No, I don't think anyone knows the source of the spam/stress test this time around. Someone with a decent amount of funds and a motivation to force some improvements, I'd say.
This must be their promised retry. Their goal is to get 250 MB of unconfirmed transactions in the queues. They got already over 100 MB and the backlog is still growing. The network could theoretically process 1 MB (~2500 tx) every 10 minutes, but the miners have been processing only ~0.5 MB (~1300 tx) of transactions per block, on average, even when the queues are fulll; and the normal traffic has been using ~0.32 MB (~800 tx) lately. Therefore, once the test traffic ends, it will take ~1400 blocks (~10 days) to clear the backlog. Not all the extra traffic is theirs. Many of their transactions send many very small amounts to Wikileaks, charitable organizations, or addresses with well-known private keys. As the recipients of those micro-donations collect them, their transactions add to the test traffic. Well the transactions are going to charity although it seems to be causing a mess I was wondering when people refer to the backlog where do you find the chart that measures the amount of data. Just wanted to check if I was looking at the right place https://blockchain.info/unconfirmed-transactions |
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I'm assuming that users are just redirected here as its still the highlight topic in the news feed News: ♦♦♦ If you are using any wallet other than Bitcoin Core 0.10.x or 0.9.5, then you should not trust incoming transactions until they have ~30 confirmations. More info. ( https://bitcointalk.org/index.php?topic=1108304.0) |
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For a very long period of time the trading range of litecoin was around 2.00-3.00 bucks
After seeing it rally up to its current range I can understand why you wanted to sell your position, I guess the answer is to see how long it keeps up this strength.
Actually LTC was stuck in the sub 2 dollar range for ages. Anything above 2 dollars would have been nice gains if you bought a lot during that period. Right now it has gone from 5.3 to 5.1. It seems it's holding nicely above 5 dollars. Im not sure what to do. I own no LTC but im considering gambling some cause it may go 2 digits for all I know. I like how its only been a few days but I can say we now know it went up to $8.50 and is trading at $4.80 or the price just a few days ago, but after this type of pumping I think in the end it will settle at a range of 2-3 as the movement likely did have some impact on the price foundation. The worst thing to holders and miners is that price goes to < $1 again.By the way. True enough as it means that there were no gains to be held for those that had litecoin valued at that price For those people it doesn't matter if they sold a few coins they already made multiples of return The issue is for those that bought on the rise and are treading (Of course seeing how quick a crash this was just a handful of people felt that one) |
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I don't see why not. Having one thread for everything seems counter-productive. I mean, the Dutch have their own subforum and every single one of us is able to speak English, but that doesn't mean we always want to.
I would support a new subsection for the Phillippines if their forum presence is significant enough to warrant it but looking at the other stats I'm not fully convinced. Well, I was bored so here's the math.
The past 7 days (little over by a few hours, +~12).
140 posts, 20 unique users, average of 20 posts a day.
10 users posted 3 times or less.
Top 5 posters account for 95 of 140 posts, top 3 account for 72.
An entire new section is probably not needed yet.
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For a very long period of time the trading range of litecoin was around 2.00-3.00 bucks
After seeing it rally up to its current range I can understand why you wanted to sell your position, I guess the answer is to see how long it keeps up this strength.
Actually LTC was stuck in the sub 2 dollar range for ages. Anything above 2 dollars would have been nice gains if you bought a lot during that period. Right now it has gone from 5.3 to 5.1. It seems it's holding nicely above 5 dollars. Im not sure what to do. I own no LTC but im considering gambling some cause it may go 2 digits for all I know. I like how its only been a few days but I can say we now know it went up to $8.50 and is trading at $4.80 or the price just a few days ago, but after this type of pumping I think in the end it will settle at a range of 2-3 as the movement likely did have some impact on the price foundation. |
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This is actually a huge step for these countries. Most of them are dwarfed by the economic size of China.
"The combined economic output last year of Brazil, Russia, India, China and South Africa almost matched the U.S.’s gross domestic product."
They are also talking about the creation of a single currency to make trade easier amongst these countries. <currency pool>
Will we see China turning into the biggest economy in the world? I think we will. These countries are rich in minerals and with closer trade relations, they could grow much faster.
