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

[d_eddie]

He is trying to rename Bitcoin. Just keep ignoring him.

Could it be he's trying to get even for the cute Bcash nickname? 

No way, Jose....   I mean eddie.

You are giving jbreher.. way too much benefit of the doubt and trying to attribute some kind of justification for his passive-aggressive trolling attack on bitcoin propaganda.  He is way more intentional than you seem to think.

No kind justification, Juan. I was teasing.

Names are important in an immature market filled with newbies. By calling Bitcoin as he does, he implies there are two bitcoins. One is cash (good), the other is ... some technical thing whatever about losing wits or something (bad).

In this forum, most readers know what's what and the risk of confusion is minimal, shills and trolls aside.. However, I think it's better to stick to safe, clear names that don't contain "bitcoin" - such as Bcash - for forkcoins, reserving the name Bitcoin for the real thing.

This has the added benefit of causing a few moments of comedy now and then, especially during interviews.

[Gab0]

I do not consider increasing blocks a good solution. It does not scale while the negative consequences for decentralisation are unclear. Since Bitcoin’s only true value lies in ‘decentralisation’, I support not hastily moving away from this core concept just to solve a current - perceived as immediate - issue. There is too much at stake.

Maybe you are right, bigger blocks do not scale. But increasing the current size is a requirement for climbing. Check the LN white paper and note the block size needed so that each person can open and close a channel once a year using segwit.

[AlcoHoDL]

BIG BLOCKER nutjobs REEEEEEEEE!

Suggest a better (implementable in the real world) alternative for getting more throughput. Any of you.

"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." -- Benjamin Franklin

Just replace Safety with Throughput.

Be patient, people! The scaling problem will be solved, and it will be solved in the right way, and for the long term. Nobody wants a temporary "patch" that requires a hard fork and compromises decentralization. When there are valid reasons to increase the block size, it will be done.

[bitserve]

I do not consider increasing blocks a good solution. It does not scale while the negative consequences for decentralisation are unclear. Since Bitcoin’s only true value lies in ‘decentralisation’, I support not hastily moving away from this core concept just to solve a current - perceived as immediate - issue. There is too much at stake.

Maybe you are right, bigger blocks do not scale. But increasing the current size is a requirement for climbing. Check the LN white paper and note the block size needed so that each person can open and close a channel once a year using segwit.

Yes, blocksize will eventually need to be increased. I hope it will be done right after LN is running smoothly and widely adopted.

But... just a small/moderate blocksize increase... I cringe when I hear about those "lab" tests carried out by Bcashers with up to 1GB blocks!!!

First deploy the exponential scaling solution (LN). Then adjust the blocksize (linear scaling) as needed for having a non-congested backbone.

I can admit that, if this was an enterprise, the blocksize increase would have come first as a temporary fix whilst the real scaling solution (LN) was being finishing development/tests/deployment/adoption etc... But it is not... decentralization has its pros and cons.

[d_eddie]

I do not consider increasing blocks a good solution. It does not scale while the negative consequences for decentralisation are unclear. Since Bitcoin’s only true value lies in ‘decentralisation’, I support not hastily moving away from this core concept just to solve a current - perceived as immediate - issue. There is too much at stake.

Maybe you are right, bigger blocks do not scale. But increasing the current size is a requirement for climbing. Check the LN white paper and note the block size needed so that each person can open and close a channel once a year using segwit.

There are already 2 different solutions ready for implementation (they might be already in the test stage, for all I know) to bundle multiple channel opening transactions into a single blockchain event - similar to what CoinJoin does. The fee would get split among the openers. The more you're willing to wait for a larger pool of channel openers, the less you pay. The same mechanism can be used to fund channels with exhausted capacity. This seems an excellent way to go for the time being. I'm confident more sophisticated stuff will come along.

Now what we should really do is force the big actors to embrace segwit, so LN can flourish. Like, some heavy user lobbying on Coinbase. Of course, more variety and competition in the exchange market can't hurt.

[d_eddie]

This piece of news hasn't been discussed much here yet, so what do you think of the Wavecrest debit card shutdown? The official word from VISA is that Wavecrest didn't comply with VISA regulations - but there's no hint at which specific regulations were disattended.


To me, it smells like a few governments put some pressure on VISA to end that service. VISA have been swift to oblige, as they always are as soon as a big actor uses power voice mode. But I might just be a rookie conspiracy theorist...

