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

[modrobert]

Regarding hashrate and the protection of Bitcoin blockchain, I don't see any reason for concern, still ridiculously high level of protection even if you would move down towards 10% of current hashrate. If large scale mining operations gets hunted down and obliterated like old exchanges (starting to look that way) it will be more smaller scale operations working with lower difficulty instead (as Satoshi intended). If you really worry and want to support, then start mining small scale, without profit in mind.

My only real concern would be if this was a move by the Chinese government to obtain direct control of >50% of the hashrate with malicious intent. With the Chinese government, the latter us possible though hopefully the former is not.

The price is crazy flat. Constant seller pushing down or constant buyer pulling up?

Yes, good point, the "51% of hashrate attack" is a serious threat. The core idea of mining incentive is greed, assuming it's more profitable to support than abuse something profitable, but if a state gains control and it turns political, that could be a nightmare. What I don't get is why China would be kicking out the miners out then? If the plan was to gain control I mean.

Agreed about the price, almost as if someone is worried selling too much at once would crash the rate to unknown depths, so they place market sell orders slowly and carefully (a bot?), here's hoping that plan will fail, up or down is fine by me, but this shit feels artificial and tense. Continuous cliffhanger...

EDIT:

Hmm...
https://www.blockchain.com/charts/mempool-count

[1714796440]

1714796440

[1714796440]

1714796440

[Torque]

What is definitely not real is "market cap". But hopefully we all recognize that by now.

Yes "market cap" for Bitcoin is definitely not real.

And it's beyond laughable with the shitcoins that have either a ridiculously high premine, high issuance cap, or no cap at all.

[vapourminer]

Yes, good point, the "51% of hashrate attack" is a serious threat. The core idea of mining incentive is greed, assuming it's more profitable to support than abuse something profitable, but if a state gains control and it turns political, that could be a nightmare. What I don't get is why China would be kicking out the miners out then? If the plan was to gain control I mean.

well they could just take over bitmain and force them to crank new miners out exclusively for gov use, leave it offline until they are assured of >51% then attack bitcoin simply to try and destroy it (ie no direct financial advantage they just want it gone so it doesnt compete with there own digital centralized stuff).

it would take stockpiling all new bitmain stuff, leaving it all offline (secret) wait till assured >51% and then unleash it all at once. pretty tall order but maybe possible?

[philipma1957]

Regarding hashrate and the protection of Bitcoin blockchain, I don't see any reason for concern, still ridiculously high level of protection even if you would move down towards 10% of current hashrate. If large scale mining operations gets hunted down and obliterated like old exchanges (starting to look that way) it will be more smaller scale operations working with lower difficulty instead (as Satoshi intended). If you really worry and want to support, then start mining small scale, without profit in mind.

My only real concern would be if this was a move by the Chinese government to obtain direct control of >50% of the hashrate with malicious intent. With the Chinese government, the latter us possible though hopefully the former is not.

The price is crazy flat. Constant seller pushing down or constant buyer pulling up?

Yes, good point, the "51% of hashrate attack" is a serious threat. The core idea of mining incentive is greed, assuming it's more profitable to support than abuse something profitable, but if a state gains control and it turns political, that could be a nightmare. What I don't get is why China would be kicking out the miners out then? If the plan was to gain control I mean.

Agreed about the price, almost as if someone is worried selling too much at once would crash the rate to unknown depths, so they place market sell orders slowly and carefully (a bot?), here's hoping that plan will fail, up or down is fine by me, but this shit feels artificial and tense. Continuous cliffhanger...

EDIT:

Hmm...
https://www.blockchain.com/charts/mempool-count

well we will be down from a diff of 26.3 to 16 very soon

so the government of china if they are stealing the gear to attack is getting close.

btw any major government can attack any pow coin if they can get enough gear.

on the plus side my btc mining will soon go from

.007 coins a day to

0.0084 coins a day

[Copetech]

So I bought dip and hodl.

Still have buys at

29029
28028
27027
26026
25025
24024
23023

Scary how closely our buy points line up! I'm a few dollars over the 500's rather than the even 1000's but playing down to the same bottom. Still in frantic accumulation mode though so I have half as many sell points as buy points starting from $40k up to $48k. Really hoping to see it hit $46 and bounce back down before shooting for the moon, but we'll see.
(I want moar cheap corns!)

[modrobert]

Yes, good point, the "51% of hashrate attack" is a serious threat. The core idea of mining incentive is greed, assuming it's more profitable to support than abuse something profitable, but if a state gains control and it turns political, that could be a nightmare. What I don't get is why China would be kicking out the miners out then? If the plan was to gain control I mean.

well they could just take over bitmain and force them to crank new miners out exclusively for gov use, leave it offline until they are assured of >51% then attack bitcoin simply to try and destroy it (ie no direct financial advantage they just want it gone so it doesnt compete with there own digital centralized stuff).

it would take stockpiling all new bitmain stuff, leaving it all offline (secret) wait till assured >51% and then unleash it all at once. pretty tall order but maybe possible?

I like your critical thinking of worst case scenario, definitely a possible approach. The more reason to start mining small scale distributed, power of the many over a few corrupted.

[Torque]

Yes, good point, the "51% of hashrate attack" is a serious threat. The core idea of mining incentive is greed, assuming it's more profitable to support than abuse something profitable, but if a state gains control and it turns political, that could be a nightmare. What I don't get is why China would be kicking out the miners out then? If the plan was to gain control I mean.

well they could just take over bitmain and force them to crank new miners out exclusively for gov use, leave it offline until they are assured of >51% then attack bitcoin simply to try and destroy it (ie no direct financial advantage they just want it gone so it doesnt compete with there own digital centralized stuff).

it would take stockpiling all new bitmain stuff, leaving it all offline (secret) wait till assured >51% and then unleash it all at once. pretty tall order but maybe possible?

