Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16982.

bitserve

legendary

Activity: 1932

Merit: 1610

Self made HODLER ✓

Quote from: becoin on July 16, 2017, 01:19:48 PM

Quote from: BlindMayorBitcorn on July 16, 2017, 12:57:01 PM

Quote from: becoin on July 16, 2017, 12:50:58 PM

Quote from: leowonderful on July 16, 2017, 12:19:35 PM

Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Users can easily wait couple of weeks or even months for those exchanges to open but where will miners sell bitcoins to pay their electricity bills?

A couple weeks or months of users not being able to use Bitcoin and they will move to a crypto they can use. The actual economy won't wait for us

99% of users use bitcoin only to diversify their assets. They can wait. Miners can't!
If Bitcoin goes down all the crypto economy goes down with it irrespective of the coin used.

Definitely miners depend on users and not vice versa. UASF is a very good idea and should be respected by honest miners.

Who can wait? Who is only diversifying? I am, many people are, but if it really were 99% we wouldn't have had this dump. So it is obvious it is more than 1% of users that can't wait. They couldn't in late 2013 and 2014 and they can't now (the new weak hands... earlier ones are long gone now).

Also, if someone is SURE the price will keep going lower it is better to sell now and rebuy lower (except in case of tax issues).

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

Quote from: becoin on July 16, 2017, 01:19:48 PM

Quote from: BlindMayorBitcorn on July 16, 2017, 12:57:01 PM

Quote from: becoin on July 16, 2017, 12:50:58 PM

Quote from: leowonderful on July 16, 2017, 12:19:35 PM

Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Users can easily wait couple of weeks or even months for those exchanges to open but where will miners sell bitcoins to pay their electricity bills?

A couple weeks or months of users not being able to use Bitcoin and they will move to a crypto they can use. The actual economy won't wait for us

99% of users use bitcoin only to diversify their assets. They can wait. Miners can't!
If Bitcoin goes down all the crypto economy goes down with it irrespective of the coin used.

Definitely miners depend on users and not vice versa. UASF is a very good idea and should be respected by honest miners.

That's crazy. If you really think that..

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: BlindMayorBitcorn on July 16, 2017, 12:57:01 PM

Quote from: becoin on July 16, 2017, 12:50:58 PM

Quote from: leowonderful on July 16, 2017, 12:19:35 PM

Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Users can easily wait couple of weeks or even months for those exchanges to open but where will miners sell bitcoins to pay their electricity bills?

A couple weeks or months of users not being able to use Bitcoin and they will move to a crypto they can use. The actual economy won't wait for us

99% of users use bitcoin only to diversify their assets. They can wait. Miners can't!
If Bitcoin goes down all the crypto economy goes down with it irrespective of the coin used.

Definitely miners depend on users and not vice versa. UASF is a very good idea and should be respected by honest miners.

bones261

legendary

Activity: 1806

Merit: 1828

Quote from: BrewMaster on July 16, 2017, 12:12:25 PM

bitcoin 101 for newcomers (apparently):
1. you download your bitcoin node client and start it up
2. the node goes through a series of hard coded IP addresses to connect to one of them. these IP addresses are for reliable, always up, nodes (that is why they are hard coded anyways). you connect to one of them.
3. end of story. you are now connected to the bitcoin p2p network and receive the rest of the IP addresses from the nodes that you are connected to via a specific message.

1. when you open your node again. restart or whatever. your node has saved all the IP addresses of nodes that it successfully connected to before. now it has a bigger list.

where is this DNS thing you ask,
it is only a fallback method in case your node failed to connect to any of the nodes (hard coded IPs which are reliable nodes that are always up and responding) or your list of previously connected nodes. it connects to the next source to find IP addresses of the other nodes to connect to.

in other words the "casual user" will probably never even use them! Grin

True, but for the extra paranoid, they are not bound to use any of DNS seeds as a failover. They can still download the source code for segwit2x, modify the DNS seeds any way as they see fit, and compile. Easy fix. Oh well, I don't run a full node anyway. I just use either Trezor's web interface or interface with Electrum. A full node is not really needed by me to access my 1.8 BTC.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

Quote from: becoin on July 16, 2017, 12:50:58 PM

Quote from: leowonderful on July 16, 2017, 12:19:35 PM

Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Users can easily wait couple of weeks or even months for those exchanges to open but where will miners sell bitcoins to pay their electricity bills?

