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

[adamstgBit]

thunder isn't useful for buying 1 cup of coffee
its useful for buying 100 speate cups of coffees instantly.

Open Channel for standard bitcoin fee
send 100 payments for each cup of coffee
Close Channel for standard bitcoin fee

cool huh?

I don't get why people are worked up about this, or why this Lightning is taking such a long time to develop.
Here's a way to solve the coffee problem that's both simpler, more secure, and more elegant than Thunder Cats:
1. Walk into Starbucks.
2. Buy a gift card for 100 cups of coffee, with BTC or USD.
3. Use gift card each time you need to buy stuff from Starbucks. Functionally identical to Lightning/thunder,
4. Profit!

i agree for coffee like TX, thats the way to go.

but for things like coinbase accounts sending 1000's of payments to bitpay... lighting and or thunder is a big deal.

[adamstgBit]

https://blog.blockchain.com/2016/05/16/announcing-the-thunder-network-alpha-release/

Very very exciting news! It seems there will be many different Lightning Networks 

yes its good that there will be at least 2 teams competing for the best second layer solution.

I'm still not sure i like second layers scaling, but at least there's a good chance this health competition results in a strong second layer.

[belmonty]

https://blog.blockchain.com/2016/05/16/announcing-the-thunder-network-alpha-release/

Very very exciting news! It seems there will be many different Lightning Networks 

yes its good that there will be at least 2 teams competing for the best second layer solution.

I'm still not sure i like second layers scaling, but at least there's a good chance this health competition results in a strong second layer.

Will thunder go from alpha to beta, then to release faster than it takes lightning to go to release? The one with the first mover advantage will probably win the competition. All the publicity I read was about lightning, and now it seems thunder might beat lightning to market.

[JayJuanGee]

thunder isn't useful for buying 1 cup of coffee
its useful for buying 100 speate cups of coffees instantly.

Open Channel for standard bitcoin fee
send 100 payments for each cup of coffee
Close Channel for standard bitcoin fee

cool huh?

I don't get why people are worked up about this, or why this Lightning is taking such a long time to develop.
Here's a way to solve the coffee problem that's both simpler, more secure, and more elegant than Thunder Cats:
1. Walk into Starbucks.
2. Buy a gift card for 100 cups of coffee, with BTC or USD.
3. Use gift card each time you need to buy stuff from Starbucks. Functionally identical to Lightning/thunder,
4. Profit!

i agree for coffee like TX, thats the way to go.

but for things like coinbase accounts sending 1000's of payments to bitpay... lighting and or thunder is a big deal.

I'm o.k. with sticking with starbucks as an example.  We are not talking about 1 user buying several cups of coffee, but instead possibly 100 users or 1,000 users buying coffee through the day or the week or whatever period of time that the vender chooses before finally resolving with the blockchain .. and then at the end of the day,  week or month, all of the transactions are resolved that are within that channel for $.10 or whatever is the applicable fee for the whole bundle of transactions.

[adamstgBit]

thunder isn't useful for buying 1 cup of coffee
its useful for buying 100 speate cups of coffees instantly.

Open Channel for standard bitcoin fee
send 100 payments for each cup of coffee
Close Channel for standard bitcoin fee

cool huh?

I don't get why people are worked up about this, or why this Lightning is taking such a long time to develop.
Here's a way to solve the coffee problem that's both simpler, more secure, and more elegant than Thunder Cats:
1. Walk into Starbucks.
2. Buy a gift card for 100 cups of coffee, with BTC or USD.
3. Use gift card each time you need to buy stuff from Starbucks. Functionally identical to Lightning/thunder,
4. Profit!

i agree for coffee like TX, thats the way to go.

but for things like coinbase accounts sending 1000's of payments to bitpay... lighting and or thunder is a big deal.

