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

[ChartBuddy]

Coin
Explanation

[inca]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

[Dilla]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

That'd be awesome.

[phoenix1]

hey everybody.. the economy is doing great this morning. we should expect a massive dump anytime now. the chinese stopped panicing over their stock market last night which means they should start dumping bitcoins ... this gives everyone a head start to dump their coins now so can buy back cheaper. i'm with you guys. i'm going to buy cheaper bitcoins with you all.. let the dumping start.

my wallet finished building databases! woot! .. u know what guys, i just realized something.. the economy is on the brink of disaster. the greeks have "a deal they cannot refuse" .. be our slave or go bankrupt . seems reasonable .

They are already bankrupt. Question is, will TPTB give them a palateble package of debt write-downs that allows them to recover within the Euro, without being asset-stripped, or will they have to exit and take the short-sharp-shock route of default in order to stand any chance of recovering from this mess ...
EU is desperate to hold the (probably doomed) Euro intact, so my guess is they get a deal. Even the IMF and US Treasury is saying any deal without a debt write-down will inevitably fail. Pressure is really on the Germans now. Greece drops out, defaults and thrives, they will soon be followed by other Southern European states. They get write-down and those states will be knocking on the door for the same in due course ...

Germany, as the main beneficiary of the of the Euro has some hard thinking to do. If Southern states ditch the Euro, bang goes a large part of their export market as the new currencies will inevitably be weaker, as will the political power of the Eurozone.

[TaurusBit]

Actually they are not paying a shit ton ... the spam is being sent with minimal fees, and as it is not being processed (because it can't because of block size) it is wiped from Mempool after 24hrs ... rinse, repeat ...
Only by processing the transactions will it cost the spammers anything.
This is my understanding of the situation anyway, from following Cypher's thread.

Without a doubt tho, IMO, it has something to do with the block size debate and is not an actual attack on BTC itself.
Somebody is trying to prove a point. At the moment they are proving that BTC can function fine with more tx's flowing thru the network, so bandwidth is not an argument

If you want a transaction processed, all you have to do is add at least the normal fee of .0001 and it should go thru fine.

https://tradeblock.com/blockchain

From here you can see that there are 90k spam tx in Mempool backlog, and total fees of 4.5 BTC, giving an average fee of 0.00005. Given that genuine tx's will be being sent with minimum .0001, and many with more than that, the fees on the spam are tiny, hence the backlog should only affect anyone who wants a fee-free tx. Boo-hoo ...

Personally I think it's actually showing how robust the system is.

EDIT 2: I am not sure which the spammer is fighting for as he is proving that the nodes are not collapsing with the extra tx in the Mempool, the block size being the limiting factor in clearing it. Meanwhile a Fee-market is developing, whereby anyone paying a bit more is still guaranteed a fast transaction. If anything, its just proving how versatile and adaptable BTC is.

Agreed.  

[Torque]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

If you're not lying, then if I were you I would cancel my trip immediately.  Expect complete public unrest and total chaos to breakout there in about 2 days.  Think Arab Spring, riot-in-the-streets type chaos.

[macsga]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

If you're not lying, then if I were you I would cancel my trip immediately.  Expect complete public unrest and total chaos to breakout there in about 2 days.  Think Arab Spring, riot-in-the-streets type chaos.

You forgot dragons spitting fire and Freddy Krueger with his new saw, cutting off heads on the streets...

[inca]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

If you're not lying, then if I were you I would cancel my trip immediately.  Expect complete public unrest and total chaos to breakout there in about 2 days.  Think Arab Spring, riot-in-the-streets type chaos.

You forgot the dragons spitting fire and Freddy Krueger with his new saw, cutting off heads on the streets...

LOL. Tell him where you live macsga..

[phoenix1]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

If you're not lying, then if I were you I would cancel my trip immediately.  Expect complete public unrest and total chaos to breakout there in about 2 days.  Think Arab Spring, riot-in-the-streets type chaos.

