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

[El duderino_]

This week in crypto:

1. One buyer pushes BTC over $5k
2. “Bitcoin” Google searches triple
3. SEC publishes token guidance
4. Binance launching in Singapore
5. More than 40 central banks are evaluating blockchain tech
6. Bitcoin still not dead

Building the foundation weekly!

https://twitter.com/APompliano/status/1114504435248652289

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[hisslyness]

This week in crypto:

1. One buyer pushes BTC over $5k
2. “Bitcoin” Google searches triple
3. SEC publishes token guidance
4. Binance launching in Singapore
5. More than 40 central banks are evaluating blockchain tech
6. Bitcoin still not dead

Building the foundation weekly!

https://twitter.com/APompliano/status/1114504435248652289

6. Bitcoin still not dead or "Crippled"!

[VB1001]

Former Bitcoin Core developer Peter Todd faces rape allegations, refutes with defamation suit

In a recent turn of events, Peter Todd, a former Bitcoin Core developer and cryptography consultant, filed a defamation case against ‘isis agora lovecruft’, who had earlier accused him of rape and sexual assault.

https://ambcrypto.com/former-bitcoin-core-developer-peter-todd-faces-rape-allegations-refutes-with-defamation-suit/

No comment.

[P_Shep]

Wow!.. That's your solution? Bigger Blocks?

I don't understand some people's way of thinking. We are living in an era where almost anything is possible, we just need to be able to imagine it.

Let me dumb it down here...

How do we fix a traffic congestion. I know, let's build/add more lanes on the freeway. that will solve the issue, Right?. Where do we stop? 10 lanes, 100 lanes , 1000 lanes?

Can you see a problem? Eventually your solution will be obsolete, eventually the traffic congestions will surface. Not only that, what about the towns and cities that may be around the freeway when it was just 2 lanes, you would have to demolish the towns and buildings to build these new lanes, eventually you won't have any towns and city to use the freeway with 100 lanes.

Not only that, what if the land is not suitable for your extra lanes. Ie, mountains/rivers/lakes etc.

The solution is not simple, it would have to involve a multi point attack. We could implement, high speed rail to move people around faster, we could use other transport methods, increase Bus or Multi-Passenger vecihles to reduce the amount of cars using the freeway. We can even think outside the box, change peoples driving and transport habit, work from home in the first 2 hours. Leave work later etc etc.

Now back to Bitcoin, does this sound familiar, now can you relate to what the developers are trying to archive? Layer 2? LN?

If you think Bitcoin is crippled because of small block size, then you are still thinking inside the box, and do not have the capacity to understand the full ramifications of larger and larger block size, let alone the importance of a smaller block size. Again, this is only one aspect of Bitcoin.

The other night, I came home and the front light was out. I found my keys, but was struggling to see in the dark, took a tad bit longer to get the front door open, then I thought to myself, wouldn't it be awesome if I had one of those proximity cards, like I do at work, and be able to just swipe my wallet and get inside. So in other words, my house is CRIPPLED and I should move out to my Office/Work. Again, the front door lock is just one aspect of my house.

"One does not grow a system by limiting the things for which it is useful." <- That doesn't apply to Bitcoin, data shows Bitcoin usage has grown year on year. Never have been limiting Bitcoin, infact, we are finding ways to push the boundary of it "usefulness"

The biggest problem you have with your mindset is that you are only thinking about what is here now and not what could be here in the next 5/10/15 years. The Bitcoin developers, not only have to think about block size, they have to think about the whole of BITCOIN. Do not ever say they deliberately crippled Bitcoin, because that is an insult!

This is all great and all, but you might as well be talking to a wall.

[El duderino_]

I'm as bullish on crypto as anyone in the long run, but remember:

The market has a tendency of moving in a way that inflicts maximum pain on the greatest number of people.

https://twitter.com/jchervinsky/status/1114146817711775744

true, but I think we all know the game @this moment after that long of a time

[El duderino_]

Price one year before first halvening : $2.55
Price one year after first halvening : $1,037

Price one year before second halvening : $268
Price one year after second halvening : $2,525

Be prepared, buy bitcoin.

https://twitter.com/Rhythmtrader/status/1113871098624581639

[El duderino_]

https://twitter.com/shilldianajones/status/1114174668456497154
^
LoL lmao 

[El duderino_]

https://twitter.com/davthewave/status/1114343295642005505

[jbreher]

blocksize increase would not have stopped the stupid ass forks.. unless it were to break bitcoin, which was part of their goal to change bitcoin's governance and make bitcoin easier to change.....

Again with the delusion. One of the major 'features' in The SegWit Omnibus Changeset was for the sole stated purpose of making Bitcoin easier to change in the future.

jbreher..

What is your actual point?  Seriously...can you dumb it down for all us plebs and just state what the problems are and how you would fix them. In simple non technical terms so we can all follow along at home.

