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

[aztecminer]

wut ? we gotta do wut "blockchain blacklists" ? ok everyone all chant at same time: "china must go" "we want blockchain blacklists"!  .... follow up with a give me a "WOOT WOOT" .

Clearly their influence is making Bitcoin too inscrutable. Possibly even more dangerous than centralization.

yes.. the evil chinese miners and their evil Huobi must GO! there is no choice, the evil chinese has forced us to implement "blockchain blacklists" . we're putting chinese miners on no-fly lists too.

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[Richy_T]

Next up, I think full blocks vs time and probably fees vs time.

Have you seen someone break down the fee/non-fee transaction distribution lately? I would think people are already starting to add extra fees. I know I am.

I'm pretty sure that non-fee transactions are all-but gone. That's why the mempool just grows and grows. There was no mechanism for expiring transactions though I believe that was added to Core in October (not sure if it's in the current stable release yet though). Core will no longer relay them by default and with blocks full on a regular basis, why would miners bother?

[Richy_T]

wut ? we gotta do wut "blockchain blacklists" ? ok everyone all chant at same time: "china must go" "we want blockchain blacklists"!  .... follow up with a give me a "WOOT WOOT" .

Clearly their influence is making Bitcoin too inscrutable. Possibly even more dangerous than centralization.

yes.. the evil chinese miners and their evil Huobi must GO! there is no choice, the evil chinese has forced us to implement "blockchain blacklists" . we're putting chinese miners on no-fly lists too.

No-no. That's for Nigerian scammers. Redlists for the Ruskies and yellowlists for the Asians.

[coins101]

wut ? we gotta do wut "blockchain blacklists" ? ok everyone all chant at same time: "china must go" "we want blockchain blacklists"!  .... follow up with a give me a "WOOT WOOT" .

Clearly their influence is making Bitcoin too inscrutable. Possibly even more dangerous than centralization.

yes.. the evil chinese miners and their evil Huobi must GO! there is no choice, the evil chinese has forced us to implement "blockchain blacklists" . we're putting chinese miners on no-fly lists too.

By the sound of it increasing blocks will invoke the great fire wall of China and btc will become more decentralised almost overnight.

It's like asking turkeys to vote for Christmas

[aztecminer]

100% filled block and price on the downside, not a good morning for me at the moment.
I need some coffee to wake up and analyze WTF happened tonight

It has nothing to do with a few full blocks; actually that doesn't ever impact the price. This was caused by Hearn who should be listed as one of the worst people that were ever in the Bitcoin ecosystem & Cryptsy. Hearn basically declared Bitcoin as dead/dying and the media caught it, a fine exaple of a evil and backstabbing person.

sounds like he knows bitcoin wasn't ready to be pumped.

[Richy_T]

It's like asking turkeys to vote for Christmas

Logistical nightmare. The lack of an opposable thumb really limits your options.

[aztecminer]

wut ? we gotta do wut "blockchain blacklists" ? ok everyone all chant at same time: "china must go" "we want blockchain blacklists"!  .... follow up with a give me a "WOOT WOOT" .

Clearly their influence is making Bitcoin too inscrutable. Possibly even more dangerous than centralization.

yes.. the evil chinese miners and their evil Huobi must GO! there is no choice, the evil chinese has forced us to implement "blockchain blacklists" . we're putting chinese miners on no-fly lists too.

By the sound of it increasing blocks will invoke the great fire wall of China and btc will become more decentralised almost overnight.

It's like asking turkeys to vote for Christmas

the chinese panics were fun, but u guys really have taken this racism thing to new levels that i can't condone. .. i just cannot hate people just cuz they mine bitcoins. #sorrycharlie

[Fatman3001]

wut ? we gotta do wut "blockchain blacklists" ? ok everyone all chant at same time: "china must go" "we want blockchain blacklists"!  .... follow up with a give me a "WOOT WOOT" .

Clearly their influence is making Bitcoin too inscrutable. Possibly even more dangerous than centralization.

yes.. the evil chinese miners and their evil Huobi must GO! there is no choice, the evil chinese has forced us to implement "blockchain blacklists" . we're putting chinese miners on no-fly lists too.

By the sound of it increasing blocks will invoke the great fire wall of China and btc will become more decentralised almost overnight.

It's like asking turkeys to vote for Christmas

Hmmm... not that I agree with the "everything China is evil" vibe in this thread, but it would be interesting to fill the blocks with anti-chinese-government propaganda and see what happens.

[BitUsher]

Hearn's immaturity and disloyalty isn't even worth our contempt. His contributions and reckless actions will be forgotten and we will move forward with this grand project. There is no stopping this; our efforts are being realized.

[fisheater22]

Hearn's immaturity and disloyalty isn't even worth our contempt. His contributions and reckless actions will be forgotten and we will move forward with this grand project. There is no stopping this; our efforts are being realized.

Chin up, Buttercup!

[Richy_T]

the chinese panics were fun, but u guys really have taken this racism thing to new levels that i can't condone. .. i just cannot hate people just cuz they mine bitcoins. #sorrycharlie

Just to be clear, my tongue was firmly in cheek.

What the concentration of mining in China illustrates is the failures of a command economy. China provides electricity at a reduced cost (by drawing value from other parts of their economy) and the Chinese miners are taking advantage by sucking the value into their own coffers. It's all quite rational

The interesting thing is what happens next.

