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

[HairyMaclairy]

I bet if you added up the order books of all the crypto exchanges, you would get more than 21 million bitcoins.

Edit:   BFX USD/BTC pair has 10,350 BTC in order book.   Which is a single pair on a single exchange (although it is probably aggregating with Bitstamp through their arbitrage bot). 

[jojo69]

...
 The only difference is that BFX has a US$10,000 minimum to keep out the noobs.

I would really like to know how many new funded accounts they got after last week's opening. that could give some clues

I really wish BFX/Tether would give us a clue on how the accounting works at all. Is there any useful information anywhere? It all looks like magical monopoly money. It appears that someone can just create Tethers without proof of anything, except having the right Omni private key?

The opacity with regards to an audit is the most troubling thing about the whole tether phenomenon.  I got into cripto to get away from this fedlike bullshit.

[HairyMaclairy]

An audit would be extremely easy and take about 10 minutes.  

So two possibilities:  

1.  A proper audit would attract the attention of the US authorities again and cause problems so they can’t do it.

2.  It’s a fractional reserve.

I think 2 is more likely.

They was supposed to be an audit this month. Has anyone seen it?  

Edit:  I have reread the September audit report here:  https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf

Based on a quick skim, it looks legit to me.  Which suggests that Tether is real and is USD backed.  So maybe we should all relax.

[babanana]

I have also moved sizable amount tether from POLO to Bittrex and to other exchanges. I see no problem there.

[HairyMaclairy]

Hmmm

Just found something that says they are going to put Tether on lighting.

A US dollar denominated crypto on Lightning.   That’s extremely powerful.  Arguably that destroys Ripple and Litecoin.

[thrax]

Hmmm

Just found something that says they are going to put Tether on lighting.

A US dollar denominated crypto on Lightning.   That’s extremely powerful.  Arguably that destroys Ripple and Litecoin.

Is lighting instant, or does it require confirmations?

[HairyMaclairy]

It takes 1 - 2 seconds and it is irrevocable. 

So no waiting for blocks and as good as instant.

[bones261]

Hmmm

Just found something that says they are going to put Tether on lighting.

A US dollar denominated crypto on Lightning.   That’s extremely powerful.  Arguably that destroys Ripple and Litecoin.

I still trust Litecoin more. At least it's coin creation is based on proof of work and not blind trust like Ripple and Tether. Plus, Litecoin definitely will be implementing lightning and be engaging in atomic swaps. I enjoy the concept of atomic swaps because you can trade coins P2P without relying on a middleman exchange.

[HairyMaclairy]

Hmmm

Just found something that says they are going to put Tether on lighting.

A US dollar denominated crypto on Lightning.   That’s extremely powerful.  Arguably that destroys Ripple and Litecoin.

I still trust Litecoin more. At least it's coin creation is based on proof of work and not blind trust like Ripple and Tether. Plus, Litecoin definitely will be implementing lightning and be engaging in atomic swaps. I enjoy the concept of atomic swaps because you can trade coins P2P without relying on a middleman exchange.

You could use Tether as a pricing mechanism and still pay / receive payment in litecoin.  Which does away with the volatility problem.

[thrax]

Hmmm

Just found something that says they are going to put Tether on lighting.

A US dollar denominated crypto on Lightning.   That’s extremely powerful.  Arguably that destroys Ripple and Litecoin.

I still trust Litecoin more. At least it's coin creation is based on proof of work and not blind trust like Ripple and Tether. Plus, Litecoin definitely will be implementing lightning and be engaging in atomic swaps. I enjoy the concept of atomic swaps because you can trade coins P2P without relying on a middleman exchange.

Ripple sometimes starts malfunctioning under stress. I remember complaints that a node went offline and the transactions it was processing were frozen until it went back online.

Bitcoin and litecoin don't suffer from that centralised weakness.

[yefi]

I bet if you added up the order books of all the crypto exchanges, you would get more than 21 million bitcoins.

Edit:   BFX USD/BTC pair has 10,350 BTC in order book.   Which is a single pair on a single exchange (although it is probably aggregating with Bitstamp through their arbitrage bot). 

That's the largest BTC market and it's only one in 1,624 of current supply. How many exchanges do you think there are exactly?

