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

[nullius]

-Accuses me of not having balls to do something (lol we in 5th grade?)✔

Deflection.  I will ask outright:  In your prior reply to me, what did you mean by this?

Right, some of us are actually old enough to have lived through the bcash fork and have actually supported bitcoin financially and with UASF back in 2017, thus the reason we're here and not with bcash.

As much as i enjoy the unexpected attention, but i got shit to do IRL.

So do I.  So why are you wasting my time?

We can play the "i say one word and you tie it to socialism" (Godwin's law for socialism) game later. Ta-ta

You argue like a Commie.  Instead of admitting that you had a ridiculous and disproportional reaction in attacking my post, which was not even hostile toward you, you try to ridicule me and yet also somehow act as if I have aggrieved you.  Waaah, you’re so oppressed!

I can have some patience toward this level of crap from SwayStar123—not from you.  At least she comports herself with more basic dignity than you do, even if she is totally wrong about absolutely everything.

P.S., inb4 you try to strawman me into rolling’s position:  I would make you both very unhappy.  You seem unable even to follow the various different threads of discussion, the way you went full retard over my off-hand remark about socialists in an unrelated context.  Work on your reading comprehension, and also your attention span.

Hereby lately, I have also been ignoring a quasi-religious theological war between the Marxist wealth redistributors, and the Reformed Capitalists who repose their faith in the godliness of the free market; there is not much sense on either side.

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[bkbirge]

South Korea looking to be the test case for gov't interference. You can bet Yellen et. al. are watching this with interest.
https://www.google.com/amp/s/www.businessinsider.com/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4%3famp

Under the new regulations, crypto exchanges must register as virtual asset service providers and fulfil a variety of other criteria. These include implementing anti-money laundering strategies, having partnerships with local banks, becoming information security management certified and tracking real names of customers.

Eun said despite the application window opening on March 25th when the new regulations came into force, no crypto exchanges have submitted theirs yet. Crypto exchanges need to be approved by September 24th.

[Elwar]

South Korea looking to be the test case for gov't interference. You can bet Yellen et. al. are watching this with interest.
https://www.msn.com/en-us/money/markets/goodbye-bitcoin-kimchi-premium-regulator-says-all-200-of-south-korea-s-crypto-exchanges-could-be-shut-down-report-says

Under the new regulations, crypto exchanges must register as virtual asset service providers and fulfil a variety of other criteria. These include implementing anti-money laundering strategies, having partnerships with local banks, becoming information security management certified and tracking real names of customers.

Eun said despite the application window opening on March 25th when the new regulations came into force, no crypto exchanges have submitted theirs yet. Crypto exchanges need to be approved by September 24th.

Localbitcoins is alive and well in SK. I used to get my local cash in Seoul from time to time.

[suchmoon]

✔

Oh no. You plagiarised checkmarks. Remember what happened to the last dude who committed this crime? Me neither.

[lightfoot]

South Korea looking to be the test case for gov't interference. You can bet Yellen et. al. are watching this with interest.
https://www.msn.com/en-us/money/markets/goodbye-bitcoin-kimchi-premium-regulator-says-all-200-of-south-korea-s-crypto-exchanges-could-be-shut-down-report-says

Under the new regulations, crypto exchanges must register as virtual asset service providers and fulfil a variety of other criteria. These include implementing anti-money laundering strategies, having partnerships with local banks, becoming information security management certified and tracking real names of customers.

Eun said despite the application window opening on March 25th when the new regulations came into force, no crypto exchanges have submitted theirs yet. Crypto exchanges need to be approved by September 24th.

How is this different from the sludge in the US?

[nullius]

✔

Oh no. You plagiarised checkmarks. Remember what happened to the last dude who committed this crime? Me neither.

No, in his case he was mimicking me as a sort of a “no u” argument.  I am surprised that he didn’t blow me a raspberry.

But thanks for the general reminder that there are a few things on my “to do” checklist which have slipped for the past few weeks, given the relative place in my life’s priorities of dealing with forum idiocy.

