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

[inca]

This place would be so much better if everyone would just stop quoting idiot stolfi.
It's amazing you guys still don't get it. This isn't about Bitcoin. This is about him getting attention. All you are doing is feeding his need for attention. He will keep saying the opposite of what you say just to get attention.
Why don't you people realize this?
If this thread would be closed he would find another high traffic thread about a much talked about subject. He will read it and then start posting in a way that will make a lot of people reply to him. This can be a forum about candy, seals or trees. He doesn't care. He is obsessed with getting attention and you are giving it to him.

Actually he's a paid troll.  He's paid to be here.  As I'm sure there are others here as well... starting to think mmitech is a paid troll too, the way he blathers on and on ad nauseum...

Well unlike most of idiots who talk about me being a troll, I actually owned Bitcoin and I actually made good profits and that was achieved by using so commonsense and objectivity.

I am not a Bitcoin die hard cultist and if Bitcoin would crash down and burn that wouldn't change my life style allot... I have a profession that I can start using again anytime, I was(am) a successful engineer even before I know about Bitcoin.

You're really going to come on a pro-bitcoin forum, drag out 4 years old, tired counter-arguments about how Bitcoin is doomed to fail and here are the valid reasons, pat yourself on the back and tell everyone else they lack the objective thinking of your brilliant mind??

That sir, is the purest definition of TROLL that I can think of.

ALL HAIL THE BRILLIANCE OF MMITECH!

Unemployed too it seems.

[mmitech]

This place would be so much better if everyone would just stop quoting idiot stolfi.
It's amazing you guys still don't get it. This isn't about Bitcoin. This is about him getting attention. All you are doing is feeding his need for attention. He will keep saying the opposite of what you say just to get attention.
Why don't you people realize this?
If this thread would be closed he would find another high traffic thread about a much talked about subject. He will read it and then start posting in a way that will make a lot of people reply to him. This can be a forum about candy, seals or trees. He doesn't care. He is obsessed with getting attention and you are giving it to him.

Actually he's a paid troll.  He's paid to be here.  As I'm sure there are others here as well... starting to think mmitech is a paid troll too, the way he blathers on and on ad nauseum...

Well unlike most of idiots who talk about me being a troll, I actually owned Bitcoin and I actually made good profits and that was achieved by using so commonsense and objectivity.

I am not a Bitcoin die hard cultist and if Bitcoin would crash down and burn that wouldn't change my life style allot... I have a profession that I can start using again anytime, I was(am) a successful engineer even before I know about Bitcoin.

You're really going to come on a pro-bitcoin forum, drag out 4 years old, tired counter-arguments about how Bitcoin is doomed to fail and here are the valid reasons, pat yourself on the back and tell everyone else they lack the objective thinking of your brilliant mind??

That sir, is the purest definition of TROLL that I can think of.

ALL HAIL THE BRILLIANCE OF MMITECH!

you are now just being a fucking moron, if those issues wont be fixed Bitcoin is not going to survive 20 years and neither will self distract in case of mass adoption..... these were my exact words, so please stop twisting them, period.

[ChartBuddy]

Explanation

[mmitech]

Unemployed too it seems.

in fact yes, I am Unemployed , if you were here long enough you would know why... or let me tell you: I cashed out a shit load of money and did quit my job. thanks to Bitcoin ( and all the bull-tards that made investment worthwhile )

[Richy_T]

...
Again I ask: why should that have anything to do with the price? The price of Euro's doesn't drop if some credit card details are leaked or some bank accounts fished.

Because your credit card company guarantees your CC account.  It gets hacked, you lose nothing.  Bitcoin gets hacked?  A different story

So the credit card companies losing money on this is a much much better reason for the price of the currency to drop than the loss of money for some (foolish) consumers.

The CC companies lose money? LOL. You don't think they got rich from writing checks, do you?

[wachtwoord]

...
Again I ask: why should that have anything to do with the price? The price of Euro's doesn't drop if some credit card details are leaked or some bank accounts fished.

