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

[jbreher]

The result is that Bitcoin still does the same txs per kb as before. There is no actual improvement in scaling, more like a tradeoff where decentralization and network vulnerability to bloat attacks are tuned to "worse" so that more low-to-zero fee txs can go through.

Such would move the hard cap of somewhere around half a million transactions a day to a higher number. If you do not feel that the ability to process more transactions per unit time is an element of scalability, fine. I find such a position absurd, but so be it. If you insist on clinging to such a definition, than I am more interested increasing potential transactions per unit time than in your definition of scalability -- at least at this point in time, when we are rapidly approaching that limit.

And despite your repetitive statements stripping the reality, this has nothing to do with whether the transactions are zero- low- or ouch!-fee. Half a million a day regardless of the fees paid. Period.

I'd like to see some work on how to solve the attack vectors, how to make blockchain use more efficient, how to make the network propagate information faster - stuff like that which represent actual advances.

You seek technological advances. This is good. But by promoting economic retardation, you are throwing the baby out with the bathwater, so to speak. The ECE is close enough that it can be breached at the next surge of adoption, while SegWit promotors are obviously deluded in claiming it will be in production 1H16.

[ChartBuddy]

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[AlexGR]

The result is that Bitcoin still does the same txs per kb as before. There is no actual improvement in scaling, more like a tradeoff where decentralization and network vulnerability to bloat attacks are tuned to "worse" so that more low-to-zero fee txs can go through.

Such would move the hard cap of somewhere around half a million transactions a day to a higher number. If you do not feel that the ability to process more transactions per unit time is an element of scalability, fine. I find such a position absurd, but so be it. If you insist on clinging to such a definition, than I am more interested increasing potential transactions per unit time than in your definition of scalability -- at least at this point in time, when we are rapidly approaching that limit.

And despite your repetitive statements stripping the reality, this has nothing to do with whether the transactions are zero- low- or ouch!-fee. Half a million a day regardless of the fees paid. Period.

It has everything to do with low or zero fees.

If, say, you go from 0.5mn txs per day to 1mn txs per day and a spammer can add 0.5mn txs per day for peanuts to fill the extra capacity where does that leave you?

You'll go back to square 1 and you'll still be crying "ahhh the blocks are full, we need a new increase, my negligible fee doesn't get me confirmed in 5-10-20 confirmations and I need to pay more and more", etc etc.

But not only will you be crying for the same things, you'll now have to deal with double the bloat, more hardware requirements, higher expenses for running nodes, a more centralized network, etc etc.

[ChartBuddy]

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[ChartBuddy]

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[Arcteryx]

Is this what we would expect from being a stable price for bitcoin
Well it is boring to say the least. Bring some volatility back to it or it is just like any other fiat trading 

[ChartBuddy]

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[knightlife999]

We'll get more volatility very soon. Just give the market some time to get past the holidays and back to work. 

[luckygenough56]

drop already bleepcoin !

[coinzat]

Is this what we would expect from being a stable price for bitcoin
Well it is boring to say the least. Bring some volatility back to it or it is just like any other fiat trading 

I like it when the price is stable, but this is not going to last for a long time.
volatility is very normal with bitcoin as we used to see

[oda.krell]

It can be phased in, like:

Code:

if (blocknumber > 115000)
   maxblocksize = largerlimit

It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete.

Hehe, that one should be quoted a lot more around here. Like, daily.

I'm not even that fond of arguments from authority -- in the end, Satoshi is just a particularly smart human being, or group thereof, but fallible like everybody else.

The irony is of course that the Little Blockians are also the strongest proponents of 'protocol literalism', trying to preserve the purity of essence and sanctity of bodily fluids, err, I mean: the purity of Satoshi's original vision of sound money & free guns, as enshrined in the original version of the protocol.

Which only means that it must really suck for them that the master himself thought of max blocksize as a trivially easily changeable spam prevention measure, not some grand economic variable that must be protected by the spilling of blood of free Randian Übermenschen once in a while.

[ChartBuddy]

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Explanation

[acquafredda]

We'll get more volatility very soon. Just give the market some time to get past the holidays and back to work. 

And let's not forget there has been a nasty dump on Christmas when everybody was celebrating. Stabilty and Bitcoin trading don't rhyme yet and probably never will. So yes, expect some turbulence soon

[ChartBuddy]

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[Ayle56]

We'll get more volatility very soon. Just give the market some time to get past the holidays and back to work. 

And let's not forget there has been a nasty dump on Christmas when everybody was celebrating. Stabilty and Bitcoin trading don't rhyme yet and probably never will. So yes, expect some turbulence soon

The Chinese carried on trading at Christmas because it means nothing to them, but they get drunk at New Year so practically nobody was trading then. First the traders need time to get over their hangovers, then after the banks open in two days time volatility should get going again.

[ChartBuddy]

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[keystroke]

Satoshi's original vision of sound money & free guns

I remember hearing he was for free drugs -- guns too?

[birr]

I'd like to see some work on how to solve the attack vectors, how to make blockchain use more efficient, how to make the network propagate information faster - stuff like that which represent actual advances.

Segregated Witness.

[ChartBuddy]

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Explanation

[conspirosphere.tk]

economic retardation

That's the pathology of (supposedly honest) blockchain bloaters. Refusing to see that increasing the blocksize without providing incentives to dissuade destructive behaviors (from spam attacks to gratuitous crap) is both pointless and suicidal.