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

[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.

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.

Nah, LN can be backed by *ANY BITCOIN CLONE*
So now you know

[Fatman3001]

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

Yep, and we go from being a community of equals to facilitating a settlement layer for large economic entities to run LN and sidechains on. If you're worried about node centralization, lean back for a while and try to figure out who the fuck will want to run a regular node for free for that.

[marcus_of_augustus]

^^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.

valid transactions should have at least 6 confirmations, you did read the bitcoin whitepaper correctly right?

[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

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?

we are paying the highest taxes the world has ever seen ever.. i do not really owe the IRS 30+% of my income...... the usa needs a Magna Carta ... put me in the govys database of revolutionaries please!

[adamstgBit]

https://www.youtube.com/watch?v=rYEDA3JcQqw

[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?

we are paying the highest taxes the world has ever seen ever.. i do not really owe the IRS 30+% of my income...... the usa needs a Magna Carta ... put me in the govys database of revolutionaries please!

More nonsense.

Taxes accounted for about 25 percent of the United States' GDP -- placing the U.S. 27th out of 30 countries studied. The five with the highest percentages were Denmark, France, Belgium, Finland and Sweden, each of them with taxation accounting for more than 42 percent of gross domestic product.Oct 20, 2015

--Google search for "countries with highest taxes"

[marcus_of_augustus]

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.

good test pilots know that one of the first things to do when type converting to a new aircraft is handling familiarisation which should include taking it into a stall, side-slips, perhaps an incipient spin ... you need to test the limits before you really know the system behaviour thoroughly enough (at the limits) before you take it up for a real bashing in turbulence with paying passengers on board

[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

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?

we are paying the highest taxes the world has ever seen ever.. i do not really owe the IRS 30+% of my income...... the usa needs a Magna Carta ... put me in the govys database of revolutionaries please!

More nonsense.

Taxes accounted for about 25 percent of the United States' GDP -- placing the U.S. 27th out of 30 countries studied. The five with the highest percentages were Denmark, France, Belgium, Finland and Sweden, each of them with taxation accounting for more than 42 percent of gross domestic product.Oct 20, 2015

--Google search for "countries with highest taxes"

i disagree that i owe 30+% taxes..


http://www.newsmax.com/finance/Personal-Finance/Norquist-tax-foreign-income/2014/06/23/id/578696/

http://blog.turbotax.intuit.com/health-care/affordable-care-act-101-what-is-a-health-care-reform-tax-penalty-15262/

http://www.newsmax.com/Finance/IRS-US-tax-foreign/2014/08/06/id/587148/

http://www.forbes.com/sites/robertwood/2014/09/16/forget-zimbabwe-u-s-tax-system-ranks-at-bottom-just-better-than-portugal/#3f5f350e5818

http://cnsnews.com/news/article/ali-meyer/new-record-federal-tax-revenues-top-3t-1st-time

[adamstgBit]

block height 399880 

[adamstgBit]

dont worry when we fork off, your 1MB block will be more then enough.

[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?

we are paying the highest taxes the world has ever seen ever.. i do not really owe the IRS 30+% of my income...... the usa needs a Magna Carta ... put me in the govys database of revolutionaries please!

More nonsense.

Taxes accounted for about 25 percent of the United States' GDP -- placing the U.S. 27th out of 30 countries studied. The five with the highest percentages were Denmark, France, Belgium, Finland and Sweden, each of them with taxation accounting for more than 42 percent of gross domestic product.Oct 20, 2015

--Google search for "countries with highest taxes"

i disagree that i owe 30+% taxes..


http://www.newsmax.com/finance/Personal-Finance/Norquist-tax-foreign-income/2014/06/23/id/578696/

http://blog.turbotax.intuit.com/health-care/affordable-care-act-101-what-is-a-health-care-reform-tax-penalty-15262/

http://www.newsmax.com/Finance/IRS-US-tax-foreign/2014/08/06/id/587148/

http://www.forbes.com/sites/robertwood/2014/09/16/forget-zimbabwe-u-s-tax-system-ranks-at-bottom-just-better-than-portugal/#3f5f350e5818

http://cnsnews.com/news/article/ali-meyer/new-record-federal-tax-revenues-top-3t-1st-time

