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

[RoadStress]

Ripple Sidechains will blow everything off very soon.

FTFY!

[hdbuck]

http://www.reddit.com/r/Bitcoin/comments/2mt1w3/oppose_jim_harper_for_foundation_unless_he_gives/

Oppose Jim Harper for Foundation

awsome response by gavin:

I enjoyed listening to your remarks from the recent Cato's monetary conference.

It will be very interesting to see how mining plays out over the next couple of decades; I don't think we know whether it will turn out to be very centralized (like the web searching market, with Google dominant), or pretty decentralized (like the general purpose computing market, which used to be very centralized in the era of mainframe computers but is now radically decentralized with all of us carrying computers around in our pockets).

I tend to think that we'll end up somewhere in the middle, because while there are economies of scale, there are also diseconomies of scale. Waste heat is a huge problem (as the datacenter fire in Thailand that took out a big Bitcoin miner shows), so spreading that out among lots of people where a little excess heat isn't a problem is a benefit.

Cheap electricity is a centralizing force, but my guess is that as miners figure out ways to use excess heat that might start to become important (mine in places with cheap electricity AND where the excess heat can be put to good use).

Mining in a pool requires very little bandwidth (just 80 bytes every few seconds to get a new block header to work on), so there is no centralization advantage for having lots of small miners.

Transactions are generated all over the world, so there should be no latency advantage to being in any particular geographic location.

In any case, it seems to me that there are so many variables that go into being a profitable Bitcoin miner (cost of electricity, cost of capital, access to latest chip tech... plus who knows what else in the future, maybe private deals with merchants for priority handling of their transactions...) that there is unlikely to be just one global optimum for the profitability equation.

And if you're correct, and there are economies of scale that will cause mining centralization that will destroy Bitcoin... it seems to me big merchants and exchanges should realize that is happening. In which case they might decide to sacrifice some short-term profits to invest in mining themselves to ensure the continued success of the whole system.

miners are playing a rough game. the equilibrium between greed and centralisation seems crucial.

[ssmc2]

Did I just read a post complaining about Ripple shills by a "Monero Evangelist?"

lol

[Tzupy]

I'm going to sleep, I hope I won't miss the fun. Tomorrow the market should decide, up or down.

[bassclef]

XCP / Counterparty if you really need to take on more risk.

No miners, no bagholders waiting to unload. 2.6 million were created by burning BTC. It's technically not even an altcoin.

[hdbuck]

XCP / Counterparty if you really need to take on more risk.

No miners, no bagholders waiting to unload. 2.6 million were created by burning BTC. It's technically not even an altcoin.

Burning BTC?! i call it crypto-satanism.

[coins101]

XCP / Counterparty if you really need to take on more risk.

No miners, no bagholders waiting to unload. 2.6 million were created by burning BTC. It's technically not even an altcoin.

Burning BTC?! i call it crypto-satanism stupid fucks with no fucking idea.

there, fixed it for you. you had a couple of typos.

[JorgeStolfi]

The article I cited does not mention corruption at all.  It just describes the way asset forfeiture works in the US currently.  It's not corruption if it's not illegal, right?

Indeed...

When I was a kid, the optimists here used to say "Brazil is the country of the future". 

 Now it is the pessimists who say that. 

[Le Happy Merchant]

So this is one hell of a consolidation. Most beautiful chart pattern I have seen in Bitcoin.

[derpinheimer]

How much shilling and promoting of a scam-coin/protocol does one have to do to get banned?

I agree it needs to go away. I don't care if their intention is genuine in that they want to help (us) get rich. It does not belong here.

If you end up being right about ripple succeeding? Great! But we don't care.

[bassclef]

XCP / Counterparty if you really need to take on more risk.

No miners, no bagholders waiting to unload. 2.6 million were created by burning BTC. It's technically not even an altcoin.

Burning BTC?! i call it crypto-satanism.

Didn't peg you as the religious type. It's pretty clever actually, and it makes BTC worth a little more.

[ChartBuddy]

Explanation

[hdbuck]

XCP / Counterparty if you really need to take on more risk.

No miners, no bagholders waiting to unload. 2.6 million were created by burning BTC. It's technically not even an altcoin.

Burning BTC?! i call it crypto-satanism.

Didn't peg you as the religious type. It's pretty clever actually, and it makes BTC worth a little more.

well tbh if people were indeed crazy enough to burn 2,6m BTCs (whatever it means), it will eventually make mine worth more.

[noobtrader]

...

So basically the same as Bitcoin.
I have no clue how Ripple works. Do they also have traders who are trying the destroy it?

Compare btc and xrp 1d charts. Look at the last 4 months. XRP is headed towards the moon, while Bitcoin is destined to remain stuck in Earth's gravity.  IT IS A SCIENTIFIC FACT.

And yes, all downward xrp movements are a result of manipulative attempts to suppress genuine demand. This is the exact opposite of how bitcoin works.

unless btc is has a limited supply and ripple has no limit (the reason that bank is happy)

[mah87]

bitcoin will go nowhere without banks.

[Walsoraj]

bitcoin will go nowhere without banks.

ok

[hmmkay]

bitcoin will go nowhere without banks.

Banks will go nowhere without bitcoin.

[jonoiv]

XCP / Counterparty if you really need to take on more risk.

No miners, no bagholders waiting to unload. 2.6 million were created by burning BTC. It's technically not even an altcoin.

Burning BTC?! i call it crypto-satanism.

Didn't peg you as the religious type. It's pretty clever actually, and it makes BTC worth a little more.

well tbh if people were indeed crazy enough to burn 2,6m BTCs (whatever it means), it will eventually make mine worth more.

I guess burning 2124 BTC does show commitment.  Personally I would have rather had the cash

However it's effectively a decentralized ripple from what i read and will hopefully cripple ripple.   I would rather trust counter-party who committed there own funds, to a scam coin where they effectively premined and kept 45%.

Ripple is a scam.

[hmmkay]

XCP / Counterparty if you really need to take on more risk.

No miners, no bagholders waiting to unload. 2.6 million were created by burning BTC. It's technically not even an altcoin.

Burning BTC?! i call it crypto-satanism.

Didn't peg you as the religious type. It's pretty clever actually, and it makes BTC worth a little more.

well tbh if people were indeed crazy enough to burn 2,6m BTCs (whatever it means), it will eventually make mine worth more.

I guess burning 2124 BTC does show commitment.  Personally I would have rather had the cash

However it's effectively a decentralized ripple from what i read and will hopefully cripple ripple.   I would rather trust counter-party who committed there own funds, to a scam coin where they effectively premined and kept 45%.

Ripple is a scam.

He said 2.6m XCP were created. X amount of BTC were 'burned'. Not sure how you can 'burn' BTC though..

[hdbuck]

XCP / Counterparty if you really need to take on more risk.

No miners, no bagholders waiting to unload. 2.6 million were created by burning BTC. It's technically not even an altcoin.

Burning BTC?! i call it crypto-satanism.

Didn't peg you as the religious type. It's pretty clever actually, and it makes BTC worth a little more.

well tbh if people were indeed crazy enough to burn 2,6m BTCs (whatever it means), it will eventually make mine worth more.

I guess burning 2124 BTC does show commitment.  Personally I would have rather had the cash

However it's effectively a decentralized ripple from what i read and will hopefully cripple ripple.   I would rather trust counter-party who committed there own funds, to a scam coin where they effectively premined and kept 45%.

Ripple is a scam.

He said 2.6m XCP were created. X amount of BTC were 'burned'. Not sure how you can 'burn' BTC though..

yea i realized my mistake but still, im just a bitcoiner.