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

[adamstgBit]

price held up while i was sleeping

its going to 3000$ boys,  and it won't stop there... sell your gold!
 
 

i read the wsj article where someone valued his 8 BTC as 8 MILLION by next November!!!   ..needless to say i'm holding to $10,000+ lol

WTF???  Link or it didn't happen.

i value the remainder of my stash at infinity.

i will spend it wisely

last night i sold, today price is up, lol typical....

[1714674958]

1714674958

[philip2000uk]

I think we're at or approaching 1 tx a second.. so we need 7x as many were getting now before we start to worry about that.

Imagine the utopian mass adoption that's being fed to the public.

Take a small country (or a large American city) with about 15 million inhabitants, or 5 million households.
Every household will have to do groceries about each other day, so that's 2.5 million customers in supermarkets each day countrywide.
Day has 24 hours, so that's 104166 transactions per hour
= 29 transactions per second

And this is for one small country only, for only the basic needs (food), and that's already 4 times what the Bitcoin network can physically handle.

You're not going to convince me that the Bitcoin protocol will ever be able to sustain a world economy for day-to-day transactions.

Hence why I'll always be bearish, even though it's a great market to profit from atm.

Nonsense. Only a retard would think that a block-chain based currency is efficient for day-by-day purchases as grocery shopping.

As warchwoord said 1MB max block hard limit was placed BY DESIGN. The point of BTC is the universal ledger and the possibility for everyone to run a full node. It's meant to be a safe and decentralized way to store and transfer value (among other things), not to be a micro payment network competing with Visa or PayPal.

99% of BTC economy is driven by investors and speculators, what makes you think that it has to change at some point? You don't buy groceries with gold neither.

Are you calling the whole of Kenya a retard? they use it for day to day shopping for groceries.

I mean maybe it would cause more problems though if it was all fully mainstream

[CryptStorm]

786 is key resistance! Need the breakthrough before the moon, them rockets don't build themselves you know.

Seem to me we are building the platform to blast right through that resistance as we speak
Gox 6hr chart looks exactly like that - no way it is a top

What is typically made of the declining volume coming off the spike at 900 in both directions-- you know, the mountain with equal sides of volume on that same chart?

[Coinseeker]

Boxman90, this might help ...

http://www.youtube.com/watch?v=cZp7UGgBR0I

Not sure if your intention is to argue for or against me, but that exactly shows why the 7 tps limit is by design (thus should not be removed to ensure decentralization, another key point in bitcoin design) and makes it impossible for it to compete with credit card companies.

There's honestly no reason to be bearish on Bitcoin, for any reason, except the centralization of Bitcoin.  (Which seems they are proposing)  The only thing required to overcome the 1mb limit and maintain it, is to increase off blockchain transactions.  This is what Ripple is for and will allow Bitcoin transactions with virtually no limit.  

[adamstgBit]

 

i'm like a bitcoin profit or somthing.

subscribe to bitmovements

[CryptStorm]

http://

price held up while i was sleeping

its going to 3000$ boys,  and it won't stop there... sell your gold!
 
 

i read the wsj article where someone valued his 8 BTC as 8 MILLION by next November!!!  ..needless to say i'm holding to $10,000+ lol

WTF???  Link or it didn't happen.

i value the remainder of my stash at infinity.

i will spend it wisely

last night i sold, today price is up, lol typical....

Haha, yeah well, lets just hope when the value is fluctuating between 13000 and 14500 in several seasons we are still around. It's really dangerous to be off this train. (It's impossible to beat 4000% in one year) Will history repeat, again? (puts on tin foil hat, grabs magick 8 ball)

[Davyd05]

stamps forming a limp one

[Boxman90]

There's honestly no reason to be bearish on Bitcoin, for any reason, except the centralization of Bitcoin.  (Which seems they are proposing)  The only thing required to overcome the 1mb limit and maintain it, is to increase off blockchain transactions.  This is what Ripple is for and will allow Bitcoin transactions with virtually no limit.  

Though Ripple is centralized - does this not beat the purpose of Bitcoin entirely? In essence we'll have created a commodity like gold, but NOT a currency.

[Rampion]

99% of BTC economy is driven by investors and speculators, what makes you think that it has to change at some point? You don't buy groceries with gold neither.

That is exactly my point as to why it would never be a CURRENCY in this format. Remember that this is the picture that is being fed to the general public, and they will invest based on this assumption. It took me weeks if not months of research to get a clear picture of what BTC is and how it is used - do not expect the general public to do the same right from the start. They will do that when the bubble starts to properly pop.

