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

[jbreher]

Well, no. I think that placing your trust in the lowest common denominator is trust misplaced.

Further, I am not looking for a system 'governed by the technocratic elite', I am looking for a system with enough capacity to be money for the entire world. And 3-7 tx/s just ain't gonna cut it.

Your bloated Weather recording chain will never cut it

Because....?

BSV's fate should be clear after the next major parabolic rise, I'm going to assume. It might be the preferred path for bitcoin hopefuls who jump ship from BTC if the blockchain becomes clogged again.

That roughly is my thesis, yes. If the next wave of FOMO inrush gets forestalled because they can't take possession of actual BTC due to weeks-long tx times and can't afford it anyhow due to sky-high tx fees, what would anyone expect to happen?

If Blockalypse II comes and goes without a significant loss of BTC market dominance, I will reassess my thesis. I don't much anticipate the need to.

Or non-BTCers might prefer BCH.

BCH seems to have made serious inroads in commerce - mostly in Asia. Unfortunately, BCH movers-n-shakers seem bent on self destruction of competing featureitis wars.

Or the BTC blockchain might not become clogged (2nd layer solutions).

With more value locked up as wBTC on the Ethereum network than within LN, and with the gap widening by day, I don't believe any of us should look forward to that eventuality with glee.

Or transaction fees will be sky high, but no one will care because their BTC will be worth $100K+, and no one cares about buying coffee with BTC anymore (BTC=digital gold narrative).

If owning BTC is to be solely the domain of the rich, why are we endeavoring to limit its network's capacity limit to a $30 investment in HW?

I'm guessing those possibilities are all priced into the ~98% discount that BSV currently has against BTC.

Yup. Talk about an asymmetric bet fueled by knowledge asymmetry...

[Hueristic]

Well, no. I think that placing your trust in the lowest common denominator is trust misplaced.

Further, I am not looking for a system 'governed by the technocratic elite', I am looking for a system with enough capacity to be money for the entire world. And 3-7 tx/s just ain't gonna cut it.

Your bloated Weather recording chain will never cut it

Because....?

Reasons.

Inability to articulate a cogent argument is duly noted.

Because....?

[jbreher]

Well, no. I think that placing your trust in the lowest common denominator is trust misplaced.

Further, I am not looking for a system 'governed by the technocratic elite', I am looking for a system with enough capacity to be money for the entire world. And 3-7 tx/s just ain't gonna cut it.

Your bloated Weather recording chain will never cut it

Because....?

Reasons.

Inability to articulate a cogent argument is duly noted.

Because....?

Because you are engaging in nothing but dodging, ya ninny.

[Toxic2040]

Its remarkable how similar your pedantic drivel is to CSW little bear. Trying to sound like your smarter than everyone around you and a clinical inability to respond to simple questions or respond with a straight forward simple answer.  

Let alone being able to admit when your wrong. Almost but not quite feeling sorry for you.  smh  

[cAPSLOCK]

We are comfortable with different trade offs.  I think a distributed system with the least amount of trust possible is worth more than you do.

Well, no. I think that placing your trust in the lowest common denominator is trust misplaced.

Further, I am not looking for a system 'governed by the technocratic elite', I am looking for a system with enough capacity to be money for the entire world. And 3-7 tx/s just ain't gonna cut it.

OK.  So how many transactions per second do you think is the minimum we should aim for?

5 doesn't scale... neither does 100.

How about 1 transaction per day for half of the people alive as a starting point?  (Still waaaay too small really)

That's (I am guessing) about 40k/sec.  Which would be what? 40Gbish blocks?

So Google and, Amazon and a handful of world governments will be who we trust to keep the blockchain??

It seems to me scaling the blockchain by making it bigger and keeping it safe from control and collusion is impossible.

[kurious]

I trust no will object to a little positive (macro, rather than TA) comment.

The Dow, S&P and Nasdaq all fell today, even gold dipped under the psychological $1900 mark.  Some are calling it 'turn around Thursday'.

Maybe the higher than expected new US unemployment figures and the virus looking pretty out of control are just taking a little steam out of things, but even the big tech stocks are looking iffy.  And of course the dollar has been getting weaker, too - no surprise there.

On the other hand, there is Bitcoin, creeping up with a fair wind from a little positive US bank regulation-loosening news.

It's maybe early to say, but if Bitcoin keeps going the other way as it suddenly has been amid all this, if it is truly the holy grail of an uncorrelated safe haven asset in this shitstorm?

Then, gentlemen... things might get interesting.

[JayJuanGee]

If you don't watch it ToxicMoxic, I am going to send yefi after you.


