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Question: What year will we achieve a new ATH?
2019 - 48 (30.4%)
2020 - 62 (39.2%)
2021 - 34 (21.5%)
2022 - 8 (5.1%)
2023 - 1 (0.6%)
Never - 5 (3.2%)
Total Voters: 158

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21182414 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (24 posts by 13 users deleted.)
bitserve
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January 12, 2019, 01:27:34 PM

[...]Lightning Network is an exact replica of the current banking system [...]

You have to upgrade your thinking.... Roll Eyes

Even if it had any similarity it would be only for letting them manage our pocket money instead of our holdings, exactly the contrary of what currently happens with the banking system in which we let them control the whole of our finances and we only control the pocket money. It's easy to see the improvement.
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micgoossens
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January 12, 2019, 01:33:58 PM

https://bitcointalk.org/index.php?topic=5096275.0

HAT INVASION please Roll Eyes
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January 12, 2019, 01:42:14 PM

According to coinfairvalue, Bitcoin should be at $7415 right now.
https://www.coinfairvalue.com/

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January 12, 2019, 01:42:30 PM
Merited by JayJuanGee (1)

Of course lightning is a far weaker system than Bitcoin offering far less security and censorship resistance.

You miss the point it does nothing to fix the current monetary system.  The fact bitcoin is designed around having built-in, rent seeking middlemen who you need to ask permission from to move the coins you supposedly own, and then need to pay a ransom extortion fee to, should be a red flag to any non-idiot that bitcoin at it's core does really nothing to alter the evil banking system that currently exists.  The variable of fixed money supply in bitcoin vs infinite fiat supply is pretty much a giant red herring to distract people in this regard.


You don't understand. Lightning is not an equivalent to the monetary system but to a single payment system. Even if lightning is undermined still #bitcoinsusersnotaffected holds. A middle man hardly is a middle man if it's trivial to avoid him Wink
LFC_Bitcoin
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January 12, 2019, 01:43:50 PM

According to coinfairvalue, Bitcoin should be at $7415 right now.
https://www.coinfairvalue.com/



Dem cheap coinz innit bro
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January 12, 2019, 01:55:54 PM

You don't understand. Lightning is not an equivalent to the monetary system but to a single payment system. Even if lightning is undermined still #bitcoinsusersnotaffected holds. A middle man hardly is a middle man if it's trivial to avoid him Wink

Years ago, before the small vs large blocks debate, I did the research myself to try and determine how large of blocks bitcoin would need to function as a global payment system.  My number was needing around 8 MB blocks for transactions of something like $10k+ to viable.  So, no, it is not *easy* to use solely the base bitcoin protocol and avoid off-chain transactions and 3rd parties.  You should have seen Anonymint's estimates for just how high transaction fees could go, they were astronomical.  Some of the estimates assumed miners colluding, but even the ones with no collusion were LOL insane.
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January 12, 2019, 02:05:14 PM

Morning WO's, have a great weekend.

Smoking some hopium the other day, was enough to make me realize the absence of Lambie_Slayer, silently taking a ride with our two morons of honor.



Earlier that day, virgin r0ach bravely had confessed his nano penis phenomena to gembitz.



Last but not least, both agreed to double their initial order since 2015, now buying $2 worth of BTC at the price of $199.



PEEEEEEEEE Grin

Felt like dropping by to say this is excellent Cheesy Bravo!

Kissless Virgin and his Weiner Girl will never be safe as bears on this sacred ground.

Roach I did like your Trump/Chuck Schumer/Wall meme, it was really good. Its not too late to sell your silver, buy a whore and lose the V card, then use the rest for Bitcoin and leave the life of losing and pain behind.

Its a BTCull Market you know.
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January 12, 2019, 02:05:36 PM

Lol Bitcoin does not have to function as a global payment system. Listening to Ver and hanging in /r/btc too often?

If you pay the fee your transaction will be included in the Blockchain. If that fee is the equivalent of $0.10, $1, $10, $100, $1000 or more that simply reflects the value of being able to place a transaction on the Bitcoin blockchain.
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January 12, 2019, 02:11:16 PM

If you pay the fee your transaction will be included in the Blockchain. If that fee is the equivalent of $0.10, $1, $10, $100, $1000 or more that simply reflects the value of being able to place a transaction on the Bitcoin blockchain.

