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

[billyjoeallen]

UPDATE: SwampNode is up and running BitcoinXT on dedicated hardware. If you have a better solution, I'd like to hear it, but it had better be soon. We're getting full blocks daily now. Before long it will be hourly and then every damn one.  You can imagine what happens to bitcoin price when the only offramp from the exchanges is fiat. Only it won't just be one exchange. It will be all of them.

You seem alarmed. 3 of 5 core devs are (I believe) in principle opposed to bigger blocks, and are by conflict of interest disincentivised to buckle. Problem?

Why would it be alarming that the guys in charge of scaling the network have incentives to not let it scale? I mean, that just plain bullish in crazy land.

Speaking of crazy, where's Professor Trolfi these days? The guy's a terrible economist but he made good points about technical issues. Even wrote his own scaling patch.

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[marcus_of_augustus]

UPDATE: SwampNode is up and running BitcoinXT on dedicated hardware. If you have a better solution, I'd like to hear it, but it had better be soon. We're getting full blocks daily now. Before long it will be hourly and then every damn one.  You can imagine what happens to bitcoin price when the only offramp from the exchanges is fiat. Only it won't just be one exchange. It will be all of them.

You seem alarmed. 3 of 5 core devs are (I believe) in principle opposed to bigger blocks, and are by conflict of interest disincentivised to buckle. Problem?

This is wrong, (intentionally?).

The five core devs with commit access were:

Gavin A.
Greg M.
Jeff G.
Pieter W.
Wladimir vdL

Only 2 of 5 have now an affiliation with a commercial enterprise. Now Greg has rescinded commit access that is 1 of 4.

The technical problem of how to establish a fee market for future security has still not been solved. Hard-forking before a long-term solution gains broad consensus is dangerous.

Gmaxwell's roadmap for increasing the network capacity has good consensus and is the most logical way forward. Solutions for the long-term will gradually become more apparent as it approaches but a better solution is always only 1 lightbulb moment away. Discounting human ingenuity in favour of mediocre workarounds will doom you to losing money.

[billyjoeallen]

Even if we hard fork with a 75% general concensus for a bigger transaction capacity, why would this cause anyone to sell out their stash? The derp is strong in this forum.

If that happened, I would go all in. Leveraged. Trade between long and margin long only.

[billyjoeallen]

Gmaxwell's roadmap for increasing the network capacity has good consensus and is the most logical way forward. Solutions for the long-term will gradually become more apparent as it approaches but a better solution is always only 1 lightbulb moment away. Discounting human ingenuity in favour of mediocre workarounds will doom you to losing money.

They've had YEARS to get a lightbulb moment. It's like waiting for economically viable fusion reactors. It's not just a technical issue. But it's worse than that. It's philosophical and ideological. It's expecting two guys who by your own admission have incentives to not do their goddamn jobs--who both have effective veto power--to come up with a solution that will ruin their side businesses. 

[brg444]

How to know you're on the right side of things: spot where notorious paid troll jstolfi's allegiance lies and support the opposite.

[brg444]

Gmaxwell's roadmap for increasing the network capacity has good consensus and is the most logical way forward. Solutions for the long-term will gradually become more apparent as it approaches but a better solution is always only 1 lightbulb moment away. Discounting human ingenuity in favour of mediocre workarounds will doom you to losing money.

They've had YEARS to get a lightbulb moment. It's like waiting for economically viable fusion reactors. It's not just a technical issue. But it's worse than that. It's philosophical and ideological. It's expecting two guys who by your own admission have incentives to not do their goddamn jobs--who both have effective veto power--to come up with a solution that will ruin their side businesses.  

The market had a chance to adopt an implementation that supported big blocks and it didn't so clearly there's a couple of holes in your logic.

[billyjoeallen]

So who's buying today that couldn't have bought yesterday when FOMO was running rampant?  Every ten minutes, new coins are mined. Every day, blocks get closer to 1MB.  Every day, the people that bought above $460 feel a little more burned.

[BlindMayorBitcorn]

So who's buying today that couldn't have bought yesterday when FOMO was running rampant?  Every ten minutes, new coins are mined. Every day, blocks get closer to 1MB.  Every day, the people that bought above $460 feel a little more burned.

-Speculators
-Degenerates
-Drug users/Drug dealers
-Gamblers
-Rich people
-Techy coder types

Everyday, day after day.

[Richy_T]

Lambie seems more retarded than usual. Are they working shifts?

