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

[mindrust]

Cobra was getting a severe honeybadgering yesterday on twitter - 'he's in league with Jihan' 'he's a bcashist' 'always thought he was dodgy since he came back'...
And he won't debate out his points.

Jihan could have 51%ed bitcoin for ~2 years now, but he hasn't, because unlike the little snake he isn't a complete twat.

for now, pow change is a reactive measure not proactive

my new secret crush has a video on this, might watch later https://www.youtube.com/watch?v=KI3SBTqJUtw&
Under the Microscope #2 - Proof of Work Changes
JW breaks down arguments against performing a Proof of Work change, and why such a fork would be more detrimental than helpful.

"Imagine if someone followed you around with a gun pressed against your head, and you were OK with this because “he is incentivized to not shoot me because of the threat of jail”, people would call you stupid and crazy, and yet when it comes to Bitcoin, we’re totally fine with thinking along those lines." -Cobra

[Last of the V8s]

Cobra was getting a severe honeybadgering yesterday on twitter - 'he's in league with Jihan' 'he's a bcashist' 'always thought he was dodgy since he came back'...
And he won't debate out his points.

Jihan could have 51%ed bitcoin for ~2 years now, but he hasn't, because unlike the little snake he isn't a complete twat.

for now, pow change is a reactive measure not proactive

my new secret crush has a video on this, might watch later https://www.youtube.com/watch?v=KI3SBTqJUtw&
Under the Microscope #2 - Proof of Work Changes
JW breaks down arguments against performing a Proof of Work change, and why such a fork would be more detrimental than helpful.

"Imagine if someone followed you around with a gun pressed against your head, and you were OK with this because “he is incentivized to not shoot me because of the threat of jail”, people would call you stupid and crazy, and yet when it comes to Bitcoin, we’re totally fine with thinking along those lines." -Cobra

Yuh I posted mine before reading yours, but that has not changed my mind. The analogy is faulty. If Jihan shoots, we get a flesh wound THEN change pow. And the shooter dies. We brick his hardware. Simples.

[HairyMaclairy]

Good luck my friend.  Search me on soundcloud

will do

The WO band is taking shape guys

Didn’t realize that Proudhon was a muso.

[ivomm]

Laszlo Hanyecz of Pizza fame and history does it again with Lightning mainnet

https://lists.linuxfoundation.org/pipermail/lightning-dev/2018-February/001044.html

[mindrust]

Cobra was getting a severe honeybadgering yesterday on twitter - 'he's in league with Jihan' 'he's a bcashist' 'always thought he was dodgy since he came back'...
And he won't debate out his points.

Jihan could have 51%ed bitcoin for ~2 years now, but he hasn't, because unlike the little snake he isn't a complete twat.

for now, pow change is a reactive measure not proactive

my new secret crush has a video on this, might watch later https://www.youtube.com/watch?v=KI3SBTqJUtw&
Under the Microscope #2 - Proof of Work Changes
JW breaks down arguments against performing a Proof of Work change, and why such a fork would be more detrimental than helpful.

"Imagine if someone followed you around with a gun pressed against your head, and you were OK with this because “he is incentivized to not shoot me because of the threat of jail”, people would call you stupid and crazy, and yet when it comes to Bitcoin, we’re totally fine with thinking along those lines." -Cobra

Yuh I posted mine before reading yours, but that has not changed my mind. The analogy is faulty. If Jihan shoots, we get a flesh wound THEN change pow. And the shooter dies. We brick his hardware. Simples.

I have to admit. That also makes sense.

But the main problem stays if we keep him alive. He'll keep owning >%51 till he decides to suicide which is unlikely because he is the leech. The parasite. Have you ever seen a kamikaze parasite? No. He'll bleed us dry till he can't.

Then he'll move to the next body. (crypto) Cobra & Luke want to kill the parasite though they don't guarantee there won't be any new parasites so I have mixed feelings on this. It is probably better to support competing companies as long as we can. But then again, bitmain can b/o any competing company when it becomes juicy enough. :/

[Karartma1]

Laszlo Hanyecz of Pizza fame and history does it again with Lightning mainnet

https://lists.linuxfoundation.org/pipermail/lightning-dev/2018-February/001044.html

But this time is like a non-event 

About price: how long until Batman pattern will be followed by that of Superman?

