently live in the "Everything" bubble, especially debt, I think a lot is going to pop and it will smell very very bad. I struggle with the question if thqt would be good for BTC, money fleeing from stocks, bonds, real estate into BTC or money beeing taken out to pay off margin calls... .

[Arriemoller]

As more and more people start to move their savings to BTC, fewer and fewer will buy bonds and stocks. And in the end that will crash the bond and stock markets unless they start pricing them in BTC. And that is what will really spook the banks and governments. And that's when they will really try to ban crypto currencies.

[jojo69]

 (in before jbreher makes the bogus claim everyone will have their own foundry in their backyard within 2 years).

You know what? Fuck you and the pre-historic ancestor of the dromedary that you rode in on.

WTF that I have stated have you misinterpreted as a claim that the average person will be able to own their own semiconductor foundry.

Please.

Oh - you can't? I return you to the opening. Fuck You.

Ahhhh Jeri Ellsworth has been doing it for some time https://www.youtube.com/watch?v=PdcKwOo7dmM

 

[Arriemoller]

Oh yeah, and bitcoin down 600 USD on Stamp.

[bones261]

one that can scale right now to peak-time VISA levels, by design.

Y'all realizer yer fabled LN can't scale to Visa levels without a huge block size increase, right?

I can't prove to you that it can, but I believe that it is several orders of magnitude better than a mere block size increase.

LN allows the same number of actors to engage in roughly unlimited numbers of transactions with each other. What it does not allow is more actors engaging in transactions.

If you think the future is properly just us assholes already in engaging in scads of trades with each other (how many transactions do you do per day?), then LN is probably for you.

If instead, you think that the 99.99% of the world that have not yet bought in might possibly be interesting to Bitcoin, then LN has essentially zero to offer you.

I will actually have to agree with jbrener on this point. I only make about 1  transaction a week on average. It makes absolutely no sense for me to open up a LN channel. Furthermore, opening up a channel subjects me to a counterparty risk. The other party could transmit an earlier, more favorable tx to the blockchain and rip me off. Yes, if I catch the other party in time, I can invoke a penalty. However, this involves ensuring my Lightning Node is online 24/7 or enlisting a third party to monitor for me. Seems like a malicious hub could invoke DDOS attacks on vulnerable channels and known third party monitors effectively knocking them all offline and hightailing it with lots of BTC.

[TheJuice]

Oh yeah, and bitcoin down 600 USD on Stamp.

Yeah theres a decent amount of selling pressure right now. Need our friendly whales to wake up. I think they are having a lazy sunday.

[d_eddie]

I only make about 1  transaction a week on average. It makes absolutely no sense for me to open up a LN channel. Furthermore, opening up a channel subjects me to a counterparty risk. The other party could transmit an earlier, more favorable tx to the blockchain and rip me off. Yes, if I catch the other party in time, I can invoke a penalty. However, this involves ensuring my Lightning Node is online 24/7 or enlisting a third party to monitor for me. Seems like a malicious hub could invoke DDOS attacks on vulnerable channels and known third party monitors effectively knocking them all offline and hightailing it with lots of BTC.

We will probably be able to enlist third party patrols and pay then with a part of the penalty/reward - which amounts to the FULL CHANNEL value! This is a strong incentive for would-be patrols. All it takes is ONE such guy to spot a cheating transactions and the thief is done. It's not like an individual patrol must keep its rig online 24/7. I think there will be very little cheating. It's way too risky for the perpetrator.

[Ludwig Von]

I only make about 1  transaction a week on average. It makes absolutely no sense for me to open up a LN channel. Furthermore, opening up a channel subjects me to a counterparty risk. The other party could transmit an earlier, more favorable tx to the blockchain and rip me off. Yes, if I catch the other party in time, I can invoke a penalty. However, this involves ensuring my Lightning Node is online 24/7 or enlisting a third party to monitor for me. Seems like a malicious hub could invoke DDOS attacks on vulnerable channels and known third party monitors effectively knocking them all offline and hightailing it with lots of BTC.

