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

[hdbuck]

Mr. Market is always right no matter what we think  

[hd060053]

Litecoin is back to #2.

http://coinmarketcap.com/

[ChartBuddy]

Coin
Explanation

[inca]

Litecoin is back to #2.

http://coinmarketcap.com/

Now that is some great market manipulation

[Xiaoxiao]

When did the hardfork occur?  Things have been so slow in terms of transfers it's ridiculous.

[soullyG]

When did the hardfork occur?  Things have been so slow in terms of transfers it's ridiculous.

Eh?

[Torque]

When did the hardfork occur?  Things have been so slow in terms of transfers it's ridiculous.

Eh?

All this crap about slow bitcoin transfers is complete FUD.  I made several large and small transfers this past week between multiple local wallets and web wallets, and they all were fully confirmed within 10 mins or less.

[aztecminer]

When did the hardfork occur?  Things have been so slow in terms of transfers it's ridiculous.

i went to do a xfer and found out i had to upgrade my bitcoin-qt.. woot. that went fast but i had to upgrade my cold storage too and that says will take three hours to load blocks which really means it will take all day... double woot! if only i could buy bitcoins instantly would be nice .

[soullyG]

When did the hardfork occur?  Things have been so slow in terms of transfers it's ridiculous.

Eh?

All this crap about slow bitcoin transfers is complete FUD.  I made several large and small transfers this past week between multiple local wallets and web wallets, and they all were fully confirmed within 10 mins or less.

Agreed. I get the sense that it's being blown out of proportion by people looking to spread FUD about Bitcoin, the core devs, and what they are working on. Sure, there should be more room in blocks for free/low cost transactions, but it's not exactly an issue at the moment. Just because someone is paying a shit ton of XBT to spam the network (and not really getting anywhere with it..) doesn't mean we need to force a rushed hard fork!

[aztecminer]

hey everybody.. the economy is doing great this morning. we should expect a massive dump anytime now. the chinese stopped panicing over their stock market last night which means they should start dumping bitcoins ... this gives everyone a head start to dump their coins now so can buy back cheaper. i'm with you guys. i'm going to buy cheaper bitcoins with you all.. let the dumping start.

[EFS]

When did the hardfork occur?  Things have been so slow in terms of transfers it's ridiculous.

Eh?

All this crap about slow bitcoin transfers is complete FUD.  I made several large and small transfers this past week between multiple local wallets and web wallets, and they all were fully confirmed within 10 mins or less.

Nope. I'm waiting for more than 24 hours to get a confirmation for my transaction. That's a lot more than tolerable level.

[JimboToronto]

Good morning Bitcoinland.

Still futzing along sideways in the $270 range.

My guess is that it will continue here for the weekend before pushing past $280.

Slow and steady may be boring but it's good for Bitcoin.

[JimboToronto]

When did the hardfork occur?  Things have been so slow in terms of transfers it's ridiculous.

Eh?

All this crap about slow bitcoin transfers is complete FUD.  I made several large and small transfers this past week between multiple local wallets and web wallets, and they all were fully confirmed within 10 mins or less.

Nope. I'm waiting for more than 24 hours to get a confirmation for my transaction. That's a lot more than tolerable level.

Did you include a fee?

[phoenix1]

When did the hardfork occur?  Things have been so slow in terms of transfers it's ridiculous.

Eh?

All this crap about slow bitcoin transfers is complete FUD.  I made several large and small transfers this past week between multiple local wallets and web wallets, and they all were fully confirmed within 10 mins or less.

Agreed. I get the sense that it's being blown out of proportion by people looking to spread FUD about Bitcoin, the core devs, and what they are working on. Sure, there should be more room in blocks for free/low cost transactions, but it's not exactly an issue at the moment. Just because someone is paying a shit ton of XBT to spam the network (and not really getting anywhere with it..) doesn't mean we need to force a rushed hard fork!

Actually they are not paying a shit ton ... the spam is being sent with minimal fees, and as it is not being processed (because it can't because of block size) it is wiped from Mempool after 24hrs ... rinse, repeat ...
Only by processing the transactions will it cost the spammers anything.
This is my understanding of the situation anyway, from following Cypher's thread.

