Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16779.

HanvanBitcoin

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Quote from: d_eddie on August 04, 2017, 04:49:55 AM

Quote from: traincarswreck on August 03, 2017, 09:01:45 PM

The community doesn't realize yet it has been besieged.

I think most people involved in BTC (the community) do realize this is an attack. I, for one, do.
A siege, though, is not a generic attack. It involves being starved by the enemy outside, which can't happen as long as we keep our provisions (BTC) - that is, if we don't trade BTC for BCH.

I am convinced that the value of BCH will vanish soon, unless it is artificially (and expensively) pumped from the BCH side. Which they are welcome to do, as far as I'm concerned. I'm going to trade my BCH back into BTC if I see steady rates in the order of 0.3-0.5 BCH/BTC.

I dont expect it to come back to 0.3-0.5 rate ever. Upcoming days BCH will drop in value drasticly. At the moment of speaking BCH is already down to 275 Euro on Kraken.

Get a decent price for em while you still can....

d_eddie

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Activity: 2520

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Quote from: traincarswreck on August 03, 2017, 09:01:45 PM

The community doesn't realize yet it has been besieged.

I think most people involved in BTC (the community) do realize this is an attack. I, for one, do.
A siege, though, is not a generic attack. It involves being starved by the enemy outside, which can't happen as long as we keep our provisions (BTC) - that is, if we don't trade BTC for BCH.

I am convinced that the value of BCH will vanish soon, unless it is artificially (and expensively) pumped from the BCH side. Which they are welcome to do, as far as I'm concerned. I'm going to trade my BCH back into BTC if I see steady rates in the order of 0.3-0.5 BCH/BTC.

d_eddie

legendary

Activity: 2520

Merit: 3038

Quote from: traincarswreck on August 03, 2017, 08:21:05 PM

we're gonna see a whale jump out of the ocean. Also someone's made an error.

I can't figure out your cryptic statement. Someone on which side? What makes you think an error was made?

Quote

This war is going to evolve to involve fiat and nations

You mean PBoC vs. Fed? Care to elaborate?

r0ach

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Activity: 1260

Merit: 1000

Quote from: Elwar on August 04, 2017, 04:42:11 AM

I just want to go with whichever chain allows me to buy a coffee now...and when I am an old man looking back 50 years from now I can point to that transaction and say "that was my transaction...it was a coffee and it was delicious".

Why not just use physical silver and then you don't have to worry about all your transactions being tracked and monitored in an Orwellian-style dystopia?

Elwar

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Activity: 3598

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Viva Ut Vivas

I just want to go with whichever chain allows me to buy a coffee now...and when I am an old man looking back 50 years from now I can point to that transaction and say "that was my transaction...it was a coffee and it was delicious".

Last of the V8s

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Be a bank

@sovereignmonkey

fluidjax

hero member

Activity: 750

Merit: 601

Lastest bcc block

478617 22 minutes ago 0x20000000 Unknown M6Y q$/Fuck BitcoinCash - bcc.suprnova.cc/ 1,999.20

williamuk

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Activity: 70

Merit: 10

Quote from: r0ach on August 04, 2017, 04:12:43 AM

Quote from: Last of the V8s on August 04, 2017, 04:02:54 AM

Quote from: Peter R on August 03, 2017, 07:17:37 PM

... sleazy shilling dressed up as logic ...

This is great news for bitcoin.
You know they're getting desperate when they send for Peter R.

He was right, though. The fact that BCH has fast difficulty adjustment and bitcoin doesn't while the Chinese control most of the hash power is gonna be mega-problems for BTC. I imagine all BCH has to do is NOT DIE and it will cause Luke Jr to be forced to fork BTC to change difficulty adjustment. Since BTC is now forced to fork, people will probably want a bunch of other changes like PoW algo change as well. It's a real can of worms here.

Please not another fork Grin

r0ach

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Quote from: Last of the V8s on August 04, 2017, 04:02:54 AM

Quote from: Peter R on August 03, 2017, 07:17:37 PM

... sleazy shilling dressed up as logic ...

This is great news for bitcoin.
You know they're getting desperate when they send for Peter R.

He was right, though. The fact that BCH has fast difficulty adjustment and bitcoin doesn't while the Chinese control most of the hash power is gonna be mega-problems for BTC. I imagine all BCH has to do is NOT DIE and it will cause Luke Jr to be forced to fork BTC to change difficulty adjustment. Since BTC is now forced to fork, people will probably want a bunch of other changes like PoW algo change as well. It's a real can of worms here.