[mindrust]

This is why GPU/CPU mining is a lot better than ASICs i think.

GPU companies have to build&sell GPUs no matter what because gamers need to game. CPU manufacturers have to build&sell CPUs no matter what because there will be a demand whether people mine crypto or not. Nvidia/AMD/Intel will be making hardware no matter what. They can't be deceived by evil crypto criminals.

But ASICs? This is cancer.

There is no way Nvidia/Intel build HW and mine Bitcoin without getting noticed but Bitmain can. Because that's their only job. Nvidia and the others can't run a 2 businesses at once. They are making GPU/CPU's and we are exploiting their business. Good for us.

Maybe Cobra is right. Better late than ever.

[realr0ach]

Actor Brendan Fraser from The Mummy makes announcement old Jewish man attempted to rape him and that's why he was blacklisted from Hollywood:

https://dailystormer.name/metoobro-greatest-actor-brendan-fraser-molested-by-greasy-kike-monster-philip-berk/

Did I mention 74% of the #metoo sex crimes are Jewish males?

https://squawker.org/analysis/statistics-show-74-of-metoo-perpetrators-are-jewish-men-why-isnt-the-media-talking-about-this/

[mindrust]

A different question, now: how do you invest in precious metals? Do you actually buy silver and gold ingots to store, or do you purchase ETFs? I would like to include some general silver indexes in my portfolio.

If you can't lick it you don't own it. (Applies to both gold and bitcoin) Never trust 3rd party. Fuck ETFs

[HairyMaclairy]

Mem pool almost empty again. 

[mindrust]

"We don’t want our transactions being decided by the Chinese government. The solution is to adopt a new hybrid PoW system, possibly with a PoS combination, and choosing algorithms that are very easy and simple to build ASICs for. " -Cobra

This is where I get confused a lot. I mean... PoS?? Wtf? Wouldn't that mean removing the hard cap?

If he seriously considers PoS/PoW hybrid algo over our current PoW then its probably best to wait so the markets sort things out by itself.

[ivomm]

Laszlo Hanyecz of Pizza fame and history does it again with Lightning mainnet

https://lists.linuxfoundation.org/pipermail/lightning-dev/2018-February/001044.html

But this time is like a non-event  

About price: how long until Batman pattern will be followed by that of Superman?

From what I read on twitter shorts are rekt. They hoped for the price to fall below 9K. This is not happening for now, so they are forced to buy at the same levels 9.5K-ish they sold. The next week I expect some upward movement which may be extended in the week after that up to 15K range. If bears want to cause more than 20% drop they will need volume which is clearly lacking right now. From 15K they can try to  retrace to 12K and if lucky to 10K. Anyway, everyone has an interest that the lows are getting higher and higher, so the next ATH remains possible this year.

[flynn]

A different question, now: how do you invest in precious metals? Do you actually buy silver and gold ingots to store, or do you purchase ETFs? I would like to include some general silver indexes in my portfolio.

If you can't lick it you don't own it. (Applies to both gold and bitcoin) Never trust 3rd party. Fuck ETFs

I need to tell my wife about this

[Icygreen]

I'm very interested in GPU mining discussion and bitmain centralization.
As bullish as I've become on bitcoin due to learning about the fundamentals from here and others, it still lacks a pure decentralized method that would put me at ease. I think mining needs to be much more simple and perhaps built into wallets. Sort of like running uTorrent or similar p2p network where information is shared and validated among users. It seems GPU mining could be one answer in diluting the mining cartels.

  If BTC is not validated and mined natively between users, I fail to understand how we can achieve true decentralization.

[HairyMaclairy]

I think the belief is we will figure it out and get back there. 

[realr0ach]

A different question, now: how do you invest in precious metals? Do you actually buy silver and gold ingots to store, or do you purchase ETFs? I would like to include some general silver indexes in my portfolio.

