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

[FTWbitcoinFTW]

90% no withdrals today on gox but more information : Problem fixed + ETA and how much
So no flood on bistamp now
Price go up

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[theonewhowaskazu]

The only conceivable scenario in which BTC won't succeed is if somebody like Google creates their own copy and it overtakes BTC.

It doesn't need to be Google, we now have hundreds of alt-coins, it could be any of them

No it couldn't, all the alt-coins right now are bs. Bitcoin has a huuuuuuuuuuge advantage over all those crapcoins because it actually did something new, and thus had value from the beginning. The others are effectively a credit derivative denominated in BTC because the only way they're ever used is by exchanging to and from BTC.

In order for anybody to beat the first-blow advantage by BTC, it will need to be backed by a company with a budget big enough to fund an advertising campaign bigger than all the press that BTC has already gotten, and even more than that, to persuade people currently using BTC to switch. And such companies are few and far between, especially since there's no way it'll ever be used if the company pre-mines the entire goddamn thing, so there's literally no incentive for a company to do such a thing rather than just using the standard thats already there, unless they come up with something miles better (perhaps fully POS, no need for miners or something).

Google won't be funding a fontas-style altcoin pump-and-dump, thats just absurd.

[creekbore]

True. There. Could. Be. A. Zombie. Apocalypse.

Hey, you guys are waking up and realising that climate change isn't a commie, pinko fairy tale concocted by scientists who simply want to keep their funding.  

Anything. can. happen.

[Searing]

The only conceivable scenario in which BTC won't succeed is if somebody like Google creates their own copy and it overtakes BTC.

It doesn't need to be Google, we now have hundreds of alt-coins, it could be any of them, or any company - traditional or new economy that runs with the protocol.  

Often with innovation the trailblazer is not the one that succeeds, but merely clears the path for others who often have better marketing/advertising/people skills.

No bitcoin clone will ever supercede bitcoin. Will. Not. Happen.

No corporate backed coin will ever supercede bitcoin. Ever.

It would have to be a different non corporate open sourced (at some point) alt.

Less than a handful of those exist today all in fledgling states. Bitcoin is in the clear for at least a couple more years.

Because. using. full. stops. makes. it. so.  

As Blitz and TERA pointed out a few pages back being open source is not an advantage, indeed has many disadvantages while the events of the last week show why the alts (the serious ones such as LTC and PPC or even FTC) are needed - a single black swan event could wipe BTC out but the concept will remain, and those players will be able to take advantage.

Never. Say. Ever.

True. There. Could. Be. A. Zombie. Apocalypse.

what i find funny about a 'real' zombie Apoalypse is that unlike MOST disasters.....earthquakes/pandemic flu/metor strike to earth etc

EVERYONE ON THE FRIGGING PLANET who has likely seen a zombie movie would know what to do in that crisis

1) don't get bit
2) kill blow to the head
etc

heh......

Searing

[Mythul]

So now we are waiting for the news. If a hack is true I wonder if there would be major dumping on all exchanges or they will completely decouple from Mt.Gox ?

[cbeast]

single black swan event could wipe BTC out

Tell that to all gov, hacker, bank trying to wipe btc out since 2 years

Interesting then that the most damage has been done by an insider, isn't it?

Look, I'm not making predictions, just saying making predictions is in itself unwise.  

My old science teacher told me the only certainty he could tell us was the sun rose in the East, travelled across the South sky and set in the West.  I moved to Australia and discovered even that was partly untrue.

Don't close your mind to possibilities.

It's actually 5 years. The Black Swan would need to solve a problem that Bitcoin doesn't. First you need to find that problem, then the Open Source community will work on it. So far all the best solutions include Bitcoin.

[derpinheimer]

So now we are waiting for the news. If a hack is true I wonder if there would be major dumping on all exchanges or they will completely decouple from Mt.Gox ?

If gox goes down there will be dumps.

[traderCJ]

single black swan event could wipe BTC out

Tell that to all gov, hacker, bank trying to wipe btc out since 2 years

The technology is only as good as the people maintaining both Bitcoin and the infrastructure surrounding it.  Vulnerabilities will be found.  They will be fixed.  The price will do whatever it does, and so it goes.

Banks are the government and government are the banks.  If they were determined to crush confidence in Bitcoin, it would be simple.  Close the exchanges for violating whatever silly banking regulation you like.  The price will do whatever it wants, and so it goes.

Clever inventors will find better ways to tackle the currency problem.  Bitcoin may take a back seat.   The price will do whatever it wants, and so it goes.

People will continue to break Bitcoin, fix Bitcoin, regulate Bitcoin, unregulate Bitcoin and beat Bitcoin at its own game.  There is nothing to wipe out.  Bitcoin is simply an idea.  May the best idea win.

[JimboToronto]

single black swan event could wipe BTC out

Tell that to all gov, hacker, bank trying to wipe btc out since 2 years

Only 2 years? Why so recently? I would think that Bitcoin would have been under attack for over 5 years, or since before the genesis block was mined, when the source code was first published.

[creekbore]

The only conceivable scenario in which BTC won't succeed is if somebody like Google creates their own copy and it overtakes BTC.

