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

[billyjoeallen]

Using the estimate of Seven Transactions per Second,  the network is capable of handling only ~ 604800 transactions a day. That's not even enough for one million people to use on a daily basis.  Bitcoin will never be able to replace fiat even if it scales up 100X. or 1000X.

Bitcoin was designed as an electronic peer to peer cash system. Lack of scalability is clearly a severe limit to adoption in that regard.  It may be useful for other purposes, but each time it is used for something else, it's capacity as an electronic peer to peer cash system is reduced. 


When I first read the story of the Coinwallet stress test, I thought immediately that they were planning to do something harmful, but then I thought about it.  Bitcoin is antifragile. It needs to be stressed so that it can grow stronger.  Is there even a working process for increasing scalability? We may find out soon. If there isn't one, then knowledge of that deficiency will be the first step towards solving it.

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[ChartBuddy]

Coin
Explanation

[LFC_Bitcoin]

Looks like we've set up camp in the low 240's. I'll settle for that at the moment after the turmoil & fall out with the XT rubbish.

This is a good, calm time to accumulate gentlemen. Add to your 'HODLINGS'.

[conspirosphere.tk]

Bitcoin will never be able to replace fiat even if it scales up 100X. or 1000X.

Right, so make your damned coffee by yourself and keep your crypto for serious affairs, like buying weed.

[BlindMayorBitcorn]

Bitcoin will never be able to replace fiat even if it scales up 100X. or 1000X.

Right, so make your damned coffee by yourself and keep your crypto for serious affairs, like buying weed.

And what happens if more people than the frequent flyers of a small oil rich nation decide they like using it one day? Something something fees market?

[aztecminer]

Looks like we've set up camp in the low 240's. I'll settle for that at the moment after the turmoil & fall out with the XT rubbish.

This is a good, calm time to accumulate gentlemen. Add to your 'HODLINGS'.

yes.. everyone should buy more bitcoins right now.. that way you have some to sell if you decide to go to the stock market rally party when they announce QE4. if they do not do QE then it looks like Trump is going to have a field day.

[becoin]

Bitcoin will never be able to replace fiat even if it scales up 100X. or 1000X.

Right, so make your damned coffee by yourself and keep your crypto for serious affairs, like buying weed.

"Bitcoin is the future," they said, "Money 2.0."  Fastest, cheapest way to send money around the world.  And now I can't even buy coffee anymore?

Bitcoin will be the reserve currency of the world. Can you buy coffee with the SDRs of IMF?

[JorgeStolfi]

Strike One: Playing Doubting Thomas to blockchain tech, despite compsci/fintech consensus that (per Horowitz) "it may be the most important computer science breakthrough since packet switching."

And it will end poverty and corruption. And maybe cure cancer too.

Strike Two: Declaring XT would win, after getting suckered in by Gavin and Hearn's false sense of urgency and other social engineering attacks.

I don't recall saying that BitcoinXT would win; if I did, I apologize profusely.  No matter how much I try, I always overestimate the intelligence of bitcoiners. 

(I just saw a bunch of them exchange hate comments about Gavin on reddit, as if he had always been the arch-enemy of bitcoin.  Amazing what you can do with a smear campaign, if you have 21 M$ of capital to defend and a couple thousand bitcoiner minds to play with.)

I still think that the limit will be raised, and the Blockstream guys will either cede or be left sucking their thumbs.  But I may be overestimating again...

Bonus Strike: Being embarrassingly jealous of Dr. Back's far more lucrative and history-making, world-changingly influential CS career.   

After having admired Dr. Back's words, and even having had the honor of debating directly with him on reddit, I must say that, for his technical and ethical qualities, he is one of the most outstanding bitcoin personalities -- right there besides Roger Ver.  I do hope that his career develops the way he deserves.

[greenlion]

I still think that the limit will be raised, and the Blockstream guys will either cede or be left sucking their thumbs.  But I may be overestimating again...

The play as of late appears to be saving face spinning the situation as though they have been for relaxing the cap all along.

[ChartBuddy]

Coin
Explanation

[brg444]

Strike One: Playing Doubting Thomas to blockchain tech, despite compsci/fintech consensus that (per Horowitz) "it may be the most important computer science breakthrough since packet switching."

And it will end poverty and corruption. And maybe cure cancer too.

Strike Two: Declaring XT would win, after getting suckered in by Gavin and Hearn's false sense of urgency and other social engineering attacks.

I don't recall saying that BitcoinXT would win; if I did, I apologize profusely.  No matter how much I try, I always overestimate the intelligence of bitcoiners. 

(I just saw a bunch of them exchange hate comments about Gavin on reddit, as if he had always been the arch-enemy of bitcoin.  Amazing what you can do with a smear campaign, if you have 21 M$ of capital to defend and a couple thousand bitcoiner minds to play with.)

I still think that the limit will be raised, and the Blockstream guys will either cede or be left sucking their thumbs.  But I may be overestimating again...

Bonus Strike: Being embarrassingly jealous of Dr. Back's far more lucrative and history-making, world-changingly influential CS career.   

After having admired Dr. Back's words, and even having had the honor of debating directly with him on reddit, I must say that, for his technical and ethical qualities, he is one of the most outstanding bitcoin personalities -- right there besides Roger Ver.  I do hope that his career develops the way he deserves.

