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

[BitUsher]

How many tx per day is ETH doing?

Around 20k per day. bitcoin is averaging 264k now.

antpool still mining 0 tx blocks. If they were so concerned with the tx capacity you would think they would pause their miners for a few seconds every now and than.

https://blockchain.info/block/0000000000000000025b366b6254a7d89c61658502b346bfc7e91cecebd96df8

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[ChartBuddy]

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Explanation

[JayJuanGee]

How many tx per day is ETH doing?

Around 20k per day. bitcoin is averaging 264k now.

antpool still mining 0 tx blocks. If they were so concerned with the tx capacity you would think they would pause their miners for a few seconds every now and than.

https://blockchain.info/block/0000000000000000025b366b6254a7d89c61658502b346bfc7e91cecebd96df8

Yeah, right  


Where's your evidence that Eth is doing 20k per day?    Where the fuck are they going to accomplish that?  I am not doubting that ETH has potential, but I really doubt that at this time ETH is anywhere near 20k actual transactions per day... or anywhere near approaching 5% or greater of the actual number of BTC transactions ... and the blockchain does not capture all of BTC's transactions (only the ones on the blockchain).

[BitUsher]

Yeah, right  


Where's your evidence that Eth is doing 20k per day?    Where the fuck are they going to accomplish that?  I am not doubting that ETH has potential, but I really doubt that at this time ETH is anywhere near 20k actual transactions per day... or anywhere near approaching 5% or greater of the actual number of BTC transactions ... and the blockchain does not capture all of BTC's transactions (only the ones on the blockchain).

I'm not pumping ETH , and believe it is going to crash in the next month or two and has little practical use but they do have 20k in txs a day --

https://etherscan.io/charts/tx

Why would this surprise you? ... Ether is likely to become extremely tx heavy because of the nature of it being used as "fuel" for scripts which is one thing that is likely to kill its potential as well.. The blockchain size is growing at an alarming pace. 1GB per month and rising

[JayJuanGee]

Yeah, right  


Where's your evidence that Eth is doing 20k per day?    Where the fuck are they going to accomplish that?  I am not doubting that ETH has potential, but I really doubt that at this time ETH is anywhere near 20k actual transactions per day... or anywhere near approaching 5% or greater of the actual number of BTC transactions ... and the blockchain does not capture all of BTC's transactions (only the ones on the blockchain).

I'm not pumping ETH , and believe it is going to crash in the next month or two and has little practical use but they do have 20k in txs a day --

https://etherscan.io/charts/tx

Why would this surprise you? ... Ether is likely to become extremely tx heavy because of the nature of it being used as "fuel" for scripts which is one thing that is likely to kill its potential as well.. The blockchain size is growing at an alarming pace. 1GB per month and rising

O.k.  Thank you for that link.  I will eat my words to some extent regarding my surprise regarding the number of transactions per day.


I don't really know too much about Ether or care too much about Ether, and I get the sense that they are overly centralized, overly hyped with a snot nosed kid (who is overly deified as a supposed boy wonder "genius").  So, I am partly going based on my sense of things and my sense that Ether could be a lot like Ripple in regards to its hype and then ultimate failure (which is still to be seen).

Surely, wonderful if Ethereum succeeds in a variety of ways.  I have no problem with the potential success of Ethereum, and I have no problem that it could legitimately take away a lot of market share from bitcoin.   I am not buying any ethereum at the moment, but I may consider buying if they reach a sustainable market cap over a billion for 6 months or more or they become better linked in terms of liquidity and ways to get in and out... But, yeah, I have no problem that some people may be getting rich of the pumping of Ethereum.. good for them.

Edit:  Don't take it personally that I had expressed some skepticism regarding your post about Ethereum.... because partially my overreaction comes from not really knowing or caring; however, I don't think that any of us participating in this thread needs to really know too much about Ethereum because this is a bitcoin thread... hahahahahahaha  (mostly)   

[sAt0sHiFanClub]

Etherum taking over? What the fuck is this shillcoin even doing at a marketcap of $600mill

Exactly , I am being generous to even entertain hypothetical practical future usage cases of ethereum and have yet to hear someone mention one example. Seems like many speculators are gambling with their btc for a chance that MSFT or IBM starts buying ethereum... little do they know if these corporations ever do start seriously using ethereum it will be on their own fork.

Embrace , Extend, Extinguish.

How soon they forget. MSFT buying into a sell wall of greedy 16 year olds or selling their own fork which has a much higher level of trust and brand recognition than Vitaliks org?

