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

[cryptasm]

Iceland push?

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[Fatman3001]

Looks like there's 1.8 million BTC in dust in the mempool.

Totally not one guy:

Yes, Podyx has been doing well lately

[Karartma1]

Who said this thread is dead? This thread is like Bitcoin: the more one says is dead the more it gets stronger.

Last night I watched the charts for 15 minutes and I said WOW. This thing is moving again and we all know that when it moves it does that very fast and in a very hectic way.

US elections are coming, the end of 2016 is approaching: as some of you already mentioned, hold on!

[Ted E. Bare]

Anyone know why adamstgBit left?

[JayJuanGee]

Anyone know why adamstgBit left?

He got locked out of his account (by a hacker) around the same time as me in mid September, and unlike me, he said that he did not want to jump through hoops to get his account back.

[Ted E. Bare]

Anyone know why adamstgBit left?

He got locked out of his account (by a hacker) around the same time as me in mid September, and unlike me, he said that he did not want to jump through hoops to get his account back.

Ah I see, that's unfortunate. It would've been nice for him to join us in our celebrations of bitcoins' new all-time high in the new year.

[freshman777]

Has anybody thought that price is rising because deposits to exchanges can't come through the 45k+ pending txs mempool?

Yes I was just thinking the same thing.  

I have $394 worth of bitcoin stuck in the blockchain sent to me since last night and has been over 16 hours without a confirmation yet.
It must be part of that or else I don't know what else it could be.

Don't panic, Bitcoin works as designed. I've just paid a $1 fee and my tx was instantly confirmed.

[criptix]

Has anybody thought that price is rising because deposits to exchanges can't come through the 45k+ pending txs mempool?

Yes I was just thinking the same thing.  

I have $394 worth of bitcoin stuck in the blockchain sent to me since last night and has been over 16 hours without a confirmation yet.
It must be part of that or else I don't know what else it could be.

Don't panic, Bitcoin works as designed. I've just paid a $1 fee and my tx was instantly confirmed.

txid or it never happened

[JayJuanGee]

Has anybody thought that price is rising because deposits to exchanges can't come through the 45k+ pending txs mempool?

Yes I was just thinking the same thing.  

I have $394 worth of bitcoin stuck in the blockchain sent to me since last night and has been over 16 hours without a confirmation yet.
It must be part of that or else I don't know what else it could be.

Don't panic, Bitcoin works as designed. I've just paid a $1 fee and my tx was instantly confirmed.

txid or it never happened

Yesterday (about 35 hours ago, as I type), I paid a $.56 fee, and it took 30.5 hours to receive the first confirmation - even though the transaction showed up as received (and pending) almost immediately. I was not able to use it until about 31 hours (after three confirmations)

[criptix]

Has anybody thought that price is rising because deposits to exchanges can't come through the 45k+ pending txs mempool?

Yes I was just thinking the same thing.  

I have $394 worth of bitcoin stuck in the blockchain sent to me since last night and has been over 16 hours without a confirmation yet.
It must be part of that or else I don't know what else it could be.

Don't panic, Bitcoin works as designed. I've just paid a $1 fee and my tx was instantly confirmed.

txid or it never happened

Yesterday (about 35 hours ago, as I type), I paid a $.56 fee, and it took 30.5 hours to receive the first confirmation - even though the transaction showed up as received (and pending) almost immediately. I was not able to use it until about 31 hours (after three confirmations)

nvm i just looked up the mem pool. yesterday we peaked at nearly 50 mb back log.

[freshman777]

Has anybody thought that price is rising because deposits to exchanges can't come through the 45k+ pending txs mempool?

Yes I was just thinking the same thing.  

I have $394 worth of bitcoin stuck in the blockchain sent to me since last night and has been over 16 hours without a confirmation yet.
It must be part of that or else I don't know what else it could be.

Don't panic, Bitcoin works as designed. I've just paid a $1 fee and my tx was instantly confirmed.

txid or it never happened

Why. You don't believe that a $1 fee (for a 225 byte tx) can get you into the first block? It was probably an a 2x overkill but I didn't want to take chances.

[yefi]

Yes, Podyx has been doing well lately

Why. You don't believe that a $1 fee (for a 225 byte tx) can get you into the first block? It was probably an a 2x overkill but I didn't want to take chances.

Indeed, getting in the next block is pretty easy if you pay enough. Leaving a high-fee-per-byte tx in the pool for another miner to gobble up makes no sense.

[2017Bubble]

750 within 24 hours. 

[Dafar]

I would like to take this opportunity to bring this hilarious post by Torque back up  

Mr. Torque.... you've been quiet recently. What happened to deflating back to $450 and you calling me out on it?

YES I DID MOCK YOU AND I WON... YOU THINK I'M GOING TO FORGET YOUR ATTEMPT AT HUMILIATING ME??? HUH???


I don't f*** around boy

So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before.  A blow off top, followed by long legs down.  

Looks like it could eventually deflate all the way back to ~450.  

So Dafar, still mocking me thus far?

So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before.  A blow off top, followed by long legs down.  

Looks like it could eventually deflate all the way back to ~450.  

So Dafar, still mocking me thus far?

Quoting myself ftw.  Looks like we're just going to keep grinding down ~$10/week or so, until this bubble completely deflates.

Since there are no buyers, looks like the only thing that could put the floor in is the hashrate/mining cost, wherever that may lie.  

Why so violent Dafar? Are you still butthurt about a bad trade or something?

I'm a permabull hodler that, after 3 straight years of witnessing bitcoin NOT becoming the uber global phenom that everyone was going on about in 2013, I believe have earned the right to be a little bearish now and then.  I still have not witnessed ANY new major Average Joe money, nor major investment money, nor major retailer adoption happen in that time either.  The only thing I've seen in that time frame is complete apathy from the general public, and the occasional PnD bullshit that we're all so familiar with by now.

