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

[ChartBuddy]

Coin



Explanation

[keystroke]

Satoshi's original vision of sound money & free guns

I remember hearing he was for free drugs -- guns too?

[birr]

I'd like to see some work on how to solve the attack vectors, how to make blockchain use more efficient, how to make the network propagate information faster - stuff like that which represent actual advances.

Segregated Witness.

[ChartBuddy]

Coin



Explanation

[conspirosphere.tk]

economic retardation

That's the pathology of (supposedly honest) blockchain bloaters. Refusing to see that increasing the blocksize without providing incentives to dissuade destructive behaviors (from spam attacks to gratuitous crap) is both pointless and suicidal.

[Hyperjacked]

We'll get more volatility very soon. Just give the market some time to get past the holidays and back to work. 

And let's not forget there has been a nasty dump on Christmas when everybody was celebrating. Stabilty and Bitcoin trading don't rhyme yet and probably never will. So yes, expect some turbulence soon

It usually happens when ppl least expect it...

Can't say I don't like the cheap price...

Cheers and enjoy the New Year!

[sAt0sHiFanClub]

economic retardation

That's the pathology of (supposedly honest) blockchain bloaters. Refusing to see that increasing the blocksize without providing incentives to dissuade destructive behaviors (from spam attacks to gratuitous crap) is both pointless and suicidal.

Nonsense.  

1.  Are you going to define and provide cut off points for what constitutes "gratuitous crap"?  Someone who is legitimately  sending 1000 tx today at the average per kb fee, does this become spam if they fail to meet your new fee targets?

2. Please use the more accurate term "charge higher fees" instead of "dissuade". Because that is all you are doing.

3. Miners are currently incentivized to produce the smallest blocks possible with respect to the transaction volume.

4. Letting the Political Bureau of the Central Committee of the Core Devs of Blockstream decide the issue, rather than the market itself seems a strange thing to do in what is supposed to a decentralized anti-fragile ecosystem such as Bitcoin.

[ChartBuddy]

Coin



Explanation

[conspirosphere.tk]

economic retardation

That's the pathology of (supposedly honest) blockchain bloaters. Refusing to see that increasing the blocksize without providing incentives to dissuade destructive behaviors (from spam attacks to gratuitous crap) is both pointless and suicidal.

Nonsense.  

1.  Are you going to define and provide cut off points for what constitutes "gratuitous crap"?  Someone who is legitimately  sending 1000 tx today at the average per kb fee, does this become spam if they fail to meet your new fee targets?

2. Please use the more accurate term "charge higher fees" instead of "dissuade". Because that is all you are doing.

3. Miners are currently incentivized to produce the smallest blocks possible with respect to the transaction volume.

4. Letting the Political Bureau of the Central Committee of the Core Devs of Blockstream decide the issue, rather than the market itself seems a strange thing to do in what is supposed to a decentralized anti-fragile ecosystem such as Bitcoin.

1. No, until he keeps paying fees high enough to let his tx included, given the traffic of the moment. Which means: at the rising of demand (blocks getting full), tx fees have to go up, because TANSTAAFL.

2. of course. For the very retarded I might use that.

3. and making them bigger they are incentivized to mine empty blocks.

4 on the market value has a price. and free shit is still shit.  I don't care at all about Blockstream and whatever, until the hard core remains hard.

[sAt0sHiFanClub]

1. No, until he keeps paying fees high enough to let his tx included, given the traffic of the moment. Which means: at the rising of demand (blocks getting full), tx fees have to go up, because TANSTAAFL.

2. of course. For the very retarded I might use that.

3. and making them bigger they are incentivized to mine empty blocks.

4 on the market value has a price. and free shit is still shit.  I don't care at all about Blockstream and whatever, until the hard core remains hard.

If there were ever a 4 Step Plan to eradicate bitcoin, then this would be it. Congratulations, bankster! 

Regarding point 3 - How does that incentive work, and why isnt it happening now?

 

[ChartBuddy]

Coin



Explanation

[Richy_T]

Which only means that it must really suck for them that the master himself thought of max blocksize as a trivially easily changeable spam prevention measure, not some grand economic variable that must be protected by the spilling of blood of free Randian Übermenschen once in a while.

Yes. This is really my point. I'm not saying that we should increase it because Satoshi said we should, I'm just saying that it is an arbitrary limit with no meaning and was chosen to be so high that it would not interfere with regular transactions (which will no longer be the case shortly). Something like doubling the limit would have zero effect in the immediate term but will avoid us running head-first into a wall in 3 months or so.

[hdbuck]

lol so now chartbuddy gone total shill and advertise yet another dead on arrival altcoin.

mods? banhammer time?

[Cconvert2G36]

lol so now chartbuddy gone total shill and advertise yet another dead on arrival altcoin.

mods? banhammer time?

[r0ach]

That's the pathology of (supposedly honest) blockchain bloaters. Refusing to see that increasing the blocksize without providing incentives to dissuade destructive behaviors (from spam attacks to gratuitous crap) is both pointless and suicidal.

The incentive to prevent people from spamming the blockchain is minimum transaction fee.  If people are spamming the blockchain for no reason as an attack vector, it means minimum transaction fee should be higher.  Zero fee transactions never should have existed.  Since finite block size is an open, readily available attack vector, the one thing the small blockers have going for them is, it's inevitable you'll reach a fee market no matter what you set block size to.  I still think Bitcoin needs to scale to around 8-10MB blocks to not have a glass ceiling on price, but it should be able to do that with time.

Also, even though I want block size increased, since the blocks will become full no matter what you set them to, it's probably better to let them fill first to test how the system works and create solutions for whatever problems occur rather than dealing with the same problem at 10 or 20MB blocks later.  So yea, raising the block size isn't really that urgent yet as some people say.

[ChartBuddy]

Coin



Explanation

[Richy_T]

Shill? The desperation is showing.  

I'm going to stop including 1 transaction blocks in the full-block calculations though. There were three out of six (all F2Pool) when I looked yesterday. That's skewing things way down.

[ChartBuddy]

Coin



Explanation

[AlexGR]

Shill? The desperation is showing.  

I'm going to stop including 1 transaction blocks in the full-block calculations though. There were three out of six (all F2Pool) when I looked yesterday. That's skewing things way down.

How is it calculated right now?

(Btw, last block was also a 1-transaction block https://blockchain.info/block/0000000000000000011bcf42f3520787eb3172c9d3dc42b2379be12cf43f3567 )

[Richy_T]

Shill? The desperation is showing.  

I'm going to stop including 1 transaction blocks in the full-block calculations though. There were three out of six (all F2Pool) when I looked yesterday. That's skewing things way down.

How is it calculated right now?

(Btw, last block was also a 1-transaction block https://blockchain.info/block/0000000000000000011bcf42f3520787eb3172c9d3dc42b2379be12cf43f3567 )

It iterates over all blocks since the last check, totals the block space used and the block space available (by adding 1000000 for each block) and calculates the percentage from that.

In theory, empty blocks *could* be valid but in practice, I think it's fair to say that 100% are from early mining empty blocks (which is a valid miner activity according to the rules but skews calculations and causes the difficulty higher than it should be, causing a lower tps availability)