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

[ChartBuddy]

Coin



Explanation

[BlindMayorBitcorn]

If there is strong community support, the hard-fork activation will likely happen around July 2017.

~not tonight dear...

 

Blockstream is never to be underestimated. They literally didn't move an inch and everyone is circle jerking "the great compromise"... incredible. What a wet noodle the miners turned out to be... so much for that childish delusion I used to hold.

This is the company that tried to patent Hot Wallet for heaven's sake!

No, wait. Wrong company. My mistake.

You misunderstand me. I could give a shit less what Brian Armstrong and Coinbase do. They have a $10,000 "Balance limit" on their exchange... seriously??

Thankfully they haven't captured Bitcoin, and aren't dictating its roadmap. Rest assured I would concern troll them just as vigorously if they did.

Church, homie!

[Cconvert2G36]

We've been getting full blocks all day.  Armstrong may be right that a HF in 2017 is too little too late.

wheres brg444 when you need him

full blocks != end of the world

I agree, but it could = the end of this rally. Or every rally from here on out.

so long as the full blocks are temporary so is this effect
and speculation that it's only temporary should further reduce this effect.

the blocks are full, full of crap ... or else fees would be rising, crap doesn't crap for fees.

blocksize will go up when the technology allows for it.

Reader, open this site:
https://tradeblock.com/bitcoin/

Watch the Latest Transactions for while...:
Come back and tell me those are crap. Also, tell me we have no competition in this arena.

The technology allows for it today.

(If you're me: Gently weep at the difference in post quality from the Marcus of yesteryear.)

[adamstgBit]

We've been getting full blocks all day.  Armstrong may be right that a HF in 2017 is too little too late.

wheres brg444 when you need him

full blocks != end of the world

I agree, but it could = the end of this rally. Or every rally from here on out.

so long as the full blocks are temporary so is this effect
and speculation that it's only temporary should further reduce this effect.

the blocks are full, full of crap ... or else fees would be rising, crap doesn't crap for fees.

blocksize will go up when the technology allows for it.

Reader, open this site:
https://tradeblock.com/bitcoin/

Watch the Latest Transactions for while...:
Come back and tell me those are crap. Also, tell me we have no competition in this arena.

The technology allows for it today.

(If you're me: Gently weep at the difference in post quality from the Marcus of yesteryear.)

look here https://tradeblock.com/bitcoin/tx/1955f713c09279da01e71c169d9888d8d03aaf4814a4324acbb515b5e8a33f0c

this one like most, has 2 outputs

when you send 0.1BTC from a 10BTC address, the 1 TX generally goes like: send 0.1BTC out, and 9.9BTC back to an address i own, and that shows up as a TX totaling  10BTC.

its mostly "spam" aka poeple gambling on dice games and such.

@marcus_of_augustus, saying that these TX do "crap" for fees doesn't sound right seeing how they account for ~90% of the total fees miners collect on each block.

[billyjoeallen]

We've been getting full blocks all day.  Armstrong may be right that a HF in 2017 is too little too late.

wheres brg444 when you need him

full blocks != end of the world

I agree, but it could = the end of this rally. Or every rally from here on out.

so long as the full blocks are temporary so is this effect
and speculation that it's only temporary should further reduce this effect.

the blocks are full, full of crap ... or else fees would be rising, crap doesn't crap for fees.

blocksize will go up when the technology allows for it.

Decreased bock-writing utility is supposed to make the price go up? How does that work?

[blunderer]

...
its mostly "spam" aka poeple gambling on dice games and such.

Or tipping camwhores on exotika.tv

[adamstgBit]

...
its mostly "spam" aka poeple gambling on dice games and such.

Or tipping camwhores on exotika.tv

that sounds exciting i should try that.

[blunderer]

...
Decreased bock-writing utility is supposed to make the price go up? How does that work?

Don't you know that value is directly proportional to price, which, in turn, is directly proportional to scarcity? You want the price to go up? Add scarcity.

[Cconvert2G36]

look here https://tradeblock.com/bitcoin/tx/1955f713c09279da01e71c169d9888d8d03aaf4814a4324acbb515b5e8a33f0c

this one like most, has 2 outputs

when you send 0.1BTC from a 10BTC address, the 1 TX generally goes like: send 0.1BTC out, and 9.9BTC back to an address i own, and that shows up as a TX totaling  10BTC.

its mostly "spam" aka poeple gambling on dice games and such.

They paid 44 sats/byte. Better than most.

Fees are paid on size, not value.

The adoption that was supposed to be subsidized by the block reward is being squeezed to our competitors. You may be willing to bet the farm on (currently not here) second layer solutions fixing everything... I'm less confident about that.

[adamstgBit]

look here https://tradeblock.com/bitcoin/tx/1955f713c09279da01e71c169d9888d8d03aaf4814a4324acbb515b5e8a33f0c

this one like most, has 2 outputs

when you send 0.1BTC from a 10BTC address, the 1 TX generally goes like: send 0.1BTC out, and 9.9BTC back to an address i own, and that shows up as a TX totaling  10BTC.

its mostly "spam" aka poeple gambling on dice games and such.

