Even though it is 50%~70% more profitable to mine on BCH chain now, the split in hashrate between two networks are the same as previous EDA cycles, i.e. a max of 60% to 40% between BTC and BCH chain. This means that just as there is a "mysterious miner" that is willing to mine BCH chain at a loss (often 30~40% without some EDA manipulation), there are also at least 6~7 exahash that is loyal to BTC chain since August and won't budge even if BCH entice them with 50% more profit.
As far as I can tell, even though the mining pools behave as a cartel, the individual miners are as split as the bitcoin community itself in their preference for future scaling roadmap. So there are quite a few Chinese miners who are highly skeptical of Jihan et al. even if they got to keep a polite relation to get their Antminers. So when people press the nuke button with a PoW change, it also nuke the good guys who are still contributing around 60% of network hashrate, even when it's decidedly less profitable to do so.
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16037. (Read 26720595 times)
November 11, 2017, 09:43:13 AM
November 11, 2017, 09:33:53 AM
BCH gets new difficulty adjustment algorithm (as a replacement for EDA) in some days
BTC difficulty adjustment is in ~3weeks
until then mining BCH will be more profitable, currently 38.5% BCH in the last 24h
maybe the chain will freeze and we'll see an emergency pow update
let the war begin
BTC difficulty adjustment is in ~3weeks
until then mining BCH will be more profitable, currently 38.5% BCH in the last 24h
maybe the chain will freeze and we'll see an emergency pow update
let the war begin
November 11, 2017, 09:18:37 AM
Significant dump this is, it’s not going to get much worse though, surely. I hope 6k stays strong.
Set up my last buying order at 6k. Hope you are right.I'm thinking bottom (of this dip) will be closer to 5.6k. But, this is my first post so, what do I know? I also don't have those magical "optimism charts".
November 11, 2017, 09:13:36 AM
Oh boy, this is just being the best short term trading weekend of my life! I just wake up and my BCH selling order at 0.21 BTC/BCH has been filled.
Do not worry guys, after the fork dates, the real Bitcoin will rise again and BCH will return where it deserves, this is just an usual correction for BTC, sponsored by BCH, we are only 17%~ away from the previous ATH, that is still nothing
Do not worry guys, after the fork dates, the real Bitcoin will rise again and BCH will return where it deserves, this is just an usual correction for BTC, sponsored by BCH, we are only 17%~ away from the previous ATH, that is still nothing
November 11, 2017, 09:10:09 AM
As to why S2X future even has values, it's the reason that people have stated before. That is, in order to sell your S2X future when it goes live a month ago, you need to split your coins into BT1 and BT2. Now when that BT2 is worthless at 5 mbtc as news came out, people buy back (short cover) BT2 to re-combine with BT1 so that they can get back their original BTC and tx out of Bitfinex. Because seriously, who would want hold BTC a minute longer than needed on Bitfinex? Thus there is more people who want to buy back their BT2 to tx out than the losers who got rekted, but refused to realize loss, and hoped that some S2X dev will copy-paste BCH's EDA and replay-protection, so that they can at least hope for a pump later.
Aha, a Bitfinex thing. Now I see!I always hoped (and suspected) the S2X fork would be called off, so I didn't even try to play any splitting trick with S2X and wasn't aware of how finex dealt with the issue. Thanks for the explanation.
November 11, 2017, 09:05:55 AM
I think that the competition between BTC and BCH is totally legitimate and can even benefit both chains. The two chains will be forced to offer greater utility and benefits to users, investors and miners.
BTC on the one hand is currently under pressure to keep fees low and launch LN, and BCH correct malleability problems to make way for second layer solutions and decentralize mining.
The strongest and fittest chain will survive.
That would change if Bitpay decides to accept BCH
Because it's a much more controversial change than an x2 increase in block size?
BTC on the one hand is currently under pressure to keep fees low and launch LN, and BCH correct malleability problems to make way for second layer solutions and decentralize mining.
The strongest and fittest chain will survive.
The true irony is that the BCH supporters demand lower transaction fees, but they can't spend BCH at any merchants other than maybe a few obscure ones. Lol. That reality seems to be completely lost on them.
That would change if Bitpay decides to accept BCH
Why BTC devs dont change the PoW so that BTC depend less from miners than now?
Because it's a much more controversial change than an x2 increase in block size?
November 11, 2017, 09:04:39 AM
Its so obvious to all here that BCH pump is Ver/Wu but probably not to the average investor. Im really disillusioned atmo that a very small group can manipulate an entire market in this way.
He even announced it on twitter before the pump. "#BitcoinCash will win wider adoption than 1MB Segwit Bitoin shortly." 19 hours ago.
Possible with fake money too such as the 30 million tether that was issued a few days ago.
He even announced it on twitter before the pump. "#BitcoinCash will win wider adoption than 1MB Segwit Bitoin shortly." 19 hours ago.
Possible with fake money too such as the 30 million tether that was issued a few days ago.
The true irony is that the BCH supporters demand lower transaction fees, but they can't spend BCH at any merchants other than maybe a few obscure ones. Lol. That reality seems to be completely lost on them. Just like the ETH camp, they literally could give two shits that they can't spend ETH anywhere and probably never will be able to.
November 11, 2017, 09:01:06 AM
This is all a huge conspiracy to detract from the
epic Bitcoin Gold launch!... the one and only true bitcoin!!
(That was a joke BTW....
)
epic Bitcoin Gold launch!... the one and only true bitcoin!!
(That was a joke BTW....
) November 11, 2017, 08:55:51 AM
Its so obvious to all here that BCH pump is Ver/Wu but probably not to the average investor. Im really disillusioned atmo that a very small group can manipulate an entire market in this way.