Having said that, I vew any chain with a fixed blocksize and low scalability being nothing more than an extortion, rent seeking usury system. If you're promoting the whole planet pile into a 1 MB blocksize coin, all you're doing is promoting usury. The only way to fix that paradigm is use a scaling blocksize like Monero.

rjclarke2000

legendary

Activity: 1358

Merit: 1016

I'm not excited yet. Seen this before.

Friday pumpy, weekend dumpy.

But of course I'm still bullish!

Edit. To be honest we need to go up a lot more before I class this as a pump. % terms this is nothing

Last of the V8s

legendary

Activity: 1652

Merit: 4393

Be a bank

Quote from: Peter R on August 03, 2017, 07:17:37 PM

... sleazy shilling dressed up as logic ...

This is great news for bitcoin.
You know they're getting desperate when they wheel out Peter R.

r0ach

legendary

Activity: 1260

Merit: 1000

Quote from: empowering on August 04, 2017, 03:52:44 AM

Quote from: r0ach on August 04, 2017, 03:47:30 AM

Quote from: Asrael999 on August 03, 2017, 02:49:35 PM

http://www.zerohedge.com/news/2017-08-02/bitcoin-etf-approval-odds-are-way-analyst-says

It wouldn't be good if an ETF was approved IMO.

Do you really want a bunch of 90 year old retired people having their life savings tied up in this nonsense that can crash to 0 at any second of the day? Yea, it would be a good exit scheme for you, but a disaster for everyone else. Kinda like how if I bought a used car from some old senile guy and paid him with silver I would feel it's a fair trade, but if I paid him in bitcoin I would feel like I scammed him since the coins have no real value and can implode to nothingness at any moment.

Bitcoin should really only be used by crackdealers attempting regulatory arbitrage or crimelord money launderers like JayJuanGee and not normal humans which are served better with real and non-imaginary assets.

You are hilarious...

It's bad enough pensions require 8% yearly returns from stocks to not implode and cause massive civil unrest. The last thing they need to do is add a BTC ETF into that mix and have the value bounce up and down 50% per day or implode to 0 from some type of security problem or other issue. The ETF will inevitably just be used to create fractional reserve BTC anyways to suppress price and direct people back to the dollar.

The only people who actually benefit from it are a few large holders like the Winklevoss or Digital Currency Group attempting to liquidate their overpriced coins on clueless and geriatric baby boomers while they would have problems finding liquidity to do it without one. So all the ETF really is is just an exit scheme.

Do you really think old people and retirees should be investing in this stuff? I sure as fuck don't. Gold and silver are the Schelling point for money when the dollar goes south, NOT cryptocurrency, so geriatric people shouldn't be diverting a cent to this stuff and eventually having it blow up in their faces.

HanvanBitcoin

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Activity: 308

Merit: 100

empowering

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Quote from: r0ach on August 04, 2017, 03:47:30 AM

Quote from: Asrael999 on August 03, 2017, 02:49:35 PM

http://www.zerohedge.com/news/2017-08-02/bitcoin-etf-approval-odds-are-way-analyst-says

twaddle

You are hilarious...

Last of the V8s

legendary

Activity: 1652

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Be a bank

Quote from: cAPSLOCK on August 03, 2017, 05:42:31 PM

Quote from: Last of the V8s on August 03, 2017, 04:13:11 PM

https://www.cyberscoop.com/wannacry-monero-bitcoin/
shapeshift blacklist some shitcoins

When you say "blacklist some shitcoins" do you mean BTC? Because it's BTC addresses being blacklisted here...

"As of today, we have taken measures to blacklist all addresses associated with the WannaCry attackers that are known to the ShapeShift team, as is our policy for any transactions we deem breach our terms of service. We are closely watching the situation as it continues to unfold as to block any further addresses associated.”

You are quite right to point out my schoolboy error. The shitcoins are irrelevant.

r0ach

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Activity: 1260

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Quote from: Asrael999 on August 03, 2017, 02:49:35 PM

http://www.zerohedge.com/news/2017-08-02/bitcoin-etf-approval-odds-are-way-analyst-says

It wouldn't be good if an ETF was approved IMO.

