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Question: How much of your corn do you plan on cashing out in the next massive bull run?
None - 19 (18.1%)
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21-30% - 16 (15.2%)
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91-99% - 1 (1%)
100% - 9 (8.6%)
Total Voters: 105

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21781852 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (147 posts by 36 users deleted.)
AZwarel
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November 12, 2017, 09:36:16 PM

I recently spearheaded the launch of a 5-year / $3-million dollar project called the Gigablock Testnet Initiative.  The goals of the project are to do scaling R&D so that bitcoin can scale to bank the billions of unbanked, facilitated low-friction payments between anyone, and .... well simply be better money.

Why limit the block size to 1GB? Lets make it 1000GB each block, You can then scale bitcoin to bank trillions of unbanked from the entire Milky Way! Or if we make the block size limit to 1000TB then we can scale bitcoin to bank trillions of unbanked from all the nearby galaxies. But then who will host the blockchain? Jesus, is that you?


The eventual solution is to not care how big blocks get.  

When the demand arrives (which will be decades from now), 10 GB and even 100 GB blocks will be feasible.  This is fairly straightforward engineering.

But for now, our research shows that the throughput capacity of a global network of bitcoin nodes is limited to about 100 transactions per second (30x times the current throughput), due to the single-threaded mempool code path of Satoshi-derived clients.  After Andrew Stone's parallelization of mempool, the capacity was increased to about 500 transactions per second (150x the current throughput).  At this point, block propagation becomes the bottleneck.  There is still lots of work to be done.

.

I realize that you're being sarcastic, but you couldn't actually scale bitcoin to a galactic payment system due to speed-of-light constraints***.  Happily, since all our world is reachable by an electromagnetic signal in less than 100 ms, the actual bitcoin network doesn't have this physical scaling limitation.

On the highlighted part, translation: "we just need to ignore the Laws of physics and it will work!"
I smell male cow fecal matter.

***Actually, you can do a galactic payment system. Speed of light is only a limit for particle function, gravity has to/is clearly works near instantly through the galaxy, otherwise it would fall apart. Quantum entanglement already showed that state information (longitudional wave function) propagates faster than the light of speed (which is not a constant, depends on the medium it travels through).
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November 12, 2017, 09:38:13 PM

So , what's the new support
3000 ?

As of this posting I would expect to find very robust support around $3950.  As nice as that would be, I think the chances of an actual test of that level are vanishingly unlikely.
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November 12, 2017, 09:39:04 PM

You have the balls to say that paying high fees is financial freedom. FREEDOM  
Otherwise I can go back to banksters, why? Different faces, same slavery problem

No, you pay high fees, BECAUSE it is giving you freedom. If you value the cost less than you value the freedom granted, do not use it. It is OPT-IN.
In other words:
The demand for financial sovereignty through the use of the - voluntary(!)- network of Bitcoin is higher than the supply right now, that is why it is expensive, not because of technical limitations. And spam attack, ofc  Cool

Freedom has a cost. No one forces you to pay it.

Ehm... no. You basically are saying
-If I want to voluntarily use the bitcoin network, I must pay those high fees. That doesn't sound like freedom for me. I cannot manage my resources freely if I'm losing a percentage every time besides the spent.

Please rephrase that, because only two alternatives available: fiat banking or the dark side
It's the wrong angle.

What counts for networks is network effect. The bigger the network, the more valuable the network. High fees discourage new users from joining, hence, high fees are detrimental to network effect, and to network value.

We need more throughput. We needed it a year ago.

Good comment. That's what I meant by saying that bitcoin was losing competitiveness with respect to other currencies by sacrificing utility.

According to Adam Smith (apologize for the outdated reference, but I'm still young and I still have a lot to read), the only way that an economic agent has to seize the market, and thus garantee its domain, is understanding the dynamics and processes of competition .

Competence in this sense can be understood perfectly in a Darwinian sense, as the capacity of the economic agent to ensure its subsistence.

That's why the network effect is so important. We are talking about a currency and a reserve of value. If we sacrifice its use as a currency, and its network effect, we lose its attribute as a store of value.

I can not understand the logic, in spite of what I have read, to keep the blocks artificially small, to keep the traffic jams in the network, high rates, and to give cases of uses to other currencies.

(I do not want to be misunderstood [which is very easy due to my bad english], I know it's a long way, but I think that we currently have the tools to not continue to make the situation worse, an increase of 2MB will not centralize the network, and is an option that we currently have while developing others.)