I'm o.k. with sticking with starbucks as an example.  We are not talking about 1 user buying several cups of coffee, but instead possibly 100 users or 1,000 users buying coffee through the day or the week or whatever period of time that the vender chooses before finally resolving with the blockchain .. and then at the end of the day,  week or month, all of the transactions are resolved that are within that channel for $.10 or whatever is the applicable fee for the whole bundle of transactions.

i can't be sure if it actually will work out like that.
i know for sure you can open a channel make 1000's of payments and then close it.
but AFAIK a channel is open between 2 poeple and only 2 poeple.
IDK...

its very unclear how LN will play out,
and thats why i dont like it.

[GGALINff]

seeing a downtick -  GBTC telegraphing a move down

[Blacula X]

thunder isn't useful for buying 1 cup of coffee
its useful for buying 100 speate cups of coffees instantly.

Open Channel for standard bitcoin fee
send 100 payments for each cup of coffee
Close Channel for standard bitcoin fee

cool huh?

I don't get why people are worked up about this, or why this Lightning is taking such a long time to develop.
Here's a way to solve the coffee problem that's both simpler, more secure, and more elegant than Thunder Cats:
1. Walk into Starbucks.
2. Buy a gift card for 100 cups of coffee, with BTC or USD.
3. Use gift card each time you need to buy stuff from Starbucks. Functionally identical to Lightning/thunder,
4. Profit!

i agree for coffee like TX, thats the way to go.

but for things like coinbase accounts sending 1000's of payments to bitpay... lighting and or thunder is a big deal.

I'm o.k. with sticking with starbucks as an example.  We are not talking about 1 user buying several cups of coffee, but instead possibly 100 users or 1,000 users buying coffee through the day or the week or whatever period of time that the vender chooses before finally resolving with the blockchain .. and then at the end of the day,  week or month, all of the transactions are resolved that are within that channel for $.10 or whatever is the applicable fee for the whole bundle of transactions.

Each one of the "1,000 users buying coffee through the day" will have to buy a gift card open a payment channel with Starbucks. The only difference is Starbucks would have access to all the "gift card" money if sold gift cards, while no one would have access to BTC with Lightning.
So not sure what you're trying to say.

[adamstgBit]

I'm getting an itch to buy some coins  

[Blacula X]

I'm getting an itch to buy some coins  

Last chance to by over 450. Buy now and cry later.

[Ted E. Bare]

Bitcoin Block Reward Halving Countdown:
Only 55 more days!

[adamstgBit]

[JayJuanGee]

thunder isn't useful for buying 1 cup of coffee
its useful for buying 100 speate cups of coffees instantly.

Open Channel for standard bitcoin fee
send 100 payments for each cup of coffee
Close Channel for standard bitcoin fee

cool huh?

I don't get why people are worked up about this, or why this Lightning is taking such a long time to develop.
Here's a way to solve the coffee problem that's both simpler, more secure, and more elegant than Thunder Cats:
1. Walk into Starbucks.
2. Buy a gift card for 100 cups of coffee, with BTC or USD.
3. Use gift card each time you need to buy stuff from Starbucks. Functionally identical to Lightning/thunder,
4. Profit!

i agree for coffee like TX, thats the way to go.

but for things like coinbase accounts sending 1000's of payments to bitpay... lighting and or thunder is a big deal.

I'm o.k. with sticking with starbucks as an example.  We are not talking about 1 user buying several cups of coffee, but instead possibly 100 users or 1,000 users buying coffee through the day or the week or whatever period of time that the vender chooses before finally resolving with the blockchain .. and then at the end of the day,  week or month, all of the transactions are resolved that are within that channel for $.10 or whatever is the applicable fee for the whole bundle of transactions.

i can't be sure if it actually will work out like that.
i know for sure you can open a channel make 1000's of payments and then close it.
but AFAIK a channel is open between 2 poeple and only 2 poeple.
IDK...

its very unclear how LN will play out,
and thats why i dont like it.

o.k.... that's fair enough that channels are only open through 2 people (I guess bitcoin addresses).. so application of such, would not be nearly as pie in the sky as I am speculating towards...