The general public doesn't care about paying con Bitcoin their groceries, the general public buys Bitcoin just because it is supposed to increase in value.

[gandhibt]

stamps forming a limp one

strengthening the support

[phoenix1]

Boxman90, this might help ...

http://www.youtube.com/watch?v=cZp7UGgBR0I

Not sure if your intention is to argue for or against me, but that exactly shows why the 7 tps limit is by design (thus should not be removed to ensure decentralization, another key point in bitcoin design) and makes it impossible for it to compete with credit card companies.

As I understand it, the payment processors referred to in the video would handle smaller value transactions at a rate much faster than 7tps, which would then be added to the blockchain by the payment processor.
I am not a techy, so my understanding may be incorrect, but this is how I understood it.
Perhaps there is someone more qualified on hand who could explain how this would work.

I am also speculating that it is exactly this kind of 'bolt on' service that is part of the planned evolution of Bitcoin and why we see VC money coming in now.

[Rampion]

I think we're at or approaching 1 tx a second.. so we need 7x as many were getting now before we start to worry about that.

Imagine the utopian mass adoption that's being fed to the public.

Take a small country (or a large American city) with about 15 million inhabitants, or 5 million households.
Every household will have to do groceries about each other day, so that's 2.5 million customers in supermarkets each day countrywide.
Day has 24 hours, so that's 104166 transactions per hour
= 29 transactions per second

And this is for one small country only, for only the basic needs (food), and that's already 4 times what the Bitcoin network can physically handle.

You're not going to convince me that the Bitcoin protocol will ever be able to sustain a world economy for day-to-day transactions.

Hence why I'll always be bearish, even though it's a great market to profit from atm.

Nonsense. Only a retard would think that a block-chain based currency is efficient for day-by-day purchases as grocery shopping.

As warchwoord said 1MB max block hard limit was placed BY DESIGN. The point of BTC is the universal ledger and the possibility for everyone to run a full node. It's meant to be a safe and decentralized way to store and transfer value (among other things), not to be a micro payment network competing with Visa or PayPal.

99% of BTC economy is driven by investors and speculators, what makes you think that it has to change at some point? You don't buy groceries with gold neither.

Are you calling the whole of Kenya a retard? they use it for day to day shopping for groceries.

I mean maybe it would cause more problems though if it was all fully mainstream

The whole Kenya is not using Bitcoin to buy groceries. Not a single city in Kenya is using Bitcoin to buy groceries. The current block soft-limit is 250kb. If a single city of Kenya was using Bitcoin to buy groceries, the 1MB hard-limit wouln't even be enough.

[Richy_T]

As I understand it, the payment processors referred to in the video would handle smaller value transactions at a rate much faster than 7tps, which would then be added to the blockchain by the payment processor.
I am not a techy, so my understanding may be incorrect, but this is how I understood it.
Perhaps there is someone more qualified on hand who could explain how this would work.

I am also speculating that it is exactly this kind of 'bolt on' service that is part of the planned evolution of Bitcoin and why we see VC money coming in now.

Basically a fancy escrow service. Which is what banks and the credit card companies are at the moment in certain aspects.

[Syke]

Not sure if your intention is to argue for or against me, but that exactly shows why the 7 tps limit is by design (thus should not be removed to ensure decentralization, another key point in bitcoin design) and makes it impossible for it to compete with credit card companies.

Who says bitcoin is competing with credit card companies? They both serve very different purposes.

[Okurkabinladin]

There's honestly no reason to be bearish on Bitcoin, for any reason, except the centralization of Bitcoin.  (Which seems they are proposing)  The only thing required to overcome the 1mb limit and maintain it, is to increase off blockchain transactions.  This is what Ripple is for and will allow Bitcoin transactions with virtually no limit.  

Though Ripple is centralized - does this not beat the purpose of Bitcoin entirely? In essence we'll have created a commodity like gold, but NOT a currency.

How much decentralized is bitcoin today, when its meat (yes, I am talking about miners) is controlled by few ASIC manufacturing corporations and its bones (users) put their trust into unreliable (and centralized) exchanges. I´d switch to ripple client as bitcoin trading tool entirely, if not for still relatively low (but rising) liquidity. Atleast I can use it without Open Labs wanting my ID card and 1% transaction fees.

[CryptStorm]

786 is key resistance! Need the breakthrough before the moon, them rockets don't build themselves you know.

Seem to me we are building the platform to blast right through that resistance as we speak
Gox 6hr chart looks exactly like that - no way it is a top

What is typically made of the declining volume coming off the spike at 900 in both directions-- you know, the mountain with equal sides of volume on that same chart?

