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

[adamstgBit]

the FUD is unwarranted even if we keep the 1MB limit ( which we aren't ) all that would really do for the foreseeable future is price out mirco TX's and bring the TX cost at about 10cents, buying over priced coffee is still feasible, and we are still undercut paypals 2% +50cents TX fee massively

Bitcoin is a decentralized publicly auditable settlement system. That people would pay to use. You can use it for 0 fee but it will take longer, its not designed as a payment processor. Satoshi chose security over performance because of decentralization.

The time to increase the block size will be when 0 fee tx takes longer than 5 days.

Bitcoin is a decentralized Peer-to-Peer Electronic Cash System, even if it can't run on a Raspberry Pi connected to a slow internet connection.  Satoshi talked about what you call the "centralization" of bitcoin, as natural evolution of the consensus layer, and envisioned SPV clients. The time to increase the block size was when bitcoin had established a solid value, the fact that its been delayed so much is hurting bitcoin big time, and you know it.

[bambou]

the FUD is unwarranted even if we keep the 1MB limit ( which we aren't ) all that would really do for the foreseeable future is price out mirco TX's and bring the TX cost at about 10cents, buying over priced coffee is still feasible, and we are still undercut paypals 2% +50cents TX fee massively

Bitcoin is a decentralized publicly auditable settlement system. That people would pay to use. You can use it for 0 fee but it will take longer, its not designed as a payment processor. Satoshi chose security over performance because of decentralization.

The time to increase the block size will be when 0 fee tx takes longer than 5 days.

Time to "reassess" the blocksize will be when tx fee > block reward.

[Richy_T]

Exactly

Reminds me of arguments with my brother. He'd pull that same shit.

[Richy_T]

Time to "reassess" the blocksize will be when tx fee > block reward.

I know it won't be close yet but the next halving will be an interesting time.

[bambou]

Time to "reassess" the blocksize will be when tx fee > block reward.

I know it won't be close yet but the next halving will be an interesting time.

Yes, next halving looks promising, that is why any attempt in increasing anything before that is highly toxic if not blatantly suicidal.

[Richy_T]

Yes, next halving looks promising, that is why any attempt in increasing anything before that is highly toxic if not blatantly suicidal.

I disagree but I do think that not enough account is made for the distorting effect that the block reward has on the market. In fact, I think that trying to encourage a fee market by restricting the block size while the block reward dominates miner funding is the mistake.

[Meuh6879]

are we rich yet??

tomorrow.

[bambou]

Yes, next halving looks promising, that is why any attempt in increasing anything before that is highly toxic if not blatantly suicidal.

I disagree but I do think that not enough account is made for the distorting effect that the block reward has on the market. In fact, I think that trying to encourage a fee market by restricting the block size while the block reward dominates miner funding is the mistake.

Miners revenues are mandatory to ensure the network's security.

While the block reward tends to 0, it is natural for a fee market to emerge, or else there would not be any incentives left for the miners to keep spending the resources that a POW system requires.

Meanwhile, you can enjoy transacting for nearly nothing.

[Meuh6879]

Bitcoin is a decentralized Peer-to-Peer Electronic Cash System, even if it can't run on a Raspberry Pi connected to a slow internet connection.

Bitcoin can run on 56k connexion ... with 4 incoming and 4 outside connexion and mining with P2Pool.
Bitcoin is more awesome than P2P File Sharing possibilities.

[bambou]

Bitcoin is a decentralized Peer-to-Peer Electronic Cash System, even if it can't run on a Raspberry Pi connected to a slow internet connection.

Bitcoin can run on 56k connexion ... with 4 incoming and 4 outside connexion and mining with P2Pool.
Bitcoin is more awesome than P2P File Sharing possibilities.

http://imagizer.imageshack.us/a/img913/9600/40isWB.gif

+1 This is Sovereignty.

Power to the people.

[celebreze32]

the FUD is unwarranted even if we keep the 1MB limit ( which we aren't ) all that would really do for the foreseeable future is price out mirco TX's and bring the TX cost at about 10cents, buying over priced coffee is still feasible, and we are still undercut paypals 2% +50cents TX fee massively

Bitcoin is a decentralized publicly auditable settlement system. That people would pay to use. You can use it for 0 fee but it will take longer, its not designed as a payment processor. Satoshi chose security over performance because of decentralization.

The time to increase the block size will be when 0 fee tx takes longer than 5 days.

