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

[mymenace]

https://www.pwc.com/us/en/financial-services/publications/qa-whats-next-for-blockchain.html

We see three trends related to blockchain that we believe will be important in 2016: incumbents focus on protecting their intellectual property as they explore new collaborative opportunities with customers, suppliers, and competitors; large financial institutions will need strategic plans to set parameters for technology risk taking; and market participants will start to develop the processes that surround the transactional layer.

Wat??

they are writing about bitcoin and call it 'blockchain' LMAO

I read it and I think they are calling blockchain technology blockchain technology.
They did not mention bitcoin or even allude to bitcoin. IMHO.

they are talking about the consortium undertaking ethereum blockchain technology, the legacy linux hyperledger blockchain being tested by the ASX in australia and other emerging blockchains

as well every altcoin has its own blockchain


here is another one as well  Dogecoin blockchain explorer check it https://dogechain.info/

[molecular]

I'm generally ok with the speed of payment. I truly take issue with some properties of the Fiat money, though. Especially with the fact that banks can lend it into existence out of thin air. I can see why someone from a bank would downplay the fact that I am probably not alone.

I don't think of it so much as that they can create it out of thin air.  Rather, the deposits you hold at a bank are not real money, but a mix of loans, stock investments etc., with a small bit of cash reserves so they can pay out the few people who want some cash at any given time.

True. The smallest fraction of money is in the form of cash of course (the only form of legal tender in germany, for example). Banks are engaging in fractional reserve lending (no surprise). Point being: could they do it with bitcoin? Theoretically yes, if they can get everyone to deposit their bitcoins it could work just as well. Central bank would be replaced by bitcoin network. In practice it wouldn't work well at all though, because bitcoin is way easier (cheaper) to move / store / transact online than cash. It's digital cash.

Banks runs are just a mouse click away.

They can't let that happen so they'll divert the attention to "blockchain tech", do a little "embrace and extend" magic and hopefully be done with bitcoin.

[mymenace]

I'm generally ok with the speed of payment. I truly take issue with some properties of the Fiat money, though. Especially with the fact that banks can lend it into existence out of thin air. I can see why someone from a bank would downplay the fact that I am probably not alone.

I don't think of it so much as that they can create it out of thin air.  Rather, the deposits you hold at a bank are not real money, but a mix of loans, stock investments etc., with a small bit of cash reserves so they can pay out the few people who want some cash at any given time.

True. The smallest fraction of money is in the form of cash of course (the only form of legal tender in germany, for example). Banks are engaging in fractional reserve lending (no surprise). Point being: could they do it with bitcoin? Theoretically yes, if they can get everyone to deposit their bitcoins it could work just as well. Central bank would be replaced by bitcoin network. In practice it wouldn't work well at all though, because bitcoin is way easier (cheaper) to move / store / transact online than cash. It's digital cash.

Banks runs are just a mouse click away.

They can't let that happen so they'll divert the attention to "blockchain tech", do a little "embrace and extend" magic and hopefully be done with bitcoin.

why use bitcoin when you can create your own blockchain and determine the development from there

bitcoin is for the people as fiat is for the nation

why is it organisations are accepting bitcoin as payment, there is large economy in bitcoin where there is lots of buyers who are decentralised people wanting to spend their money their way and how they want , not dictated by national legislation, bank regulations and not determined by financial infrastructure (e.g. emerging blockchains)

[LFC_Bitcoin]

385 is a nice area to hover around for a while I suppose. It's still cheap coins imo.

[ChartBuddy]

Coin



Explanation

[nioc]

I did a quick Google search on the topic, and discovered an old Visa press release that stated that during the peak hour for the year of 2005 (Dec 23rd) Visa processed an average of 6,363 transactions per second, or just shy of 3.82 million transactions within a ten minute span.

That's a lot. Bitcoin won't allow blocks over 1MB, so assuming a (rather small) average transaction size of 216 bytes, Bitcoin can only handle 4,629 transactions per 10 minutes.

That hard limit is going to have to be bumped up if/when Bitcoin takes off.  463 transactions per minute wouldn't be anywhere near viable for a worldwide online currency.  We, at least, need to be able to handle the number of average transactions per minute that paypal claims they currently average.

______________________________________________________________________________

That hard limit is going to have to be bumped up if/when Bitcoin takes off.  463 transactions per minute wouldn't be anywhere near viable for a worldwide online currency.  We, at least, need to be able to handle the number of average transactions per minute that paypal claims they currently average.

+1

Scaling to high transaction rate has always been my main concern about viability of bitcoin.  I'm much more concerned about scalability than government shutdown, for example.

A blast from the past.   5 1/2 years should be enough to figure things out

I understand necessity is the mother of invention.

Let's take inventory.........

What does core have besides SW?
What does classic have besides 2MB?

Can kickers, something about Rome...

I'm sure this post will please Elwar

[sAt0sHiFanClub]

https://www.pwc.com/us/en/financial-services/publications/qa-whats-next-for-blockchain.html

We see three trends related to blockchain that we believe will be important in 2016: incumbents focus on protecting their intellectual property as they explore new collaborative opportunities with customers, suppliers, and competitors; large financial institutions will need strategic plans to set parameters for technology risk taking; and market participants will start to develop the processes that surround the transactional layer.

Wat??

Seems legit.

[BlindMayorBitcorn]

Microtransactions
Enable virtual currency commerce in online and mobile applications

Fancy new white paper. Everybody aboard?

