Author

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 20004. (Read 26610297 times)

legendary
Activity: 2002
Merit: 1040
I think ultimately, the banks will steal/co-opt/centralize bitcoin, make it their own, force the price up, and push the cypherpunks/anarchists to alt coins and I think the miners and hodlers will let this happen because $ /shrug.   I just have issues seeing how you can have a blockchain function without a token or maintenance device; maybe something along the lines of peercoin & nubits, but it didn't sound like it based on referencing asics and fpgs

They have no use for bitcoin or any other cryptocurrencies. If they had, they would use some closed centralized "currency" like Ripple.

The bitcoin blockchain is a lousy and terribly inefficient data structure.  It is used in bitcoin because it was the only structure that Satoshi could think of that prevented double-spend and could be reliably maintained by a distributed swarm of uncoordinated anonymous volunteer miners.  The bitcoin system uses the bitcoin currency to motivate those volunteers, through fees and block rewards, because it has no other way of rewarding them.  However, the banks will hardly want to use uncoordinated anonymous volunteers to process their billion-dollar transactions. So they will not need bitcoin to reward them. So, after the hype deflates, they will realize that there are better data structures and protocols for their problems -- and that they are already using them.



The tone and substance of your comments come off as skeptical, but far from academic...

You appear to be way too emotionally attach to a goal of denigrating bitcoin that you fail and/or refuse to recognize benefits of peer to peer validations of transactions and accordingly you present your argument(s) in a very non convincing manner.

Even though you may be correct that in the beginning banks will likely hesitate to entrust their transactions to the bitcoin blockchain, with the passage of time, the smarter "banking" players are likely going to come to realize that bitcoin's blockchain can be utilized to their benefit for a much smaller cost and with better security than their own centrally controlled and likely half-baked and likely much more costly "blockchain" imitation alternatives.




Keep an eye on USAA. They will be one of the banks at the forefront.
legendary
Activity: 3920
Merit: 11299
Self-Custody is a right. Say no to"Non-custodial"
I think ultimately, the banks will steal/co-opt/centralize bitcoin, make it their own, force the price up, and push the cypherpunks/anarchists to alt coins and I think the miners and hodlers will let this happen because $ /shrug.   I just have issues seeing how you can have a blockchain function without a token or maintenance device; maybe something along the lines of peercoin & nubits, but it didn't sound like it based on referencing asics and fpgs

They have no use for bitcoin or any other cryptocurrencies. If they had, they would use some closed centralized "currency" like Ripple.

The bitcoin blockchain is a lousy and terribly inefficient data structure.  It is used in bitcoin because it was the only structure that Satoshi could think of that prevented double-spend and could be reliably maintained by a distributed swarm of uncoordinated anonymous volunteer miners.  The bitcoin system uses the bitcoin currency to motivate those volunteers, through fees and block rewards, because it has no other way of rewarding them.  However, the banks will hardly want to use uncoordinated anonymous volunteers to process their billion-dollar transactions. So they will not need bitcoin to reward them. So, after the hype deflates, they will realize that there are better data structures and protocols for their problems -- and that they are already using them.



The tone and substance of your comments come off as skeptical, but far from academic...

You appear to be way too emotionally attach to a goal of denigrating bitcoin that you fail and/or refuse to recognize benefits of peer to peer validations of transactions and accordingly you present your argument(s) in a very non convincing manner.

Even though you may be correct that in the beginning banks will likely hesitate to entrust their transactions to the bitcoin blockchain, with the passage of time, the smarter "banking" players are likely going to come to realize that bitcoin's blockchain can be utilized to their benefit for a much smaller cost and with better security than their own centrally controlled and likely half-baked and likely much more costly "blockchain" imitation alternatives.


hero member
Activity: 910
Merit: 1003
I think ultimately, the banks will steal/co-opt/centralize bitcoin, make it their own, force the price up, and push the cypherpunks/anarchists to alt coins and I think the miners and hodlers will let this happen because $ /shrug.   I just have issues seeing how you can have a blockchain function without a token or maintenance device; maybe something along the lines of peercoin & nubits, but it didn't sound like it based on referencing asics and fpgs

They have no use for bitcoin or any other cryptocurrencies. If they had, they would use some closed centralized "currency" like Ripple.

The bitcoin blockchain is a lousy and terribly inefficient data structure.  It is used in bitcoin because it was the only structure that Satoshi could think of that prevented double-spend and could be reliably maintained by a distributed swarm of uncoordinated anonymous volunteer miners.  The bitcoin system uses the bitcoin currency to motivate those volunteers, through fees and block rewards, because it has no other way of rewarding them.  However, the banks will hardly want to use uncoordinated anonymous volunteers to process their billion-dollar transactions. So they will not need bitcoin to reward them. So, after the hype deflates, they will realize that there are better data structures and protocols for their problems -- and that they are already using them.
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
sr. member
Activity: 258
Merit: 250
Why use BTC when you can just SETL...?

...for less?

Sorry - couldn't resist. AAR, looks interesting enough to learn more about. The article you link talks about it being Bitcoin, but I can't quite imagine GS would do that. Perhaps it is actually some permissioned blockchain? 'Twould be fun to watch some significant miner to throw their hash power that way just to see what might happen, no?

