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

[JayJuanGee]

Even though we won it, I know, you don't want to live through the same shit we did last year but take a deep breath and listen.

Luke basically says, if the blockchain grows at this speed it will be almost impossible for an average Joe to start a full node in a few years.

Take a look at this chart:


https://www.blockchain.com/en/charts/blocks-size?timespan=all

It grows 50gb/year.

In 5 years, you'll have to download 500gb data to start your own node. And if you already say "fuck no i am not doing it", now imagine how would it look like in 10 years.

Luke probably won't succeed this time but people will understand him when it is too late.

This is a win for the bcash team.

***Maybe that's what Rodger aimed in the first place. He knew he would lose the first round but he still insisted on the big blocks and didn't accept defeat. Now he has a very strong ground even the Roger haters don't agree with Luke and see him as a crazy man. 

You seem to be mixing up the your comparison of the situations. 

The BIG blockers were neither coming from a good place, nor did they have justification nor genuine motives for their dumb-ass talking points.

The BIG blockers were merely trying to change bitcoin's governance... and stir shit for no good reason at all.

At least, Luke has good motives, technical justifications and probably don't even need a hardfork for such tweaks that he is suggesting, if they were to go gain consensus and go through.

Furthermore, he is more than willing to work within the consensus system, rather than crying and whining like a baby.

[mindrust]

In just five words: Pruning.

In just few words:

Nope.

You still have to download and verify the blockchain first before you prune it.

Correct me if I am wrong.

You seem to be mixing up the your comparison of the situations.  

The BIG blockers were neither coming from a good place, nor did they have justification nor genuine motives for their dumb-ass talking points.

The BIG blockers were merely trying to change bitcoin's governance... and stir shit for no good reason at all.

At least, Luke has good motives, technical justifications and probably don't even need a hardfork for such tweaks that he is suggesting, if they were to go gain consensus and go through.

Furthermore, he is more than willing to work within the consensus system, rather than crying and whining like a baby.

You have a a point.

If it wasn't blocksize, they would have come up with some other stupid excuse to control the development on bitcoin.

They are basically making up stupid excuses to raise the blocksize in order to separate the core devs from bitcoin.

[JayJuanGee]

He is right. We've Lightning now and 300kb blocks is something more than logical!

Please tell me you are joking; it's so hard to detect sarcasm

In the interest of maintaining civility, and playing your scenario out, do you foresee 150kb/150kb == 300kb or 300kb/300kb == 600kb Blocks, accounting for SegWit data ?

No, I'm not joking! Chinese mining cartel is selling every bitcoin they mine to defend bcash price. Lowering blocksize is the ultimate argument of showing them what they do is futile. Plus, it will be a big incentive for Lightning adoption!

I support 300kb blocksize too. Segwit increased the effective blocksize and it's best if that is undone. It won't happen though, and in a way I'm happy that it's so hard to make large changes (even though this one would be positive).

Never sacrifice security for something pitiful like "low fees".

Huh? Segwit is not going to be undone.

You have to get consensus to undo segwit, and recall segwit passed by nearly unanimous consent. 

I doubt that sentiment has changed very much, in terms of undoing segwit. 

It seems that there remains a vast majority of support for segwit that you would have to overcome if you want to undo it... a simple majority would be inadequate.. bitcoin no work like dat...

[bitserve]

In just five words: Pruning.

In just few words:

Nope.

You still have to download and verify the blockchain first before you prune it.

Correct me if I am wrong.

To be honest I haven't personally used pruning. I am assuming you could download an already pruned blockchain ie since the beginning till 1-1-2019 and resume from there. Not sure if core currently has that feature, but it is technically possible without much effort.

[g-uid]

I’ll tell you what I’m doing for my girl for Valentine’s. I’m taking her to Manchester for a 2 night stay in a nice hotel next Tuesday & Wednesday but what she doesn’t know is.....

I have 2 tickets for the Champions League 1st leg - Liverpool vs Bayern Munich on the Tuesday
She will be coming along to that, in the freezing cold

I wonder are you guys sure that your girls are not reading here? LOL
I am just planning for a candle night dinner with my girl.

What color are those candles?

[JayJuanGee]

[ edited out]

Oh no I'm agreeing with JJG, what's next?

Seriously though we need to not assume things and tack it on, this has nothing to do with Segwit. Segwit going away and 300kb blocks would be the dumbest of dumb.

No problem.. every once in a while, we might agree.     One thing is making proposals to change bitcoin, another thing is achieving consensus for such proposed change(s).

There seems to be increasing agreement that difficulties to change bitcoin is a feature of bitcoin and not a bug, so seems to me, contrary to some of the bitcoin naysayers, there is no one person or sub-community that is dictating the direction of bitcoin.. ...   

