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

[mindrust]

Maybe its the lightning network?

It is early to say that but what if they just don't want to lose the on-chain customers?

I mean if LN gets adopted widely, only a few will be using onchain transactions. That means a direct loss of income for miners. What if they stopped spamming so they can be competitive to LN to not lose fee income?

Fee Income from 10sat/b txs is still better than nothing, right? If that's the case, core team just scored another one.

[HairyMaclairy]

Where have all the big blockers gone?  

Where is our friend Gab0? Where is Peter R?  Who will lecture us on the burning necessity of big blocks now that they are no longer with us?

Should we start an “adopt a big blocker” program ?

[JayJuanGee]

WTF happened to the mempool? This is not the bitcoin i know. (i kid, i still remember 0 fee tx's)

Fees are as low as 1-10sat/b right now. I mean. What the fuck? https://bitcoinfees.earn.com/

Could it be that those spamming fucktards finally realized if bitcoin goes down they do too?

Didn't I see another post in this thread that gave a pretty decent rationale? 

It seems that the ongoing spamming was costing a pretty decent chunk of change on an ongoing basis, and it was seeming not to pay off, and it was also seeming to have some opposite effects too.  First of all the cost of keeping it going, and second of all it was causing greater financial motivations for the implementation of lightning - which was not a desired outcome.

[mindrust]

WTF happened to the mempool? This is not the bitcoin i know. (i kid, i still remember 0 fee tx's)

Fees are as low as 1-10sat/b right now. I mean. What the fuck? https://bitcoinfees.earn.com/

Could it be that those spamming fucktards finally realized if bitcoin goes down they do too?

Didn't I see another post in this thread that gave a pretty decent rationale?  

It seems that the ongoing spamming was costing a pretty decent chunk of change on an ongoing basis, and it was seeming not to pay off, and it was also seeming to have some opposite effects too.  First of all the cost of keeping it going, and second of all it was causing greater financial motivations for the implementation of lightning - which was not a desired outcome.

checks out with what i said 2 messages above.

Now they have no other chance other than being competitive/cheap. Or else LN will destroy them.

[JayJuanGee]

Here is my theory - posted here so people can pull it apart and make me smarter by pointing out my errors !

Like it or not, Coinbase / Gdax is a primary fiat gateway.  Fiat flows into crypto through Gdax and also flows out through Gdax.  During the rush to $19k, Gdax was often $500 ahead of Bitfinex and Bitstamp who had to be dragged kicking and screaming through arbitrage upwards.

Now we see a $500 gap in the other direction.  Bitfinex is trying to soar but Gdax is dragging it down through arbitrage.  The theory is that there is a net outflow of funds from crypto.

The test for my theory should be that the order books on Bitfinex should be shrinking - I have not tested this yet.

Just because a certain exchange is in the lead of a trend does not mean that they are leading the price movement.

[HairyMaclairy]

At the time of this post the bid depth for BTC on BFX was 21,332 BTC and the ask depth was 8,825 BTC.

To do:  check depth in 24 hours.

[jojo69]

Maybe its the lightning network?

It is early to say that but what if they just don't want to lose the on-chain customers?

I mean if LN gets adopted widely, only a few will be using onchain transactions. That means a direct loss of income for miners. What if they stopped spamming so they can be competitive to LN to not lose fee income?

Fee Income from 10sat/b txs is still better than nothing, right? If that's the case, core team just scored another one.

I hear that, but if you go to the BCash threads they are postulating that the miners are going to abandon BTC in droves due to the fee loss.

...

It seems that the ongoing spamming was costing a pretty decent chunk of change on an ongoing basis, and it was seeming not to pay off, and it was also seeming to have some opposite effects too.  First of all the cost of keeping it going, and second of all it was causing greater financial motivations for the implementation of lightning - which was not a desired outcome.

I agree with this, the only thing I would remind of is that the spammer in question likely negated a good bit of the costs as they were also mining the spammy blocks.

[HairyMaclairy]

Just because a certain exchange is in the lead of a trend does not mean that they are leading the price movement.

Sure.  I would welcome alternative explanations of what is going on in the market because I am trying to puzzle it out.  I am not saying that I am right. 

[mindrust]

Maybe its the lightning network?

It is early to say that but what if they just don't want to lose the on-chain customers?

I mean if LN gets adopted widely, only a few will be using onchain transactions. That means a direct loss of income for miners. What if they stopped spamming so they can be competitive to LN to not lose fee income?

Fee Income from 10sat/b txs is still better than nothing, right? If that's the case, core team just scored another one.

