Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 23565.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: Tony Abbot on January 13, 2015, 09:28:29 PM

What are [the "trolls"] gonna do with their lives if Bitcoin really does die?...

I don't think that bitcoin will die so soon. Bitcoin does not need to be worth more than 0.10$ to fullfill its purpose of a proof of concept, and will find plenty of volunteers to keep it running, even at that price.

What may die is the economy that was built on top of it, that assumed it would ~~replace national currencies~~ ~~replace paypal~~ ~~replace Western Union~~ become the 'gold backing' for a multitude of better altcoins.

abercrombie

legendary

Activity: 1159

Merit: 1001

is crypto done?? Huh

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: JorgeStolfi on January 13, 2015, 09:26:55 PM

Quote from: Sitarow on January 13, 2015, 08:57:42 PM

Quote from: JorgeStolfi on January 13, 2015, 08:53:34 PM

Quote from: Sitarow on January 13, 2015, 07:48:20 PM

The good news is that the network distribution is well balanced.

Weeeelll, yes, all the top 4 companies would have to collude in order to launch a 51% attack (e.g. to take 100% of the rewards, by ignoring blocks mined by other miners and thus orphaning them).

indeed and then loose the faith of the community and go bankrupt for what?

People that adopt BTC as a trading platform should understand that many Bitcoin participants from all over the world with great minds are working on the tech satisfy ego, rather then the speculative opportunities.

Can you quantify that 'faith of the community' in dollars? Starting from: what percentage of the bitcoin holders and traders would understand what that piechart means, or care about it?

AFAIK, the only way to tell whether a 'starving attack' is going on would be this chart
https://blockchain.info/charts/n-orphaned-blocks?showDataPoints=false×pan=&show_header=true&daysAverageString=56&scale=0
(Note that it is smoothed by 56-day running averaging, check the URL). It shows that one found block gets discarded every 16 hours or so (because the next block found does not use it as parent). Note the chart is zero before Mar/2014; I don't know whether the count was really zero, or just there is no data for that period.

Anywy, these orphan blocks may be just accidents, or maybe some miner is doing something like Sirer's selfish mining attack.

If a coalition with 60% of the hashpower were really trying to steal an unfair share of the rewards, we probably would see many more orphan blocks. Or maybe not, I don't know. Perhaps the coalition (that could deploy thousands of relay nodes of their own) would find a way to cloak the attack and/or hide the identity of the attackers.

"what percentage of the bitcoin holders and traders would understand what that piechart means, or care about it?"

From what it I have read you may be mistaken about what I find valuable in this technology and the network.

To me the value is what you send and what the other party receives is 100% verified by 3rd party participants and I can't not say the same for ripple as it is centralized in its inception.

Sure I am for profit yet it is not my primary motivation.

However as far as the bitcoin protocol, the block chain, and the network strength is the only other factor that is vital for the operation of the bitcoin crypto and to use it how you feel. As far as a means of currency when used to purchase rather then "HOLD" USD EURO CAD and BTC the "Value" is not a factor unless you are a miner motivation by profit.

Many bitcoin miners myself included have donated our cpu/gpu and fpga cycles to distributed computing with little reward.

That truth is something many speculators here fail to grasp.

THE technology is.

IT has been proven that the simplest way to "CHEAT" anyone using any currency including bitcoin is by use of social engineering partnered with cleverly crafted scams so as to profit from others lapse in judgment.

derpinheimer

legendary

Activity: 896

Merit: 1000

lol taht green dildo on bitstamp all from a 300btc buy

Tony Abbot

member

Activity: 87

Merit: 10

Quote from: Stevenirving on January 13, 2015, 06:47:07 AM

Please friends.
Just hit ignore on the trolls.
Do not quote them at the least. I don't want to even know they exist.
I know I am not alone

Now that's worth quoting. Thank you for being voice of much reason in this sea of trolls.

What are they gonna do with their lives if Bitcoin really does die?... Oh yeah, it can't. It's too late and it's ALWAYS gonna be worth SOMETHING.
They know it, we know it.
WE have an ignore button which when pressed, makes out time here more bearable.
THEY have an ignore button that will never press. They can't. They need their audience in order to exist at all.

So look at it like this, we have a button and they don't.... and I pity dem fools.

I'm Hodling 40 BTC and have cash on the exchange for more. My lack of liquidity in the early days meant I couldn't get in until $400. It's a lot of money for me.
So I am DOWN...... those of you who have managed to dodge my ignore button, troll away, and revel in the sensation you feel as you rub my honest face in my losses.
I'm happy I'm not on of you. The trolls that is,, even though the simple joy it brings you all must be satisfying, I cannot be that simple. It's both a blessing and a curse. Part of me does wish I could feel satisfied with such easy and cheap thrills but I can never go there.

Bitcoin isn't going anywhere. Thats the truth.

