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

[roach_lost]

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.

Well duh, Lauda.  It's just like Hal Finney says, bitcoin can only function as a settlement network.
...
As you can see, there's no reason for bitcoin to even exist compared to gold and silver.  It will never defeat metals as the base of Exter's pyramid.  Claiming an imaginary object (bitcoin) can be a superior store of value is the most laughable statement in the entire history of mankind.

Regarding settlements: The impact of, say, 1 million transactions of 226 bytes (226.000.000 bytes) is different in 1990's, 2000's, 2010's, 2020's, 2030's, 2040's etc as hardware and networks scale.

What is impossible in one decade, becomes feasible in the next, easy in the next decade, and trivial in the decade next to that. Blockchains will scale along with technology. Transactions will perhaps be only the lighter-load type of duty blockchains can perform, by even extending their capacities to hold a plethora of photo or video content. This is the reason why one can never say "never" - because hardware and network scaling is a given and it minimizes the impact of given data storage, data transmission and data processing requirements as time moves forward.

On the other hand, we know for a fact that PMs can't transmit value over the Internet. That's not going to change, because it's their nature as solid objects.

Bitcoin might not be the ultimate store of value, but both PMs and crypto compete against scam-fiat money, and this makes them both better options, suited for different cases. When full blown digitization of the economy takes place, and all fiat transactions become electronic, at that point the sale and purchasing of gold and silver will become a permissioned system. It is at that exact point when cryptocurrencies will become the most useful, as they will bypass the digital-fiat-controls barrier and work as parallel money. If you want to buy an ounce of metal without the establishment knowing it, you'll have to go through crypto.

LOL
Double plus good propaganda, little brother

In this sense, PMs+crypto will be complementary to each other, and even now they are both diversification against quickly devaluing* fiat scam.

* In some countries, much more than in others - which is reflected in huge BTC premiums, gold-import/gold-purchase restrictions, etc.

[drbrockcoin]

FUCKING SHAMELESS

NOW MSM ARE SHILLING BANKERCASH

https://twitter.com/CNBCFastMoney/status/943291821035319297

[Rosewater Foundation]

FUCKING SHAMELESS

NOW MSM ARE SHILLING BANKERCASH

https://twitter.com/CNBCFastMoney/status/943291821035319297

The fix.^^

[AlexGR]

BCH diff doubled in the last 24 hours, from 12xxxx to 23xxxx lol... It seems a fast re-targeting algorithm (bch) in just one chain is ok for finding mining equilibrium in both chains. The speculation about bitcoin suffering from it were exaggerated based on fixed-EDA problems (which are now non-existent).

BCH pumps or drops to very low difficulty due to non mining it => mining increases => diff escalates quickly => BCH mining profitability rapidly declines => BTC hashrate returns - a cycle that executes within hours, instead of ...weeks.

[realr0ach]

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.

Well duh, Lauda.  It's just like Hal Finney says, bitcoin can only function as a settlement network.  You would have people hoarding their life savings in bitcoins and then transferring say, $10k at a time or whatever to a 3rd party centralized service so that they can spend it (oxymoron since bitcoin itself is designed to centralize so both are centralized services in reality).

The problem here is even if you make believe bitcoin is decentralized, you can do the EXACT SAME THING with gold and silver - transfer a small amount at a time to a 3rd party service to spend it, and gold and silver are far superior stores of value while bitcoin isn't a store of value at all.  Metals also actually remove middle men when being spent in native coin format while there's no way possible to remove middlemen (transaction validators) from bitcoin.

As you can see, there's no reason for bitcoin to even exist compared to gold and silver.  It will never defeat metals as the base of Exter's pyramid.  Claiming an imaginary object (bitcoin) can be a superior store of value is the most laughable statement in the entire history of mankind.

Except that metals can be mined indefinitely. And if the price of them increased beyond a certain point people would just research ways to create them in a lab. Meanwhile Bitcoins will never go beyond a given amount.

