Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 15830. (Read 26611052 times)

Okay, no. Let's do this right.

Let's say your clonecoin takes over. It gains majority hash power, in a permanent and convincing way. There is no chance that segwit will ever regain dominance.

How would this play out? How would the millions of bitcoiners around the world, most of which know nothing of this power struggle, react, to the newly established fact that their bitcoins are no longer bitcoins?

How would the change in wallets to accommodate a different chain take place?

What would it do to the price, and the future of cryptocurrency as a whole?

I am only giving you this one chance to be reasonable. Do with it what you will.

has it occured to you thats by satoshis' design >.>  that was the original size ~ 32mb ?   ==> rant on rant off

Exactly in what manner do you assert that BCH is more centralized? (Presumably with respect to BTC?)

Ok off-topic, but the subject of Tesla still fascinates me. Watch this cnbc video. If I had any stock in Tesla right now, I'd be selling into that fake speculative bubble that is no doubt going to abruptly end in another year or two.

https://www.cnbc.com/2017/11/17/tesla-is-going-out-of-business-says-former-gm-exec-bob-lutz.html?__source=twitter%7Cmain

If the little lady ends up triggering on the Roadster, the only thing that would stop me from plunking down for a place in the Founder's queue would be fear of the company no longer being around come ship date.

Ok off-topic, but the subject of Tesla still fascinates me. Watch this cnbc video. If I had any stock in Tesla right now, I'd be selling into that fake speculative bubble that is no doubt going to abruptly end in another year or two.

Denigrating assertion does not stand up to the scrutiny of logic.

A team recently started probing at the limits of what the Bitcoin network can actually achieve. In terms of controlled experiments directly scaling transaction count, on a worldwide subset of machines, and recording the results. About time someone did this, eh?

AAR, they found that with today's satoshi client, and commodity consumer hardware, the system starts bogging down at about 100 tx/s. In terms of blocksize, that would be ~33MB blocks. So we obviously have considerable headroom in the system for improvement by means of simple increase of maxblocksize. This would consume about 25% of a single core of a typical 4-core CPU, with 16 GB RAM, and an SSD, while consuming about 3 Mb/s of network BW.

But they did not stop there. Due to the fact that allocating more CPU cores to the problem did not improve performance above this (i.e., that it consumed a smaller percentage of additional cores, with no increase in throughput), they postulated that suboptimal multithreading performance might be the root of the issue. So they refactored the code to employ contemporary concurrency design techniques. After such refactoring, the performance of the system - on the same HW - was able to process 500 tx/s. This would correspond to >150 MB blocksize. I repeat - on the same, consumer-grade, hardware. Of course, this results in an increased network BW consumption of 15 Mb/s.

So we see that, despite the maturity of the satoshi client (i.e., a decade of development by Bitcoin's supposed best), there is significant low-hanging fruit in the deficiency of the software design of the satoshi client. Deficiencies having to do directly with scalability. Deficiencies that -- so far -- have not been addressed by the core developers.

Whether core has nobody that understands concurrency, or whether they just deem scalability to be a low priority, is a matter of conjecture. But the truth is that the core developers have not:
- measured and published such transaction capacity tests
- determined where the lowest bottleneck in system transaction capacity lies
- coded up a fix to remove the lowest bottleneck to system transaction capacity
- measured and published results with the fix for this lowest bottleneck to system transaction capacity

- All this in a time when system transaction capacity is the hottest issue - and has been for about two years.

On the other hand, another team has. Who was it? A collaboration of members of the teams working on Bitcoin Cash.

I'll just consider it teething pains. I'm sure it is a difficult and thankless job.

However, I ask that you reconsider whether or not you are deleting only posts by me that are 'direct or indirect attack on bitcoin' or promotion of BCH. Let us look at this one and evaluate: https://bitcointalksearch.org/topic/m.24766720

This post had responses to four different posts. Three of them were directly concerning BTC. The fourth was a reply to the Tesla Roadster thing.

Certainly, the first of the four replies had quoted and sourced info which could be construed as positive to BCH and negative to BTC. However, it was correcting false information promulgated by the person to whom I was replying regarding mining profitability. I posted current state (factual information) and the source URL so he could check it himself next time.

The next was providing helpful info answering a question regarding the BYC mempool, free of any value judgement.

Third was the Tesla thing.

Fourth was merely defending against an accusation of 'FUD', when the supposed fud was merely the discussion regarding the limit of number of users BCH + Lightning can support, assuming each user would open and close their channel daily (the 2 tx/user/day was the hypothetical introduced by the party to whom I was responding earlier). While this could be _viewed_ as negative, it is really just the way it is, and therefore value-neutral.

