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

[vroom]

Figure software RAID under Ubuntu is good enough (?)

software raid works but it requires some more knowledge and care.

Can anyone recommend a decent i7 or Xeon based system, smallest form-factor possible, capable of housing at least 4 x 3.5" drives ?

I like the HP ProLiant MicroServers. 4 drives and nice remote management.

[S4t0sh1n4]

Segwit, LN, Big Blocks, Satoshi vision, Blockstream, Core, and much more:

https://github.com/bitcoin-dot-org/bitcoin.org/pull/2010

From the moment the user visits the site, and even in the video, the entire site has always emphasised low fees. Obviously we don't expect some insanely low fee, but the current fees make it impossible for reasonable people to transact with each other. I don't know what's gone wrong, but I don't think the correct solution is to change the site to focus on the "uncensorable" aspect. We'd have to go deep into lots of pages where low fees and "fast" transactions are mentioned and do translations for everything. Fees were supposed to come down with Segwit anyway.

What even is an uncensorable transaction? Cash is uncensorable, but with cash, there are no fees. So someone reading that would still assume that fees are low or nonexistent. The only way to present the current and possible future state of the network (if nothing is done) accurately would be to somehow sell these fees as a "cost" for the uncensorable transactions. So we'd have to market high fees as a feature. This is a huge change to how Bitcoin has been marketed for much of its history, and it implies that we've misled millions of people about what Bitcoin actually is. In fact, it'll actively turn people off and they'll use something else. Heck, even the criminals and darknet market people, the ones that need the "uncensorable" aspect the most, would be turned off by that, they all use Monero anyway for anonymity and lower fees.

The entire brand of "Bitcoin" has always been about being able to spend it. It's in the name itself, a "coin", you use coins as money to pay for things. Nobody would use coins if they somehow had high fees. The correct solution isn't to change how we've marketed Bitcoin to millions of people, for example millions of people associate Coke as a sugar drink, this is their experience and how it's been for it's entire history, but if one day Coke started tasting salty, people would rightly freak out.

I think we just have to leave this for the network to resolve. Since we don't have any off chain solutions out there yet, it makes more sense the community build a consensus to change the network in such a way as to reduce the fees while these off chain solutions like Lightning are fully fleshed out and adopted over the next few years. Then once these off chain solutions start working, we can pivot the marketing to work with that in a way that is consistent with the history of how Bitcoin is marketed, because we'll still be able to promise "low processing fees" but through payment channels.

@seweso: I'm actually in favor of a block size increase. It doesn't look like Lightning will be ready for mass adoption by users and merchants anytime soon, and Segwit adoption seems to very slow, and by the time it's very widely used, fees will be high again.

You really think I want newbies getting a wallet, buying some bitcoin, and then being turned off with some insane fee and no off chain alternative? Lightning will eventually need larger blocks anyway. Very few people think the block size should be kept at the current size forever, but people just differ on when and how it should be increased. It can be done through a soft fork when needed (though unlike Segwit, it probably should be enforced and not opt-in).

@jlopp: The low fees/fast transactions stuff is all over the site and in the video too. Bitcoin is money, right there in the title of the site it says "Open Source P2P Money", and since 2009 it's always had basically a similar title. You shouldn't have to pay some crazy fee to spend your own money.

If for some reason the Bitcoin network became centralized, should we go back and remove the "P2P" part too? It's ridiculous to change Bitcoin marketing materials based on how the network currently is when the current state is a mistake and a total disaster. The concept of a fee market is economically broken, go read about the diamond market and the De Beers mining company if you genuinely believe that a fee market is the optimal solution to solve the scaling issue for good. The scaling issue can be solved for good by careful increase of block sizes, research into new PoW algorithms (and hybrid PoW) for which it's very easy to create ASIC's for to make it as easy as possible for new miners to enter the space, and obviously off chain solutions like Lightning.

Anyway, I'm mostly against this change. I got into Bitcoin to have uncensorable money, but to also be able to spend it when necessary without being ripped off in fees by Jihan and his cronies. We should just leave the text as it is, and hopefully through quicker/greater Segwit adoption the network will change to have low fees again and Lightning will also come around and make fees even lower and live up to how Bitcoin has been presented and marketed for years.

[bitserve]

Figure software RAID under Ubuntu is good enough (?)

software raid works but it requires some more knowledge and care.

Can anyone recommend a decent i7 or Xeon based system, smallest form-factor possible, capable of housing at least 4 x 3.5" drives ?