...bump...

Yoya? Anyone?

[philip2000uk]

BOARDING!

YOLO Airport (Where I did my flight training and where mythbusters used that parachute plane, I almost blocked them lol) to Singapore

http://skyvector.com/?ll=38.579377107767435,-121.85705566334238&chart=304&zoom=3&plan=A.WS.WSSS:A.K2.KDWA

[Coinseeker]

There's honestly no reason to be bearish on Bitcoin, for any reason, except the centralization of Bitcoin.  (Which seems they are proposing)  The only thing required to overcome the 1mb limit and maintain it, is to increase off blockchain transactions.  This is what Ripple is for and will allow Bitcoin transactions with virtually no limit.  

Though Ripple is centralized - does this not beat the purpose of Bitcoin entirely? In essence we'll have created a commodity like gold, but NOT a currency.

Even if Ripple were centralized, which it's not, it doesn't defeat the purpose at all.  Because the Ripple protocol is about transactions, not storing Bitcoins with no counter-party risk.  If you buy a Gyft card, you have to send BTC to Bitpay, a centralized company.  Is that an issue for you?  Using Ripple gateways is the same as this or any exchange.  Frankly at this point, it's not worth spelling out further because soon most consumers will be utilizing the Ripple network and won't even know it.  The point in my original comment was, there's already a working protocol that solves this.  That's why diehard Bitcoiners created Ripple, they knew the limitations of the Bitcoin payment network.  So, 7tps is not a reason to be bearish, centralization by the Bitcoin devs, would be however.

[adamstgBit]

There's honestly no reason to be bearish on Bitcoin, for any reason, except the centralization of Bitcoin.  (Which seems they are proposing)  The only thing required to overcome the 1mb limit and maintain it, is to increase off blockchain transactions.  This is what Ripple is for and will allow Bitcoin transactions with virtually no limit.  

Though Ripple is centralized - does this not beat the purpose of Bitcoin entirely? In essence we'll have created a commodity like gold, but NOT a currency.

Even if Ripple were centralized, which it's not, it doesn't defeat the purpose at all.  Because the Ripple protocol is about transactions, not storing Bitcoins with no counter-party risk.  If you buy a Gyft card, you have to send BTC to Bitpay, a centralized company.  Is that an issue for you?  Using Ripple gateways is the same as this or any exchange.  Frankly at this point, it's not worth spelling out further because soon most consumers will be utilizing the Ripple network and won't even know it.  The point in my original comment was, there's already a working protocol that solves this.  That's why diehard Bitcoiners created Ripple, they knew the limitation of the Bitcoin payment network.  So, 7tps is not a reason to be bearish, centralization by the Bitcoin devs, would be however.

Ripple is based on trust. it will fail.

[gambitv]

OK, time to dampen this party, let some people get on the train.

             (BTCBTCBTC)     (BTCBTCBTCBTCBTC)
                               (BTCBTC)     (BTCBTCBTCBTCBTCBTCBTC)        (BTCBTCBTCBTCBTCBTCBTC)
                         (BTCBTCBTCBTCBTCBTCBTC)   (BTCBTCBTCBTCBTC)       (BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC)
                    (BTCBTCBTC)     (BTCBTCBTCBTCBTCBTCBTC)   (BTCBTCBTCBTCBTCBTC)             (BTCBTCBTC)
               (BTCBTCBTCBTCBTCBTC)    (BTCBTCBTCBTCBTCBTC)                (BTC)
           (BTCBTCBTC)  (BTCBTCBTCBTC)           (BTCBTC)
        (BTCBTC)              (BTCBTCBTC)
       .-.               
       ] [    .-.      _    .-----.
     ."   """"   """""" """"| .--`
    (:--:--:--:--:--:--:--:-| [___    .------------------------.
     |BTC  :  :  :  :  :  : [_9_] |'='|.----------------------.|
    /|.___________________________|___|'--.___.--.___.--.___.-'|
   / ||_.--.______.--.______.--._ |---\'--\-.-/==\-.-/==\-.-/-'/--
  /__;^=(==)======(==)======(==)=^~^^^ ^^^^(-)^^^^(-)^^^^(-)^^^ jgs
~~~^~~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~^~~~

Check this out on reddit - Bitcoin Was Created By DARPA

TL;DR bitcoin is a global digital currency, regulation was created in tandem with development and adoption, bitcoin is not and never was meant to be a liberty promoting value exchange. There is no "satoshi". The central banks are already the largest holders of bitcoin. Bitcoin IS going to the moon because of this.