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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16780. (Read 26712846 times)

sr. member
Activity: 407
Merit: 250
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?"



sr. member
Activity: 407
Merit: 250

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.  


"Profitable to mine" means you have to have buyers. If you haven't noticed, everyone is trying to dump their BCC (BCH? whatever) at any price and trade for more BTC.


Having a price on an exchange implies there is somebody willing to buy.  Your argument is invalid, nice try.


sr. member
Activity: 407
Merit: 250
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.


hero member
Activity: 1876
Merit: 612
Plant 1xTree for each Satoshi earned!
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.  


So you have been a part of knowingly destabilising bitcoin mining? Neither chain will be stable, the 'hard-fork now!' camp have just stupidly devalued any investment they had in bitcoin (BTC or BCH) ... unless of course you actually work for govvy agents or other actors aiming to do exactly that which you admit to.

Merged-mining is one way BCH can gracefully admit their gargantuan fuck-up and save face (seems they spend a lot of time doing that). You weren't around when we already tried these 'experiments', it's not a pretty outcome. Bitcoin will survive but the credibility of the idiot  loud-mouth crowd doesn't stand much chance (not that they had a lot). Enjoy your forking euphoria, your ultimate downfall has now been sealed.

Big blockers blame small blockers for the fork; small blockers blame big blockers.  I think a split was inevitable given the two distinct visions for Bitcoin's future.

Regarding destabilizing mining, I think what this means is that in the medium term, only one chain will survive (at least with any real value).  The miners will eventually see their incentive to kill off one of the chains. 

The question is which one. 


They both stay alive as long as there is something to trade/gamble on. Smiley
sr. member
Activity: 420
Merit: 257

Guys, i´m completely lost, i sit the whole day in front of my laptop, and click on lending at polo. my spouse tells me to go fck myself. Is there a selfhelp group somewhere ?



 self-help for self-fck or the polo clicking thing?


Don´t know, i told you, i´m lost. I´ll take what ever is available  Smiley

No, seriously, i have a polo clicking tick. There, did it again ! It´s hopeless.

legendary
Activity: 3808
Merit: 7912

Guys, i´m completely lost, i sit the whole day in front of my laptop, and click on lending at polo. my spouse tells me to go fck myself. Is there a selfhelp group somewhere ?



 self-help for self-fck or the polo clicking thing?
sr. member
Activity: 420
Merit: 257
take a pornhub break once in a while

There, i completely forgot about my sex-life, maybe my girlfriend is sour therefore . . .

legendary
Activity: 3388
Merit: 4775
diamond-handed zealot
take a pornhub break once in a while
sr. member
Activity: 420
Merit: 257

Guys, i´m completely lost, i sit the whole day in front of my laptop, and click on lending at polo. my spouse tells me to go fck myself. Is there a selfhelp group somewhere ?

Yes. You can write an app to automate those clicks.

There´s a lending bot out there, but i don´t trust him  Smiley
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas

Guys, i´m completely lost, i sit the whole day in front of my laptop, and click on lending at polo. my spouse tells me to go fck myself. Is there a selfhelp group somewhere ?

Yes. You can write an app to automate those clicks.
sr. member
Activity: 420
Merit: 257

Guys, i´m completely lost, i sit the whole day in front of my laptop, and click on lending at polo. my spouse tells me to go fck myself. Is there a selfhelp group somewhere ?

sr. member
Activity: 532
Merit: 251
Coinbase is fucking hilarious.
legendary
Activity: 3794
Merit: 5474
Also whereforeartthou, mempool backlog? Oh that's right, it only happens when someone is specifically and nefariously spamming the network.
Fuck you. You don't get to decide who can send what. That's one of the key selling points, no middlemen.

Oh shut up about that already. No one is suggesting that spam should be somehow curtailed or censored.

But you are a blind idiot if you think the spikes in incessant spam for prolonged duration, that then magically vanishes completely from the network, is just totally normal transactions and not coming directly from the Ver/Wu consortium to stir up bullshit. You will never convince anyone with half a brain otherwise.

And if you think the purpose of having bigger blocks is to better accommodate said spam, then well.... back to /ignore you go.

But hey, you guys have your own big blocker chain now: Bcash. 8MB, whoo hoo, yeah baby! And no pesky SegWit! It's gonna solve everything! So why complain here anymore?
legendary
Activity: 2268
Merit: 1278
block size gradually increasing over time (which everyone can agree on),
No. A lot of people really do not want the network to grow. Some people just want to drag others down, even at personal expense.

Also whereforeartthou, mempool backlog? Oh that's right, it only happens when someone is specifically and nefariously spamming the network.
Fuck you. You don't get to decide who can send what. That's one of the key selling points, no middlemen.
sr. member
Activity: 532
Merit: 251


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.  




Also whereforeartthou, mempool backlog? Oh that's right, it only happens when someone is specifically and nefariously spamming the network.  Roll Eyes
Get ready for the spamminator. 
legendary
Activity: 3794
Merit: 5474
Even if someone was in favor of block size gradually increasing over time (which everyone can agree on), jumping straight to 8MB is just stupid.

Also whereforeartthou, mempool backlog? Oh that's right, it only happens when someone is specifically and nefariously spamming the network.  Roll Eyes
sr. member
Activity: 532
Merit: 251
So the trading volume and statistics will be watched for the timing when the vast majority of early sellers are finished so the next move will be calculated literally and coordinated.
legendary
Activity: 1806
Merit: 1828
Quote
Hi. We are here to talk to you about Satoshi's vision, do you have a few moments?


Oh look, Peter_R and Paul (Ibian) have shown up to preach the 'hard-fork now!" Satoshi's vision gospel.

Bitcoin Jesus is on their side!  Kiss Now when will the supporters get their temple garments? Will they all get their own planets to be gods over, too?
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
Quote
I think a split was inevitable given the two distinct visions for Bitcoin's future.

Well, one side is having 'visions' ... 'satoshi's visions', 'visions of gradeur', visions of centralised political governance ... lots of 'visions'.

... the other side is sticking to the technical facts and realm of computer science knowledge.
full member
Activity: 158
Merit: 100
It's amazing how people don't know about the "buyers". They just think the coin is destroyed when they trade Roll Eyes
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