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

[Peter R]

Hey Peter! Still alive?

How many nodes now? 10? 15?

We now have over 20% of the nodes supporting 2MB or greater.  XT, BU and Classic have cooperated to ensure that all three implementations remain compatible.  Nodes will follow the longest chain and XT/BU/Classic miners will flag support for the 2MB upgrade.  

How's that BU going?

For the last several months, we've been focussing on the Classic launch.  The miners were more comfortable with this option, as it will allow them to more easily synchronize the block size limit increase to 2MB.

That being said, we will soon be releasing Xthin block propagation under the BU label.  Xthin reduces the propagation impedance by over an order of magnitude.  This is particularly relevant to a good paper recently published:



The authors estimate that even given today's crude block propagation, 4MB is a reasonable block size (IMO using very conservative reasoning):



Further, they claim that the bottleneck is presently block propagation to nodes.  Xthin blocks are expected to drop the propagation impedance by over an order of magnitude, facilitating a further order of magnitude increase in block sizes.  

Combined with subchains, and already we have the technology required to scale--on chain--to over 100 MB blocks.

The future is bright.  All we need to do now is decentralize away from Blockstream and Core.  

Yes yes, you'll get your 2MB chain....

We'll be getting much more than that.  But it is good to see that the back peddling has begun

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[hdbuck]

bitcoin is going to the fucking moon!





1MB fuck yeah!

[adamstgBit]

all in

[adamstgBit]

..GTFO...this little cargocult...posting about moon... go get fukt...isn't buying this shit.

Your words can't hold back the market, brg444.

Hey Peter! Still alive?

How's that BU going? How many nodes now? 10? 15?

Yes yes, you'll get your 2MB chain, but..... not tonight, dear

says who?

can some PLEASE FUCKING MAKE AN OFFICIAL STATEMENT

[brg444]

The future is bright.  All we need to do now is decentralize away from Blockstream and Core.  

Yes yes Peter  Maybe if you wish for it hard enough it'll come true one day.

Ever thought of writing Santa Claus about it?

[marcus_of_augustus]

says who?

can some PLEASE FUCKING MAKE AN OFFICIAL STATEMENT

... it's decentralised, there are no fucking officials.

And all praise to Satoshi for that ... watch out for charismatic leaders that try to speak from authority (or produce pretty but misleading 'official-looking' gifs).

[hdbuck]

Hey Peter! Still alive?

How's that BU going? How many nodes now? 10? 15?

Yes yes, you'll get your 2MB chain, but..... not tonight, dear

says who?

can some PLEASE FUCKING MAKE AN OFFICIAL STATEMENT

That's going to be hard since *wonderfully* nobody control bitcoin or can speak on its behalf...

So how about the statist - official statementers - control freaks give up already.

Bitcoin is ours!

[Peter R]

Bitcoin is ours!

Indeed. 

Bitcoin is defined by the code we choose to run. 

[ChartBuddy]

Coin



Explanation

[brg444]

Bitcoin is ours!

Indeed. 

Bitcoin is defined by the code we choose to run. 

Thing is, no one wants to run your shitty code.

[Ibian]

Can we not be small children?

[xslugx]

Bitcoin is ours!

Indeed. 

Bitcoin is defined by the code we choose to run. 

As a btc user, I never had the opportunity to chose which code I was going to use.

[BitUsher]

ok so i listen to the first few min of this, it pissed me off, then i turned it off and tried to go to bed... i can't sleep...

i want to slap this TODD guy in the face

i want him to apologize to everyone for lying, and FUDing in order to push his lighting network horse shit

and then i want him to resign from bitcoin


i never liked what he had to say but this is too much.

listening to the full thing now...

Appreciate your passion , but you appear to be in an irrational emotional state. What do you have against payment channels, specifically?

i have a problem with when he implies that a small or medium size miner would get affected by 2mb block and move to pools
as if small or medium size minners solo mine.
i mean come on todd show me 1  small or medium size miner that doesn't already mine at a pool.
he then talks about how we shouldn't touch 1MB and use lighting, that really ticked me off.

Many people , including Todd, believe that bitcoin is already too centralized. They want a conservative capacity increase to 1.7 to 2MB to buy more time for other improvements can be made so this trend reverses itself and a small or medium size miner could solo or p2p mine again. He is discussing the general centralization incentives.

Yes yes, you'll get your 2MB chain, but..... not tonight, dear

says who?
can some PLEASE FUCKING MAKE AN OFFICIAL STATEMENT

The Official statement is pretty clear. Core developers have already made a compromise before making other improvements , and are rolling out an effective 1.7-2MB capacity change with segwit in April.

[Lutzow]

Wondering if this will affect the price in a trend. The price somewhat came to a halt within last couple of hours though.

[marcus_of_augustus]

v0.12 bitcoin is being released ... watch and learn what real network uptake looks like.

[hdbuck]

Bitcoin is ours!

Indeed.  

Bitcoin is defined by the code we choose to run.  

As a btc user, I never had the opportunity to chose which code I was going to use.

Using "plug and play" spv or core wallets and trading on centralized exchanges does not make you a "bitcoin user" technically speaking.

[BitUsher]

v0.12 bitcoin is being released ... watch and learn what real network uptake looks like.

0.12 is awesome , I have been beta testing for a couple weeks now and have noticed up to +5x syncing with libsecp256k1, the new tools to reduce upload traffic to keep limited nodes from using too much bandwidth are great, mempool limit adjusting is good to keep raspberry pi nodes from crashing,  automated use of TOR, conf conflict detection ,  and more .

I haven't played around with pruned Full node features yet , and that is the next thing to test. 2GB ~full nodes is an amazing option for many people with limited disk space.

Last one I tested ...

https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2016-February/012448.html

Candidate 5 ...

[Fatman3001]

Bitcoin is ours!

Indeed.  

Bitcoin is defined by the code we choose to run.  

As a btc user, I never had the opportunity to chose which code I was going to use.

Using "plug and play" spv or core wallets and trading on centralized exchanges does not make you a "bitcoin user" technically speaking.

Sounds like a loophole to me.

[xslugx]

Bitcoin is ours!

Indeed.  

Bitcoin is defined by the code we choose to run.  

As a btc user, I never had the opportunity to chose which code I was going to use.

Using "plug and play" spv or core wallets and trading on centralized exchanges does not make you a "bitcoin user" technically speaking.

So for you someone using electrum and saving his private keys is not a btc user?
What is a btc user then?

[ChartBuddy]

Coin



Explanation