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

[ChartBuddy]

Coin



Explanation

[1715585828]

1715585828

[1715585828]

1715585828

[1715585828]

1715585828

[1715585828]

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[billyjoeallen]

fork off already.

This is a good example of what I am talking about. This is something a consensus builder would not say.

there is no consensus to be found whatsoever with socialist freeshit spammers.

so you are free to fork off to whatever bloated corpcoin, gavincoin, usgcoin..

bitcoin will still exist as is and prevail in value with its conservative original parameters.

Facebook went years without ads to grow it's user base. Is Zuckerberg a socialist?  Youtube did the same thing. So did Google, Microsoft, IBM, Yahoo!...are all these companies charities?

How many years?

BTC is on it's 7th year, approaching the second halving, and already having distributed nearly 75% of the total monetary base (leaving just 25% for subsidy). Fees are currently at 0.01 - 0.04$ = peanuts, despite "Blocks are full".

For as many years as it takes to reach a critical mass of users.  Businesses and investors are forward thinking.  If fees double every year, in a decade they could be over $10,000 per transaction!  

In a parallel universe where maths works differently, maybe we'd get to 10.000$. In this universe it would work like this:

Year 1: 0.03$
Year 2: 0.06$
Year 3: 0.12$
Year 4: 0.24$
Year 5: 0.48$
Year 6: 0.96$
Year 7: 1.92$
Year 8: 3.84$
Year 9: 7.68$
Year 10: 15.36$

For the time being we have something like

Year 1 to Year 7 = peanuts.

What you propose about consistently low fees can only have 2 outcomes:

1) Miners cutting every low fee tx by themselves and imposing a fee market, which can trigger "riots" and new fork attempts to stop the evil miners from not processing our txs.
2) Idiots pushing for >21mn coins and more inflation "to keep fees low so that more adoption can take place".

I was using 4 to the tenth power, but even if we use your numbers, what about year 12? Over sixty bucks?  and year 13- $122?

Miners are free to exclude any transaction they want and throw away they fees they would collect.  That's how a fee market should work.  They will have to judge the cost/benefits.  We are not in the best position to do that. Core is not in the best position to do that. The miners are.

Thanks for catching my math error. It does apply if fees quadruple every year with a start of 4 cents.

Now let's do the math for BTC doubling every year because of "free" transactions:  That's 400 X 2^10, right?
$409,600/BTC.  Block reward will be 3.125 BTC, so $1,280,000 PER BLOCK. (with no mining fees at all).

Why would this happen? The Core developers themselves said it: "Demand for cheap highly-replicated perpetual storage is boundless". (G. Maxwell, 12/7/2015)

You think people wouldn't invest in nodes to make that happen? You think people wouldn't build mines to make that happen? Build an entire infrastructure to make that happen? That's why we bought bitcoin in the first place, back before we even knew there were scaling limitations.  

[ChartBuddy]

Coin



Explanation

[Anastasios]

https://bitcointalk.org/index.php?topic=1370081.msg13941677#new

i'd like a few more votes.

voted

the only issue with core is that the lightning network is not yet finished. otherwise the segwit stuff is only a tiny increase... but apparently the change is needed for the possibility of the lightning network being implemented. AND EVEN THEN, a block increase will be needed. it does verily seem that the core developers are just trying to go against gavin/jeff garzik.

I guess we will ultimately see where core developers stand. Because despite all the additions 1mb blocks arent enough. If blocks start to get full and they (core developers) still deny max blocksize increases then they will create a fork, and youll have a bunch of more mature and/or less dependent on blockstreams ability to make profit who will jump over to classic and add all the goodies there.

[adamstgBit]

i think this is it!

>440 in a few hours!

I CAN FEEL IT!

[adamstgBit]

https://bitcointalk.org/index.php?topic=1370081.msg13941677#new

i'd like a few more votes.

voted

the only issue with core is that the lightning network is not yet finished. otherwise the segwit stuff is only a tiny increase... but apparently the change is needed for the possibility of the lightning network being implemented. AND EVEN THEN, a block increase will be needed. it does verily seem that the core developers are just trying to go against gavin/jeff garzik.

I guess we will ultimately see where core developers stand. Because despite all the additions 1mb blocks arent enough. If blocks start to get full and they (core developers) still deny max blocksize increases then they will create a fork, and youll have a bunch of more mature and/or less dependent on blockstreams ability to make profit who will jump over to classic and add all the goodies there.

so did you vote yes or no?
your not pissed yet?