China was able to pass Japan in terms of GDP with estimates to pass the US within the decade that said its divided by their population which is also much larger. Their is however the issue with China putting to much leverage into its financial market so its pace might slow down in the next few years that said with all the minerals and supplies from this alliance the countries will certainly grow at a brisk pace. That said speaking of China http://www.realclearpolitics.com/video/2015/07/10/bbc_chinas_stock_market_lost_value_equal_to_10x_greeces_gdp_this_month.htmlhttp://www.afr.com/markets/china-or-greece-which-is-scarier-20150710-gi94yd |
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Well I was expecting something like this after seeing the rise
It's a bit of a shame I wasn't paying attention to the indicators when the price was increasing or I could have made quite a pretty penny but at least I made a few bucks from the shorting.
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Approaching 290 hopefully on the way to a recovery
Keeping with the positive sentiment hope it goes up more.
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BCT is not dead, Watch LTC jumping <$1 to >$7 in less of two months,BTC could very soon do the same anytime.
BTC will not do the same as the market cap is too big. It is not controlled by a few big whales. Well it could still rise a few multiples seeing as it was at 420 only a few months ago and 600 before that Seeing it regain ground over the same amount of time is not completely out of the question, but perhaps at a slower pace. |
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This event is of great historical importance. It is a signal that the balance of power in the world is changing - namely shifting away form the US.
Of course the NDB will not be operated out of altruistic motives, but to expand and consolidate the influence of its founding members. However for countries that need investment this is good news, because they now have an alternative to the World Bank.
Hopefully the US will not increase their warmongering because of it...
As long as they avoid cold war rhetoric we should be alright although in this age of information with a fairly free internet they will have difficulties controlling the digital media for a while and hopefully forever as propoganda is a power means of controlling a populace. The summit has ended so putting up a summary of the events http://uk.reuters.com/article/2015/07/09/emerging-brics-idUKL8N0ZP3KK20150709The BRICS emerging nations said on Thursday they were worried about the volatility of global financial markets and oil prices and agreed to coordinate efforts to keep their economies stable. Leaders of Brazil, Russia, India, China and South Africa finally launched the group's largest initiatives to date -- a development bank and a currency pool -- and called at a summit for a swift deal on curbing Iran's nuclear programme. In addition India and Pakistan met up decided to have the Indian PM visit. Russia got PR points China got a non-compete with the AIIB Brazil and South Africa will get several projects funded plus enhanced economic cooperation in fields such as agriculture, manufacturing, technology, services, human resources and sustainable development. http://www.firstpost.com/world/left-high-dry-india-leaves-brics-summit-nothing-really-wanted-2335948.html |
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It's hard to estimate the demand however it is possible to see some of the equity trickle into Bitcoin by individuals as they stay the hell out of the present market. An FT article summarizes the Chinese pattern “According to my friends who go to casinos and watch the Chinese gamble, they tend to jump on a ‘trend’ such as red coming up on the roulette table repeatedly — never mind that the odds are only ever 50-50. Red is seen as hot and therefore the way to bet. That carries over into trading styles. …” http://www.marketwatch.com/story/chinas-stock-market-crash-is-just-beginning-2015-07-08?page=2 |
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It is related to coin age
The coins are too new to offset the value of sending them due to the small recieving increments
Transaction priority is calculated as a value-weighted sum of input age, divided by transaction size in bytes:
priority = sum(input_value_in_base_units * input_age)/size_in_bytes
Transactions need to have a priority above 57,600,000 to avoid the enforced limit (as of client version 0.3.21). This threshold is written in the code as COIN * 144 / 250, suggesting that the threshold represents a one day old, 1 btc coin (144 is the expected number of blocks per day) and a transaction size of 250 bytes.
