Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18094. (Read 26608399 times)

Don't worry brother, I've something bigger than Zimbabwe for you, EUROPE IS SHACKING

Zimbabwe went from a $100 trillion dollar note to a ''$2 BOND note'' 

No Bitcoin adoption in Zimbabwe

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Good morning BTCland.

Still consolidating I see... $771USD/$1025CAD at Bitcoinaverage.

I see the conversation here has drifted to how bearish Bearstamp is. This is why I've been using BTCaverage as my principal price reference since the Finex hack.

I'd previously used Gox, then Stamp, then Finex, but after each suffered serious problems, there's been no single exchange that has dominated the market, so I choose to go with an averaging service.

Bitcoinaverage not only considers the price at virtually all exchanges, including small regional exchanges and Localbitcoins, weighted to volumes, but it does so while ignoring volumes at zero-fee exchanges like the Chinese big three.

It is also used as a basis for the pricing at the majority of local BTC ATMs in Toronto.
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I sometimes wonder if the spread between the Chinese exchanges and Bitstamp is due to the outflow of capital from China.

Are the Chinese paying a premium for coins at Huboi for example, and selling them at a discount at Stamp?

hasn't it always been called that anyway? it doesn't seem to be a very cheerful place. let's send them positive vibes.

Yeah, fuck them! They are always way behind Finex!

we should officially re-name bitstamp to bearstamp. incredible, that with a handful of btc sold here and there bearstamp keeps it all down.

 

By my calculations in observing high value transactions (which is the only thing blockchains can accommodate) in real estate, cars, etc, Bitcoin needs a minimum of 50 TPS or 8 MB blocks + Schnorr sigs to function as a working global monetary system with market penetration in the upper middle class.  If you want to take a fuck everyone and their dumb ideology approach, then you would likely just set it and forget it at that minimum required value and never touch it again.  

So now we have to evaluate if Lightning Network actually takes us over this 50 TPS threshold without introducing more problems than it solves, yet it's not actually possible to evaluate LN because there's no concrete routing solution implemented.  We're kinda just sitting around waiting to see if some guy named Rusty Russler is legit in building this stuff or not, or if it can even be done without increasing centralization more than what it is now.  

The not so conspiracy side claims that since Blockstream is being funded with several millions of dollars, there would need to be a way for them to monetize the system via network effect to regain their capital, meaning the routing would inherently lead to more centralization because they wouldn't make any money otherwise.  So I guess the only way to find out is to follow the money trail and find out if Blockstream is being funded by someone who already holds a large position in BTC and wishes to enhance that value, or by someone who doesn't currently own BTC and wishes to extract from the masses by usury skimming in having a big share of transactions routed to them.

And that is the story of Bitcoin.

Does this look like BTC or the banks are dying??

MatTheMat was one of the few interesting (interesting, not accurate) posters on here:

https://bitcointalksearch.org/topic/mat-isms-more-tales-from-the-trading-floor-of-the-bitcoin-markets-1455386

From what I understand....Core wants BTC mainly to be a 'store of value' thus keeping BTC decentralised away from concentration of miners.....and the miners see this as silly
in that they want to push the block size up to scale with BTC for more adoption and more transactions thus more $$$ in fees for them.....

This impasse may never go away......because imho core could care less if it ever evolves beyond a store of value if the price stays sideways or goes up....

miners however imho are in a worse boat in that eventually, they won't be able to mine BTC anymore due to difficulty and thus decentralization happens from that direction

anyway...

but I'm clueless but it is how I see this....only real way a compromise will happen imho is a crisis where/if/how it is shown in a big price drop that block size increase is really needed
but by then it will be a complete cluster.....anyway power games..no clean hands in this issue I'm afraid

but again I know zip and above could be completely wrong..this just represents my current thoughts on this somewhat lame issue

This looks like old BIP103 coded by Sipa / Wullie. Why does his BS boss /CTO  does not use that for reunion the split community?