[JayJuanGee]

https://bitcointalk.org/index.php?topic=1370081.msg13941677#new

i'd like a few more votes.

voted

the only issue with core is that the lightning network is not yet finished. otherwise the segwit stuff is only a tiny increase... but apparently the change is needed for the possibility of the lightning network being implemented. AND EVEN THEN, a block increase will be needed. it does verily seem that the core developers are just trying to go against gavin/jeff garzik.

I guess we will ultimately see where core developers stand. Because despite all the additions 1mb blocks arent enough. If blocks start to get full and they (core developers) still deny max blocksize increases then they will create a fork, and youll have a bunch of more mature and/or less dependent on blockstreams ability to make profit who will jump over to classic and add all the goodies there.

I think that this remains a widespread wet dream about some kind of fork (implying a hardfork is somehow in bitcoin's future)...


Fuck...   I remain so surprised about how frequently the discussion of a fork is repeated over and over and over.

The whole strength of core's bargaining power is that the supporters of such are not really working towards any kind of fork that is anything but a soft fork and/or noncontentious to the extent that it would be needed or in the works.   


So in the end, the concept of "forking" seems to be way too emphasized in a lot of discussions as even a probability, except to the extent that such a fork would be non-contentious, and then not an issue and then the concept of a "FORK" becomes minimum and way less relevant in the whole scheme of things than the fact that bitcoin is a honey badger / energizer bunny of the crypto space that is going to keep going on and on and on and on...   

Let me ask you this..... Have you ever seen a honey badger give up or a energizer bunny run out of juice?    I really doubt it, and if you have seen such fantasy, then it probably has been photoshoped or is a unicorn or is otherwise fakedy, fake, fake.       

[sAt0sHiFanClub]

i think this is it!

>440 in a few hours!

I CAN FEEL IT!

..

Reverse Indicator Warning 

[BlindMayorBitcorn]

This the way to the moon yet?



U guise?

[blunderer]

...
Let me ask you this..... Have you ever seen a honey badger give up or a energizer bunny run out of juice?  ...

So, if I understand you correctly, You want to know, Have I ever seen the rain comin' down on a sunny day? Or?

[billyjoeallen]

i think this is it!

>440 in a few hours!

I CAN FEEL IT!

..

Reverse Indicator Warning 

LOL that's what I was thinking.

[blunderer]

i think this is it!

>440 in a few hours!

I CAN FEEL IT!

Can you feeeeeel it?
Can you feeeheheheheheeel it?
Can you feeeeeeeeeeeeeheheel it?
Can you feeeeeeeeel it?
Raw paaaawar! raw pahahawhar!
Raw power! raw pahahawhar!
Can you feeeeeeeeeeeehhhl it?

[BlindMayorBitcorn]

...
Let me ask you this..... Have you ever seen a honey badger give up or a energizer bunny run out of juice?  ...

So, if I understand you correctly, You want to know, Have I ever seen the rain comin' down on a sunny day? Or?

Someone told me long ago there's a calm before the storm. I know. (It's been coming for some time.)

[ChartBuddy]

Coin



Explanation

[JayJuanGee]

i think this is it!

>440 in a few hours!

I CAN FEEL IT!

So?  


That means you did not go as short as you were planning, yesterday?  


Hopefully, you are a little more balanced than 99% BTC and only 1% fiat.....

The proportion of my  BTC/fiat allocation in my trading accounts changes kind of slowly when the price is not moving too much... Currently I am about 94.35% BTC and 5.65% fiat.

[BlindMayorBitcorn]

Coin



Explanation

[JayJuanGee]

...
Let me ask you this..... Have you ever seen a honey badger give up or a energizer bunny run out of juice?  ...

So, if I understand you correctly, You want to know, Have I ever seen the rain comin' down on a sunny day? Or?

Well, I was engaging in a bit of hyperbole there for effect, and maybe even asking a rhetorical question...  in order to attempt some fun emphasis in my therein stated point(s)...

[blunderer]

^^
https://youtu.be/-AiIMPEVvSI

[BlindMayorBitcorn]

Mods of Reddit, what's the most fucked up post you had to remove?

I bet you'll never guess.

[adamstgBit]

i think this is it!

>440 in a few hours!

I CAN FEEL IT!

Can you feeeeeel it?
Can you feeeheheheheheeel it?
Can you feeeeeeeeeeeeeheheel it?
Can you feeeeeeeeel it?
Raw paaaawar! raw pahahawhar!
Raw power! raw pahahawhar!
Can you feeeeeeeeeeeehhhl it?

I CAN FEEL IT!!!!!!!!