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

[chessnut]

Attempt 5? 

The volume is low.  This is looking more bearish to be honest.  It could trigger a sell off.   (just my opinion)

.... yeah, it's not overly bullish. but despite the quietness, this chart is caught between the hammer and the anvil. It will be difficult to make ground in either direction.

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[JorgeStolfi]

we know its you (and possibly another 7 billion skeptics)

Not really.

The skeptics and their governments may ban bitcoin from commerce and finance, but that is not what I meant.  The skeptics may define the environment, but it is the miners who will ultimately decide how bitcoin will evolve.  Not Satoshi, not the Shrem Karpeles & Friends Foundation, not the speculators, not the hoarders.

[fud]
So, what will Greed whisper to the miners' ears?
[/fud]

[billyjoeallen]

@billy

About major Chinies exchanges going dark 

https://bitcointalk.org/index.php?topic=562524.0

I don't know and can't know exactly how it will play out and I am going to buy back my coins on the 15th if not before, I just don't know at what price. If you take exception to the term "going dark" then replace it with "liquidity event".  I am betting that people smarter and richer than me are acting in their own best interest. That's not a foolproof assumption, but it is a useful guide.

[greenlion]

The miners decide what the rules are.  Increasingly, that means ghash.io, discus fish, eligius, and btcguild.  Biggest threat to bitcoin today.

I think there's really a lot more to it than this. A majority of miners deciding to impose some new rules don't suddenly have the power to force all nodes to accept their blocks as valid out of nowhere. If 50% of mining hashpower decided they were operating under rules contrary to the consensus of full bitcoind nodes out there, they will just be mining their own altcoin and the total proper Bitcoin hash rate will simply have dropped.

[chessnut]

I think the miners know better than anybody that corrupting the system, if practical, will make their fortunes worthless.

[adamstgBit]

minner will do like everyone else and follow the money

4

[Richy_T]

China's gonna wake up in an hr

That´s just pure speculation.

My Chinese slumber method for predicting Chinese slumber proves that the Chinese sleep when they are not awake and are awake when they are not sleeping.

[ChartBuddy]

Explanation

[JorgeStolfi]

Let's say that a new version of the reference client is released with new rules - 'prints' a squillion more coins.  Nodes of the existing network will have no motivation in adopting it so they will simply not upgrade.  Then there's a progressive fork that doesn't break the rules and the nodes all choose to upgrade to that.  The 'Usurp Bitcoin' project was destined to die early in its infancy.

You keep assuming that the threat would come from some external Dark Force that wishes to destroy bitcoin and will try to sabotage the network against the will of the "good" miners.  That is not what was thinking of.

(But since I have never used bitcoin, what could I know about that.)

[Erdogan]

Bitcoin burns greed.  Greed is the fuel for its engine.  All that greed will be consumed and transmuted into a new thing: scarcity.

Bitcoin is commodified scarcity.  The world was running low on scarcity, so we had to create some.  Previously we faced peak scarcity.  Thanks to bitcoin, we now have enough scarcity for everyone.

Bring on the greed.  Come at me bro.  Bitcoin will use crypto fu and redirect that negative energy into pure positive scarcity.

Greed is blind and dumb, it will eat its own children when they get fat enough.

Greed is hurting bitcoin, that is why it is bleeding.  It was greed that attracted all the scammers and thieves that now surround it. It s greed that makes otherwise smart people forget prudence, turn off reason, and trust their money to those scammers, time and time again.

Greed breeds greed.  Greed sustains not only bitcoin, but also the altcoins: "Why should I invest in bitcoin, and help Satoshi & friends steal from my wealth, if I can create my own coin, and steal wealth from those who use it?"

Greed may even destroy bitcoins most praised quality, its planned scarcity.  I don't  see what could prevent that.

It is about allowing yourself to keep the value in your savings. Greed is if you want more, that is what they have, those who pilfers the value from the fiat. Governments people and their friends and agents. You are one of them. You are an agent of those who think they have the right to steal from others.

[NewLiberty]

Mine pool owners might also act under coercion.
Damaging things may be done willfully or not, the vulnerability is simply the concentrated power to do them.  Self interest is a necessary protection but not a sufficient one.

[JorgeStolfi]

My Chinese slumber method for predicting Chinese slumber proves that the Chinese sleep when they are not awake and are awake when they are not sleeping.

Excellent!  https://en.wikipedia.org/wiki/The_Song_of_la_Palice

[adamstgBit]

Do not panic, this is a only a drill.

3

[billyjoeallen]

Mine pool owners might also act under coercion.
Damaging things may be done willfully or not, the vulnerability is simply the concentrated power to do them.  Self interest is a necessary protection but not a sufficient one.

Mining is distributed. Pools kind of screw that up the way political parties kind of screw up democracy but in both cases, the effect is limited, because participation in a pool or party is voluntary. Pools and parties come and go. I'd like to go to a pool party right now.

[mooncake]

The skeptics and their governments may ban bitcoin from commerce and finance, but that is not what I meant.  The skeptics may define the environment, but it is the miners who will ultimately decide how bitcoin will evolve.  Not Satoshi, not the Shrem Karpeles & Friends Foundation, not the speculators, not the hoarders.

Please explain

[rjp55]

Do not panic, this is a only a drill.

3

I've missed these so much!

[jonoiv]

I see bots are buying but not a lot else. 

[CoinRocka]

I was just thinking about 2 hrs ago that this volume feels like the calm before the storm.

[adamstgBit]

Riders on the Storm, get it?

2

[chessnut]

hmm, I wonder whats gonna happen when he gets to 0