LOL!
Bitfinex longs are now even higher than before the dump!
$22.4M
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 22394. (Read 26608846 times)
March 18, 2015, 03:10:11 PM
March 18, 2015, 03:03:48 PM
March 18, 2015, 03:03:35 PM
As I recall, your original claim was that it would be possible for 'any kid with a laptop' to effectively remove the 21M bitcoin cap. This is NOT an example of that happening.
After a hard fork, as long as both branches survive, there are twice as many bitcoins around. If you had 100 BTC before the fork, then after the fork you have 100 "Series A" BTC and 100 "Series B" BTC.
As I clearly said every time, whether people bother to mine and use each Series is a political and marketing qestion. There is no technical obstacle to both series of bitcoins surviving and retaining some value (but quite likely their combined total value will be no greater than what the "Series A" were worth before the fork).
At the last hard fork, everyone agreed to abandon the "Series A" bitcoins and use only the "Series B" ones. If we have another hard fork to increase the block size, some people seem to be willing stay on the "Series A" branch. I don't know what will happen, but, agan, it will be decided by political processes, not by technical mechanisms.
Do you really not understand that when you say 'series A bitcoin' and 'series B bitcoin', you are really saying 'bitcoin', and 'some altcoin'?
It's true that you will have a free supply of 100 units of the alt coin, which may or may not retain value over time, depending on whether anyone continues to mine it - but you will still only have 100 bitcoins - whichever branch eventually establishes itself as the 'real' bitcoin.
Why do you bother? I don't know if he can qualify as a tldr-troll or just a stubborn idiot, but he won't budge.
And he sort of shows the limitations of other people I respect on this forum.
He's managed to engage people like oda.krell and others in long winded discussions where he is impervious to reason, but manages to make them believe that they are having a real discussion rather than him using them as his soapbox.
It's no use. Let it be.
I just wrote him a detailed reply how the consensus mechanism works. I think i have nailed it and he understands, if not, i has the power of ignore:)
March 18, 2015, 03:02:37 PM
As I recall, your original claim was that it would be possible for 'any kid with a laptop' to effectively remove the 21M bitcoin cap. This is NOT an example of that happening.
After a hard fork, as long as both branches survive, there are twice as many bitcoins around. If you had 100 BTC before the fork, then after the fork you have 100 "Series A" BTC and 100 "Series B" BTC.
As I clearly said every time, whether people bother to mine and use each Series is a political and marketing qestion. There is no technical obstacle to both series of bitcoins surviving and retaining some value (but quite likely their combined total value will be no greater than what the "Series A" were worth before the fork).
At the last hard fork, everyone agreed to abandon the "Series A" bitcoins and use only the "Series B" ones. If we have another hard fork to increase the block size, some people seem to be willing stay on the "Series A" branch. I don't know what will happen, but, agan, it will be decided by political processes, not by technical mechanisms.
Do you really not understand that when you say 'series A bitcoin' and 'series B bitcoin', you are really saying 'bitcoin', and 'some altcoin'?
It's true that you will have a free supply of 100 units of the alt coin, which may or may not retain value over time, depending on whether anyone continues to mine it - but you will still only have 100 bitcoins - whichever branch eventually establishes itself as the 'real' bitcoin.
Why do you bother? I don't know if he can qualify as a tldr-troll or just a stubborn idiot, but he won't budge.
And he sort of shows the limitations of other people I respect on this forum.
He's managed to engage people like oda.krell and others in long winded discussions where he is impervious to reason, but manages to make them believe that they are having a real discussion rather than him using them as his soapbox.
It's no use. Let it be.
I concur. Just leave him. You gave it your best, and everybody (with the possible exception of Jorge himself and the NLC family) agrees with you.
March 18, 2015, 03:01:10 PM
we're doomed
Im just pissed at verto for running off with all the bitcoins I spent on coke for last weekend at Loaded's request.
I feel used.
March 18, 2015, 03:00:37 PM
I hope bulls are stupid enough to buy it up to 280$ again. 275$ would be fine too. Go for it!
Yeah in theory there should be a fairly decent bounce right about now. It might still come, but for now buying is pretty weak. Bulls wasted all their fiat at around $290-$300 buying some of the chinamen megaminers' asks 
If you stare at the bid sum on the various exchanges for long enough you will start to hear crickets sound.
http://coinsight.org/huobi
http://coinsight.org/bitstamp
https://www.youtube.com/watch?v=Yd0fBXwDBmo
March 18, 2015, 02:59:27 PM
we're doomed
At least the longs haven't cashed out yet. Sucks being underwater like that especially at a high %.
