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

[HairyMaclairy]

Maybe a bit less than 2 BTC. I heard the entire network was running 7 BTC total.

[1713871207]

1713871207

[realr0ach]

Someone named "the real satoshi" has posted attempting to lay blasphemy on precious metals:

Metals have stood the test of time as a store of value for thousands of years, I don't see them disappearing , though no longer useful as currency.

Who better to defeat the blasphemy of "the real satoshi" than "the real r0ach"?

The r0ach report 37: Eldritch horrors await those who put their faith in imaginary, paper assets

https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-37-eldritch-horrors-await-those-who-put-their-faith-in-imaginary-paper-assets

Someone named "TheRealSat0shi" posted on the bitcoin forum in a discussion I was having about metals with:

"Metals have stood the test of time as a store of value for thousands of years, I don't see them disappearing , though no longer useful as currency."

He sounds like a true bitcoin shill, so with absolutely no evidence whatsoever, we will give him the benefit of the doubt that he is in fact the real Satoshi. There is only one problem, bitcoin is nothing more than a glorified paper asset in the end.

For example, if someone were to purchase a Canadian dollar, you're entering an informal contract and receiving an IOU or credit of that nation. Whether your imaginary coupon is honored or not is entirely up to the performance of that counterparty entity. With bitcoin, you're entering the exact same informal contract, except instead of signing up in an informal contract against a counterparty entity, you have signed up for a contract with...no valid counterparty at all!

These words are not to be confused with counterparty risk vs no counterparty risk. You STILL have huge counterparty risk and have done absolutely nothing to remove it, you have only deleted the counterparty of the informal legal agreement. Many aspects of monetary functions are not really economics and are just law, and in this case, you have entered an objectively worse informal legal contract.

What exactly is the draw supposed to be in entering an informal contract with 'nobody'? Supposedly the aggregate of all 'users' were supposed to be your counterparty; in other words, instead of a legal contract, a faith based religion. Even if you buy into religion, this religion only works if bitcoin wasn't designed to centralize and had a functioning Nash equilbrium, but it fails in both cases. You are then not entering into a religion, but back to an obfuscated, informal legal agreement with two or three centralized, rent seeking miners who continuously issue the currency - a powerless, stateless oligarchy instead of a real state.

These emperor with no clothes miners are actually doing the exact same function as the state: trying to take a cut out of every transaction like the normal monetary mafia that controls it. The state doesn't like fly by night pump and dumps trying to take over it's extortion function, and regulatory arbitrage is impossible when bitcoin is designed to centralize, so the state then either crushes bitcoin or co-opts it and turns it into their cashless society slavery system.

On a long enough timeline, for you to not lose all your money, you actually have to pray the state co-opts it! When all is said and done, physical commodity money like silver or gold is the only thing that is not an IOU or credit, removes counter party risk, and actually functions as a hedge against the state. Which is why:

What eldritch horrors await those who put their faith in imaginary, paper assets.

[pacman7331]

Seems like this would be good news.

https://www.coindesk.com/bitcoins-lightning-network-problem-people-already-using/

[RobSteward]

For example, A and B connect to me with 1 BTC each. I copy their public key to an offline machine and have it generate a million transactions each (or however many are needed) to account for every possible signed transaction then transfer that to a computer online.

Also, if this is possible, what prevents me from signing all of those transactions then spending the bitcoins somewhere else. Or is this what SegWit fixed?

No you can't do that. You only get some coin from Alice that you must pass on to the opposite end of one of your open channels. Each channel has only two ends: you and the other guy. So you get money on one channel (Alice), you pass it on to Charlie, which will help with another hop, until the coins reach the final destination - Bob, but none of the intermediate nodes knows that. You can't withhold the funds within your node. They must travel onwards.

And in this scenario could we interpret every single channel "section" (aka my combined 2 connections (Alice to me, and me to Charlie) as a tx confirmation? Thus, a passthrough of let's say 5 channels equals 5 confirmations?

Also, could we interpret the dropping number of average txs as a result of LN growing?

[Toxic2040]

Just ordered a Lenovo x3100 M5 with 4 x 4 TB hot-swap drives running RAID 10, to run my new bitcoind and lnd node.

Will be running Ubuntu.

Fun project I'm looking towards. Figure I'll fund the LN node with 2 BTC and see what happens.

Nice...I might look at some AMD boxes with Meltdown and Spectre going on tho. You can get cheap Opteron mircoservers for next to nothing if you dont want to throw a Threadripper together.
And Bob..start with a smaller amount at first obv 

[Phil_S]

Falling off the cliff again, damn it...

[realr0ach]

The new hero of the "alt-lite", Jordan Peterson, asked to comment on Jewish role in holocaust of Russian & Ukranian Christians (over 20 million people).  His reply:  "I can't do it":

https://dailystormer.red/jordan-peterson-asked-to-answer-the-jewish-question-i-cant-do-it/

[podyx]

Whats happening?

[svdleer]

Falling off the cliff again, damn it...