A couple weeks or months of users not being able to use Bitcoin and they will move to a crypto they can use. The actual economy won't wait for us

tonyq

legendary

Activity: 879

Merit: 1001

Quote from: ?? on ??

Quote from: tonyq on July 16, 2017, 12:44:31 PM

Quote from: tonyq on July 15, 2017, 09:16:08 AM

Below 1900 inside 48 hours.
Trust me.

Did anyone listen to me when I said this?
Thought not.

Here's a cookie (BTC)

Thanks!

becoin

legendary

Activity: 3431

Merit: 1233

Quote from: leowonderful on July 16, 2017, 12:19:35 PM

Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Users can easily wait couple of weeks or even months for those exchanges to open but where will miners sell bitcoins to pay their electricity bills?

tonyq

legendary

Activity: 879

Merit: 1001

Quote from: tonyq on July 15, 2017, 09:16:08 AM

Below 1900 inside 48 hours.
Trust me.

Did anyone listen to me when I said this?
Thought not.

Meuh6879

legendary

Activity: 1512

Merit: 1012

Quote from: BrewMaster on July 16, 2017, 12:12:25 PM

2. the node goes through a series of hard coded IP addresses to connect to one of them. these IP addresses are for reliable, always up, nodes (that is why they are hard coded anyways). you connect to one of them.

Official Bitcoin Core ... Solution :

Code:

2017-07-08 12:14:22 Loaded 58421 addresses from peers.dat 382ms

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

Quote from: leowonderful on July 16, 2017, 12:19:35 PM

Just another dead cat bounce downwards while the chaos continues. Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Interestingly enough Bitcoin difficulty continues to chug upwards, not too price related but just something i'd like to point out. Seems miners will continue to mine no matter what the price is.

From all time high to being delisted on GDAX in a matter of weeks is sort of surprising. Even for us.

starmman

legendary

Activity: 1484

Merit: 1029

Quote from: BlindMayorBitcorn on July 16, 2017, 10:39:18 AM

Whatever happens it seems some sort of chain-split is inevitable. That's my bet. But I don't seem to be doing anything about it. Which is odd.

Business as usual for me - I'll just continue with my accumulation strategy and react to what happens at the end - there is so much going on its difficult to second guess what will happen at the end. The current volatility has been pretty good for my trading strategy.

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

Just another dead cat bounce downwards while the chaos continues. Like we all expected exchanges are slowly making plans to shut down, not really surprising to me.

Interestingly enough Bitcoin difficulty continues to chug upwards, not too price related but just something i'd like to point out. Seems miners will continue to mine no matter what the price is.

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Quote from: BlindMayorBitcorn on July 16, 2017, 11:49:20 AM

Most of the nodes are still Core. The west doesn't seem to have the same interest in bigger blocks. How the hellfire are the Chinese supposed to evade capital controls with a Bitcoin nobody wants to buy?

Edit: but they must want it for a reason so I must be missing something. I always do.

Nothing to do with bigger blocks. It's a power grab to see if they can hardfork and stay on same chain. Then later then can hardfork for higher fees or no halving of block rewards or no total limit. Asics came to the game later on so they have a lot more hashing power then actual BTC.

lemmyK

sr. member

Activity: 293

Merit: 250

http://bitcoinist.com/gdax-to-suspend-bitcoin-transactions-if-uasf-activates/
Maby coinbase now what will comming.... Cheesy

JimboToronto

legendary

Activity: 4242

Merit: 5039

You're never too old to think young.

Good morning Bitcoinland.

The panic continues... currently $1946USD (Bitcoinaverage).

This reminds me of the Winklevoss ETF being priced in weeks before the decision, except in reverse. The actual day it was decided, the reaction was sharp but didn't last long.
_____

The buy fee at my closest ATM is down to 5.8%, not as low as the 2.1% I paid the night before last but a lot lower than the 10% it touched yesterday.