DaRude

legendary

Activity: 2833

Merit: 1851

In order to dump coins one must have coins

Quote from: BlindMayorBitcorn on January 13, 2015, 09:24:35 PM

Quote from: DaRude on January 13, 2015, 09:16:20 PM

Any prevailing theories for this dump? Can't keep up with all the posts. I'm guessing the terrorism and the proposed crack down on cryptography in UK/EU served as a catalyst?

I think Russia super banned Bitcoin

Except for Btc-e, most Bitcoin related sites are now blocked

Meh been in the works forever plus it wasn't that big of a market to start with. HA they blocked informative websites but not the Russian exchange, politics at its best

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: Sitarow on January 13, 2015, 08:57:42 PM

Quote from: JorgeStolfi on January 13, 2015, 08:53:34 PM

Quote from: Sitarow on January 13, 2015, 07:48:20 PM

The good news is that the network distribution is well balanced.

Weeeelll, yes, all the top 4 companies would have to collude in order to launch a 51% attack (e.g. to take 100% of the rewards, by ignoring blocks mined by other miners and thus orphaning them).

indeed and then loose the faith of the community and go bankrupt for what?

People that adopt BTC as a trading platform should understand that many Bitcoin participants from all over the world with great minds are working on the tech satisfy ego, rather then the speculative opportunities.

Can you quantify that 'faith of the community' in dollars? Starting from: what percentage of the bitcoin holders and traders would understand what that piechart means, or care about it?

AFAIK, the only way to tell whether a 'starving attack' is going on would be this chart
https://blockchain.info/charts/n-orphaned-blocks?showDataPoints=false×pan=&show_header=true&daysAverageString=56&scale=0
(Note that it is smoothed by 56-day running averaging, check the URL). It shows that one found block gets discarded every 16 hours or so (because the next block found does not use it as parent). Note the chart is zero before Mar/2014; I don't know whether the count was really zero, or just there is no data for that period.

Anywy, these orphan blocks may be just accidents, or maybe some miner is doing something like Sirer's selfish mining attack.

If a coalition with 60% of the hashpower were really trying to steal an unfair share of the rewards, we probably would see many more orphan blocks. Or maybe not, I don't know. Perhaps the coalition (that could deploy thousands of relay nodes of their own) would find a way to cloak the attack and/or hide the identity of the attackers.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

Quote from: DaRude on January 13, 2015, 09:16:20 PM

Any prevailing theories for this dump? Can't keep up with all the posts. I'm guessing the terrorism and the proposed crack down on cryptography in UK/EU served as a catalyst?

I think Russia super banned Bitcoin

Except for Btc-e, most Bitcoin related sites are now blocked

luckygenough56

legendary

Activity: 1526

Merit: 1012

Quote from: thefunkybits on January 13, 2015, 09:20:21 PM

Buy Dogecoin or no??
1D crossover looks imminent and support is holding nicely at 60 for a few months now...

didn't follow doge news ? Why would it go up ? halving ? switching to pos ? Nascar 2.0 ?

keewee

legendary

Activity: 1025

Merit: 1000

Quote from: DaRude on January 13, 2015, 09:16:20 PM

Any prevailing theories for this dump? Can't keep up with all the posts. I'm guessing the terrorism and the proposed crack down on cryptography in UK/EU served as a catalyst?

That's not a bad guess. They could extend this to cryptocurrencies if they figure "extremists" are being financed that way

luckygenough56

legendary

Activity: 1526

Merit: 1012

nah it's just trolls pushing the price down, such leading figures

thefunkybits

legendary

Activity: 1218

Merit: 1000

Buy Dogecoin or no??

1D crossover looks imminent and support is holding nicely at 60 for a few months now...

DaRude

legendary

Activity: 2833

Merit: 1851

In order to dump coins one must have coins

Any prevailing theories for this dump? Can't keep up with all the posts. I'm guessing the terrorism and the proposed crack down on cryptography in UK/EU served as a catalyst?

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: BlindMayorBitcorn on January 13, 2015, 09:02:36 PM

Quote from: Sitarow on January 13, 2015, 08:59:58 PM

Quote from: BlindMayorBitcorn on January 13, 2015, 08:58:11 PM

Quote from: Sitarow on January 13, 2015, 08:51:47 PM

Quote from: BlindMayorBitcorn on January 13, 2015, 08:49:17 PM

Quote from: Sitarow on January 13, 2015, 08:36:06 PM

Quote from: mrkavasaki on January 13, 2015, 08:32:45 PM

how high do you guess are the chance to go sub $200?

If I would speculate on some facts I would look at perhaps a new mining option offered by https://megabigpower.com/ running new Bitfury hardware.

The key is that when it becomes profitable to buy BTC vs hardware, business opportunities do present themselves.

As far as the bear market shorting works even for newbies on a downtrend. How many will be able to cope with a reversal?

