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

[roach_lost]

Here's another problem Marcus isn't going to want to deal with:

The r0ach report 29: Bitcoin is similar to the double slit experiment in practice - It only works if you don't use it

http://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-29-bitcoin-is-similar-to-the-double-slit-experiment-in-practice-it-only-works-if-you-don-t-use-it

At it's heart, bitcoin is nothing more than a variable number multisig. With current mining centralization, it's probably a 2 of 3 or 3 of 5 multisig. So the only question is how big of a multisig is needed for it to be considered "decentralized"?

The fact that bitcoin is nothing more than a multisig in practice also makes it kind of bogus because a multisig is obviously not an open entropy system. For it to be an open entropy system, instead of using 6 confs, you would probably need to use literally infinite confs. That's kind of how bitcoin is a con in practice, because given an infinite timeline, you can attempt to make the claim bitcoin is a decentralized, open entropy system, but if you actually try to use it on a finite timeline, it morphs into nothing more than a centralized multisig. People claim that's "probabilistic", but no, it's just a centralized multisig when a finite timeline is applied.

So there you go folks, the only way for bitcoin to properly function is by not using it because the act of a human using it applies a fixed timeline and makes it's mechanics fall apart.

(and anonymint is going to argue the confs can be rolled back at any time during the middle of this process making whatever number of confs pointless in the first place)

You are not incorrect. So what?

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[fabiorem]

Jim Cramer is a complete idiot.

Jim Cramer is amusing. He is a comedian. You cant take him seriously. Just do the opposite of what he says.

[Lauda]

I have held from $13.   Still consider myself a bag holder.

Heartbreaking

Here’s a tip.  Become a Monero bag holder in a very small proportion of your portfolio.  Not because you believe but for insurance.  Insurance is expensive but none of us are smart enough to know the future.

Bitcoin is an all-or-nothing proposition. Insurance against what exactly?

Don't listen to the fools thinking that any coin comes close to Bitcoin. There is no coin that is even close to solving the scalability problem. Any "on-chain scaling solutions" are bullshit. ETH is a prime example of this. It is not possible to sync up a ETH node on consumer grade hardware in reasonable time[1] without pruning (which they had to set as default). The definition of centralized garbage.
[1] Several weeks/months on a Intel i7 Quad Core.

[HairyMaclairy]

I have held from $13.   Still consider myself a bag holder.

Heartbreaking

Here’s a tip.  Become a Monero bag holder in a very small proportion of your portfolio.  Not because you believe but for insurance.  Insurance is expensive but none of us are smart enough to know the future.

Bitcoin is an all-or-nothing proposition. Insurance against what exactly?

Don’t get me wrong, I am still a Bitcoin maximalist and still over 90% bitcoin by value.  Mostly insurance against Chinese miners until the Japanese bring some competition back into the market.  Historically, the Japanese and Chinese are not pals.

At no point did I say Monero comes close. It doesn’t and ring signatures are even more bulky.

[gentlemand]

You are not incorrect. So what?

Have those pesky Jews stolen your login?

[Lopumbo]

"The demand is high, that must mean the demand is low"

come on, it wouldn't hurt anybody to up the blocksize to 2mb to give us some time, this centralization argument is nonsense
any argument against bigger blocks can be destroyed with techniques like graphene (x100 block compression)
segwit ist fucking complicated to be implemented by exchanges in the foreseeable future and LN comes in 18 month™
and even with LN and current demand, how much do you want to pay to open a channel?

let the market decide  

[HairyMaclairy]

"The demand is high, that must mean the demand is low"

come on, it wouldn't hurt anybody to up the blocksize to 2mb to give us some time, this centralization argument is nonsense
any argument against bigger blocks can be destroyed with techniques like graphene (x100 block compression)
segwit ist fucking complicated to be implemented by exchanges in the foreseeable future and LN comes in 18 month™
and even with LN and current demand, how much do you want to pay to open a channel?

let the market decide  

Oh it will, don’t you worry about that.