Who pays you though?

Sometimes I'm curious if you, Lambtroll and a couple others sit at the office cafeteria table and try to think of the most stupid brain dead shit to say 

[Fatman3001]

Looks like we've set up camp in the low 240's. I'll settle for that at the moment after the turmoil & fall out with the XT rubbish.

This is a good, calm time to accumulate gentlemen. Add to your 'HODLINGS'.

IDK. Look at BTC-E for the last couple of days. It was $6-7 below the rest, now it almost matches them.

We might be getting ready for another leg up.

[Beware, whenever I've had this thought we've crashed]

[ChartBuddy]

Coin
Explanation

[greenlion]

After having admired Dr. Back's words, and even having had the honor of debating directly with him on reddit, I must say that, for his technical and ethical qualities, he is one of the most outstanding bitcoin personalities -- right there besides Roger Ver.  I do hope that his career develops the way he deserves.

Who pays you though?

Sometimes I'm curious if you, Lambtroll and a couple others sit at the office cafeteria table and try to think of the most stupid brain dead shit to say 

As much as I think some what this dude has to say is incredibly idiotic, I can appreciate the sarcasm.

Herr Doktor Adam Back Ph.D. is a lightweight who gained prominence with t-shirt activism. He joined the bandwagon once it was clear this Bitcoin thing actually had some legs, and now he's trying to paint himself as this omniscient champion of process control. It's so unbelievably laughable to anyone with any real world business/project experience.

[hdbuck]

Strike One: Playing Doubting Thomas to blockchain tech, despite compsci/fintech consensus that (per Horowitz) "it may be the most important computer science breakthrough since packet switching."

And it will end poverty and corruption. And maybe cure cancer too.

Strike Two: Declaring XT would win, after getting suckered in by Gavin and Hearn's false sense of urgency and other social engineering attacks.

I don't recall saying that BitcoinXT would win; if I did, I apologize profusely.  No matter how much I try, I always overestimate the intelligence of bitcoiners.  

(I just saw a bunch of them exchange hate comments about Gavin on reddit, as if he had always been the arch-enemy of bitcoin.  Amazing what you can do with a smear campaign, if you have 21 M$ of capital to defend and a couple thousand bitcoiner minds to play with.)

I still think that the limit will be raised, and the Blockstream guys will either cede or be left sucking their thumbs.  But I may be overestimating again...

Bonus Strike: Being embarrassingly jealous of Dr. Back's far more lucrative and history-making, world-changingly influential CS career.  

After having admired Dr. Back's words, and even having had the honor of debating directly with him on reddit, I must say that, for his technical and ethical qualities, he is one of the most outstanding bitcoin personalities -- right there besides Roger Ver.  I do hope that his career develops the way he deserves.

Who pays you though?

Sometimes I'm curious if you, Lambtroll and a couple others sit at the office cafeteria table and try to think of the most stupid brain dead shit to say  

lmao.

And it will end poverty and corruption. And maybe cure cancer too.

no, but it ends democracy..

I still think that the limit will be raised, and the Blockstream guys will either cede or be left sucking their thumbs.

again, for blockstream "business" to be succesful, they NEED bigger blocks.

After having admired Dr. Back's words, and even having had the honor of debating directly with him on reddit,

lol get a life. (or make up with peter r already..)

[hdbuck]

Bitcoin will never be able to replace fiat even if it scales up 100X. or 1000X.

Right, so make your damned coffee by yourself and keep your crypto for serious affairs, like buying weed.

true that, besides investment pov, bitcoin is for teh free market. bitcoin is for the free people. no sheeples.

(as in the only people/market that actually brought value to btc)

bitcoin doesnt need some image polishing, what needs some is the rest of the financial world/governments.

[brg444]

Using the estimate of Seven Transactions per Second,  the network is capable of handling only ~ 604800 transactions a day. That's not even enough for one million people to use on a daily basis.  Bitcoin will never be able to replace fiat even if it scales up 100X. or 1000X.

Bitcoin was designed as an electronic peer to peer cash system. Lack of scalability is clearly a severe limit to adoption in that regard.  It may be useful for other purposes, but each time it is used for something else, it's capacity as an electronic peer to peer cash system is reduced. 


When I first read the story of the Coinwallet stress test, I thought immediately that they were planning to do something harmful, but then I thought about it.  Bitcoin is antifragile. It needs to be stressed so that it can grow stronger.  Is there even a working process for increasing scalability? We may find out soon. If there isn't one, then knowledge of that deficiency will be the first step towards solving it.

You are not qualified to speak about these issues.

Keep to financial speculation please.

[ChartBuddy]

Coin
Explanation

[Fatman3001]

Dumb & Dumber : Redux
Now even bitcoinioning



Starring: brg444, hdbuck, HAL, Bender & Mel Gibson
Special Appearance by H.H.Dr.Prof. Jorge
Directed by Stephen Hawking

Coming Soon

[Fakhoury]

Dumb & Dumber : Redux
Now even bitcoinioning



Starring: brg444, hdbuck, HAL, Bender & Mel Gibson
Special Appearance by H.H.Dr.Prof Jorge
Directed by Stephen Hawking

Coming Soon