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

[adamstgBit]

nice i sold a few on 50cents from the top 

[1714293643]

1714293643

[marcus_of_augustus]

what's nonsensical is the FED printing billions a month to support the US stock market and the USD is STILL considered gold

The Federal Reserve debt note scheme is the mother_of_all pyramid schemes ... nothing like it, in vastness and pervasiveness, has been witnessed before in all history.

It is literally the biggest scam ever devised in humanity's history.

[Sitarow]

nice i sold a few on 50cents from the top 

Congrats

[DieJohnny]

what's nonsensical is the FED printing billions a month to support the US stock market and the USD is STILL considered gold

The Federal Reserve debt note scheme is the mother of pyramid schemes ... nothing like it, in vastness and pervasiveness, has been witnessed before in all history.

It is literally the biggest scam ever devised in humanity's history.

I am starting to think that a growing economy of any sort is nothing more than a pyramid scheme where the players happen to be everyone. The only difference between a growing economy and a contracting one is that the players spend and invest more into the pyramid scheme every day. Once people stop spending into the system, then you have contraction. There is fundamentally no reason that a service economy like the USA has so much more wealth than a poor country like Costa Rica. The only difference is that the USA has more consumers that never stop spending and the government pumps money into the system trusting that Americans will spend it right back into the system.

[adamstgBit]

what's nonsensical is the FED printing billions a month to support the US stock market and the USD is STILL considered gold

The Federal Reserve debt note scheme is the mother of pyramid schemes ... nothing like it, in vastness and pervasiveness, has been witnessed before in all history.

It is literally the biggest scam ever devised in humanity's history.

USA use to be somthing special...  really sad everything got all so fucked up. you guys had the "right stuff" and then USA got raped or somthing, not sure wtf happened but you had 'it' then somehow you lost 'it'.

[peonminer]

^^^ Now you're catching on.

[JorgeStolfi]

The bitcoin blockchain is a lousy and terribly inefficient data structure. 

For 'permissioned' cases, I would agree with you.

However, if your use case is a trustless public ledger, it is absolutely the best data structure of which mankind is aware. Efficiency is only meaningful in relative terms when comparing alternatives. Accordingly, for the trustless public ledger use case, it is the most efficient  available.

That is what I wrote.

[peonminer]

nice i sold a few on 50cents from the top  

Sorry bro, this choo choo has a bit more steam left.

Edit: Maybe.

[ChartBuddy]

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Explanation

[solitude]

shorters/bears still on suicide watch.  lol fellas, keep sellin those coins, im sure you won't an hero when the price is four digits again.

wew lad

[JorgeStolfi]

So what is the general consensus on what the outcome of the scaling conference this weekend might be?

Blockstream has conceded and it's going to 8mb blocks:

"Another idea that has been gathering support is Blockstream CEO and Hashcash inventor Dr. Adam Back's “2-4-8” quick fix, which would incrementally increase to the limit to 8 megabytes in three steps over four years time."

So small blockers are officially dead.  Adam Back is a part of Blockstream.  

It is my estimation that Bitcoin needs around 10MB block size to remove the glass ceiling on price (8MB is close enough), so next stop moon:
https://bitcointalk.org/index.php?topic=1271254.msg13115160#msg13115160

Adam floated that 2-4-8 proposal a few months ago.  Sorry, but I can't believe that it is a sincere proposal. 

AFAIK, that proposal has no implementation yet, not even a BIP. (There are only two proposals with implementations: Gavin's BIP101 and my BIP99½  ).

I strongly suspect that Adam does not have any intention of implementing that plan, certainly not before the network gets saturated.  I believe that he made that proposal only to pretend that he is a reasonable guy, and to steal support from BIP101.

If the 2-4-8 plan were implemented in time, there would be no "fee market".  Then all those small-blockians who are impatient to see the fee market in action would be protesting loudly.  Why aren't they?  Perhaps because they too sense that Adam does not really mean it?

[shkiser]

what's nonsensical is the FED printing billions a month to support the US stock market and the USD is STILL considered gold

The Federal Reserve debt note scheme is the mother of pyramid schemes ... nothing like it, in vastness and pervasiveness, has been witnessed before in all history.

It is literally the biggest scam ever devised in humanity's history.

USA use to be somthing special...  really sad everything got all so fucked up. you guys had the "right stuff" and then USA got raped or somthing, not sure wtf happened but you had 'it' then somehow you lost 'it'.

We were infiltrated over 100 years ago. SOLD OUT TO THE BANKERS! The Federal Reserve isnt federal. Its privately owned, if they control the money they control the economy. For every dollar they print we owe something like 3... Its a debt system. Our money is no longer backed by gold. It literally has no value and only thing holding it up is the morons still believed it has value. I know old timers that STILL Believe our USD is back by gold.. Its sad.

