I expected a price flop with the recent news.

Tszunami98

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Quote from: zazarb on September 21, 2018, 09:51:16 AM

I really think that there is no need to worry of that anymore, Theymos had confirmed that there is no risk, so this means that everything is already well-groomed and well-organized.

Also, 99% of the active users don't really understand what is going on or they did not even heard the news. I think we are good when this way too complicated issues come along.

BitHodler

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Quote from: thecodebear on September 21, 2018, 10:35:04 AM

Otherwise Bitcoin would have skyrocketed at the beginning of this year when LN came on mainnet, but it's not a tangible or flashy news-y event, it was simply a technical milestone.

Well, LN doesn't fundamentally impact Bitcoin's network while this vulnerability could cause the network to suffer partly, or even in a more severe manner due to the news that came out today.

I'm actually glad (somewhat surprised as well) that the amount of fud coming from the Bcash side has remained on the lower side. I expected much more shit from them but thus far it has been within 'appropriate' levels.

Let's see how many non SegWit nodes will finally be upgraded to the latest Core version. The most favorable scenario will be where we'll end up with more SegWit support than before.

thecodebear

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I guess it is a somewhat serious but very unlikely to be used vulnerability, given that Bitcoin is this far along and this was just discovered. I don't think that is the kind of news that affects the market. Things that affect the market are things that the average person can understand and will pop up in their news feed like major hacks, government crackdowns/regulations, businesses or industries coming out negative on bitcoin, etc. Technical considerations don't really affect the price very much if it doesn't lead to tangible effects. Otherwise Bitcoin would have skyrocketed at the beginning of this year when LN came on mainnet, but it's not a tangible or flashy news-y event, it was simply a technical milestone.

zazarb

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I really think that there is no need to worry of that anymore, Theymos had confirmed that there is no risk, so this means that everything is already well-groomed and well-organized.

1Referee

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Quote from: jackg on September 21, 2018, 08:01:12 AM

Since the new news, there might be some fluctuations now if people are considering if there are any more issues but we seem quite stable so maybe not...

I think that people and businesses realize how easy it is to tackle this problem by just upgrading their clients. Another thing is that we're in a positive flow right now with Bitcoin being up like +4%, which means that bad news per definition doesn't stand a chance to nest itself in people's minds.

Quote from: 1Referee on September 19, 2018, 06:56:52 AM

I hope before the end of the week that we're over 25% at least.

We're at 20% now (was close to 10% at time of writing above post) so I'm confident that we'll smash through the 25% barrier without much problems.

bitbunnny

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Fews days after this news market didn't react yet in negative way. In fact, it looks like the price is going up again so there was no negative impact at all.
Still let's wait and see how the situation will develope in the next period, there is no guarantee that this positive trend in price we are currently having will continue.

jackg

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https://bit.ly/387FXHi lightning theory

Since the new news, there might be some fluctuations now if people are considering if there are any more issues but we seem quite stable so maybe not...

EVIAJOHNPAUL

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Yeah i love this forum and i do to support this but my merits its to low.

pitiflin

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Quote from: jackg on September 19, 2018, 11:45:05 AM

I'll explain what's going on.
1. Bitcoin needs to drop in price before people think it's undervalued and start to buy it up.
2. The majority of Alta that are following ethereum and litecoin have to be devalued also (to fall to around 0.007 bitcoin to litecoin - it's actually just below that but I'll get accused of stuff if I give an accurate figure).

Full disclosure: I have less than 0.004 litecoin.

1. It won't happen like that, not many people think from that point of view, but rather they think in terms of profits, and how the trend is going on. So not sure if the price will drop because of bitcoin being undervalued.

2. They don't have to be devalued, if they are, then there will be more shitcoins with more money,the money won't flow into bitcoin. Its just sad that bitcoin is considered as an speculative asset than a currency.

rodalutor

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I agree with your logic but in practice that really doesn't tend to happen. Most people do not pay attention to such things and even those who do are normally unmoved by something as minor even if it could act as a precursor to something more significant.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: pitiflin on September 19, 2018, 10:36:50 AM

Quote from: jackg on September 19, 2018, 04:04:51 AM

Due to this: https://bitcointalksearch.org/topic/dos-in-bitcoin-core-update-required-5032443 I was expecting a significant price drop. It doesn't matter that the vulnerability is a small one, it's the fact that it got missed by the core devs for so long and maybe smaller things could also get missed by them accidentally along the way that are more significant...

Anyone got any thoughs, was I being too pessamistic here? (by significant I mean 300-500$ the coin itself is quite stable)

I doubt that people(idiots) even know about it. People are more interested in dumping altcoins than bitcoin at the moment. Also, since this is more of a technical vulnerability, people won't even understand it.

Right now, I have given up on markets. They have got no hopes left,for now. I don't understand what the fuck is going on, cause everyone just claims different reasons,and none of them end up to be true.

I'll explain what's going on.
1. Bitcoin needs to drop in price before people think it's undervalued and start to buy it up.
2. The majority of Alta that are following ethereum and litecoin have to be devalued also (to fall to around 0.007 bitcoin to litecoin - it's actually just below that but I'll get accused of stuff if I give an accurate figure).

Full disclosure: I have less than 0.004 litecoin.

pitiflin

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Quote from: jackg on September 19, 2018, 04:04:51 AM

Due to this: https://bitcointalksearch.org/topic/dos-in-bitcoin-core-update-required-5032443 I was expecting a significant price drop. It doesn't matter that the vulnerability is a small one, it's the fact that it got missed by the core devs for so long and maybe smaller things could also get missed by them accidentally along the way that are more significant...

