Yes it is main stream and the transaction fees have made us the laughing stock of the world
and this will rub off on all the other coins too.

$30 just to have 250 bytes of data saved to the block does not look good
next to "We are fighting the banks, Freedom" or the original white paper that
talked about "Virtually free transaction fees"

CPU Wars as the original concept was designed to promote has resulted in us
now having 20,000 miners just to process a mere seven transactions a second
so any developer who is worth is salt is also laughing at us.

We within the community we need to do some serious house cleaning because the
development team who could deal with the miners in seconds are clearly following
there own pockets these days and have become greedy and now the rot has set in. 

Every man/node for himself does not create good network conditions and the full nodes need to
be organised into groups and have a structure but that does not mean that the coordinators can
steel coins or bring the system down.

Think more like DNS servers in a star type network setup acting as coordinators
for the full nodes so that the massive 200gb block chain can be divided up into
more manageable sizes.

From the word go the Bitcoin network was never going to scale AND THEY KNEW IT
and we could manage without creating CPU Miner wars and Pow in the past and most of
the new coins today that are not clones manage it too so hopefully the penny will drop
for you when you see the current mess we have today.

Problem-Reaction-Solution



 

Please don't let the Lightning Network team hear you speaking like this because the hubs in the network
are centralized but a better name for the hubs is banks

centralized does not mean jumping into bed with the bankers and it's now as black and white as
many people think but what is a farce is the Bitcoin development team doing nothing about the
$25 mining fees or having 20,000 miner like we have now just to process seven transactions a
second

So let me get this right and you will "always buy fried chicken" at $4.99 or less even if the transaction costs in BTC is $25 like today or more like it
was the other week at $45 and you won't mind waiting hours sometimes for the transaction to clear  

Farmers from the 1700's during Tulip Mania are starting to look quite mild to me but by the time I got to the "Excited for this"
I started to workout that the butter was spread a bit too thick, you are on a wind up right  

Have you looked into Lightning Network by any chance ?
Please let me help you

https://www.youtube.com/watch?v=6V365_59-Lc (Fast version)
https://www.youtube.com/watch?v=MpfvhiqFw7A (Slow version, move to 6:10 for the meat)

Do you really think the development team only became aware that as implemented that Bitcoin was "unsustainable" a year ago
and that it would not scale to more than seven transactions per second ?

Problem-Reaction-Solution and my how it fills the miners pockets at $25-$50 a pop

I write code and make a good living from it so let me help them if they forgot this vital line of code
public static money MaxFee = 1.25 // Market forces will force 95% of miners out and leave the remaining with a living wage

Yeah as a developer i too would love to work without a timeline but i would never have the gift of the
gab to convince people that my next project was being sold for being "Off-Block" when my last project
was sold for everything being on the magical, come mystical block-chain and the optimum block size
was discovered nine years ago.

Yes but was it not backed up then us poor miners (Backed by the development team) could not
justify selling this highly valued virtual space in a block for $25 per 250 bytes.

How do you value a glass of water in the desert if someone just smashed the drinking water barrel ?

Bob Marley said "In the land plenty, the fool is thirsty"

What I and I see (Dem deadlock talk) is any excuse being used for the fall in the price of Bitcoin apart
the the obvious one of fees.

  

Wow so I can buy a chicken burger using my gizmo QR-Code for $4.99 and I only need to
pay $30 in transaction fees to miners to make this happen.

Boy this is finger licking good or should i say "I'm loving it"  

Cannot wait for Lightning cus all I needs ta do is set up a channel to there hub (Bank)
and buy a burger each night for a month and I can spread the $30 miner fees plus the hubs
fee over the month and this means that my burger only cost $6.20 each night and just think
I get some of them free KFC token they are giving out and might win a cuddly toy.

Tell you guys when this makes front page new they are going to be begging to buy Bitcoins  

if you run a full node and wait for the whole chain to download then may someone can knock some code up for you that will
RPC the node on your local machine and that should give you what you needs.

Some blocks I am told are real odd to read and understand

if you look around on the internet then someone has imported the whole thing (BC) into a database
with a few relational tables and they allow you to write raw SQL statements against the database
live on-line and they might have done a roll-up table to make your task easy

I am good at SQL and you will need some Group By in the code and to sum totals but unless it's
running on some high end machine then you will need to break it down due to time outs and this
would be above my wage grade unless it has a roll-up or view containing the right SQL-functions

Would be interesting to see just how many wallets are empty or near empty there are and I would share
with you just how few real, up and ruining web-sites there are on the internet but you have been pre-programmed
to expect numbers in the billions and would just laugh anyhow so please PM me if you get the results
because I keep my nose to the ground.