So fkn sue me bitch.  Also, let's see how the year finishes up before you start calling it a full on uptrend, eh? Bitcoin has steadily been losing some marketshare ground to shit
coins for 3 years now.

[Torque]

Lol @ Dafar (aka Mr. Monero) who divested into shitcoins and lost, now he's back full in on btc and just talking his book.  

So how's that dwindled BTC stash feeling now Dafar? Meanwhile I've been hodling the whole time, haven't lost a thing.  

[Dafar]

Lol @ Dafar (aka Mr. Monero) who divested into shitcoins and lost, now he's back full in on btc and just talking his book.  

So how's that dwindled BTC stash feeling now Dafar? Meanwhile I've been hodling the whole time, haven't lost a thing.  

People in "[XMR] Monero Speculation" have been calling me a troll for saying bitcoin was getting ready to demolish the alt coins and for calling XMR's drawn out bear market, and over here I'm "Mr Monero"... lol.  I've been out for a while and barely lost anything on XMR. And even if I did, every time I lose any BTC I immediately buy it back to preserve my main stash.


So let me get this straight, you were FUDing bitcoin and calming that it was going to $450 while secretly buying and holding?? You didn't listen to your own advice? Riiightt  

If true that's pretty scummy

[Torque]

Lol @ Dafar (aka Mr. Monero) who divested into shitcoins and lost, now he's back full in on btc and just talking his book.  

So how's that dwindled BTC stash feeling now Dafar? Meanwhile I've been hodling the whole time, haven't lost a thing.  

People in "[XMR] Monero Speculation" have been calling me a troll for saying bitcoin was getting ready to demolish the alt coins and for calling XMR's drawn out bear market, and over here I'm "Mr Monero"... lol.  I've been out for a while and barely lost anything on XMR. And even if I did, every time I lose any BTC I immediately buy it back to preserve my main stash.


So let me get this straight, you were FUDing bitcoin and calming that it was going to $450 while secretly buying and holding?? You didn't listen to your own advice? Riiightt  

If true that's pretty scummy

The truth is, I'm a Bitcoin maximalist now. The only altcoin I ever put money into at one time was LTC, believing that having another cryptocurrency outside of Bitcoin's blockchain might be a good thing. But over time I came to realize that diversification into other alts is silly and all hype driven, because if the business/merchant world every truly embraces a cryptocurrency on a global, macro scale, it'll likely only settle on ONE for consolidation/tax/marketing purposes and B2B transfers.  Anything else would get too complex and only serve to confuse users and the markets. And I personally believe that Bitcoin is the only one that has a shot at it right now. So I sold off almost all of my LTC during the last big litecoin rally, traded it back into BTC. I think I still might have like ~40 LTC or so laying around in some wallet somewhere.

I've always been a BTC permabull holder. I don't trade and I don't sell, no matter where the market goes. If bitcoin went to the moon tomorrow, I don't even think I would sell then, because I dream of one day paying bills or mortgage payments directly with bitcoin.  Yes I'm willing to wait that long, because waiting costs nothing but time.

[JimboToronto]

Good morning Bitcoinland.

Still maintaining most of yesterday's gains. Down just a wee... $684 on Bitcoinaverage.

Hopefully we're just catching our breath, trying not to go up too fast, and we'll continue our steady rise up past $700 and beyond.

[Hyperjacked]

Has anybody thought that price is rising because deposits to exchanges can't come through the 45k+ pending txs mempool?

Yes I was just thinking the same thing.  

I have $394 worth of bitcoin stuck in the blockchain sent to me since last night and has been over 16 hours without a confirmation yet.
It must be part of that or else I don't know what else it could be.

Don't panic, Bitcoin works as designed. I've just paid a $1 fee and my tx was instantly confirmed.

txid or it never happened

Yesterday (about 35 hours ago, as I type), I paid a $.56 fee, and it took 30.5 hours to receive the first confirmation - even though the transaction showed up as received (and pending) almost immediately. I was not able to use it until about 31 hours (after three confirmations)

Hmmmm...I have been moving btc between exchanges all day without issues

Sent it around 15 minutes ago and just confirmed at bittrex...

[JayJuanGee]

Yes, Podyx has been doing well lately

Why. You don't believe that a $1 fee (for a 225 byte tx) can get you into the first block? It was probably an a 2x overkill but I didn't want to take chances.

Indeed, getting in the next block is pretty easy if you pay enough. Leaving a high-fee-per-byte tx in the pool for another miner to gobble up makes no sense.

I'm not exactly sure how the miner's operations work, exactly.  I would imagine that they have their mining set with kinds of algorithms in order to identify how to attempt to balance the finding of the new blocks and the processing of the transactions based on fee amounts.   

For example, any fee that is $.10 or higher will likely be in the highest priority, but yeah there could be some miners that focus on higher thresholds.

Regarding the mempool back up of this week, I get the sense that the quantity of fees was not going to make a big difference because there was some kind of attack going on that was not allowing transactions to be processed, for the most part.  Why, otherwise, would my transaction that had $.56 not be processed for 30.5 hours.  All of a sudden, when the backlog stopped growing (shrunk from 35million bytes backed up to 20 million), my transaction was processed.  I really doubt that the behavior was coming from regular miners, but there was some kind of purposeful shenanigans going on that was disallowing the miners from employment of normal transaction processing incentives.

So, personally, generally speaking, at this point in time, I think that a $1 fee is approaching a 10x inflation in the necessary fees, rather than characterizing $1 as a 2x overkill.