Anyone got any thoughs, was I being too pessamistic here? (by significant I mean 300-500$ the coin itself is quite stable)

I doubt that people(idiots) even know about it. People are more interested in dumping altcoins than bitcoin at the moment. Also, since this is more of a technical vulnerability, people won't even understand it.

Right now, I have given up on markets. They have got no hopes left,for now. I don't understand what the fuck is going on, cause everyone just claims different reasons,and none of them end up to be true.

Tigorss

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the price of bitcoin is indeed down, but we must always be optimistic, don't worry about the price of bitcoin because in time the price of bitcoin will rise again. because the two things that trade up and down are normal.

KorakPawon

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although bitcoin prices have decreased very dramatically but it does not reduce our sense of enthusiasm to remain in bitcoin is always investing in bitcoin and we must be optimistic that the price of bitcoin will rise again in time.

YuginKadoya

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I really think there is no need to worry so much because it is already taken care of, If the Core program is already been solve and there are nothing major that happen with the stored coins and tokens of the following people that are mining with bitcoin core there are no need to worry so much Because Theymos had confirmed it himself that the "Stored funds are not at risk." And I don't really see an amount of major movement in the price but just a slight drop.

Tapyaks72

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Quote from: Mytoken on September 19, 2018, 04:33:41 AM

You don't have to worry too much. Although it has been missed by developers for a long time, it has not helped the hackers very well. No one has suffered huge losses, so its impact will not be great!

Now at least we know what are the flaws and that's the beginning of a major change towards the betterment of the of the blockchain technology and the cryptocurrency world, because as what expert always said when you can determine what your problem is half of your problem has already been solved.

1Referee

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Quote from: Totscha on September 19, 2018, 04:38:58 AM

It looks like a bad risk/reward ratio for miners and they're unwilling to exploit it. So I don't see the price dropping because of this...

Not only that, but 99.9% of the people here (goes up for miners as well) won't find out that there is a relatively serious bug if you don't shove it under their nose.

Good thing is that people are starting to pick up on this to update their clients. Bitcoin Core 0.16.3 is nearing 10% coverage as we speak. I hope before the end of the week that we're over 25% at least. I swiftly updated all my nodes to support the new changes and make the network a bit safer than it was.

I'm glad we have the most capable developers on our side that we can count on to deliver the best and safest possible software. Imagine how many bugs might be nested in BCash where their hill billy developers aren't even able to detect the most basic bugs. They owe the Core developers a lot for conveniently pointing the idiots over at BCash what's wrong with their software.

hase0278

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Quote from: figmentofmyass on September 19, 2018, 04:45:51 AM

maybe the market understood how minor the vulnerability was.

Maybe or most of the market still haven't read about the news. I guess it is better that we should wait for at least tomorrow to conclude that the market really understood how minor the vulnerability was and here is my take on it. Look at the headline of this particular article here, as we can see the title itself can be taken as a positive news instead of a negative one. That being said, I think the market took this positively and improved sentiment.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: figmentofmyass on September 19, 2018, 04:45:51 AM

Quote from: jackg on September 19, 2018, 04:04:51 AM

Due to this: https://bitcointalksearch.org/topic/dos-in-bitcoin-core-update-required-5032443 I was expecting a significant price drop. It doesn't matter that the vulnerability is a small one, it's the fact that it got missed by the core devs for so long and maybe smaller things could also get missed by them accidentally along the way that are more significant...

Anyone got any thoughs, was I being too pessamistic here? (by significant I mean 300-500$ the coin itself is quite stable)

when i saw the news on the forum subheader, i immediately checked the price. like you, i was surprised that the market had such a small reaction to the news.

maybe the market understood how minor the vulnerability was. but here's my take on it. when sentiment is really negative, people look for any reason to sell, and bad news is usually an excuse to push new lows. since we're not seeing that here, market sentiment is probably improving. i take it as a good sign for bulls trying to hold the $6k level.

Yeah it does suggest their strength now compared to how it used to be (especially around the time I started).

Quote from: Totscha on September 19, 2018, 04:38:58 AM

If I understand correctly, this can only be exploited by a miner who would willingly create an invalid block (double input). And NOT getting the 12.5 BTC block reward.

Bitcoin core 0.14 - 0.16.2 clients would crash when they try to validate the block. and Core 0.16.3 clients would just simply reject the block.

It looks like a bad risk/reward ratio for miners and they're unwilling to exploit it. So I don't see the price dropping because of this...

It seems very overpublicised though, are you sure we haven't missed anything (maybe a greater flaw they're trying to safe against, does the nonce have to be right also for the block they'd check as that'll mean it would be a bit futile - although you could control a lot of the network and stop segwit transactions getting confirmed if there isn't a lot of 13.0+ nodes.

figmentofmyass

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Quote from: jackg on September 19, 2018, 04:04:51 AM

Due to this: https://bitcointalksearch.org/topic/dos-in-bitcoin-core-update-required-5032443 I was expecting a significant price drop. It doesn't matter that the vulnerability is a small one, it's the fact that it got missed by the core devs for so long and maybe smaller things could also get missed by them accidentally along the way that are more significant...

Anyone got any thoughs, was I being too pessamistic here? (by significant I mean 300-500$ the coin itself is quite stable)

when i saw the news on the forum subheader, i immediately checked the price. like you, i was surprised that the market had such a small reaction to the news.

maybe the market understood how minor the vulnerability was. but here's my take on it. when sentiment is really negative, people look for any reason to sell, and bad news is usually an excuse to push new lows. since we're not seeing that here, market sentiment is probably improving. i take it as a good sign for bulls trying to hold the $6k level.

Topic: I expected a price flop with the recent news. (Read 357 times)