This is an actual recent POV picture of yefi, before we made up. #nohomo


-1 WOsMerit

I am sorry..your attempt at demeriting has failed due to a invalid checksum. We have initiated and completed a UASF that has rendered WOsMerits immutable. No more demerits. That is all.

I am having some trouble accepting the royal we..    

-1 for that, too.

that is all.

AFAIC, as long as there are no exclusionary barriers for new entrants to participate, then non-mining validation is exactly as decentralized as it need be. More such 'decentralization' is a red herring that serves no useful purpose. I realize this is a controversial perspective, but it is the one I hold.

Controversial might be a bit of an understatement because I doubt that you are making such proclamations even genuinely, but it seems to be your flavor of the month distraction

Nonsense. I've been consistent on the above point whenever consideration of such has entered the discussion.

I apologize.  Your flavor of the month may have lasted longer than a month.  My baaaaad.  

Or transaction fees will be sky high, but no one will care because their BTC will be worth $100K+, and no one cares about buying coffee with BTC anymore (BTC=digital gold narrative).

If owning BTC is to be solely the domain of the rich, why are we endeavoring to limit its network's capacity limit to a $30 investment in HW?

Some more royal we going on right there.

I did not speculate that bitcoin had a we, but hey, if that is part of your spin, then believe what you will.

I'm guessing those possibilities are all priced into the ~98% discount that BSV currently has against BTC.

Yup. Talk about an asymmetric bet fueled by knowledge asymmetry...

Talk about wishful-thinking based on a scam's pumpiumness.

[Hueristic]

Well, no. I think that placing your trust in the lowest common denominator is trust misplaced.

Further, I am not looking for a system 'governed by the technocratic elite', I am looking for a system with enough capacity to be money for the entire world. And 3-7 tx/s just ain't gonna cut it.

Your bloated Weather recording chain will never cut it

Because....?

Reasons.

Inability to articulate a cogent argument is duly noted.

Because....?

Because you are engaging in nothing but dodging, ya ninny.

Dodging?

Do we know anyone else who would ever do such a thing?

[rdbase]

If you don't watch it ToxicMoxic, I am going to send yefi after you.

This is an actual recent POV picture of yefi, before we made up. #nohomo
-1 WOsMerit

I am sorry..your attempt at demeriting has failed due to a invalid checksum. We have initiated and completed a UASF that has rendered WOsMerits immutable. No more demerits. That is all.

I think angry cats should be the new meme for those -1 sMerits given.

Has anyone heard of this QANON movement going about?
They have gone insane during this global instance and have a reddit group to spew more crud.
Dont wear masks so to spread the virus, everything is a hoax.
Yet we are still in a PANA-WORLD for the last 180 days.
F U QANON https://www.bbc.com/news/av/world-53507579/qanon-coronavirus-and-the-conspiracy-cult
Millennials.
I think Takia Waititi has does it right during this time of life.
https://www.bbc.com/news/video_and_audio/headlines/53491521/taika-waititi-on-charity-homeschooling-racism-and-star-wars
New Zealand FTW!

"I'm ready!"
*don't know why the source doesnt display the video feed. oh well just click on it if you even care to see it. *

[gentlemand]

Don’t you guys buy and replace? Each purchase paid with bitcoin I immediately buy back on an exchange. And add some extra just to be sure, so you could say I have more sats because I actually do pay in bitcoin from time to time.

Nah.

I'm haunted by the shit I bought when it was $200-250 but not at these price levels. As long as the item I buy enriches my life I don't give toss if the price does 10x in a short time. At this point I have far more value in BTC than fiat. Comes a time when you feel like actually realising some value. I certainly don't squander it though.

I just happened to spend a little on one of these and every bedtime is an adventure now.

[Toxic2040]

anyone else notice everytime i respond to jb he logs off?  is it rage quiting or what?
 
----------

I am having some trouble accepting the royal we..    

-1 for that, too.

that is all.

*shrugs*  as I originally forked WOsMerits from BCTsmerits and have apparently reached consensus in this realm...I think I have fairly good grounds to stand upon. Sorry..your overruled. That being said..you are free to attempt a hard fork of WOsMerits if you feel you have enough community support. I have a feeling it might be relegated to a shitmerit over time..along the lines of Bcash and what ever that other one is..

Carry on.

[JayJuanGee]

I am having some trouble accepting the royal we..    

-1 for that, too.

that is all.

