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

[windjc]

I just covered the last of my shorts. I have no idea if this market is going up or down.

I do believe that real bad news from China and the floor will melt under this market quickly. And by bad news, I mean an out right ban of exchanges or Houbi declaring insolvency.

However, if those things don't happen, I could see a mini bull run to the 600s. So I'm going to sit back and see which direction we go. No reason to gamble here.

[ArticMine]

there is no way to really calculate the total hash rate, we can only estimate based on the current difficulty and the speed at which blocks are created.

luck plays a role, and the hashrate estimate seems to be fluctuating between 65-85 peta hashes per second currently, so the blockchain data seems roughly close enough. (source = http://bitcoin.sipa.be/  )

And yes, that is actually 65 quadrillion hashes per second. pretty impressive for an open-source beta project, don't you think?

Thanks! Yes, pretty impressive.

All my computing life I have been taught and taught students how to compute things in the most efficient way.  It turns my stomach seeing that much computing power (and electrical power) wasted.  

Do you people really believe that big miners will be more honest and less greedy than big bankers?

When it come to wasted computing resources I would take a very long hard look at DRM and the licensing policies of companies like Microsoft and Apple before taking a look at Bitcoin. Ever wonder why eWaste is the fastest growing environmental problem? Hint compare the price of Microsoft Windows or Microsoft Office with and without the purchase of a new computer. As for Apple one has to buy a new computer in order to run their OS X software.

[ChartBuddy]

Explanation

[silverfuture]

The biggest FUD of all time for wall observers. The price of bitcoin will remain flat. 

[JimboToronto]

I really preferred the old system, where new accounts were required to post first in the newbie section.

Amen. The sheer stupidity and obnoxiousness of pathetic trolls like RandomPed should be enough to keep them from ever graduating from the noob section.  

On the other hand, there's some entertainment to be had from feeling superior to these morons, and from trying to guess what their previous names were. This is why I rarely use the ignore function.

Who was RandomPed in his last incarnation? Fonzie? MatTheTwat? Igorr? It's fun to speculate.

[ChartBuddy]

Explanation

[Davyd05]

Early Monday volume start in China.

[Adrian-x]

Thanks! Yes, pretty impressive.

All my computing life I have been taught and taught students how to compute things in the most efficient way.  It turns my stomach seeing that much computing power (and electrical power) wasted.  

Do you people really believe that big miners will be more honest and less greedy than big bankers?

Jorge here is a paper just issued on the topic: http://www.ofnumbers.com/wp-content/uploads/2014/04/Learning-from-Bitcoins-past.pdf. also published is a piece on other hurdles: www.bitcoinmagazine.com/12914/bitcoins-made-in-china

Reading the hurdles I was overcome with awe I can't even express my enthusiasm for the future it is exciting and unpredictable at the same time. I can't call the byproduct waste yet, it's still too soon, it looks like a complete changing of the old guard at the gates of a sustainable future.

As for scientific principles I was introduced to a new one today in physics where a phenomenon is not understood it is most likely the simplest explanation that is the most viable hence God is arguably the simplified cause of all this and Bitcoin is just part of the plan.

At the end of the day we will be free to choose, greedy miners won't survive neither will greedy bankers.

Edit factoring in the overwhelming uncertainty the energy equation brings to the large Bitcoin holders leads me to concluded we will stay flat or slow trend down for a while. Still I wouldn't take this as financial advice it's just one of my random thoughts. (I have a bad record of predicting macro trends.)

[ChartBuddy]

Explanation

[JorgeStolfi]

This is a plot of the transactions at Huobi on May/18 around 23:30 UTC (Monday 07:30 am in China):

[ full-size version ]

Each dot is a transaction. The dot's size represents the amount of BTC, and the vertical axis is price (CNY).  The blue dots are the transactiions with amount = 0.01 BTC exactly, the red dots are all the other transactions. 

This plot catches the time when trade started Monday morning.  The 0.01 BTC "ping-pong" robot trades slowed down but did not stop.

A very similar "ping-pong" robot operated for some time in January at MtGOX: 

[ full-size version ]

[nanobrain]

As for scientific principles I was introduced to a new one today in physics where a phenomenon is not understood it is most likely the simplest explanation that is the most viable

er....sounds like Occam's Razor....at 800 years old hardly new.

[Davyd05]

I do see the odd 0.01 btc buy/sell

[ChartBuddy]

Explanation

[mikeh2]

All my computing life I have been taught and taught students how to compute things in the most efficient way.  It turns my stomach seeing that much computing power (and electrical power) wasted.  

same but then our entire economy is very wasteful http://www.zerohedge.com/news/2014-05-16/where-worlds-unsold-cars-go-die
I'm sure eventually we'll switch to a better crypto system or energy sources like thorium.

[Adrian-x]

As for scientific principles I was introduced to a new one today in physics where a phenomenon is not understood it is most likely the simplest explanation that is the most viable

er....sounds like Occam's Razor....at 800 years old hardly new.

The new part for me was seeing it used as a scientific explanation for God. Leading to the intended porous behind Bitcoin the universe and everything.

[nanobrain]

As for scientific principles I was introduced to a new one today in physics where a phenomenon is not understood it is most likely the simplest explanation that is the most viable

er....sounds like Occam's Razor....at 800 years old hardly new.

Leading to the intended porous behind Bitcoin the universe and everything.

I'm not sure I follow this sentence, it seems to be missing a subject; is 'porous' now a noun or are we talking about Bitcoin's derriere.

[latoxine]

couldn't we image that if chinese traders now trade on foreigners markets, we are going to see ( or are seeing ) real volume ?!

[ChartBuddy]

Explanation

[molecular]

All my computing life I have been taught and taught students how to compute things in the most efficient way.  It turns my stomach seeing that much computing power (and electrical power) wasted.  

same but then our entire economy is very wasteful http://www.zerohedge.com/news/2014-05-16/where-worlds-unsold-cars-go-die
I'm sure eventually we'll switch to a better crypto system or energy sources like thorium.

That zerohedge article really impressed me and made the wastefulness of our actions graspable for me. "Yay! We're building more cars, the economy is growing, elect us again!"

We need to end this "continuous growth paradigm" that is partly a consequence of (or at least intricately intertwined with) the type of money we use. Transitioning to using sound money is a big step towards becoming more resource efficient. The psychopathic powers that be are already shitting their pants regarding their debt regimes threatening to fall apart (Beligum), trying to start ww3 to get out of that deadlock they have maneuvered themselves into. I hope the people of the world will be prudent enough to see through the false flags (example: chemical attacks in syria last year) and violent provocations by payed mercenaries. I also hope our whistleblowers will keep informing us.

I think the easiest and most effective step we can take as people of the world in order to scale down our natural resource usage and to avoid bloody conflict is to transition to using crypto. It'll force governments into fiscal prudence eventually and it'll force actors making bad decisions to suffer the consequences of their actions, as it should be.

[zimmah]

I agree, it's not just about bitcoin becoming successful, that would be nice for me and many of us here, but what's really important is that when any system of sound money takes over and holds it ground for long enough it could direct the world economy and the policitians toward the right path by forcing them to choose paths they would not take if they had unlimited money like they have now.

If bitcoin or a new gold standard catches on their self-destructive behavior will destroy them, or they will notice their behavior is self destructive and they might change their ways. And not just them, but the general population will also be less wasteful, because  let's face it, we too are a wasteful society, that's just how we have always done things and we don't even know any better.