So, for example, a transaction that has 2 inputs, one of 5 btc with 10 confirmations, and one of 2 btc with 3 confirmations, and has a size of 500bytes, will have a priority of
(500000000 * 10 + 200000000 * 3) / 500 = 11,200,000
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Shifting the topic from Greece the BRICS combined now have the same level of GDP as the USA. http://www.bloomberg.com/news/articles/2015-07-06/here-s-the-17-trillion-reason-why-the-brics-summit-this-week-is-a-big-dealAt their annual summit in Russia this week, BRICS (Brazil, Russia, India, China, South Africa) leaders will announce the world’s newest multilateral development bank — the New Development Bank (NDB), which will have U.S.$100 billion as initial capital to fund infrastructure and sustainable development projects both in their own countries as well as elsewhere. BRICS "illustrates a new polycentric system of international relations" demonstrating the increasing influence of "new centres of power," Obviously, the NDB should not become another World Bank which finances the same types of projects in the same countries, using the same tools and mindset. At the same time, its purpose should not simply be to symbolise emerging countries’ desire to show off their financial and political power. The reason for its creation must be very substantive. The NDB should be based on entirely new objectives, to be carried out with new strategies. It would be easy for the NDB to fall into the same track as the World Bank since it is in the same business. But the NDB must resist this from day one. http://www.thehindu.com/opinion/op-ed/annual-brics-summit-a-new-brics-bank-for-a-new-era/article7396012.ecehttp://www.channelnewsasia.com/news/world/putin-welcomes-brics/1970846.htmlBRICS "illustrates a new polycentric system of international relations" demonstrating the increasing influence of "new centres of power," Among the tangible results of BRICS's emergence has been the establishment of a BRICS bank to finance infrastructure projects in member states and developing countries. The bank, which was officially launched on Tuesday, will start funding proposals early next year, said Russian Finance Minister Anton Siluanov. Interestingly enough also Russia's new source of finance to counter Western led sanctions in the Eurozone. |
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NY Stock Exchange FORKED!
I was a bit suprised with all the safety mechanisms it still failed, also read that United Flights were delayed so there was no escape for the stock traders who could not trade that day  . |
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Now what? Greece is finally out of Eurozone. Since everyone has gone for a no. But is it gonna benefit Greeks in long term ? Even if they downgrade to their old currency , will they be able to prove their stance in the global market? Right now ,it is very unlikely, but then you need to look at the brighter side. Now they are free from the conditions of creditors, they can look for a fresh start.
My bet is they put down roots in the BRICS and move from the European Union alliance towards a Moscow-Beijing alliance in one possible scenario where Athens officially leaves the Eurozone. http://www.zerohedge.com/news/2015-07-08/brics-bank-officially-launches-sun-sets-us-hegemonyIn that scenario Greece will not be alone as they have another options they can turn towards, with comparable GDP and reserves to handle this sort of issue that said they are not on the current agenda of the UFA summit but its possible that could change at a later date after they let Greece declare insolvency or bankruptcy. Russian Economy Minister Alexei Ulyukayev said on Wednesday that financial aid for Greece was not a subject for the BRICS summit. http://www.channelnewsasia.com/news/world/aid-to-greece-not-a-subje/1970772.html |
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Iwould be in favour of prosecuting the banks and jailing them for taking too much financial risk instead of bailing them out.
The Iceland example does show this model works, the reason it has such a small sample size is because its so rarely done.
As Iceland's special prosecutor at the time said "Why should we have a part of our society that is not being policed or without responsibility?”
“It is dangerous that someone is too big to investigate—it gives a sense there is a safe haven.”
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@turvarya stress test or not, we are over 200k transactions per day  and most of these will cost some money, great - support the network  ! Consider that stable is 100,000 transactions per day that isn't so bad Bitcoin is growing and thats great just hope we can solve the growing pains that come with it. |
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Greece lost even this because who is gonna visit them now, when crisis is raging?
Most of the tourists to Greece come from countries such as Russia and China, which are outside the Eurozone. So I am not predicting a significant dip in the Greek tourism sector.
It does raise the question of where Greece goes if they do decide to leave the Eurozone. The Russians are willing to welcome them with open arms into the BRICS and it does seem like a good choice if they do leave the European Union and it does explain why the tone seems to be changing in the EU so much for those sanctions. http://www.ibtimes.com/greece-can-easily-get-funding-brics-bank-russia-1998515 |
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While we've been distracted by little ol' Greece (with ~0.3% WDP), China's stock markets have lost $USD trillions in the last month!
Yeah, slipped under my radar too. Discuss amongst yourselves while I go read some...
Considering the amount of leverage it is coming back to bite them Nothing unusual seeing that it was coming for quite some time, but with Greece in the highlight not as much attention is placed on this. |
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