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

[r0ach]

We'll stick to main bitcoin branch. Period.

If 80%+ hash goes to 2mb AND exchanges go to 2mb, the old branch is going to be worth 0.  Everybody knows it.  People who are claiming otherwise are just flat out lying IMO.  If that happened to Dogecoin or any other coin in the universe, it would be the same.  Bitcoin will be no exception.

If one chain has that much hash power it is not even a contested fork.

Lightning Network has to raise block size higher anyway.  There was never any plan to stay 1mb forever:

https://en.bitcoin.it/wiki/Scalability_FAQ#Doesn.E2.80.99t_Lightning_require_bigger_blocks_anyway.3F

[AZwarel]

We'll stick to main bitcoin branch. Period.

If 80%+ hash goes to 2mb AND exchanges go to 2mb, the old branch is going to be worth 0.  Everybody knows it.  People who are claiming otherwise are just flat out lying IMO.  If that happened to Dogecoin or any other coin in the universe, it would be the same.  Bitcoin will be no exception.

If one chain has that much hash power it is not even a contested fork.

Some forget about the exchanges. Good luck trading/using "old" bitcoins, when all exchanges (and obviously instantly payment processors follow) only accept coins from the "forked", now main chain! Imagine how any major change would be implemented when user base/industry grows 10x of todays if it so hard after years of debate to do it today.

[Cconvert2G36]

Annnnnd....I'm back. 72 hours in angsty exile and you godless monsters! Look what you've done!!

Confession: My deep sense of isolation drove me into the hoary orange arms another forum. 

Thanks Obama Blockstream Mike!

There's no drama like internet nerd drama.

[Cconvert2G36]

Most are just frustrated at the infighting , politics, bikeshedding , and lack of consensus. I seriously doubt it has anything to do with the roadmap. They want an increase like everyone else.

Yep, I often stick a middle finger in the face of my "friends" too.

You need to wake up and smell the revolution. Fence sitting can be painful.

[BlindMayorBitcorn]

Annnnnd....I'm back. 72 hours in angsty exile and you godless monsters! Look what you've done!!

Confession: My deep sense of isolation drove me into the hoary orange arms of another forum.  

Thanks Obama Blockstream Mike!

There's no drama like internet nerd drama.

Speculation: by April or May Blockstream will have buckled. But good gawd, what an ugly back and forth this turned into. I'm almost tempted to become a bankster out of sheer disillusionment.  

[billyjoeallen]

This block thing needs to be solved once and for all now and never addressed again. "The Last Hardfork".

Anything less than that and Bitcoin will fail.

It's this kind of thinking of getting a silver bullet rather than an ongoing  process that gets us in trouble

Bitcoin can't fundamentally change and shouldn't change. There is no real governance, nor should there be. It needs set rules and that's it. The idea that it can change is what's getting us in trouble. Sure, added features that conform to the set rules are fine but things that cause hard forks can't happen anymore. The bigger it gets, the harder its going to be for these changes. It has to be a silver bullet or nothing.

I agree that the block size needs to be on a fixed increase schedule, not a one time jump. I also agree that changes will get more difficult over time, but the only way to get the Chinese miners on board is to crash the market.  Their business model doesn't work and they can't hold the rest of the world hostage with their slow-ass internet connections (that goes for TOR miners too).

100% full blocks now. It this the beginning of THE FULLBLOCALYPSE???

Since we don't know what the future holds, the only logical way to increase block size over time is to re-target like we do with difficulty. Exclude no-fee or micro-fee transactions from the re-target calculation to filter out spam attacks. Done.

No, we need a fixed blocksize doubling like we have a fixed blockreward halving. Entrepreneurs need to plan and adjust their business models just like miners do.  Blockspace is really cheap to produce relative to the value it can provide. Think about it: if a 60GB database is worth 6 or 7 billion dollars, a 600 GB database should be worth ~4-10 times that amount.  The size of the chain is positively correlated with the market cap.

[Andre#]

Thanks for the explanation on the fullness of the block

So those few hours with totally full blocks are the sign of the beginning of the end of btc?  

Well I suppose it will be fixed in a way or another.

No, the periods of totally full blocks show that we are hitting the ceiling of the transaction capacity. It's not the beginning of the end of Bitcoin (yet).

It will be fixed. Either by raising the transaction capacity of the network. Or the service becomes too expensive for a part of the users, and the growth of Bitcoin will come to a halt at a quarter of a million transactions per day. And that (given a current user base of only about 1 million) may be the beginning of the end of Bitcoin if the current users (like me, who are expecting growth) lose confidence and start selling their stashes.

Note, the latter situation can develop quite quickly, since the price of Bitcoin is almost entirely based on speculation about its future. Once the hoodlers lose their faith in Bitcoin's future, the price will collapse.

Well, that happened sooner than I anticipated...

[ChartBuddy]

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[billyjoeallen]

You honestly think these miners would do this [endorse Classic]... if they were happy about the roadmap™?

Most are just frustrated at the infighting , politics, bikeshedding , and lack of consensus. I seriously doubt it has anything to do with the roadmap. They want an increase like everyone else.

Some elements of segwit are likely to be introduced if their benefits outweigh the costs of complexity, and with the clarity/cleaness of a hard fork, the market will control the introduction and timing of such a solution.

If you have evidence that those miners oppose segwit and simply want BIP102 without segwit than please let me know. Otherwise there is essentially is no difference in capacity between classic and core. Under certain circumstances Classic will have a slight amount of higher capacity , under others Core +segwit will have more capacity.

There are reasons where I can criticize segwit with , but am waiting to hear them from you to see if you understand segwit properly(and I believe the upsides outweigh the downsides)  

Segwit is a bigger change to the protocol than BIP102 and entails bigger risk. There is the advantage that it only requires a soft fork, but it's a heluva softfork. There's almost no advantage there. As Hearn said, it's basically an accounting trick. Sure, it's better than nothing, but we just don't believe core anymore when they say that they will EVER raise the block size. They are stalling, and nothing but an actual increase of the cap will convince us otherwise. 

[ChartBuddy]

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[Hunyadi]

Maybe Hearn's article was a needed shock to get things rolling. After that, surprisingly fast consensus is pretty much reached. Now that "heretic/narcissistic(?)" Hearn is out, perhaps devs can work more easily together.

[orpington]

Maybe Hearn's article was a needed shock to get things rolling. After that, surprisingly fast consensus is pretty much reached. Now that "heretic/narcissistic(?)" Hearn is out, perhaps devs can work more easily together.

If this dubious consensus was reached due to the likes of a character such as Hearn, I would find this consensus rather questionable and untrustworthy just as Hearn himself is rather questionable and untrustworthy.

[ChartBuddy]

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[solitude]

If some drama-queen nearly no-name faggot dev who's in bed with a bunch of kikes running the banks can spread enough disinfo and FUD to make the average faggot bitcoiner sell his coins then maybe Bitcoin isn't destined for greatness after all.'

[lottery248]

and the bitcoin market is drowning. what happened? is that the leave from Mike actually occurred? that's not a good sign at all, let's not to panic sell or others will be crashed. look, bitcoin price is ~$360.

[bad trader]

So, this is the triangle we are looking at now. Will it break down?

Bitstamp:

[ChartBuddy]

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[podyx]

Anyone worrying?

[BlindMayorBitcorn]

Anyone worrying?

Meh. I was poor when I started.

[PoolMinor]

Anyone worrying?