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

[madmat]

What's with the Antpool blocks of 1 transaction at .2 kB???

It happens a lot with Antpool. My guess is they filter transactions with low fees. But i also heard about spv mining, not sure of what it is.

[rebuilder]

re Luke-JR and changing over to SHA3: The man seems to go out of his way to find causes to champion, the more hopeless, the better. I first remember paying attention to him when he was acticely pushing tonal notation for Bitcoin. At least that was relatively harmless, if eccentric.

[BldSwtTrs]

I am tired of all that shit. I quit Bitcoin until the next ATH.

[smooth]

What's with the Antpool blocks of 1 transaction at .2 kB???

It happens a lot with Antpool. My guess is they filter transactions with low fees. But i also heard about spv mining, not sure of what it is.

Look at the timing. They are right after the previous block. Many miners will SPV mine until the previous block is verified and it then possible to determine which new transactions are safe to include.

It is also possible in some cases with back-to-back blocks that the mempool is empty or nearly empty with no backlog.

[madmat]

re Luke-JR and changing over to SHA3: The man seems to go out of his way to find causes to champion, the more hopeless, the better. I first remember paying attention to him when he was acticely pushing tonal notation for Bitcoin. At least that was relatively harmless, if eccentric.

I read his first posts on bitcointalk recently after reading him trolling on Classic's slack channels. First time ever i heard about tonal notation.

Enjoy : https://bitcointalk.org/index.php?action=profile;u=3318;sa=showPosts;start=4780

[Sitarow]

re Luke-JR and changing over to SHA3: The man seems to go out of his way to find causes to champion, the more hopeless, the better. I first remember paying attention to him when he was acticely pushing tonal notation for Bitcoin. At least that was relatively harmless, if eccentric.

changing over to SHA3 has been proven to be unnecessary for now.

[smooth]

Kraken+Coinsetter

What do you think? Huge or so so?

Significant but not huge. US already has Coinbase and Gemini.

[ImI]

I guess Hearn's ragequit doesn't look so bad now.

Seriously, given all that shit its remarkable that we are still at 380$...

You seem like a level headed guy, are Core out of their fucking minds?

i think its no more than a threat at the moment, but it shows the childish attitude that brought us here in the first place. gmax and luke seem to be very immature.

[Fatman3001]

re Luke-JR and changing over to SHA3: The man seems to go out of his way to find causes to champion, the more hopeless, the better. I first remember paying attention to him when he was acticely pushing tonal notation for Bitcoin. At least that was relatively harmless, if eccentric.

changing over to SHA3 has been proven to be unnecessary for now.

I guess it depends on what qualifies as necessary. A rivaling implementation forcing a hard fork?

https://np.reddit.com/r/Bitcoin/comments/41aocn/httpsbitcoinorgenbitcoincorecapacityincreases_why/cz0z9ym

[adamstgBit]

if we all buy now we can all sell back higher feel rich as price explodes and we be HODLING.  

Adam,
Have you heard the news?
What do you think? Huge or so so?

Coinsetter is being acquired by Kraken
http://www.businesswire.com/news/home/20160119005459/en
...

i'm a little annoyed that once again i'll have to make sure my cavirtex account is all good after this move.but this is pretty good news, i have a kraken account and have done all kinds of trading there. very good trading platform. low fees, stop loss orders, etc.

I was holding off trading on there yet with this move I may test the platform. I do admit that I appreciate what they have to offer.

i'm going to make my bot tie into their api, right now it's on quadriga.
fun fun fun!

its funny how coin setter bought virtex and now coinsetter is being bought by kraken



 

i guess we can expect kraken in the top 5 exchanges on http://bitcoincharts.com/markets/ after the dust settals.

its going to be nice trading CAD/BTC on an exchange with more liquidity.

[becoin]

I am tired of all that shit. I quit Bitcoin until the next ATH.

Good. We need all your bitcoins. Thanks.

[JayJuanGee]

Even more: Adam once claimed that the LN would achieve 10'000 transactions for every blockchain transaction.  Leaving aside what that would mean for the coin lock-in periods of the channels, the rate of 1:10'000 is so close to 0:10'000 that no one would notice if the LN just dropped bitcoin altogether, and from then on just shuffled its "cryptochecks" around indefinitely, without ever settling them.

Conversely 1:10000 is so close to 0:10000 that you might as well just leave it on the Bitcoin blockchain. The benefit of not doing so would be negligible.

The LN would want to disable bitcoin settlements for the same general reasons that the US government decided to end the convertibility of the US dollar to gold or silver.

Namely, tying LN payments to bitcoin imposes many limitations on hubs and clients.  For example, a big deterrent to LN adoption is the requirement that a new user locks in advance into each new channel an amount of bitcoins sufficient to cover his payments for the next 100 (or next 10'000, according to Adam) payments that she expects to make through that channel.  VISA, on the other hand, gives a bunch of credit to the new client, so she does not have to deposit anything upfront.  The hubs cannot do the same because they would have to lock real bitcoins, not simply let her pay on credit.  if the LN could decouple from bitcoin, it could let hubs create money by credit, like banks do...