It's going to be used as a point-of-sale (POS) terminal payment processor regardless of whether it was designed as a payment processor or not. A huge POS company called Ingenico had partnered with Bitpay to roll out POS terminals accepting Bitcoin payments in a multitude of shops. That will significantly increase the number of transactions. It's bullish for Bitcoin but could push the network to the point where it cannot operate without bigger blocks if no consensus is reached in time.

Point-of-Sale Giant Ingenico Rolls Out Worldwide Bitcoin Payments

http://www.coindesk.com/point-of-sale-giant-ingenico-rolls-out-worldwide-bitcoin-payments/

BitPay has partnered with payments giant Ingenico to allow brick and mortar stores to accept bitcoin via its point-of-sale (POS) terminals.

The payment solution, unveiled today as part of Blockchain Week, was developed by BitPay and installed on an Ingenico Terminal ICT250.

According to the company, it will be compatible with the majority of Ingenico terminals as they run its operating system, Tellium.

Speaking about the integration, Miguel Angel Hernandez, managing director of Ingenico Iberia, said in a statement:

"Participating in such an important project has allowed Ingenico Group to demonstrate its leadership in the payment space and bring a safe and secure payment method like virtual currency to the end user."

The France-based company, which employs over 5,000 people globally, reported a revenue of €1.37bn in 2013.

Spreading bitcoin globally

Earlier this year, Ingenico partnered with Paymium to enable retailers in Europe to accept bitcoin payments.

A spokesperson for BitPay, however, said that this new partnership would make this solution available on a global scale. Additionally, he said, all BitPay merchants currently accepting traditional fiat payments via compatible Ingenico terminals can now also accept payments in bitcoin.

"We are excited to partner with Ingenico Group, one of the leading payment processors in both physical and online commerce. This integration will help us expand bitcoin payments to thousands of retail payments worldwide," said BitPay's executive chairman, Tony Gallipi.

The company made headlines last month after it announced it would be reducing the size of its staff in an attempt to "better align with the pace of growth" in the industry.

[Richy_T]

Miners revenues are mandatory to ensure the network's security.

While the block reward tends to 0, it is natural for a fee market to emerge, or else there would not be any incentives left for the miners to keep spending the resources that a POW system requires.

Meanwhile, you can enjoy transacting for nearly nothing.

Yeah, that's my thought. A fee market should be allowed to emerge naturally, not artificially by restricting resources.

[adamstgBit]

Bitcoin is a decentralized Peer-to-Peer Electronic Cash System, even if it can't run on a Raspberry Pi connected to a slow internet connection.

Bitcoin can run on 56k connexion ... with 4 incoming and 4 outside connexion and mining with P2Pool.
Bitcoin is more awesome than P2P File Sharing possibilities.

it NEEDS to stay like that at whatever cost! we're going to cut out a whole class of users??? WHO CARES??? Bitcoin needs to run on 56k connexion ... with 4 incoming and 4 outside connexion and mining with P2Pool.

this block size limt always gets me going! @!#*&!()@

[adamstgBit]

Miners revenues are mandatory to ensure the network's security.

While the block reward tends to 0, it is natural for a fee market to emerge, or else there would not be any incentives left for the miners to keep spending the resources that a POW system requires.

Meanwhile, you can enjoy transacting for nearly nothing.

the hope is ( and always has been ) that we would always be transacting for nearly nothing, because one day there would be so many TX that all the Fees pre block would total to a sizeable amount.

[ChartBuddy]

Coin
Explanation

[adamstgBit]

lets all predent cheap computers with shit interent connections will willingly run full nodes for a system which's prices out their poor ass.

[bambou]

Miners revenues are mandatory to ensure the network's security.

While the block reward tends to 0, it is natural for a fee market to emerge, or else there would not be any incentives left for the miners to keep spending the resources that a POW system requires.

Meanwhile, you can enjoy transacting for nearly nothing.

Yeah, that's my thought. A fee market should be allowed to emerge naturally, not artificially by restricting resources.

This is the purpose of the "artificial" restriction: prevent spamming and hence, allowing a fee market to emerge... naturally.

If no restriction in supply (as it also goes with the 21m cap), then there would not be any incentives for miners to pursue their amazing stacking of hashpower... which in the end ensures the system security.

[Richy_T]

lets all predent cheap computers with shit interent connections will willingly run full nodes for a system which's prices out their poor ass.

I won't be happy until Bitcoin is fully 8-bit

[adamstgBit]

lets all predent cheap computers with shit interent connections will willingly run full nodes for a system which's prices out their poor ass.

I won't be happy until Bitcoin is fully 8-bit

[adamstgBit]

lol fuck this.