Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 7710. (Read 26732573 times)

Probably because you are too busy focusing on personalities rather than actual issues and substance, but whatever at least you can admit (somewhat) that you might have been wrong in your prior assessment of impact.

I doubt that there is anyone here who would have imagined that the financial impact of this whole virus situation would have been so great or that there would have been so much chaos in the world in regards to how to deal with it.  The chaos seems far from over, even with the opening up of various places in which the outbreak seems far from under control or even the ongoing lack of information and tests is likely NOT going to end well, but sure, maybe we will get lucky, and the opening up will work out fine..

I am really doubtful, not only that the opening up will not work out well, it will disproportionately impact the poor and disenfranchised, but even rich people are going to get fucked by lacking in their providing of various support systems and focus in the reopening efforts.

Good thing that a lot of us have bitcoin, but we are also going to get fucked from this whole thing because we are going to have so many more limitations to how we can spend our wealth...  in the hookers, lambo and blow territory but also other quality of life considerations in terms of steaks, travel, health and fitness options, social mingling, other supply chain issues and venue options.

So maybe even there was some truth in the proclamations of mindrust when he asserted that he felt better to shave off a lot of his bitcoin options because even being rich is not going to be that great in these kinds of times of fewer options... .... and even though there is some truth in that comment, having bitcoin and richness in those kinds of alternative asset holding ways is likely to provide way more options than either having money in fiat or other potentially depreciating or expensive to maintain ways.

Happens all the time. I do it, people I know do it, Cheapair does it. Last time I bought plane tickets I bought one part of the trip with plastic and another with bitcoin. Bitcoin confirmed faster.

   
source

USD will be worthless soon, brrrrrr brrrrrr  

There's a small wedge forming on the 6h, 4h. If it completes, BTC might go up today.
Don't beat me if i'm wrong, but i still believe in "helpful" traders who react to this in a quite predictable way

EDIT: Just recognized the posting count of my hat-post was 500. Missed the screenshot, meh... 

Yep... let's just say hypothetically any of us is forced to sell.  We might just want to keep some token amount in bitcoin, whether $50 or some other amount in order that we attempt to continue with the proper mindset and practice towards continuing to have some kind of investment.

Of course, none of us knows the circumstances of another member who might not even share such details, and there could be circumstances in which it is not even possible to retain a token amount of BTC... which would likely be extreme circumstances.

So you are basically saying accepting payments once they are in the mempool is fine, waiting for confirmations is for sissys?

Good luck then with your funds.

What is the question? The transfer happens immediately. The processing before it can be sent somewhere else takes a little while. Payment does not need processing for the payment to happen.

Sure.  How you going to stop that?  We can bash on the shitcoin projects.  We can choose not to participate in them.  We can discourage others from involving themselves in the other shitcoin projects.  In the end, seems that it is just going to take time to iron out.  Difficult to rush such a process, and there are billions of people out there who have not invested in bitcoin or shitcoins or anything who are likely to be just as willing to invest into shitcoins as they are into bitcoin.  Shitcoins specialize into marketing to these people by asserting that they missed the bitcoin train, and their shitcoin has more potential than bitcoin because their shitcoin only costs $38.73 while bitcoin costs $9,776.78.  People eat up such deceptive bullshit.  Even smart people.


Again another thing that seems to be outside of your control, and regarding experimentation with shitcoins, seems to me that they are likely to be more successful to 1) gain in value, 2) play off of the network effects of king daddy, 3) attract people into them 4) etc during these earlier unsettled times..  Once it becomes more clear that bitcoin is the clear winner (which some of us have already recognized) then it might become more difficult to either attract people/investors into shitcoins or to create narratives that really cause people/investors to genuinely believe that they have chances to beat out bitcoin and become bitcoin 2.0.


If you build a better mouse trap, people will come.  Might just take 20 to 50 years.... and bitcoin is much more difficult than a mouse trap to actually assess and conclude that it is the "better" one.


Can't really stop individual or entities from wanting to make money.. and if there is money there, then why wouldn't they do it? 

Surely there are some individuals and entities that are bitcoin focused, too.


Why so impatient, Biodom?

Seems that you believe that bitcoin's adoption is NOT going quickly enough?

Personally, I am NOT sure how to imagine much more bullish growth without things getting too screwed up, because there is already a lot of chaos in the space, and sure there might be some areas in which there appears to be growth and then there are set backs.. but seems to take a while to get a lot of infrastructure matters into place in order to really facilitate hockey stick growth in adoption...

By the way, I have believed that hash power and mining power in bitcoin has continued to grow astronomically and even in ways that hash power could support 100x increase in the BTC price without any major issues, but even with that, we sometimes will recognize various kinds of vulnerabilities, and maybe it is better to make sure that some of the vulnerabilities are recognized and even worked up prior to the next 100x in BTC price.. we had 100x increase in price in 2013.. then some time to recover from that and then another 78x increase in price in 2017.. and then time to recover from that .. and adoption does require places for the people to store their coins and places for them to expand into, which seems to nearly naturally cause the BTC price to increase with fairly small increases in adoption causing large increases in BTC price.  So to me, it seems that bitcoin could tolerate another 100x in price, but there also need to be infrastructure in place to deal with it, too... and yeah maybe we cannot get 100x sustainable, but maybe we would end up gravitating back into the 4x to 5x area.. from where we are at because growth can only happen so quickly in order for various other aspects of the ecosystems to catch up.

