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

[keewee]

http://www.forexfactory.com/news.php?do=news&id=575226

Here we go

Hmmm. Well potentially they already have the necessary infrastructure for their new coin if they decide to repurpose it away from Bitcoin...

It wont work

Explain? I can't think why it wouldn't work. A bitcoin miner will mine any SHA256 coin, but is there something I'm missing?

[peonminer]

Here's some entertainment for you all https://99bitcoins.com/bitcoinobituaries/

[smooth]

Blocks are full. Let's see what happens.

https://www.reddit.com/r/btc/comments/41whvw/maximum_of_transactions_second_that_bitcoin_can/cz5v60m

It's the FULLBLOCALYPSE_TM

Here's what going to happen. Fees will go up. A little. A tremendous amount of stupid spam and crap transactions will be forced off the chain. People who actually have a reason to use it will pay a bit more. Over time, improvements will be made in capacity and throughput, allowing for further growth.

The sky will stay up there. You can put the umbrella down now.

[peonminer]

 WOW. The rage quit was a ploy by big banking to fuck Bitcoin right in the pussy.

https://youtu.be/aH-pmiW4tqM

[Cconvert2G36]

The sky will stay up there. You can put the umbrella down now.

I keep trying to tell him. Kid has rocks in his head or something. 

-snip-
THEREFOR: We will hit the limit and have a network congestion failure. The price will crash. It is almost inevitable now.  The only question is when. My best guess is two months.

THEREFOR we are fucked.  

Hitting the cap and negating use cases for the network isn't a fireworks explosion, we've been over this. It's a slow bleed away of utility. Some "store of value because reasons™ people", some illicit commerce, some off chain speculation, will all still be around to a degree...

It may take years to fully squander the first mover advantage to other alternatives. Blockstream may hope that alternative is them, and they need Bitcoin to still function as a settlement layer...

See, it's not as bad as it could be.

If you still have any concerns, please consult the roadmap.

Moderators are standing by to assist you.

[cbeast]

Blocks are full. Let's see what happens.

https://www.reddit.com/r/btc/comments/41whvw/maximum_of_transactions_second_that_bitcoin_can/cz5v60m

It's the FULLBLOCALYPSE_TM

Here's what going to happen. Fees will go up. A little. A tremendous amount of stupid spam and crap transactions will be forced off the chain. People who actually have a reason to use it will pay a bit more. Over time, improvements will be made in capacity and throughput, allowing for further growth.

The sky will stay up there. You can put the umbrella down now.

The sky may stay there, but it will become toxic with all the alternate blockchains sucking out all the oxygen value.

[smooth]

Blocks are full. Let's see what happens.

https://www.reddit.com/r/btc/comments/41whvw/maximum_of_transactions_second_that_bitcoin_can/cz5v60m

It's the FULLBLOCALYPSE_TM

Here's what going to happen. Fees will go up. A little. A tremendous amount of stupid spam and crap transactions will be forced off the chain. People who actually have a reason to use it will pay a bit more. Over time, improvements will be made in capacity and throughput, allowing for further growth.

The sky will stay up there. You can put the umbrella down now.

The sky may stay there, but it will become toxic with all the alternate blockchains sucking out all the oxygen value.

Eventually yes, that would happen. Not right away because there is a lot of headroom of spam, crap, and low-value uses that will be forced off, ensuring that capacity is available, allowing ample time for improvements in capacity and throughput.

[marcus_of_augustus]

Blocks are full. Let's see what happens.

https://www.reddit.com/r/btc/comments/41whvw/maximum_of_transactions_second_that_bitcoin_can/cz5v60m

It's the FULLBLOCALYPSE_TM

Here's what going to happen. Fees will go up. A little. A tremendous amount of stupid spam and crap transactions will be forced off the chain. People who actually have a reason to use it will pay a bit more. Over time, improvements will be made in capacity and throughput, allowing for further growth.

The sky will stay up there. You can put the umbrella down now.

The sky may stay there, but it will become toxic with all the alternate blockchains sucking out all the oxygen value.

Eventually yes, that would happen. Not right away because there is a lot of headroom of spam, crap, and low-value uses that will be forced off, ensuring that capacity is available, allowing ample time for improvements in capacity and throughput.

Most importantly new business models that provide profitable long term solutions to capacity will then become obvious and get built out in the confidence that they wont be undermined by capricious and arbitrary consensus code changes. It is the long term economic model of a blockchain secured by fees that the ecosystem needs to observe and learn about, sooner rather later.

[Cconvert2G36]

-snip-
 It is the long term economic model of a blockchain secured by fees that the ecosystem needs to observe and learn about, sooner rather later.

