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

[the artful bodger]

You need to fix that OP, DUDE --  it says "MEW," not "New."   

Fixed. I shouldn't have rushed the title so fast.

[RoomBot]

That's right.

This is the Intertoobz.

Should have said, "MEOW" Idea.

Either way GREAT idea.  I've really streamlined the time I spend here by ignoring the trolls.

Not to discourage any on-topic BTC posts OR post parity!

Where's that Honey Badger?

[bones261]

That's right.

This is the Intertoobz.

Should have said, "MEOW" Idea.

Either way GREAT idea.  I've really streamlined the time I spend here by ignoring the trolls.

Not to discourage any on-topic BTC posts OR post parity!

Where's that Honey Badger?

Why set the bar so low? Let's go for post parity instead.

[realr0ach]

Me too...... I won't be stifled in my artistic freedoms.          

[cAPSLOCK]

LOL. Mempool almost empty again. What a time to be alive.

Up yours, BCash fucktards !!! Tongue my fartbox !

Ahh.  See the difference?

Can you not see the difference when a reasonable, rational, decent poster can exercise free speech within the constraints of the...

ACTUAL FUCKING TOPIC?!?!

Thank you. 5 MERITS.

[realr0ach]

Can you not see the difference when a reasonable, rational, decent poster can exercise free speech

[HairyMaclairy]

I like green candles. 

[JayJuanGee]

LOL. Mempool almost empty again. What a time to be alive.

Up yours, BCash fucktards !!! Tongue my fartbox !

Ahh.  See the difference?

Can you not see the difference when a reasonable, rational, decent poster can exercise free speech within the constraints of the...

ACTUAL FUCKING TOPIC?!?!

Thank you. 5 MERITS.

This is what my wrinkly ass thinks about your attempts to encourage on-topicness through your gonads of bribery: 

[STT]

LOL. Mempool almost empty again. What a time to be alive.

Hate to be Debby Downer here at all but the question has to be asked, does that empty mempool then also mean less pressure from traffic/volume of Bitcoin use.    Obviously purely on exchange traffic matters less beyond speculation.     I mean a rising trend, which we have but also declining volume overall globally would not equate to a bullish confirmation.    Just a thought,  I'm not sure of volume as each exchange has it split of course and some major countries arent registering volume publicly any longer so its more of an opaque picture

[realr0ach]

Hate to be Debby Downer here at all but the question has to be asked, does that empty mempool then also mean less pressure from traffic/volume of Bitcoin.  

Of course, even mega bitcoin shill Torque admitted it.  All the retail buyers who wanted into the market already got in and are just sitting on coins hoping someone pumps it so they can dump on them.

[macsga]

Price-wise, (yes, this thread IS about that too, apart from trolling) bumping up from 10200$ (Finex) makes me feel bullish again. If we break down from that then it's going 9xxx. Maybe BTC has a chance for glory after all. Right now only XMR hodlers are happy, everybody else is bleeding...

bob@bitcorn:~/bitcoin-0.16.0rc3/src$ ./bitcoin-cli -datadir=/mnt/md0/bitcoin_data getmempoolinfo
{
  "size": 2251,
  "bytes": 1178878,
  "usage": 3950928,
  "maxmempool": 300000000,
  "mempoolminfee": 0.00001000,
  "minrelaytxfee": 0.00001000
}

Amazing. Haven't seen it this low in a long long time.

Hate to be Debby Downer here at all but the question has to be asked, does that empty mempool then also mean less pressure from traffic/volume of Bitcoin use.

I honestly don't know how to answer that. All I do know is I'm happy to see the spamming has stopped, transaction fees are the lowest they have been in a long time, and transactions are clearing quite quickly - compared to the insanity of Dec/Jan.

Would you mind elaborating? I don't think I get it... above 1M block?
Ah ok, you edited the above. Yes, now makes sense.

[jojo69]

holy cow

we just cleared the mempool down to nothing

[macsga]

Would you mind elaborating? I don't think I get it... above 1M block?

There's less that two full blocks of blockchain data waiting to be processed in mempool, at the time being. 20 minutes will clear out any queued transactions on the blockchain.

OK thanks for the explanation; I think that this is awesome (but makes no sense)! Could it be because of the LN testing?

[macsga]

Could it be because of the LN testing?

Not likely. This is probably due to Segwit starting to be rolled out more and more.

LN is still a giant experiment at the moment, and I can't really recommend getting involved with it right now, unless you are into masochism.

We'll see how much of a difference LN starts to make once they hit 0.6 (0.5.2 right now)

We have less tx per day comparing to the previous weeks. *Maybe* that's a good explanation after all.
https://bitinfocharts.com/comparison/transactions-btc-ltc-eth.html

[HairyMaclairy]

What are your thoughts on this metric:  https://outputs.today

[macsga]

What are your thoughts on this metric:  https://outputs.today

Nice site man, thanks. It verifies with the bitinfo chart; I think it's legit. Well, IMO, it's reasonable after the rally the TX to go down, maybe it's a nice indicator price-wise as well. Watch your longs out there.

[bitserve]

Could it be because of the LN testing?

Not likely. This is probably due to Segwit starting to be rolled out more and more.

LN is still a giant experiment at the moment, and I can't really recommend getting involved with it right now, unless you are into masochism.

We'll see how much of a difference LN starts to make once they hit 0.6 (0.5.2 right now)

We have less tx per day comparing to the previous weeks. *Maybe* that's a good explanation after all.
https://bitinfocharts.com/comparison/transactions-btc-ltc-eth.html

It's number of outputs what is most relevant here. During the past few months many users, exchanges, etc started to consolidate addresses and batch transactions to reduce the impact of the high fees. That consolidation process plus the numerous forks we experienced that required to move coins before claiming made for an abnormal higher number of tx's which added to the already congested situation.

Now, after that consolidation seems to have been stabilized, more tx batching adopted, segwit increasing adoption, , no more forks to claim, etc... it is completely normal we reach the benefits of an uncongested network.

And of course, the increasing adoption of Segwit allows for more "space" available even for non-segwit tx', as expected.

We don't even need to take into account if spam was or wasn't a significant factor to see the "optimizations" in usage could perfectly explain the improvement.

[macsga]

It's number of outputs what is most relevant here. During the past few months many users, exchanges, etc started to consolidate addresses and batch transactions. That consolidation process plus the numerous forks we experienced that required to move coins before claiming made for an abnormal higher number of tx's which added to the already congested situation.

Now, after that consolidation seems to have been stabilized, more tx batching adopted, segwit increasing adoption, , no more forks to claim, etc... it is completely normal we reach the benefits of an uncongested network.

And of course, the increasing adoption of Segwit allows for more "space" available even for non-segwit tx', as expected.

We don't even need to take into account if spam was or wasn't a significant factor to see the "optimizations" in usage could perfectly explain the improvement.

Fully agree on the above, https://outputs.today/ signifies that both are down simultaneously (or at least the trend presents them as such). Nevertheless, the ratio between those two is rising (I'm a bit confused on why this is happening). It would be nice if any of you wizards here had a site to monitor LN / SW tx/outputs (even partially right)...

[HairyMaclairy]

I can barely understand a quarter of this but it sounds promising:  https://blockstream.com/2018/02/21/bulletproofs-faster-rangeproofs-and-much-more.html

[svdleer]

I though we were done with dumping yesterday evening. but this morning it starts all over again....