WRONG.  Earth for all intents and purposes is a CLOSED ECOSYSTEM.  The only difference is bitcoin is FLASH mined while it takes longer to corner all metals on the planet.  And don't give me some sci fi bullshit story about how people are going to live on the moon 2 years from now and mine crap there.  NOT HAPPENING.  People said the same nonsense in the year 1950.  Where's your flying car at?  Only thing that's changed since then is larger televisions and a few electronic gimmicks like iphones.  Even if you did mine in space, the cost of production will be several orders of magnitude higher making it pointless.  You would mine on the fucking ocean floor first before doing that.

And claiming bitcoin is finite isn't even true.  Bitcoin has low scalability, thus small amounts of transactions for high fees.  This means bitcoin has an INVERSE Schelling point.  People are incentivized NOT to use bitcoin and instead use an altcoin in order to avoid usury fees.  There is absolutely no fucking reason in this universe people are all forced to use one chain, NONE.  Advocating people do so is only promoting USURY because it's possible for people to just make a new chain and avoid being extorted.  This action eventually leads to the entire sector dying by dilution.

Gold and silver are the exact opposite.  They have no scaling problem, and they also have no altcoin problem.  It's not possible for you to just invent a new noble metal in your basement like you can an altcoin, so the noble metals actually do have a functional Schelling point instead of bitcoin's inverse Schelling point.  And no, there are not zillions of different metals that can take gold and silver's place.  They belong to a special category of metals called "noble metals" (platinum and a few others as well), and due to the traits of this group of metals such as anti-corrosiveness and scarcity, there are no better alternatives.

It takes two neutron stars to collide to make gold and silver.  It takes an idiot in his basement to create an altcoin.  What's in your safe cucks?

Metals not hoarded will be taken by attrition or force. Metals hoarded will be taken by attrition or force. How exactly do you defend against this unless you can command more force or generate more attrition than them? Both are achieved by issuing fiat and you don't issue it, they do. Neither of you issue metals but their fiat takes it from you. No defense possible over a long enough period. It is their game. They won and your free will is just the totality of possible moves you can make in their game because you had lost before birth.

When the cost benefit analysis of non-compliance outweighs the cost benefit analysis of compliance, that is when the goyim strike.  It's getting near.

[jbreher]

Get real.

Bitcoin has been under attack multiple times because it is a target for a lot of hostilities, whether from Bcash or other various sources,

Get real.

Bitcoin Segwit is not under attack by Bitcoin Cash. Rather, Bitcoin Cash is competing with Bitcoin Segwit in the marketplace.

[RoomBot]

Lol BCH @ $9500 on GDAX..

Same with Coinbase....then corrected to $3K

WISHED I could have dumped it at 9K!!

I tried!  

[Rosewater Foundation]

Get real.

Bitcoin has been under attack multiple times because it is a target for a lot of hostilities, whether from Bcash or other various sources,

Get real.

Bitcoin Segwit is not under attack by Bitcoin Cash. Rather, Bitcoin Cash is competing with Bitcoin Segwit in the marketplace.

The people buying into crypto now are stupid. What do you expect?

Nothing.

[roach_lost]

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.

Well duh, Lauda.  It's just like Hal Finney says, bitcoin can only function as a settlement network.  You would have people hoarding their life savings in bitcoins and then transferring say, $10k at a time or whatever to a 3rd party centralized service so that they can spend it (oxymoron since bitcoin itself is designed to centralize so both are centralized services in reality).

The problem here is even if you make believe bitcoin is decentralized, you can do the EXACT SAME THING with gold and silver - transfer a small amount at a time to a 3rd party service to spend it, and gold and silver are far superior stores of value while bitcoin isn't a store of value at all.  Metals also actually remove middle men when being spent in native coin format while there's no way possible to remove middlemen (transaction validators) from bitcoin.

As you can see, there's no reason for bitcoin to even exist compared to gold and silver.  It will never defeat metals as the base of Exter's pyramid.  Claiming an imaginary object (bitcoin) can be a superior store of value is the most laughable statement in the entire history of mankind.