It's 100% pointless to purchase metals if you don't buy physical.  All the unallocated metals are rehypothecated so there's 500+ owners per ounce.  They're just meaningless derivative contracts.  When the Comex blows up, or when the govt has to revalue gold and silver exponentially higher to extinguish the debt bubble, you will either receive $0 for your contract, or they will cash out your contract at $20 an ounce of silver right before revaluing it to hundreds of dollars an ounce.  In other words, paper owners miss out entirely on the once in a lifetime avalanche of profits.

What is the purpose of this paper hedge then?  Nothing!  It's an insurance policy that doesn't pay out.  Paper metals are worthless.  As for allocated metals instead of the unallocated variety, maybe you will get lucky, maybe not.  If the organization has any type of serious weight like that Texas bullion depository, the govt will probably try to seize it.  Things like the ETFs have a good chance of being seized, but I doubt they will attempt seizing private holder's metals again.

For one, they know zero people will give them up since nobody trusts the govt now.  Secondly, they've already done a stealth confiscation by rigging the markets 10x more than usual post-2008 and having entities like JP Morgan take delivery of the physical as an agent of the US govt at the suppressed price.  The only type of paper metals worth bothering with would be miners, but I have a feeling the govt will nationalize all assets in the ground as "deep storage" and leave anyone holding shares holding the bag.

TLDR:  Buy either Canadian Maple Leafs, 10 oz Sunshine mint bars, or kilo bars

[Icygreen]

From my current prospective, we either solve energy or we solve distribution. Perhaps both at once.  

[Jacques_Bittard]

This is why GPU/CPU mining is a lot better than ASICs i think.

GPU companies have to build&sell GPUs no matter what because gamers need to game. CPU manufacturers have to build&sell CPUs no matter what because there will be a demand whether people mine crypto or not. Nvidia/AMD/Intel will be making hardware no matter what. They can't be deceived by evil crypto criminals.

But ASICs? This is cancer.

There is no way Nvidia/Intel build HW and mine Bitcoin without getting noticed but Bitmain can. Because that's their only job. Nvidia and the others can't run a 2 businesses at once. They are making GPU/CPU's and we are exploiting their business. Good for us.

Maybe Cobra is right. Better late than ever.

Exactly! Bitcoins mining has been idiotic since the coming of ASICs. An industry created to solve a problem that doesn't even have to exist. Billions wasted for nothing, just to follow this blind greed. With PoW, CPU mining would be the best. Access to CPU processing power is most widespread and CPUs can be utilized to a lot more tasks then just so solve one task. This would be A LOT more energy efficient and less costly to the users of the network. But because the bitcoin community is mostly one big echo chamber, this hasn't been exactly discussed.
Now, even if bitcoin would switch to CPU mining and improve by this, then it would still be the inferior technology to newer PoS models that are being developed.
The religious people of the bitcoin community are dragging down the development by setting up stupid dogmas, that wont let constructive criticism through. The rest are growing around this new idea of cryptoassets, while the bitcoin community is sitting on their dated whitepaper and singing hallelujah..

[Last of the V8s]

here's bitmain's address btw https://blockchain.info/address/1KwA4fS4uVuCNjCtMivE7m5ATbv93UZg8V if any one cares
https://blockchair.com/bitcoin-cash/address/qr8mqj4ylud5tkcx3598lesupf86jzxlfcl09h5wr7 is the funny money addy

now utterly bored of CNBC fud, Bernstein report fud (which I cannot find), cobra and lukejr fud, decentralise all the things crapola, paid shills jumping on any tard bandwagon they can find circus etc.

watching this now

[flynn]

Regarding this POW problem, instead of replacing the SHA-256 POW by something else, we could change Bitcoin so it accepts two POW algorithms at a time, lets say a CPU one and we keep SHA256 also, each algo having its own difficulty, a block being valid if signed by either algo.

This way ASICs would have to compete with CPUs with a fair ratio, and probably disappear after some time because of the costs.