I like the HP ProLiant MicroServers. 4 drives and nice remote management.

+1 for the HP Microservers.

[OWZ1337]

https://www.youtube.com/watch?v=qjKOWqIxZho

I blame Trevon James for milking people-of-color for their fiatcoin losses.

https://twitter.com/BitcoinTre

That guy has really caused a lot of people to experience catastrophic, life-changing losses, due to pimping out BitConnect.

And he's still going

~ceo of bittconnect? ha

[rezurect007]

A tiny flat top on the bitfinix 1h chart...


tiny fake wall @14k


first red on 6h.
RSI overbought.
Small dip incoming.

Called that dip correctly.
15k to 11.6k.

Fake wall @12.5k
Expecting a retest of 10700

1500 BTC fake wall @ 11k
I believe we will go down to retest 10700 in the short term

Took 3 weeks to test 10900, close enough i guess.
Next stop 9k.. Its going to be slow and painful.
HODL.Perma bull.

Current Price 11.1k
Im calling: ~8700 within this week
Set buy from 9.5k till 8.5k.

600 BTC buy wall.
Target: 8700
 

[RoomBot]

Everyone on this thread should collectively pledge to ignore anything the Anti Semite posts for eternity. Responding to it serves no purpose.

Not to mention completely OFF TOPIC.

(and insane)

Sometimes I wonder who has been PLANTED here.....to disrupt the Disrupt-ers.

[rezurect007]

Does anybody remember chartbuddy..?
used to post walls from mtgox on a timer.
Would serve as a reminder to keep the conversation on topic..

[Last of the V8s]

@whalepool
1h1 hour ago

Want to easily try out lightning on the test net? 

Use web wallet https://htlc.me/

Go to @eiaine's store at https://elaineou.com/shop/ .

Pay tBTC to get tweeted by the @lightningb0t.

Simple. Easy. Fast.
3 replies 11 retweets 21 likes


@eiaine
Replying to @whalepool @lightningb0t

twitter locked the account after Bcash ppl made it tweet racist stuff. i am impressed they figured out how to use lightning.
https://twitter.com/eiaine/status/955498284667224064

[d_eddie]

Figure software RAID under Ubuntu is good enough (?)

software raid works but it requires some more knowledge and care.

I had troublesome experiences with soft RAID under Linux (it was Suse at the time, not Ubuntu). On the other hand, zfs treated me very well. 3 hardware disk failures got recovered without a single glitch.

I like the HP ProLiant MicroServers. 4 drives and nice remote management.

I have one of those, too. Definitely like it a lot. Going to get myself another for media files later this year. It keeps a decent temperature even in hot weather, which can't be said of some of my custom rigs. The remote management is quite nice indeed. Only drawback I've found: it's really slow to boot, but if you don't take it down daily you will barely notice. By the way, my unit runs FreeBSD/zfs. With timed snapshots and whatnots, I feel safe.

[Elwar]

@whalepool
1h1 hour ago

Want to easily try out lightning on the test net? 

I'm starting to become addicted to online coffee. I need to stop but I can't. Please help.

[itod]

Do you think it can be done? Any caveats, gotchas, likely pitfalls etc?

Along these lines, I'm looking to build myself a "proper" server to run Bitcoind and LND. Ideally RAID 10 for the boot volume, and RAID 10 for the blockchain/LND volume.

Figure software RAID under Ubuntu is good enough (?)

I would suggest a dedicated NAS with zfs (FreeBSD). Mostly like RAID, only better.
A dedicated ethernet cable between server and NAS would provide adequate disk bandwidth. Or, likely, you could actually manage to run bitcoind and lightningd on the NAS itself. As for the form factor, there are dedicated cabinets that accommodate 1-12 disks, with little leftover space except for the motherboard.

Why on earth would he need dedicated NAS for a shitty 150GB blockchain? The whole point against big blocks is not to be forced to run beasts like this to enjoy the full node.

My 0.02$: Bye 4 SSD disks:
- Two 128 GB for the system, in Raid 1 (mirror), Linux software raid is recommended. If you want to go fancy take those M.2 disks, double the speed then regular SSDs, but you don't have to.
- Two 512 GB for the blockchain, also in Linux Raid 1 (mirror). You can go for 1 TB versions if you don't want to change disks next 10 years, but they can go up to $450-$500 each for quality brands. Intel and Samsung are head above the others by reliability.

Any decent modern I7 or Xeon processor will be more then enough. You can go much, much lower, but you don't have to, they are relatively cheap.