He even announced it on twitter before the pump. "#BitcoinCash will win wider adoption than 1MB Segwit Bitoin shortly." 19 hours ago.
Possible with fake money too such as the 30 million tether that was issued a few days ago.
He even announced it on twitter before the pump. "#BitcoinCash will win wider adoption than 1MB Segwit Bitoin shortly." 19 hours ago.
Possible with fake money too such as the 30 million tether that was issued a few days ago.
November 11, 2017, 08:51:10 AM
As to why S2X future even has values, it's the reason that people have stated before. That is, in order to sell your S2X future when it goes live a month ago, you need to split your coins into BT1 and BT2. Now when that BT2 is worthless at 5 mbtc as news came out, people buy back (short cover) BT2 to re-combine with BT1 so that they can get back their original BTC and tx out of Bitfinex. Because seriously, who would want hold BTC a minute longer than needed on Bitfinex? Thus there is more people who want to buy back their BT2 to tx out than the losers who got rekted, but refused to realize loss, and hoped that some S2X dev will copy-paste BCH's EDA and replay-protection, so that they can at least hope for a pump later.
When S2X future is almost worthless, you are taking counterparty risk by holding that contract and keeping your BTC on Bitfinex.
When S2X future is almost worthless, you are taking counterparty risk by holding that contract and keeping your BTC on Bitfinex.
November 11, 2017, 08:42:57 AM
As most in here know, in crypto, epic pumps are always followed
by spectacular crashes. Will this be any different?
I suppose one's prediction depends on whose camp one is in....
by spectacular crashes. Will this be any different?
I suppose one's prediction depends on whose camp one is in....
November 11, 2017, 08:42:39 AM
Why BTC devs dont change the PoW so that BTC depend less from miners than now?
Why do we run BTC nodes? If we depend on miners to confirm transactions, what is the use in downloading the entire blockchain to your computer? Should not the nodes confirm those transactions too?
The impression I have is that bitcoin is being kept hostage from miners.
Why do we run BTC nodes? If we depend on miners to confirm transactions, what is the use in downloading the entire blockchain to your computer? Should not the nodes confirm those transactions too?
The impression I have is that bitcoin is being kept hostage from miners.
November 11, 2017, 08:42:24 AM
Significant dump this is, it’s not going to get much worse though, surely. I hope 6k stays strong.
Set up my last buying order at 6k. Hope you are right. 
November 11, 2017, 08:39:49 AM
Significant dump this is, it’s not going to get much worse though, surely. I hope 6k stays strong.
November 11, 2017, 08:37:20 AM
So to all you guys peeing your wittle panties:
When Btrash price is going down or not moving, you are convinced that it is total garbage.
But when Btrash price is rising, suddenly you guys think that it's the greatest thing ever, and now you are "worried" about Bitcoin?
Lizard brains are lizarding hard. There's likely a good reason your wives/girlfriends think you are utterly stupid.
Buy more bitcoin. That's all you have to do. The market will take care of the rest.
When Btrash price is going down or not moving, you are convinced that it is total garbage.
But when Btrash price is rising, suddenly you guys think that it's the greatest thing ever, and now you are "worried" about Bitcoin?
Lizard brains are lizarding hard. There's likely a good reason your wives/girlfriends think you are utterly stupid.
Buy more bitcoin. That's all you have to do. The market will take care of the rest.
November 11, 2017, 08:34:57 AM
Your posts are always well reasoned, tought-provoking and informative, LewisPirenne. I am interested in your opinion.
I don't understand very well. In your opinion, does this bearish outlook get triggered only if there is an ETH flippening during the BCH fork scope?
My gut feeling (not well thought out) is that of a simple cartel maneuver to pump BCH. The S2X might or might not have been just a diversion - I haven't figured out yet. Also, the nonzero value of S2X futures isn't clear to me. An explanation in this thread (Marcus or Torque? Can't remember) said it's the premium for early redemption of... of what? How does that fact fill in your understanding of the current situation?
I don't understand very well. In your opinion, does this bearish outlook get triggered only if there is an ETH flippening during the BCH fork scope?
My gut feeling (not well thought out) is that of a simple cartel maneuver to pump BCH. The S2X might or might not have been just a diversion - I haven't figured out yet. Also, the nonzero value of S2X futures isn't clear to me. An explanation in this thread (Marcus or Torque? Can't remember) said it's the premium for early redemption of... of what? How does that fact fill in your understanding of the current situation?
Sorry, I should have been more clear about what I am saying.
There is a joke from yesterday that the cartel is going to do a marketcap flippening of BCH to replace ETH as the 2nd largest coin in marketcap, i.e. around $25~30 billion. But of course, it all depends on the cross rate and BTC market cap. So if BTC keeps going down and dragging down ETH too, the flippening of BCH against ETH is made easier. But naturally, that would be bearish as heck, since the coins that are doing all the real work and innovation, i.e. BTC and ETH, actually get over taken by some cartel of pumpers and miners. That would disillusion a lot of people in the crypto space.
November 11, 2017, 08:33:07 AM
This reminds me when Ver pumped Zcash in Poloniex to 3 200BTC and then booom!!! Back to 0.5BTC. So many people lost their money, never to get them back! Now the same is going to happen with BCH. The bigger the pump, the deeper the dump 
November 11, 2017, 08:32:00 AM
Do you guys see BCH a treat for BTC? BCH is now $1200+, BTC took years to reach that kind of level
Ahem.. Just sayin' - but BTC was less than that a year ago. Don't get me wrong, I am BTC through and through, but....
November 11, 2017, 08:31:09 AM
Bitcoin Crash fast becoming Bitcoin Smash!...
November 11, 2017, 08:30:32 AM
i dont see threat from BCH at all. This is just huge pump to lure sheep money into it
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