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

[Spaceman_Spiff]

Wow, big buy on Gox (17 btc).

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

I thought there was mad action going on, then i realized bitcoinity shows everything in mBTC now  .

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[I_bitcoin]

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

Really thinking Mils will be the "spoken word" term.   It is the shortest that includes reference to the unit.

[Vycid]

Wow, big buy on Gox (17 btc).

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

TIL I'm a whale. 

[JimboToronto]

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

Really thinking Mils will be the "spoken word" term.   It is the shortest that includes reference to the unit.

Mils aren't as common in North America as they were when I was a kid in the 1950s. Even then they were used mainly for taxation.

Inflation made them obsolete long ago. With the deflationary nature of Bitcoin, they'll be necessary again, even if it's just as a stepping-stone until we all use satoshis.

[Richy_T]

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.

I've made several zero fee transactions. Am I missing something?

[Vycid]

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.

I've made several zero fee transactions. Am I missing something?

Yeah, that's because your tx met 3 conditions:

1) smaller than 10,000 bytes
2) All outputs were 0.01 BTC or larger
3) Its priority was large enough (priority = sum(input_value_in_base_units * input_age)/size_in_bytes)

This is basically because you have old coins.

[theonewhowaskazu]

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

Really thinking Mils will be the "spoken word" term.   It is the shortest that includes reference to the unit.

You could just call them bits or bai.

[windjc]

It's funny. I've been one of the biggest bulls on here the last few weeks.  Now, I look at the poll in this thread and see over 90% bulls.

Am I really one of the few that is feeling a little bearish right now?  

I agree, if we flatline for a few weeks, I will expect an explosion right before heading into the new year.

But I must admit, I don't have full confidence this market doesn't want to try another sell off in the next few days or this coming weekend.

I just can't imagine that we are going to have a better bitcoin news month than the last month for at least a while. I mean Bitcoin was everywhere. But soon Christmas is going to be everywhere. And people are not as likely to hassel about investments going into the holidays.

Of course, maybe the sellers are happy just holding now. Letting the buyers catch their breath before we head north again. But, to me, it kinda feels like this rally might be over.

[Vycid]

It's funny. I've been one of the biggest bulls on here the last few weeks.  Now, I look at the poll in this thread and see over 90% bulls.

Am I really one of the few that is feeling a little bearish right now?  

I agree, if we flatline for a few weeks, I will expect an explosion right before heading into the new year.

But I must admit, I don't have full confidence this market doesn't want to try another sell off in the next few days or this coming weekend.

I just can't imagine that we are going to have a better bitcoin news month than the last month for at least a while. I mean Bitcoin was everywhere. But soon Christmas is going to be everywhere. And people are not as likely to hassel about investments going into the holidays.

Of course, maybe the sellers are happy just holding now. Letting the buyers catch their breath before we head north again. But, to me, it kinda feels like this rally might be over.

The people that wanted out are out, I think. There's no reason they would have kept holding... the past few days would have been very scary to a weak hand.

The rally could be over - although that's too early to call - but the bear case isn't very strong, IMO.

[spooderman]

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.

I've made several zero fee transactions. Am I missing something?

Yeah, that's because your tx met 3 conditions:

1) smaller than 10,000 bytes
2) All outputs were 0.01 BTC or larger
3) Its priority was large enough (priority = sum(input_value_in_base_units * input_age)/size_in_bytes)

This is basically because you have old coins.

If my transaction were to not meet all these conditions, and I made the transfer without a fee, would it ever get processed?

[Vycid]

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.

I've made several zero fee transactions. Am I missing something?

Yeah, that's because your tx met 3 conditions:

1) smaller than 10,000 bytes
2) All outputs were 0.01 BTC or larger
3) Its priority was large enough (priority = sum(input_value_in_base_units * input_age)/size_in_bytes)

This is basically because you have old coins.

If my transaction were to not meet all these conditions, and I made the transfer without a fee, would it ever get processed?

If you issue a non-standard transaction then most network nodes won't relay it. If it manages to work its way through nodes that rebroadcast non-standard tx to a miner that includes non-standard transactions in their blocks, then it might get processed.

If you add Eligius to your node list manually that will pretty much guarantee it gets processed whenever Eligius mines a block.

I'm not really an expert, though, so maybe there's something more to this.

[ChartBuddy]

[SheHadMANHands]

I think buying pressure, relative to selling pressure, will continue pushing this baby north over the next several weeks, though maybe at a bit of a decreased pace (with more deep-ish corrections, etc.).    

We may have some more consolidation now.

[Dabs]

If your tx doesn't get to a miner it will never be included in a block.

I saw it here:
https://bitcointalk.org/index.php?topic=344405.100

What specifically happens if you send a transaction without fees blah blah blah?

It is a very high probability it will simply be dropped (deleted) by all of your peers and nobody on the network will even know about it.

Also:
http://eligius.st/~gateway/faq/following-applies-transactions-being-processed-our-blocks

Will include transactions in its blocks if the sender pays a fee of at least 0.1 TBC (0.00004096 BTC) per 512 bytes.

[beetcoin]

i can't believe how stable it's been today.. for the most part, it's been $1,077 at bitstamp.. give or a take a few dollars.

[Vycid]

If your tx doesn't get to a miner it will never be included in a block.

I saw it here:
https://bitcointalk.org/index.php?topic=344405.100

What specifically happens if you send a transaction without fees blah blah blah?

It is a very high probability it will simply be dropped (deleted) by all of your peers and nobody on the network will even know about it.

Also:
http://eligius.st/~gateway/faq/following-applies-transactions-being-processed-our-blocks

Will include transactions in its blocks if the sender pays a fee of at least 0.1 TBC (0.00004096 BTC) per 512 bytes.

Is Luke-jr still pushing TBC? Wow.

He must be stinking rich though, he can do whatever he likes these days.

[TERA]

The low volume might indicate another correction to one of the day emas, perhaps the long one where the choo choo mofo trendline is. There was one of these double corrections to the long ema in March in the 30s. Although the bid depth is looking impressive so I'm not sure. I would prefer not because the last one scared the shit out of me and I lost a couple coins.

[Vycid]

If your tx doesn't get to a miner it will never be included in a block.

I saw it here:
https://bitcointalk.org/index.php?topic=344405.100

What specifically happens if you send a transaction without fees blah blah blah?

It is a very high probability it will simply be dropped (deleted) by all of your peers and nobody on the network will even know about it.

Also:
http://eligius.st/~gateway/faq/following-applies-transactions-being-processed-our-blocks

Will include transactions in its blocks if the sender pays a fee of at least 0.1 TBC (0.00004096 BTC) per 512 bytes.

Is Luke-jr still pushing TBC? Wow.

He must be stinking rich though, he can do whatever he likes these days.

yeah thats crazy. he told me about that one day on irc...


wonder if he still has the 1337 ltc i gave him.

Of all people to get a huge Litecoin handout, it's Luke-jr...

[Vycid]

wonder if he still has the 1337 ltc i gave him.

Of all people to get a huge Litecoin handout, it's Luke-jr...

i thought it was funny:)      he was a huge ltc hater and now has like $40,000 worth of LTC, hahahhahahaha

It is kind of a conundrum. He can't win: if he destroys the private key, he's shrunk the money supply and increased the value of the other LTC in circulation. If he sells them he's hypocritical. If he sits on them he's a major LTC holder  

Why'd he even have an address in the first place?

[ChartBuddy]