Without a doubt tho, IMO, it has something to do with the block size debate and is not an actual attack on BTC itself.
Somebody is trying to prove a point. At the moment they are proving that BTC can function fine with more tx's flowing thru the network, so bandwidth is not an argument

If you want a transaction processed, all you have to do is add at least the normal fee of .0001 and it should go thru fine.

https://tradeblock.com/blockchain

From here you can see that there are 90k spam tx in Mempool backlog, and total fees of 4.5 BTC, giving an average fee of 0.00005. Given that genuine tx's will be being sent with minimum .0001, and many with more than that, the fees on the spam are tiny, hence the backlog should only affect anyone who wants a fee-free tx. Boo-hoo ...

Personally I think it's actually showing how robust the system is.

EDIT 2: I am not sure which the spammer is fighting for as he is proving that the nodes are not collapsing with the extra tx in the Mempool, the block size being the limiting factor in clearing it. Meanwhile a Fee-market is developing, whereby anyone paying a bit more is still guaranteed a fast transaction. If anything, its just proving how versatile and adaptable BTC is.

EDIT : Oops ... wrong link ... I will leave this one here tho as its a funny story !!

http://www.telegraph.co.uk/news/newsvideo/weirdnewsvideo/11728260/Naked-man-steals-police-car.html

[aztecminer]

hey everybody.. the economy is doing great this morning. we should expect a massive dump anytime now. the chinese stopped panicing over their stock market last night which means they should start dumping bitcoins ... this gives everyone a head start to dump their coins now so can buy back cheaper. i'm with you guys. i'm going to buy cheaper bitcoins with you all.. let the dumping start.

my wallet finished building databases! woot! .. u know what guys, i just realized something.. the economy is on the brink of disaster. the greeks have "a deal they cannot refuse" .. be our slave or go bankrupt . seems reasonable .

[ChartBuddy]

Coin
Explanation

[inca]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

[Dilla]

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

That'd be awesome.

[phoenix1]

hey everybody.. the economy is doing great this morning. we should expect a massive dump anytime now. the chinese stopped panicing over their stock market last night which means they should start dumping bitcoins ... this gives everyone a head start to dump their coins now so can buy back cheaper. i'm with you guys. i'm going to buy cheaper bitcoins with you all.. let the dumping start.

my wallet finished building databases! woot! .. u know what guys, i just realized something.. the economy is on the brink of disaster. the greeks have "a deal they cannot refuse" .. be our slave or go bankrupt . seems reasonable .

They are already bankrupt. Question is, will TPTB give them a palateble package of debt write-downs that allows them to recover within the Euro, without being asset-stripped, or will they have to exit and take the short-sharp-shock route of default in order to stand any chance of recovering from this mess ...
EU is desperate to hold the (probably doomed) Euro intact, so my guess is they get a deal. Even the IMF and US Treasury is saying any deal without a debt write-down will inevitably fail. Pressure is really on the Germans now. Greece drops out, defaults and thrives, they will soon be followed by other Southern European states. They get write-down and those states will be knocking on the door for the same in due course ...

Germany, as the main beneficiary of the of the Euro has some hard thinking to do. If Southern states ditch the Euro, bang goes a large part of their export market as the new currencies will inevitably be weaker, as will the political power of the Eurozone.

[TaurusBit]

Actually they are not paying a shit ton ... the spam is being sent with minimal fees, and as it is not being processed (because it can't because of block size) it is wiped from Mempool after 24hrs ... rinse, repeat ...
Only by processing the transactions will it cost the spammers anything.
This is my understanding of the situation anyway, from following Cypher's thread.

Without a doubt tho, IMO, it has something to do with the block size debate and is not an actual attack on BTC itself.
Somebody is trying to prove a point. At the moment they are proving that BTC can function fine with more tx's flowing thru the network, so bandwidth is not an argument

If you want a transaction processed, all you have to do is add at least the normal fee of .0001 and it should go thru fine.

https://tradeblock.com/blockchain

From here you can see that there are 90k spam tx in Mempool backlog, and total fees of 4.5 BTC, giving an average fee of 0.00005. Given that genuine tx's will be being sent with minimum .0001, and many with more than that, the fees on the spam are tiny, hence the backlog should only affect anyone who wants a fee-free tx. Boo-hoo ...

Personally I think it's actually showing how robust the system is.

EDIT 2: I am not sure which the spammer is fighting for as he is proving that the nodes are not collapsing with the extra tx in the Mempool, the block size being the limiting factor in clearing it. Meanwhile a Fee-market is developing, whereby anyone paying a bit more is still guaranteed a fast transaction. If anything, its just proving how versatile and adaptable BTC is.

Agreed.