March 18, 2015, 02:59:00 PM
March 18, 2015, 02:57:32 PM
As I recall, your original claim was that it would be possible for 'any kid with a laptop' to effectively remove the 21M bitcoin cap. This is NOT an example of that happening.
After a hard fork, as long as both branches survive, there are twice as many bitcoins around. If you had 100 BTC before the fork, then after the fork you have 100 "Series A" BTC and 100 "Series B" BTC.
As I clearly said every time, whether people bother to mine and use each Series is a political and marketing qestion. There is no technical obstacle to both series of bitcoins surviving and retaining some value (but quite likely their combined total value will be no greater than what the "Series A" were worth before the fork).
At the last hard fork, everyone agreed to abandon the "Series A" bitcoins and use only the "Series B" ones. If we have another hard fork to increase the block size, some people seem to be willing stay on the "Series A" branch. I don't know what will happen, but, agan, it will be decided by political processes, not by technical mechanisms.
I am not sure, but i think you do not understand how the bitcoin network works. Every day we have several "hard forks" in the form of orphaned blocks. You simply do not understand the consensus mechanism, if you insist that A and B blockchains can coexists - with the same mining power behind them!- for more than say 2 consecutive blocks (on avg 20 minutes), and that they both individually represents bitcoin as per se. No, they do not.
The whole point of the consensus mechanism is to only and ever follow the longest chain of blocks in the long run, a.k.a. deciding which chain of blocks (A vs B) represents reality, and totally disregard transactions happened in the less long chain of blocks once a the n+1 block found. Hence your theoretical "B" chain would be instantly will be abandoned by the majority of miners (mining is automated by algorithm, not a press a button every ~10 min if you accept or not), resulting in that all the nodes will continue downloading and propagating the longer A chain, essentially destroying the B chain by the time the next block found. That B chain n-1 block became an orphaned block.
Yes, you can mine your own forked "B" copy of the blockchain at your laptop - offline! - until you start synchronise with the network, your B chain gets instantly overwritten by the majority A chain.
Also, your B chain will not ever propagate because: the moment you fork, you also inherit the difficulty of the A chain. That difficulty is so high, that your laptop will practically never finds the next block (which by the way will be without any transactions, since you are offline from the main A chain nodes), and without no new block, your offline node/mining copy will never reach enough blocks (aprx 2600) to reduce difficulty. This means that B chain will be hopelessly shorter than the A chain -> rejected by all miners/nodes on A chain.
TLDR.: Your idea will never work -not even in theory, since you missing the point in the first place- because the whole point of the PoW census is to have only ONE representation of the true about transactions (unspent BTCs sitting on addresses). By the way any full node wallet has the whole copy of the blockchain, every time you go offline more than 1 block, your copy is forked from A chain to B chain (n-1 long blockchain)....
EDIT: if you think that the state of the blockchain is a political decision, you are seriously should STOP posting bullshit here please. You do not understand the very basic idea: consensus through mathematical proof independent of central authority ( which is politics...)
March 18, 2015, 02:56:46 PM
The auction winners, along with the evolution developers, are thanking you stupid bulls for keeping the price stable while they are dumping like lunatics.
March 18, 2015, 02:56:29 PM
March 18, 2015, 02:55:06 PM
we're doomed
March 18, 2015, 02:53:30 PM
The bulls spent all their ammo. GG
March 18, 2015, 02:52:38 PM
I don't think the bottom is quite in yet....It's close, but either way its cheap right now 
I might be oversimplifying here, but the bottom is where people start buying?
I don't see much buying.
When I mean close I mean 254-258
Sorry, I didn't mean to correct you. I just added my thought.
March 18, 2015, 02:50:55 PM
I don't think the bottom is quite in yet....It's close, but either way its cheap right now
I might be oversimplifying here, but the bottom is where people start buying?
I don't see much buying.
When I mean close I mean 254-258
March 18, 2015, 02:50:12 PM
I hope bulls are stupid enough to buy it up to 280$ again. 275$ would be fine too. Go for it!
March 18, 2015, 02:49:39 PM
March 18, 2015, 02:47:24 PM
I don't think the bottom is quite in yet....It's close, but either way its cheap right now
I might be oversimplifying here, but the bottom is where people start buying?
I don't see much buying.
March 18, 2015, 02:46:21 PM
come on bears only 16k coins till two digit prices!
March 18, 2015, 02:45:10 PM
I don't think the bottom is quite in yet....It's close, but either way its cheap right now
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