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

[Phillis]

huobi with some volume

[dbshck]

huobi with some volume

9k BTC 

[Wandererfromthenorth]

huobi with some fake volume

fixed

[JorgeStolfi]

2- after 6 confirmations from other parties, your precious premined blocks are useless and won't be accepted anymore by the blockchain, never, ever ? Unless you're trying to say that he would make some sort of 51% attack forcing his blocks in the chain, publicly ruining the whole project for the gain of a pizza ...

That is what I meant.  By mining in secret before publishing the genesis block, he could later post a longer blockchain and invalidate all transactions up to that point, even those in the second block.

It is equivalent to a 51% attack, but limited to the first few weeks or months.  (An entity with 51% of the total hashrate could pull the same trick starting at any block, since it could grow an alternative blockhain from that block faster than the rest of the network, and then their doctored chain would prevail on the legitimate one.)

Without the headline in the genesis block, the other collaborators would have to trust him -- namely, that he cared more about an experiment (that he just started) than about a pizza.   But the whole point of bitcoin is that one is supposed to trust the system without having to trust any authority, including Satoshi.

[JorgeStolfi]

Spondoolies fire:
https://bitcointalk.org/index.php?topic=521520.msg9451926#msg9451926

[justusranvier]

By your logic shouldn't we already have a single global currency because that is where we would logically converge to?

The world has been trying to converge to a single global currency for many decades. It takes concerted effort by national governments to resist this pressure.

A free market would converge to a single currency.

What I think is that you are implying the convergence to a monopoly, a single globally accepted digital currency.

If you're using the word "monopoly" you're thinking of this in the wrong terms.

Currencies are communication standards, like alphabets, or numerical systems, or the metric system, or charging plugs for mobile phones.

Competing standards introduce friction, which the market continually works to erase.

This is a widely observed phenomenon.

I don't think it is in the nature of humanity to agree. There will always be people wanting something else

How nice for you.

Hint: Maybe try something some epistemology?

[spooderman]

JustusRanvier shoots, JustusRanvier scores.

[ChartBuddy]

Explanation

[Unpredictable]

I like this slow creeping up to 350$ much more than huge jump and then crash . I think this price climb is worth more .

Double bottom first.

[btcney]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

[macsga]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

"oυδείς μωρότερoς των ιατρών αν δεν υπήρχαν oι διδάσκαλoι"
"Nobody could be more fool than the doctors, if there were not for the professors"

Ancient Greek saying.

PS: I'm a professor too

[Wandererfromthenorth]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

He has a point regarding mining centralisation though.

[btcney]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

He has a point regarding mining centralisation though.

He really does, this needs to be fixed.

[macsga]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

He has a point regarding mining centralisation though.

He really does, this needs to be fixed.

He's so wrong on so many (maybe ALL the) others though... 

[billyjoeallen]

I like this slow creeping up to 350$ much more than huge jump and then crash . I think this price climb is worth more .

Double bottom first.

I agree, but I could so easily be wrong. I missed the train from $400 up to $680 the first time and it was a terrible feeling. At these prices, you can ride it up if it rockets or double up on the double dip. Max out the credit cards and hit the loan sharks on another dip to $300. There's no way Bitcoin should have a market cap <25% of What's App. Theses are the days of accumulating positions that lead to generational wealth.

[billyjoeallen]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

There's no such thing as a "natural monopoly". Monopolies were created by governments and do not arise in the free market absent government intervention. One of the things I love about Bitcoin is how it validates Austrian Economic theory to the consternation of more conventional economic theorists. Look, even electric companies face competition, even when there are no economies of scale to run redundant power lines. There is alternative forms of power generation and substitutes. So it is not just direct or even indirect competition that restrains dominant market players but just the threat of potential competition.

What happens is that the moment a dominant market players begins to charge higher than free market prices, the competitors begin to come online. You can be the 800 pound gorilla in the room only as long as you act like you are not one.

[Thomas-s]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

 Monopolies were created by governments and do not arise in the free market absent government intervention

Not sure if serious.

[billyjoeallen]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

 Monopolies were created by governments and do not arise in the free market absent government intervention

Not sure if serious.

Deadly serious. I'm betting my life savings on it. Economies of scale simply mean that competition is limited to players with large amounts of capital. The more profitable some business is, the more it attracts other large players with sufficient capital to compete. That's why it's called "capitalism" boys and girls.

[Thomas-s]

http://www.cityam.com/1415215686/bitcoin-bust-why-investors-should-abandon-doomed-cryptocurrency

   

 Monopolies were created by governments and do not arise in the free market absent government intervention

Not sure if serious.

Deadly serious. I'm betting my life savings on it.

I don't get it, there are literally hundreds of examples for monopolies in free markets.

[ssmc2]

http://www.reddit.com/r/Bitcoin/comments/2lfjpk/changetip_is_causing_bitcoin_to_go_viral_right_now/

Will be interesting to see the effects of this.