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

[Voodah]

Wait until the devs lower the transaction fee to less than 0.0001.

We really need that ASAP. Any ETA on this?

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[Dabs]

I don't know. I'm not a dev. 10 cents per transaction is still cheap, but it was a lot cheaper before. Since the price went up 10 times, maybe the transaction fee should lower about 10 times.

But that requires all the miners to upgrade, all the pools to upgrade. ... otherwise anyone who makes a transaction with less than 0.0001 won't get relayed, and won't get confirmed in a timely manner.

[Sitarow]

Wait until the devs lower the transaction fee to less than 0.0001.

We really need that ASAP. Any ETA on this?

Perhaps its in the works.

[MickeyT2008]

Edit:  How do you make these images smaller when you repost them?

Try quoting my post and check it out.

Good thing bitcoinity dev is doing something, because the price action is boring...

Got it, thanks.

[Vycid]

I don't know. I'm not a dev. 10 cents per transaction is still cheap, but it was a lot cheaper before. Since the price went up 10 times, maybe the transaction fee should lower about 10 times.

But that requires all the miners to upgrade, all the pools to upgrade. ... otherwise anyone who makes a transaction with less than 0.0001 won't get relayed, and won't get confirmed in a timely manner.

If miners are ignoring tx with .00001 fees instead of 0.0001, for example, that is an issue with block size, NOT the standard fee. Miners are incentivized to cram all the fee-paying tx they can into a block, up to the point when it's totally full. THEN - and only then - does it make sense to discriminate by fee amount.

If miners are ignoring tx with non-standard fees for blocks that aren't full, that's ridiculous. They're throwing money away.

Also, totally on board with Comboy's mBTC switch. Love it. Hope the community follows his lead.

[thezerg]

Wow. Bitcoinity.org switched to mBTC as default!

bullish as fuck!!!!!!!!!!!!!

 

I switched to BitcoinWisdom a couple months back. Last week I was requesting this same thing, and the owner over there simply said:

"The unit has to be the same as in the exchange" (paraphrasing, can't find the actual post)

It struck me then, he is 100% right. Having BTC at one place and mBTC at others is kind of (super) messy, and prone to provoke mistakes.

We need the exchanges to adopt this change, or we need a Bitcoinity and everyone else to have just a little bit more patience, won't be long now.

I agree 100% though, this is uber bull for marketing and spreading Bitcoin, we need it ASAP.

I just wished the community could pull it off in a more coordinated consensual fashion.

I disagree.  This is a not a top-down organization but a peer-to-peer.  Everybody can switch when they want to, hopefully soon.  Its not very hard to see the m in front of the BTC.   Kudos to bitcoinity for being the first!

[Aido]

Wow. Bitcoinity.org switched to mBTC as default!

Time to ressurect this so......https://bitcointalk.org/index.php?topic=349579.0

[adamstgBit]

fireworks in 5... hours? 

[ChartBuddy]

[jojo69]

Having BTC at one place and mBTC at others is kind of (super) messy, and prone to provoke mistakes.

people who can't do basic units notation shouldn't deal with money, or physics, or chemistry, or electronics, or computer science, or pretty much anything

[Vigil]

Whatever the unit is for daily transactions it should just be called "Coin". That seems to be a fairly popular way of referring to bitcoins.

[Vycid]

Whatever the unit is for daily transactions it should just be called "Coin". That seems to be a fairly popular way of referring to bitcoins.

I'm actually a fan of "bits", referring to a millionth of a bitcoin.

So at a $1000/BTC exchange rate, a $3.50 cup of coffee is "3500 bits" instead of 3.5 mBTC.

Seems more suited to everyday life than "millibitcoins" anyway. Especially considering that by the time we're paying for coffee with it, it's gonna be closer to 35 bits for the coffee.

[Nolo]

Whatever the unit is for daily transactions it should just be called "Coin". That seems to be a fairly popular way of referring to bitcoins.

I'm actually a fan of "bits", referring to a millionth of a bitcoin.

So at a $1000/BTC exchange rate, a $3.50 cup of coffee is "3500 bits" instead of 3.5 mBTC.

Seems more suited to everyday life than "millibitcoins" anyway. Especially considering that by the time we're paying for coffee with it, it's gonna be closer to 35 bits for the coffee.

History repeats itself.

[SheHadMANHands]

It's not a question of if it goes up, just a question of when.

[Wary]

& BTC-e is just a matter of time before it gets shut down. They service US customers, so there is the feds main reason to shut it down.

Is it customary that all non-US customers also lose all their funds? I am not knowledgeable of the topic.

7 years after e-gold was shut down, it's customers from different countries are getting back their money. What was required is to prove  their identities (scan of passport and utility bill).

[solex]

Mils have been used in several countries for thousandths of a currency unit

[Dabs]

If miners are ignoring tx with .00001 fees instead of 0.0001, for example, that is an issue with block size, NOT the standard fee. Miners are incentivized to cram all the fee-paying tx they can into a block, up to the point when it's totally full. THEN - and only then - does it make sense to discriminate by fee amount.

If miners are ignoring tx with non-standard fees for blocks that aren't full, that's ridiculous. They're throwing money away.

I don't know, but from what I understand, if it's lower than the current minimum transaction fee (which happens to also be the minimum relay fee) then it's not counted, or it is considered as essentially zero.

Now, if you have aged unspent outputs such that your transaction does not require a fee, but you make so that you have at least the minimum, that will be considered or counted. (if your transaction is 2kb and you put 0.00005 as the fee, it will use a total 0.0001 as the total transaction fee.)

[beetcoin]

whatever happens, i hope the changes are made in a uniform sweep.. could you imagine how confused people would be? mBTC and BTC. in preparing for something like this, you have to account for the lowest common denominators.

[Vycid]

If miners are ignoring tx with .00001 fees instead of 0.0001, for example, that is an issue with block size, NOT the standard fee. Miners are incentivized to cram all the fee-paying tx they can into a block, up to the point when it's totally full. THEN - and only then - does it make sense to discriminate by fee amount.

If miners are ignoring tx with non-standard fees for blocks that aren't full, that's ridiculous. They're throwing money away.

I don't know, but from what I understand, if it's lower than the current minimum transaction fee (which happens to also be the minimum relay fee) then it's not counted, or it is considered as essentially zero.

Now, if you have aged unspent outputs such that your transaction does not require a fee, but you make so that you have at least the minimum, that will be considered or counted. (if your transaction is 2kb and you put 0.00005 as the fee, it will use a total 0.0001 as the total transaction fee.)

This is a bug.

Why isn't the market determining its own transaction rates? It's absurd that the devs are deciding what a "fair" transaction fee is. Look where it's gotten us...

Is the issue that the bitcoin-qt clients simply do not propagate anything below the "minimum" fee, so the miners don't even get to decide whether to include them in blocks? If there are any threads about this I'd be curious to read them.

[SheHadMANHands]

Wow, big buy on Gox (17 btc).

Oh, who am I kidding.  It's dead out there..