Also, one big problem that the LN is still trying to solve is what happens if the bitcoin network suffers a spam attack that delays a fraction of the legit traffic for days.  That could cause many channel settlement transactions to be delayed past the channel timeouts, effectively doing a permanent chargeback on every payment that was made through those channels. And/or it would force the receiving parties of those payments to issue extra transactions in an attempt to push their settlement transactions through with CPFP: and those attempts would eat into their profits, would make the backlog worse, and would be guaranteed to fail in a large fraction of the cases, whatever the fees they used. Again, decoupling the LN from the bictoin system would eliminate that and may other problems...

BTW, I'm pretty sure the LN people have stated that block size increases of some sort would be needed. I don't know where Blockstream stands on this. Maybe they want people to anchor their channels on their Improved Bitcoin Sidealtchain instead of Bitcoin.

My reading of history is that Greg Maxwell got pathologically obsessed with the fee market idea years ago, and won't give up on it, no matter what others say.  Some Blockstream employees, especially the guy who is working on LN, even said publicly that the LN would require increasing the limit; but Greg does not seem to be impressed.  That may be the reason why Blockstream has committed to the disgusting SegWit hack, that will provide some relief (especially to the LN, that may require humongous signatures) without touching the sacred 1 MB limit.

(There is an exchange in this forum, some years ago, where Greg says that the 1 MB limit is as sacred as the 21 M BTC limit, and he would not have put any time into bitcoin if Satoshi's design did not include it.  Gavin then points out that the 1 MB was not in the original design, and quotes Satoshi's Oct/2010 post where he explains that the limit could be lifted when needed by a simple 2-line patch and a routine hard-fork release.  I did not see Greg's answer.  Considering that he has never answered Mike's "crash landing" post either, I assume that he just shut that fact too out of his mind, since it did not fit his convictions...)

Jorge, you seem to get so caught up in analyzing personalities and trivial stupid details that sometimes it becomes very difficult to recognize any value that you might be attempting to communicate in these bitcoin discussions.. that you supposedly have no investment...

I have difficulties understanding how someone who is trying to come off as an academic can get so side tracked with attempts at irrelevant digs into attempts to find bad motives and assertions that individuals are simple and driven by narrow agendas.  It's like you attempt to find the side that is most positive for bitcoin, and then you take the opposite stance to attempt to portray ideas to undermine any bitcoin value...

[Fatman3001]

I guess Hearn's ragequit doesn't look so bad now.

Seriously, given all that shit its remarkable that we are still at 380$...

You seem like a level headed guy, are Core out of their fucking minds?

i think its no more than a threat at the moment, but it shows the childish attitude that brought us here in the first place. gmax and luke seem to be very immature.

It's like they think this is somehow comparable to OpenOffice or some linux distro. You can't say stuff like that when you're maintaining a digital currency. I don't care if they're the best coders in the world, they are shit at economics and should have nothing to do with Bitcoin!

[LFC_Bitcoin]

I am tired of all that shit. I quit Bitcoin until the next ATH.

You mean you'll forget about bitcoin & put all of your coins in cold storage & sell at the next ATH.

Or

You're selling now & coming back to bitcoin at the next ATH (which would be ridiculous).

[adamstgBit]

i'm catching up on news and such. and i read this:

" bitcoin should be banned before it reaches widespread use in the country."

and i was like

[adamstgBit]

i'm catching up on news and such. and i read this:

" bitcoin should be banned before it reaches widespread use in the country."

and i was like ...

You know Bitstamp banned Russian IPs, right?  http://www.newsbtc.com/2016/01/18/bitstamp-bans-access-from-russia-temporarily/

lol

[BlindMayorBitcorn]

I guess Hearn's ragequit doesn't look so bad now.

Seriously, given all that shit its remarkable that we are still at 380$...

You seem like a level headed guy, are Core out of their fucking minds?

i think its no more than a threat at the moment, but it shows the childish attitude that brought us here in the first place. gmax and luke seem to be very immature.

It's like they think this is somehow comparable to OpenOffice or some linux distro. You can't say stuff like that when you're maintaining a digital currency. I don't care if they're the best coders in the world, they are shit at economics and should have nothing to do with Bitcoin!

Gmax is convinced. I don't know if he still feels this way, but:

Without a sharp constraint on the maximum blocksize there is currently _no_ rational reason to believe that Bitcoin would be secure at all once the subsidy goes down.

Bitcoin is valuable because of scarcity. One of the important scarcities is the limited supply of coins, another is the limited supply of block-space

https://bitcointalk.org/index.php?topic=140233.msg1492537#msg1492537

[smooth]

Just think it through. Is the precedent of a violent hard fork (and the knowledge that at any time the currency can split into two currencies / diluting the money supply

This is one of the biggest myths in the Bitcoin space. Splitting a currency unit into two does not dilute the currency any more than moving the decimal point does.

In order to dilute you would need to create new units and issue them to someone other than existing holders.

[ChartBuddy]

Coin



Explanation

[adamstgBit]

here's my projection for the next few days.

sideways, till one day a whole bunch of retards find the reason they have been looking for to sell, we hit that 333$ target, and then up if for no other reason other then that 333$ is low considering how big my balls are.