Gab0 all these points were addressed back in 2015. You are making the mistake of thinking you are bringing fresh insight or points to the thread when in fact you are rehashing very old, answered points. Ibian didn't help you any, but then he's a known complete fucking idiot. Suggest you read a whole lot more and put your points in the newbie section. Just because we entertain the odd troll doesn't mean we mean to go on doing so.
Very curious to hear your argument for why ever growing fees are good for the network. Do tell. Newbie.
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November 12, 2017, 09:40:17 PM

The eventual solution is to not care how big blocks get.  

When the demand arrives (which will be decades from now), 10 GB and even 100 GB blocks will be feasible.  This is fairly straightforward engineering.

But for now, our research shows that the throughput capacity of a global network of bitcoin nodes is limited to about 100 transactions per second (30x times the current throughput), due to the single-threaded mempool code path of Satoshi-derived clients.  After Andrew Stone's parallelization of mempool, the capacity was increased to about 500 transactions per second (150x the current throughput).  At this point, block propagation becomes the bottleneck.  There is still lots of work to be done.

.

I realize that you're being sarcastic, but you couldn't actually scale bitcoin to a galactic payment system due to speed-of-light constraints.  Happily, since all our world is reachable by an electromagnetic signal in less than 100 ms, the actual bitcoin network doesn't have this physical scaling limitation.

What block size represents 100 tx / s?
What relationship, according to your opinion, exists between decentralization, block size and the number of nodes?


I appreciate this kind of comments. Your work and research will benefit us all, thank you very much.
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November 12, 2017, 09:40:21 PM

How Many btc could they stil have to dump  Huh  Huh

Only the first 10,000 of the 160,000 stuck transactions went through.  There are many people who've been trying to sell BTC for over 1 day now, but have had their coins stuck in mempool:



As the remaining 150,000 stuck transactions get processed, we could see continued dumping.  

I think we'll see BTC fall to a low between $3,000 to $4,500 over the next few weeks, before the BCH FOMO wears off for this wave and we get a significant rebound.

where can i see this graph?
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November 12, 2017, 09:41:47 PM


gravity has to/is clearly works near instantly through the galaxy, otherwise it would fall apart.

Recent reception of gravitation waves simultaneously to light signals from a distant galaxy's dramatic dwarf stars collapsing one into another prove that wrong.

And quantum entanglement cannot be used to send information.
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November 12, 2017, 09:42:26 PM


Oh, wait! Won't it be better to keep 1MB blocksize and decentralized as much as possible, and in 2 years make a bitcoin sidechain with all your ideas implemented IF they actually proved correct?


Why would we do that when we already built Bitcoin Cash?

Because Bitcoin Cash is the most centralized shitcoin in the entire crypto Universe. And Bitcoin Cash CEOs are proven crooks. And most importantly Bitcoin Cash doesn't offer any solution to the scaling problem.

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November 12, 2017, 09:42:55 PM

where can i see this graph?
https://core.jochen-hoenicke.de/queue/#8h
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November 12, 2017, 09:45:08 PM

I appreciate this kind of comments. Your work and research will benefit us all, thank you very much.

One shill kissing another shill's ass. How cute.
Can you two guys take your lovefest elsewhere, like the big blocker shill forum?
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November 12, 2017, 09:47:02 PM

How Many btc could they stil have to dump  Huh  Huh

Only the first 10,000 of the 160,000 stuck transactions went through.  There are many people who've been trying to sell BTC for over 1 day now, but have had their coins stuck in mempool:

As the remaining 150,000 stuck transactions get processed, we could see continued dumping.  

I think we'll see BTC fall to a low between $3,000 to $4,500 over the next few weeks, before the BCH FOMO wears off for this wave and we get a significant rebound.


How do you know they are sell orders? I tried to buy and failed (or at least, haven't seen any yet)
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November 12, 2017, 09:47:47 PM

You have the balls to say that paying high fees is financial freedom. FREEDOM  
Otherwise I can go back to banksters, why? Different faces, same slavery problem

No, you pay high fees, BECAUSE it is giving you freedom. If you value the cost less than you value the freedom granted, do not use it. It is OPT-IN.
In other words:
The demand for financial sovereignty through the use of the - voluntary(!)- network of Bitcoin is higher than the supply right now, that is why it is expensive, not because of technical limitations. And spam attack, ofc  Cool

Freedom has a cost. No one forces you to pay it.

Ehm... no. You basically are saying
-If I want to voluntarily use the bitcoin network, I must pay those high fees. That doesn't sound like freedom for me. I cannot manage my resources freely if I'm losing a percentage every time besides the spent.



Please rephrase that, because only two alternatives available: fiat banking or the dark side
It's the wrong angle.

What counts for networks is network effect. The bigger the network, the more valuable the network. High fees discourage new users from joining, hence, high fees are detrimental to network effect, and to network value.

We need more throughput. We needed it a year ago.

Good comment. That's what I meant by saying that bitcoin was losing competitiveness with respect to other currencies by sacrificing utility.