And yet you see Blockstreams influence over Bitcoin as entirely benign?  I cannot fathom how you maintain such a balanced one-dimensional view.

[BitUsher]

And yet you see Blockstreams influence over Bitcoin as entirely benign?  I cannot fathom how you maintain such a balanced one-dimensional view.

Who suggested that? I have a healthy amount of skepticism for everyone , including them. The fact that I keep repeating we should have multiple implementations working with coopertition should give you a hint, but no , they aren't the Illuminati or lizard people plotting to destroy bitcoin.

  I am not buying any ethereum at the moment, but I may consider buying if they reach a sustainable market cap over a billion for 6 months or more or they become better linked in terms of liquidity and ways to get in and out...

Ethereum has no future. Please investigate into the details before buying any.

[sAt0sHiFanClub]

[blockstream], they aren't the Illuminati or lizard people plotting to destroy bitcoin.

But you are suggesting that very thing to explain Microsofts interest in Ethereum?

Do you think that maybe there is a possibility this isnt their intention?

[JayJuanGee]

And yet you see Blockstreams influence over Bitcoin as entirely benign?  I cannot fathom how you maintain such a balanced one-dimensional view.

Who suggested that? I have a healthy amount of skepticism for everyone , including them. The fact that I keep repeating we should have multiple implementations working with coopertition should give you a hint, but no , they aren't the Illuminati or lizard people plotting to destroy bitcoin.

  I am not buying any ethereum at the moment, but I may consider buying if they reach a sustainable market cap over a billion for 6 months or more or they become better linked in terms of liquidity and ways to get in and out...

Ethereum has no future. Please investigate into the details before buying any.

Hahahahaha... Thanks for your further clarification, and I will also further clarify that I really have no intention to buy any ethereum, but I mentioned some conditions that may cause me to consider the matter of whether to buy Ethereum which I doubt that Ethereum will be come close to even being able to meet some of my various other unstated conditions anytime in the near future, which like you suggested is either passing the smell test or giving some sense that there could arguably be some kind of monetizeable future that would allow it to keep anywhere near it's marketcap value...

[ChartBuddy]

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[BitUsher]

[blockstream], they aren't the Illuminati or lizard people plotting to destroy bitcoin.

But you are suggesting that very thing to explain Microsofts interest in Ethereum?

Do you think that maybe there is a possibility this isnt their intention?

Goodness gracious , does it really need to be explained?
No, MSFT isn't evil, they aren't the  Illuminati or lizard people bent on destroying Vitalik. They are simply a for profit corporation. I am judging their behavior based upon a very long history of past behavior. Yes, there is a small chance MSFT will simply buy ETH from Vitalik and the other 16 year old investors at grossly exaggerated prices... a 0.0000001% chance , sure ... but doing so would be irrational and against their interests. The most I could see them doing is, possibly forking the ethereum chain adding their own patents to it, and possibly poaching a few devs  away from ethereum.

Embrace , Extend, Extinguish.

It is their usual policy. It isn't evil, but smart and cutthroat. I am not attacking them, just waking up some naive investors into the likely outcome. If Ethereum is to succeed they need to expect to compete with MSFT eventually. If Bitcoin is to succeed , it will have to compete with at least some fiat currencies. (unlikely to dominate over fiat ever or anytime soon )

Blockstream also is a profit motivated company. The employees have set up the corporation differently however to insure their motivations are aligned with Bitcoin by locking up their large holdings of BTC. This doesn't mean that their vision or plans are necessarily correct.(I believe they do have a better roadmap, but time will tell) . This also doesn't mean they aren't also motivated to make tons of profit from selling consulting services and other sidechain products. We should be on guard with this and support many implementations (Bitcore, libbitcoin, ect...) and be very careful there are multiple payment channel solutions that are open source and equally accessible to all users. This means Bitpay needs to immediately finish developing "impulse" channel and WTF is coinbase doing without at least investigating a payment channel solution, and sitting by allowing people to steal from them with their weak 0 conf algo's that are easily defeatable.

[Morecoin Freeman]

Anyone else thinking that we will see some serious price action on the exchanges within 48 hours?
It has been quiet for too long...

[2015Bubble]

I'm getting tired as fuck of this slowpoke action.
DUMP OR PUMP PLEASE IDC!!

[jbreher]

Lol... The last 4 LTC blocks (the equivalent of 1 BTC block), LTC had 4-2-3-6 txs, of which 4 are the block rewards (so actual txs = 11).