You cannot sell tether to fiat.
Markets are linked through e.g. margin bots.
Sure the BTC you buy at step 1) have to be moved to a "real" exchange.
Bitfinex has lost its banking support in april as far as I remember (just when the pumping started)
In order for Bitfinex to stay solvent (our somehow manage to back the tether with real dollar) the price has to climb.
There are margin lends at Bitfinex >100Mio Tether. Imagine some of that at leverage and you are the market because you can break resistances and support at will (Bitfinex "allows" washtrading)
The price moves favourable in that direction what is most profitable for bitfinex to close long/short positions (you're basically betting against the exchange)
They are not the only exchange, but that with the highest volume in BTC and tether is linked to other exchanges like Poloniex etc...even Kraken!
Its almost always the same scenario...price declines for some time...boom...tether magic out of the nowhere....fomo...slow selloff....repeat.
The bagholders are the buyers who think they got "cheap coins".
This problem is getting more and more media attention.
What do you think will happen if 2-3 exchanges close (suddenly) or you cannot withdraw anymore and people realize most of the price is thin air?
Expect price to surge to the 1000$ level when it pops...I don't know "when" but it will happen.

Because yolo, I only currently expose only a little money (5% of my portfolio) to cryptorisk. Buy a little when it dips, sell a little when it bumps.


Are you kidding me? Its exactly the other way round!


20 Mio Tether != 20 Mio increase in marketcap. Marketcap means nothing because you can't sell all Bitcoins in circulation at ~7700$!
20 Mio Tether including leverage and in a single hand can make extremle pressure. You can climb the price scale at will when real! volume is low.

They posted an audit last month.

The supply of tethers keeps increasing because price of bitcoin keeps going up.

20 Million these days is nothing. Its mostly from old adopters that sell their BTC whenever a new ATH is made.

Tether is required to keeps the markets liquid.

I might be wrong but I also don't believe those Bitfinex'rekt reddits and FUD conspiracies either.

How? In order to make money they would need to sell either tether or btc outside of bitfinex.
So far that has worked (obviously someone buys them at that price outside bitfinex), assuming they are not hoarding billions of btcs. And even if it explodes a la MtGox, I think we just have to deal with a short set back until the market absorbed the coins, they are not the only exchange out there.
But maybe I am oversimplifying

The supply of tethers keeps increasing because price of bitcoin keeps going up.

20 Million these days is nothing. Its mostly from old adopters that sell their BTC whenever a new ATH is made.

What is it with Czech folk singers and Karolina? Do they know something? IS Carolina Satoshi?

https://youtu.be/EcUTyxWvCx0?t=28s

what do you guys think about the Tether/Bitfinex conspiracy? Where is all this money coming from? Is bitfinex just "washtrading" the price in its desired direction?
Imho price of Bitcoin at 1k$ was the result of somehow healthy grow (~$10Mio Tether), now we have 7x this price (~600Mio Tether). This might be the next MtGox.

Get rich quick 101
1. Buy BTC with real USD
2. Print Tether
3. Pump BTC with Tether
4. FOMO
5. Sell BTC for USD
6. Profit

When you understand how washtrading works you'll understand that 20Mio Tether are enough to increase MarketCap by 20Billion$.
This works as long as the price of BTC stays high. Never short Bitcoin in the current situation. This bubble (Tether out of thin air) will pop.

Just no. You couldn't be further from the truth. Not only am I not trying to destroy bitcoin, I am trying to save it. Hell, I am not even trying to destroy Bitcoin Segwit. Such a postulate would be ludicrous, as I hold more BTC than I could possibly make through 'normal' means such as my salary -- and I am within the USA 6%* top in that regard -- if I worked for the rest of my life.

*https://en.wikipedia.org/wiki/Household_income_in_the_United_States#Distribution_of_household_income_in_2014_according_to_US_Census_data

It is true that in my analysis, I find Bitcoin Cash to be superior to Bitcoin Segwit. For everyone. Except maybe those who have invested their reputation in core. And my statements are largely positive on BCH. But the only negative statements I make on BTC, are in relation to the manners in which it is lacking compared to BCH. And always truthful - at least to the best of my knowledge.

I agree that more of our newest distracting troll-job ruphej's posts should be deleted, but likely it is just a matter of time that owner of thread gets to such deletions and perhaps mods suspend or ban such irrelevant nonsensicals.

How? In order to make money they would need to sell either tether or btc outside of bitfinex.
So far that has worked (obviously someone buys them at that price outside bitfinex), assuming they are not hoarding billions of btcs. And even if it explodes a la MtGox, I think we just have to deal with a short set back until the market absorbed the coins, they are not the only exchange out there.
But maybe I am oversimplifying

wanton destruction

what do you guys think about the Tether/Bitfinex conspiracy? Where is all this money coming from? Is bitfinex just "washtrading" the price in its desired direction?
Imho price of Bitcoin at 1k$ was the result of somehow healthy grow (~$10Mio Tether), now we have 7x this price (~600Mio Tether). This might be the next MtGox.

Get rich quick 101
1. Buy BTC with real USD
2. Print Tether
3. Pump BTC with Tether
4. FOMO
5. Sell BTC for USD
6. Profit

When you understand how washtrading works you'll understand that 20Mio Tether are enough to increase MarketCap by 20Billion$.
This works as long as the price of BTC stays high. Never short Bitcoin in the current situation. This bubble (Tether out of thin air) will pop.

((rant))>>> the system starts bogging down at about 100 tx/s. In terms of blocksize, that would be ~33MB blocks. So we obviously have considerable headroom in the system for improvement by means of simple increase of maxblocksize. >>>((rant))

They can always participate in other threads, those have different mods. This one is particularly special. And again, they are free to launch their own threads. He already did and it's self moderated too.