What does the fact that *your* taxes are high have to do with "[US] accounted for about 25 percent of the United States' GDP"? If you're in the > 30% tax bracket, my heart won't break for you, you'll get by. Somehow.
What does the fact that US taxes you if you live overseas (your first link) have to do with anything? Give up your US citizenship, problem solved

[adamstgBit]

i sent another buck in my wishing well

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

2 cent tx fee

2$ thats what 8 wishes?

[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

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?

we are paying the highest taxes the world has ever seen ever.. i do not really owe the IRS 30+% of my income...... the usa needs a Magna Carta ... put me in the govys database of revolutionaries please!

More nonsense.

Taxes accounted for about 25 percent of the United States' GDP -- placing the U.S. 27th out of 30 countries studied. The five with the highest percentages were Denmark, France, Belgium, Finland and Sweden, each of them with taxation accounting for more than 42 percent of gross domestic product.Oct 20, 2015

--Google search for "countries with highest taxes"

i disagree that i owe 30+% taxes..


http://www.newsmax.com/finance/Personal-Finance/Norquist-tax-foreign-income/2014/06/23/id/578696/

http://blog.turbotax.intuit.com/health-care/affordable-care-act-101-what-is-a-health-care-reform-tax-penalty-15262/

http://www.newsmax.com/Finance/IRS-US-tax-foreign/2014/08/06/id/587148/

http://www.forbes.com/sites/robertwood/2014/09/16/forget-zimbabwe-u-s-tax-system-ranks-at-bottom-just-better-than-portugal/#3f5f350e5818

http://cnsnews.com/news/article/ali-meyer/new-record-federal-tax-revenues-top-3t-1st-time

What does the fact that *your* taxes are high have to do with "[US] accounted for about 25 percent of the United States' GDP"? If you're in the > 30% tax bracket, my heart won't break for you, you'll get by. Somehow.
What does the fact that US taxes you if you live overseas (your first link) have to do with anything? Give up your US citizenship, problem solved

what are u a govy shill ?? it is definitely not out of the question that i would leave the USA .. or that i might give up my citizenship too.. problem is I cannot own a gun in most places i might move too . you are arguing it is ok for the USA to rip everyone off.. and i disagree with you.. and your 'interest to infinity' debt slavery system is built upon THEFT .

[AlexGR]

i sent another buck in my wishing well

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

2 cent tx fee

Broadcast after 399882 (so that we can have a measurement when it gets in).

[ChartBuddy]

Coin



Explanation

[hdbuck]

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?

we are paying the highest taxes the world has ever seen ever.. i do not really owe the IRS 30+% of my income...... the usa needs a Magna Carta ... put me in the govys database of revolutionaries please!

More nonsense.

Taxes accounted for about 25 percent of the United States' GDP -- placing the U.S. 27th out of 30 countries studied. The five with the highest percentages were Denmark, France, Belgium, Finland and Sweden, each of them with taxation accounting for more than 42 percent of gross domestic product.Oct 20, 2015

--Google search for "countries with highest taxes"

i disagree that i owe 30+% taxes..


http://www.newsmax.com/finance/Personal-Finance/Norquist-tax-foreign-income/2014/06/23/id/578696/

http://blog.turbotax.intuit.com/health-care/affordable-care-act-101-what-is-a-health-care-reform-tax-penalty-15262/

http://www.newsmax.com/Finance/IRS-US-tax-foreign/2014/08/06/id/587148/

http://www.forbes.com/sites/robertwood/2014/09/16/forget-zimbabwe-u-s-tax-system-ranks-at-bottom-just-better-than-portugal/#3f5f350e5818

http://cnsnews.com/news/article/ali-meyer/new-record-federal-tax-revenues-top-3t-1st-time

