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

[Post-Cosmic]

Bitcoin is practical for smaller transactions than are practical with existing payment methods.  Small enough to include what you might call the top of the micropayment range.  But it doesn't claim to be practical for arbitrarily small micropayments.

Rearranged your bolds for you. Now, what do you consider the top of the micropayment range and what would be a reasonable fee for that? I frequently use Paypal to buy stuff for $1 and I would consider that well into the "payment" range.

It's problematic for stuff of 1$, unless it goes much different for large merchants who have special deals.

The fees are pretty high:



So if I want to buy an mp3 from an artist, and the artist charges me 0.99$ for it, paypal will take ~0.40$ of it. Paypal becomes the artist's 60-40% partner. So this option is clearly not viable. If you go through bitcoin, the artist can keep like 98-95% of the money.

I think that different models might develop to suit different payment methods. The old fashioned but goodie "subscription' comes to mind. ie if you really like the artist and what to support them why not subscribe for say $30 and get xyz for 'free as part of the subscription. I also do not think the ability to make small/micro  payments is what bitcoin is really all about. It might work for some types etc but that is a side benefit and not fundemental

Lol.

So, some folks want a strong Bitcoin, that can do what VISA can't do - to be a decentralized, trustless, censorship-resistant digital currency, a store of value with its own sovereign monetary policy - with additional functions such as faster payments & smart contracts being layered-on-top future options.

While some other insensibly covetous folks (as should unfortunately be expected from a community filled with too many short-sighted greedy degenerates.. ;3) would prefer a fast Bitcoin, that strives to copy what VISA has already been doing for decades - attempt to be a competitive, mostly centralized payments processing platform.

..Why do you want BTC to be another credit card? What makes you so confident BTC price suddenly pumps to heaven because a majority voted for bigger, bloatier, spammier blocks and fewer, larger, blackhat-DDoS-cartels-enforced mining node farms that government agencies around the globe find much easier to LibertyReserve down..?

You can focus design towards a strong sovereign-monetary decentralized trustless censorship-resistant digital currency ; Or towards a fast less-decentralized digital currency + non-trustless censorship-vulnerable payments network.

Choose.

Can't prioritize both - as the ol' bearded coder explains, there are 'engineering trade-offs' that need to be made when working with reality.

[cbeast]

You can focus design towards a strong sovereign-monetary decentralized trustless censorship-resistant digital currency ; Or towards a fast less-decentralized digital currency + non-trustless censorship-vulnerable payments network.

Choose.

Can't prioritize both - as the ol' bearded coder explains, there are 'engineering trade-offs' that need to be made when working with reality.

Nobody wants to replace debt. There will always be people willing to sell their futures into slavery. The credit cards are in no danger.

[ChartBuddy]

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[Karartma1]

You can focus design towards a strong sovereign-monetary decentralized trustless censorship-resistant digital currency ; Or towards a fast less-decentralized digital currency + non-trustless censorship-vulnerable payments network.

Choose.

Can't prioritize both - as the ol' bearded coder explains, there are 'engineering trade-offs' that need to be made when working with reality.

Nobody wants to replace debt. There will always be people willing to sell their futures into slavery. The credit cards are in no danger.

Truth on a silver plate: most of the people don't even know there could be an alternative to their slavery. But they love debt because det give them a big house a big car and a big wallet full of money they have to repay. And they will continue like hamsters forever.

None are more hopelessly enslaved than those who falsely believe that they are free.

[edgar]

trained rats - not even cute like hamsters (apart from the eating their kids bit)

[Andre#]

Isn't it time the white paper was copyrighted and 'cleansed'? Make it pay per view too. I think it's becoming an annoyance for higher minds than us.

Along with satoshi saying bitcoin is not suitable for micropayments perhaps

Bitcoin isn't currently practical for very small micropayments.  Not for things like pay per search or per page view without an aggregating mechanism, not things needing to pay less than 0.01.  The dust spam limit is a first try at intentionally trying to prevent overly small micropayments like that.

Bitcoin is practical for smaller transactions than are practical with existing payment methods.  Small enough to include what you might call the top of the micropayment range.  But it doesn't claim to be practical for arbitrarily small micropayments.

That's very clear, isn't it? Currently, my bank debit card (via MasterCard's Maestro network) is the means of payment to pay for short term parking (e.g. €0.50). In fact, it's currently the only way in my town to pay for that. If Satoshi said that "Bitcoin is practical for smaller transactions than are practical with existing payment methods", then he meant that payments even less than €0.50 are supposedly practical with Bitcoin. That's even quite a bit less than the evergreen example of a cup of coffee.

TL;DR: Satoshi expected coffee and parking micropayments to be paid with his peer-to-peer electronic cash, but not very much smaller micropayments (like cents or fractions of a cent).

[ChartBuddy]

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[CryptoVision]

CryptoVision, cryptocurrencies Adviser (Buying/Selling), what, why and when: https://bitcointalk.org/index.php?topic=1346181.0

[ChartBuddy]

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[BlindMayorBitcorn]

PowerShares Dynamic Market ETF (PWC)
-NYSEArca
67.17 Up 1.21(1.84%) Jan 29, 3:10PM EST


Five Day Performance
Updated at previous session's close.

Over the last five days, shares have gained 7.14%

(Thanks Blockstream )

[BlindMayorBitcorn]

Remember that dude on here looking to source BED BUGS?!

[nor9865]

am so glad i trusted my instincts and bought 100 at $372.58  
390 it is right now and variation upwards more than downwards.

[ChartBuddy]

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[Elwar]

Hey guys, I heard someone mention something about Bitcoin's block size.

Anyone here have an opinion on it?

[BlindMayorBitcorn]

Hey guys, I heard someone mention something about Bitcoin's block size.

Anyone here have an opinion on it?

I hadn't heard. Bitcoin has block sizes? Sounds lame. I hate politics.

[gentlemand]

I think blocks should be the same size as kittens because we all love kittens, right? And they're very consistently sized. There's no way you can dox, ddos or throw acid in the face of developer a proposing an adorable kitten every ten minutes.

[ChartBuddy]

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[bargainbin]

Good morning!
So what's the story, Gentlemen Friends, did we Consensus^TM?

Have we shitcanned our BTCBTC (BTCeanies BTCabies) as the next WW¢ (World-Wide ¢urrency), or might the disruptive new payment layer, LBTCN (Lightning BTCean Network), brought to you by the BTClockstream ¢onsortium, keep the sales pitch joke dream alive?

[ChartBuddy]

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[ssmc2]

Sideways-ish action for another month then 6-700

edit: cuz crystal balls and tea leaves and such