Core is working on a 2mb hardfork proposal, testing is in progress! Amazing news!

" 4) Some of us also agreed to work on another hardfork proposal including a 2 MB "no wallet changes necessary" block size bump, which we've been making progress on over the past year, including even after conclusion of the original agreement (there is currently a testnet for an incomplete version running)."

http://np.reddit.com/r/Bitcoin/comments/5gcg98/will_there_be_no_capacity_improvements_for_the/darfdyg/

It will be nice if the price move upward but it now 765$ and I guess it will back rightup when it working days

Your reading of the passed two months seems unnecessarily (and seemingly overly) bearish.  Sure it could be true what you are saying, but a more reasonable reading would be to conclude that the price rise is accompanied by greater support, and we are still yet to experience the attempt at an explosive pump that turns into a kind of unsustainable bubble.

Sure, none of us should put all our eggs in one basket with an expectation that another bubble (pump) is inevitable, but the current market seems to reasonably (and with decent chances) support the possibility of another upcoming pump (that could turn into a bubble).  

Sure flat and downward are also possible.  Flat is more possible than downwards.  So at the moment, maybe some of us could conclude that explosive up has the best chances (based on current apparent dynamics) with flat coming in second and downward coming in third.. I have not given too much thought about more exact probabilities that I would personally assign to various scenarios, but above is my rough framework at the moment...

Oh by the way, I have temper any predictor that I make based on questions concerns that I have about getting passed resistance in the upper $700s and resistance in the mid-$800s before, in my current thinking, any explosive upward could even take place.  Sure we could get past those two resistances fairly easily, but I am thinking at least one more significant downward correction (of at least 15%, maybe in the 15% to 25% territory) before getting passed mid $800s.

You could look at the past 2 months as one of the major rallies with a breakout point of 4100, and it is very weak/slow compared to the previous two breakouts from 1500 and 3000 and is nearly over, the end of some elliot wave, leading into a crash from severe disappointment or a sideways motion for another year or two before the real ATH break.

This could also be the slow ramp up into a 2012-style bubble breakout with a 1,000%+ gain.

In any case the only sensible thing to do is hold. Maybe sell a small portion (permanently) if you think you need the money. You can't really trade because the exchanges suck and have low volume and it's so hard to predict a move or re-entry point, and your gain is unlikely to exceed taxes. Altcoin trading is always good too, if you want to trust Poloniex with some of your coins.

Even if you have questions (or doubts) about repetitive wallets of some users, Bitcoin's growth appears to be considerable and ongoing (with blockchain exceeding 10 million wallets).

https://blog.blockchain.com/2016/11/22/r...nd-beyond/


Regarding trade volume, it can sometimes be difficult to determine changes in trade volume based on the trade volume of one or two exchanges, because they are likely stealing each others cutomers.  The number of bitcoin exchanges has increasd stupendously over the years, and kind of exponentially after 2013.


Check out the chart that is linked in this below thread.

http://bitcoinandmarkets.com/e028/

In essence, the chart shows

2010 - 2 exchanges

2011 - 6 exchanges

2012 - 5 exchanges

2013 - 9 exchanges

2014 - 38 exchanges

2015 - 74 exchanges

2016 - 145 exchanges - in 40 countries

Good AM Bitcoinland.

Seems we had a little correction/profit-taking last night but we're halfway back...$768USD/$1021CAD at Bitcoinaverage.

That's not too bad considering we'd just strung together 5 consecutive green daily candles. Hopefully that was the extent of it and we can proceed upward.

I quite agree with you mate and i am glad to see someone who is pounding the exact thing I'm pounding. Let's keep our fingers cross cos it will happen pretty soon

Good catch, but still, I see them as a useless creatures.

Guys might have been paid for their job or attempting to tweak this thread a little according to their positions, thats a day job for some folks.

I bet half of this thread constitutes for 90% of the most hardworking penny stockers on the web.