Gold collapsing. Bitcoin UP.

[Zangelbert Bingledack]

Unfortunately for many good people in this space, they will be weeded out of the winners' circle as the bar for understanding is moved higher and higher. Mike had a few pieces missing from his big-picture understanding, I think, and will lose out on investment gains because of it.

Bitcoin is a haunted house. Don't get spooked!

 

[Zarathustra]

Mike's capitulation will be the decisive wake up call that the community needed to save the Bitcoin project.

https://www.reddit.com/r/btc/comments/412kvo/mikes_capitulation_will_be_the_decisive_wake_up/

 

[bluemoon]

Hi guys, despite being more a lurker, the time's come to dip my toe in the water here. Thanks @Bloomie for a such great forum!

Well, it looks like there's now a real prospect of Core being forked away, which is getting my hopes up, but I do wonder what the prospects are of facing down a DDoS attack such as that which scuppered XT?

 

[YarkoL]

the refusal to relay is what i'm talking about. the self selected limit won't relay valid blocks exceeding it. that, by itself, is a threat to miner adoption since the network wide true limit is unknown and is back to a form of consensus layer decision making b/c it's possible not to relay valid blocks.

You have a point here.
I see the refusal to relay as a way to influence miners choice of block size. But non-miners aren't really in position to threaten miners with refusal. Miners could easily simply cut off non-mining nodes from communication. In the extreme case, this could lead to non-miner nodes becoming irrelevant, with users sending their transactions directly to mining nodes for verification and block inclusion.

The refusal to relay could be more effective if miners had a strong incentive to depend on non-miners for relaying and validating transactions. Although I haven't had time to look into it yet, thin blocks might offer an alternative to Corallo's relay network in the form of decentralized relay network consisting of full nodes.

Because of this I suggest making the relay of excessive blocks an optional, GUI-configurable feature.
edit: Or perhaps yet another user setting, "excessive relay" that controls the max size of blocks I'm willing to forward.

 

[Aquent]

The drums fell silent on the glorious night, but they now beat louder than they ever have. We are on a collision course for late Feb, early March when most likely hardforked 2mb is offered on one hand (perhaps with softforked SW - though with a hardforked SW would be awsome (maybe even checkmate awsome)) and softforked SW on the other. For now, we brace ourself for their pushback which like clockwork always follows any perceived "advance".

I don't like any of this though. Whoever wins, the victory would be very bruising, maybe even Phyricc. There are good men on the other side who have been deceived by some misguided theology developed in 2013. If we are to win, we have to engage in the battle of ideas and try to persuade the bystanders and the more reasonable by addressing their theology and by presenting our maths/facts/logics etc. As with everything, ideas and ideas alone rule. We need a checkmate or we risk a forever stalemate.

 

[JVWVU]

Bitcoin down, GOLD UP

 

[cypherdoc]

And I didn't even have to read the report;

US Consumers Tap Out: Retail Sales End Weakest Year Since 2009 As Control Group Tumbles

http://www.zerohedge.com/news/2016-01-15/us-consumer-officially-hibernation-retail-sales-end-weakest-year-2009-control-group-

 

[theZerg]

Bitcoin Unlimited officer voting is OPEN... I will vote at the end because I do not want to influence anyone's decision. Please spend time on this. It is important!!!

I know that Bitcoin Classic has gotten a lot of excitement in the last week since seems more possible that miners will move to it, but I believe that Bitcoin Unlimited will have longevity based on its strong organizational and philosophical grounding. I hope that we can work with Bitcoin Classic to present an overwhelming case for larger blocks.

But we need you to make that happen by caring enough to deeply consider your votes!

