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

[hdbuck]

Suggested reading: http://spectrum.ieee.org/tech-talk/computing/networks/the-bitcoin-for-is-a-coup

solid.

[ChartBuddy]

Coin
Explanation

[kenji]

do you guys expect sub $200 coins soon?

[marcus_of_augustus]

Suggested reading: http://spectrum.ieee.org/tech-talk/computing/networks/the-bitcoin-for-is-a-coup

solid.

ummm, merely an attempted coup at this stage ... and pretty pathetically transparent power grab dressed up as "helping all the things".

[ChartBuddy]

Coin
Explanation

[xIronCrossx]

Over 2x as many sell orders vs buy orders on coinbase exchange

[billyjoeallen]

I see what's happening here. The miners are looking at losing half their block reward and they want to make it up in fees. So they are using the core devs to block ANY blocksize increase and the technical objections are an excuse.  I actually agree with Prof. Trolfi that they will find excuses no matter what.

Screw these guys. We don't need them. There's plenty of people who would rather mine for 12.5 BTC/block with BTC at $400 than 25 BTC/block with BTC at $150.

This is an attempted coup alright, but it's from idiot miners who want a bigger slice of a smaller pie. If we cave on this, they will never allow our network to become competitive enough to disrupt the banksters.

Fine. I'll call your bluff. Let's see you mine for $100 coins profitably. I've gone without revenue since 2013 and I can go years more. How long can you  mine at a loss?

Fuck. You. Scale or die.

[BlackSpidy]

I really dont think that there is an excuse not to scale up. Hell, it should be an automated process by now. The community will grow and we're going to need the larger blocks. I dont see how making the block, say... 8MB would cause any trouble. At all. Personally, I dont think this most recent crash back to $220s is merely because of the blocksize debate, but it's not helping. Bitcoins are good for me at $1000 or $100, it's just too useful to not use. Much more useful than some other methods of transferring money. If we let Bitcoin stall behind, we have hundreds of other cryptocurrencies lining up to be the face of cryptocurrencies.

Bitcoin will live on, ether in scaled-up core or XT. Meanwhile, there will be more "bitcoin is dead" headlines to add to that one webpage.

[ChartBuddy]

Coin
Explanation

[AlexGR]

This is an attempted coup alright, but it's from idiot miners who want a bigger slice of a smaller pie. If we cave on this, they will never allow our network to become competitive enough to disrupt the banksters.

Bloating the blockchain to DOA levels will disrupt bitcoin, not the banksters.

Besides, 8mb blocks, or even 80mb blocks, aren't enough to scale to such levels. You'd need enormous storage (and bandwidth) per day to compete with the volume of banks and credit cards.

Visa does 2000 tx/s. Bitcoin needs 300-700mb/blocks to do that, not accounting for spam.

If you add mastercard, bank transfers, swift, paypal, and, finally, cash transactions from person to person that could be digitized with btc, not even 1gb blocks would scale.

[fonsie]

This is an attempted coup alright, but it's from idiot miners who want a bigger slice of a smaller pie. If we cave on this, they will never allow our network to become competitive enough to disrupt the banksters.

Bloating the blockchain to DOA levels will disrupt bitcoin, not the banksters.

Besides, 8mb blocks, or even 80mb blocks, aren't enough to scale to such levels. You'd need enormous storage (and bandwidth) per day to compete with the volume of banks and credit cards.

No, not enormous. Realistic amounts which are available today is enough. Also ever heard about pruning? Not every node has to have an entire copy, I'm sure the NSA will be glad to assist in keeping an entire copy for you. Including every government agency in the world.

Hey, spoiler alert, the blocks won't be 8MB from the start, they will be as big as the miners want them to be.

[AlexGR]

I'm sure the NSA will be glad to assist in keeping an entire copy for you. Including every government agency in the world.

