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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 19819. (Read 26609652 times)

hero member
Activity: 644
Merit: 504
Bitcoin replaces central, not commercial, banks

Gmaxwell's roadmap for increasing the network capacity has good consensus and is the most logical way forward. Solutions for the long-term will gradually become more apparent as it approaches but a better solution is always only 1 lightbulb moment away. Discounting human ingenuity in favour of mediocre workarounds will doom you to losing money.

They've had YEARS to get a lightbulb moment. It's like waiting for economically viable fusion reactors. It's not just a technical issue. But it's worse than that. It's philosophical and ideological. It's expecting two guys who by your own admission have incentives to not do their goddamn jobs--who both have effective veto power--to come up with a solution that will ruin their side businesses.  

The market had a chance to adopt an implementation that supported big blocks and it didn't so clearly there's a couple of holes in your logic.
hero member
Activity: 644
Merit: 504
Bitcoin replaces central, not commercial, banks
How to know you're on the right side of things: spot where notorious paid troll jstolfi's allegiance lies and support the opposite.
legendary
Activity: 1106
Merit: 1007
Hide your women

Gmaxwell's roadmap for increasing the network capacity has good consensus and is the most logical way forward. Solutions for the long-term will gradually become more apparent as it approaches but a better solution is always only 1 lightbulb moment away. Discounting human ingenuity in favour of mediocre workarounds will doom you to losing money.

They've had YEARS to get a lightbulb moment. It's like waiting for economically viable fusion reactors. It's not just a technical issue. But it's worse than that. It's philosophical and ideological. It's expecting two guys who by your own admission have incentives to not do their goddamn jobs--who both have effective veto power--to come up with a solution that will ruin their side businesses. 

legendary
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Hide your women
Even if we hard fork with a 75% general concensus for a bigger transaction capacity, why would this cause anyone to sell out their stash? The derp is strong in this forum.

If that happened, I would go all in. Leveraged. Trade between long and margin long only.
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
UPDATE: SwampNode is up and running BitcoinXT on dedicated hardware. If you have a better solution, I'd like to hear it, but it had better be soon. We're getting full blocks daily now. Before long it will be hourly and then every damn one.  You can imagine what happens to bitcoin price when the only offramp from the exchanges is fiat. Only it won't just be one exchange. It will be all of them.

You seem alarmed. 3 of 5 core devs are (I believe) in principle opposed to bigger blocks, and are by conflict of interest disincentivised to buckle. Problem?

This is wrong, (intentionally?).

The five core devs with commit access were:

Gavin A.
Greg M.
Jeff G.
Pieter W.
Wladimir vdL

Only 2 of 5 have now an affiliation with a commercial enterprise. Now Greg has rescinded commit access that is 1 of 4.

The technical problem of how to establish a fee market for future security has still not been solved. Hard-forking before a long-term solution gains broad consensus is dangerous.

Gmaxwell's roadmap for increasing the network capacity has good consensus and is the most logical way forward. Solutions for the long-term will gradually become more apparent as it approaches but a better solution is always only 1 lightbulb moment away. Discounting human ingenuity in favour of mediocre workarounds will doom you to losing money.
legendary
Activity: 1106
Merit: 1007
Hide your women
UPDATE: SwampNode is up and running BitcoinXT on dedicated hardware. If you have a better solution, I'd like to hear it, but it had better be soon. We're getting full blocks daily now. Before long it will be hourly and then every damn one.  You can imagine what happens to bitcoin price when the only offramp from the exchanges is fiat. Only it won't just be one exchange. It will be all of them.

You seem alarmed. 3 of 5 core devs are (I believe) in principle opposed to bigger blocks, and are by conflict of interest disincentivised to buckle. Problem?

Why would it be alarming that the guys in charge of scaling the network have incentives to not let it scale? I mean, that just plain bullish in crazy land.

Speaking of crazy, where's Professor Trolfi these days? The guy's a terrible economist but he made good points about technical issues. Even wrote his own scaling patch.
hero member
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hero member
Activity: 798
Merit: 531
Crypto is King.
Even if we hard fork with a 75% general concensus for a bigger transaction capacity, why would this cause anyone to sell out their stash? The derp is strong in this forum.
legendary
Activity: 1260
Merit: 1116
UPDATE: SwampNode is up and running BitcoinXT on dedicated hardware. If you have a better solution, I'd like to hear it, but it had better be soon. We're getting full blocks daily now. Before long it will be hourly and then every damn one.  You can imagine what happens to bitcoin price when the only offramp from the exchanges is fiat. Only it won't just be one exchange. It will be all of them.

You seem alarmed. 3 of 5 core devs are (I believe) in principle opposed to bigger blocks, and are by conflict of interest disincentivised to buckle. Problem?
legendary
Activity: 1106
Merit: 1007
Hide your women

This is the simple reason why shorting BTC was just plain dumb.

There is a limited number of BTC available to borrow to short Bitcoin.

On the other hand there is an infinite number of dollars available to borrow to leverage long into Bitcoin. You guys are complaining about $24 million leveraged longs on bfx, well the banks have over $100 trillion in leveraged dollar longs. The supply of dollars to borrow is infinite.