Thanks,
Andrew

 

[cypherdoc]

I've been chronicling in depth the agonizing decline in BHP for over a year now. Now we finally find out why:

World's Largest Miner Books Massive $7.2 Billion Writedown On US Shale "Assets"

http://www.zerohedge.com/news/2016-01-15/worlds-largest-miner-books-massive-72-billion-writedown-us-shale-assets
[doublepost=1452870340][/doublepost]Here's the other real world miner I've been picking on. One might be tempted to blame the stocks decline solely on the departure of the former CEO. no, when I correlated the decline of FCX infra-industry to that of inter-industry, FCX was providing valuable information about the upcoming decline in the world wide economy:

With Stock At 15-Year Low, Freeport Co-Founder Walks Away With $80 Million Golden Parachute

http://www.zerohedge.com/news/2015-12-29/stock-15-year-low-freeport-co-founder-walks-away-80-million-golden-parachute

 

[cypherdoc]

$DXY slow roll:

UST's doing a JGB:

[doublepost=1452871277][/doublepost]holding on to massive gains for dear life:

 

[awemany]

In case someone wants to set some things straight for the umpteen's time here you go:

https://news.ycombinator.com/item?id=10905118

Lots of uninformed smallblockism. From the so-called tech elite. Kind of sad.

 

[cypherdoc]

after yesterday's +410 plus point ramp from the early morning bottom to end of day high, they gap you down over -420 points this morning at the open. you didn't have a chance:

 

[albin]

@awemany

That link feels like stepping into a time machine and finding yourself in like 2012 or 13.

 

[Zangelbert Bingledack]

Hacker News is increasingly out of touch. Mostly a bunch of socialists anyway, so I wouldn't expect much Bitcoin understanding, but it's worth setting them straight as they have a lot of readers who are influencers.

Here's my reading of the market/Mike situation:

https://www.reddit.com/r/btc/comments/413ph6/time_to_back_up_the_truck/

 

[AdrianX]

Mike's capitulation will be the decisive wake up call that the community needed to save the Bitcoin project.

https://www.reddit.com/r/btc/comments/412kvo/mikes_capitulation_will_be_the_decisive_wake_up/

Those small block heads and their market cap value should be celebrating. They've succeeded in pushing one previous bitcoin advocate out of the sphere of influence. And removed $800,000,000 of value off the blockchain.

 

[cypherdoc]

In case someone wants to set some things straight for the umpteen's time here you go:

https://news.ycombinator.com/item?id=10905118

Lots of uninformed smallblockism. From the so-called tech elite. Kind of sad.

that first post betrays how most ppl feel towards Bitcoin. his first reason is simply pure envy. his second reason is a misunderstanding (perhaps intentional) about the trade offs btwn electricity use and the existing costs of fiat financial infrastructure and fraud. finally, you can see he watched the entire growth and price ramp of Bitcoin in pure astonishment and perplexity reflecting a deep misunderstanding (probably listening to Maxwell):

"I've enjoyed watching the Bitcoin experiment. It's been enlightening in a variety of ways, from technically to socially.

I've been fascinated and appalled in equal measure at the fanboy community, at the intolerance of criticism that sprang up very quickly, and how strong feelings ran (likely because of financial investment in the tech).

It's also been interesting watching it go from simple CPU mining, to multiple GPU rigs in dorm rooms, all the way through FPGA and then to massive installations of custom ASIC miners.

But I've always hoped it wouldn't go mainstream for two reasons - limited supply with weighting in favour of early adopters, and the massive electricity costs of the 'mining' and transaction validation process. Scalable, competitive proof of work systems for a widespread currency are an ecological disaster in the making, and deflationary currency with a handful of early users controlling a huge proportion of the total currency supply... these aren't "features".

I'll be very interested in what happens next, and for the reasons given I hope it's not just a BTC clone with better governance."

 

[sickpig]

@everyone: We now have over 50% miner votes. Bitfury and KNC just accepted BitcoinClassic.

edit:

More coming soon

 

[cypherdoc]

woot!:

"We now have over 50% miner votes. Bitfury and KNC just accepted BitcoinClassic."

edit: @sickpig beats me to it!
[doublepost=1452877061,1452876261][/doublepost]

[doublepost=1452877360][/doublepost]"We now have over 50% miner votes. Bitfury and KNC just accepted BitcoinClassic."

now would be the time for an exchange to offer trading of futures contracts on BTCCore coin vs BTCClassic coin to blow the doors off core dev once and for all.

 

[sickpig]

@cypherdoc

LOL

you know what? I was uploading the same image as you just did before realizing I was running out of time and risking to miss my train...

 

[cypherdoc]

@sickpig

we are one

now if i could only mind-meld some of your math skills...