[kenzawak]

One of the World’s Most Popular Apps Will Implement Bitcoin Lightning Network

https://dailyhodl.com/2019/02/11/crypto-milestone-one-of-the-worlds-most-popular-apps-will-implement-bitcoin-lightning-network/

"In a new interview, Square CEO Jack Dorsey says he’s working with the team at Lightning Labs to bring the Lightning Network (LN) to Square’s Cash App. LN is a layer-2 solution designed to speed up Bitcoin transactions and address major criticisms that the number one crypto is way too slow and impractical for mainstream adoption."

[kenzawak]

https://twitter.com/kerooke/status/1094958025176113154

[El duderino_]

Central banks have been buying up gold at a rate not seen since World War II.

Why?

- Near-record buildup in government debt
- Global instability
- Supply issues
- Inflation

For those same reasons, we buy bitcoin.



https://twitter.com/alecziupsnys/status/1095028886361047040?s=21

[El duderino_]

Billionaire ex-PM of Thailand: It’s still early. Most people haven’t yet understood blockchain. If you are willing to learn, you could be rich.

https://twitter.com/redditbtc/status/1094972210790518784?s=21

[El duderino_]

Its good to acknowledge when you are wrong. The world is a complex place, and Ive certainly been wrong on many topics (I try to correct them afterwards).

You only make a mistake once you are afraid to correct yourself later or refuse to have an open mind towards new solutions.

[rdbase]

Central banks have been buying up gold at a rate not seen since World War II.

Why?

- Near-record buildup in government debt
- Global instability
- Supply issues
- Inflation

For those same reasons, we buy bitcoin.



https://twitter.com/alecziupsnys/status/1095028886361047040?s=21

So I should also buy a little nibble of gold too right? I mean central Banks manipulate so much why wouldn't they manipulate the gold prices if they're holding it.

You could be on to something there.
How about invest into buying pure 0.999% ounce gold coins which are loaded with bitcoin?
Then you could have your investment double covered against the recession.

[jojo69]

government can kick the can longer than you can stay solvent

I been waiting for the debtpocolypse all my adult life...time to move on

[StartupAnalyst]

Gonna keep the argument going a few more days to save on presents   


hehe

[bonker]

Gonna keep the argument going a few more days to save on presents   


hehe

Make sure you f**ked her before breaking up.

[StartupAnalyst]

Gonna keep the argument going a few more days to save on presents   


hehe

Make sure you f**ked her before breaking up.

Good idea. I should take it to the point

[JayJuanGee]

Central banks have been buying up gold at a rate not seen since World War II.

Why?

- Near-record buildup in government debt
- Global instability
- Supply issues
- Inflation

For those same reasons, we buy bitcoin.



https://twitter.com/alecziupsnys/status/1095028886361047040?s=21

So I should also buy a little nibble of gold too right? I mean central Banks manipulate so much why wouldn't they manipulate the gold prices if they're holding it.

You could be on to something there.
How about invest into buying pure 0.999% ounce gold coins which are loaded with bitcoin?
Then you could have your investment double covered against the recession.

The premiums on those were always stupid, cheaper to buy my own and engrave a private key in them.

You don't need to buy gold to hedge against bitcoin....... or bitcoin to hedge against gold.

You buy bitcoin in order to hedge against traditional financial investments that are based on fiat, and Bitcoin seems to be more than a sufficient hedge against traditional fiat based assets - likely a superior hedge as compared with gold because it is more portable, divisible, easy to verify and has more potential for price appreciation based on early stages of adoption... in other words likely s-curve exponential growth in the near term.. especially if you are considering a 5-10 year timeline for experiencing actual relative value returns.

[HairyMaclairy]

In just five words: Pruning.

In just few words:

Nope.

You still have to download and verify the blockchain first before you prune it.

Correct me if I am wrong.

To be honest I haven't personally used pruning. I am assuming you could download an already pruned blockchain ie since the beginning till 1-1-2019 and resume from there. Not sure if core currently has that feature, but it is technically possible without much effort.

That’s exactly how Ethereum in warp mode works. But if you’re running in warp mode, you are not a full node. You are a lite wallet.

Almost no one runs a full Ethereum node, including people who think they are running a full node but actually aren’t.

[jbreher]

... and LukeJr is calling for 300kb blocks ...

He is right. We've Lightning now and 300kb blocks is something more than logical!

Funny definition of 'logical'. With 300kB blocks, it would take on the order of a half of a millennium in order to onboard the world to LN.

How long do you expect each channel to lock funds via HTLC?

[El duderino_]

Dammit late evening call ..... have to do a McDo night shift, 24h stand-by almost feeling like a doctor or something