Gold collapsing. Bitcoin UP.

[albin]

It's comforting to know there's so much more to Elliot Wave than DanV always drawing an arrow down!

 

[lunar]

There is a thread on BCT where BurtW computed the sustainable price relative to mining power required.
He said that a $10,000 price per BTC wasn't sustainable until the 2020 halving.
So maybe a $40,000 price will required to wait the 2024 halving to be sustainable.

I'd like to see the calculation here. Seems to me that mining power adjusts to the value of the network in the time it takes for new farms to come online (months ?) Therefore no matter what the market cap is, there will +/- be sufficient mining to support an overall breakeven.

Also there will probably come a point where some huge organisation, (R3 maybe?) realise that so long as they buy every new coin they can corner the market. There are hundreds of trillions of dollars in assets out there. Imagine you were Deutsche bank, books stacked with junk bonds and worthless derivatives all valued in the rapidly failing petrodollar system. Once somebody big realises the inevitability of what's happening here, buying up the entire market supply and a significant share of the hashrate (as insurance) becomes the most lucrative de risking strategy imaginable.

How much is 10% or 20% of the new global financial system worth anyway?
[doublepost=1461799148][/doublepost]in case you missed it.

 

[Justus Ranvier]

@freetrader @cypherdoc Credit for that announcement more properly belongs to https://twitter.com/SamouraiDev

 

[johnyj]

Now back to 435, seems a large wave to wipe out some margin traders' position

 

[molecular]

@molecular

Was that brief run-up to barely over $500 in Nov possibly the first bubble target that's lower than ATH that he's referring to?

That sounds plausible. I have no idea about elliot wave theory, though.

 

[lunar]

Encouraging update from Slush. After 24 hours, 140 users already voted for Unlimited Mining. Currently running at 235Th. Small chance, but we may even see an unlimited block one day soon?

https://slushpool.com/stats/

edit: back at 105 users now, excitement tempered.

 

[_mr_e]

Seems like a waste... All we're doing is diluting classics ability to activate. We need that to activate first before votes should be casting for all these other proposals.

It's great that slush is doing this though. It's an excellent model, especially once he activates proportional voting. He could attract many miners by doing this and in doing so will force other pools to make similar features to keep their customers. Soon the whole mining industry will have to follow and it will be another win for bitcoins further decentralizing architecture.

 

[freetrader]

BU doesn't dilute Classic's ability to activate AFAIK. I think it also provides BIP109 votes, so it just adds up.

 

[sickpig]

/paging @theZerg

 

[lunar]

Danny Brewster Gives his version of the bitfunder Weex fiasco

http://dannybrewster.com/bitfunder-weexchange/

 

[_mr_e]

BU doesn't dilute Classic's ability to activate AFAIK. I think it also provides BIP109 votes, so it just adds up.

As long as the vote for BU still adds hashpower to mine classic blocks then this is great. But does voting for 8mb blocks do that as well?

 

[freetrader]

@_mr_e : I'm going to go on a limb here by not checking the source code, but my understanding is that BU votes for BIP109 regardless of whether it is configured to "vote" (actually: indicate support for in the sense of #2 below) for 8MB blocks.

There are two kinds of "voting" here:

#1. indicating 2MB block support in mined block version (Classic, BU etc. do this by setting a particular bit to on)

#2. BU nodes indicating their block size parameters in the coinbase (if they mine a block - AFAIK never happened yet) and in their version strings (this is all we've seen up to now).

BU mining nodes would always express BIP109 support because BU is by design compatible with the 2MB limited proposals. I don't think there is a switch to turn off this kind of signaling.

But does voting for 8MB blocks do that as well

It's not clear to me whether you mean voting in the sense of setting BU parameters, or registering a vote on Slush pool.

The 8MB proposal on Slush pool is BIP100, the current status of which I'm not clear about. Some miners/pools clearly still consider it active.

 

[theZerg]

BU votes with classic for 2mb blocks no matter what. Even if your excessive size is set to 5 bytes. Because BU is about choice about letting the market decide. 2mb gives greater choice to participants regardless of your personal preferred setting.

AND it adds addtl info to the coinbase. I've mined a bunch of blocks on testnet to verify this functionality.

 

[cypherdoc]

we're set up to do a "sell in May and go away" scenario for the rest of the year in stocks. i'm hoping it will drag down gold/silver with it. still holding DXD & DZZ. down a bit on DXD and even with DZZ. hodling:

[doublepost=1461855131][/doublepost]what a hilarious story:

This Is The End: Venezuela Runs Out Of Money To Print New Money


http://www.zerohedge.com/news/2016-04-27/end-venezuela-runs-out-money-print-new-money
[doublepost=1461855359,1461854697][/doublepost]highly recommended:

 

[Aquent]

Lol. Best cartoon ever! http://cointelegraph.com/news/cypherpunks-controversial-vision-for-bitcoin-scalability

 

[Richy_T]

Looks ripe for some photoshopping.

 

[lunar]

has to be done. sorry

 

[Norway]

Looks like the system is clogging up again. Daytraders: SHOOOOORT!

 

[Norway]

Imagine you have a bath tub with a semi clogged drain pipe (hair, Blockstream), but no drain plug. You open the tap, and increase the amount of water gradually. Some water will allways be in the bottom of the tub due to friction, but not much.

But at some level of influx water, the tub will start to fill. Very slowly if the influx is a tiny amount more than max outflux. But it will fill. All the way to the rim of the tub.

I think we might crossed the level where influx > max outflux four days ago (look at the graph above). Time will show...

 

[cypherdoc]

look at that bid wall that just popped up (Dow rolling hard):