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

[Holliday]

Prediction: in 5-10 days price will spike another few dollars and we all come on this thread, first talk about how we are going to the moon, and then vigorously discus block size limit, once again i'm going to lose my shit  and post something like this.

How's your full node going Adam? I asked in the other thread, but you must have missed it.

I decided to up my connections to 30 while we were discussing nodes in that thread, so I needed to restart mine. Since then (September 16th), I've received 20GB and sent 83GB. That's almost 5GB per day.

[ChartBuddy]

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[hdbuck]

Bigger blocks would require a good deal of adoption, which has yet to happen. Whether you want the limit raised or not.

That's a circular argument.  Lots of people are reluctant to adopt a technology that isn't scalable.  In't isn't exactly the Field of dreams. If you build it, they may not come BUT if you DON'T build it, they certainly won't.

[ChartBuddy]

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Explanation

[JorgeStolfi]

I enjoyed your take on the "religious schism" between Core and XT playing out in fast motion...the inquisition...the banishing of the heretics...etc etc.  What I would love to see--although it would be difficult and perhaps infeasible at this point in time--is a scholarly article addressing the politics of Bitcoin governance.  How do we come to consensus?  What does "consensus" really mean in the context of Bitcoin?

Thanks for the comment... but I would not be qualified to write such a paper, of course. That is a social sciences / psychology / anthropology topic...

By the way, one of the most interesting Scaling conference videos that I saw was the one by Gabriella Coleman. You must have seen that in person, I suppose.  She would be the person to write that paper -- if she could be conviced to spend a year or two studying the bitcoin community...

But I think that, as you suggest, bitcoin will need some governmance entity.  A good example may be the General Conference on Weights and Measures, that governs the metric system --- a much more critical "protocol" than bitcoin.  It has representatives from all countries, typically designated by the local standards bodies.  The delegates propose "BIP"s, they debate and ponder, and then eventually decide on "forks" by vote.  It has no legal power, but it has considerable moral power; countries and companies will promptly accept its decisions, because "a bad standard is always better than no standard".   

Other similar examples are IUPAC (for chemical nomenclature), the UNICODE consortium, ISO, the International Earth Rotation and Reference Systems Service (that defines the UTC leap seconds), etc.

[Elwar]

That's a circular argument.  Lots of people are reluctant to adopt a technology that isn't scalable.  In't isn't exactly the Field of dreams. If you build it, they may not come BUT if you DON'T build it, they certainly won't.

This.

I was talking to the owner of the bar I was at the other day and was explaining Bitcoin to the owner. I almost had him convinced to start accepting bitcoins for payment when he stopped and was like "wait a minute, what are the block size parameters and transactions per second?". Needless to say he was displeased that in 2 years the code would need to be changed if current transaction volume continued to increase at the current rate. He then started asking me about alt coins like Doge. He decided to start accepting Doge instead because he thought it had a funny picture with the dog and he was like "you has doges?".

[ChartBuddy]

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Explanation

[hdbuck]

That's a circular argument.  Lots of people are reluctant to adopt a technology that isn't scalable.  In't isn't exactly the Field of dreams. If you build it, they may not come BUT if you DON'T build it, they certainly won't.

This.

I was talking to the owner of the bar I was at the other day and was explaining Bitcoin to the owner. I almost had him convinced to start accepting bitcoins for payment when he stopped and was like "wait a minute, what are the block size parameters and transactions per second?". Needless to say he was displeased that in 2 years the code would need to be changed if current transaction volume continued to increase at the current rate. He then started asking me about alt coins like Doge. He decided to start accepting Doge instead because he thought it had a funny picture with the dog and he was like "you has doges?".

see? you should migrate to doge as well.

[ChartBuddy]

Coin
Explanation

[findftp]

That's a circular argument.  Lots of people are reluctant to adopt a technology that isn't scalable.  In't isn't exactly the Field of dreams. If you build it, they may not come BUT if you DON'T build it, they certainly won't.

This.

I was talking to the owner of the bar I was at the other day and was explaining Bitcoin to the owner. I almost had him convinced to start accepting bitcoins for payment when he stopped and was like "wait a minute, what are the block size parameters and transactions per second?". Needless to say he was displeased that in 2 years the code would need to be changed if current transaction volume continued to increase at the current rate. He then started asking me about alt coins like Doge. He decided to start accepting Doge instead because he thought it had a funny picture with the dog and he was like "you has doges?".

Ah, thanks man. Made my day!
 

[ChartBuddy]

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Explanation

[ChartBuddy]

Coin
Explanation

[Proxiebuier]

China decided to go to the moon alone 
6$+ between Bitstamp and China.

https://bitcoinwisdom.com/markets/huobi/btccny
huobi is fake rate, im not trust 100% with huobi rate, he use leverage trading system

[readysalted89]

China decided to go to the moon alone 
6$+ between Bitstamp and China.

I hadn't checked the Chinese markets until you posted that. Wow, it's well over $250 on OKCoin, Huobi, BTC100, BtcTrade, BTCChina, and BTC38. Last night I was waiting for China to wake up and pump the price. but I gave up and went to sleep. They did it, just not on the western exchanges yet. There must be arbitrage opportunities buying on the western exchanges and selling on the eastern ones. It's just a matter of time until the west's price catches up with the east's.

[ChartBuddy]

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Explanation

[nioc]

China decided to go to the moon alone 
6$+ between Bitstamp and China.

It's been like this for days.  Presently $5

[Paashaas]

73% of the so called ''Finance pro's'' think that Blockchain can thrive without Bitcoin...

This is one of the most useless comment that i ever saw about Bitcoin after; ''Dont get into Bitcoin because you can buy drugs with it''

http://www.coindesk.com/73-of-finance-pros-think-the-blockchain-can-thrive-without-bitcoin/

[billyjoeallen]

That's a circular argument.  Lots of people are reluctant to adopt a technology that isn't scalable.  In't isn't exactly the Field of dreams. If you build it, they may not come BUT if you DON'T build it, they certainly won't.

This.

I was talking to the owner of the bar I was at the other day and was explaining Bitcoin to the owner. I almost had him convinced to start accepting bitcoins for payment when he stopped and was like "wait a minute, what are the block size parameters and transactions per second?". Needless to say he was displeased that in 2 years the code would need to be changed if current transaction volume continued to increase at the current rate. He then started asking me about alt coins like Doge. He decided to start accepting Doge instead because he thought it had a funny picture with the dog and he was like "you has doges?".

A SNARK IS NOT AN ARGUMENT. THE PEOPLE WHO BUILT SOFTWARE INFRASTRUCTURE ARE NOT GOING TO LAYER ON TOP OF A NON-SCALABLE BLOCKCHAIN. It's too much work for too little reward. The people who finance the infrastructure are not going to pay for it. Speculators like me are not going to invest when the expected future returns are based on the utility of only a settlement network.

We don't have two years. Bitshares 2.0 is going to launch literally in a week. Altcoins can take all your good code and build a chain on top of it now. Many have and a billion-dollars to launch a real competitor is chump change for Silicone Valley or Wall Street. I understand you want an armored truck and not a sports car, but even a Brinks truck has to keep up with traffic. If you want Bitcoin to be the MySpace of crypto, keep doing what you're doing.

[ChartBuddy]

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Explanation

[ssmc2]

Weak bear trap. Yawn.