Yrpapers? Dunno, I've started putting any new posters here on ignore - I feel guilty about the false positives, but not that guilty. There's been a couple of times I've been drawn into a conversation and half way through had my ovine suspicions confirmed and ended up sticking the wee lamb's latest alt on ignore.

People have been more diligent about "Report to moderator" and those accounts haven't been lasting long anyway.

Though there's at least one with a fairly decent activity count where I think Lambie is playing the long con.

[owlcatz]

But i hear many blocks get mined with zero or few tx's.. why?  

edit - dafuq is a lambie sorry hahaha

[lightfoot]

But i hear many blocks get mined with zero or few tx's.. why?  

edit - dafuq is a lambie sorry hahaha

Lot of spam transactions, clog up the fucking bitcoind getwork. Thus transactions have to have a min tx fee. Also there is a fake belief that not putting the transactions into the found block will allow your crap-pool to mine a tiny advantage on the next block.

[peonminer]

You should add a few coins to your short

[ChartBuddy]

Coin



Explanation

[owlcatz]

But i hear many blocks get mined with zero or few tx's.. why?  

edit - dafuq is a lambie sorry hahaha

Lot of spam transactions, clog up the fucking bitcoind getwork. Thus transactions have to have a min tx fee. Also there is a fake belief that not putting the transactions into the found block will allow your crap-pool to mine a tiny advantage on the next block.

Well that's fucking dumb, it's just throwing money away in tx fees. 

[owlcatz]

You should add a few coins to your short

How's your crapcoin Sprouts doing, buddy? Any better than yesterday's 30% plunge? http://coinmarketcap.com/currencies/sprouts/ Let's see...
Better, better! Only fell 14% today

Off topic. Sprouts is a shitcoin, who cares. this is the bitcoin wall observer thread, show some respect. lol. 

[Cconvert2G36]

Off topic. Sprouts is a shitcoin, who cares. this is the bitcoin wall observer thread, show some respect. lol.  

But it's our jew fearing friend Peonminer's shitcoin, therefore relevant.

Edit: embarrassed about being a reactionary mouth breather? fine I'll delete this as you apparently recognized how stupid you looked

Edit2: doubled down? ok nvm

[ssmc2]

So who's buying today that couldn't have bought yesterday when FOMO was running rampant?  Every ten minutes, new coins are mined. Every day, blocks get closer to 1MB.  Every day, the people that bought above $460 feel a little more burned.

-Speculators
-Degenerates
-Drug users/Drug dealers
-Gamblers
-Rich people
-Techy coder types

Everyday, day after day.

My kind'a people

[BlindMayorBitcorn]

So who's buying today that couldn't have bought yesterday when FOMO was running rampant?  Every ten minutes, new coins are mined. Every day, blocks get closer to 1MB.  Every day, the people that bought above $460 feel a little more burned.

-Speculators
-Degenerates
-Drug users/Drug dealers
-Gamblers
-Rich people
-Techy coder types

Everyday, day after day.

My kind'a people

Have a cigar.

[billyjoeallen]

You should add a few coins to your short

Nobody is fucking shorting except me. Where do you get this idea that it's margin bears holding the price down? ~ 374 coins were shorted in the last 24 hours. That's about 1/10th of the coins mined in that period.  How much of a pop is a 7K coin short squeeze gonna give you?  You would also have to believe that 24 Million in leveraged longs on BFX alone aren't going to take profits before that happens. 

The pump if there is one has to come from new money.  Who besides me even has any fiat now? Other bears, that's who and we ain't buying at these prices.

[peonminer]

You should add a few coins to your short

How's your crapcoin Sprouts doing, buddy? Any better than yesterday's 30% plunge? http://coinmarketcap.com/currencies/sprouts/ Let's see...
Better, better! Only fell 14% today

Off topic. Sprouts is a shitcoin, who cares. this is the bitcoin wall observer thread, show some respect. lol.  

The boy just seems so angry all the time, I figured maybe if I expressed some interest in his other failures shitcoin of choice, he'd warm up to me a bit. Who would'a thought a coin could tank so hilariously hard for so many days in a row? Guess it was a lousy time to bring it up. Again.
Fuck my luck

Shooting for the Doge tank award (; Will buy the entire supply at 1 oshi no fear of jews. How can you fear a population that was almost exterminated by the Nazis? Keep bashing lambie shill. Every time you bash it goes up. It's one of the few coins you can use to get out of Cryptsy's black hole, BTW (;  I love your enthusiasm when it comes to whining, lambie. You are definitely a professional child/indecisive bigot. Congratulations at being the most shameful excuse for a human being in current existence. You never cease to surprise us! How's that 450 short working for ya