Nah ... Greeks love tourism. Greek islands are peaceful places. Sure, I would avoid large cities and public places (tho even that might be being too cautious), but I doubt there will be much other than gratitiude for tourists in the islands. They NEED that income and all small islands are like mafias ... crime breaks out that affects business, it will be nipped in the bud. Sure, I would expect a little more crime there if everyone is carrying cash, but the islands are one of their greatest assets and they know it.

Stand with the Greeks, take extra money and spend it all, they need it  

I'm half expecting a massive street party once they are released from the tyranny of the EU, if that happens. Sure, lots of hard work ahead, but no more boot stamping on the face ...

macgsa, interested to hear your view ... btw, I am not implying that greek islanders are only friendly to tourists for the money 

[EArgwai96]

https://i.imgur.com/cFq1O9s.jpg

[GaliX]

so the blockchain is basically not usable with normal fees currently?

[phoenix1]

so the blockchain is basically not usable with normal fees currently?

The numbers suggest to me that it is - if average fee including all the spam (which will be the lowest of the bunch) is .00005, then .0001 should be fine. Maybe add a little more just to be sure if you are worried. Its probable that a few people are doing this and are getting priority.

[BlackSpidy]

so the blockchain is basically not usable with normal fees currently?

Looks like a $0.05 fee should be enough to get a transaction through in a pair of blocks. According to Blockchain.info, we're at about half as many unconfirmed transactions as today, and yesterday, somebody recommended a 10 cent fee.

[jertsy]

....

They are already bankrupt. Question is, will TPTB give them a palateble package of debt write-downs that allows them to recover within the Euro, without being asset-stripped, or will they have to exit and take the short-sharp-shock route of default in order to stand any chance of recovering from this mess ...
EU is desperate to hold the (probably doomed) Euro intact, so my guess is they get a deal. Even the IMF and US Treasury is saying any deal without a debt write-down will inevitably fail. Pressure is really on the Germans now. Greece drops out, defaults and thrives, they will soon be followed by other Southern European states. They get write-down and those states will be knocking on the door for the same in due course ...

Germany, as the main beneficiary of the of the Euro has some hard thinking to do. If Southern states ditch the Euro, bang goes a large part of their export market as the new currencies will inevitably be weaker, as will the political power of the Eurozone.

The Germany stands to lose the most because Greece owes it more than any other country or institution. By  sacking its finance minister allowing its finance minister to resign, and talking about new compromises Greece signaled it was ready to do a deal. Germany will probably compromise next by backtracking on its refusal to write off restructure Greece's debts.

[phoenix1]

<snip>

The Germany stands to lose the most because Greece owes it more than any other country or institution. By  sacking its finance minister allowing its finance minister to resign, and talking about new compromises Greece signaled it was ready to do a deal. Germany will probably compromise next by backtracking on its refusal to write off restructure Greece's debts.

Agree. They will more than likely back down.
Thats the price you pay for wanting to be the biggest political power in a dysfunctional union that you benefit the most from ...

[Torque]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

If you're not lying, then if I were you I would cancel my trip immediately.  Expect complete public unrest and total chaos to breakout there in about 2 days.  Think Arab Spring, riot-in-the-streets type chaos.

You forgot dragons spitting fire and Freddy Krueger with his new saw, cutting off heads on the streets...

Looks to me like things are heating up on the streets in Athens... it always starts this way.

http://www.nbcnews.com/video/tension-rises-in-greece-475268675897

[bitcoinminer42]

Stand with the Greeks, take extra money and spend it all, they need it  

Stand with the Greeks, take extra money BTC and spend it all, they need it  

[ChartBuddy]

Coin
Explanation

[phoenix1]

Stand with the Greeks, take extra money and spend it all, they need it  

Stand with the Greeks, take extra money BTC and spend it all, they need it  

This is not a time for self-serving agendas. There are fuck all places to spend BTC in greece, so you really wont be doing them any favours. Right now they need hard currency in their hands

[inca]

Taking a shit load of euros, don't worry Torque..