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

[Cconvert2G36]

I posted this in another thread but it seems relevant to what you guys are talking about.

Do we really have security and decentralization today when a few phone calls from the PRC could shut the whole thing down?

The only security against nation states with hundreds of billions of $ at their disposal is either through obscurity (monero) or through ubiquity (too big and important to attack).

Practically, it seems a compromise to 2MB would buy time to develop and roll out other solutions (segwit, LN, SC, etc) and could allow us to have more productive dialog in the interim.  

Have we considered the fact that a lot of those small-blockers seem to also have a vested interest in the success of a certain altcoin?

Meh, I don't dismiss their concerns completely because of this.

There are real concerns about maliciously formed 8MB blocks made by a dominant selfish miner. IMO it would be a miner acting against their interest in continued income, but the possibility is there, and the worry is not completely unfounded.

It's greatly diminished at 2MB, so I think that's a good compromise to buy some time and allow us to stop obsessing and fighting for a while.

I have to admit the King Satoshi and his little castle analogy made a lot of sense.

Is there any indication anywhere that Satoshi was aware of difficulties with scaling for mass adoption?

https://bitcointalk.org/index.php?topic=532.msg6306#msg6306

The current system where every user is a network node is not the intended configuration for large scale.  That would be like every Usenet user runs their own NNTP server.  The design supports letting users just be users.  The more burden it is to run a node, the fewer nodes there will be.  Those few nodes will be big server farms.  The rest will be client nodes that only do transactions and don't generate.

Quote from: bytemaster on July 28, 2010, 08:59:42 PM
Besides, 10 minutes is too long to verify that payment is good.  It needs to be as fast as swiping a credit card is today.

See the snack machine thread, I outline how a payment processor could verify payments well enough, actually really well (much lower fraud rate than credit cards), in something like 10 seconds or less.  If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
http://bitcointalk.org/index.php?topic=423.msg3819#msg3819

[1714756796]

1714756796

[JimboToronto]

Getting close to that 1000 wall on finex.

Pull or nomnomnom?

[billyjoeallen]

Are you also under the impression that BitPay hurts the trade of BTC?

Not if people have the option of not using it.  Paying for convenience and paying for access are two different things.

[Cconvert2G36]

Doubtful $330 will hold this time.

It dropped by $30 so you think it will drop $100 more?  

If wishes were horses...

Give it a week for sub $330.
-snip-

u liek brass balls too?

[peonminer]

Welcome to degen city.

[BlindMayorBitcorn]

Anyway, I'm sure it'll all work out for the best.

.

[billyjoeallen]

I can just imagine what banksters like Blythe Masters are thinking: "Thanks for the great idea kids, but we'll take it from here. You can play in your 1MB yard, but the grownups will handle the real work."

[billyjoeallen]

I imagine implementing a rough consensus attack is kind of like jury tampering. If the verdict has to be unanimous, all you have to do is get to one juror.

[adamstgBit]

[abercrombie]

no dead cat bounce?

is crypto done??

[ChartBuddy]

Coin



Explanation

[Chef Ramsay]

So what's the probability of Bitcoin becoming the World Reserve Currency if the on chain transaction capacity is 500,000/day?

[galdur]

no dead cat bounce?

is crypto done??

The term dead cat bounce doesn´t really apply in this kind of chart formation  

[PoolMinor]

So what's the probability of Bitcoin becoming the World Reserve Currency if the on chain transaction capacity is 500,000/day?

+1

[TERA]

I don't know what will happen afterward but I just really want to see someone buy that 1000 wall. It has been too close too long.

[adamstgBit]

[adamstgBit]

[2015Bubble]

I don't know what will happen afterward but I just really want to see someone buy that 1000 wall. It has been too close too long.

nomnomnom great buy

[billyjoeallen]

a little chunk taken out of the 1k wall on BFX. Will it hold?

EDIT: aaaand it's gone.

[Alley]

Wall gone