We were down already.  There is almost no volume and up momentum, so needs nothing to pushed down a little.

[Dakustaking76]

Btc is dead


 


Someone is selling again i think? They want the cheap coins...
Dont get fooled

[explorer]

Is it good Lightning news that is taking a stick to Litecoin?

[mike4001]

Whats happening?

It's just impossible to crack 12k

I think we will stay in the 10k-12k for a very long time.

No indication that this is going to change. Maybe when the next Bitcoin Halfing happens in 2020.

[LFC_Bitcoin]

Whats happening?

It's just impossible to crack 12k

I think we will stay in the 10k-12k for a very long time.

No indication that this is going to change. Maybe when the next Bitcoin Halfing happens in 2020.

 

The next halving is June 2020, if you think the price will stay between $10,000 - $12,000 for that long then please don’t trade, you will get rekd.

[Toxic2040]

Whats happening?

Btc is dead


 


Someone is selling again i think? They want the cheap coins...
Dont get fooled

Again?

Its still slightly favoring the bulls. Clear the schedule..gather the popcorn..should be a exciting day.

[jojo69]

I think maybe these are the cheap coins

my order is in at the very high 4 digits

[mike4001]

Whats happening?

It's just impossible to crack 12k

I think we will stay in the 10k-12k for a very long time.

No indication that this is going to change. Maybe when the next Bitcoin Halfing happens in 2020.

 

The next halving is June 2020, if you think the price will stay between $10,000 - $12,000 for that long then please don’t trade, you will get rekd.

I am hodling since 2016 and never traded (apart from small Altcoin pocket-money trades).

But I still don't see any indication of BTC going up (or down).

[realr0ach]

Whats happening?

The cost of production is $3k, exchange rate is $11k.  Miners then rush to dump as fast as possible until those numbers are much closer together.  Any other questions?  Maybe who created communism?

[Biro Bob]

I now understand where my initial 100 points and 6 sMerits came from. The 100 was based on the minimum level to achieve my current rank (full member) . The sMerits are based on my 5 year membership and low post count in the last 12 months.

- to rank up to senior I need 240 activity and 250 merits.

I imagine there are some Hero members here who Were just a few posts away from Legendary who now find they need to find 500 merits to rank up. Ouch! So.. show some love to your poor Hero members who add quality to the forum. (Sorry..  Roach, this doesn’t include you.)

In addition to activity, everyone now has a merit score, and you need both a certain activity level and a certain merit score in order to reach higher member ranks. The required scores are:

Rank	Required activity	Required merit
Brand new	0	0
Newbie	1	0
Jr Member	30	0
Member	60	10
Full Member	120	100
Sr. Member	240	250
Hero Member	480	500
Legendary	Random in the range 775-1030	1000

You get merit points when someone sends you some for one of your posts. Additionally, when someone sends you merit points, half of those points can be sent by you to other people.

Certain users are designated as "merit sources". They can create new merit out of nothing, up to a limited number per month (which differs per source). I will not be posting a definitive list of merit sources (so that people don't bug them too much), though you'll soon figure out who they are if you pay attention.

There is currently no such thing as a "demerit". I'm hoping that the positive merits alone will be fine. I could add demerits pretty easily later on if necessary, though.

I'm hoping that this system will increase post quality by:
 - Forcing people to post high-quality stuff in order to rank up. If you just post garbage, you will never get even 1 merit point, and you will therefore never be able to put links in your signature, etc.
 - Highlighting good posts with the "Merited by" line.

While we will not be directly moderating this, I encourage people to give merit to posts that are objectively high-quality, not just posts that you agree with.

Do not beg for merit excessively.

The forum ranking system is a bit complicated now... It'd be nice if someone made an infographic explaining activity and merit.

If you want to be a merit source:

 1. Be a somewhat established member.
 2. Collect TEN posts written in the last couple of months that have not received nearly enough merit for how good they are, and post quotes for them all in a new Meta thread.
 3. We will take a look at your history and maybe make you a source.

I am especially eager to have merit sources in sub-communities such as the local sections.

Trivia:

For current members, your initial merit score is equal to the minimum required to your rank. Of that, a certain amount (less than the usual half) is spendable. The spendable amount was calculated based on your current rank and the number of activity points you earned in the last year. A Legendary member who hasn't posted in the last year would still be Legendary, but would not have any spendable merit.

If someone sends you 1 merit, the 0.5 sMerit is not wasted; it is just not shown until you get another merit point.

There are stats here, and you can find someone's merit summary by clicking the "merit" link on their profile.

[ivomm]

Why all filthy rich guys are selling hundreds and thousands of BTC at that price? What are they thinking - the end of the world? Or early retirement? What if by the end of the year BTC hits 50K or even 100K $ and they realize how richer they could have been if only waited for several more months? But no, why have 100 mln in several months, while I can have 2-3 mln and retire now. Pathetic  

[Lopumbo]

What if by the end of the year BTC hits 50K or even 100K $