Ripple may bridge the gap and I know 100bn coins instead of 21m is crazy right, plain stupid and I would agree
but my calculator seems to be arguing with me so maybe it's broken

100bn divide by 21m = 4,762
not sure if my maths is right here 
Well if I take XPR price of $1.89 today but round it up to $2.00 just to help my mental maths
easy then I am left with a number of $9,523 which is about 40% lower than the price of one Bitcoin

Not trusting my calculator I moved on to "online money transactions" and could not workout the
worlds population of 7.5bn and guess at the transactions per second need to process that many people
but I did read that Ripple says they can do 70,000 transactions per second and Bitcoin only managed
7 so that's 7,000:1 

Now my attention turned towards transaction fees but my battery in my calculator went
flat and I was trying to dived BTC fees of $25 per transaction (It's cheap today  ) by $0.02
but I keep coming up with another stupid number but I didn't forget the initial cost of having to keep
$40 in my XRP wallet  which was about 1.5 X BTC transaction fees.

Please someone sent money to abc1234567890def so that I can fix this bloody calculator will you now !

I like you, you offer some logic and not just speculation based on your own dreams.

Big killer is that if all the traffic from BTC all moved over to ETH and it's alt-coins that are easy
as pie to introduce then ETH network would crash because it's based on a variation of Block-Chain
used by BTC with a few tweaks to the size and timing of the blocks.

Lightning is not going to fix nuffin because the foundations of both ETH and BTC are rotten and it's
just a sticking plaster that uses banks but they call them hubs. Not quite sure about Segwit because
it takes a long time to figure out all the implications

All coins are in a bubble, some are just bigger than others

Transactions per second
BTC = 7
ETH =15
IOTA =100
Ripple = 40-70,000

I own more ETH than XRP but unless they (ETH) are radical and fix the foundations instead of plastering
over the cracks then I myself can see ETH being pushed out of the race and I think we are already seeing
this with BTC without me taking into account the rip-off transaction fees we have seen

You must be from Oz mate, upside down to where I live because since fees started to rise over $10 it seems to have put the brakes on the
price and it's down about 40% from the peek which must be "rising" up from the peek if you look at it upside down.

The last time I looked both XRP and ETH were both doing more transactions per day than BTC and
BTC clones were breeding like rabbits therefore doubling the money supply each time and all this
mining that eats up energy in CPU wars is going to cost more as oil prices are on the rise so that
even higher fees due to the massive amount of miners being fifty times more than we need all fighting
over the bones.

More regulations coming is not good mate, we need to pull together as a team but the miners who
can be made to answer to the development team or not on our team old chap, they are taking the piss
and if this keeps up then Ripple is going to the clear winner.

What we need is some house cleaning to get alt-coins moving again

Three things are affecting the price right now and they are
1. Fees
2. Fees
3. Fees

And we can debate later about Loss of Trust (LoT) or will Lightning fix much

Look at the price chart and now look at the fee chart ! Spot the pattern so yes someone
might had brought in at $10,000 but now want out at $10,000 because they are not
prepared to be held to ransom by the miners.

Did you know oil prices are going up so wasted energy by miners could go up if some of the 20,000
we now have don't push off and leave a bit of room so the 1,000 remaining miners can process the
few trades that are actually hitting the BC and do it for a price worth paying.

far to many miners to agree on anything so the development team need to stop it programming
for a second and add the following line of code to the program if they were not professional enought
to add it in the firs place

Public static money MaxFee=1.50 // Market forces will cull the miners down to an acceptable level

80% of Bitcoin core code is concerned with mining and little to do with what customers needs are
but if they keep this up the coin will be going in the bin and that will rub off on all the other coins too.









 

 

Yes thanks and I think i have come across the name before

seems like they point a browser at a local service running on port 5000 but it would be easier to simply
run it as a chrome extension and it would be easy to read the bid and ask plus trades from the screen
or kick out to the REST API's to pull the data.