Because your credit card company guarantees your CC account.  It gets hacked, you lose nothing.  Bitcoin gets hacked?  A different story

So the credit card companies losing money on this is a much much better reason for the price of the currency to drop than the loss of money for some (foolish) consumers.

The CC companies lose money? LOL. You don't think they got rich from writing checks, do you?

They lose money on a specific thing. On aggregate they are making vast profits of course.

[mmitech]

....
you are now just being a fucking moron, if those issues wont be fixed Bitcoin is not going to survive 20 years and neither will self distract in case of mass adoption..... these were my exact words, so please stop twisting them, period.

You and your camel What area of engineering btw, IT related?

Shows how bad this place has got when a troll is indistinguishable from a realist, by 20 years there will be so many potential improvements to crypto's that Bitcoin would likely need a complete rewrite at some stage (then the BS artists can do the whole "Bitcoin 2.0" thing again). Another crypto could take over at that stage unless it gets like email and too many people depending on it but more likely the trustless transfer of ownership thing will matter more than exchange rates before then.

yep, IT...I always forget that I am just posting wrong things in the wrong section of the forum... I shouldn't bother so much...  

[JayJuanGee]

...
if the technical part of Bitcoin stay as it is today, then simply Bitcoin wont survive for 20 years... and this is for sure.

You are bullish, in this case I'll only give it 4 - 5 years.

apart from the obvious answer to extend functionality would any of you care to elaborate why.
And please give concrete technical reasons

Even if you cant figure for your self half of the challenges Bitcoin is facing, there is a wiki for that... take some time and read about it here  


Edit: for some reason they didn't include the Block size limit and blockchain size problem (could be in the future)

At least you are providing some support for your rationale, this time, rather than just spreading unsubstantiated FUD.    I am NOT inclined to read through that wiki in detail, but just looking at the topics, I see that they seem to be mostly technical and there may be some additional reasons for bitcoin's potential failure that is NOT explored, including political regulation / hostility and market manipulation.

[adamstgBit]

some people just have no balls...

[JorgeStolfi]

The CC companies lose money? LOL. You don't think they got rich from writing checks, do you?

They lose money on a specific thing. On aggregate they are making vast profits of course.

Some of the fees they charge are spent in refunding and fighting CC fraud, but it is actually very little (0.7% of the total transaction volume, IIRC). As an oligopoly (cartel) they of course make big profits anyway. 

[adamstgBit]

some people just have no balls...

Bitchick?

she has more balls then some grown men. it seems.
 

[Richy_T]

They lose money on a specific thing. On aggregate they are making vast profits of course.

Often not even then. In many cases, unauthorized charges are borne by the merchant. This is one more reason Bitcoin should be appealing to them.

[Richy_T]

....
you are now just being a fucking moron, if those issues wont be fixed Bitcoin is not going to survive 20 years and neither will self distract in case of mass adoption..... these were my exact words, so please stop twisting them, period.

You and your camel What area of engineering btw, IT related?

Ironically, it was a train engineer. Choo choo!

[tarmi]

it means the mission to infest bitcointalk and sway it into a bitcoin-negative site is working ... Jorge and the team will get their bonuses from Uncle Sam

I wonder why it turns out this way. Initially it was such a quality forum.

https://firstlook.org/theintercept/2014/02/24/jtrig-manipulation/

Interesting, thanks. Nothing new though, disinformation is all through history. The Luddite movement is a good example, as a movement the Luddites had nothing against technology, their fight was with the owners and that bit of disinformation has lasted over 200 years.

Yesterday I read an article about the connection between Roswell and the current bear market. I will search for the source, it's really interesting.

As an insider i can tell you that JP Morgan pays about 4000$ a month if you provide at least 10 semi quality bearish manipulation posts per day on BCT.

where can I join you?

btw, all btct bulls selling into 400 is a good buy sign in my book.

[JayJuanGee]

well I think most of you Bitcoin cultists refuse to be objective, and considering the fact that most of you call Bitcoin the most important innovation after internet, I would just like to point out that TCP/IP protocol didn't change much in a decade or so.... and no, Google is very very bad example in this case, we are talking about protocols that we can build on..

