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

[billyjoeallen]

Anyhow, probably time to put on a full-node again,

I restarted 24/7 on mine about a month ago, due to the controversy. Currently running Core, but not as support for core dev position. I am _very_ motivated to find an alternative. If only the 'anything but 1MB4EVA stasis' crowd had a single standard to rally around...

Do you run yours from your computer at home, or from a vps?

I have been meaning to start running one, but I can't run mine from home, and it costs quite a lot for a decent vps that's reliable and has sufficient bandwidth. What's the lowest spec vps that can run a full node, and how much data would it probably use in a month?

Home. My entire bitcoin folder tree amounts to less than 64 GiB - or less than USD $10 of disk space. Bandwidth is such that I don't even notice any degradation to other apps. I admit that my ISP is better than many. I've never thought to measure it with any finer resolution than 'computing demands are irrelevant'.

BJA might be able to provide more info on VPS use. I think he said $118/yr, and a 'couple bucks/month for bandwidth'. But I don't mean to put words into his mouth.

I post here under my real name. Why the hell would I use a VPS?

[ChartBuddy]

Coin



Explanation

[fisheater22]

I post here under my real name. Why the hell would I use a VPS?

A virtual private server (VPS). jbreher thinks that you rent one to run your node, but you just have a cheap/old box at home, right?

[AlexGR]

Market prices tend to rise with increased demand. That is a market function. And when you are still lower than your closest competitor, people will still prefer your service over theirs. If a bank wire costs 10$ and takes days and a btc transfer costs 1$ and takes minutes, why would I use SWIFT instead of BTC?

True, Bitcoin today enjoys a 91% market share of crypto. However, in the overall scope of a USD $7B asset class adrift in a many-$T sea, that market share is not unassailable. Indeed, should the masses finally decide to adopt crypto, I would expect them to adopt one that they can actually _use_, rather than one that prevents them from participating due to an arbitrary limitation. Any of dozens of shitcoins are waiting in the wings to meet this market need, jealously awaiting a chance to procure adoption by delivering real value in comparison to Bitcoin.

What will happen, at most, is that shitcoins will be used for low-value txs and btc will be used for high value txs. You want to gamble for a few cents => you use a shitcoin. You want to buy a chewing gum => you use a shitcoin. You want to transfer 500$ or $5 mn, you use BTC.

[brg444]

Anyhow, probably time to put on a full-node again,

I restarted 24/7 on mine about a month ago, due to the controversy. Currently running Core, but not as support for core dev position. I am _very_ motivated to find an alternative. If only the 'anything but 1MB4EVA stasis' crowd had a single standard to rally around...

Do you run yours from your computer at home, or from a vps?

I have been meaning to start running one, but I can't run mine from home, and it costs quite a lot for a decent vps that's reliable and has sufficient bandwidth. What's the lowest spec vps that can run a full node, and how much data would it probably use in a month?

Home. My entire bitcoin folder tree amounts to less than 64 GiB - or less than USD $10 of disk space. Bandwidth is such that I don't even notice any degradation to other apps. I admit that my ISP is better than many. I've never thought to measure it with any finer resolution than 'computing demands are irrelevant'.

Care to share how many peers you're connected to?

[Fatman3001]

Market prices tend to rise with increased demand. That is a market function. And when you are still lower than your closest competitor, people will still prefer your service over theirs. If a bank wire costs 10$ and takes days and a btc transfer costs 1$ and takes minutes, why would I use SWIFT instead of BTC?

True, Bitcoin today enjoys a 91% market share of crypto. However, in the overall scope of a USD $7B asset class adrift in a many-$T sea, that market share is not unassailable. Indeed, should the masses finally decide to adopt crypto, I would expect them to adopt one that they can actually _use_, rather than one that prevents them from participating due to an arbitrary limitation. Any of dozens of shitcoins are waiting in the wings to meet this market need, jealously awaiting a chance to procure adoption by delivering real value in comparison to Bitcoin.

