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

[bargainbin]

... I'm a Hero Member now. Everything I do is monumental.

Remember, being a Wizard is...



...it's lonely at the top.

[1714719303]

1714719303

[1714719303]

1714719303

[1714719303]

1714719303

[1714719303]

1714719303

[ChartBuddy]

Coin



Explanation

[Adrian-x]

mmmnope

https://www.reddit.com/r/Bitcoin/comments/48bvjy/in_may_2015_gavin_calculated_that_blocks_will_be/

Bitcoin is under attack, and I'm not sure you see it as your salary probably is dependent on this very state.

it startes with this PR war.

Correct. The sudden influx of transactions today means that somebody is trying 'to make' Gavin look like his prediction was accurate when it fact it wasn't. There is a claim from 'experts' (albeit exact information not available I think) from the roundtable that only 40% of the blocks are actually full (if you exclude the spam). The mempool was ~1.5k 2 days ago (this says a lot). However, it also seems like the price doesn't really care.

whats missing from LukeJr's clam that 60% of transactions are spam is a definition of spam.

Unfortunate I've been seeing full blocks for over a month. Ironical blocks are full just because of some are artificial size restriction, the reality is blocks would always be full it's just they wouldn't artificially be limited to 1MB.  

[Cconvert2G36]

mmmnope

https://www.reddit.com/r/Bitcoin/comments/48bvjy/in_may_2015_gavin_calculated_that_blocks_will_be/

Bitcoin is under attack, and I'm not sure you see it as your salary probably is dependent on this very state.

it startes with this PR war.

Correct. The sudden influx of transactions today means that somebody is trying 'to make' Gavin look like his prediction was accurate when it fact it wasn't. There is a claim from 'experts' (albeit exact information not available I think) from the roundtable that only 40% of the blocks are actually full (if you exclude the spam). The mempool was ~1.5k 2 days ago (this says a lot). However, it also seems like the price doesn't really care.

Interesting ... and there is indeed evidence to back up your claim -

https://twitter.com/lopp/status/703769346921930757

The "evidence" you present is evidence of the crawler that was identifying ip's running classic for attack.

So now you know.

https://www.reddit.com/r/Bitcoin_Classic/comments/47zglz/ddos_started_again_have_a_nice_day_guys/d0gl9ao?context=10000

fwiw, I do think there is some mempool spamming going on too, possibly in retaliation.

[BitUsher]

whats missing from LukeJr's clam that 60% of transactions are spam is a definition of spam.

Unfortunate I've been seeing full blocks for over a month. Ironical blocks are full just because of some are artificial size restriction, the reality is blocks would always be full it's just they wouldn't artificially be limited to 1MB.  

I have been seen full blocks for a couple years now. Seeing a full block now and than doesn't really mean much, the interesting data point we are witnessing here is what happens when blocks are continuously full for over a day and a tx fee market starts to build up. I'm doing some testing and already see that Mycelium is underestimating the fees and core appears to be overestimating the fees. In one sense we can be grateful for the 10-20k being blown by the spammer (if this is indeed an attack ) because it forces the fee market and allows us to make adjustments to the wallets before an actual one occurs.

[BlindMayorBitcorn]

My wallet's definitely not ready for this.

Explanation

[JayJuanGee]

Attempting to get this thread back on some sort of track

jhahahahahaha

 

how could it be "on track"  or "some sort of track" to bring up the LTC/BTC price?   


To me, that seems to be further off track, than a blocksize/spam discussion.   

[BitUsher]

My wallet's definitely not ready for this.

What wallet did you use, and how much of a fee did you include?

[BlindMayorBitcorn]

My wallet's definitely not ready for this.

What wallet did you use, and how much of a fee did you include?

MultiBit. After the last stress test I pushed the developer to commit to backporting the fee slider changes that are going into HD to MultiBit Classic.

https://github.com/jim618/multibit/issues/710

I should follow up.

