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

[Tzupy]

welcome back TERA

Despite the fact that rationally I should be unhappy at seeing good traders enter the competition, it's good to see you back man ! 

+1

As for trusting the exchanges, if you want to trade bitcoin, there's not much of a choice...
Chinese exchanges have been faking volume, as exposed here, to paint a more bullish look of the market.
https://bitcointalk.org/index.php?topic=1278313.20

[1714505373]

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[1714505373]

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[ChartBuddy]

Coin



Explanation

[aztecminer]

I've always known btc had a lot of technical quirks that require either a fork or the continuation of Moore's law or both. The blocksize of all things, at first impression, seems like one of the more minor issues that could be solved with some kind of fork.

You'd think so, wouldn't you? The problem is that there is ideological as well as technical reasons both for and against any scaling solution/change. There isn't anything close to a consensus and network traffic keeps growing.  Some are even hoping to overload the network in order to create a market for xaction fees. IMHO, that's madness that could catastrophically retard growth and adoption.  

It's just a huge uncertainty that is difficult to price in.  

and when "blockchain blacklists" go into the code there will be more problems for bitchcoin.

[kromtar]

The first bubble was just unsustainable, now the price is self-regulating progressively side by side with the hashrate till infinitum, because technology will always evolve.

I think in the coming years we will see plenty of bitcoin mining devices and even mining pool's tv spots competing with each other asking people to connect their devices to their mining pools.

CCMF!!! 

[ChartBuddy]

Coin



Explanation

[ghandi]

Finally. There we go again.

[Tzupy]

Huh... Some Chinese threw a spanner in my bearish works...

[peonminer]

[Feri22]

Up

[suda123]

Up

ere we go bois

[Mervyn_Pumpkinhead]

Everyone are euphoric.. and I'm just sitting here.. waiting for people to become disappointed..

[peonminer]

Everyone are euphoric.. and I'm just sitting here.. waiting for people to become disappointed..

[suda123]

Everyone are euphoric.. and I'm just sitting here.. waiting for people to become disappointed..

lol..... D:<

[AlexGR]

Low fee transactions could take days to confirm. Zero fee xactions may never confirm.

Sounds like it will finally work like it should be.

The blockchain is too valuable a resource to be wasted by zero and ridiculously low fee txs.

And it's not only scaling but usability too. If I have a 100mb block size and it takes me a couple of hours just to sync the last day or a day to sync the last week (before I send a payment), will this be usable? Or will people say, ah yes, now you lost the ability to run bitcoin-qt, just use a thin client...

That's either stupid or dishonest. Nobody is proposing 100 MB blocks and won't unless bandwidth gets much much greater. The design is for block reward to subsidize miners until the network grows big enough to be supported on fees. How is that possible with ~ half million xactions/day? 

This is supposed to be a peer to peer network for the people, not <1 million elitists, criminals and middlemen.

We have different interpretations of stupidity.

When I have a system that has a hole in it (bloat in blockchain through low or no fees, that can be abused as an attack vector and kill bitcoin usage and adoption in the long run), I will not go and make it larger so that someone else can sink my boat. *That* is stupidity.

Scaling is not an issue right now. Not the processing of transactions. If you want to make a legitimate transaction, you'll pay a normal fee and you'll be processed in one block.

If you enlarge the block before scaling becomes an issue, then you open the attack vector wide open for further abuse (because it is already abused with over half the transactions being dust and spam). This is beyond idiotic.

I believe when the time comes, and the need is real, the block size can be increased. If it doesn't, there will be just some fee competition that prevents a lot of low and very low value tx. So what? This is certainly the lesser of the two evils involved here.

[aztecminer]

bitchcoin breaks 425 on its way to 500. who is going to sell at 500 ??

[ChartBuddy]

Coin



Explanation

[Torque]

bitchcoin breaks 425 on its way to 500. who is going to sell at 500 ??

Me.

Can't believe this one pumper is controlling the entire market.  There are literally no other players. I'm secretly hoping a deep pocket bear raider comes swooping in out of nowhere and crushes this fake market run. It would be completely deserved.

If it does happen, it'll probably be the same guy doing it.

Completely. Fake. Market. No wonder Average Joes detest bitcoin. With things like this, it's a wonder anyone will ever want to buy bitcoin in the future.

[Ultrafinery]

Low fee transactions could take days to confirm. Zero fee xactions may never confirm.

Sounds like it will finally work like it should be.

The blockchain is too valuable a resource to be wasted by zero and ridiculously low fee txs.

And it's not only scaling but usability too. If I have a 100mb block size and it takes me a couple of hours just to sync the last day or a day to sync the last week (before I send a payment), will this be usable? Or will people say, ah yes, now you lost the ability to run bitcoin-qt, just use a thin client...

That's either stupid or dishonest. Nobody is proposing 100 MB blocks and won't unless bandwidth gets much much greater. The design is for block reward to subsidize miners until the network grows big enough to be supported on fees. How is that possible with ~ half million xactions/day? 

This is supposed to be a peer to peer network for the people, not <1 million elitists, criminals and middlemen.

We have different interpretations of stupidity.

When I have a system that has a hole in it (bloat in blockchain through low or no fees, that can be abused as an attack vector and kill bitcoin usage and adoption in the long run), I will not go and make it larger so that someone else can sink my boat. *That* is stupidity.

Scaling is not an issue right now. Not the processing of transactions. If you want to make a legitimate transaction, you'll pay a normal fee and you'll be processed in one block.

If you enlarge the block before scaling becomes an issue, then you open the attack vector wide open for further abuse (because it is already abused with over half the transactions being dust and spam). This is beyond idiotic.

I believe when the time comes, and the need is real, the block size can be increased. If it doesn't, there will be just some fee competition that prevents a lot of low and very low value tx. So what? This is certainly the lesser of the two evils involved here.

TL;DR: Keep Bitcoin as a smaller & more uncertain version of fiat. Make sure it also becomes more expensive to transact with.
Put off solving Bitcoin's principal problems for later, because totally good enough for now.
This will really drive adoption.

[suda123]

bitchcoin breaks 425 on its way to 500. who is going to sell at 500 ??

Me.

Can't believe this one pumper is controlling the entire market.  There are literally no other players. I'm secretly hoping a deep pocket bear raider comes swooping in out of nowhere and crushes this fake market run. It would be completely deserved.

If it does happen, it'll probably be the same guy doing it.

Completely. Fake. Market. No wonder Average Joes detest bitcoin. With things like this, it's a wonder anyone will ever want to buy bitcoin in the future.

bitchcoin breaks 425 on its way to 50000000000. who is going to sell at 50000000000 ??

fixd dat 4 u bud

[BlindMayorBitcorn]

LOL!

http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-December/011936.html