Sure. Though you've branched from a twig of this thread that is kind of peripheral, I will swerve back to the big hitter.

Problem: As blocks become persistently full, tx fees required skyrocket, average settlement time skyrockets, many use cases become uneconomic, and Lightning fundamentally breaks - due to inability to make economic channel opens and closes, inability to get stale-channel-state-theft repudiation txs included in a timely manner to prevent the theft, LN txs that require out-of-channel execution becomes a larger percentage of the total, etc.

Solution: Avoid persistently full blocks.

How?: The Coreian solution seems to be to drive demand out of the system by reducing usability. I do not buy into that as any sort of a solution at all. One does not grow a system by limiting the things for which it is useful. The solution I advocate is so simple it almost does not require stating. It is the solution 'everyone in Bitcoin circa 2012' knew was the obvious direction to go in. Simply increase the block size to accommodate the demand upon the system. This would return Bitcoin to the economic model it held from inception until insanity.

If I had a magic wand, I would roll back The SegWit Omnibus Changeset. But that ship has sailed. For worse.

I've got a lot of other points, but that's probably the top line item.

Thank you.

You're welcome.

Wow!.. That's your solution? Bigger Blocks?

Yes.

[...stupid analogy is stupid...]

Now back to Bitcoin, does this sound familiar, now can you relate to what the developers are trying to archive? Layer 2? LN?

That's fine, but their myopic 'solution' is insufficient. It is a non-solution. As pointed out, persistently full blocks does not only lead to skyrocketing fees and tx settlement latencies, it also breaks your vaunted layer 2.
 

"One does not grow a system by limiting the things for which it is useful." <- That doesn't apply to Bitcoin, data shows Bitcoin usage has grown year on year.

Perhaps you did not notice the pullback when blocks became persistently full? A hard cap on on-chain txs is a hard cap on on-chain txs, any way you try to spin it.

The biggest problem you have with your mindset is that you are only thinking about what is here now and not what could be here in the next 5/10/15 years.

False statement is false.

[El duderino_]

good good

a small PUMP just a few hours in front of dinner

nice, keep it going keep it pumping

[VB1001]

The Puell Multiple
A New Barometer of Bitcoin’s Market Cycles

Another type of metric, which has recently gained some attention in the Crypto community, is the the Dollar Value of Mined Coins on daily basis or Bitcoin’s Daily Issuance. This metric proved to have consistently identify all the swing lows based on previous All Time Highs like clockwork. This relationship held for the two major, halving associated, bull-bear market cycles as well as the several shorter ones during the early years.

https://medium.com/unconfiscatable/the-puell-multiple-bed755cfe358

Perfect on the timeline, for now.

[JayJuanGee]

happy saturday fellow HODLers


looking quite good so far

above 5k is what we want.


where is a good site to watch the walls displayed graphically?


and when are the MtGox coins going to be given back ?

This is a good website to watch bitstamp walls:

https://www.bitstamp.net/market/order_book/

Regarding Gox coins.  Soon. ^tm  In about two weeks. ^tm

[VB1001]

good good

a small PUMP just a few hours in front of dinner

nice, keep it going keep it pumping

Keep calm, Mic

[jojo69]

@infofront

I have included WO in the thread.

https://bitcointalk.org/index.php?topic=5126554.msg50395431#msg50395431

Thank you VB

I just sent my last merit to a dead man

 

[VB1001]

^
This is fine.

You met him?

I mean Hal, there are many interesting readings in his messages.

[kromer]

Former Bitcoin Core developer Peter Todd faces rape allegations, refutes with defamation suit

In a recent turn of events, Peter Todd, a former Bitcoin Core developer and cryptography consultant, filed a defamation case against ‘isis agora lovecruft’, who had earlier accused him of rape and sexual assault.

https://ambcrypto.com/former-bitcoin-core-developer-peter-todd-faces-rape-allegations-refutes-with-defamation-suit/

No comment.

I will comment. Yet another jealous feminist cunt made a false accusation against an innocent man. Do some research and you will see she is mentally disturbed. Avoid women, gentlemen, they are all sick in the head.

[El duderino_]

Nuff said   

[goldkingcoiner]

Good evening, gentlemen. Are we ready for the pomping summer?

[El duderino_]

Good evening, gentlemen. Are we ready for the pomping summer?

[ProfTP]

happy saturday fellow HODLers


looking quite good so far

above 5k is what we want.


where is a good site to watch the walls displayed graphically?


and when are the MtGox coins going to be given back ?

This is a good website to watch bitstamp walls:

https://www.bitstamp.net/market/order_book/

Regarding Gox coins.  Soon. ^tm  In about two weeks. ^tm

Thank you, thats what i was looking for


there is no fixed date for the gox coins, will they be released all at once?