Sure it is good to assess the facts, and maybe suggest that there might be various shit projects that distract people from adopting bitcoin, and they end up getting distracted into shitcoins, but why should we get upset about such distractions into shitcoins?  It is what it is, no?  Is there some way that there should be better marketing in bitcoin to keep some of the people from gravitating into shitcoins?  Shitcoins do provide a place for some people to go while the bitcoin infrastructure continues to be developed and allow a place for them to fit into.  Is there something that bitcoin is doing wrong?  Is there some niche that needs to be fulfilled in bitcoin?  Aren't there various entrepreneurs who would spot any niche if they believe that it needs to be filled or that it might be profitable?  I would agree that with open source, there will be some tragedy of the commons, too, in that sometimes there might not be motivations to build in certain ways that might be needed because no one believes that they can make money in that direction, even if such direction would be good for the bitcoin ecosystem to have support in a direction that is not really easy to monetize.

I think that one of the problems with any open source project is that it going to be inefficient in a variety of ways and there are going to be folks and other projects that try to steal from it and then imitate it and then try to gain its network effects.

In the longer run, value still remains quite likely to continue to gravitate into bitcoin because bitcoin continues to be the soundest of money and there continues to be no other project that even comes close to bitcoin's sound money aspect even though some of them will spout out such sound money claims, but their claims are not really backed by facts regarding how those other projects operate, and it just seems that the stealing from bitcoin and the delays in growth (total adoption) are just part of the open source territory and one of the costs of doing business under such openness... so in the longer run we might all be dead.. but still in the shorter run, bitcoin still seems to be a good investment choice when compared to other projects..

Yeah, any of us could get distracted into some sham imitation project, and we might even make more money by short term getting involved in such scam project... so the choice remains with each of us, whether to stay involved in bitcoin or to diversify into various shit projects because we believe that we might gain more profit that way and we are too impatient to either develop on bitcoin, keep our value in bitcoin or to wait for the slow open source project of kingdaddy to play itself out for the next 20, 50 or 100 years.

Care to elaborate? Or are you just trying to grind lightfoots gears?

Bitcoin transfers are instant.

Yeah.  People do not understand that the innovation in MimbleWimble is not the "privacy", but the potential for scaling with a lightweight blockchain.  I think that is why so many bitcoin talk OGs were interested.

But it is unproven tech, and  Grin is the proving ground for better or worse.

It's economics are also interesting.  And in some ways obviously not designed for competition with BTC.  I have never mined, nor bought a single pip of Grin, myself.

I find people's obsession with alts failing to be a telling thing about someone's security when it comes to Bitcoin's place as the lindy project with network effect.

In the end we HAVE to do the experiments.

Some coin HAS to try to be a world computer and do all calc on chain. (ETH)
Some coin HAS to have no blocksize limit and store all kinds of data on chain and centralize. (BSV)
Some coin has to have inflationary monetary policy. (Doge?)
Some project has to have an opaque base layer, and be capable of truly private use. (Monero?)
ETC ETC ETC
Grin gets to try to prove out mimblewimble.

And then there are all the projects that have no purpose because they try to compromise on one or more of those aspects in the name of "moderation" (BCH?).  

We simply cannot live in a world where BITCOIN exists as an open source distributed ledger tech attempting to become money where competing forks and copycat software does not exist.  Can't have both of those things.

It sucks for those of us old enough to have less life left to live as this stuff works itself out... but it has to work itself out.

My bet is on Bitcoin.  (Well, and I do keep a Monero side bet so to speak...  I just list that here to make JJG froth)

Honestly, if you need transactions to clear really quickly I'd suggest using litecoin at this point.

Yes, it's a shitcoin, but if you've got a hooker in your room, she's done her job, and you want her gone (that's why you pay hookers: To leave) a 2.5 minute confirmation time is of high value. Right now standing around for 30 minutes doing idle chitshat is not worth any amount in fees :-)

When did I ever say anything of the sort?

Right. Also the more miners, the greater the difficulty and the less profit per miner anyway. It's a pure queen's race and the perfect example of a perfect marketplace. Has no bearing on fees beyond a 2 week difficulty adjustment period.

Ibian does not seem to "get it". There is no magic wand to wave over bitcoin to get what you want or "deserve". That's part of the reason why I like it: The rules are pretty solid.

Someone explained how mining empty blocks work recently. I don't know much about all the little tricks they can use, but basically it's a gamble. It doesn't always work and when it doesn't that's mining power out the window.

In my view, price is creeping up again, ready to blow higher with leaps.

The current stability is good. Feeds the rocket.

My mind is telling me not to expect much of the price in the coming days, but I have a gut feeling that there's something brewing. A calm before the storm? The price is stabilizing around $9700 refusing to go up or down. May be this is a sign that the bulls are preparing to charge the $10K resistance like a red flag and level up 1K and more?



And I wonder what the $4.5 billion tethers printed since March 30th and May 14th are waiting for? If only 1/3 of this amount is used for bitcoins, a price above $14K is definitely possible this year.

Welcome back Max Headroom

 

You mean by mining empty blocks to artificially increase demand for block space? Admittedly I have not looked for a while, but does that still happen? The only time when the mempool is full that I see empty blocks is if one is mined immediately after another one.

And technically it's still 1MB in the code, we just don't have to include all of the transaction data we used to, so we can squish more in.