Be picky on the power supply, if you want to spend more money on something it should be some server housing with redundant power supply and server motherboard already in it.

[jbreher]

I think it’s the requirement for an “always online” connnection. Just easier with cloud. 

Don’t ask me to explain what happens if your node goes offline.  I don’t know.

It enables each of your channel counterparts to broadcast transactions stealing the value you have locked up in that channel, for one. Amongst other ills.

[d_eddie]

Going to get myself another for media files later this year.

I can't speak highly enough, or more practically recommend, Synology products, over any alternative, for media/file serving.

Run two of their NAS' in my house and they are fucking bulletproof. Rebuilt/expanded their original volumes a couple times now as my needs grew, with minor issues (worst case was I had to ssh into a box, and manually shutdown services before fscking the main volume, to resolve issues that prevented me from further expanding).

A friend whose opinion I highly value also has lots of praise for Synology. However, when he saw my units he fell in love with the HP and got one little later. I'm sure they make good products, but they have proprietary software, and that's a show stopper for me.

[Flamaicon]

Always the same, Dump and after Pump.
They dont learn. Always the same panic.
Just hold.
The rain will goes out before march and the sun will light.
Just be patience.
Too many whales join their game.

[d_eddie]

I think it’s the requirement for an “always online” connnection. Just easier with cloud.  

Don’t ask me to explain what happens if your node goes offline.  I don’t know.

It enables each of your channel counterparts to broadcast transactions stealing the value you have locked up in that channel, for one. Amongst other ills.

And gives said counterpart the chance to have their whole assets on that channel forfeited by you if anyone snitches on them within a week. I wouldn't try that.

By the way, the phrase you wrote and I underlined could be read as meaning that there are several counterparts per channel. There are only two actors for each channel: yourself and the other end (counterpart).

[AlexGR]

Do you think it can be done? Any caveats, gotchas, likely pitfalls etc?

Along these lines, I'm looking to build myself a "proper" server to run Bitcoind and LND. Ideally RAID 10 for the boot volume, and RAID 10 for the blockchain/LND volume.

Figure software RAID under Ubuntu is good enough (?)

Can anyone recommend a decent i7 or Xeon based system, smallest form-factor possible, capable of housing at least 4 x 3.5" drives ?

Amazon and NewEgg are kinda a crapshoot... Maybe I should post this in another thread...

A i3/i5/i7 and a good SSD with a big write durability is fine.

These CPUs have higher clocks than xeon (some tasks in bitcoin perform better with higher clock speeds because they are single-threaded, and you see that during rescanning/reindexing) and they're also cheaper.

I also propose SSD because HDDs* are way too slow for constant accessing throughout a 200gb database. It's not their MB/sec that are lagging, but their access times - which cripples them when doing random reads and random writes to something like 1 mb/sec....

And obviously, since SSDs are 2.5'' or even smaller as M2 extension cards, you can make your form factor even smaller, approaching a very small box, or even a laptop. Some laptops have 2 disks (1 M2 + 1 x 2.5'') and if you have, say, 2x500gb, you should be ok for at least the next 2 years.

[jbreher]

I'm also curious where BTC will be at the end of 2018?

As are we all.

Somebody did a monte carlo simulation based upon a random sampling of daily returns. The center of the probability distribution function was $55.5K.

$55,530 center of distribution
Probability of less than $13K - 9.84%
80% confidence interval: $13,200.00-$271,277.00

You can quibble with the validity of past returns used as a basis for future predictions, but its one analysis.

https://medium.com/@xoelop/weve-simulated-the-bitcoin-price-for-the-whole-2018-you-won-t-believe-the-result-4a602679dac2

[Aby Normal]

These youtube technical analysts experts are really pissing me off, now everyone knows BTC is going to 8k or even less and everyone will buy back right at the bottom of the dip and nobody will sell at the bottom at 8k or below, yeah right everyone will do well if they listen to those no-lifer high school dropouts that got an opportunity to actually have any audience once in their lifetime, got only one question for them - how long did the last flash crash last (july & september) and how big was the rise that followed after everyone bought theirs coins back?

[d_eddie]

Those are the good posts, jbreher. 

[AlexGR]

Segwit, LN, Big Blocks, Satoshi vision, Blockstream, Core, and much more:

https://github.com/bitcoin-dot-org/bitcoin.org/pull/2010

Meanwhile, plenty of exchanges aren't even batching txs, spending blockchain space inefficiently... It's like every withdrawal request is input, the client's output and change back to the exchange for the next withdrawal from that address.