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

[cbeast]

Thats why the best way going forward is to increase TPS via-segwit short term (superior to hardfork increase) and payment-channels, hard-fork, lightining, other methods long term.

No need for this contentious, chaotic hard fork attempt that is really power grab in disguise, and trades off decentralisation.  

You can do that right now by creating a proof-of-burn POS hobby coin because that's what seg-witless is.

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[ChartBuddy]

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[spiderbrain]

I think Bitcoin will not, cannot grow until the governance model is changed. There is a clear conflict of interest with the core developers and Blockstream. 

Yeah, this is also my thinking. Is there any sort of bridge-building conference happening? We need some kind of peace talks!

[nanobrain]

I think Bitcoin will not, cannot grow until the governance model is changed. There is a clear conflict of interest with the core developers and Blockstream. 

Yeah, this is also my thinking. Is there any sort of bridge-building conference happening? We need some kind of peace talks!

Way too much pride, testosterone and vested-interests [see above] for a sensible solution at this point.

[ChartBuddy]

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[orpington]

Price crashed again, woohoo!!

Good job Gavin with your shit-eating grin and all you "classic" FUDsters! Right on!

[cbeast]

I think Bitcoin will not, cannot grow until the governance model is changed. There is a clear conflict of interest with the core developers and Blockstream. 

Yeah, this is also my thinking. Is there any sort of bridge-building conference happening? We need some kind of peace talks!

Way too much pride, testosterone and vested-interests [see above] for a sensible solution at this point.

Yeah. I can't wait for them to lose interest in the "failed" Bitcoin and move on to creating and "governing" a project with no such conflicts.

[ChartBuddy]

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[abercrombie]

is crypto done?? 

[coins101]

is crypto done?? 

For you, maybe.

But this says its taking off

https://bitcoinwisdom.com/bitcoin/difficulty

[jbreher]

Meant to not change without how much consensus?

Edit: Some of it? All of it?

More then 75% of hash power and a few big name exchanges, thats for sure.

Well, no. If any more than 50% of the hash power decides to change Bitcoin, then Bitcoin will change. It is a certainty.

It may be painful as the longest chain waffles back and forth between the changed and the unchanged, but eventually, the chain built as per rules agreed to by the majority hash power will dominate. This potential to waffle is why the threshold for activating the new rules is put at a supermajority level - say... 75%.

No because the chain they mine will be not considered valid by nodes. Nodes and users ultimately decide what bitcoin is.

Mining trigger is used simply because its something that can be measured. Node count can be sybiled.

You know any significant miners that are not nodes? No, neither do I.

Here's the dirty little secret nobody wants to discuss: pure nodes have no power. None whatsoever.

What miners want, miners will get. The only counterbalance is the prospect that the users will abandon the coin en masse.

[jbreher]

What? I was not aware the scaling problem was so high!

Yes. It is. The clear trend is that transactions per unit time are increasing. At some point in the very near future, bitcoin will hit a ceiling that it has not before hit - the situation where blocks are persistently full.

Why are most people saying that everything is fine and that scaling will come then?

I think BJA would argue against "everything fine". I'm in the camp of "things are gonna soon suck, and will continue to suck, until the pain rises to the point where most admit things need doing".

[danielW]

Meant to not change without how much consensus?

Edit: Some of it? All of it?

More then 75% of hash power and a few big name exchanges, thats for sure.

Well, no. If any more than 50% of the hash power decides to change Bitcoin, then Bitcoin will change. It is a certainty.

It may be painful as the longest chain waffles back and forth between the changed and the unchanged, but eventually, the chain built as per rules agreed to by the majority hash power will dominate. This potential to waffle is why the threshold for activating the new rules is put at a supermajority level - say... 75%.

No because the chain they mine will be not considered valid by nodes. Nodes and users ultimately decide what bitcoin is.

Mining trigger is used simply because its something that can be measured. Node count can be sybiled.

You know any significant miners that are not nodes? No, neither do I.

Here's the dirty little secret nobody wants to discuss: pure nodes have no power. None whatsoever.

What miners want, miners will get. The only counterbalance is the prospect that the users will abandon the coin en masse.

Its actually the other-way round miners do not have real power. It does not matter or effect bitcoin users if miners choose to mine a different chain.

The only effect on majority of nodes will be that hash power would drastically drop, and therefore confirmation times would increase. That is only until difficulty adjusts.

But miners can not do that anyway as they would bankrupt themselves by mining a worthless coin. They have to mine the coin that has the nodes and users.  

[danielW]

What? I was not aware the scaling problem was so high!

Yes. It is. The clear trend is that transactions per unit time are increasing. At some point in the very near future, bitcoin will hit a ceiling that it has not before hit - the situation where blocks are persistently full.

Why are most people saying that everything is fine and that scaling will come then?

I think BJA would argue against "everything fine". I'm in the camp of "things are gonna soon suck, and will continue to suck, until the pain rises to the point where most admit things need doing".

We are nowhere close to "everything will suck soon" ^tm. You guys have been saying that for a year now btw.

If we do nothing for a year (we will though) it would simply mean that fees might increase about a cent or two. Actually fees used to be higher in the past.

Segwit is quickest and easiest short term TPS increase anyhow.

[BlindMayorBitcorn]

Microtransactions
Enable virtual currency commerce in online and mobile applications

Fancy new white paper. Everybody aboard?

Yet Another Gox. A centralized database.

Some of the money sending/spending peoples of the world are more interested in quick and cheap and reliably predictable. Not me, mind you. But some of them.

I always assumed microtransactions would be kinda our thing.

Thanks Theymos Blockstream Jesus

[ChartBuddy]

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[lemmyK]

    WTF 370 

[ChartBuddy]

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[crossabdd]

  WTF 370 

this is weekend and every weekend price down some point
wait and see we will comeback to $380 then $390 then stable at $400
keep holding your bitcoin 

[MatTheCat]

 WTF 370  

meh....

just be some paedophiles getting Bitcoin to buy thier kiddy porn on the darkweb with....

....now they got their wares, the dump will be the kiddy porn seller cashing out.


Same old Bitcoin as it always was....nothing to worry about.....move along people.......oh, and don't forget to keep on trading Bitcoin and providing liquidity to the market, otherwise the kiddy porn market will have to go back to using credit cards, and that is dangerous!