According to Adam Smith (apologize for the outdated reference, but I'm still young and I still have a lot to read), the only way that an economic agent has to seize the market, and thus garantee its domain, is understanding the dynamics and processes of competition .

Competence in this sense can be understood perfectly in a Darwinian sense, as the capacity of the economic agent to ensure its subsistence.

That's why the network effect is so important. We are talking about a currency and a reserve of value. If we sacrifice its use as a currency, and its network effect, we lose its attribute as a store of value.

I can not understand the logic, in spite of what I have read, to keep the blocks artificially small, to keep the traffic jams in the network, high rates, and to give cases of uses to other currencies.

(I do not want to be misunderstood [which is very easy due to my bad english], I know it's a long way, but I think that we currently have the tools to not continue to make the situation worse, an increase of 2MB will not centralize the network, and is an option that we currently have while developing others.)

Gab0 all these points were addressed back in 2015. You are making the mistake of thinking you are bringing fresh insight or points to the thread when in fact you are rehashing very old, answered points. Ibian didn't help you any, but then he's a known complete fucking idiot. Suggest you read a whole lot more and put your points in the newbie section. Just because we entertain the odd troll doesn't mean we mean to go on doing so.

I do not pretend to enlighten anyone, but to support my arguments.
Also, if those points that you say have already been dictated and are sufficiently clear, I do not understand why still the differences of opinion between miners, developers, users, etc.
Anyway, could you tell me where I can find information that you say?
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November 12, 2017, 09:48:05 PM

Thanks, but how can i figure out if its buy or sell?
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November 12, 2017, 09:48:12 PM

How Many btc could they stil have to dump  Huh  Huh

Only the first 10,000 of the 160,000 stuck transactions went through.  There are many people who've been trying to sell BTC for over 1 day now, but have had their coins stuck in mempool:

As the remaining 150,000 stuck transactions get processed, we could see continued dumping.  

I think we'll see BTC fall to a low between $3,000 to $4,500 over the next few weeks, before the BCH FOMO wears off for this wave and we get a significant rebound.


How do you know they are sell orders? I tried to buy and failed (or at least, haven't seen any yet)

They aren't all sell orders.  Only some of them are.  The exact % is speculation.
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November 12, 2017, 09:50:47 PM
Last edit: November 12, 2017, 10:20:51 PM by pfrtlpfmpf

Please, i can´t read all that was written in Wallobserver in a timely manner.
What was the gist of it ?
Can somebody help me out, thanks.



Like my wife says: Explain the Internet, but in five minutes . . .  Smiley

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November 12, 2017, 09:51:04 PM


they're neither. they're transactions waiting to be processed.

edit try https://data.bitcoinity.org/markets/books/USD
or
http://bitcoin-analytics.com/
for buys vs sells
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November 12, 2017, 09:51:27 PM

I appreciate this kind of comments. Your work and research will benefit us all, thank you very much.

One shill kissing another shill's ass. How cute.
Can you two guys take your lovefest elsewhere, like the big blocker shill forum?
We need more throughput. Segwit is not nearly enough. I hope we can agree that far at least?
Gab0
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November 12, 2017, 09:53:11 PM

I appreciate this kind of comments. Your work and research will benefit us all, thank you very much.

One shill kissing another shill's ass. How cute.
Can you two guys take your lovefest elsewhere, like the big blocker shill forum?

Sorry for not thanking your theories about conspiracies, empty phrases and personal desacretitaciones.
Also, have not you ignored me? Do it again please.
Ibian
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November 12, 2017, 09:55:01 PM

Also, if those points that you say have already been dictated and are sufficiently clear, I do not understand why still the differences of opinion between miners, developers, users, etc.
Miners and users have different goals. Miners want to make as much profit as possible. We want to keep our money in our pockets.

That aside, there are a growing number of people who want to see bitcoin fail. Some people just want to drag others down. And of course, most people, regardless of faction, are emotionally invested in their personal narrative. Beware of anyone using emotional terms like "bigblocktards" and the like. Arguments matter people, not emotional outbursts.
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November 12, 2017, 09:56:22 PM

you were lied to in expecting that btc (core) is "bitcoin"
Torque
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November 12, 2017, 09:56:33 PM

We need more throughput. Segwit is not nearly enough. I hope we can agree that far at least?

Ibian, there was never a time when Bitcoin users or even the Core developers, denied that more throughput or lower fees were needed.

BUT... it is completely disingenuous to bring up "more throughput needed" EVERY TIME that the network gets spammed by bad actors and create a massive backlog, but never bring it up when the network is operating normally and the mempool is nearly empty (which is like 95% of the entire year!).

Can we at least agree on that?
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