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

[hdbuck]

Today's edition: Political Contributor to the Central Committee of the Inhibit Party of the Technical Consensus Union.

[00:08] <petertodd> bramc: but today we have a blocksize limit low enough that everyone has access to reasonably low orphan rates
[00:08] <petertodd> bramc: (remember that the networking code we have right now on the p2p network is *really* inefficient)
[00:09] <bramc> petertodd, And the blocksize limit is staying down there, by design
[00:09] <petertodd> bramc: what do you mean?
[00:10] <bramc> petertodd, The current 'plan of record' is for the block size to de facto go up by less than 2x with segwit and otherwise stay put, at least for now
[00:10] <bramc> For exactly that reason
[00:10] <petertodd> bramc: sure

Not tonight, dear.

Always cute.

Butthurt must be disorientating for 1MB4EVA being so vigorously advocated by bitorrent's creator.

[ChartBuddy]

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Explanation

[sAt0sHiFanClub]

Yes... it's confirmed to be happening in BJA's head.

Honest injun.

Okay, I'll bite.

What part of the analogy dont you like, or feel is less than accurate?

[Andre#]

Simple: there is no plan to increase the block size through a hard fork anytime soon seeing as there is no valid reasons to do so.

Fork off if that doesn't make you happy.

Indeed, there's no plan to increase the block size, since the Core devs are determined to shift Bitcoin to a new economic policy without first achieving overwhelming consensus. Hence, if the community becomes unhappy enough, they will fork off, indeed. Whether this will be done by adopting a Bitcoin version that allows for a larger max block size, or by ditching Bitcoin for an alt, remains to be seen. But there is a limit to how much a minority can harass the majority, no matter how much power that minority has. History is littered with examples of that.

[Feri22]

Blocks are consistently far from being full! Blockpocalypse! You heard it here first! The sky is falling! We MUST switch to centralized Bitcoin and larger blocks!

This is such a FUD that with 2MB you will have some kind of centralization...it is pure bullshit

[ChartBuddy]

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Explanation

[molecular]

Blocks are consistently far from being full!

This is true. We still have some time. But the nature of exponential growth means we will hit it fairly soon and hard.

It will also start to be an issue before 100%. I'm not sure what the exact level would be but I'm thinking around 85%

It's already an issue. I'm finding myself telling newbies at Chaos Communication Congress about alternatives to Bitcoin because Bitcoin has "this problem".

EDIT: And I can tell by their faces they are reducing their planned investment about 10-fold at that moment.

[Andre#]

Civil engineer: Hey, Boss. Traffic on the bridge is increasing by 50% per month. Shouldn't we widen it?

Bureaucrat: Ha! That bridge has excess capacity. If traffic gets too high, we'll just increase the tolls. Most of those schmucks don't really need to go anywhere anyway.

Civil engineer: Do we know that for sure? What if there is an evacuation or something?

Bureaucrat: That bridge was intentionally designed with low capacity to prevent invasions! Widening it would be a dangerous departure from historic bridge operations.

Civil Engineer: Aren't bridges supposed to be used to facilitate travel?

Bureaucrat: Yes, but only the right sort of travel. That's for me to decide! If traffic gets too heavy, and tolls get too expensive, the people can use buses. Too many single passenger cars anyway.

Civil engineer: Do you own a bus company?

Bureaucrat: Purely coincidental! I'm just guarding against bridgebuilder centralization.

Civil engineer: I see. No conflict of interest there. What's the name of your company anyway, Busstream?

Bureaucrat: Bridgestream_TM, Smartass.

 

[molecular]

Civil engineer: Hey, Boss. Traffic on the bridge is increasing by 50% per month. Shouldn't we widen it?

Bureaucrat: Ha! That bridge has excess capacity. If traffic gets too high, we'll just increase the tolls. Most of those schmucks don't really need to go anywhere anyway.

Civil engineer: Do we know that for sure? What if there is an evacuation or something?

Bureaucrat: That bridge was intentionally designed with low capacity to prevent invasions! Widening it would be a dangerous departure from historic bridge operations.

Civil Engineer: Aren't bridges supposed to be used to facilitate travel?

Bureaucrat: Yes, but only the right sort of travel. That's for me to decide! If traffic gets too heavy, and tolls get too expensive, the people can use buses. Too many single passenger cars anyway.

Civil engineer: Do you own a bus company?

Bureaucrat: Purely coincidental! I'm just guarding against bridgebuilder centralization.

Civil engineer: I see. No conflict of interest there. What's the name of your company anyway, Busstream?

Bureaucrat: Bridgestream_TM, Smartass.

damn that's good. Where's the "give gold" button?