Yup, and I can't imagine a better time to do it than with 25 BTC reward blocks.

[ChartBuddy]

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Explanation

[marcus_of_augustus]

-snip-
 It is the long term economic model of a blockchain secured by fees that the ecosystem needs to observe and learn about, sooner rather later.

Yup, and I can't imagine a better time to do it than with 25 BTC reward blocks.

... not so much the rewards regime but such that it is before businesses get entrenched with feeless business models ... who would be screaming and shilling at much higher noise level than you witness today. Sorry to say but it seems quite a lot of VCs have blown investments building on a prototype protocol not the production version, which has always been in the planning and on the drawing board so it is their own failure.

[600watt]

Why are we still discussing Classic like it's not a failed project already?

Didn't you get the news?

i didnt get the news. where to find it?

Here: https://botbot.me/freenode/bitcoin-core-dev/2016-01-20/?msg=58304091&page=2

thx

agree, that's it with classic.

I would take anything brg444 says with a pinch of salt as he completely lacks objectivity.

since when it is not en vogue to drop some acid within the IT scene? ever heard of steve jobs?


or:

http://www.telegraph.co.uk/news/newstopics/howaboutthat/12019140/Silicon-Valley-professionals-are-taking-LSD-at-work-to-increase-productivity.html

http://www.macworld.com/article/1014990/20pirates.html

This is where the film’s two most bizarre scenes occur, as Gates takes a joyride on a tractor in Albuquerque while Jobs takes LSD and pretends to conduct an orchestra in a psychedelic countryside. It’s just one of many places where the movie makes some clear comparisons between Gates and Jobs: Jobs has a drug trip that brings out his creativity; Gates acts like a fratboy and rams a borrowed car with a pilfered backhoe.

i dunno about you, but i prefer steve´s way.

[Peter R]

-snip-
 It is the long term economic model of a blockchain secured by fees that the ecosystem needs to observe and learn about, sooner rather later.

Yup, and I can't imagine a better time to do it than with 25 BTC reward blocks.

... not so much the rewards regime but such that it is before businesses get entrenched with feeless business models ... who would be screaming and shilling at much higher noise level than you witness today. Sorry to say but it seems quite a lot of VCs have blown investments building on a prototype protocol not the production version, which has always been in the planning and on the drawing board so it is their own failure.

Ten years from now, will the average fee paid for a typical bitcoin transaction be "greater than," "less than," or "equal to" the average fee paid today?

A. measured in BTC
B. measured in $

[Richy_T]

Eventually yes, that would happen. Not right away because there is a lot of headroom of spam, crap, and low-value uses that will be forced off, ensuring that capacity is available, allowing ample time for improvements in capacity and throughput.

Fees rise, transactions stall, businesses, suddenly providing poor user experience go into reverse adoption. Nothing happens for months and months since there is no room for growth and then the halving happens, miners switch off and our transaction volume drops to 1/3 or less because you can't compensate for slower blocks by increasing the transactions per block and difficulty moves out to 30 days and then longer as declining value causes more miners to switch off.

This is the scenario without 1MB blocks and some complicated fix slated for 2017 (an eternity in internet time). I'm confident a fix will be applied but it's now too late to avoid a lot of people being hurt. This is not an argument for bigger blocks any more, it's a straight-up prediction. Buckle up.

[sAt0sHiFanClub]

You don't seem to understand. Bigblockers will win if we crash the price far enough to persuade the miners to switch. If we fail in that, it's because the price is going up and they have no reason to listen to us. (if it ain't broke, don't fix it). So it's simple. Just keep pumping until we go away. That's how you'll get us to capitulate.

Did you miss the bit when it's been tried & failed a number of times now?

We just have to be lucky once....  

[sAt0sHiFanClub]

Bitfury said already yesterday that they wont support Classic.

edit: https://medium.com/@BitFuryGroup/keep-calm-and-bitcoin-on-4f29d581276#.r2d5cdk2i

That article says nothing of the sort. Read it again. Its a tacit approval for the concept of Classic if anything. But maybe thats just me!!

[sAt0sHiFanClub]

@BjA If the PBoC gets out of line we can send LukeJr. in to change the algo on 'em. SHa69. Pit paff piffy. Inniit?

If the crytpos are united?

[sAt0sHiFanClub]

since when it is not en vogue to drop some acid within the IT scene? ever heard of steve jobs?

Hell yeah! It was even tax deductible in my day.... 

[marcus_of_augustus]

In other news totally OT ... looks like the found evidence for Nibiru 
http://www.caltech.edu/news/caltech-researchers-find-evidence-real-ninth-planet-49523

purported home of the lizard queen and her people.

[ChartBuddy]

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Explanation