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

[Fatman3001]

[...] meh...

I continue to overestimate people
~hands Fatman a bottle of MD20/20~

thx

[ChartBuddy]

Coin



Explanation

[Nimbulan]

the price of the bitcoin seems to be pretty stable right now lets hope it will keep on rising slowly but surely and that by the end of this year it will reach 500 dollars per bitcoin at least that would be a great start for the next year

[conspirosphere.tk]

Calm down comrade. If you wait patiently, you too will get your loaf of bread place in the blockchain in good time.

But don't worry, if you have any concerns, you can make them heard through our Minister of Truth, Commissar Theymos.

He can wait forever, if he does not want to pay a damned fee for the service.
The free shit party is happening in some other place.

[aztecminer]

Last time this level was reached the drop was spectacular, this time it seems more sustainable. Or is it calm before the storm?

this is the calm of the first 1000. when the first 1000 appears, it is not long after that the next 1000 appears. it is not long after the next 1000 appears that the first 5000 happens. the Satoshi Nakamoto storm begins soon after the calm has passed .

[Cconvert2G36]

Calm down comrade. If you wait patiently, you too will get your loaf of bread place in the blockchain in good time.

But don't worry, if you have any concerns, you can make them heard through our Minister of Truth, Commissar Theymos.

He can wait forever, if he does not want to pay a damned fee for the service.
The free shit party is happening in some other place.

Why even have a block reward? People should have been paying damned fees to fund mining since the beginning... oh wait... that'd be dumb as fuck and it would have failed already.

[Fatman3001]

Last time this level was reached the drop was spectacular, this time it seems more sustainable. Or is it calm before the storm?

this is the calm of the first 1000. when the first 1000 appears, it is not long after that the next 1000 appears. it is not long after the next 1000 appears that the first 5000 happens. the Satoshi Nakamoto storm begins soon after the calm has passed .

et tu?

CCMF!!!

[peonminer]

Wall Observer thread be like

[POM]

What a great week   

[conspirosphere.tk]

Calm down comrade. If you wait patiently, you too will get your loaf of bread place in the blockchain in good time.

But don't worry, if you have any concerns, you can make them heard through our Minister of Truth, Commissar Theymos.

He can wait forever, if he does not want to pay a damned fee for the service.
The free shit party is happening in some other place.

http://tpc.pc2.netdna-cdn.com/images/various_uploads/Capital_One_Card_Marx_330.jpg

Why even have a block reward? People should have been paying damned fees to fund mining since the beginning... oh wait... that'd be dumb as fuck and it would have failed already.

Still, it's full of geniuses lamenting the scarcity of the blockspace and the consequent fees, ignoring that economics is all about scarcities.
And since that's way too much ignoring, they must be trolls for hire.

[BlindMayorBitcorn]

What a great week   

Plural of Mongoose! How's Thailand?

[rebuilder]

Calm down comrade. If you wait patiently, you too will get your loaf of bread place in the blockchain in good time.

But don't worry, if you have any concerns, you can make them heard through our Minister of Truth, Commissar Theymos.

He can wait forever, if he does not want to pay a damned fee for the service.
The free shit party is happening in some other place.

Are you saying we should change the BTC issuance schedule, perhaps stopping issuance now? That's redistribution of wealth, and it's holding the fee market back.

Or are you saying miners aren't being incentivized enough to keep the network secure enough, so in addition to the block subsidy we need fees to be higher? How do we determine how much security is needed and how much that should cost?

Or are you saying people should pay a fee just because?

[Fatman3001]

Still, it's full of geniuses lamenting the scarcity of the blockspace and the consequent fees, ignoring that economics is all about scarcities.
And since that's way too much ignoring, they must be trolls for hire.

Sure, someone disagrees with you. It must be a conspiracy.

Now, if you tried really hard you could possibly imagine that some people might genuinely be of the opinion that taking away one of Bitcoins main selling points this early on might be a bad idea.

I know. Mindblowing.