What is the purpose of bitcoin if transaction fees went to $1000?  It's mostly a fucking interbank settlement tool and that's it.  The banks would also get rid of it and use their own proprietary settlement tool or token as well.  You have to keep in mind that unlike a bank to peon citizen transaction, in interbank settlement they are NOT attempting to rip each other off (usually), so each party would demand an actual real payment and they would use physical metals for settlement like they always do.  The other side wouldn't want or accept an imaginary, valueless, digital token as collateral for anything.
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yes


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January 12, 2019, 02:45:53 PM

Macleod with a short history of the euro. Probably well known already among readers here but nonetheless a good summary: https://www.goldmoney.com/research/goldmoney-insights/the-tragedy-of-the-euro

Hint: continued failure of fiat currencies = bullish for crypto.

Can only banks start a Lightning Network Node?
Can only banks validate LN transactions?

Can YOU create a fucking branch bank right now?  NO.  


No need to swear.  Roll Eyes

Quote
You need massive capital, lawyers, govt connections, and everything else.  All of the same rules will apply to Lightning nodes, just NOT DAY ONE.  Stop playing dumb.  Those regulations and red tape (AML/KYC) will lock out any wildcat nodes and the only ones will be run by people like Bank of America and Goldman Sachs.  

Anything that has an easily identifiable physical or digital surface attack vector will be enveloped by the current system.  Claiming you're going to run a wildcat Lightning node is like claiming you're going to be some type freelance illegal porn distributor and the FBI is not going to kick in your door.  If you're capable of putting 1+1 together, shilling for Lightning is like shilling directly for Goldman Sachs.

You seem to imply that government can (and will) shutdown LN nodes unless they have been vetted and are licensed. Wouldnt the same be true for Bitcoin nodes?

In other words: are you arguing that the government can feasibly block Bitcoin and LN networks ?
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January 12, 2019, 02:49:40 PM
Merited by vapourminer (1), JayJuanGee (1), micgoossens (1), kenzawak (1)

Had my 24 word seed tattooed along my penis, the burglar will have to impress me somehow before they can steal it.

 The average word length for BIP39 seeds is 6.4 characters according to my extensive-1 sample. (10 lines)

Some definitions and assumptions:

  • The standard character size for text is 12 DTP-Point (abbreviated pt.)
  • ONE pt. = 1/72 of an inch
  • Twenty-four seed @ average word length of 6.4

 Calculation:

24 (words) X 6.4 (chars/word) X 12 pt X 72-1 in./pt. = 25.6 inches

Conclusion:

 Seed word tattoo is split into two lines




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Per securitatem consilio


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January 12, 2019, 02:51:07 PM
Merited by micgoossens (1)

That way I could only show each tattooist 5" for opsec
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January 12, 2019, 02:51:18 PM

So, while things are not in the bull zone yet, do you not think it 'possible' (as my hopium-addled brain thinks) that this is finally the beginning of the end?

Yes it is definitely the beginning of the end.  The problem is, "the end" is quite a large mind space.  It will likely take up most or all of the 2019 calendar year.  

Personally, I am thinking a dull sideways, but slowly upward grind (sure, with fits and starts) from here to the end of this year. Not a bull run yet - but past the definitive end of the bear market.  

Too optimistic for me.  We have no foundations on which to build a bull run yet.  And we need to break the bearline.  Those foundations could form tomorrow, but they are missing for now.  

I think too many people would rather buy at 3XXX and risk it dipping than be forced to buy at 4K or 5K if Bitcoin has a French Weekend when they aren't watching.

Yes, it is critically important to be hedged against the upside.  

If there is to be a new ATH, according to pattern - with the order of increase we saw between the last two, then (to extrapolate) what is the difference buying at 3K or 2K if it might hit 50K inside 2 years?

I have said before, we could hit $280k by December 2021.  I still think this is possible.  

