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

[DaRude]

Unfortunately, there is nothing to prevent someone from building a layer on top of a blockchain and issuing tokens that are supposed to be backed by deposits and then running a fractional reserve. (Many accuse Tether of doing just that.) Furthermore, blockchains have difficulty scaling. That is why BTC has resorted to the lightning network to attempt to address the scaling problem.

So BTC is a solution, but it's really not a solution because someone can come up with a different solution on top of BTC which wouldn't really be a solution at all, thus making underlying BTC not a solution. Think i got it. And then BTC is having problem scaling so that's why they introduced a scaling solution called LN. Did i get it right?

If the solution you want is to totally prevent people from running fractional reserves, then no, the blockchain is not the solution. Perhaps if you could cram all of the functionality onto the blockchain itself it may be a solution. However, when you try to cram all of the functionality onto the blockchain itself, you run into a scaling issue. You can get a blockchain to scale, but this always comes at the cost of the network being more centralized.

Oh ok i think you cleared it up now, but just to make sure, so it's impossible to cram every possible functionality in any system, and it's also impossible to prevent a derivatives market based on any underlying asset. And since BTC exists in our faulty universe BTC is burdened with the restrictions that apply to every other system. Thus we draw a conclusion that BTC is a failed experiment and will die? I believe the scientific name for this argument is 'R0ach logic'

Did I ever state that BTC is a failed experiment? Or is that what is implied whenever someone dare states that the blockchain and BTC are not the end all be all solution to everything.  

Well, since you kept using straw men logic i figured i'd throw an obvious one as well in case you cannot counter any other points i make. BTC has many valid attack vectors. Like centralization, why not use that and propose solutions to improve miner decentralization instead of your silly attempts at claiming that it can be used at running fractional reserve. Where bitserve literally just outlined how BTC part can be easily audited in few simple steps.

Edited

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[Elwar]

Screw it. I'm buying moar.

[Dakustaking76]

Finaly we see Some green dildo’s  

[toknormal]

Finaly we see Some green dildo’s  

Small mercy. A set of perfect descending triangles indicates we are headed for the $2000-$6000 region IMO. Major profit taking from last year's rise about to take place.

[qwizzie]

https://www.ccn.com/bitcoin-price-drop-from-20000-likely-due-to-market-manipulation-traders/

Interesting article.

[toknormal]

https://www.ccn.com/bitcoin-price-drop-from-20000-likely-due-to-market-manipulation-traders/

Interesting article.

It wasn't only the drop. The original rise was also due to "price manipulation" in the first place.

[qwizzie]

https://www.ccn.com/bitcoin-price-drop-from-20000-likely-due-to-market-manipulation-traders/

Interesting article.

It wasn't only the drop. The original rise was also due to "price manipulation" in the first place.

Yep, works both ways.

[toknormal]

Yep, works both ways.

Ah ! It's you.

[qwizzie]

Yep, works both ways.

Ah ! It's you.

C'est moi

[El duderino_]

[El duderino_]

 


let it be WEEKEND pump and bear rekking time

[bitserve]

...
It's not only for "security". As soon as you are not running fractional reserve on crypto you are not lowering the price of it. It's ok to me if every (or any, for starters) exchange is forced to proof they hodl the real btc balance. And as I said, it could also be complemented with a bank balance certificate of FIAT funds in the "traditional" way.

See my edit above

Yes, I do also agree that completely auditing the FIAT part is not really possible. Fraud would be always possible, but it is avoiding fractional reserve banking in crypto what it is possible to avoid. I am only interested that they do have the BTC/other crypto they claim to have to avoid the negative influence in price the contrary would have. Of course, they could be hacked next day and the users would lose the (crypto) funds but it would be (publicly) detected inmediately (at next blockchained balance or absence of it) so the point is not to guanratee the funds are "safe"... just that they really hodl it, until they don't.

It is not a cure all solution, but something like the mtgox case would have been avoided/mitigized.

There's not point in trying to avoid fractional reserve banking in something (FIAT) which is already highly fractional reserve banked. It is not as if everyone (including exchanges) could simply withdraw their theoretical bank balances into cash. We don't even know what percentage of it is "real" for each FIAT currency.

But it would/should be possible in crypto. Unless.... what if the exchanges are already running some kind of fractional reserve? We will never know until they implement the simple proof of crypto reserves system.

[illyiller]

I spy a W bottom on the 4-hour.

Smells like a local bottom. But I wonder if it's a just a bounce in a big bear triangle.

[El duderino_]

*belgium 28°

*weekend time/drinks and foods

*small BTC pump to start the day

*and the knowledge that i'm watching champions league   LIVERPOOL/REAL MADRID

-what a day to go crazy on

[Karartma1]

I spy a W bottom on the 4-hour.

Smells like a local bottom. But I wonder if it's a just a bounce in a big bear triangle.

Your global forum posting activity scares the shit out of everybody. You better be not disappointed.

https://www.ccn.com/bitcoin-price-drop-from-20000-likely-due-to-market-manipulation-traders/

Interesting article.

It wasn't only the drop. The original rise was also due to "price manipulation" in the first place.

Yep, works both ways.

Willy everybody? Main difference from Willy and Gox is that no big exchange exploded. Finex was close to blow up but you all know how it went.

[Arching_wild]

At the end this is the resume of the first 6 months after the so called big pump.

[becoin]

https://www.ccn.com/bitcoin-price-drop-from-20000-likely-due-to-market-manipulation-traders/

Interesting article.

It wasn't only the drop. The original rise was also due to "price manipulation" in the first place.

Yep, works both ways.

No. It isn't.

SEC didn't launch price manipulation probe when price dropped from 19K to 6K. SEC launched price manipulation probe just recently when it is obvious sell pressure is rapidly fading away!

[Speculatoross]

[Speculatoross]

Trading Altcoins and Bitcoin with your Trezor  

https://medium.com/faast/how-to-make-effortless-cross-chain-trades-with-a-trezor-wallet-50f6e85fe923

What are the fees?

Wait.

1.  Why are YOU interested in trading ALTS?
2.  Read #1

Trading alts is just a btc accumulation game

[qwizzie]

https://www.ccn.com/bitcoin-price-drop-from-20000-likely-due-to-market-manipulation-traders/

Interesting article.

It wasn't only the drop. The original rise was also due to "price manipulation" in the first place.

Yep, works both ways.

No. It isn't.

SEC didn't launch price manipulation probe when price dropped from 19K to 6K. SEC launched price manipulation probe just recently when it is obvious sell pressure is rapidly fading away!

I think when you have a unregulated market where the price is going up rapidly from 6K to 19K, there is bound to be some price manipulation going on there as well from big whales / investors behind the scene.