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

[nioc]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Someone mentioned "hodling" them for a year, and then selling them @ half price, but I don't get why anyone would want to do that.  Why not just flush half of your money down the toilet?  Or would it clog do you think?

My toilet is from 1927 although I have only been using it for 22 years during which time it has never clogged. 

I was a bit late to the party so my avg price was $32.  I was forced to sell some ~$600 and yes a year later they where half price when I bought them back and more as well.  I have no idea what my avg is now.

[ChartBuddy]

Coin
Explanation

[nioc]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Some every day uses I get out of bitcoins listed and reviewed here:
https://bitcointalk.org/index.php?topic=943143.0

Thank you

[xeretix]

My toilet is from 1927 although I have only been using it for 22 years during which time it has never clogged. 

Ah, from the days when men were men & toilets had pull chains?  Before pesky regulators started legislatin' just how many gallons we freedom lovers could use to flush down their worthless fiat?

[belmonty]

so nothing is going to happen until 2016?

since I can't wait that long I couldn't help myself and just bought some more.

what can you do with these things anyway?

Someone mentioned "hodling" them for a year, and then selling them @ half price, but I don't get why anyone would want to do that.  Why not just flush half of your money down the toilet?  Or would it clog do you think?

My toilet is from 1927 although I have only been using it for 22 years during which time it has never clogged.  

I was a bit late to the party so my avg price was $32.  I was forced to sell some ~$600 and yes a year later they where half price when I bought them back and more as well.  I have no idea what my avg is now.

Have you not had the modern "water saving toilet" experience yet then? Modern "water saving toilets" are designed with U-bends that are so small they are guaranteed to block if you try to flush so much as a small piece of toilet paper down them. Flushing half your money down them would be 100% guaranteed to block them.

Ironically unblocking them requires flushing them so many times that it uses more water than one flush of an old fashioned toilet. Official places like libraries that are supposed to be environmentally friendly are installing more and more "water saving toilets", so you will sooner or later encounter one and find yourself blocking it so badly you have to leave it blocked, then having to face a queue of irate people waiting outside.

[yefi]

This is all just an experiment and we really need to see what happens when a major, long lasting fork occurs. If Bitcoin can't survive, it wasn't good enough to begin with, and it would be time to go back to the drawing board.

No drawing board is going to solve a split consensus 

[nioc]

My vacation house has a water saving toilet.  I choose a simple and unique design.  I have had no issues with tissues or other items although I have not tried fiat.

Yes there are bad designs available.  

So what is the proper design for a bitcoin block?

[gentlemand]

I just shit on the kitchen table and let grandma clear it up when she comes to visit.

[ChartBuddy]

Coin
Explanation

[rebuilder]

The possible complication is if the community gets stuck in a half-way state, with almost equal mining power on each side.  Then there may be two blockchains, lots of orphaned blocks and branches, etc..  

You don't want to know about that possibility; just pray that it does not happen, and, if it does, just stop issuing transaction until the impasse gets resolved as above.  Even after the critical block, all the unspent coins that were created before that block will remain there, no matter what happens.  

It was my understanding the XT fork will only take place if 75% of hashpower supports it. I suppose miners could change their minds after the fact, but otherwise a "half-way state" will not result in a fork.

[ChartBuddy]

Coin
Explanation

[Meuh6879]

EURO

[Fatman3001]

The possible complication is if the community gets stuck in a half-way state, with almost equal mining power on each side.  Then there may be two blockchains, lots of orphaned blocks and branches, etc..  

You don't want to know about that possibility; just pray that it does not happen, and, if it does, just stop issuing transaction until the impasse gets resolved as above.  Even after the critical block, all the unspent coins that were created before that block will remain there, no matter what happens.  

It was my understanding the XT fork will only take place if 75% of hashpower supports it. I suppose miners could change their minds after the fact, but otherwise a "half-way state" will not result in a fork.

Nodes, not miners. (?)

[rebuilder]

Nodes, not miners. (?)