[savetherainforest]

"The demand is high, that must mean the demand is low"

come on, it wouldn't hurt anybody to up the blocksize to 2mb to give us some time, this centralization argument is nonsense
any argument against bigger blocks can be destroyed with techniques like graphene (x100 block compression)
segwit ist fucking complicated to be implemented by exchanges in the foreseeable future and LN comes in 18 month™
and even with LN and current demand, how much do you want to pay to open a channel?

let the market decide  

Yeah!!! Good for them!!! Miners deserve some coins as well !!! ... Communism is a beautiful thing!

[Lauda]

come on, it wouldn't hurt anybody to up the blocksize to 2mb

Yes it would, and we can't deploy it safely within 6 months anyways. So even if we had a ready implementation right now (we do not), you wouldn't see a fork before 2019.

to give us some time, this centralization argument is nonsense

You're an idiot.

any argument against bigger blocks can be destroyed with techniques like graphene (x100 block compression)

Graphene doesn't exist and what it *tries to solve* is not the only problem that we have.

segwit ist fucking complicated to be implemented by exchanges

It is not.

in the foreseeable future and LN comes in 18 month™

No.

let the market decide  

Stop shilling and get educated, idiot.

[JayJuanGee]

Just came to say Hi and to share something euphoric about the future

What the hell happened to you, since about May-ish?

I have read many speculations about you no longer being with us?

Another extreme dear brother showing up, my dear JJG.

Have been drowning into the crypto twitter ocean and IRL issues.

But finally back and gave our bullish thread a push 

I've missed you all brother, hopefully I won't fade away again 

EXACTAMENTE!!!

Even though each of us have our differing styles, your style has been missed - yet it seems a bit extreme, too, of you, to post 2-10 bullish media articles per day for several months (and spoil many of us), and then completely disaparecer for 6 months -ish.

In any event, I am glad to see you back, and I look forward to posts and your perspective.

O..k..  One other point that I would like to make is that I had frequently asserted that you were much more bullish than me regarding short term BTC price performance - especially if we look back to our interactive posts in the late 2015 time frame and even the ones in the mid-to-late 2016 time frame.  So, it seems that you were much closer in your assessment than me, because current BTC prices are running about 3x to 4x higher than my most likely bullish assessments of those times.

[HairyMaclairy]

Understandably, the first bitcoin ETF is expected to be around the corner. Eric Balchunas of Bloomberg noted that the first bitcoin ETF would become a billion-dollar product soon after the launch. Mike Poutre, CEO of The Crypto Company, believes that the entire industry will be worth $5 trillion by the end of 2018. The founder of Standpoint Research expects another 500% ascent from the current level.

http://nasdaq.com/article/bitcoin-etfs-what-lies-ahead-in-2018-cm893427

[HanvanBitcoin]

Cant wait for this Altcoin cash sell off to start new Christmas ATH incoming soon...

[Ludwig Von]

https://www.youtube.com/watch?v=9BP-LIntM6c

[arklan]

Cant wait for this Altcoin cash sell off to start new Christmas ATH incoming soon...

Hopefully, I’ve even got a few dozen alts but fuck them, annoying seeing bitcoin drop.

yea, i'll agree. my (very small) trading amount is currently in btc, bought at 18825... i'm pondering selling and buying back lower, but not sure i'll CATCH lower... don't want to sell the bottom.

[podyx]

Hell of a fight at 16950

[arklan]

looks like 16925 was the bottom, for now.

[svdleer]

looks like 16925 was the bottom, for now.

Hope they took all the panic sellers out now.

[d_eddie]

First buy order hit!
Now just a little more, please.
Oh, by the way...
JIMBOOOOO!!! To the ATM, rush!!!
(buying commission must be pretty low too)

[svdleer]

Alt coins are dropping rapid on GDAX

[Genesis1337]

Well it looks like the bears have finally won...

Time to go back into fiat currencies