Still doesn't make sense tho. The time to have done this to kill off Bitcoin successfully and easily was 8 years ago.

IMHO, I think China plans to keep mining around. Big miners will either cut deals to pay the extortion bribes, or move to better locations. Most of them will likely pay to stay.

Governments don't like to run public servers and deal with such maintenance and overhead. They know they suck at it.

Look for a reverse FUD announcement in the future like "China to allow miners who adhere to new renewable energy policy restrictions to resume Bitcoin mining."  

[philipma1957]

So I bought dip and hodl.

Still have buys at

29029
28028
27027
26026
25025
24024
23023

Scary how closely our buy points line up! I'm a few dollars over the 500's rather than the even 1000's but playing down to the same bottom. Still in frantic accumulation mode though so I have half as many sell points as buy points starting from $40k up to $48k. Really hoping to see it hit $46 and bounce back down before shooting for the moon, but we'll see.
(I want moar cheap corns!)

keep posting i gave you 5 merits you will make rank

yeah the exchange has small buy and sell ladder.

And i hold the middle numbers

over 30k to 65k off line

[ChartBuddy]

Explanation

[modrobert]

Yes, good point, the "51% of hashrate attack" is a serious threat. The core idea of mining incentive is greed, assuming it's more profitable to support than abuse something profitable, but if a state gains control and it turns political, that could be a nightmare. What I don't get is why China would be kicking out the miners out then? If the plan was to gain control I mean.

well they could just take over bitmain and force them to crank new miners out exclusively for gov use, leave it offline until they are assured of >51% then attack bitcoin simply to try and destroy it (ie no direct financial advantage they just want it gone so it doesnt compete with there own digital centralized stuff).

it would take stockpiling all new bitmain stuff, leaving it all offline (secret) wait till assured >51% and then unleash it all at once. pretty tall order but maybe possible?

Still doesn't make sense. The time to have done this to kill off Bitcoin successfully and easily was 8 years ago.

I think China plans to keep mining around. Big miners will either cut deals to pay the extortion bribes, or move to better locations. Most of them will likely pay to stay.

Governments don't like to run public servers and deal with such maintenance and overhead. They know they suck at it.

Look for a reverse FUD announcement in the future like "China to allow miners who adhere to new renewable energy policy restrictions to resume Bitcoin mining."  

Yes, definitely feels more likely there's no attack plan in the works, but good to cover all angles, even if less likely.

Thinking about mitigation of a "51% attack" if it was in the works. We could always DDOS the fuckers into orbit, and developers could black list them in Bitcoin client software patching them out, or a hard fork (as a last resort). There are lot of skilled people out there who wants to see Bitcoin succeed, pretty sure we can deal with this shit if it ever happened.

[El duderino_]

https://twitter.com/apompliano/status/1407682144374345732?s=21

She knows

[El duderino_]

Beautiful said….. BTC doesn’t need them….

[El duderino_]

https://twitter.com/lopp/status/1407683658085974019?s=21


The one reversal indicator we can count on

[modrobert]

on the plus side my btc mining will soon go from

.007 coins a day to

0.0084 coins a day

Happy to read that, the more miners the better.

[Torque]

M. Saylor absolutely nailing the point about inflation yet again. Almost all Average Joes are looking at the wrong data.

Look at assets that people actually want that have value, not the CPI basket.


https://twitter.com/michael_saylor/status/1407386415760089093

[Richy_T]

Still doesn't make sense tho. The time to have done this to kill off Bitcoin successfully and easily was 8 years ago.

Well, we're talking government here so sense doesn't have to be a thing.

However, it could be that China didn't want to tip their hand until they were ready with their own new currency. In the meantime, bitcoin mining was bringing quite a lot of wealth into the Chinese economy and was also having psychological effects against established world currencies, particularly the dollar.

IMHO, I think China plans to keep mining around. Big miners will either cut deals to pay the extortion bribes, or move to better locations. Most of them will likely pay to stay.

Governments don't like to run public servers and deal with such maintenance and overhead. They know they suck at it.

Look for a reverse FUD announcement in the future like "China to allow miners who adhere to new renewable energy policy restrictions to resume Bitcoin mining."  

Perhaps Chinacoin is SHA256 too. Just switch over a bunch of hashrate and have instant high security that would put any alt to shame. It would be very centralized, of course but if it's feasible, so was Bitcoin really.

This is all just speculation, of course. I don't really believe this to be the case.

[Richy_T]

Thinking about mitigation of a "51% attack" if it was in the works. We could always DDOS the fuckers into orbit, and developers could black list them in Bitcoin client software patching them out, or a hard fork (as a last resort). There are lot of skilled people out there who wants to see Bitcoin succeed, pretty sure we can deal with this shit if it ever happened.

There are several options available but many of them destroy the precepts of Bitcoin. It will be interesting to see how things pan out (as always).

[ChartBuddy]

Explanation

[Hueristic]

This news shocked me that China has administered more than 1 billion Covid-19 vaccines.

This seems off topic but it's not... China is always 10 steps ahead of the world in every field, pick any and we see China is leading in it.

Industrial espionage, Human rights violations?

[Paashaas]

Central bank digital currencies get full BIS backing.

The Bank for International Settlements has given its full backing to the development of central bank digital currencies (CBDCs), saying they are needed to modernise finance and ensure 'Big Tech' does not take control of money.