What does the fact that *your* taxes are high have to do with "[US] accounted for about 25 percent of the United States' GDP"? If you're in the > 30% tax bracket, my heart won't break for you, you'll get by. Somehow.
What does the fact that US taxes you if you live overseas (your first link) have to do with anything? Give up your US citizenship, problem solved

what are u a govy shill ?? it is definitely not out of the question that i would leave the USA .. or that i might give up my citizenship too.. problem is I cannot own a gun in most places i might move too . you are arguing it is ok for the USA to rip everyone off.. and i disagree with you.. and your 'interest to infinity' debt slavery system is built upon THEFT .

this guy? with so many accounts and time, now even defending US taxation?

no way

[BldSwtTrs]

Small blockists = small dicks

[Fatman3001]

Small blockists = small dicks

That's not true, I've consistently pushed for larger blocks.

[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?

we are paying the highest taxes the world has ever seen ever.. i do not really owe the IRS 30+% of my income...... the usa needs a Magna Carta ... put me in the govys database of revolutionaries please!

More nonsense.

Taxes accounted for about 25 percent of the United States' GDP -- placing the U.S. 27th out of 30 countries studied. The five with the highest percentages were Denmark, France, Belgium, Finland and Sweden, each of them with taxation accounting for more than 42 percent of gross domestic product.Oct 20, 2015

--Google search for "countries with highest taxes"

i disagree that i owe 30+% taxes..


http://www.newsmax.com/finance/Personal-Finance/Norquist-tax-foreign-income/2014/06/23/id/578696/

http://blog.turbotax.intuit.com/health-care/affordable-care-act-101-what-is-a-health-care-reform-tax-penalty-15262/

http://www.newsmax.com/Finance/IRS-US-tax-foreign/2014/08/06/id/587148/

http://www.forbes.com/sites/robertwood/2014/09/16/forget-zimbabwe-u-s-tax-system-ranks-at-bottom-just-better-than-portugal/#3f5f350e5818

http://cnsnews.com/news/article/ali-meyer/new-record-federal-tax-revenues-top-3t-1st-time

What does the fact that *your* taxes are high have to do with "[US] accounted for about 25 percent of the United States' GDP"? If you're in the > 30% tax bracket, my heart won't break for you, you'll get by. Somehow.
What does the fact that US taxes you if you live overseas (your first link) have to do with anything? Give up your US citizenship, problem solved

what are u a govy shill ?? it is definitely not out of the question that i would leave the USA .. or that i might give up my citizenship too.. problem is I cannot own a gun in most places i might move too . you are arguing it is ok for the USA to rip everyone off.. and i disagree with you.. and your 'interest to infinity' debt slavery system is built upon THEFT .

No more theft than a landlord charging you rent. Stop it with the entitled bullish, snowflake.  You live here, we keep it nice. You pay rent or GTFO.

>what are u a govy shill ??
If you only knew, Earthling, if you only knew...

[JayJuanGee]

i just send 1$ to 1LBHYYEbd8eqrfi9PiSEkj35e9vM3iZEFm with a 1cent fee

lets see what happens...

sending it now...

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

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

current block height 399867

Damn, 1 cent fee is 1% it's far too much already!
I usually pay a 0.1% fee and it goes in the first blocks!

Fees go per kilobytes used in the blockchain, not per amount sent. The blockchain doesn't care if you send 0.01 btc or 10 btc - only about how much space is used by the transaction.

Well. Logical I suppose. But how do you know the size of your transaction?

side note, my TX is the min size ~256bytes

block height 399870

0 confirmations

I have begun this experiment too, with transferring approximately $1 (although I think that the same fee will pretty much apply for a $100 or $1,000.

I sent it 3 times, and I adjusted the fee to be either .0001 BTC per kilobyte ($.04 fee), .000025 per kilobyte ($.01 fee) and .00001 per kilobyte ($.004 fee).


The higher two showed up on the receiving end without confirmations within a couple of minutes of my sending them; however the lowest one, which is essentially nearly no fees, has not yet even shown up on the other end, so far, after 22 minutes. 

I will attempt to check the extent of the update, every 30 minutes in order to verify whether they have confirmations.