Thanks for the reply Hairy, I don't disagree with you.   Other than 'the beginning of the end' I wasn't being so optimistic, I don't think anything like a real bull run can happen this year.  But even 2015, which memories think dull, saw a near trebling of the price from the Jan low by EOY.

The 200MA wasn't broken, but it was perfectly touched a few weeks back.  One more try? Possibly - but even then I reckon it will probably hold, if so... the end of the beginning is confirmed.
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January 12, 2019, 02:55:06 PM

Had my 24 word seed tattooed along my penis, the burglar will have to impress me somehow before they can steal it.

 The average word length for BIP39 seeds is 6.4 characters according to my extensive-1 sample. (10 lines)

Some definitions and assumptions:

  • The standard character size for text is 12 DTP-Point (abbreviated pt.)
  • ONE pt. = 1/72 of an inch
  • Twenty-four seed @ average word length of 6.4

 Calculation:

24 (words) X 6.4 (chars/word) X 12 pt X 72-1 in./pt. = 25.6 inches

Conclusion:

 Seed word tattoo is split into two lines






Or globb is a pornstar with the biggest dick ever  Grin
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January 12, 2019, 02:56:33 PM

That way I could only show each tattooist 5" for opsec

hahaha
perfect COUNTER

but nice calculation by XhomerX
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January 12, 2019, 03:12:15 PM

Bitwise Bitcoin ETF Trust IPO Filing on NASDAQ

https://www.nasdaq.com/markets/ipos/filing.ashx?filingid=13149338


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January 12, 2019, 03:21:57 PM

Bitwise Bitcoin ETF Trust IPO Filing on NASDAQ

https://www.nasdaq.com/markets/ipos/filing.ashx?filingid=13149338



Without going through the whole shebang, it's not even easy to tell if it's supposed to be settled in kind or not.
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January 12, 2019, 04:06:41 PM

If you pay the fee your transaction will be included in the Blockchain. If that fee is the equivalent of $0.10, $1, $10, $100, $1000 or more that simply reflects the value of being able to place a transaction on the Bitcoin blockchain.

What is the purpose of bitcoin if transaction fees went to $1000?  It's mostly a fucking interbank settlement tool and that's it.  The banks would also get rid of it and use their own proprietary settlement tool or token as well.  You have to keep in mind that unlike a bank to peon citizen transaction, in interbank settlement they are NOT attempting to rip each other off (usually), so each party would demand an actual real payment and they would use physical metals for settlement like they always do.  The other side wouldn't want or accept an imaginary, valueless, digital token as collateral for anything.

The most secure store of wealth with the lowest third party dependency and highest censorship resistance in history. Frankly I see transaction fees in the 5-figures of 2019 USD equivalent a few decades in the future.
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January 12, 2019, 04:17:03 PM
Merited by bones261 (1)

Physical metals, on the other hand, DO NOT have built-in middlemen like bitcoin and the current banking system do.
Fuck yes they do

If I attempt to spend a bitcoin, I am involuntarily making someone else rich in the process - the designed to centralize, built-in middlemen mining monopoly or lightning node monopoly.  If I attempt to spend a gold, silver, or copper coin, NOBODY else is profiting off my transaction and sucking up all wealth in the universe in the process.

What is the purpose of bitcoin if transaction fees went to $1000?

Try "transacting" in gold or silver across the world for a good or service. Tally up all the usury 'middle men' fees for courier services, vault storage fees, customs fees, armored car services, boat, plane, armed guards, whatever. WELL over $1000+ for a single transaction, even way higher depending on the amount of PM $$$ involved. MANY people are profiting off of your transaction and getting rich. And many points along the path to destination where your PMs can go "missing".

Do you even listen to your own deluded bullshit you spew, r0ach?
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January 12, 2019, 04:41:10 PM

^
I always have my crew an cutting machinery to prepare my GOLD and SILVER @ anytime
so I have them in all kind of pieces
and I have to transact all over the world WTF is the problem?
didn't you read I make them in all sizes I want and just mail them all over the globe
so what the F*** is your problem man
if you have anything better I'm open for all but I doubt sincerely
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