[Frost]

I am not buying into this bulltrap.

[Cconvert2G36]

So what is the general consensus on what the outcome of the scaling conference this weekend might be?

Blockstream has conceded and it's going to 8mb blocks:

"Another idea that has been gathering support is Blockstream CEO and Hashcash inventor Dr. Adam Back's “2-4-8” quick fix, which would incrementally increase to the limit to 8 megabytes in three steps over four years time."

So small blockers are officially dead.  Adam Back is a part of Blockstream.  

It is my estimation that Bitcoin needs around 10MB block size to remove the glass ceiling on price (8MB is close enough), so next stop moon:
https://bitcointalk.org/index.php?topic=1271254.msg13115160#msg13115160

Adam floated that 2-4-8 proposal a few months ago.  Sorry, but I can't believe that it is a sincere proposal. 

AFAIK, that proposal has no implementation yet, not even a BIP. (There are only two proposals with implementations: Gavin's BIP101 and my BIP99½  ).

I strongly suspect that Adam does not have any intention of implementing that plan, certainly not before the network gets saturated.  I believe that he made that proposal only to pretend that he is a reasonable guy, and to steal support from BIP101.

If the 2-4-8 plan were implemented in time, there would be no "fee market".  Then all those small-blockians who are impatient to see the fee market in action would be protesting loudly.  Why aren't they?  Perhaps because they too sense that Adam does not really mean it?

Writing the code isn't the problem. If we get well into 2016 at the status quo, I'll start to entertain your insinuations. Until then, I am assuming good faith and evaluating proposals on their merits.

[AlexGR]

I strongly suspect that Adam does not have any intention of implementing that plan, certainly not before the network gets saturated.  I believe that he made that proposal only to pretend that he is a reasonable guy, and to steal support from BIP101.

The quality of saturation is the critical element one should be worried about.

Saturation from dust, spam, worthless micro-txs, faucets, dice, "stress tests", scripts that are purposefully wasting space in the blockchain for minimal fees, etc = nobody should even bother.

Saturation from legit txs should get a bump to accommodate for new capacity.

If you enlarge the block size prior to being genuinely saturated, you are just opening the bloat-attack-vector, wide open. And then users will say 'ohhh, this is bullshit, this program BTC requires me to download 2 tb of data prior to using it"... or, if someone is in a country where bandwidth is expensive and they are charged for over-the-top use, after, say, 100gb/month, "aaah, I can't even sync this without going over my monthly quota". Or "shit, I have to send these money out, and I'm syncing the last 30 hours and it takes an hour to do so"... because 8mb blocks are full of cheap spam and dust.

If someone says "but we can send these users to thin clients, web wallets etc", just contemplate that if this happens now, and having your own bitcoin-qt is unsustainable for a lot of people, then what will happen in 5 years or 10 years?

Block size needs a glide path that co-incides with actual usage, and marginalizes spam/dust, or makes it expensive for such txs.

[r0ach]

So what is the general consensus on what the outcome of the scaling conference this weekend might be?

Blockstream has conceded and it's going to 8mb blocks:

"Another idea that has been gathering support is Blockstream CEO and Hashcash inventor Dr. Adam Back's “2-4-8” quick fix, which would incrementally increase to the limit to 8 megabytes in three steps over four years time."

So small blockers are officially dead.  Adam Back is a part of Blockstream.  

It is my estimation that Bitcoin needs around 10MB block size to remove the glass ceiling on price (8MB is close enough), so next stop moon:
https://bitcointalk.org/index.php?topic=1271254.msg13115160#msg13115160

Adam floated that 2-4-8 proposal a few months ago.  Sorry, but I can't believe that it is a sincere proposal. 

AFAIK, that proposal has no implementation yet, not even a BIP. (There are only two proposals with implementations: Gavin's BIP101 and my BIP99½  ).

I strongly suspect that Adam does not have any intention of implementing that plan, certainly not before the network gets saturated.  I believe that he made that proposal only to pretend that he is a reasonable guy, and to steal support from BIP101.

If the 2-4-8 plan were implemented in time, there would be no "fee market".  Then all those small-blockians who are impatient to see the fee market in action would be protesting loudly.  Why aren't they?  Perhaps because they too sense that Adam does not really mean it?

Doesn't matter if he has no specific BIP, it just means they would end up going along with Garzik's BIP100 probably.  China won't go over 8MB, so it will probably fork to either 4MB or 8MB and BIP100.

[ChartBuddy]

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[peonminer]

I am not buying into this bulltrap.

I'm seeing a dump @ $390 this time.

[ChartBuddy]

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[BlindMayorBitcorn]

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