What's a 'reversal' Huh

http://www.investopedia.com/articles/technical/04/031004.asp
Market Reversals And How To Spot Them
By Matt Blackman

It was complicated. Reads like a bull trap

It is an important tool used by many bears.

A ten-day pattern followed by a bull trap?

Key point to note from Matt Blackman's hand book.

"Timing trades to enter at market bottoms and exit at tops will always involve risk, no matter which way you slice it. But techniques like the sushi roll, outside reversal week and rolling inside/outside reversal, when used in conjunction with a confirmation indicator, can be very useful trading strategies to help the trader maximize and protect his or her hard-won earnings."

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: Wandererfromthenorth on January 13, 2015, 09:02:10 PM

Quote from: Sitarow on January 13, 2015, 08:57:42 PM

Quote from: JorgeStolfi on January 13, 2015, 08:53:34 PM

Quote from: Sitarow on January 13, 2015, 07:48:20 PM

The good news is that the network distribution is well balanced.

Weeeelll, yes, all the top 4 companies would have to collude in order to launch a 51% attack (e.g. to take 100% of the rewards, by ignoring blocks mined by other miners and thus orphaning them).

indeed and then loose the faith of the community and go bankrupt for what?

People that adopt BTC as a trading platform should understand that many Bitcoin participants from all over the world with great minds are working on the tech satisfy ego, rather then the speculative opportunities.

What if a bad actor paid them to attack the network?

It's a big flaw of bitcoin's design.

It doesn't matter if "there is no incentive" (although I have doubts about that), you cannot allow something like this to theoretically happen IMHO.
Mining centralisation is just another big problem with bitcoin and his POW, by design.

Listen hardware costs operating costs and, network difficulty and how it finds its balance on the network has not changed in 5 years.

CPU / GPU / FPGA / ASIC..

What makes this network the bitcoin network rule over all the other crypto networks is the network participants.

Even if the "BAD" actor gains traction. It will be short lived.

InvestorPerson

sr. member

Activity: 316

Merit: 250

a little tiny shakeout and you go nuts Grin

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

Quote from: Sitarow on January 13, 2015, 08:59:58 PM

Quote from: BlindMayorBitcorn on January 13, 2015, 08:58:11 PM

Quote from: Sitarow on January 13, 2015, 08:51:47 PM

Quote from: BlindMayorBitcorn on January 13, 2015, 08:49:17 PM

Quote from: Sitarow on January 13, 2015, 08:36:06 PM

Quote from: mrkavasaki on January 13, 2015, 08:32:45 PM

how high do you guess are the chance to go sub $200?

If I would speculate on some facts I would look at perhaps a new mining option offered by https://megabigpower.com/ running new Bitfury hardware.

The key is that when it becomes profitable to buy BTC vs hardware, business opportunities do present themselves.

As far as the bear market shorting works even for newbies on a downtrend. How many will be able to cope with a reversal?

What's a 'reversal' Huh

http://www.investopedia.com/articles/technical/04/031004.asp
Market Reversals And How To Spot Them
By Matt Blackman

It was complicated. Reads like a bull trap

It is an important tool used by many bears.

A ten-day pattern followed by a bull trap?

Wandererfromthenorth

hero member

Activity: 742

Merit: 500

Quote from: Sitarow on January 13, 2015, 08:57:42 PM

Quote from: JorgeStolfi on January 13, 2015, 08:53:34 PM

Quote from: Sitarow on January 13, 2015, 07:48:20 PM

The good news is that the network distribution is well balanced.

Weeeelll, yes, all the top 4 companies would have to collude in order to launch a 51% attack (e.g. to take 100% of the rewards, by ignoring blocks mined by other miners and thus orphaning them).

indeed and then loose the faith of the community and go bankrupt for what?

People that adopt BTC as a trading platform should understand that many Bitcoin participants from all over the world with great minds are working on the tech satisfy ego, rather then the speculative opportunities.

What if a bad actor paid them to attack the network?

It's a big flaw of bitcoin's design.

It doesn't matter if "there is no incentive" (although I have doubts about that), you cannot allow something like this to theoretically happen IMHO.
Mining centralisation is just another big problem with bitcoin and his POW, by design.

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Quote from: JorgeStolfi on January 13, 2015, 08:53:34 PM

Quote from: Sitarow on January 13, 2015, 07:48:20 PM

The good news is that the network distribution is well balanced.

Weeeelll, yes, all the top 4 companies would have to collude in order to launch a 51% attack (e.g. to take 100% of the rewards, by ignoring blocks mined by other miners and thus orphaning them).

Which is very overt and public. They don't do that because it would only cause a temporary disruption and would end their businesses and all future profitability.

ChartBuddy

legendary

Activity: 2380

Merit: 1823

1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

Bitfinex

Bitstamp

Explanation

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