[Fatman3001]

Hearn's immaturity and disloyalty isn't even worth our contempt. His contributions and reckless actions will be forgotten and we will move forward with this grand project. There is no stopping this; our efforts are being realized.

Come on, you know bitcoiners are, more often than not, major dicks. It would be crazy if nobody ever got fed up with it.

[ChartBuddy]

Coin



Explanation

[fisheater22]

So satoshi  Mike Gavin sold us out...
Who's still manning the barricades? Anyone?

[aztecminer]

Mike Hearn is the ultimate bitcoin troll. Lol.

yeah.. he make billyjoeallen look like a rookie even though billyjoe is one of the four punch raiders. mike hearn is #1 bitcoin troll! that was awesome!

[Fatman3001]

the chinese panics were fun, but u guys really have taken this racism thing to new levels that i can't condone. .. i just cannot hate people just cuz they mine bitcoins. #sorrycharlie

Just to be clear, my tongue was firmly in cheek.

What the concentration of mining in China illustrates is the failures of a command economy. China provides electricity at a reduced cost (by drawing value from other parts of their economy) and the Chinese miners are taking advantage by sucking the value into their own coffers. It's all quite rational

The interesting thing is what happens next.

What happens next is that they are invited to give technical advice on how to best maintain China's (un)competitive advantage. This is one thing I really am struggling to understand. If the biggest problem to Bitcoins decentralization is that over 51% of miners are potentially under the influence of the chinese government, why didn't core just implement BIP101 a year ago? Everyone would just silently approve and chinese miners would perhaps be more inclined to join foreign pools instead of running their own pools inside China's crippled communet.

[tomothy]

An Open Letter from Sam Cole (CEO of KNC Miner)
Post reputation: 4 Quote
Fri Jan 15, 2016 4:49 pm

Sam Cole, CEO of KNC wrote:
All.


Maybe e-mail is not the best place to do this, but there aren’t many better choices that come to mind right now. Please feel free to quote me and forward this to anyone you see fit. You may even Post it on Reddit or other forums or simply ignore it.

To anyone reading this who was not on the original To: list. It simply means that you were not at the top of my inbox and nothing else. no one has been excluded on purpose at all.


We are clearly facing a crises like we have never faced before in the bitcoin echo-system. It appears to be completely caused by humans this time. It should be seen as a success issue, even if it’s not a nice problem to have.

Bitcoin is, as I hope you all agree, still very very small on the size of global acceptance. We have a long way to go before it actually realizes its true potential. I personally believe that bitcoin can become a great system for many things in the future. We may all have different ideas on where Bitcoin is going but I don’t believe for one second that anyone here will want it to stop and stay exactly where it is.

The issue is by doing nothing we are actually forcing it to stop growing and stay where it is.

We have on-boarded about as many users as we can. There simply is no space left to expand bitcoin. There are many competing ideas there are many smart people and possibly to many ideas. The fact remains the same:
Most of the latest development ideas coming out are not addressing our issues this time. So it will fall back on us to protect what we have built and let it expand into what we think it can become.

So I propose that we jump to 2mb in the Bitcoin classic idea. Not only will this allow us to expand bitcoin and on board more users, it will also show that:

· We will protect our investments and businesses.
· Sound economic rules govern bitcoin businesses and not just ideological ideas.
· Under pressure we can make tough decisions that are for the best of bitcoin and not for any one individual company.
· The ideas and fixes the development team produce need to be more influenced by the economic requirements we have, not just the technical ones.

Now for the other maybe good maybe bad things

· It will cause more rifts in the development teams.
· It will cause us all to go through the pain of a hard fork.

The lists above are not meant to be extensive or exhaustive and there are many that can be added to either side, but the main point is this: It’s no longer really a choice to simply stand still and wait for others to fix this problem.

I propose that we all simply stand up and stand behind bitcoin. Allow it to grow more in the simplest way possible, and I can’t emphasize enough how important simple is to this process. Humans are making this complex we don’t need technology to make it more complex.

So with the above said: We will be changing our code to run 2mb bitcoin classic ASAP, please join me in changing your code to run the same or public show your support.


Thanks,
Sam

Med vänlig hälsning | Best regards
Sam Cole
KnC
http://www.kncgroup.com

https://forum.bitcoin.com/bitcoin-discussion/an-open-letter-from-sam-cole-ceo-of-knc-miner-t4868.html

https://www.reddit.com/r/btc/comments/413mhn/an_open_letter_from_sam_cole_ceo_of_knc_miner/

[infofront]

So satoshi  Mike Gavin sold us out...
Who's still manning the barricades? Anyone?

Don't worry, Blockstream has everything under control.

[Ibian]

This entire mess is stupid. It's not a choice between bigger blocks OR better blocks. Do both.

[sAt0sHiFanClub]

Next up, I think full blocks vs time and probably fees vs time.

Have you seen someone break down the fee/non-fee transaction distribution lately? I would think people are already starting to add extra fees. I know I am.

2016-01-15 17:30:18 ERROR: AcceptToMemoryPool: free transaction rejected by rate limiter

This is all the logs show - I'll put a script together to match them to [whenever] they make it to a block or just die. I'll mess with limitfreerelay and
minrelaytxfee and see what figures come up.