Do you really want a bunch of 90 year old retired people having their life savings tied up in this nonsense that can crash to 0 at any second of the day? Yea, it would be a good exit scheme for you, but a disaster for everyone else. Kinda like how if I bought a used car from some old senile guy and paid him with silver I would feel it's a fair trade, but if I paid him in bitcoin I would feel like I scammed him since the coins have no real value and can implode to nothingness at any moment.

Bitcoin should really only be used by crackdealers attempting regulatory arbitrage or crimelord money launderers like JayJuanGee and not normal humans which are served better with real and non-imaginary assets.

pinger

legendary

Activity: 1512

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Bitcoin - Resistance is futile

I have joined a Telegram Pump group that is going to pump a Cryptopia exchange (no idea who they are), less than 4 hours left, so yes we are probably up

HanvanBitcoin

full member

Activity: 308

Merit: 100

Goodmourning everyone,

Looks like the whales are accumulating BTC again! $2823 at Kraken at the moment of writing. Where will this bring us today? Are we going to retest the $3000 barrier? Grin

Happy trading!

savetherainforest

hero member

Activity: 1876

Merit: 612

Plant 1xTree for each Satoshi earned!

Quote from: mestar on August 04, 2017, 01:41:22 AM

Quote from: Peter R on August 03, 2017, 07:17:37 PM

Quote from: marcus_of_augustus on August 02, 2017, 10:34:44 PM

Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.

Yes, the existence BCC will destabilize BCT mining.

Everyone knows that at equilibrium, if BCC has 1/10th the value of BTC, that the hash power mining BCC will be 1/10th that mining BTC.

What is less obvious what happens when the system is not in equilibrium. Imagine that the market reprices BCC 100% higher and BTC 10% lower. What is the expected distribution of hash power now assuming short-term profit-maximizing miners?

The answer is "most of it will be mining BCC." Because the difficulty adjusts only very slowly (every 2016 blocks) BCC becomes twice as profitable to mine as BTC. Hash-per-hash miners would earn double by mining BCC. This continues until the difficulty reset comes when BCC would go "limit up" (4X), when most miners would leave BCC back for BTC. BCC's difficulty would slowly ratchet back down due to its fast difficulty adjustment and the process would later repeat.

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.

Excellent analysis. You have just proven that with maximally exploitative mining strategy, you can't have two parallel coins that would work smoothly. Since 100% of miners would switch to the more profitable one, the other would be paused.

It would not be the slow adjusting difficulty, but the more frequently updated exchange prices that would govern this process.

WE ARE GOING TO THE MOON!!!

mestar

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Activity: 407

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Quote from: Elwar on August 03, 2017, 08:26:51 PM

Quote from: Peter R on August 03, 2017, 07:17:37 PM

Quote from: marcus_of_augustus on August 02, 2017, 10:34:44 PM

Bcash cost of production (difficulty) is now being slashed by 20% per block for the next 6 blocks. Expect miners to follow cost of production slavishly. Forking guys have no idea what they have unleashed ... it will become apparent soon now.

Yes, the existence BCC will destabilize BCT mining.

Everyone knows that at equilibrium, if BCC has 1/10th the value of BTC, that the hash power mining BCC will be 1/10th that mining BTC.

What is less obvious what happens when the system is not in equilibrium. Imagine that the market reprices BCC 100% higher and BTC 10% lower. What is the expected distribution of hash power now assuming short-term profit-maximizing miners?

The answer is "most of it will be mining BCC." Because the difficulty adjusts only very slowly (every 2016 blocks) BCC becomes twice as profitable to mine as BTC. Hash-per-hash miners would earn double by mining BCC. This continues until the difficulty reset comes when BCC would go "limit up" (4X), when most miners would leave BCC back for BTC. BCC's difficulty would slowly ratchet back down due to its fast difficulty adjustment and the process would later repeat.

What this suggest is that at times when BCC is more profitable to mine and the hash rate migrates to BCC, the average block time for BTC will increase significantly and BTC's already slow and expensive transactions will become much more so.

Umm..what?

How is 25 BCC (at 10% the value of BTC) mined per day more profitable than 300 BTC per day?

So, you are incapable of imagining: "Imagine that the market reprices BCC 100% higher and BTC 10% lower. What is the expected distribution of hash power now assuming short-term profit-maximizing miners?"

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16779. (Read 26712838 times)