They paid 44 sats/byte. Better than most.

Fees are paid on size, not value.

The adoption that was supposed to be subsidized by the block reward is being squeezed to our competitors. You may be willing to bet the farm on (currently not here) second layer solutions fixing everything... I'm less confident about that.

i believe the "spam" is just fine.  @ 44 sats/byte feel free to spam me all day.
i would not like to see these fees flow out of the miners hands just yet.
i am very confident that second layer solutions will not be ready or necessary for at least a few years
once 8MB blocks are completely full, then Maybe a second layer relieving some pressure  will be preferable.
for now the focus should be to grow the fee's each block contains in what ever way we can.

trying to increase fees by making users pay more by limiting the number of TX / block
is EXACTLY like
trying to sell  pizzas for 1000$ each by limiting the amount of pizzas you produce per day.

[BlindMayorBitcorn]

My donut came through ok. Just sayin'.

[adamstgBit]

ONE more time for good luck

[ChartBuddy]

Coin



Explanation

[Cconvert2G36]

ONE more time for good luck

Sounds great until the whole July 2017 (maybe, pinky promise) just in time for one year later than the halving, part.

[ChartBuddy]

Coin



Explanation

[iCEBREAKER]

strongly recommend moving your BTC out of coinbase
do not trust these spot light loving restarts, and show them your disuse for actively trying to stop what little progress we FINALLY have made, by leaving them.
if you leave coins on coinbase, you are supporting, another year of bitching and nothing getting done while bitcoin bleeds.

Coinbase's business model depends on good relations with government, regulators, and banks. There is nothing wrong with that. The unfortunate reality is that we require crypto-to-fiat exchanges and many of these exchanges, particularly ones that want to operate in the US, have to have just as much allegiance to the world of fiat as they do to the world of cryptocurrency.

The problem arises, however, when these companies -- whose basic business model revolves around a Bitcoin that doesn't pose an existential threat to banks and which is easily monitored and/or censored by governments -- seek to use their influence to change how Bitcoin itself works.

We can all forgive Coinbase for spying on their users' transaction in order to comply with government regulations. We can forgive them for locking people's accounts when those people use their money in ways Coinbase or the government doesn't approve of. We can forgive them when they require photo IDs and social security numbers just to do business. We can forgive the fact that they are undermining Bitcoin's fungibility and decentralization and resistance to censorship because we understand they have no choice. But do we really want these guys dictating the direction of Bitcoin itself? At a protocol level? They will undo everything Bitcoin stands for and what makes it valuable.

I don't forgive Coinbase for its jackboot kissing and polishing.  They do it voluntarily, they do it for personal financial gain.

Does anyone believe Brian "Just Following Orders" Armstrong would hesitate, much less refuse, to turn in Anne Franke?  He's exactly the kind of shitlord who would refuse to serve a 20 year old veteran a beer on his first day back from Iraq.  What a sniveling worm!

These authoritarian collaborators, these objectively pro-fascist Vichy Bitcoiners, need to be economically ignored and socially ridiculed until they go away.

They know what will happen to them when the revolution comes, and that's why they're doing everything in their power to embrace/extend/extinguish Bitcoin.

The Blockchain Alliance Inc is at the heart of the Big Lie that Bitcoin is here to replace commercial rather than central banking.

[cbeast]

ONE more time for good luck

Sounds great until the whole July 2017 (maybe, pinky promise) just in time for one year later than the halving, part.

I suspect another player will soon jump in and steal away all their best devs. Blockstream will go bankrupt by years end.

[Cconvert2G36]

ONE more time for good luck

Sounds great until the whole July 2017 (maybe, pinky promise) just in time for one year later than the halving, part.

I suspect another player will soon jump in and steal away all their best devs. Blockstream will go bankrupt by years end.

Not a chance. They just sold their original roadmap as a compromise... and the miners bought it, completely. If anything, they all deserve bonuses, big ones.

[cbeast]

ONE more time for good luck

Sounds great until the whole July 2017 (maybe, pinky promise) just in time for one year later than the halving, part.

I suspect another player will soon jump in and steal away all their best devs. Blockstream will go bankrupt by years end.

Not a chance. They just sold their original roadmap as a compromise... and the miners bought it, completely. If anything, they all deserve bonuses, big ones.

Only until the Chinese figure out they got duped, dump their coins, and shut down the miners after the halving leaving a full mempool that won't ever be confirmed.

[marcus_of_augustus]

ONE more time for good luck

Sounds great until the whole July 2017 (maybe, pinky promise) just in time for one year later than the halving, part.

I suspect another player will soon jump in and steal away all their best devs. Blockstream will go bankrupt by years end.

Not a chance. They just sold their original roadmap as a compromise... and the miners bought it, completely. If anything, they all deserve bonuses, big ones.

... or assuming good faith, they just figured out through an intensive analysis session by a group of the technically most-qualified adversarial minds bashing together, the most likely best-practice, secure and expedient way to increase transaction capacity of the bitcoin system for the foreseeable future.

But spin it how you like, you have with everything else.