But this is where you are mistaken. Bitcoin is a protocol, that is true. Yet you fail to understand what it does.

Bitcoin forms probabilistic consensus on a ledger of units where ownership is proven through digital signatures.
The value lies in the ledger and that consensus is formed on it. Not on the concrete protocol specification

See, I know exactly what is Bitcoin, and everything I wrote above has a simple yet a deep meaning to it, now if you fail to see that, this simply means that you are way too much invested (blindly invested) into Bitcoin, and I honestly have no energy to argue or explain that to you.

It is my opinion on this matter, consider me wrong with the possibility of being right, also all you said above doesn't argue or solve the real known issues, so I don't see any value with arguing further with you.

You may be correct in the end that bitcoin has various flaws that cannot be overcome, and maybe you need NOT attempt to articulate your concerns to convince others, especially in a public forum like this.

Your problem, even in the above post, is your patronizing tone to suggest that you have higher knowledge, insight and vision than others, which is frequently coupled with your attempts to persuade others to follow in your direction.  When you seem to be striving to get others to follow, then that requires more explanatory obligations, IMHBO.

[Tzupy]

.....
As an insider i can tell you that JP Morgan pays about 4000$ a month if you provide at least 10 semi quality bearish manipulation posts per day on BCT.
.....

Really, where can I sign? I'm currently doing this (well, not 10 per day ) for free.

[DubFX]

That paypal news made only few hours pump and we were back as low as 396 today, what's up why is it loosing value was it really overvalued?

[adamstgBit]

That paypal news made only few hours pump and we were back as low as 396 today, what's up why is it loosing value was it really overvalued?

who knows, its pure madness out there, pure madness i tell you!

[fonzie]

Huobi has some serious buy walls.

[JayJuanGee]

ok you've got my intention there, this suggest that you have most of the issues figured out, how do you think we will solve:
1-The Block size limit when the number of transaction/minute is 100 times higher than today.
2-The block chain size when it exceeds 200GB or 1TB ? most users or services will have to use clusters of storage, if the adoption rate picks up this has to be fixed really fast.
3-The energy waste, it has been known that when the price goes up mining becomes more profitable and more resources are brought online...resources that most of us consider wasted, as of today the hashrate is more that 250 Petahash/s, assuming that the worst chip on the network consume 0.5w/ghs (which is way too optimistic) this means that at this point miners consume way more than 125 hourly Megawatts... just FYI a typical nuclear plant produce from 500-2000 hourly Megawatts.
4-DDOS attacks: when Bitcoin become bigger, there will be Big services that run the Bitcoind in order to offer their services, organized groups can run denial of service attacks against these services, you can read more about how they can do it in that wiki I provided before.
5-Malleability issue, and don't tell me it is not an issue, because it really is, and it is not fixed yet, they just found some work around it.
6-Double Spending, even if you don't have 51% of the network you can perform double spending with as little as 25% of the network,
7- The 51% attack, we all know what it is, it is achievable, any government can achieve it if they want to kill Bitcoin, even at this point.
8-man in the middle or packet sniffing, also described in that wiki.
There many more issues, but these are the one that concerns me for now. now I would like to hear your solutions.

Two more:
9- The average wait time for 1 confirmation is about 10 minutes; and, in a significant fraction of cases, can be 30 minutes or more.  That is too much even for internet payments, and is unacceptable for shopping at brick-and-mortar stores.  (In contrast, verification and payment with a chip-enabled credit card, which is the standard here in Brazil, takes less than 1 minute.)

10- There is no way to correct mistakes (like sending bitcoins to the wrong address) or to recover stolen coins.

There is also the question of security against theft, but I am tired of arguing the obvious there...  

If you really care about the answer to questions such as these, you should probably ask in the 'Development & Technical Discussion' forum.  The people in there can answer your questions handily, and very few of them read this thread, I think.

The big assumption is that these posters want a real discussion (they really do NOT,but they want to spread FUDD) .

Additionally, does sound like a topic for a different thread - however, we do get into quite a variety in this thread - at least on a more superficial level.