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

[smiley123]

For those that are still unclear on how the 51% attack works, here are some youtubes from the "World Bitcoin Network" guy:

part1:
http://www.youtube.com/watch?v=bi2thGzzNSs

part2:
http://www.youtube.com/watch?v=Kjtgp5h-jEY

[RobFordWotWot]

You don't have to go home but you can't stay here.

[Mythul]

Ah well, lost all profit I've made in the last month....guess I have to get used to the Bitcoin roller coaster.

[ChartBuddy]

Explanation

[Parazyd]

Adam, told you that you're wrong
It's gonna be like this until the auction.

[segeln]

Why the sudden gloom?  Price is falling a bit but still way up from April.

Some bad news that I did not see? Karpelès bought GHash.io?  The FBI seized the blockchain?  Satoshi committed seppuku?

+1

[Searing]

Why the sudden gloom?  Price is falling a bit but still way up from April.

Some bad news that I did not see? Karpelès bought GHash.io?  The FBI seized the blockchain?  Satoshi committed seppuku?

+1

yeah imagine if 'mark karpeles had GHash.io!....it is a 2 part process....1) have the capablity as  a pool to muck up and fork the network

and

2) have 'someone' dumb enough to try to 'game the system' and flush the bitcoin network down the toliet when he messes up

again look at GOX a money makiing machine if ever there was one..and he still managed to flush it

Searing

[N12]

https://bitcoinfoundation.org/blog/wp-content/uploads/2014/04/Bitcoin-Risk-Management-Study-Spring-2014.pdf

[nioc]

also withholding blocks, to manipulate the perceived hashrate and effectively attack other mining pools, is a problem

The block withholding attack might actually end up being what limits the size of pools in the end.

If it's no longer safe to accept random members of the public into a pool, then the pool membership needs to be limited to trusted hashers.

This means a larger number of pools for a given number of hashers.

+1

Block withholding attack far more serious issue I think than people realize.

@justusranvier, it doesn't work that way.  It's the pool that is holding back the blocks not the members.

ORLY?

https://bitcointalk.org/index.php?topic=441465.msg7282674#msg7282674

[ChartBuddy]

Explanation

[blatchcorn]

https://bitcoinfoundation.org/blog/wp-content/uploads/2014/04/Bitcoin-Risk-Management-Study-Spring-2014.pdf

Their perceived likelihood of a 51% attack is way too high for my likings

[akujin]

Down it goes! Hahaha not enough fuel to hit the 600s 

[Parazyd]

Down it goes! Hahaha not enough fuel to hit the 600s 

Yet another entry opportunity

[sidhujag]

also withholding blocks, to manipulate the perceived hashrate and effectively attack other mining pools, is a problem

The block withholding attack might actually end up being what limits the size of pools in the end.

If it's no longer safe to accept random members of the public into a pool, then the pool membership needs to be limited to trusted hashers.

This means a larger number of pools for a given number of hashers.

+1

Block withholding attack far more serious issue I think than people realize.

I keep reading this. Its a far less serious issue than I think YOU and most people like you realize.

BTW there are 2 types of block withholding attacks you know?

[fonzie]

Bottom catchers get ready for the next 50-100$ candle!

Gravity still seems to work. Finix trying to catch up with Stamp. Gogogo margin calls.

[sidhujag]

also withholding blocks, to manipulate the perceived hashrate and effectively attack other mining pools, is a problem

The block withholding attack might actually end up being what limits the size of pools in the end.

If it's no longer safe to accept random members of the public into a pool, then the pool membership needs to be limited to trusted hashers.

This means a larger number of pools for a given number of hashers.

+1

Block withholding attack far more serious issue I think than people realize.

@justusranvier, it doesn't work that way.  It's the pool that is holding back the blocks not the members.

Go back to school fool.

[Parazyd]

https://bitcoinfoundation.org/blog/wp-content/uploads/2014/04/Bitcoin-Risk-Management-Study-Spring-2014.pdf

Reading this it feels like bitcoin is bound to fail

Anything from the Bitcoin Foundation seems like a fail.

[akujin]

Down it goes! Hahaha not enough fuel to hit the 600s  

Yet another entry opportunity

Of course  
Lucky are those who dumped 8hrs ago. They have fresh fiat to catch this dump 

[the_sunship]

Whether the 51% attack is a real threat or not makes no difference. Perception is all that matters, and that is affecting the price right now. The perception of bitcoin in the media has improved dramatically, but this could set off another round of FUD articles.

Clever arguments to the contrary won't matter. Finding a solution to this perceived threat will. It can also show how the greater bitcoin community can fix its own issues, which any long term investor would find compelling.

[Dotto]

I smell the panic all over thread in the last days... a good indicator that we can be closer to the rally that people thinks.

Strong buy zone.