[ChartBuddy]

Coin



Explanation

[Spaceman_Spiff]

I'm generally ok with the speed of payment. I truly take issue with some properties of the Fiat money, though. Especially with the fact that banks can lend it into existence out of thin air. I can see why someone from a bank would downplay the fact that I am probably not alone.

I don't think of it so much as that they can create it out of thin air.  Rather, the deposits you hold at a bank are not real money, but a mix of loans, stock investments etc., with a small bit of cash reserves so they can pay out the few people who want some cash at any given time.

True. The smallest fraction of money is in the form of cash of course (the only form of legal tender in germany, for example). Banks are engaging in fractional reserve lending (no surprise). Point being: could they do it with bitcoin? Theoretically yes, if they can get everyone to deposit their bitcoins it could work just as well. Central bank would be replaced by bitcoin network. In practice it wouldn't work well at all though, because bitcoin is way easier (cheaper) to move / store / transact online than cash. It's digital cash.

Banks runs are just a mouse click away.

They can't let that happen so they'll divert the attention to "blockchain tech", do a little "embrace and extend" magic and hopefully be done with bitcoin.

I am reasonably sure that if bitcoin becomes widely used, fractional reserve banking would still be used quite a bit.  I don't think fractional reserve banking is pure evil, but rather problematic is that people perceive it as equivalent to cash (more like a vault) instead of a somewhat risky investment.  The fact that often governments insure these bank accounts (up to a certain sum) certainly helps this perception of it being 'risk-free' money.  And when people start thinking stuff is risk-free when it is not, things can turn ugly.

In a bitcoin world, I do think there would be less fractional banking because it's easier to 'be your own bank(vault)', in a quite secure way.  Adding to this, the average returns from investments (loans, stocks) might not be dramatically higher than bitcoin appreciation due to productivity gains and population growth, making non-bitcoin investment relatively less attractive (which would slow down economical growth somewhat, but also decrease malinvestment).

My 2 cents.

[mymenace]

Microtransactions
Enable virtual currency commerce in online and mobile applications

Fancy new white paper. Everybody aboard?

http://coinjournal.net/prediction-10-billion-will-be-invested-in-blockchain-startups-in-2016/

“It’s already started. I mean, my estimate is that we’re going to see $1 billion come into the Ethereum ecosystem in 2016 alone, and the general estimates for the amount of money going into the entire blockchain ecosystem, including Bitcoin, is on the order of $10 billion.”  - Vinay Gupta (original CypherPunk member)

huge consortium using the ethereum programming
http://www.ibtimes.co.uk/r3-connects-11-banks-distributed-ledger-using-ethereum-microsoft-azure-1539044

some other financial institutions are using the legacy open source linux hyperledger
ASX is testing this at the moment

sounds like Visa'a developing their own blockchain
adding to the list

Interesting to know if they have developed this themsleves or using an outside developer
MTX and omni channel API's




its happening "BATTLE OF THE BLOCKCHAINS"  wooo hooo



there is only one true decentralized virtual currency BTC

[cbeast]

Microtransactions
Enable virtual currency commerce in online and mobile applications

Fancy new white paper. Everybody aboard?

Yet Another Gox. A centralized database.

[mymenace]

Microtransactions
Enable virtual currency commerce in online and mobile applications

Fancy new white paper. Everybody aboard?

Yet Another Gox. A centralized database.

BTC tried and tested for seven years, a hackers nightmare, there can be only one (channeling Highlander, yeah!)

of course multiple currencies can exist, choose your weapon

"BATTLE OF THE BLOCKCHAINS"

[jbreher]

I'm generally ok with the speed of payment. I truly take issue with some properties of the Fiat money, though. Especially with the fact that banks can lend it into existence out of thin air. I can see why someone from a bank would downplay the fact that I am probably not alone.

I don't think of it so much as that they can create it out of thin air.  

No - banks absolutely and unequivocally create most of the money they lend out of nothing. It is zapped into being by the mere act of making the loan. Given your long and august participation on this forum, I am surprised you do not know this already.

eta: reading the rest of the thread to this point, I must have misunderstood your statement? I hope so.

[jbreher]

Altcoin discussion is off-topic here.

Do you want me to bore you with the details of how my dCred test node is doing?

Or how great the latest Monero release is at minimizing RAM use to ~100MB?

Well, no. But I see you're going to do it anyway.

[ChartBuddy]

Coin



Explanation

[marcus_of_augustus]

Gavin's big dial with the shit-eating grin on front of r/bitcoin again ... dump incoming.

edit: notice how he releases these controversial posts at critical timings for technical price breakouts ... or coincidence?

[BlindMayorBitcorn]

Gavin's big dial with the shit-eating grin on front of r/bitcoin again ... dump incoming.

edit: notice how he releases these controversial posts at critical timings for technical price breakouts ... or coincidence?

That's probably you dumping and blaming him. Brilliant, really!

Edit: I have to go walk my dog.

[orpington]

Gavin's big dial with the shit-eating grin on front of r/bitcoin again ... dump incoming.

edit: notice how he releases these controversial posts at critical timings for technical price breakouts ... or coincidence?

Shit-eating grin lol!

Wouldn't be surprised.

[poncom]

Gavin's big dial with the shit-eating grin on front of r/bitcoin again ... dump incoming.

edit: notice how he releases these controversial posts at critical timings for technical price breakouts ... or coincidence?

What has he controversially posted? I don't read r/bitcoin and I can't face wading through page after page to find his post. Is it another post about the block size combined with another alternate Bitcoin wallet? The last thing I heard about Gavin was he climbed down to suggesting going for 2MB blocks.