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

[bambou]

Why does people keep on yapping that Blockstream does not want bigger blocks? Its is a fundamental for their project to catch on.

ALL core devs, including gavin, big VCed corporations like Jgarzik's Bitpay, large private mining ops a la Bitfury etc, they all want bigger blocks to make Bitcoin THEIR little centralized toy and exclude "small" miners/nodes/people.

Ya'll been mindfucked. This is hilarious.

[xyzzy099]

Why does people keep on yapping that Blockstream does not want bigger blocks? Its is a fundamental for their project to catch on.

Because it may also be fundamental for Bitcoin to remain decentralized.

If you think this problem is a no-brainer, it's because you don't really understand the problem.  I don't claim to know the right answer, but I do know that it is more complicated than many would have you believe.

[ChartBuddy]

Coin
Explanation

[billyjoeallen]

Why does people keep on yapping that Blockstream does not want bigger blocks? Its is a fundamental for their project to catch on.

ALL core devs, including gavin, big VCed corporations like Jgarzik's Bitpay, large private mining ops a la Bitfury etc, they all want bigger blocks to make Bitcoin THEIR little centralized toy and exclude "small" miners/nodes/people.

Ya'll been mindfucked. This is hilarious.

Nobody wants to buy coins that are only spendable on a crippled network.  I don't buy BTC to sell later for a higher price. I buy them so that I will be able to SPEND them in the future.  If the network doesn't scale up, I won't buy them at all. 

Small mining is dead, Jack. Until 21's embedded miners come out, in which case you'll be even more screwed.   Economy of Scale is an economic law and not some preference that you can overcome without introducing other problems that are even worse.

[coinableS]

Time to long? Looking at the 1 week and 3 day chart on bitstamp with bbands.
I'm just going to leave this here...
http://www.fxkeys.com/doji-candlestick-doji-star-how-to-trade-using-doji-candlestick-and-bollinger-bands/

[aztecminer]

i foresee a future where bitcoin is the world reserve currency and governments secure the blockchain

expecting bitcoin to grow and always allow full nodes to run off of a 500$ computer is a silly fantasy.

I foresee a world where central governments are forced to either include crypto as part of their central bank reserves or get out of the counterfeiting business altogether, but that's a long way off and there is no guarantee Bitcoin will be the crypto that prevails.

I haven't seen the cost of running a node go up at all as we approach the 1 MB limit. Hard drive storage is cheaper, bandwidth is cheaper, fast processors are cheaper. All this more than offsets the increased size of the chain. Can anyone out there give an argument otherwise?  Maybe I'm wrong.

the govys are probably going to be out of the counterfeiting business sooner than we think ... and the "blockchain blacklists" is going to keep bitcoin from becoming a reserve currency .

[nioc]

First speculation, sort of.......

I spent the fiat from my recent sale of some btc.  I always spend all my fiat be it btc, altcoins (gasp  ), women or necessities.  This time it was family.  Hopefully falling prices will coincide with fresh fiat.


As far as what it takes to run a node, I bought the 2nd cheapest comp I could find more than a year ago with the smallest HD which was 500 GB.  I have the btc blockchain on it as well as 2 altcoin blockchains (gasp  gasp  ).  I have only used 109 GB of the HD.  I have no videos on it.   Bandwidth has been no issue and they recently upgraded my connection.  No router, hardwired.

So what are the hardware issues with btc?

[JorgeStolfi]

Why does people keep on yapping that Blockstream does not want bigger blocks? Its is a fundamental for their project to catch on.

Blockstream has been more than clear about it: they do not want to raise the block size limit until the network is saturated.  And they want to keep it saturated forever; although they admit that the limit will have to be raised later, they do not intend to raise it to match the demand. 

They are adamant about that, because their vision for the future of bitcoin includes having users compete for space on the blocks by raising their fees, in teh so-called "fee market".  They also want all "banal" traffic (such as paying for a cup of coffee) pushed out of the blockchain, to some off-chain solution. 

The "fee market" will not happen unless the network is congested, that is, there is a persistent backlog of unconfirmed transactions in the queues, and not every transaction that is issued will be included in the next block.  If there were no backlog, then every trasnaction would be confirmed in the next available block, and therefore no one would have to pay more than the minimum fee. 

[ChartBuddy]

Coin
Explanation

[noobtrader]

anyone notice that in 30 minute bitfinex chart there is inverted head and shoulder, target price is 268

[Tuck Fheman]

Where's teh "Deez Nuts" option on the poll? I demand a recount!

[Proxiebuier]

anyone notice that in 30 minute bitfinex chart there is inverted head and shoulder, target price is 268

where you know the target price is 26*$ ?
can you give me source about it ?

[Cconvert2G36]

anyone notice that in 30 minute bitfinex chart there is inverted head and shoulder, target price is 268

where you know the target price is 26*$ ?
can you give me source about it ?

hint: Begins with "a". Ends with "s".

[bad trader]

The recent shorts were wiped out on Bitfinex yesterday.

[ChartBuddy]

Coin
Explanation

[Xiaoxiao]

Who is the owner of Chart Buddy?

[Cconvert2G36]

The recent shorts were wiped out on Bitfinex yesterday.

I wouldn't call stopping out 20+% of shorts with a 5% price increase all that encouraging. If they were adding... that would be very bullish.

Who is the owner of Chart Buddy?

Richy_T

[Cconvert2G36]

XT as a threat, a manifestation of the frustration with perceived/real intransigence on the maxblocksize question from core devs, has done what it was intended to do... 1MB crowd got rekt, along with 20MB dreamers, and a compromise appears to be cresting the horizon. Jeff Garzik was right all along, sad it took a bunch of drama to get here. It was also a demonstration that the choice lies with the miners, which it absolutely does.

[HostFat]

Thoughts from Russia on the block size situation and Blockstream
https://bitcointalk.org/index.php?topic=1164828.0

[Cconvert2G36]

Thoughts from Russia on the block size situation and Blockstream
https://bitcointalk.org/index.php?topic=1164828.0

It simply delegates control to the admin of the pool node, where it has always been. XT (and diverting hashes towards your interest), has shown that a chance to exit does exist. I assume that miners and yes, even "gasp", blockstream, does want increased usage in general. You either think that our interests will eventually align, or you don't, and you sell nao. Time to rally behind a solution that actually does increase the maxblocksize. (And yes it is in the miners' best interests (now) to grow the number of transactions while a subsidy exists to facilitate it.)