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

[Hypnoise]

The only real problem I see with mining is centralization.

Centralization will be the beginning of the gentrification of Bitcoin.  Once it is centralized it can be controlled by banks and governments.

Agreed.  But its a solvable problem.

Please elaborate.

I addressed one solution above.  Other ameliorating factors can be introduced.  For example, mining could be moved to side-chains with small, fast block rewards.  This would not penalize current miners but would make it easier for amateurs to add distribution without throwing in to a big pool.  Anything that leads to more, smaller pools would be good.  It works because the side-chains would be merge-mined with the bitcoin 1.0 chain.

Are you of the opinion that difficulty will continue to increase?

I mining on ghash.io and trading GHS on cex.io same time, same account. I dont care about difficulty anymore, before it will increase I will increase my GHS holding faster.

[niothor]

Sellers spin it up and Buyers spin it down...an idiot is someone who doesn't spin it at all.

Lols , in my language his name makes perfect sense taur - bull , urs  - bear. Had the impression it's touro in Portuguese

[Hypnoise]

It's the 14th in China. Now what?

Now we wait

No, first we SALE and then WAIT

[billyjoeallen]

Whoever is operating the Death Bot is paying a lot of money to buy high and sell low. Why? One possible reason is to test market price and order resiliency. This person likely has a massive amount of cash and coins to control and the Death Bot is merely an operating expense.

This is very different than Willy. It's shown up on multiple exchanges, so it's probably not an exchange operator. That's a good sign, but it means the market is getting more sophisticated. Smart people are taking money from dumb people and I'm getting the sinking feeling that I'm one of the dumb people.

I don't have enough information to trade, so I'm not going to.

What methods did you use to identify him?

Chart patterns.

[niothor]

It's the 14th in China. Now what?

We sell! Why? Because now in China is the 14th.  

[aminorex]

...mining on ghash.io...

Clearly the health of the network is not a major concern for you.

[Hypnoise]

Sellers spin it up and Buyers spin it down...an idiot is someone who doesn't spin it at all.

Lols , in my language his name makes perfect sense taur - bull , urs  - bear. Had the impression it's touro in Portuguese

would it be what is usually called as a cow

[aminorex]

What methods did you use to identify him?

Chart patterns.

I read that as "shark cartoons"

[JorgeStolfi]

Lols , in my language his name makes perfect sense taur - bull , urs  - bear. Had the impression it's touro in Portuguese

"Ursus" and "taurus" are Latin; "Minotaur" is "Bull from of Minos" in Latin, Anglicized.

Even though bull is "touro" in Portuguese, the Minotaur is "MinotAuro".

[niothor]

Lols , in my language his name makes perfect sense taur - bull , urs  - bear. Had the impression it's touro in Portuguese

"Ursus" and "taurus" are Latin; "Minotaur" is "Bull from Minos" in Latin, Anglicized.

Even though bull is "touro" in Portuguese, the Minotaur is "MinotAuro".

How did the latins spell  "bitcoin to the moon" ?

[Zule]

Lols , in my language his name makes perfect sense taur - bull , urs  - bear. Had the impression it's touro in Portuguese

"Ursus" and "taurus" are Latin; "Minotaur" is "Bull from Minos" in Latin, Anglicized.

Even though bull is "touro" in Portuguese, the Minotaur is "MinotAuro".

How did the latins spell  "bitcoin to the moon" ?

There were no latins

[bitcoinsrus]

Lols , in my language his name makes perfect sense taur - bull , urs  - bear. Had the impression it's touro in Portuguese

"Ursus" and "taurus" are Latin; "Minotaur" is "Bull from Minos" in Latin, Anglicized.

Even though bull is "touro" in Portuguese, the Minotaur is "MinotAuro".

How did the latins spell  "bitcoin to the moon" ?

Bitcoin ut Luna
(google translate)

[KFR]

Ut = "in order to" i.e. the subjunctive.  I suspect you want "ad" i.e. Bitcoin ad luna

[aminorex]

Are you of the opinion that difficulty will continue to increase?

Yes.  Firstly, I think mining will become very profitable again.  Secondly, cost per ghps will continue to plummet for at least 2 years.  Thirdly, the hardware is mostly going to keep running even if it is never profitable because there are too many people incentivized to keep the network secure (for themselves,not necessarily for me) for much of it to find a land-fill.

[boumalo]

$750 valuation based on what?

Numerous fundamental factors and several technicals converge in this area presently.  You need to do some catchup reading.  The  bear case always boils down to fud - which is a legitimate and important factor.  The bull case always boils down to facts and logic - sometimes erroneous but on the whole fairly sound ( although exhaustive scenario analysis is of course infeasible or even impossible).  It is just possible that facts and logic will dominate in the long run. Not certain, but the upside is huge if they do.

The bear case is sustained by FUD, but it is not comprised of FUD. The bear case is that there are significant holders of large amounts of BTC with the ability to crash the market should any one of a number of things happen. They think the probability of at least one of these things happening is greater than the probability that hidden capital is going to launch a rally.

Bears also simply think that the flow of capital into BTC is going to be less than the flow out for a given amount of time. Miners would be buying their asses of right now if they had the capital to do so, because they know the price is substantially below the cost of production. So why aren't they? Coinbase price is only $2 higher than Bitstamp.

A bounce off of expected $400 support was on very low volume. We are always at the mercy of people who know more than we do.

Death Bot is on Huobi NOW!  

Nice explication, miners are net sellers, weak holders that bought in last winter are solding, bears are solding for the reasons you mentioned and there is not enough money coming in to overcome the selling

[bitcoinsrus]

Are you of the opinion that difficulty will continue to increase?

Yes.  Firstly, I think mining will become very profitable again.  Secondly, cost per ghps will continue to plummet for at least 2 years.  Thirdly, the hardware is mostly going to keep running even if it is never profitable because there are too many people incentivized to keep the network secure (for themselves,not necessarily for me) for much of it to find a land-fill.

Right now, the only mining I wanna do is for that lost harddrive  

[jonoiv]

Lols , in my language his name makes perfect sense taur - bull , urs  - bear. Had the impression it's touro in Portuguese

"Ursus" and "taurus" are Latin; "Minotaur" is "Bull from Minos" in Latin, Anglicized.

Even though bull is "touro" in Portuguese, the Minotaur is "MinotAuro".

How did the latins spell  "bitcoin to the moon" ?

Bitcoin ut Luna
(google translate)

I like the way you wrote (google translate)  knowing the possibility of an error

While in Crimea last year I asked for English menus, almost all of them, had a sausage roll on the menu, (sausage in pastry) but they must have all used the same translator.

[ChartBuddy]

Explanation

[aminorex]

Ut = "in order to" i.e. the subjunctive.  I suspect you want "ad" i.e. Bitcoin ad luna

Perhaps he was describing what he would do to his boss once he got his FU money.

[spooderman]

It's the 14th in China. Now what?

Now we wait

lol I was WAITING for the 14th!