[conspirosphere.tk]

Calm down comrade. If you wait patiently, you too will get your loaf of bread place in the blockchain in good time.

But don't worry, if you have any concerns, you can make them heard through our Minister of Truth, Commissar Theymos.

He can wait forever, if he does not want to pay a damned fee for the service.
The free shit party is happening in some other place.

Are you saying we should change the BTC issuance schedule, perhaps stopping issuance now? That's redistribution of wealth, and it's holding the fee market back.

Or are you saying miners aren't being incentivized enough to keep the network secure enough, so in addition to the block subsidy we need fees to be higher? How do we determine how much security is needed and how much that should cost?

Or are you saying people should pay a fee just because?

Are you saying that you don't understand leaving everything as it is and let the free fee market do its job?

[bitebits]

open bazaar almost ready 

it's been almost ready for six months. I'll believe it when it happens.

It looks great tbh:
Creating and customizing a store in Open Bazaar [14 Dec 2015]

[Cconvert2G36]

Calm down comrade. If you wait patiently, you too will get your loaf of bread place in the blockchain in good time.

But don't worry, if you have any concerns, you can make them heard through our Minister of Truth, Commissar Theymos.

He can wait forever, if he does not want to pay a damned fee for the service.
The free shit party is happening in some other place.

http://tpc.pc2.netdna-cdn.com/images/various_uploads/Capital_One_Card_Marx_330.jpg

Why even have a block reward? People should have been paying damned fees to fund mining since the beginning... oh wait... that'd be dumb as fuck and it would have failed already.

Still, it's full of geniuses lamenting the scarcity of the blockspace and the consequent fees, ignoring that economics is all about scarcities.
And since that's way too much ignoring, they must be trolls for hire.

I support free markets, miners should set their own block sizes and min fees, there are natural economic incentives compelling them to. (orphan risk) If there must be a centrally planned limit, it should act as a circuit breaker/malicious miner protection only. What we see now is a small group in control of the reference implementation donning their central planner hats and distorting the free market towards their own ideology or financial interests.

[conspirosphere.tk]

Still, it's full of geniuses lamenting the scarcity of the blockspace and the consequent fees, ignoring that economics is all about scarcities.
And since that's way too much ignoring, they must be trolls for hire.

Sure, someone disagrees with you. It must be a conspiracy.

Now, if you tried really hard you could possibly imagine that some people might genuinely be of the opinion that taking away one of Bitcoins main selling points this early on might be a bad idea.

I know. Mindblowing.

What would be BTC main selling points for you? Micro-TXs?
There is a thousand of alts for that.

[marcus_of_augustus]

Wha wha wha so many whiny bears, you carry on talking about irrelevant bids and asks and ignore the bigger picture, be my guest. But but blocks lol

Halving.
Difficulty increase.
Increased interest.

These are things that are affecting price. I fully expect to see nearer to $100mil in leverage longs when this really starts bubbling.

Good point. Because everyone wants to use a currency they can't use because it doesn't work

It works perfectly. You'll need to pay for what you use (the most secure system in the world). Full blocks is good foor Bitcoin as miners will get rich and start competing each other even harder for the spoils (and hence increase the security further).

Why cant anyone see this? It's so obvious.

How secure should the network be? What's the sweet spot between cost and security?

The 'optimum' network security level is a variable that should increase with an increase in network value, since it is safe-guarding more as value increases.

[ChartBuddy]

Coin



Explanation

[marcus_of_augustus]

...
How secure should the network be? What's the sweet spot between cost and security?

The 'optimum' network security level is a variable that should increase with an increase in network value, since it is safe-guarding more as value increases.

We're currently paying ~10% of the network's worth, per year, to secure it. In other words, we're paying $1 to store $10 for a year.

1. Is this optimal?
2. If a bank charged you 10%, yearly, to store your money, would you use it?

... you've conflated the income from the issuance of scarce tokens, that will be in circulation in perpetuity facilitating all future transactions, with the cost of securing the network.