[brg444]

I really dont think that there is an excuse not to scale up. Hell, it should be an automated process by now. The community will grow and we're going to need the larger blocks. I dont see how making the block, say... 8MB would cause any trouble. At all. Personally, I dont think this most recent crash back to $220s is merely because of the blocksize debate, but it's not helping. Bitcoins are good for me at $1000 or $100, it's just too useful to not use. Much more useful than some other methods of transferring money. If we let Bitcoin stall behind, we have hundreds of other cryptocurrencies lining up to be the face of cryptocurrencies.

Bitcoin will live on, ether in scaled-up core or XT. Meanwhile, there will be more "bitcoin is dead" headlines to add to that one webpage.

Oh yeah? I'm curious how do you use Bitcoin?

[billyjoeallen]

This is an attempted coup alright, but it's from idiot miners who want a bigger slice of a smaller pie. If we cave on this, they will never allow our network to become competitive enough to disrupt the banksters.

Bloating the blockchain to DOA levels will disrupt bitcoin, not the banksters.

Besides, 8mb blocks, or even 80mb blocks, aren't enough to scale to such levels. You'd need enormous storage (and bandwidth) per day to compete with the volume of banks and credit cards.

so which is it, the increase is too big and too small at the same time?  We don't need to go head to head with VISA right now. We need grown up core devs who don't let the perfect be the enemy of the good. 

[brg444]

I'm sure the NSA will be glad to assist in keeping an entire copy for you. Including every government agency in the world.

 

I can't tell if he's trolling or not.

Either way, the comment is quite pertinent regarding pruning.

[pa]

Suggested reading: http://spectrum.ieee.org/tech-talk/computing/networks/the-bitcoin-for-is-a-coup

solid.

ummm, merely an attempted coup at this stage ... and pretty pathetically transparent power grab dressed up as "helping all the things".

It's the latest "color revolution."

[AlexGR]

I'm sure the NSA will be glad to assist in keeping an entire copy for you. Including every government agency in the world.

 

I can't tell if he's trolling or not.

Either way, the comment is quite pertinent regarding pruning.

A not-so-sophisticated attacker could spam the hell out of the blockchain, while also ensuring that his bloat doesn't have the potential for much pruning.

[brg444]

This is an attempted coup alright, but it's from idiot miners who want a bigger slice of a smaller pie. If we cave on this, they will never allow our network to become competitive enough to disrupt the banksters.

Bloating the blockchain to DOA levels will disrupt bitcoin, not the banksters.

Besides, 8mb blocks, or even 80mb blocks, aren't enough to scale to such levels. You'd need enormous storage (and bandwidth) per day to compete with the volume of banks and credit cards.

so which is it, the increase is too big and too small at the same time?  We don't need to go head to head with VISA right now. We need grown up core devs who don't let the perfect be the enemy of the good. 

Why do you need bigger blocks right now?

Stop promoting this false dilemma. It's not XT or nothing.

[brg444]

I'm sure the NSA will be glad to assist in keeping an entire copy for you. Including every government agency in the world.

 

I can't tell if he's trolling or not.

Either way, the comment is quite pertinent regarding pruning.

A not-so-sophisticated attacker could spam the hell out of the blockchain, while also ensuring that his bloat doesn't have the potential for much pruning.

Don't get me wrong I agree with you.

I absolutely despise "blockchain pruning"

[Cconvert2G36]

This is an attempted coup alright, but it's from idiot miners who want a bigger slice of a smaller pie. If we cave on this, they will never allow our network to become competitive enough to disrupt the banksters.

Bloating the blockchain to DOA levels will disrupt bitcoin, not the banksters.

Besides, 8mb blocks, or even 80mb blocks, aren't enough to scale to such levels. You'd need enormous storage (and bandwidth) per day to compete with the volume of banks and credit cards.

so which is it, the increase is too big and too small at the same time?  We don't need to go head to head with VISA right now. We need grown up core devs who don't let the perfect be the enemy of the good. 

Why do you need bigger blocks right now?

Stop promoting this false dilemma. It's not XT or nothing.

I'm totally on board with the guy who doesn't know how to spell brakes. Obviously a Top Mind™.