We will probably be able to enlist third party patrols and pay then with a part of the penalty/reward - which amounts to the FULL CHANNEL value! This is a strong incentive for would-be patrols. All it takes is ONE such guy to spot a cheating transactions and the thief is done. It's not like an individual patrol must keep its rig online 24/7. I think there will be very little cheating. It's way too risky for the perpetrator.

Why would a system that allows cheating be needed?

[realr0ach]

http://sentienttrader.com/hurst-trading-room/blog/bitcoin-hurst-cycles-15-december-2017/
 

Good god, that was the most long-winded thing I've ever seen to describe the fact that only idiots buy into a parabolic, vertical cliff rise.  Or to summarize his 10 pages of typing in one sentence:

"meaning that the peak that price is moving into is probably also a peak of the 42-month cycle"

[d_eddie]

Why would a system that allows cheating be needed?

Sorry, I don't understand the question.

Unless you meant LN is a system that allow cheating. Well, with LN you can give a try at cheating, but only if you have a stake (a channel open) and you are ready to risk the whole stake should your cheat fail.

[thisisntbic]

Why would a system that allows cheating be needed?

Why kind of systems exist that prevent "cheating"? From sports, to computers, to financial transactions, all systems are vulnerable to being used in a way that is not intended...

[realr0ach]

Have you ever noticed bitcoin con artists always try to portray bitcoin as gold in visualization to pretend it has value?  Sorry, real gold and silver are far superior in fundamentals.  All you're doing is highlighting the psychological fact that gold and silver are the Schelling point of money and base of Exter's pyramid when you try to pretend bitcoin is gold.

[milkshock100]

Have you ever noticed bitcoin con artists always try to portray bitcoin as gold in visualization to pretend it has value?  Sorry, real gold and silver are far superior in fundamentals.

I will take your physical gold and your silver and melt it down into nothing

[marcus_of_augustus]

Tera's salty tears of 'winning boredom' mixed with sour grapes of the typical sold out bull are making for a heady brew. Even the most jaded of bulltrolls cant resist a nibble on that deliciously ironic debacle.

Jbrerher is so dumb (or wantonly ignorant?) that he was given the most perfectly succinct description of the difference between linear scaling and non-linear scaling, conceded it was non-linear .... and then sighed, as if to say linear is so obviously better that he has no time to explain that wisdom to us.

Uh-huh and.... maybe rich idiots abound.

[jojo69]

guys...why aren't we talking about TEH CRASH??!?

we are barely holding 19K here, surely teh end is near





oh, and who wants to bet Jimbo got laid last night?

[Ludwig Von]

Why would a system that allows cheating be needed?

Sorry, I don't understand the question.

Unless you meant LN is a system that allow cheating. Well, with LN you can give a try at cheating, but only if you have a stake (a channel open) and you are ready to risk the whole stake should your cheat fail.

Yes that is what I meant. So LN is intended to allow small payments, at low cost, that do not overload the base of the network. The most important feature of the base is tht it is trustless, so uncheatable. This is a bit difficult for me.

[thisisntbic]

Have you ever noticed bitcoin con artists always try to portray bitcoin as gold in visualization to pretend it has value?  Sorry, real gold and silver are far superior in fundamentals.

I don't follow your logic.

You continue to say bitcoin has no value due to being strictly digital, nothing tangible in the "real" world (unlike gold).

In that context, we should ignore everything you post, until your publish a book that I can hold in my hand and read; your posts are pixels on my screen, a digital representation of your thoughts, thus no value.

How do digital words have value, but digital money doesn't?

[xhomerx10]

Have you ever noticed bitcoin con artists always try to portray bitcoin as gold in visualization to pretend it has value?  Sorry, real gold and silver are far superior in fundamentals.

I don't follow your logic.

You continue to say bitcoin has no value due to being strictly digital, nothing tangible in the "real" world (unlike gold).

In that context, we should ignore everything you post, until your publish a book that I can hold in my hand and read; your posts are pixels on my screen, a digital representation of your thoughts, thus no value.

How do digital words have value, but digital money doesn't?