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

[ninobtcx]

Yeah okay - mind to elaborate?

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[Totscha]

meh...

What's your opinion on this?

As a rule I ignore anything written in all caps. It's usually something written in a fit of rage by a person not burdened by an overabundance of schooling...

[realr0ach]

I would like to hear people’s stories about how they first heard about Bitcoin ?

http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm

[gentlemand]

Also depends on how many you bought. If you bought 5 coins from $600, you can wait till it hits $50k. That's a sensible move.

If you bought in three figures and you're still here why would you do anything now?

As a rule I ignore anything written in all caps. It's usually something written in a fit of rage by a person not burdened by an overabundance of schooling...

Anyone who uses the 'c' word - cuck - is a 100% guaranteed valueless cunt.

[realr0ach]

https://i.4cdn.org/biz/1542620075636.png

What's your opinion on this?

I explained why Lighting is a centralized, permissioned ledger scam years ago that's identical to the current banking system in practice:

LN is an unworkable train wreck without putting all channel closings in the same common permissioned queue (meaning completely centralized).  The fact these systems are built around a finite block size means humans can easily attack that bottleneck by flooding it with channel closings.  Since it can be flooded, you're required to buffer them and either discard low payers or put them at the back of the line just like regular bitcoin mempool.

From that point, you either have to design as a hub and spoke model just like what Mike Hearn claimed, where the Lightning node is a bitcoin bank and everyone who uses it is their peon slaves to extract usury upon, or every lightning node broadcasts a shared queue with each other.  But due to the fact that people can try to flood the queue as mentioned earlier, each lightning node will have their own criteria for what is or isn't spam, or who is and isn't a terrorist that they will broadcast to other nodes (meaningly INSANELY PERMISSIONED, cartel coordinated, and usury based).  The nodes might also be incentivized NOT to broadcast and force a hub and spoke model for their own gain.

If a Lightning node constantly broadcasts flood bullshit to everyone, they will likely be blacklisted by other Lightning nodes (lightning banks, whatever you want to call them), so the entire system is based around things like trusted and untrusted members, subjective anti-spam filters, etc.  In other words, for Lightning to work at all, it would probably be the most permissioned centralized piece of garbage ever to exist.  No real difference from having an account at Bank of America, and ironcially, the govt will likely legislate who is and isn't allowed to run these Lightning nodes, meaning Bank of America or Goldman Sachs will run them.

At least this is my understanding of the problems one has to overcome to create such system.  The fact bitcoin is not decentralized and it's impossible to create a decentralized digital currency in the first place, also means anyone claiming Lightning is going to be "decentralized" is a complete idiot when it's built on top of bitcoin.

Do you actually know what LN is?  I'll tell you what it is.  LN is nothing more than establishing bitcoin banks on top of the blockchain.  All of the exact same regulation traditional banks have will be applied to them and bitcoin will be virtually identical to your current banking system.  The only reason it hasn't happened yet is because it's too difficult for them to play whack-a-mole with regulating miners, but the LN "nodes" aka banks are less ambiguous in nature and will be regulated to infinity just like any normal financial services provider or bank.  

The costs, compliance, and amount of lawyers needed will be so high only entities like JP Morgan and Goldman Sachs will run them.  This is how crony capitalism works.  You introduce regulation with compliance requirements and fees so high that only your existing monopoly can participate while all small competitors are eliminated.

Nevermind the fact LN doesn't function in a decentralized manner in the first place.  There is also ZERO incentive for LN nodes aka banks to broadcast transactions to external peers.  There is actually incentive for these bitcoin banks to FORCE a hub and spoke model or cartel collective in order to hold their users hostage for usury fees (just like regular banks do). There's also nothing that stops them from changing usage of bitcoin as settlement to ripple, US dollars, or anything else.

[xhomerx10]

What's your opinion on this?

 Contains a lot of misplaced commas and a familiar ring to it.
Is that you faketoshi?

[ninobtcx]

@roach:
Thanks - the only non-NPC comment so far.

So basically Bitcoin in your opinion has been irremediably corrupted after the introduction of LN, right? what's in your opinion the closest things we have to a sound decentralized cryptocurrency at present time?

[ninobtcx]

What's your opinion on this?