It doesn't need to be Google, we now have hundreds of alt-coins, it could be any of them

No it couldn't, all the alt-coins right now are bs. Bitcoin has a huuuuuuuuuuge advantage over all those crapcoins because it actually did something new, and thus had value from the beginning. The others are effectively a credit derivative denominated in BTC because the only way they're ever used is by exchanging to and from BTC.

In order for anybody to beat the first-blow advantage by BTC, it will need to be backed by a company with a budget big enough to fund an advertising campaign bigger than all the press that BTC has already gotten, and even more than that, to persuade people currently using BTC to switch. And such companies are few and far between, especially since there's no way it'll ever be used if the company pre-mines the entire goddamn thing, so there's literally no incentive for a company to do such a thing rather than just using the standard thats already there, unless they come up with something miles better (perhaps fully POS, no need for miners or something).

Google won't be funding a fontas-style altcoin pump-and-dump, thats just absurd.

I hope you're right.  And I'm willing to except many of the facts you present but they are strongly intertwined with your opinion, which I think is very dangerous for decision making/investing.

History shows a long line of innovators whose ideas get exploited successfully by other people.
I'm simply offering you a pragmatic perspective.

[Mythul]

Ok this media stuff is getting out of control.

All media is saying is that Bitcoin got hacked, cracked by hackers ? It is so clear that they have no idea what they are talking about and have no computer skills. I read somewhere that the Bitcoin "main server" also got hacked. Maybe the Bitcoin main server should finally switch to Linux from Windows '95

[Syke]

All media is saying is that Bitcoin got hacked, cracked by hackers ?

They've said that dozens of times before. It'll pass.

[JimboToronto]

Ok this media stuff is getting out of control.

All media is saying is that Bitcoin got hacked, cracked by hackers ? It is so clear that they have no idea what they are talking about and have no computer skills. I read somewhere that the Bitcoin "main server" also got hacked. Maybe the Bitcoin main server should finally switch to Linux from Windows '95

 

[derpinheimer]

the bitcoin main server actually runs on mac. thats why no one expected it to virus. clearly someone set us up the virus. now all our bitcoin are belong to them :/

[BTC5OOO]

So now we are waiting for the news. If a hack is true I wonder if there would be major dumping on all exchanges or they will completely decouple from Mt.Gox ?

If gox goes down there will be dumps.

wrong! ~ think supply and demand! : : Bitcoin is secure Mt. Gox magic cards site not so much it seems...do we throw Mark under the bus.....? or is this China vs. Japan inna way? *** show of hands ***

[derpinheimer]

So now we are waiting for the news. If a hack is true I wonder if there would be major dumping on all exchanges or they will completely decouple from Mt.Gox ?

If gox goes down there will be dumps.

wrong! ~ think supply and demand! : : Bitcoin is secure Mt. Gox magic cards site not so much it seems...do we throw Mark under the bus.....? or is this China vs. Japan inna way? *** show of hands ***

This market usually isnt logical. I would be very surprised if people didnt dump upon Gox closing (unexpectedly)

[BTC5OOO]

the bitcoin main server actually runs on mac. thats why no one expected it to virus. clearly someone set us up the virus. now all our bitcoin are belong to them :/

~freekin' wizard of oz n' shit lollzzz =) weeeeee

[BTC5OOO]

So now we are waiting for the news. If a hack is true I wonder if there would be major dumping on all exchanges or they will completely decouple from Mt.Gox ?

If gox goes down there will be dumps.

wrong! ~ think supply and demand! : : Bitcoin is secure Mt. Gox magic cards site not so much it seems...do we throw Mark under the bus.....? or is this China vs. Japan inna way? *** show of hands ***

This market usually isnt logical. I would be very surprised if people didnt dump upon Gox closing (unexpectedly)

this whole mt gox thing is played out i've been hearing the same thing since last April or whenever! =) *God help us!!!!

[JimboToronto]

the bitcoin main server actually runs on mac. thats why no one expected it to virus. clearly someone set us up the virus. now all our bitcoin are belong to them :/

Or else the main server runs Android.

All your BTC are belong to Google.

 

[creekbore]

It's actually 5 years. The Black Swan would need to solve a problem that Bitcoin doesn't. First you need to find that problem, then the Open Source community will work on it. So far all the best solutions include Bitcoin.

Quote from: TERA on Today at 01:45:08 AM
This is exactly what I was talking about in my other thread "the irony of a decentralized currency with a development team" but they don't get it and insist that "open source" keeps everything in check. Well the fact is that open source is irrelevant to the structure of the people who are in control on a minute-to-minute basis. The hard fork being pushed in a matter of hours proves this. There isn't enough time for a big open source community review of the code and nobody has time to do a full audit of the code in an hour. There are people, in control.

Quote from Blitz:
Congrats my friend, seriously. I remember that thread. You grasp what the Bitcoin cultists do not.

However, a certain degree of centralization is useful as we have seen, and I don't think it is a fundamental concern except in the very, very long term. Still, it is good to be aware of it.

However, the point is that a Black Swan event can be anything.  

This week has demonstrated how one man, who owns a badly run exchange but has a good PR team, can do massive damage to BTC.