No need for a conspiracy theory - it's the same as banks blocking transfers to bitcoin exchanges - or closing accounts associated with Bitcoin - or limiting or double checking transfers to exchanges etc. It's just normal risk management. Accounts get hacked every day and once the money is drained off into cryptoland the bank has no way to recover it.

This explanation is not too convincing. With the risk of funds disappearing, Wavecrest wouldn't have been appointed in the first place, I suppose. I would really like to know which specific rules were disattended.

There are loads of other crypto/fiat debit cards that visa is still supporting. It's Wavecrest that visa is cracking down on, not crypto/fiat debit cards in general. It probably won't affect bitcoin's price anyway because most of the new buyers in the crypto ecosystem won't even know what a crypto/fiat debit card is yet.

Really? It would be nice, but I haven't been able to find "loads" of alternatives.  Can you name a few, please?

[bitserve]

This explanation is not too convincing. If there was risk of funds disappearing, Wavecrest wouldn't have been appointed in the first place, I suppose. I would really like to know which specific rules were disattended.

Wavecrest has its official HQ in Gibraltar.... so most probably it's a KYC/AML thing, which makes much more sense when you also add cryptocurrencies to the equation. Also take into account the EU regulation regarding prepaid/debit/gift cards of over 100€.

EU is fighting hard against old time tax-heavens. Andorra was forced to stop its banking secret effective 1 JAN 2018.

[d_eddie]

This explanation is not too convincing. If there was risk of funds disappearing, Wavecrest wouldn't have been appointed in the first place, I suppose. I would really like to know which specific rules were disattended.

Wavecrest has its official HQ in Gibraltar.... so most probably it's a KYC/AML thing, which makes much more sense when you also add cryptocurrencies to the equation. Also take into account the EU regulation regarding prepaid/debit/gift cards of over 100€.

I had a couple of those cards, and the KYC procedure was quite thorough in both cases. I'm afraid it's more of an AML thing, like Wavecrest refusing to provide the data to the "powers that be" without international court orders or similar compelling reasons. Unlike VISA, that chickens out at the mere lifting of an international eyebrow.

[bitserve]

This explanation is not too convincing. If there was risk of funds disappearing, Wavecrest wouldn't have been appointed in the first place, I suppose. I would really like to know which specific rules were disattended.

Wavecrest has its official HQ in Gibraltar.... so most probably it's a KYC/AML thing, which makes much more sense when you also add cryptocurrencies to the equation. Also take into account the EU regulation regarding prepaid/debit/gift cards of over 100€.

I had a couple of those cards, and the KYC procedure was quite thorough in both cases. I'm afraid it's more of an AML thing, like Wavecrest refusing to provide the data to the "powers that be" without international court orders or similar compelling reasons. Unlike VISA, that chickens out at the mere lifting of an international eyebrow.

Yes, most probably AML. I updated my previous post with a reference to banking secret that might apply here.

Gibraltar has many similarities to Andorra. In fact it is currently a way better "tax-heaven" than Andorra. Barclays has some nice setups there for... stuff. Or so I have heard.

[d_eddie]

This explanation is not too convincing. If there was risk of funds disappearing, Wavecrest wouldn't have been appointed in the first place, I suppose. I would really like to know which specific rules were disattended.

Wavecrest has its official HQ in Gibraltar.... so most probably it's a KYC/AML thing, which makes much more sense when you also add cryptocurrencies to the equation. Also take into account the EU regulation regarding prepaid/debit/gift cards of over 100€.

I had a couple of those cards, and the KYC procedure was quite thorough in both cases. I'm afraid it's more of an AML thing, like Wavecrest refusing to provide the data to the "powers that be" without international court orders or similar compelling reasons. Unlike VISA, that chickens out at the mere lifting of an international eyebrow.

Yes, most probably AML. I updated my previous post with a reference to banking secret that might apply here.

Gibraltar has many similarities to Andorra. In fact it is currently a way better "tax-heaven" than Andorra. Barclays has some nice setups there for... stuff. Or so I have heard.

Crypto (carding) is done. 

[bitserve]

This explanation is not too convincing. If there was risk of funds disappearing, Wavecrest wouldn't have been appointed in the first place, I suppose. I would really like to know which specific rules were disattended.