I was hoping for that joke! Yeah, I was wondering how you would prevent 3rd party mining interaction/manipulation/attacks. I guess they could have some sort of proprietary asics and only these registered device are permitted to secure their blockchain but we've seen how quickly code and devices have been adapted for mining... I'm not sure if they could ensure a closed network without it really just being a database? 


http://www.businessinsider.com/goldman-sachs-the-blockchain-can-change-well-everything-2015-12?r=UK&IR=T

Boroujerdi says: "Bitcoin was just the opening act, with the Blockchain ready to take center stage."

Despite Boroujerdi's seeming runaway optimism, he does note that there are some drawbacks. One worry is the potential cost of developing and maintaining the network. Another is the lack of a regulatory framework. And a third is concerns over the capacity of the blockchain.

I guess the real question is how much hash power they would have to throw at SETLcoin to avoid, prevent, mitigate, a possible 51% attack and how that compares to being cost effective to just using BTC or a different altcoin.

I think ultimately, the banks will steal/co-opt/centralize bitcoin, make it their own, force the price up, and push the cypherpunks/anarchists to alt coins and I think the miners and hodlers will let this happen because $ /shrug.   I just have issues seeing how you can have a blockchain function without a token or maintenance device; maybe something along the lines of peercoin & nubits, but it didn't sound like it based on referencing asics and fpgs
legendary
Activity: 4200
Merit: 4887
You're never too old to think young.
Good morning Bitcoinland.

Still hovering around $360. That should change soon... or not.

Glad I'm not paying margin interest while we wait. There are no fees for holding.
hero member
Activity: 798
Merit: 531
Crypto is King.
Y U OPST OLD NEWRS
legendary
Activity: 1159
Merit: 1001
UKRAINE'S LARGEST BANK HELPS INTEGRATE BITCOIN AS A PAYMENT

BITCOIN MERCHANTS, BITCOIN PROGRESS, BITCOIN REGULATION, NEWS04/12/2015BY SAMBURAJ DAS
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
https://www.youtube.com/watch?v=QIHH-TqFzXU

imagine the W. twins had "stamped" a document which described their facebook idea.

this is very cool shit.

i should stamp my separation agreement
legendary
Activity: 2002
Merit: 1040
Scaling HK conference tomorrow.

Price primed for movement out of mini-pennant within mega-pennant.

Buckle up.  Cool
legendary
Activity: 2380
Merit: 1823
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
legendary
Activity: 1456
Merit: 1000
Sitting right at the triangle and the 50% Fib retrace.

Perfect time to take a short with a smart s/l before the weekend dump starts  Wink


With so many posters promising a price drop, I am considering preparing my space suit... or at least catching the train to the rocket platform.   Cheesy Cheesy Cheesy

indeed, whale will wait for shorter to make a more dramatic pump  Wink
legendary
Activity: 3920
Merit: 11299
Self-Custody is a right. Say no to"Non-custodial"
Sitting right at the triangle and the 50% Fib retrace.

Perfect time to take a short with a smart s/l before the weekend dump starts  Wink


With so many posters promising a price drop, I am considering preparing my space suit... or at least catching the train to the rocket platform.   Cheesy Cheesy Cheesy
legendary
Activity: 1624
Merit: 1126
It's all mathematics...!
Thread very silent, best time to look for opportunity.

On Finex there seems to be a battle over 360$: it looks more like pong. Sorry man, I see no opportunities right now but, perhaps, I'm blind.   Cool

Got it now ?

why do people long right at the trend line? It has not been broken yet... You can still buy a long when broke the trendline..

Because it's the right thing to do...

I sold at 380$ and have been accumulating on all the dips!
newbie
Activity: 30
Merit: 0
The price is perfectly fluctuating in the past few weeks for traders, if it keeps up like this we could be on a very strong and positive incline for BTC.
hero member
Activity: 798
Merit: 531
Crypto is King.
screw these fake breakouts  Angry
legendary
Activity: 1176
Merit: 1005
Decentralized Asset Management Platform

Quote
It [blockchain] has the potential to redefine transactions and the back office of a multitude of different industries. From banking and payments to notaries to voting systems to vehicle registrations to wire fees to gun checks to academic records to trade settlement to cataloguing ownership of works of art, a distributed shared ledger has the potential to make interactions quicker, less-expensive and safer.

Then we can forget something like Florida 2000...remember?
http://www.factcheck.org/2008/01/the-florida-recount-of-2000/

sr. member
Activity: 318
Merit: 250
Thread very silent, best time to look for opportunity.

On Finex there seems to be a battle over 360$: it looks more like pong. Sorry man, I see no opportunities right now but, perhaps, I'm blind.   Cool

Got it now ?

why do people long right at the trend line? It has not been broken yet... You can still buy a long when broke the trendline..

It would take roughly 90 Bitcoins dumped on Stamp to get the price back to 360, where it was less than an hour ago. There's a 400 Bitcoin wall stopping it going above 364, and a 400 Bitcoin wall stopping it going below 360, so the price will probably start ping ponging backwards and forwards in a tight range.

Those walls have to be broken before we know where it's going.
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