Finally we have a resolution. The bosses of Bitcoin have spoken. That's correct. The miners control Bitcoin. They determine what is a valid block. Those five mining companies have over 60% of the hash rate. For the first time, they're now acting together to take control of the network. The original developers no longer matter. |
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Instant Exchange, a feature that allows users to send and receive bitcoin payments while eliminating exposure to exchange rate fluctuation.
They were doing that already for merchant accounts. When you buy from a merchant that accepts Bitcoin through Coinbase, Coinbase, not the merchant, takes the exchange rate risk for the seconds to minutes it takes to process the transaction. |
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that all emails must purchase a postage stamp before being sent,
That was proposed around 2000 as an anti-spam measure. You'd have to use CPU cycles to generate a Bitcoin-like proof of work to get a token that would get your email forwarded. |
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All we know Chinese Miners have total 56% mining power[1] publicly. (There's 26% that we don't know who have it).
What if Chinese government decides to cut their internet connection from outside of the world? The Great Firewall of China could disconnect Bitcoin easily. All they have to do is block the seed hosts, block port 8333, and recognize Bitcoin connections inside of unencrypted TCP connections. A few rules in the firewall is all it would take. |
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What do you expect from the halving next year regarding price development of Bitcoin? Higher fees to get a transaction processed. |
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For how long? Until someone finds a new use case comparable to getting yuan out of China or buying drugs on line. Or until everybody gets bored with Bitcoin. |
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$225, ± 25, is the new normal. For the last 5 months, the price has been in that range except for two brief bubbles and one brief crash.
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Since the halving is a known future event, it should already be priced into the current price.
Miners are presumably planning in advance for the halving. Right now, nobody should be buying hardware that won't make money after the halving. A lot of older hardware will be shut down as no longer cost-effective.
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Today is May 20, 2015. The price of Bitcoin is around $233 US Dollars.
Q: What does it take for Bitcoin to go 100X? (10 000% price increase)
A: 300 billion dollars.
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we are still in early development stage and bitcoin is consider now as experimental. Bitcoin has been operating longer than Instagram, Pinterest, Vine, and WhatsApp. |
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I'd say Gavin and co just go for it. The majority wants it, let them have it.
The big miners have to approve. They control the block size and the minimum fee. |
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There are at least 614 known altcoins. To keep an altcoin alive and tradeable, there must be a few miners and a blockchain. For how many of those altcoins has the infrastructure died? Voyacoin, for example, was launched in February 2015 and was dead by May.Market cap above $1B - 1 coin. Market cap above $100M - 2 coins Market cap above $10M - 8 coins. Market cap above $1M - 32 coins. Market cab below $1M - 572 coins. Most of the ones below $1M have no market. But are their blockchains still live? Or did they stop paying their blockchain hosting bill. |
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Where are those wierd charts coming from? USD/BTC is around $237 right now and has been for days.
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The free market provides a solution. When the block size fills up, people will pay higher transaction fees to get their transactions through. Free riders paying zero or low transaction fees won't get their transactions processed.
The block size can only be increased if the big miners agree, and it's not in their interest to increase it.
What happens if you dont pay the required fee an your transaction is never processed? you lose the money? You double spend your own transaction with a higher fee, or you pay a miner directly to include it. That can be automated. Clients should observe the recent blockchain to see what the going rate is for confirmed transactions. They then adjust their transaction fee accordingly. If a transaction isn't getting confirmed, double-spend to cancel it, then resubmit with a higher transaction fee. Transaction fees then go up and down automatically. This requires no changes to the blockchain, and any client can implement it without affecting other clients. |
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It's been between $200 and $250 for most of this year. Excursions outside that range were brief. Activity within that range is mostly noise.
2013 - Wow!
2014 - Aargh!
2015 - Meh.
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Isnt itBit the first company in the US to actually have an official lincense to exchange bitcoin? Yes. Now read their terms. * Price information is delayed, unless you pay them to be a "market maker" * It takes 3 to 30 days to get cash out. * You can't sue them. Disagreements have to be arbitrated in Singapore. * Bitcoins on deposit are not insured. Only cash. They tell you up front how they're going to screw you. That's regulatory compliance. |
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All those lines, diverting attention from the actual trend - sideways.
The price has been between $200 and $250 for most of the last three months. There was a bubble in March, but it didn't last long. That's 2015 so far.
Bitcoin, the last few years:
2013 - Wow!
2014 - Aaargh!
2015 - Meh.
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The free market provides a solution. When the block size fills up, people will pay higher transaction fees to get their transactions through. Free riders paying zero or low transaction fees won't get their transactions processed.
The block size can only be increased if the big miners agree, and it's not in their interest to increase it.
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It's not up to the "core devs". It's up to the big miners. They control block size.
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