Wavecrest has its official HQ in Gibraltar.... so most probably it's a KYC/AML thing, which makes much more sense when you also add cryptocurrencies to the equation. Also take into account the EU regulation regarding prepaid/debit/gift cards of over 100€.

I had a couple of those cards, and the KYC procedure was quite thorough in both cases. I'm afraid it's more of an AML thing, like Wavecrest refusing to provide the data to the "powers that be" without international court orders or similar compelling reasons. Unlike VISA, that chickens out at the mere lifting of an international eyebrow.

Yes, most probably AML. I updated my previous post with a reference to banking secret that might apply here.

Gibraltar has many similarities to Andorra. In fact it is currently a way better "tax-heaven" than Andorra. Barclays has some nice setups there for... stuff. Or so I have heard.

Crypto (carding) is done.  

It will be back. With "more compliant" players in the game. They just want to make sure to cover all the money exits so that each and every profit is properly taxed.

[Deeyoh]

Just saw 799.2 Billion market cap.  Wow, right at 800 billion soon to 1 Trillion.

[European Central Bank]

Crypto (carding) is done. 

people with coinbase and american bitpay cards are fine. it's one crappy company being crappy. if a non crappy company shows up then the people who've lost cards will get other ones.

[d_eddie]

Crypto (carding) is done. 

people with coinbase and american bitpay cards are fine. it's one crappy company being crappy. if a non crappy company shows up then the people who've lost cards will get other ones.

You ECB, stop printing all those fancy euros before you call companies that help people save themselves from inflation "crappy"! 

Seriously, most of the companies that offered cards through Wavecrest have sent out emails to customers saying they will replace the cards (free of charge) as soon as they find a viable partner. I haven't received any such email yet, but it's still the weekend.

[European Central Bank]

You ECB, stop printing all those fancy euros before you call companies that help people save themselves from inflation "crappy"! 

Seriously, most of the companies that offered cards through Wavecrest have sent out emails to customers saying they will replace the cards (free of charge) as soon as they find a viable partner. I haven't received any such email yet, but it's still the weekend.

i think it's gonna take months or maybe never before they find replacements, especially for gbp cards. wavecrest was the only game in town for a lot of them.

[d_eddie]

You ECB, stop printing all those fancy euros before you call companies that help people save themselves from inflation "crappy"! 

Seriously, most of the companies that offered cards through Wavecrest have sent out emails to customers saying they will replace the cards (free of charge) as soon as they find a viable partner. I haven't received any such email yet, but it's still the weekend.

i think it's gonna take months or maybe never before they find replacements, especially for gbp cards. wavecrest was the only game in town for a lot of them.

I'm afraid it won't be much quicker for cards in euros, either.

[Last of the V8s]

I want to hear more affectionate names for Bitcoin Core like 'seg shit cripple corn'

'prb' as opp to 'trb' the real bitcoin
http://btcbase.org/log-search?q=prb
http://btcbase.org/log-search?q=power+rangers
bonus lolz https://bitcointalk.org/index.php?topic=152027.msg1621729#msg1621729 Re: In re Bitcoin Devs are idiots

[Toxic2040]

I want to hear more affectionate names for Bitcoin Core like 'seg shit cripple corn'

'prb' as opp to 'trb' the real bitcoin
http://btcbase.org/log-search?q=prb
http://btcbase.org/log-search?q=power+rangers
bonus lolz https://bitcointalk.org/index.php?topic=152027.msg1621729#msg1621729 Re: In re Bitcoin Devs are idiots

What happened...so many great names in that thread..back when talk was cutting edge...now its just us trolls hanging out.

The crazy part is that was 4 years ago!  Still havent implemented a solution....hmmm. 4 years is a eternity in coding.

[vapourminer]

Make non Segwit opt out and there's most of it cleared up. Same as organ donation. They flipped that from opt in to opt out recently in the UK. I expect many more people will be sliced up and glued into other people in future and rightfully so.

im an organ donor. with my early days hard partying lifestyle, my wife told me no one would want them. 

[savetherainforest]

BIG BLOCKER nutjobs REEEEEEEEE!

Suggest a better (implementable in the real world) alternative for getting more throughput. Any of you.

Probably almost no one understands that Satoshi put în place those limits and the voting system just for everyone to fight everyone, keeping them busy in time for the next diamond in the dust coin or token, all this while we are fighting each other.