From what I read, the threshold is 75% of the previous 1000 blocks mined by XT-compatible miners, but in January 2016 at the earliest

[shmadz]

Nodes, not miners. (?)

From what I read, the threshold is 75% of the previous 1000 blocks mined by XT-compatible miners, but in January 2016 at the earliest

Kinda,

The trigger to allow larger blocks is dependant solely on miners.

Activation is achieved when 750 of 1,000 consecutive blocks in the best chain have a version number with bits 3 and 14 set (0x20000004 in hex). The activation time will be the timestamp of the 750'th block plus a two week (1,209,600 second) grace period to give any remaining miners or services time to upgrade to support larger blocks. If a supermajority is achieved more than two weeks before 2016-01-11 00:00:00 UTC, the activation time will be 2016-01-11 00:00:00 UTC.

Of course, as we've seen recently, the rules that the miners pretend to follow, and the rules they actually follow, are two different things.

Also, if the blocks created by the miners are not accepted by a similar "supermajority" of the clients, then those rewards from creating the blocks will be difficult to spend.

It's gonna be a big, hot, mess.

[dreamspark]

Nodes, not miners. (?)

From what I read, the threshold is 75% of the previous 1000 blocks mined by XT-compatible miners, but in January 2016 at the earliest

Kinda,

The trigger to allow larger blocks is dependant solely on miners.

Activation is achieved when 750 of 1,000 consecutive blocks in the best chain have a version number with bits 3 and 14 set (0x20000004 in hex). The activation time will be the timestamp of the 750'th block plus a two week (1,209,600 second) grace period to give any remaining miners or services time to upgrade to support larger blocks. If a supermajority is achieved more than two weeks before 2016-01-11 00:00:00 UTC, the activation time will be 2016-01-11 00:00:00 UTC.

Of course, as we've seen recently, the rules that the miners pretend to follow, and the rules they actually follow, are two different things.

Also, if the blocks created by the miners are not accepted by a similar "supermajority" of the clients, then those rewards from creating the blocks will be difficult to spend.

It's gonna be a big, hot, mess.

Add into that prorogation time of the conflicting clients, ie if the vast majority of clients are running core and not relating bigger blocks then propagation of xt blocks would be slower and there is the chance that they wont be relayed before a core block is propogated and begun to built upon.

[ChartBuddy]

Coin
Explanation

[BitThink]

Nodes, not miners. (?)

From what I read, the threshold is 75% of the previous 1000 blocks mined by XT-compatible miners, but in January 2016 at the earliest

Kinda,

The trigger to allow larger blocks is dependant solely on miners.

Activation is achieved when 750 of 1,000 consecutive blocks in the best chain have a version number with bits 3 and 14 set (0x20000004 in hex). The activation time will be the timestamp of the 750'th block plus a two week (1,209,600 second) grace period to give any remaining miners or services time to upgrade to support larger blocks. If a supermajority is achieved more than two weeks before 2016-01-11 00:00:00 UTC, the activation time will be 2016-01-11 00:00:00 UTC.

Of course, as we've seen recently, the rules that the miners pretend to follow, and the rules they actually follow, are two different things.

Also, if the blocks created by the miners are not accepted by a similar "supermajority" of the clients, then those rewards from creating the blocks will be difficult to spend.

It's gonna be a big, hot, mess.

Add into that prorogation time of the conflicting clients, ie if the vast majority of clients are running core and not relating bigger blocks then propagation of xt blocks would be slower and there is the chance that they wont be relayed before a core block is propogated and begun to built upon.

Mining pool will follow the nodes. To secure their profit, most of them will only switch to XT after majority full nodes do. Therefore, there will be no mess at all. Either majority of nodes switch to XT and then pools follow, or nothing happens.

[shmadz]

Approx. 8.5% xt nodes, almost there!
...


It's not even that I am against raising the limit. (within reason)  I'm mostly just irked by the fear mongering and panic and desperation-driven FUD coming out of the Hearn/Andresen camp.

[ChartBuddy]

Coin
Explanation