Last BTC block had over 2000 txs. It's averaging between 2k and 3k txs per block (last 6: 2165/3079/2496/2300/2782/3012).

Why the lol? No... really.

Are you trying to make the case that the only reason LTC has only processed 11 transactions in that time is because they are limited to that number? Would that be by design or by flaw?

...

Why the lol? No... really.

What do you want me to say for a "business" that doesn't want to pay a few cents and says "Altcoins are now cheaper to use than bitcoin."... like it was ever the opposite.

Laughing about a business seeking to optimize the value of the expenditures it makes brands you as someone unknowledgeable about how to run a business. That's all.

[jbreher]

That hardly seems like a solution that would work for large commercial purposes. Do you envision some poor lonely character toiling 24 hours a day, looking up an entry in an accounts payable database, checking some source for the proper transaction fee at that instant, and then handcrafting a transaction, keyed by hand, into some generic wallet?

You need to catch up with the pull requests. Modern wallets dynamically adjust fees without users needing to look them up. These are old features.

Again, you miss the point. An entity that regularly needs to make hundreds of transactions is not likely to be entering each one by hand into some off-the-shelf wallet. The fact that some make fee suggestions (some wildly off the mark, by recent reports) is irrelevant.

What wallet do you use?

Several. Mostly Armory, Electrum, Satoshi, and Schildbach. Though I don't see how this is relevant - I'm not in the high-volume-transaction business.

Were you not trying to imply that the larger transaction fee was less than the amount lost in converting from alt to bitcoin for the purpose of cashing out? 'Cause that's certainly what it looks like.

It is simply a fact that many miners sell a percentage of their mined Alts for BTC and it usually is less expensive to pay the 4  pennies difference than exchange fees. My statement doesn't assume this will always be the case and me mentioning it was merely to reflect that if the company was trying to best serve their clients current needs they would simply tack on the extra btc fee instead of making a political statement motivated because they are likely a large altcoin bagholder.

I find your assertion that you know what is best for some other entity's customers mildly interesting. The road to centralization is paved with 'better for them' intentions.

[hdbuck]

Lol... The last 4 LTC blocks (the equivalent of 1 BTC block), LTC had 4-2-3-6 txs, of which 4 are the block rewards (so actual txs = 11).

Last BTC block had over 2000 txs. It's averaging between 2k and 3k txs per block (last 6: 2165/3079/2496/2300/2782/3012).

Why the lol? No... really.

Are you trying to make the case that the only reason LTC has only processed 11 transactions in that time is because they are limited to that number? Would that be by design or by flaw?

...

Why the lol? No... really.

What do you want me to say for a "business" that doesn't want to pay a few cents and says "Altcoins are now cheaper to use than bitcoin."... like it was ever the opposite.

Laughing about a business seeking to optimize the value of the expenditures it makes brands you as someone unknowledgeable about how to run a business. That's all.

bitcoin (and altcoin) are way too volatile to ever be of any direct utility for commerce.

but whatever, keep the crytopiate fucking up your brain.

[marcus_of_augustus]

Anyone else thinking that we will see some serious price action on the exchanges within 48 hours?
It has been quiet for too long...

i'd like to think so but can't see it happening.

There seems to be some powerful, organised resistance that caps all rallies off to $5-10, then coordinated dumps to extinguish any momo. Net effect a huge lid on any action.

[jbreher]

How many tx per day is ETH doing?

Around 20k per day. bitcoin is averaging 264k now.

antpool still mining 0 tx blocks. If they were so concerned with the tx capacity you would think they would pause their miners for a few seconds every now and than.

https://blockchain.info/block/0000000000000000025b366b6254a7d89c61658502b346bfc7e91cecebd96df8

About a minute after the previous block. How long did it take to arrive? We don't know. Perhaps a few seconds before they scored their block (lucky them)? Would you expect them to just not mine in the time it takes them to build a new block that excludes all transactions in the previous?

[ChartBuddy]

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Explanation

[marcus_of_augustus]

Looks like the anomalous transaction increase that prompted the timely March 1 chaos might have subsided. I predict that in keeping with the problem-crisis-solution spook playbook we will soon see a blog post or tweet or similar controversial statement from Gavin (big block solution now super-duper urgent) with his smiling face promptly upvoted to the top of the front page on r/Bitcoin ... a  silent "beautiful settlement network you got there, be a shame to lose it ..."