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

[billyjoeallen]

You can't grab power you already have. Gavin was lead developer and shepherded Bitcoin into where it is today. Satoshi himself gave him the reins. it's the other core developers who are grabbing power, but I guess that's how you spin propaganda. Claim the opposition is guilty of the very sin you are committing. That 1 MB limit was a temporary kludge included when bitcoin had NO monetary value and was useful only then. Gavin knew that and has been trying to get rid of it for years. This fee market is just rent-seeking and it will keep Bitcoin a financial backwater if it is left in place.

Gavin had already long stood down as lead maintainer when he pushed his hard fork to the XT repo. Wladimir vander Laan has been chief maintainer since Sept. 2014. Trying to rewrite history is plain deception or just lying. Gavin made some major mistakes (notably BIP 16/17 and BIP 70) in his time but was an adequate caretaker for the tumultuous time Bitcoin went through while he was contributing.

The fee market will develop because the node operators want it to. They will raise the limit when the fees they pay for THEIR OWN transactions naturally incentivises them to want to ... that is the in-built incentive mechanism to stop fees going to infinity as the doom-mongers and catastrophic-cliff screamers will try to scare you with.

This system has been designed very well, the built-in incentive structures will only become apparent as it fully ramps up and comes on-line. We are still in the commissioning phase, just relax and watch if you don't feel like you can understand everything that is happening.

Node operators will chose the scaling solution most likely to gain a critical mass, but they may not do it until a market crash instills a sense of urgency. If they are as conservative as you suggest, then Garzik's 2 MB kick-the-can is more likely and if that doesn't cause some catastrophic miner centralization or other security problem, then large block size it is, Baby.  Blockstreamers will be discredited.

Your only hope is that pyramid schemers in the East will pump your settlement network permanently, and that's not how pyramid schemes work. Time is more my friend than yours. Let's find out.

[Richy_T]

The bitcoin protocol is almost complete now and will hardly ever change from now or else it will risk catastrophic failure.

As if. They're lumping in new, barely tested stuff from their pet projects all the time.

[Cconvert2G36]

http://hackingdistributed.com/2015/12/23/bitcoin-fee-market/

I do not have experience with my old age. I do not go around artificially inducing osteoporosis [2] to get ready for my old days -- instead, I make the best of my working days when I'm blessed to have a working skeleton.

 

[billyjoeallen]

Gavin had already long stood down as lead maintainer when he pushed his hard fork to the XT repo. Wladimir vander Laan has been chief maintainer since Sept. 2014. Trying to rewrite history is plain deception or just lying. Gavin made some major mistakes (notably BIP 16/17 and BIP 70) in his time but was an adequate caretaker for the tumultuous time Bitcoin went through while he was contributing.

So Wladimir took over two months before the longest bear market in bitcoin history? That's just awesomsauce.

[idecable]

450's.....now the question is - Can this hold over the holiday period?

I think it will.  Things are picking up ever since mid-September. This is great.

[r0ach]

Bitcoin is going to the moon after they implement these two new taxes:


Rape Culture Tax

https://www.youtube.com/watch?v=c7uVxHLT-aY

Caucasian Tax

https://www.youtube.com/watch?v=DYwY85K1MB0

[ChartBuddy]

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[Cconvert2G36]

[TERA]

I just want to point out that that the beginning of this move was set off by a 2K coin bid wall on OKcoin. So this still is some hope left for wall observation if you look closely.

[marcus_of_augustus]

I just want to point out that that the beginning of this move was set off by a 2K coin bid wall on OKcoin. So this still is some hope left for wall observation if you look closely.

I also noted a big uptick in bear trolling preceded the up move also, short squeeze might be a big part of it.

The usual bigblock whinging and complaining seems to be cat-to-kick go to for sold out bulls and poor-loser shorts.

[jbreher]

... there is no way to differentiate between "small legit transactions" and fee-paying spam if they pay the same fee

Can you articulate your definition of 'fee-paying spam'?

Currently the network node operators are overwhelmingly supporting 1MByte block limits

Upon what do you base this bald assertion?

[marcus_of_augustus]

Currently the network node operators are overwhelmingly supporting 1MByte block limits

Upon what do you base this bald assertion?

Currently any block greater than 1MByte will be rejected as invalid by the vast majority of nodes.

[jbreher]

Currently the network node operators are overwhelmingly supporting 1MByte block limits

Upon what do you base this bald assertion?

Currently any block greater than 1MByte will be rejected as invalid by the vast majority of nodes.

So the fact that, to the average node operator, they have no real alternative -- you are marking that as a solid preference for 1MB blocks?

... there is no way to differentiate between "small legit transactions" and fee-paying spam if they pay the same fee

Can you articulate your definition of 'fee-paying spam'?

[ChartBuddy]

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[Bitfirm]

Nice xmas rally!

[podyx]

No cheap coins this christmas

[Andre#]

Throttling the network in the name of security is like fucking for virginity.

That sums it up quite nicely. 

[JimboToronto]

No cheap coins this christmas

Whadya mean no cheap coins? Anything under $700 is cheap.

[Searing]

kinda off topic but for home miners STILL mining this winter......got my elec knocked down with Xcel 4.37c from 13.7c kwh to 9.27 kwh

so just tossing it about (the link that is) on how I stumbled into this (it is on the back of the Xcel bill if you have Xcel Energy in the Midwest USA)

here it the link

https://bitcointalk.org/index.php?topic=1257327.msg13343965#msg13343965

Again off topic but important imho...saved me 115 usd a month for 5 months in winter....so check it out..no catch (again if you have Xcel look at

the back of your monthly bill for winter rates. Anyway details story on how fell into this above...it SHOULD apply to other utilities also imho ask around)

(not advertised ..except in Xcel's case listed on back of your monthly bill)

Be sure to post your results on the above thread and especially if this works with other electric utilities for winter rates also..pass it along

good luck ...anything that allows you to spend the $$$ saved into bitcoin/speculation etc is a good thing imho More time spent on this thread then huh

[ChartBuddy]

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