*shrugs*  as I originally forked WOsMerits from BCTsmerits and have apparently reached consensus in this realm...I think I have fairly good grounds to stand upon. Sorry..your overruled. That being said..you are free to attempt a hard fork of WOsMerits if you feel you have enough community support. I have a feeling it might be relegated to a shitmerit over time..along the lines of Bcash and what ever that other one is..

Carry on.

-3.73266127


WO smerits are now allowing 8 digits (smaller and BIGGER simultaneously, depending upon POV...)  
 

[Toxic2040]

-3.73266127


WO smerits are now allowing 8 digits (smaller and BIGGER simultaneously, depending upon POV...)
 

WOtoshis now? oh you evil evil bot. what have you done?  


----------
the evening wall report

#dyor

serpent raises hood
4h


dragons flame breaks the ice
D

#stronghands

[JayJuanGee]

-3.73266127


WO smerits are now allowing 8 digits (smaller and BIGGER simultaneously, depending upon POV...)
 

WOtoshis now? oh you evil evil bot. what have you done?  

One problema with decentralized consensus, unilateralism does not cause go-along-with-it-ism whether man, woman or bot...

[d_eddie]

I hadn't seen that yet. Not the first telltale case of activity reduction, I imagine, but you are something.

[jbreher]

and a clinical inability to respond to simple questions or respond with a straight forward simple answer.  

What the hell are you on about? Looking back three pages, you have addressed exactly zero questions to me, let alone ones unanswered. Unless you're confusing yourself with some sock.

[jbreher]

We are comfortable with different trade offs.  I think a distributed system with the least amount of trust possible is worth more than you do.

Well, no. I think that placing your trust in the lowest common denominator is trust misplaced.

Further, I am not looking for a system 'governed by the technocratic elite', I am looking for a system with enough capacity to be money for the entire world. And 3-7 tx/s just ain't gonna cut it.

OK.  So how many transactions per second do you think is the minimum we should aim for?

5 doesn't scale... neither does 100.

How about 1 transaction per day for half of the people alive as a starting point?  (Still waaaay too small really)

That's (I am guessing) about 40k/sec.  Which would be what? 40Gbish blocks?

So Google and, Amazon and a handful of world governments will be who we trust to keep the blockchain??

It seems to me scaling the blockchain by making it bigger and keeping it safe from control and collusion is impossible.

Hmmm. So it would seem that your claim is that it is impossible for BTC to be the default monetary system for the world.

Allow me to disagree. I mean, it _could_, should it not be intentionally crippled. Accordingly, thank god for the big block chains.

[jbreher]

Well, no. I think that placing your trust in the lowest common denominator is trust misplaced.

Further, I am not looking for a system 'governed by the technocratic elite', I am looking for a system with enough capacity to be money for the entire world. And 3-7 tx/s just ain't gonna cut it.

Your bloated Weather recording chain will never cut it

Because....?

Reasons.

Inability to articulate a cogent argument is duly noted.

Because....?

Because you are engaging in nothing but dodging, ya ninny.

Dodging?

Do we know anyone else who would ever do such a thing?

Well, it is quite evident that _you_ would.

[d_eddie]

Don’t you guys buy and replace? Each purchase paid with bitcoin I immediately buy back on an exchange. And add some extra just to be sure, so you could say I have more sats because I actually do pay in bitcoin from time to time.

Always did that myself. +1 WOsMerit

Oh my...
https://cointelegraph.com/news/openai-bot-writes-a-blog-wows-bitcointalk-with-intelligent-posts

The bot’s predicted sentences were used for posts on the bitcointalk.org forum in recent days, leading to ‘positive’ feedback concluding “the system must have been intelligent".

Surely not here on the WOT, mr. Feynman...? +1 WOsMerit

-1 WOsMerit

I am sorry..your attempt at demeriting has failed due to a invalid checksum. We have initiated and completed a UASF that has rendered WOsMerits immutable. No more demerits. That is all.

-3.73266127
WO smerits are now allowing 8 digits

oh you evil evil bot. what have you done?   

+1 WOsMerit for validating the protocol

[LUCKMCFLY]

Hi WO! There may be a good bullish move.

“BTC HTF UPDATE: MARKET IS LOOKING REALLY STRONG IN MY OPINION, BUT FOR FULL TRANSPARENCY THIS $9600 LEVEL HAS TO BE FLIPPED ON THE WEEKLY CLOSE IF WE REALLY WANT TO CONTINUE HIGHER…”

The range he references exists between $9,100 and $9,450. It does appear that buyers are ardently defending against a dip back into this channel.

Source: https://4crypto.org/index.php/2020/07/24/these-3-factors-suggest-bitcoins-uptrend-is-just-getting-started/