What will happen, at most, is that shitcoins will be used for low-value txs and btc will be used for high value txs. You want to gamble for a few cents => you use a shitcoin. You want to buy a chewing gum => you use a shitcoin. You want to transfer 500$ or $5 mn, you use BTC.

Why?

If everyone uses litecoin why would Bitcoin be better for larger transactions?

[JayJuanGee]

I post here under my real name. Why the hell would I use a VPS?

A virtual private server (VPS). jbreher thinks that you rent one to run your node, but you just have a cheap/old box at home, right?

 

Finally something funny out of Fisheater22.....


Did you know that you have a sense  of humor?   

[fisheater22]

... You want to buy a chewing gum => you use a shitcoin. You want to transfer 500$ or $5 mn, you use BTC.

Right. Because the market demands as many currencies to exist side-by-side as possible, to facilitate frictionless commerce (and provide hookers and blow for Blockstream employment for money changers).  So shitcoins for buying shit, GumCoins for my gum and shitty hard candy needs, CoffeeCoins for my coffee etc., and Bitcoin, useless as money, for storing muh wealth.

..unless I end up using BeanieCoin for storing wealth, of course, then BeanieCoin. Oh, and if BeanieCoin can process enough TPS to buy gum & shit, I also might use it as money. Removing the need for the whole multi-currency convoluted bullshit & fulfilling satoshi's dream of BeanieCoin: A Peer-to-Peer Electronic Cash System

@JayJuanGee: Please tell me you're not mentally ill/differently enabled, so's I wouldn't feel so conflicted about laughing at you.

[smiletyson]

New year is coming. Let's see what's gonna be the price end of 2015

[ChartBuddy]

Coin



Explanation

[JayJuanGee]

... You want to buy a chewing gum => you use a shitcoin. You want to transfer 500$ or $5 mn, you use BTC.

Right. Because the market demands as many currencies to exist side-by-side as possible, to facilitate frictionless commerce (and provide hookers and blow for Blockstream employment for money changers).  So shitcoins for buying shit, GumCoins for my gum and shitty hard candy needs, CoffeeCoins for my coffee etc., and Bitcoin, useless as money, for storing muh wealth.

..unless I end up using BeanieCoin for storing wealth, of course, then BeanieCoin. Oh, and if BeanieCoin can process enough TPS to buy gum & shit, I also might use it as money. Removing the need for the whole multi-currency convoluted bullshit & fulfilling satoshi's dream of.BeanieCoin: A Peer-to-Peer Electronic Cash System

@JayJuanGee: Please tell me you're not mentally ill/differently enabled, so's I wouldn't feel so conflicted about laughing at you.

Don't laugh at me, laugh with me.... have a sense of humor.   

[jbreher]

BJA might be able to provide more info on VPS use. I think he said $118/yr, and a 'couple bucks/month for bandwidth'. But I don't mean to put words into his mouth.

I post here under my real name. Why the hell would I use a VPS?

I guess I was putting words into your mouth then - sorry - such was not my intent. I thought you indicated in another post that you ran a node on a VPS.

Thanks for chiming in. Please clarify, if you are willing.

[Fatman3001]

... You want to buy a chewing gum => you use a shitcoin. You want to transfer 500$ or $5 mn, you use BTC.

Right. Because the market demands as many currencies to exist side-by-side as possible, to facilitate frictionless commerce (and provide hookers and blow for Blockstream employment for money changers).  So shitcoins for buying shit, GumCoins for my gum and shitty hard candy needs, CoffeeCoins for my coffee etc., and Bitcoin, useless as money, for storing muh wealth.

..unless I end up using BeanieCoin for storing wealth, of course, then BeanieCoin. Oh, and if BeanieCoin can process enough TPS to buy gum & shit, I also might use it as money. Removing the need for the whole multi-currency convoluted bullshit.