[sirazimuth]

All I'm saying is there are single points of failure and it is much easier for Tether to become worthless than it is for bitcoin which is backed by a global economy and the laws of thermodynamics or whatever.

I agree with this.  But I don’t see the catalyst for Tether failure.  Saying it is a fractional reserve currency isn’t enough to bring it down without some loss of confidence in its ability to act as a reserve currency imho.  

I think we should ask roach, he is an expert in these matters...and he knows  things about silver and gold and such, and added bonus he can school us on
the  jews and cucks, so theres that ...

[d_eddie]

Feeble weekend half pump starting?

[HairyMaclairy]

I bet if you added up the order books of all the crypto exchanges, you would get more than 21 million bitcoins.

Edit:   BFX USD/BTC pair has 10,350 BTC in order book.   Which is a single pair on a single exchange (although it is probably aggregating with Bitstamp through their arbitrage bot). 

That's the largest BTC market and it's only one in 1,624 of current supply. How many exchanges do you think there are exactly?

That’s one pair on BFX.  BFX has 30 BTC pairs.  I can’t be bothered looking at all the order books so let’s assume the total BTC on order books is 3x the USD pair.

So 30,000 BTC on the books, or one in 541.  Except it’s one in 400 due to lost coins.  Hard to tell.  Maybe that is reasonable.

[JayJuanGee]

So what?

You are coming off with some BIG blocker talking points and trying to suggest that bitcoin has value only if it can be used for retail right now?

I said nothing of the sort

You said that bitcoin is not a good fit for retail at this time, and you suggested that there is some kind of urgency to fix bitcoin or to lose and opportunity and bitcoin was NOT doing what it should be doing...blah blah blah..

In other words... good enough for me to conclude that either you have been BIG BLOCKER brainwashed or you are one of those nutjobs... 

OK Cathy Newman...whatever you say

The significance of Cathy Newman is?  journalism?

[bones261]

Feeble weekend half pump starting?

Whatever it takes to get out of the 11k range for me. The buy orders that I have are all placed in the 10K range and it doesn't make sense for me to sell until 12000. My ping pong action hasn't been working too well the past couple of days.

[thrax]

Feeble weekend half pump starting?

I wouldn't call $700 upwards feeble, it's a small pump.

[explorer]

https://www.livecoinwatch.com/

This is a pretty cool site. Real-time version of cmc.

with a dark theme and korea-nix option.

[JayJuanGee]

Even if Bitcoin never managed to become an efficient tool for remittance and retail

It already is efficient and successful as a remittance tool.

it will still remain valuable and keep growing for at least as long as no other crypto replaces it as the default base pair in trading alts.

That is a pretty pathetic description of "a significant" bitcoin use case.

This also means that it'll grow at least proportionally to the overall crypto market for the time being.

You seem to be lacking in imagination... no?    

Also, the window of opportunity that jojo noted is a very real threat to Bitcoin's position at the very top. Competition is fierce and the market moves fast. All it takes is a superior coin and the right marketing/hype. Granted that's very difficult to pull off (as it would require resources well beyond what ICOs raise), but it's not something that is unthinkable.

Oh my!!!!!  Sounds scary.   

Our anthropomorphized bitcoin should be shaking in its proverbial boots, no?

1. Not for smaller transfers, no.

2. and 3. Context. I've isolated the worst case use case as an example, which in reality is just one part of the equation. A part that has sufficient potential to justify valuations in the trillions.

4. Extremely unlikely doesn't mean impossible. I'm incredibly bullish on Bitcoin, but that doesn't mean that it's a sure shot.

I just find your whole framework irritating to the extent it seems to devolve into prescriptive rather than descriptive, and seems to convolute the two, too.

I guess conditionals aren't your thing, eh.

I do like conditionals when talking about the future and when talking about unknowns - but there is a difference between using conditionals and what you seem to be doing, which I already asserted that you are proclaiming "ought" rather than accepting "is" while scrambling the two.   

[HairyMaclairy]

I’m not here to shill so I will only say it once - but this is coming from someone who correctly called Dentacoin and Mediblocks.

Telcoin on Kucoin is shaping up as a nice shitcoin. Cheap, is rising nicely and still deep in the ranks at 137 on CMC. Lots of headroom just don’t be greedy.  

Please let me know if this sort of commentary is unwanted and I won’t mention other things I find.