Except that metals can be mined indefinitely. And if the price of them increased beyond a certain point people would just research ways to create them in a lab. Meanwhile Bitcoins will never go beyond a given amount.

WRONG.  Earth for all intents and purposes is a CLOSED ECOSYSTEM.  The only difference is bitcoin is FLASH mined while it takes longer to corner all metals on the planet.  And don't give me some sci fi bullshit story about how people are going to live on the moon 2 years from now and mine crap there.  NOT HAPPENING.  People said the same nonsense in the year 1950.  Where's your flying car at?  Only thing that's changed since then is larger televisions and a few electronic gimmicks like iphones.  Even if you did mine in space, the cost of production will be several orders of magnitude higher making it pointless.  You would mine on the fucking ocean floor first before doing that.

And claiming bitcoin is finite isn't even true.  Bitcoin has low scalability, thus small amounts of transactions for high fees.  This means bitcoin has an INVERSE Schelling point.  People are incentivized NOT to use bitcoin and instead use an altcoin in order to avoid usury fees.  There is absolutely no fucking reason in this universe people are all forced to use one chain, NONE.  Advocating people do so is only promoting USURY because it's possible for people to just make a new chain and avoid being extorted.  This action eventually leads to the entire sector dying by dilution.

Gold and silver are the exact opposite.  They have no scaling problem, and they also have no altcoin problem.  It's not possible for you to just invent a new noble metal in your basement like you can an altcoin, so the noble metals actually do have a functional Schelling point instead of bitcoin's inverse Schelling point.  And no, there are not zillions of different metals that can take gold and silver's place.  They belong to a special category of metals called "noble metals" (platinum and a few others as well), and due to the traits of this group of metals such as anti-corrosiveness and scarcity, there are no better alternatives.

It takes two neutron stars to collide to make gold and silver.  It takes an idiot in his basement to create an altcoin.  What's in your safe cucks?

Metals not hoarded will be taken by attrition or force. Metals hoarded will be taken by attrition or force. How exactly do you defend against this unless you can command more force or generate more attrition than them? Both are achieved by issuing fiat and you don't issue it, they do. Neither of you issue metals but their fiat takes it from you. No defense possible over a long enough period. It is their game. They won and your free will is just the totality of possible moves you can make in their game because you had lost before birth.

When the cost benefit analysis of non-compliance outweighs the cost benefit analysis of compliance, that is when the goyim strike.  It's getting near.

https://i.imgur.com/P2mfTd7.jpg

Lofty dreams based on a story that is a distortion of reality. You are a lot more alone than you realize and you may never realize it but that did not happen the way you wish it did and it will not happen as you wish it would. What will happen is the idea of that as the means to you and yours living and dying for their goals; again.
You are a cell in a body in which they are the brain. We would all be worse off if you didn't perform your function, as whatever cell you are, out of delusion so why do you keep wasting time chasing a dream that can never bring you any upside in reality? Is it a fetish?

[HairyMaclairy]

images from up

Class action being organized on Twitter against Coinbase for insider trading.

[TERA2]

Good lord what is the fundamental reason for bch to be worth $50b, or even $5b? There are no bch futures. There is no bch for sale on major exchanges. There is no bch adoption or bch merchants. You cant buy lambos, hookers or blow with bch.

[RoomBot]

Oh man... This dump might have been my fault.  I bought this chocolate train tonight and I was gonna stamp CCMF into it and be all like
 Chew Chew Motherfuckers!
Unfortunately I left it inside the front door while I got the rest of the stuff out of the car and I called my daughter to help me... she didn't see the bag and stomped on the train  

At first it looked like it might be okay -




 But then as I tried to extract it from the plastic...


https://i.imgur.com/XDm1DbJ.jpg

 #REKT

 I'm going to have to eat it.

To be fair, it was driving the wrong way (to the left/"down") anyways, so maybe it was for the best that it derailed instead of choochooing the price to $0!

This track is the Number Line....so....we're good. 

CCMF -- ALL THE WAY UP THE NUMBER LINE!!