No need to know passwords this way and the user get a richer UI to play with

programming no trouble so you dump 10BTC on the exchange or 0.01 in my case as a buffer and you need
to keep selling and buying to edge up the poll based on near real time data but me being useless I would not
know when I should be buying or selling to profit from small movements in prices

I sort of get the little mouse eating up the sell orders where the action is happening and a wall of sell orders building
up in red that can move forwards and then gets eaten up by some staving bull if the price moves down but even so
I would not have a clue about should I be selling or buying

Maybe I can get some type of test account on an exchange to play with was I to develop something
but I think my granny would know better than me when it come to clicking the red or green button

Best regards
 

Yes having fun, not crazy or stupid enough to think this is the time any of us here could offer something
new that we could take to market just now but if you have something that is not just another tweaked version of the
Bitcoin core (That would never scale and they knew it) then I might offer to run a node for you.

Some degree of centralization is fine with me (Coordinators) but lets have something better than IOTA at
100 TPS that puts Bitcoin to shame by a factor of 12:1

I tend to like Block-Matrix but I am sure some "free thinkers" here could come up with something better.

Mining is the biggest mess after PoW ever invented by a programmer and a single laptop computer can handle
more than 250 bytes times 7 transactions a second so lets face it the starting blocks are not too high


Seems to be a type of token you can spend to pay for developers to write smart contracts for you that runs on ETH
network which is really just a smart name for a bean counter that writes values to a public block-chain and charges
you gas for the privilege that's convertible and paid for in ETH

Sorry but with five new ICO's a day I cannot read too many white papers end to end but i am sure that I could
write a public dispersed ledger that would scale to record bean values that can be independent from the currency-token
or "Smart Contracts" and offer some public independent accountability to anyone doing a ICO

For "Gas" I (Sorry us miners) would be happy to accept BTC, ETH, Ripple instead of coming up with yet a new coin and
your system could even settle up payment for the account at the end of the month instead of doing Pay-and-Go and
eating up bandwidth.

ETH is not offering much more and we know from Crypto-Kitties that it won't scale so maybe decoupling the currency
from the host provider (Decentralized array of nodes) hosting the public ledger is not so crazy and then if it won't scale
or charges too much in gas then the currency could simply move provider but the genesis block would then have to become
a balance sheet as such.

By the way smart contracts can host Easter eggs that work fine for a year, all on the block-chain and then send me all
your credits or deducts you 0.1% when year 2019 arrives and adds 0.1% to my bean count so are "Smart Contracts" open
source too once deployed because if not, well they are open to abuse so maybe someone best think about putting check-points in so any
alt-coin turning bad could be restored to a previous state. (Won't work in mixed coin block-chain like ETH)

Come on guys tell me someone has already thought about this will you now! 

But some new investors jumped in when it was last at $18,000 and many here were saying it's good to buy on the dip
and IBM once had the small PC market to themselves and I am sure someone was saying buy on the dip until it ran into
the ground so you will have to convince me that it won't be you that will "cry for ever"

Maybe you would like to counter my argument with some facts instead of gut feeling or hoping to see what suits
your pocket like you did with your ripple comment

I mean I can do calculations based on ripple price  and number of coins (100bn) and BTC price-21m
being a computer programmer and come up with something (Try it, you will be surprised) but i have
trouble when it comes to speculation (XRP on Coinbase)

I notice from watching trades on GDAX, Yobit and a few others exchanges that robots are doing the trading
and much of the movement of money seems to be buying when the spread is low, waiting for 1% rise/fall
and then selling/buying again to cover the 0.02% fees to milk a tiny profit.

All the big names have REST APIs so it's not hard to hook up code to trade like this on the exchanges
but I don't think they just wait to spot a hammer to buy so who's going to give me some nuts and bolts
about this and are you trading across exchanges because that looks like where the profit would be to me
however I don't know much about pitfalls in doing this.

Sure some day traders are watching the depths chart and going manual and us novices might place
a limit order from time to time but I suspect that 90% of trades is HFT from bots

The block-chain is really a link list of blocks with the hash of the last block being added
to the hash of the current block so any change in any of the data in a previous block will
throw the whole block-chain out so it's like writing things in stone. (Read only in DB terms)

To balance a wallet it becomes very complicated because you have to walk backwards back
down the chain, open each block and look for part coins making up the coins in the wallet and
we are not using a relational database here so it means reading all 200gb of data in the chain.

if i wanted to try to list balances for all none zero wallets then I would want to walk Forwards
but it's not a double linked lists (Walk both ways) but it could be index from a pre-scan to work like this

Now you are talking and would create wallet objects and keep track of balances moving forwards
in time

200gb of data does not scale to run on lots of little machines and database get slow even with 16gb of ram
and being spread over several disk drives long before processing a 200gb database and it is here where the
trouble of Bitcoin needs addressing and not stupid fixes like Lightning but the developers seem to love the
concept of blocks being full, running out of water in the desert.