[bkbirge]

South Korea looking to be the test case for gov't interference. You can bet Yellen et. al. are watching this with interest.
https://www.msn.com/en-us/money/markets/goodbye-bitcoin-kimchi-premium-regulator-says-all-200-of-south-korea-s-crypto-exchanges-could-be-shut-down-report-says

Under the new regulations, crypto exchanges must register as virtual asset service providers and fulfil a variety of other criteria. These include implementing anti-money laundering strategies, having partnerships with local banks, becoming information security management certified and tracking real names of customers.

Eun said despite the application window opening on March 25th when the new regulations came into force, no crypto exchanges have submitted theirs yet. Crypto exchanges need to be approved by September 24th.

How is this different from the sludge in the US?

Looks like link was bad, here's a good one, will fix in op also.

Deadline to comply or else be shuttered.
https://www.google.com/amp/s/www.businessinsider.com/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4%3famp

[El duderino_]

Ant pump, HODLsleep

Night brothers

[nullius]

South Korea looking to be the test case for gov't interference. You can bet Yellen et. al. are watching this with interest.
https://www.msn.com/en-us/money/markets/goodbye-bitcoin-kimchi-premium-regulator-says-all-200-of-south-korea-s-crypto-exchanges-could-be-shut-down-report-says

Under the new regulations, crypto exchanges must register as virtual asset service providers and fulfil a variety of other criteria. These include implementing anti-money laundering strategies, having partnerships with local banks, becoming information security management certified and tracking real names of customers.

Eun said despite the application window opening on March 25th when the new regulations came into force, no crypto exchanges have submitted theirs yet. Crypto exchanges need to be approved by September 24th.

The link is 404.

Somehow says “status: 404”, then redirects (?); see metadata banner at top here:  https://archive.is/B0CHW  (Took forever to load with its zillions of ad tracker embeds.)

Hrm.

The Wayback Machine has not archived that URL.

This page is not available on the web
because page does not exist

Archives checked after it failed to load normally.

[lightfoot]

Deadline to comply or else be shuttered.
https://www.google.com/amp/s/www.businessinsider.com/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4%3famp

That's a pretty stupid article: They have till November and my guess is it's an ass ton of paperwork. But let the Govt shut them down, I'm sure that will instantly drop the number of S. Koreans who want to hold Bitcoin to absolute zero. No, they won't get it elsewhere, their government knows so much better.

There will just be a bigger "won premium" as who would want a currency like the S. Korean Won.

$5 bucks says N. Korea will open a wall of bitcoin ATMs on the border in November  Just to fuck with them.

[Arriemoller]

Anyone old enough to remember the Number Stations broadcasting out of Eastern Europe during the years the Berlin Wall was standing? They were used to communicate with intelligence agents, who needed nothing more than a SW radio to anonymously receive messages.
The Stations used high power short wave transmitters, the broadcast would start with a signature tune often from a worn stretched tape or a Station number ID.
Then a series of numbers would be read out by the announcer or voice synthesizer.
They were always in blocks of 5.

So 2-7-9-0-4 then 9-4-3-6-4 and so on.
Decoding could be by the use of a one-time pad or simply a book.

Where
digits 1 and 2 could be the page number.
digits 3 and 4 could be the line number
digit 5 the position of the word in that line.

The numbers then decoded to reveal the message.

The application of this for Bitcoin could be to code your wallet seed phrase in this way by choosing a book and finding those seed words in the book and converting them to 5 digit numbers.

Then writing down and storing anywhere the series of meaningless 5 digit numbers.

Without knowing from which book and the exact print edition (your key), your seed phrase is reasonably safe.

The cryptographers here will be able to punch holes in this but for good enough protection for regular folk it could work quite well.

https://upload.wikimedia.org/wikipedia/commons/9/90/Russian_Man_signoff_2013-04-23.ogg

As far as I know they are still in use.

[bkbirge]

Deadline to comply or else be shuttered.
https://www.google.com/amp/s/www.businessinsider.com/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4%3famp

That's a pretty stupid article: They have till November and my guess is it's an ass ton of paperwork. But let the Govt shut them down, I'm sure that will instantly drop the number of S. Koreans who want to hold Bitcoin to absolute zero. No, they won't get it elsewhere, their government knows so much better.