@JayJuanGee: Please tell me you're not mentally ill/differently enabled, so's I wouldn't feel so conflicted about laughing at you.

With BeanieCoin you would be able to pay a "fee" to hire as many and as big trucks as you'd ever need in order to transact.

It would be technically superior to Bitcoin.

Finally all your Beanie Babies crap makes sense.

Whew!! That was one hell of a ride (it must have been years) just for a lousy punchline!!

So Lambie, what's your next endeavor?

[jbreher]

What will happen, at most, is that shitcoins will be used for low-value txs and btc will be used for high value txs. You want to gamble for a few cents => you use a shitcoin. You want to buy a chewing gum => you use a shitcoin. You want to transfer 500$ or $5 mn, you use BTC.

You are advancing a hypothesis as a known. I think your hypothesis is faulty.

I believe that, should any alt be adopted for small value transactions, the line between 'small value' and 'large value' will quickly trend upwards in absolute value, eventually subsuming all of the actual value within the so-called 'high value' transaction space. If indeed this vision is correct, the Bitcoin would be left eventually as valueless.

[jbreher]

Home. My entire bitcoin folder tree amounts to less than 64 GiB - or less than USD $10 of disk space. Bandwidth is such that I don't even notice any degradation to other apps. I admit that my ISP is better than many. I've never thought to measure it with any finer resolution than 'computing demands are irrelevant'.

Care to share how many peers you're connected to?

Hmm... just a sec... checking....

OK, back. 8. I'm guessing that's a default. I've not modified that part of bitcoin.conf.

As long as we're nitpicking my particular node, it may be worth pointing out that I am running it over Tor.

[BlindMayorBitcorn]

All the quick-witted people are slowly crowding back in. This is speculation! Why isn't anybody yelling out random numbers

[Fatman3001]

All the quick-witted people are slowly crowding back in. This is speculation! Why isn't anybody yelling out random numbers

meh... holidays

[JayJuanGee]

All the quick-witted people are slowly crowding back in. This is speculation! Why isn't anybody yelling out random numbers

My random number is my prediction of 59.561034829% chance that the next breakout of 1.5% or more (using $426.71 as a starting reference point) is going to be down,  and the remaining 40.4389652% chance of up.

Sideways is not an option in my outlined scenario, even though it could take awhile before prices break either one way or the other (up to a year, possibly .00000013295188403% chance of that).

[billyjoeallen]

Market prices tend to rise with increased demand. That is a market function. And when you are still lower than your closest competitor, people will still prefer your service over theirs. If a bank wire costs 10$ and takes days and a btc transfer costs 1$ and takes minutes, why would I use SWIFT instead of BTC?

True, Bitcoin today enjoys a 91% market share of crypto. However, in the overall scope of a USD $7B asset class adrift in a many-$T sea, that market share is not unassailable. Indeed, should the masses finally decide to adopt crypto, I would expect them to adopt one that they can actually _use_, rather than one that prevents them from participating due to an arbitrary limitation. Any of dozens of shitcoins are waiting in the wings to meet this market need, jealously awaiting a chance to procure adoption by delivering real value in comparison to Bitcoin.

What will happen, at most, is that shitcoins will be used for low-value txs and btc will be used for high value txs. You want to gamble for a few cents => you use a shitcoin. You want to buy a chewing gum => you use a shitcoin. You want to transfer 500$ or $5 mn, you use BTC.

At MOST, some people or group could sink billions into an altcoin, complete with incentives for miners to switch, a well-funded marketing effort, a competent development group that they can control (or at least trust), legal defense fund, lobbying team, focus groups, etc. 

What's seven billion dollars to Wall Street or Silicone Valley? What's the payoff if they succeed?  I'm surprised they haven't done this already.

[peonminer]

All the quick-witted people are slowly crowding back in. This is speculation! Why isn't anybody yelling out random numbers

By new years day the price will reach