 Contains a lot of misplaced commas and a familiar ring to it.
Is that you faketoshi?

Yeah Sherlock, it's me CSW talking rubbish about myself in every other post.

[El duderino_]

taking you guy's with me

now the price just gotta follow

[Totscha]

What's your opinion on this?

 Contains a lot of misplaced commas and a familiar ring to it.
Is that you faketoshi?

Yeah Sherlock, it's me CSW talking rubbish about myself in every other post.

Hey Einstein, he was talking about the author of the post in the pic you posted.

[HairyMaclairy]

[HairyMaclairy]

Fucking amazing man

[d_eddie]

Can't make out the numbers, but... does this projection place the local low in the 1.5k area?

[LFC_Bitcoin]

If that turns out to be what happens most of us will be very rich. Feeling pretty low about what’s happened atm with the price though. I’m not selling anything but my God this is rubbish atm.

[barota]

People above 6000 they bought all the time
Now there is no pump!!!!!

[realr0ach]

@roach:
Thanks - the only non-NPC comment so far.

So basically Bitcoin in your opinion has been irremediably corrupted after the introduction of LN, right? what's in your opinion the closest things we have to a sound decentralized cryptocurrency at present time?

Well, Lightning doesn't really have anything to do with bitcoin.  It's a permissioned ledger, Rube Goldberg machine built off the payment channel feature set of segwit.  The only real main use case of things like payment channels is for exchanges or financial institutions to do arb on the backend, or for branch banking-like entities to have all their transactions on an intranet instead of paying for them on-chain.  So, payment channels actually do have benefit...but only for entities like Coinbase or Goldman Sachs to save a few bucks by broadcasting their banking consortium transactions on an intranet.

As for bitcoin itself and every other cryptocurrency ever created, transaction validators are always designed to centralize through compound interest, economy of scale, the bell curve's effect on ASIC design, foundry capital startup costs, asymmetric global energy costs, the list goes on forever.  It's 100% impossible to create a decentralized digital currency because transaction validators always centralize.  The only possible way to do so would be unprofitable PoW just like email PoW where every user processes their own transactions.  In that manner, transaction validators are infinite, but unprofitable PoW is unworkable in practice and requires artificial convergence, so you're back to square one of a decentralized digital currency being impossible.

This is why I endorse physical silver and gold instead.  99% of people you will read on this message board are liars and scammers trying to profit on imaginary, valueless token pump and dumps.  Many of them know everything I said above is 100% true, but they don't care because their only goal is to try and profit or rip people off.  There's no reason to ally with the scammers even if your only goal is profit when the potential upside on physical silver is probably higher than bitcoin anyway at this point.

[Totscha]

People above 6000 they bought all the time
Now there is no pump!!!!!

Ver, Jihan & Wright are dumping their BTC to fund their little hash war. They'll run out eventually...

[Totscha]

Can't make out the numbers, but... does this projection place the local low in the 1.5k area?

3k. The last bear trap before the jump to 20k.

[realr0ach]

You got to love the HairyMcLarry delusion where he thinks it's possible for bitcoin to be pump and dumped from $3k to $300k in one swoop.  Even when the market cap was MUCH SMALLER, it was only possible to do a +10x and make moves like $100 to $1000 (and even moves like those require enormous MtGox or Bitfinex fraud).  Now he thinks you can do a +100x when it already has a gigantic market cap that's even higher than some of the biggest companies on earth? lol.

[ninobtcx]

People above 6000 they bought all the time
Now there is no pump!!!!!

Ver, Jihan & Wright are dumping their BTC to fund their little hash war. They'll run out eventually...

Indeed.

https://www.binance.com/en/trade/BCHABC_USDT
https://poloniex.com/exchange#usdc_bchabc
https://www.kraken.com/charts
BCHABC price on binance: 240; on poloniex and kraken: 235. Very close.

https://www.binance.com/en/trade/BCHSV_USDT
https://poloniex.com/exchange#usdc_bchsv
https://www.kraken.com/charts
BCHABC price on binance: 100; on poloniex and kraken: 70 This means only one thing about binance buy orders..

Faketoshi sold his BTC and is pumping the buy order books for his BCHSV.. only thing he's just doing that on binance and still not on poloniex and kraken lol.