[roach_lost]

Good lord what is the fundamental reason for bch to be worth $50b, or even $5b? There are no bch futures. There is no bch for sale on major exchanges. There is no bch adoption or bch merchants. You cant buy lambos, hookers or blow with bch.

Usage and adoption are not why BTC is 300B either. Perhaps big brother has infinite cash to make the best tracking ever, the most irresistible ride ever. No publicity is bad publicity therefore no crypto hype is bad hype. How do we generate crypto hype? We buy it with infinite fiat. Why do we buy it with infinite fiat? Well, it costs nothing. Most importantly it is because having everyone cryptod is worth 1000 facebooks.

And everyone will be cryptod soon...

[HairyMaclairy]

Roach - don’t keep making new accounts I have to ignore !

[Elwar]

I had a bunch of cash and a lot of shorted coins on Bitfinex (all locked in so I could retire). Killed the short and bought bitcoins so I could transfer it to a US exchange at just over $19k.

Good news is I got everything off of Bitfinex...they seemed to be scrutinizing my withdrawal of bitcoins with e-mails about my US residency (I'm not a US resident) and such. It would seem that an exchange that was completely solvent wouldn't care about someone withdrawing a large amount of bitcoins. They would just process it like all the rest, it's not like my comparatively small amount of bitcoins should affect them.

[Rosewater Foundation]

I had a bunch of cash and a lot of shorted coins on Bitfinex (all locked in so I could retire). Killed the short and bought bitcoins so I could transfer it to a US exchange at just over $19k.

Good news is I got everything off of Bitfinex...they seemed to be scrutinizing my withdrawal of bitcoins with e-mails about my US residency (I'm not a US resident) and such. It would seem that an exchange that was completely solvent wouldn't care about someone withdrawing a large amount of bitcoins. They would just process it like all the rest, it's not like my comparatively small amount of bitcoins should affect them.

You were short bitcoin?
Lovely.

[RoomBot]

Lol BCH @ $9500 on GDAX..

Same with Coinbase....then corrected to $3K

WISHED I could have dumped it at 9K!!

I tried!  

If only I had Bcash on there. Would have been so nice to transfer that to btc and pull out. The gains fir the people moving it is ridiculous.

In true Coinbase style, they are withholding sales, trades & withdraws of BeTrash until 2018.

Wonder what it'll be worth then, when everyone dumps it & gives BTC a nice boost?

[lightfoot]

Whats going on, Jihan making another run to add to his list of failed runs?

maybe bitmain got a new stock of hardware and customers have to pay with BCH?

or better

maybe jihan is pumping BCH because he knows he will get new hardware soon and customers have to pay with BCH?

That could be it: I picked up some S7 parts today from a guy who was telling me a new batch of S9's was on sale for 2400 or somesuch. Maybe everyone had to buy crapcoin to get them.

[True Myth]

So... Coinbase app currently has a glitch where you can't buy BCash. When you select the buy option it subtly changes it to a Bitcoin purchase. Bahahahaha

[Elwar]

I had a bunch of cash and a lot of shorted coins on Bitfinex (all locked in so I could retire). Killed the short and bought bitcoins so I could transfer it to a US exchange at just over $19k.

Good news is I got everything off of Bitfinex...they seemed to be scrutinizing my withdrawal of bitcoins with e-mails about my US residency (I'm not a US resident) and such. It would seem that an exchange that was completely solvent wouldn't care about someone withdrawing a large amount of bitcoins. They would just process it like all the rest, it's not like my comparatively small amount of bitcoins should affect them.

You were short bitcoin?
Lovely.

If you short bitcoin with bitcoin without leverage you basically lock in the current price. I locked in a portion of my bitcoins for retirement this way instead of selling. To sell I would pay capital gains on the sale.

But for people doing this I would advise that you check the tax requirements for short sales, it is likely that you have to close the short before January 30:

a constructive sale does not have to be reported if the transaction was closed before the 30th day after the end of your tax year and the appreciated financial position was held, unhedged, for at least 60 days afterwards.

http://thismatter.com/money/tax/short-sales-taxation.htm