[doc12]

Volume is getting smaller and smaller. Everybody is holding his coins it seems.

[JayJuanGee]

seeing a downtick -  GBTC telegraphing a move down

We have not seen the whole price movement play out yet; however, it is a bit strange to see GBTC depreciate 10% during the same period that BTC depreciates less than 1%... whether that is a telegraph or not, it remains interesting to see how these various BTC related "markets" play out during volatility periods.

[podyx]

Any reason for this dump?

I felt pretty confident we would keep moving up

[JayJuanGee]

thunder isn't useful for buying 1 cup of coffee
its useful for buying 100 speate cups of coffees instantly.

Open Channel for standard bitcoin fee
send 100 payments for each cup of coffee
Close Channel for standard bitcoin fee

cool huh?

I don't get why people are worked up about this, or why this Lightning is taking such a long time to develop.
Here's a way to solve the coffee problem that's both simpler, more secure, and more elegant than Thunder Cats:
1. Walk into Starbucks.
2. Buy a gift card for 100 cups of coffee, with BTC or USD.
3. Use gift card each time you need to buy stuff from Starbucks. Functionally identical to Lightning/thunder,
4. Profit!

i agree for coffee like TX, thats the way to go.

but for things like coinbase accounts sending 1000's of payments to bitpay... lighting and or thunder is a big deal.

I'm o.k. with sticking with starbucks as an example.  We are not talking about 1 user buying several cups of coffee, but instead possibly 100 users or 1,000 users buying coffee through the day or the week or whatever period of time that the vender chooses before finally resolving with the blockchain .. and then at the end of the day,  week or month, all of the transactions are resolved that are within that channel for $.10 or whatever is the applicable fee for the whole bundle of transactions.

Each one of the "1,000 users buying coffee through the day" will have to buy a gift card open a payment channel with Starbucks. The only difference is Starbucks would have access to all the "gift card" money if sold gift cards, while no one would have access to BTC with Lightning.
So not sure what you're trying to say.

Yep... so I will concede that maybe Starbucks is not the greatest in the world example for how this may be deployed and what kinds of advantages will come through it.

Many of us already realize that bitcoin provides a lot of utility in many different ways, so frequently it is not detrimental to bitcoin merely because at this time it does not provide all of the same benefits of some other technology, such as a gift card.  As a user, we have a choice regarding which one to use for which purpose, and to decide the extent to which either or the possible avenues will benefit us, and to what extent.

Currently, none of us are going out and buying into Thunder because it remains somewhat theoretical, as compared to your example of a gift card that I can go out and buy right now, if I were to chose to do so.

[adamstgBit]

2 steps up 1.99 3 steps down

welcome to bitcoin!

Fixed

i guess its time for 2 steps up again  

[nioc]

Any reason for this dump?

I felt pretty confident we would keep moving up

Yeah I guess a 1>2% drop is a dump these days.

Reason is China touched 3000 a few hours ago, seems to be the trigger recently.

[JayJuanGee]

Any reason for this dump?

I felt pretty confident we would keep moving up

Maybe there is some delusion out there regarding the DAO being so wonderful, so there is some more pumping of ETH in order to artificially hype for as long as possible.. suggesting ETH good, BTC bad...

hahahahahaha...

Such artificial pump of ETH and artificial dump of BTC can last only so long...

[doc12]

Any reason for this dump?

I felt pretty confident we would keep moving up

Maybe there is some delusion out there regarding the DAO being so wonderful, so there is some more pumping of ETH in order to artificially hype for as long as possible.. suggesting ETH good, BTC bad...

hahahahahaha...

Such artificial pump of ETH and artificial dump of BTC can last only so long...

Lol DAO .... these scams are getting better n better.  It feels like the next shitcoin-wave is rolling in.

Why not call it DAU (dumbest assumable user)