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

[billyjoeallen]

LOL, just withdrew some BTC from an exchange, they are paying 0.00015936 XBT = $0.0924195 CAD per tx. just got 2 confirmations in like 2 minus.
Blocks are only full if your are not paying almost $0.10 per transaction.

and so it begins - to quote rocks

The goal is to slowly introduce a fee market. First slowly knock out very low value transactions, then add SFSW to slightly increase capacity. Then knock out moderately low value transactions, then add 2017 2MB HF to slightly increase capacity.

They will increase capacity, but at a very slow rate that falls behind usage growth. The effect will be a slow introduction of a fee market that removes more and more use cases for Bitcoin.

There is a limit to how slow Bitcoin can grow just like there is a limit to how slow an airplane can fly before it falls out of the sky. I don't know what that limit is, but somebody apparently wants to find out.

[adamstgBit]

LOL, just withdrew some BTC from an exchange, they are paying 0.00015936 XBT = $0.0924195 CAD per tx. just got 2 confirmations in like 2 minus.
Blocks are only full if your are not paying almost $0.10 per transaction.

We don't need to guesstimate:

From cointape.com, based on what is happening:

1-10   satoshi per byte = from 7 blocks to infinity.
11-20 satoshi per byte = from 2 blocks to 28   
21-30 satoshi per byte = from 0 to 5 blocks
31-40 satoshi per byte = from 0 to 2 blocks
41-50 satoshi per byte = from 0 to 1 blocks

10 satoshi per byte = 0.011$ per 258byte tx
20 satoshi per byte = 0.022$ per 258byte tx
30 satoshi per byte = 0.033$ per 258byte tx
40 satoshi per byte = 0.044$ per 258byte tx
50 satoshi per byte = 0.055$ per 258byte tx

it's OK tho, when LN comes out fee will go right back to 1cent, because it will relieve a lot of pressure from the blockchain

thats the plan right?

LOL

their plan is so full of contradictions

[blunderer]

^^The Blogchain knows you really didn't need to send a buck & are spamming. I hope Blogchain loses your bitcoin, to teach you not to mess with it.

valid transactions are valid transactions. $1 in Bitcoin was not spam in 2011 and it's not spam today.

in fact $1 in March 2011 = 1BTC ($425 today). what will $1 in BTC be worth in 5 years.

it's ignorant to want to control the money supply by wishing monetary units vanish or get lost, all valid transactions should be valid.

Nay!
Blogchain knoweth of Adam and his doings; the Blogchain revengeth! Blogchain is jealous and dost judge and punish him!
For it is written, Thou shalt not tempt the Blogchain thy Blogchain.

jk,
i think

[AlexGR]

it's OK tho, when LN comes out fee will go right back to 1cent, because it will relieve a lot of pressure from the blockchain

LN is designed to improve scaling. Fee reductions are just a consequence of being able to conduct more transactions.

[adamstgBit]

[bargainbin]

it's OK tho, when LN comes out fee will go right back to 1cent, because it will relieve a lot of pressure from the blockchain

LN is designed to improve scaling. Fee reductions are just a consequence of being able to conduct more transactions.

Remember how the US$ got bootstrapped? the Gold Standard?
Gold standard's long gone.
People still use LN USD

[adamstgBit]

the sooner we get these clowns to get the fuck out the better.

[billyjoeallen]

it's OK tho, when LN comes out fee will go right back to 1cent, because it will relieve a lot of pressure from the blockchain

LN is designed to improve scaling. Fee reductions are just a consequence of being able to conduct more transactions.

Remember how the US$ got bootstrapped? the Gold Standard?
Gold standard's long gone.
People still use LN USD

LN doesn't have legal tender laws to force people to use it.  If it's not backed by Bitcoin (or something) the market will probably reject it in favor of something better.

[adamstgBit]

president of blockstream

I'll just slowly back away from blockstream before it implodes

[ChartBuddy]

Coin



Explanation

[marcus_of_augustus]

I have a suspicion that there is quite a bit of stolen/extorted BTC lying around as well as money that needs to be laundered for other purposes in addition to BTC holdings that just want to remain anonymous through mixing. Blocks are filling up fast, which means mixing may get prohibitively expensive soon, so knowledge that blocks are filling up is actually making blocks fill up faster.

mix -'em if you got 'em.

the best mixing these days takes 1 or 2 tx at most .... coinjoin is a thing and there is market where you actually earn interest on your coins while they are 'mixed/joined'

http://joinmarket.io/
https://www.reddit.com/r/joinmarket/

[aztecminer]

Coin



Explanation

3% left over why why is my TX not included



lol

LOL, just withdrew some BTC from an exchange, they are paying 0.00015936 XBT = $0.0924195 CAD per tx. just got 2 confirmations in like 2 minus.
Blocks are only full if your are not paying almost $0.10 per transaction.

and so it begins - to quote rocks

The goal is to slowly introduce a fee market. First slowly knock out very low value transactions, then add SFSW to slightly increase capacity. Then knock out moderately low value transactions, then add 2017 2MB HF to slightly increase capacity.