Just wait until the Gemini exchange in wall street gets going. It's going to make bfx look like a doll house. And Gemini will have access to all the dollars in the world to lend to people, but they will have very few BTC to lend as well. You do the math.

Yeah, because regulated exchanges are not going to report your earning to the IRS. They won't honor court orders to seize your account. The Winklevi are good or bad at implementing their ideas? Maybe ask Mark Zuckerberg about that. I'm sure he's just love to give his old pals a bunch of money and there is no way he would take advantage of any vulnerabilities in Bitcoin just to eat their lunch again. No way he could ever implement a better version of their idea. I mean, he's never done that before, right?

Come to think of it, he's prime suspect number one behind the rough consensus attack, but even if it's not Zuck, it could be someone or a group thinking like that.

EDIT: speaking of the creators of Facebook, have you logged into your MySpace account lately? I mean, first mover advantage gives you a permanent lock on market share, right?

EDIT: You know there is also an infinite amount of money to short bitcoin with leverage also. Judging by the near zero interest rate on borrowing coins, there are plenty available for exactly that purpose.
hero member
Activity: 798
Merit: 531
Crypto is King.
FUDing for the LuLz™
newbie
Activity: 2
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thee next level isa coooomin, me gona buy all thee btc, muahahaha
legendary
Activity: 1106
Merit: 1007
Hide your women
UPDATE: SwampNode is up and running BitcoinXT on dedicated hardware. If you have a better solution, I'd like to hear it, but it had better be soon. We're getting full blocks daily now. Before long it will be hourly and then every damn one.  You can imagine what happens to bitcoin price when the only offramp from the exchanges is fiat. Only it won't just be one exchange. It will be all of them.
legendary
Activity: 1624
Merit: 1126
It's all mathematics...!
Daily reminder:

>Trading your bitcoin for short-term profits will burn you in the long run
>You're not "lucky", you can't time the market, stop trying.
>TA (Technical Analysis) is always bullshit, you can safely disregard any retard who posts a picture of a graph anywhere.
>Gambling in any form is for braindead retards
>Bitcoin will increase, and increase by a lot, in the long run.
>The mere fact that this forum allows paid signature campaigns and third world trash to post utter nonsense in broken english for their signature campaign just goes to show this forum is reddit-tier (shit)

OP, you may now close this thread.  Everything important has been said in this post.

shitty ass autistic green text, but your 100% correct

>You're 100% right Mr. Solitude but you're autistic






Really...? Austism is not something to joke about!
legendary
Activity: 1153
Merit: 1000


Nobody but me is shorting. Just look at BFX.com.  Only 691 shorts opened up in the last 24 hrs. All the short-sellers (except me) got wiped out in the November spike. No, two million bucks worth of margin longs deleveraged to bulls. That's all. That means they only have another 24 million to deleverage before they can pull their damn coins out of BFX before it goes GOX.  

This is the simple reason why shorting BTC was just plain dumb.

There is a limited number of BTC available to borrow to short Bitcoin.

On the other hand there is an infinite number of dollars available to borrow to leverage long into Bitcoin. You guys are complaining about $24 million leveraged longs on bfx, well the banks have over $100 trillion in leveraged dollar longs. The supply of dollars to borrow is infinite.

Just wait until the Gemini exchange in wall street gets going. It's going to make bfx look like a doll house. And Gemini will have access to all the dollars in the world to lend to people, but they will have very few BTC to lend as well. You do the math.
legendary
Activity: 1260
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stable like a rock.



 Grin plunge at any time ... it's friday  Cheesy





legendary
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
sr. member
Activity: 392
Merit: 250
I'm a firefighter. You can't put out a conflagration with a garden hose, no matter how much water you have in the tank. Capacity matters.

As a firefighter, do you also have cantankerous, intransigent opinionated positions on technical details of the electricity network grid, the railway network, the telecomms infrastructure or interstate traffic systems?

Yes. In every case you mentioned, capacity matters. If the core devs can't increase capacity, then we have a 6.7 billion dollar network that can only handle half a million active users, no matter how high fees they pay.

I also don't power whole cities with an extension chord or run bullet trains on narrow gauge tracks.

BJA, give them a day to mourn.

All that milking of lolcows has turned out to be rather stressful work.

legendary
Activity: 1106
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Hide your women
I am just a firefighter, but before that I was a nuclear power plant operator in the Navy, so you may not want to dismiss my technical opinions so easily.  Blue collar guys can know a thing or two about complex systems.

You're basically saying the core devs either can't get the network to scale or they won't. Which case is supposed to make me bullish?
legendary
Activity: 1106
Merit: 1007
Hide your women
I'm a firefighter. You can't put out a conflagration with a garden hose, no matter how much water you have in the tank. Capacity matters.

As a firefighter, do you also have cantankerous, intransigent opinionated positions on technical details of the electricity network grid, the railway network, the telecomms infrastructure or interstate traffic systems?

Yes. In every case you mentioned, capacity matters. If the core devs can't increase capacity, then we have a 6.7 billion dollar network that can only handle half a million active users, no matter how high fees they pay.

I also don't power whole cities with an extension chord or run bullet trains on narrow gauge tracks.
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