[BitUsher]

Bitcoin core's dynamic fee adjustment for "normal" default setting charged me 14 cents and was immediately included in the next block.
My High priority Mycelium tx of 11 cents took 2 blocks to confirm
My normal priority  Mycelium tx of 3 cents too 2 blocks to confirm

Appears that Core wallet more accurately adjusts for fees than Mycelium, and that even extremely small fees in this scenario are getting through in a reasonable amount of time. It makes me wonder about some of the claims being made where people are indicating a multiple hour delay... are they using blockchain.info's shitty wallet which can hold up txs from previous unconfirmed txs or are they putting in fees of less than 3 pennies.... or another possibility ... perhaps the spammer has a continuous amount of tx being sent at a steady pace and the last 4 blocks were all found within 8 minutes allowing for the backlog to be cleared.

My wallet's definitely not ready for this.

What wallet did you use, and how much of a fee did you include?

MultiBit. After the last stress test I pushed the developer to commit to backporting the fee slider changes that are going into HD to MultiBit Classic.

https://github.com/jim618/multibit/issues/710

I should follow up.

Ahhh, yes , one of the few wallets without dynamic fee adjustments ... but even the other ones that do have it need some tweaking it appears. Core wallet appeared to accurately estimate the fee in my test, perhaps simply because it was more aggressive on the recommended fee.

[BlindMayorBitcorn]

^Follow up. It worked!
My words carry weight in this community.

There is a new release of MultiBit Classic at:
https://multibit.org

Version 0.5.19

This contains the following features:
+ Adjustable fees using a fee slider
+ New installer
+ Updated checkpoints file
+ Various bug fixes

Edit: My full node is in the shop.

[bargainbin]

...
Ahhh, yes , one of the few wallets without dynamic fee adjustments ...

Wish there was a way to make my IRL wallet calculate tx fees dynamically... if my centralized, not p2p cash charged me for using it, that is, which it don't

Owait, I bet I can figure out how to make my debit card calculate my fees, dynamically... nope, that legacy finance piece of shit don't charge me nothin' either... dang

[BitUsher]

^Follow up. It worked!
My words carry weight in this community.

There is a new release of MultiBit Classic at:
https://multibit.org

Version 0.5.19

This contains the following features:
+ Adjustable fees using a fee slider
+ New installer
+ Updated checkpoints file
+ Various bug fixes

Hmmm.... It looks like merely a simple fee slider and not a dynamic fee estimation based upon the tx fee market . This means that you will need to use a site like this - https://bitcoinfees.21.co/#delay to get a tx fee estimate before making a tx ... which is poor usability. Wallets should take advantage of the ability to gather and adjust dynamically, which most have , but some do it better than others from my tests.

multibit appears a bit dated.

[Fatman3001]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

[BlindMayorBitcorn]

^Follow up. It worked!
My words carry weight in this community.

There is a new release of MultiBit Classic at:
https://multibit.org

Version 0.5.19

This contains the following features:
+ Adjustable fees using a fee slider
+ New installer
+ Updated checkpoints file
+ Various bug fixes

Hmmm.... It looks like merely a simple fee slider and not a dynamic fee estimation based upon the tx fee market . This means that you will need to use a site like this - https://bitcoinfees.21.co/#delay to get a tx fee estimate before making a tx ... which is poor usability. Wallets should take advantage of the ability to gather and adjust dynamically, which most have , but some do it better than others from my tests.

multibit appears a bit dated.

I'm a bit dated.

[bargainbin]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

Not a problem with a dynamic fee estimator built right into your wallet
P.S. Et tu, Motherboard? How much is the govvy paying you to spread this fud?

[BlindMayorBitcorn]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

I love motherboard. They even got the facepalm.

[marcus_of_augustus]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

some big-blockhead takes a dump in the mempool for the lulz and the chatterati chimps go nutz, so predictable ... these tests are ultimately useful and highly illustrative for bitcoin at this stage of development ... people should be able to clearly envisage now what types of business models make long term sense and those that definitely do not.

[BlindMayorBitcorn]

...
Ahhh, yes , one of the few wallets without dynamic fee adjustments ...

Wish there was a way to make my IRL wallet calculate tx fees dynamically... if my centralized, not p2p cash charged me for using it, that is, which it don't

Owait, I bet I can figure out how to make my debit card calculate my fees, dynamically... nope, that legacy finance piece of shit don't charge me nothin' either... dang

My online smack dealer doesn't accept debit cards tho. And neither does his dissident half-brother in Iran.

Luckily, they can wait.

[bargainbin]

^^
Shop locally, meet interesting people who share your interests