[Hunyadi]

Civil engineer: Hey, Boss. Traffic on the bridge is increasing by 50% per month. Shouldn't we widen it?

Bureaucrat: Ha! That bridge has excess capacity. If traffic gets too high, we'll just increase the tolls. Most of those schmucks don't really need to go anywhere anyway.

Civil engineer: Do we know that for sure? What if there is an evacuation or something?

Bureaucrat: That bridge was intentionally designed with low capacity to prevent invasions! Widening it would be a dangerous departure from historic bridge operations.

Civil Engineer: Aren't bridges supposed to be used to facilitate travel?

Bureaucrat: Yes, but only the right sort of travel. That's for me to decide! If traffic gets too heavy, and tolls get too expensive, the people can use buses. Too many single passenger cars anyway.

Civil engineer: Do you own a bus company?

Bureaucrat: Purely coincidental! I'm just guarding against bridgebuilder centralization.

Civil engineer: I see. No conflict of interest there. What's the name of your company anyway, Busstream?

Bureaucrat: Bridgestream_TM, Smartass.

damn that's good. Where's the "give gold" button?

+1

[ChartBuddy]

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Explanation

[flagpara]

Civil engineer: Hey, Boss. Traffic on the bridge is increasing by 50% per month. Shouldn't we widen it?

Bureaucrat: Ha! That bridge has excess capacity. If traffic gets too high, we'll just increase the tolls. Most of those schmucks don't really need to go anywhere anyway.

Civil engineer: Do we know that for sure? What if there is an evacuation or something?

Bureaucrat: That bridge was intentionally designed with low capacity to prevent invasions! Widening it would be a dangerous departure from historic bridge operations.

Civil Engineer: Aren't bridges supposed to be used to facilitate travel?

Bureaucrat: Yes, but only the right sort of travel. That's for me to decide! If traffic gets too heavy, and tolls get too expensive, the people can use buses. Too many single passenger cars anyway.

Civil engineer: Do you own a bus company?

Bureaucrat: Purely coincidental! I'm just guarding against bridgebuilder centralization.

Civil engineer: I see. No conflict of interest there. What's the name of your company anyway, Busstream?

Bureaucrat: Bridgestream_TM, Smartass.

Ahahahahah!
That's so true it hurts xD

[molecular]

someone should post to r/btc

[r0ach]

I'm excited by the large amounts of shorts already in ready to be squeezed.  Do these guys ever learn?  It's probably the same people who got squeezed when the price was $330.

[luckygenough56]

[r0ach]

Lol @ that chart.  I sold at 450 before it went down and hoped it would go to 1 penny so I could rebuy but there was far too much buy support at $400-410.  China pulled out completely to try and crash it on purpose but there was way too much western money to prop it up.  I bought back in at the 420's.  There's also WAY too many shorts already in now that have to buy back in for it to even crash now.  The fact that it's still going up even after all those shorts means the rise is back in business.

[flagpara]

I'm excited by the large amounts of shorts already in ready to be squeezed.  Do these guys ever learn?  It's probably the same people who got squeezed when the price was $330.

Just careful people.
You know everyone is here saying things like "omg we gonna reach XXX$ soon". But lots of people say that all the time. And 99% of the time they're wrong.
Damn the number of people who said we gonna reach 1k$ before the end of the year...

[LFC_Bitcoin]

Just careful people.
You know everyone is here saying things like "omg we gonna reach XXX$ soon". But lots of people say that all the time. And 99% of the time they're wrong.
Damn the number of people who said we gonna reach 1k$ before the end of the year...

A lot of people 'predict' stuff & make bold statements on the price buddy. Many know their prediction is unrealistic in the short term (both bulls & bears) but they try to make noobs buy in or sell to affect the market.

Realistically not enough of the bitcoin market are even on here so no FUD or attempted price manipulation will ever work here but people certainly try.

There are even paid shills & trolls who try to control price direction. The best thing to do is just ignore MOST people here & do what's right for you & your financial position & future.

[ChartBuddy]

Coin



Explanation

[flagpara]

Just careful people.
You know everyone is here saying things like "omg we gonna reach XXX$ soon". But lots of people say that all the time. And 99% of the time they're wrong.
Damn the number of people who said we gonna reach 1k$ before the end of the year...

A lot of people 'predict' stuff & make bold statements on the price buddy. Many know their prediction is unrealistic in the short term (both bulls & bears) but they try to make noobs buy in or sell to affect the market.

Realistically not enough of the bitcoin market are even on here so no FUD or attempted price manipulation will ever work here but people certainly try.

There are even paid shills & trolls who try to control price direction. The best thing to do is just ignore MOST people here & do what's right for you & your financial position & future.

Agreed. That's why I closed everything at 450$, and I don't regret it ^.^