I hear that, but if you go to the BCash threads they are postulating that the miners are going to abandon BTC in droves due to the fee loss.

Who cares? As long as at least 1 person does some mining, we are fine. Miners thought they were special snowflakes. They are not. They already make money from the block rewards.

They'll leave and do what? Spam the bcash chain which nobody uses and ripoff people which don't even exist? Since nobody uses bcash who'll they be fucking?

They'll mine bitcoin whether they like it or not. Get rekt fucktards. Fucking parasites.

[jojo69]

I hear that, but if you go to the BCash threads they are postulating that the miners are going to abandon BTC in droves due to the fee loss.

Who cares? As long as at least 1 person does some mining, we are fine. Miners thought they were special snowflakes. They are not. They already make money from the block rewards.

They'll leave and do what? Spam the bcash chain which nobody uses and ripoff people which don't even exist? Since nobody uses bcash who'll they be fucking?

They'll mine bitcoin whether they like it or not. Get rekt fucktards. Fucking parasites.

I do not disagree, I was just slumming over on their thread and wanted people to be aware of what they are thinking over there.

There does seem to be some cognitive dissonance involved.

[Deeyoh]

Switching to BCH due to tx fee loss is crazy.. just look at the bcash transaction amount maybe a few hundred tx's per block. Maybe.. it's a ghost network.   They'll shoot themselves in the foot again by switching to mining it.

[mOgliE]

$12000 in one hour come on bitcoin

Yeah don't hope too much...
There is a need for a bubble. And a need for its explosion.

Exactly like the last one here there is a possibility for the price to go reaaaaaally low and I think it will. Think about how many people bought at 17k$ and are waiting for the price to go a little bit up for selling. There is a really big resistance that won't allow the price to go up for some times :/

[UnDerDoG81]

Sorry for that stupidish question. I invested 2013 in Bitcoin and holding since then. My Coins are on a paper wallet and I don't have much to do with cryptos since then. Everybody is talking about tether these days. I have no idea what that is again. Do I have to do anything with my bitcoins before this tether thing crashes? Or simply hold another few years?

It isn't stupid to ask IMO.
Very briefly:
Tether, as per the FAQ pointed above, is a substitute for USD pegged 1:1.
It's being used to add fiat-like liquidity.
There are worries of over-creation of tether (fractional reserve), along with more complex hypotheses.
If it is a fake, and it pops, there will be some blood and unpleasant consequences on BTC price.
However, bitcoin has lived through worse events (Gox, for example). If one believes in the long-term future of bitcoin, tether shouldn't be able to sway their course of action for the long run.

TL;DR: Just hodl.

Thanks! I wish I would have paid out 50% at ~20k. Holding for another 2-3 years, long time.

[mindrust]

Who cares? As long as at least 1 person does some mining, we are fine.

I'm actually looking to pick up at least 1 S9-performance-equivalent miner, just to keep a single system mining for the principle of it, to go along my full node and LN node.

Don't want to support Bitmain.

Doesn't seem I have any other options available to me at this time.

Here's hoping those products out of Japan come online soon, or dare to dream Bitfury ever reconsiders coming back down to earth.

I heard Canaan is a decent company.

If you don't want Canaan stuff, you better wait for the upcoming products from either Halong Mining or GMO.

btw, I don't have anything against miners as long as they don't act like retards. I would mine bitcoin and secure my investments too if i had the chance. But this whole ASIC thing and lack of customer support/bad distribution network moved me away from it. Now i'm mining BURST because its goddamn easy to do so.

[podyx]

Ethereum keeps creeping up and taking over market share. Will ethereun slowly take over bitcoin? Kinda seems like its possible

[d_eddie]

Ethereum keeps creeping up and taking over market share. Will ethereun slowly take over bitcoin? Kinda seems like its possible

Just wait till they want to use it for real transactions 

[Torque]

Ethereum keeps creeping up and taking over market share. Will ethereun slowly take over bitcoin? Kinda seems like its possible

Just wait till they want to use it for real transactions  

Demand for Cryptokitties is strong bro  

[marcus_of_augustus]

looking like a sideways breakout is in progress until early feb ...

[sirazimuth]

sideways breakout... well I guess thats good for those with a heart condition...
then again, if you have a heart condition, you sure as hell shouldn't be bitcoining....

[Icygreen]

Ethereum keeps creeping up and taking over market share. Will ethereun slowly take over bitcoin? Kinda seems like its possible

Just wait till they want to use it for real transactions  

Demand for Cryptokitties is strong bro  

I hear cryptotitties will overtake it tho? https://www.producthunt.com/upcoming/cryptotitties