There will just be a bigger "won premium" as who would want a currency like the S. Korean Won.

$5 bucks says N. Korea will open a wall of bitcoin ATMs on the border in November  Just to fuck with them.

Haha! And they'll be selling the coins they got with hacking/ransomware back to the people they stole from, lol.

[Arriemoller]

https://twitter.com/sallymayweather/status/1386881393146408960?s=21

People who make these arguments have clearly never heard of Northern Europe

Let me, as a northen European debunk that. We are not socialis countries. Heavily taxed welfare states, yes, but very much capitalist states.
We don't even have any minimum wages, and the unions don't want any, because it is to socialist, it means the government sets the price of work, which in turn means that everybody pays that same wage, no competition in the lower wage brackets what so ever and that in the long run means lower wages than a system without minimum wages and good competition over the wage slaves.

[nullius]

$5 bucks says N. Korea will open a wall of bitcoin ATMs on the border in November  Just to fuck with them.

Are you really just totally unaware of the Korean Demilitarized Zone (DMZ)?  

That border cannot be crossed in either direction.  Or do you really suppose that South Koreans will sneak through a heavily guarded area covered with land mines and electric fences to get some bitcoins?

Please tell me that you’re American.  I don’t want to believe that anyone else is so totally ignorant of the world.

LOL, Bitcoin ATMs on the other side?

South Korea looking to be the test case for gov't interference. You can bet Yellen et. al. are watching this with interest.
https://www.google.com/amp/s/www.businessinsider.com/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4%3famp

Under the new regulations, crypto exchanges must register as virtual asset service providers and fulfil a variety of other criteria. These include implementing anti-money laundering strategies, having partnerships with local banks, becoming information security management certified and tracking real names of customers.

Eun said despite the application window opening on March 25th when the new regulations came into force, no crypto exchanges have submitted theirs yet. Crypto exchanges need to be approved by September 24th.

Google’s source:  https://markets.businessinsider.com/currencies/news/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4-1030351638
Just to make sure:  https://archive.is/CmxaD
https://web.archive.org/web/20210427222022/https://markets.businessinsider.com/currencies/news/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4-1030351638

The article does not give much information.  Just fluff.  If there is anything significant going on here, I think that much of the impact would hinge on what they mean by “anti-money laundering strategies”.  (Strategies to launder anti-money?  I just put my positrons and anti-protons in my washing machine.)

[Richy_T]

Forget bigblockers.  To stick one’s head n the sand with that type of thinking is to cede the field to altcoins, in the manner of

Yup. 100kB or bust. Then onward to 10kB. After that, zero transaction blocks are only a short step away and no transactions = 100% SOV security.

[Richy_T]

^ The modern kind of criminalization. Tweak the legal framework to favor big farms and farming companies, so that the little farmers can't keep up with agricultural laws and standards. This is how the EU works, for example. Either grow bigger and bigger to earn the money to compete in the standards and rules race, or die as a full-time farmer. All for the best of the customer, of course  

Off for watching a movie with the missus. Have a good time!

I used to work for a company that grew huge buying up smaller companies in the same field (healthcare) that were struggling under the regulatory burden. I think they swallowed up over 300 small hospitals by the time I left. They're not the only company doing similar stuff either.

[nullius]

Forget bigblockers.  To stick one’s head n the sand with that type of thinking is to cede the field to altcoins, in the manner of

Yup. 100k or bust. Then onward to 10k. After that, zero transaction blocks are only a short step away and no transactions = 100% SOV security.

My argument here is with the particular type of Bitcoiner who behaves as if people and markets will do whatever Bitcoin wants.  That’s not how it works—all bluster to the contrary notwithstanding.  Obviously, most Bitcoiners outside of a few forums and social media venues do not think this way.

Bitcoin got big because it does what people want.  It fulfills a real need.  It is what the market wants.

Bitcoiners need to acknowledge use cases which are not addressed by what Bitcoin is today.  Many top-flight Bitcoin/LN developers do just that; and they rarely waste time posting on forums, because they are too busy creating solutions for tomorrow.