They will increase capacity, but at a very slow rate that falls behind usage growth. The effect will be a slow introduction of a fee market that removes more and more use cases for Bitcoin.

this is the awesome post of the day .. gimpedcoin is truly gimped. pay $.10 per transaction is way too cute... get with Bitcoin2Genuine today!

[adamstgBit]

https://blockchain.info/address/1LBHYYEbd8eqrfi9PiSEkj35e9vM3iZEFm

if this dont work ill send it with a 5cent fee.

current block height 399867

block height 399878

0 confirmations

[adamstgBit]

next up i will pay for a sex toy with a tx that will never confrim, and have it shipped to blockstreams office

[bargainbin]

it's OK tho, when LN comes out fee will go right back to 1cent, because it will relieve a lot of pressure from the blockchain

LN is designed to improve scaling. Fee reductions are just a consequence of being able to conduct more transactions.

Remember how the US$ got bootstrapped? the Gold Standard?
Gold standard's long gone.
People still use LN USD

LN doesn't have legal tender laws to force people to use it.  If it's not backed by Bitcoin (or something) the market will probably reject it in favor of something better.

You're missing my point (or, rather, I'm just not being clear)
Most people don't know or care what the $ is backed by. As long as I get my stuff when I hand over the $$$, everything's cool. Don't care what Visa is backed by, 'long as when I hand over the card, I get goodies.
Same with LN. If people start using LN, and it becomes accepted, they're using LN, *NOT BITCOIN*. Just like when people started using $$$, they started using $$$, *NOT GOLD*.
Saying that LN solves Bitcoin's tx problem is like saying USD solved gold's portability/divisibility/ease of use problem -- it's nonsense.

[aztecminer]

it's OK tho, when LN comes out fee will go right back to 1cent, because it will relieve a lot of pressure from the blockchain

LN is designed to improve scaling. Fee reductions are just a consequence of being able to conduct more transactions.

Remember how the US$ got bootstrapped? the Gold Standard?
Gold standard's long gone.
People still use LN USD

yeah... and because of it we amaericans have to pay #abusivehightaxes ... and soon we will have to endure the acts of desperation of 'negative interest rates' and 'cashless society' so that can steal more money from us.... the 'interest to infinity' debt slavery system is collapsing and i am laughing daily at the entertaining news everyday of the collapse and the turds holding on desperately to their failing and failing system.. the reason these turds hold on to this failing system is because they do not have the intelligence to figure a better system. this goes back to what billyjoe commented on about dealing with idiots everyday . its the only explanation for people who cling to a failing system in which they must rely on figuring new ways to steal more money from 'All of US' ..

[marcus_of_augustus]

More BS:

" Thankfully we at Blockstream are given the freedom to speak and act as individuals on this matter. Even Adam is attending as an individual, his signature not carrying the weight of representing Blockstream in this instance.
I cautioned against going and was not in the room (I feel this meeting was antithetical to Bitcoin and no good outcomes were likely) so I only know second hand like you what was or was not said. But regarding the "consensus" document that was posted on medium, no I am not on board with that outcome."~ maaku7

https://www.reddit.com/r/Bitcoin/comments/46po4l/we_have_consensus_in_april_we_get_sw_3_months/d07gqic

i guess the whole "blockstream conspiracy" is shown to be the total bull it always was ...

[aztecminer]

https://blockchain.info/address/1LBHYYEbd8eqrfi9PiSEkj35e9vM3iZEFm

if this dont work ill send it with a 5cent fee.

current block height 399867

block height 399878

0 confirmations

awesome!

[bargainbin]

it's OK tho, when LN comes out fee will go right back to 1cent, because it will relieve a lot of pressure from the blockchain

LN is designed to improve scaling. Fee reductions are just a consequence of being able to conduct more transactions.

Remember how the US$ got bootstrapped? the Gold Standard?
Gold standard's long gone.
People still use LN USD

yeah... and because of it we amaericans have to pay #abusivehightaxes

Nonsense. Abusive taxes can (and were) charged long before the end of gold standard. [Britain's] Abusive taxes were the justification for the American revolution, remember?

[marcus_of_augustus]

it's OK tho, when LN comes out fee will go right back to 1cent, because it will relieve a lot of pressure from the blockchain

LN is designed to improve scaling. Fee reductions are just a consequence of being able to conduct more transactions.

Remember how the US$ got bootstrapped? the Gold Standard?
Gold standard's long gone.
People still use LN USD

LN doesn't have legal tender laws to force people to use it.  If it's not backed by Bitcoin (or something) the market will probably reject it in favor of something better.

You're missing my point (or, rather, I'm just not being clear)
Most people don't know or care what the $ is backed by. As long as I get my stuff when I hand over the $$$, everything's cool. Don't care what Visa is backed by, 'long as when I hand over the card, I get goodies.
Same with LN. If people start using LN, and it becomes accepted, they're using LN, *NOT BITCOIN*. Just like when people started using $$$, they started using $$$, *NOT GOLD*.
Saying that LN solves Bitcoin's tx problem is like saying USD solved gold's portability/divisibility/ease of use problem -- it's nonsense.

clueless ... every LN channel necessarily begins and end with a TX on the bitcoin network, for ever and ever, there is no LN without bitcoin.