I guess you want to get the balance to use as a snapshot to speed things up for now and this
is just what the development team would had done if they were not filling there pockets and
laughing at us.

In the land of plenty, the fool is thirsty (Bob Marley 1974)  

Yes if you buy a coffee each day from the same shop for a month and can spread the $30 cost over the month
as a type of surcharge on top of a $1.50 drink plus pay the fees of the hub/bank who you opened a
channel too.

What you are saying is not correct at all you have been mislead and micro payments are going to often be a few cents sent
to a web site needed to view VIP pages which i am sure we will start to see a lot of these soon.

From a development perspective LN is a hack job and from an economic perspective it could well
push fees even higher unless your doing 50 transactions a month and the hub you use has all the
right channels open and lets not forget that Hubs need to commit there transaction to the main
block-chain when doing inter bank settlements which is nothing new.

Please debate these guys if you feel that my description is incorrect.
https://www.youtube.com/watch?v=UYHFrf5ci_g   (Short version)
https://www.youtube.com/watch?v=MpfvhiqFw7A (long version, skip to 6:10 for the meat)

if the public block-chain was such a fantastic concept then how come they want to go off block now
and how did we ever mange to build scale-able system in the past (link web farms) without CPU wars for
mining or PoW and no we didn't needed to deal with 51% attacks because our systems were better than
that but yes DDOS can bring most systems down.

LN introduces a degree of centralization which I can live with but they are fudging the problem
which will create more trouble instead of dealing with the problem at the right level and breaking down
the block-chain to become a block matrix or do you think they like running out of space in blocks, only just
found out that this BC would not scale and are simply loving ripping us off in fees and some vain excuse
about running out of block space.

oh did i forget to mention "Lock-Managers" just in case the process was not far to
complicated as it is which might just give some of the current 20,000 full nodes needed
to preform seven transactions a second some real work to do for once.

I think all they have done is added another wheel to to the slot machine with a few more
buttons so when it costs you even more to play then it must all be the punters fault.

Yes I could go on a lot more but hopefully some of the developers here will start thinking
for themselves instead of being pushed along

my guess in simple terms of how this works is that the six or twelve words are used to generate a number so lets just say the
total of all the words equal to 1024

Private keys (Not in hex)

BTC=1234567.... + 1024
ETH=9999999.... + 1024
XPR=7654321.... + 1024

Trouble comes later in Exodus wallet who makes out that you can import a key but this then
stops the above example from working so what happens is they sweep the account using the new private key
into the account "BTC=1234567 + 1024" or else the pass phrase would no longer work and can cost
you $40 on BTC account in transaction fees. Jaxx wallet does the same thing too.

If i want to sweep then sweep but they should make it plain if Import does not just import the key.

Toast used with Ripple I believe lets you add more private keys to the wallet but i think they will
get lost if restoring from a pass phrase and not some file.

When you spend BTC coins then you get a new public key instead of being asked if you would like
one so I am lost as to how this all ties back together again since only the private key ends up in the
block-chain

backing up BCH from Exodus generates a CSV file with about sixty private keys in it but only
one in my case had an amount next to it so I don't know what that is all about but when you
want to view private keys then Exodus should just allow you to copy it to the clip-board but instead
it creates a file with a name like "BTC-MY_FUCKING-PRVATE-KEY" and puts the file on into windows desktop

Microsoft windows today is 20% UI and 80% spyware as it is and what Exodus wallet does is just
plain stupid if you ask me and i like to cut-en-paste my keys in two parts for security reasons if
not just moving to them to a paper wallet.







 

  

Nice to meet a man from the market who understands these charts and candle things because my mate said
look for the hammer and run from head and shoulders and something about "Let the trend be your friend" but I felt
a little embraced to ask him what they mean so maybe you can help me out here.

What odds will you give me on BTC going under $10,000 on GDAX and must include spikes that
I know for a fact are hidden from many of the charts like the peak on 7th Dec 2017 when BTC hit
$19,340 and was over $19,000 for about half an hour ?