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

[byronbb]

COME ON $600

[InstantBitcoin]

BTC is pumping towards $7000 :: now haters gonna hate! ;-)

[JayJuanGee]

BTC is pumping towards $7000 :: now haters gonna hate! ;-)

So what was the highest purchase price for BTC and what quantity at that price?

[InstantBitcoin]

BTC is pumping towards $7000 :: now haters gonna hate! ;-)

So what was the highest purchase price for BTC and what quantity at that price?

^some whale fatfingered it to ATH ~ Big Wall Street money pouring in ... 

[Richy_T]

Petahash security is arguably excessive and a misallocation of capital.  Unfortunately BTC creates a perverse incentive.  This has been discussed ad nauseam.  The alternatives so far are unappealing or unworkable.  Alts may yet justify their existence as a class by finding a more adaptive mechanism or a superior security model.

The deviation from the Metcalfe model in recent months is consistent with the scale of historical deviations from the model, and hence does nothing to impugn the model.  I suspect a more sophisticated variation on Metcalfe's law (accounting for the variable value-add of distinct classes of links) will eventually prove superior to the naive n^2 fit.

It's important to remember that that incentive is transient though. Unlike usual perverse incentives created by government which are next to impossible to be rid of.

[ChartBuddy]

Explanation

[JayJuanGee]

BTC is pumping towards $7000 :: now haters gonna hate! ;-)

So what was the highest purchase price for BTC and what quantity at that price?

^some whale fatfingered it to ATH ~ Big Wall Street money pouring in ... 

Yeah, but if it was merely a flash crash (upwards), then that's NOT likely going to have any meaningful long-term effect is it?  Or do those kinds of fat finger incidents create news?

[shmadz]

Petahash security is arguably excessive and a misallocation of capital.  Unfortunately BTC creates a perverse incentive.  This has been discussed ad nauseam.  The alternatives so far are unappealing or unworkable.  Alts may yet justify their existence as a class by finding a more adaptive mechanism or a superior security model.

I snipped the second paragraph cuz I couldn't understand it, but what do you think about parallel chains?

Is it possible to have a bitcoin clone running the same transaction code to run side-by-side with bitcoin but on another algorithm?

Sorry if not sense, Friday night

#Rant edit, had a moment of lucidity, but it faded

Like litecoin, but you don't make your own chain, you just take the existing chain and then listen for and include regular bitcoin transactions. When there is a discrepancy, like might happen with an attack, then at least you have some early warning, and some redundancy if it is necessary to "roll back" the Blockchain, if five or six other chains agree and only the sha256 chain differed, then maybe the consensus of miners would transfer to a consensus of chains?

[InstantBitcoin]

BTC is pumping towards $7000 :: now haters gonna hate! ;-)

So what was the highest purchase price for BTC and what quantity at that price?

^some whale fatfingered it to ATH ~ Big Wall Street money pouring in ...  

Yeah, but if it was merely a flash crash (upwards), then that's NOT likely going to have any meaningful long-term effect is it?  Or do those kinds of fat finger incidents create news?

bitcoin looks undervalued here, i'd not be the least surprised to see $5000+ in short order !!!     *hodl !*

[derpinheimer]

BTC is pumping towards $7000 :: now haters gonna hate! ;-)

So what was the highest purchase price for BTC and what quantity at that price?

^some whale fatfingered it to ATH ~ Big Wall Street money pouring in ... 

What are you two talking about?

[ChartBuddy]

Explanation

[InstantBitcoin]

BTC is pumping towards $7000 :: now haters gonna hate! ;-)

So what was the highest purchase price for BTC and what quantity at that price?

^some whale fatfingered it to ATH ~ Big Wall Street money pouring in ...  

What are you two talking about?

^the twitter/bitcoin archive project , just one angle.. ~ some big ole WS whales incoming!  

         

*watch the ride!*

[derpinheimer]

That sounds like a ride the whole family can enjoy!

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[derpinheimer]

Looking like that was just another trap 

It seems that the last 3 times China has refused to follow a US rally, the price never continued up and instead dropped a few days later.

[Peter R]

Another worrisome aspect of the blockchain statistics is that the "effective fee" for bitcoin payments is about 4% -- since the mining community earns 4000 BTC/day to process transactions whose estimated output volume (minus changeback) is 100'000 BTC/day.  Since mining is still a substantially free market, the actual cost must be not much below that value.  

Currently users do not pay that 4% fee, because it is paid by all the long-term holders of bitcoins, that lose 4000*365/12'000'000 = 12%/year of their value because of mining inflation.  (And, of course, that loss is more than offset by the price increase due to speculative demand.)  But since that fee will some day become a real transaction fee paid by users, it seems to be a bit too high for a service that is still often touted as "free" or "much cheaper than bank transfers".

That really is an interesting analysis. But I still believe it's more or less a self-regulating market. The only thing that concerns me is if miners really stop including transactions because the fees is too low...

The transaction rate of Bitcoin is artificially capped.

We can expect that 4% value will drop by orders of magnitude when that artificial cap is lifted.

Also, it will be cut in half soon (every 4 years).

The "effective fee" that Jorge is talking about is due to the expansion of bitcoin's monetary base.  Like Justus said, with bitcoin this inflation programatically tapers off over time.  The higher inflation rate right now helps to distribute bitcoins to a broader user base.




It's interesting to compare this to the "effective fee" due to expansion of the monetary base in fiat currencies.  Here's the relevant chart for the USD.  Note the opposite nature of the concavity.  

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[blatchcorn]

COME ON $600

Hahahaa

C'mon $600!