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

[Biodom]

From 42K to 48K or from 42K to 30K ?

70k by Jan 1

On the way down from $140-160K?  

[1714532612]

1714532612

[1714532612]

1714532612

[1714532612]

1714532612

[Copetech]

From 42K to 48K or from 42K to 30K ?

70k by Jan 1

OUCH! Never suspected you would be so Bearish!!!

[Torque]

So what ever happened to that asshole Jihan Wu? Haven't heard anything of him since the whole BCash launch debacle.

"Fuck your mother if you want fuck."  

[Copetech]

From 42K to 48K or from 42K to 30K ?

70k by Jan 1

On the way down from $140-160K?  

That's more like it! Slowly reaching a bottom around $47-$50k where it will drift for a couple years before starting it's big climb towards 750k-1M. (This is my financial plan for leaving my sexy young wife in good standing after all my poor life choices recognize my genetic predisposition to death)

[Hueristic]

He'll be fine now he's quit his McDonald's job. It might have been the staff canteen food that caused the problem.

Now that's what I call child abuse.

Literally turns my stomach.

[ChartBuddy]

Explanation

[jcojci]

Explanation

Another correction again? 

[strawbs]

The Dude back out of forced sleep…. First thing, check the WO

Or almost first thing, maybe after 2,3 calls and a good meal, sober 16hours I think

Was hungry AF

Only just saw your post, VERY busy as always, can barely keep up with WO...

My best wishes man. Hope everything is fine and you're out of the hospital and into RL very soon.

Only just saw this too (been away far from home) - get well soon dude.

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[Richy_T]

I believe the VERY FIRST response on the punks mailing list to Satoshi's announcement was "It does not scale".  And theat person was effing smart.  Because they could see far enough down the road to realize that the architecture of bitcoin was flawed if it was to keep all of it's important attributes.  I have assumed that person was someone familiar with networks.  And saw that bitcoin was a "broadcast network".  I am not math nerd.  But I get why continuing as a broadcast network is not really possible without centralization.

Imagine if cell phones worked this way.  When you were talking:  Every cell tower on the entire network would be transmitting your conversation.  As well as every other conversation.  This cannot work.  Not yet.  Possibly not ever.

The issue is not can hard drive get big enough to store the blockchain, but can the network itself sustain the amount of traffic produced when every person on the planet is using it.

That guy back in 2009 was right.  It does not scale.  Not that way.

So how will it?

I believe we are seeing the answer to that question being decided in real time in the arena of production software.  It really is quite exciting, isn't it?

I think you're conflating a couple of issues here. Unfortunately, the Bitcoin Core that Satoshi put forth was very monolithic and would have benefited greatly from a more modular design. The wallet, for example, should have been a separate module. Likewise, though less obviously so, the networking should have been separated. While the gossip network is not a bad way to implement the networking for Bitcoin in a decentralized manner, it is by no means the only way that a node could receive transactions and blocks and many other more efficient and context specific schemes could be implemented. Exhibit 1, Blue Matt's Fibre relay network which allows miners to ensure they receive blocks in the timeliest manner and Exhibit 2, the --connect option on the core software which ensures that a node receives its data from another specific node rather than the gossip network. Additionally, it could be imagined that nodes might run in a similar way to the gnutella network with ultrapeers and leaf nodes. There are also reasons why your phone call analogy is not such a good one either. Nodes aren't shouting at each other all the time but check if transactions have already been received. There are also some schemes to cut the amount of block data that needs to be transmitted (since most nodes should already have most transactions in a block in their mempool already). I'm not sure if Core is working on that but BU has something working.

So the scaling really isn't about the networking and, correct, it isn't really about the blockchain size since disk space is cheap and there is pruning and other schemes that could ameliorate that issue for most users. It more becomes about the UTXO set. Though the urgency of that as an issue could be a matter of discussion.

[Richy_T]

Wow. More users than any bank in El Salvador? That sounds insane and if it's true and all users are legit, it's big news! Are they really that unbanked or is Bitcoin just gaining so much attention over there?!

Hate to be a glass-half-full but how many of those are people outside El Salvador downloading the app to have a look?

[aysg76]

China surprised why FUD didn't hit hard this time as price barrier are still strong at $42k.

This 678599....^th time ban is not going to be a good price manipulation strategy anymore.

Hold strong

[ChartBuddy]

Explanation

[Richy_T]

1.  Make new software.
2.  Discover limitations and mistakes in the code or archetecture.
3.  Succumb to the temptation to tear it all up and start over.

Hearn was hardly arguing to tear it all up and start all over, merely to increase an arbitrarily decided limit. Regardless of whether you think that is a good idea or not, it would not be a huge change and if anything qualifies as that, it's LN which is trying to take on the heavy lifting of a decentralized payment network. The irony, of course, is that if it is successful, it will need the changes that Hearn was advocating for anyway.

[ChartBuddy]

Explanation

[nanobtc]

from the Bea'les:

Jo Jo was a man who thought he was a loner
But he knew it couldn't last
Jo Jo left his home in Tucson, Arizona
For some California grass

Get back, get back
Get back to where you once belonged
Get back, get back
Get back to where you once belonged
Get back Jo Jo
Go home

Completely joking, @ jojo69  we all love you.

[cAPSLOCK]

Wow. More users than any bank in El Salvador? That sounds insane and if it's true and all users are legit, it's big news! Are they really that unbanked or is Bitcoin just gaining so much attention over there?!

Hate to be a glass-half-full but how many of those are people outside El Salvador downloading the app to have a look?

You have to have a Salvadoran passport or DUI (Documento Único de Identidad) to register, and use it.

(Not ignoring your other thoughtful post.. just too late to respond)

[cAPSLOCK]

1.  Make new software.
2.  Discover limitations and mistakes in the code or archetecture.
3.  Succumb to the temptation to tear it all up and start over.

Hearn was hardly arguing to tear it all up and start all over, merely to increase an arbitrarily decided limit. Regardless of whether you think that is a good idea or not, it would not be a huge change and if anything qualifies as that, it's LN which is trying to take on the heavy lifting of a decentralized payment network. The irony, of course, is that if it is successful, it will need the changes that Hearn was advocating for anyway.

I personally would like to see a block size increase eventually.  And I imagine in time miners will signal in agreement to such a proposal, as will validating nodes.

But Hearn's post was a post mortem for bitcoin.  Without the change he considered it a failure.

You are right it would be a small change code wise.  Just as increasing the issuance cap, or even adding a perpetual block reward would be.   But like those, it was a fundamental shift that would change the entire system at a fundamental level.  I would say it was more about tearing up the social contract, game theory, economics, and security and starting over at the time.  I do not think the protocol was ready for such a change.  It may never be.

But I also think keeping blocks smaller and thereby protecting bitcoins decentralization is worth remaining conservative.

[serveria.com]

https://www.juliusruechel.com/2021/09/the-snake-oil-salesmen-and-covid-zero.html

This is so under-merited.
Everyone should really read this. Thank you jojo, everything in one place.

Very low quality antivaxxer shit. Using a couple of real facts to make it look trustworthy to cover up the rest 99% which is a huge pile of BS. Looked up the author: why do you believe someone who's only work experience is a self employed agriculture consultant? You don't believe scientists, infectologists, pharma professionals but you do believe a retired agriculture consultant? Truly people believe what they WANT to believe.