I observe that no altcoin today adequately fulfills the “cup of coffee purchase” use case.  Some of them have inexpensive, fast transactions—but security that would be a catastrophe, if they saw mass adoption.  Some of them have inexpensive, fast, secure transactions—with awful privacy.  Many of them have inexpensive transactions that would become expensive, if their blocks were not almost empty as they are now.  Etc...

The best should dominate.  Bitcoin dominates because it is the best.  Let’s keep it that way.  Sometimes, to that end, we must examine what could and should be done better.


The L1/L2 distinction is not only a Bitcoin thing; it addresses problems which are fundamental to blockchain architectures.  As the market matures, developers and users will come better to recognize which transactions belong on a blockchain, and which don’t.  A beneficial side effect of Bitcoin’s scaling debates is that Bitcoin is years ahead of any altcoin in L2 developments.  (Notwithstanding how Ethereum has been spinning its wheels with L2 talk; it has much worse scaling problems than Bitcoin, and thus far much less to show in terms of solutions.)

[Richy_T]

The L1/L2 distinction is not only a Bitcoin thing; it addresses problems which are fundamental to blockchain architectures.  As the market matures, developers and users will come better to recognize which transactions belong on a blockchain, and which don’t.  A beneficial side effect of Bitcoin’s scaling debates is that Bitcoin is years ahead of any altcoin in L2 developments.  (Notwithstanding how Ethereum has been spinning its wheels with L2 talk; it has much worse scaling problems than Bitcoin, and thus far much less to show in terms of solutions.)

The problem is that Bitcoin itself is not adequate to support the L2 systems being constructed for it. (Something explicitly acknowledged by the LN developers by the way). The problem is not that Bitcoin is inadequate to the purposes to which I would like to see it put (which might have fallen by the wayside, admitedly) but also to those you are suggesting for it.

I'm not going to argue for bigger blocks right now though. I think the need is going to become ever more self evident. Indeed, the recent hashrate crash would have been largely a non-even if there was adequate capacity.

[nullius]

The L1/L2 distinction is not only a Bitcoin thing; it addresses problems which are fundamental to blockchain architectures.  As the market matures, developers and users will come better to recognize which transactions belong on a blockchain, and which don’t.  A beneficial side effect of Bitcoin’s scaling debates is that Bitcoin is years ahead of any altcoin in L2 developments.  (Notwithstanding how Ethereum has been spinning its wheels with L2 talk; it has much worse scaling problems than Bitcoin, and thus far much less to show in terms of solutions.)

The problem is that Bitcoin itself is not adequate to support the L2 systems being constructed for it. (Something explicitly acknowledged by the LN developers by the way). The problem is not that Bitcoin is inadequate to the purposes to which I would like to see it put (which might have fallen by the wayside, admitedly) but also to those you are suggesting for it.

Do you have a citation for that?  I have not seen such a thing, although I admit I that have not followed LN development closely as I should; I have been more checking into it from time to time, waiting for a few particular parts of it to mature.

By the way, what use cases would you like to see?  If we get to the point of high-value transactions and upper-layer settlements on the blockchain, small-value transactions off-chain, and RGB/Spectrum doing smart contracts, tokens, NFTs, DEXes, etc., then what more is needed?  I am sincerely curious.  On this point, off the top of my head, all that can I think of are some smart contract edge cases where the contract code must be available for execution without parties being online; that’s not a case for bigger blocks, but rather, for one of the upstart competitors to ETH2.

I'm not going to argue for bigger blocks right now though. I think the need is going to become ever more self evident. Indeed, the recent hashrate crash would have been largely a non-even if there was adequate capacity.

As I noted in one of my earlier posts, Bitcoin transaction demand is high enough that I don’t even think that a blocksize increase would meaningfully increase capacity.  And it only grows!  How do you propose that, say, twice a very low TPS would make any difference, when we need orders of magnitude higher TPS to cover all of the small-value tx use cases with mass adoption?  Bigger blocks wouldn’t get us to 10k TPS and up, unless you think that running a node should require a supercomputer hooked straight into an Internet backbone link.  (Or unless you want to make more radical changes to Bitcoin’s architecture, other than increasing the blocksize.)

[shahzadafzal]

Just in case if you were wondering if selling Bitcoin works?