At least the actual cost per coin is lower than I paid, so if it doesn't change by the time I get a coffee into me, I'll hop over and buy some more.

My serious cash influx is still a week away but if there's a dip to buy, I'll try to take advantage of it on general principles, even if it's just a couple of hundred bucks.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

Quote from: bones261 on July 16, 2017, 11:53:38 AM

Quote from: Lauda on July 16, 2017, 11:23:14 AM

Quote from: bones261 on July 16, 2017, 09:07:15 AM

I think it's starting to sink in with some people that FrankenSegwit may not come out with sound code; and with it's planned Hardfork, come November, it's just kicking the can down the road a little for another major forking threat.

It has horrible code. One of the hardcoded seeds is basically an anti-privacy (chain analysis) company by Garzik. Roll Eyes

Easy fix. All one has to do is download the source code, delete the offending seeds and compile yourself. Of course, the casual user probably isn't going to do that. I'm worried about the other code. Since I only have a rudimentary understanding of C++, I'm afraid it's way beyond my capability to do an analysis. Cheesy

bitcoin 101 for newcomers (apparently):
1. you download your bitcoin node client and start it up
2. the node goes through a series of hard coded IP addresses to connect to one of them. these IP addresses are for reliable, always up, nodes (that is why they are hard coded anyways). you connect to one of them.
3. end of story. you are now connected to the bitcoin p2p network and receive the rest of the IP addresses from the nodes that you are connected to via a specific message.

1. when you open your node again. restart or whatever. your node has saved all the IP addresses of nodes that it successfully connected to before. now it has a bigger list.

where is this DNS thing you ask,
it is only a fallback method in case your node failed to connect to any of the nodes (hard coded IPs which are reliable nodes that are always up and responding) or your list of previously connected nodes. it connects to the next source to find IP addresses of the other nodes to connect to.

in other words the "casual user" will probably never even use them! Grin

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: BlindMayorBitcorn on July 16, 2017, 11:49:20 AM

Most of the nodes are still Core. The west doesn't seem to have the same interest in bigger blocks. How the hellfire are the Chinese supposed to evade capital controls with a Bitcoin nobody wants to buy?

Edit: but they must want it for a reason so I must be missing something. I always do.

they want to control bitcoin - the mining and the development. that's all anyone needs to know.

bones261

legendary

Activity: 1806

Merit: 1828

Quote from: Lauda on July 16, 2017, 11:23:14 AM

Quote from: bones261 on July 16, 2017, 09:07:15 AM

I think it's starting to sink in with some people that FrankenSegwit may not come out with sound code; and with it's planned Hardfork, come November, it's just kicking the can down the road a little for another major forking threat.

It has horrible code. One of the hardcoded seeds is basically an anti-privacy (chain analysis) company by Garzik. Roll Eyes

Easy fix. All one has to do is download the source code, delete the offending seeds and compile yourself. Of course, the casual user probably isn't going to do that. I'm worried about the other code. Since I only have a rudimentary understanding of C++, I'm afraid it's way beyond my capability to do an analysis. Cheesy

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

Most of the nodes are still Core. The west doesn't seem to have the same interest in bigger blocks. How the hellfire are the Chinese supposed to evade capital controls with a Bitcoin nobody wants to buy?

Edit: but they must want it for a reason so I must be missing something. I always do.

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Quote from: N12 on July 16, 2017, 11:21:34 AM

Holders don't matter shit. This is proof of work, not proof of stake. WTF are you going to do with ownership of essentially altcoin Bitcoins you can't exchange for the tons of fiat on the exchanges?

Ideologically, I'm on your side, but you UASF cultists are striking me as increasingly delusional.

LOL
The delusion is thinking that economic majority is the workers that work for owners. That's like thinking the household staff is somehow the economic majority of the house instead of the owner that pays the bills. It's not proof of work it's proof of having a private key that controls your bitcoin. ETH and ETC split, the foundation sold all their ETC for ETH which was a huge % so ETH ended much higher but both combined were much lower in the immediate aftermath because the friction and transfer costs of having two camps switch into the currency they wanted to be in was pretty large. Same will happen here. Just make sure you pick the right one. Wink

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