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

[marcus_of_augustus]

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.

 

satoshis per byte seems to be the unit that is coming into common usage for fees ... or sat/Byte

kind of cool that satoshis and Bytes are the natural measure for bitcoin fees, like someone thought about it and did a quick BOE calc to see how it would pan out

[blunderer]

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...

just remember who pays your shilling wages ... we get the final say if our stolen money was well spent, however much you might like to blow it on spying and manipulating the public, we will get our dues, either by courts or hang-ropes

It talks about money
Yes, you're very frightening. And tasty.

[Fatman3001]

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 .

Taxation in any state, especially a modern democracy with strong and developed institutions, is completely justified, if by nothing else, by the fact that your ability to create wealth is enabled by the state. Whether or not a country is prosperous is entirely dependent on the quality of government. If you look outside of that retarded snow globe we call The US of A you will quickly discover that countries which have lacked good governance over long periods have crumbled or simply not reached its full potential.

[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.

 

satoshis per byte seems to be the unit that is coming into common usage for fees ... or sat/Byte

kind of cool that satoshis and Bytes are the natural measure for bitcoin fees, like someone thought about it and did a quick BOE calc to see how it would pan out

I was adjusting the amount by using the settings in the blockchain app.


Therefore, I was sending from my blockchain app wallet to another bitcoin wallet (actually a Local bitcoins wallet).

[marcus_of_augustus]

guess what, the leaders of the free-shit army are govvy shills, no surprises there.

bitcoin takes away their free money fiat racket, of course they are here shilling to try and ruin something good people are creating to starve them out

[bargainbin]

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 .

Taxation in any state, especially a modern democracy with strong and developed institutions, is completely justified,  THEFT!!!1!

guess what, the leaders of the free-shit army are govvy shills, no surprises there.

bitcoin takes away their free money fiat racket, of course they are here shilling to try and ruin something good people are creating to starve them out

Dream on, impotent Earthling.

[xslugx]

Coin



Explanation

Damn! Blocks are fucking full! I've got and important tx waiting for its third confirmation for ages ><

[Adrian-x]

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 ...

it's not a conspiracy its a conflict of interest. BS are designing systems that benefit from limited block size, they are now implementing feature in Core to achieve this goal.

[ChartBuddy]

Coin



Explanation

[orpington]

guess what, the leaders of the free-shit army are govvy shills, no surprises there.

bitcoin takes away their free money fiat racket, of course they are here shilling to try and ruin something good people are creating to starve them out

Unfortunately, these damned shills have seemingly endless resources.

Is there any way to stop them?

[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.

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

hey, Chuck Yeager, there are already paying passengers on board.  We are refugees. We know you warned us that your plane was still untested, but many of us didn't really have a choice.  

[Adrian-x]

guess what, the leaders of the free-shit army are govvy shills, no surprises there.

bitcoin takes away their free money fiat racket, of course they are here shilling to try and ruin something good people are creating to starve them out

no, it's just a concern that if we add extra 5% of user to the network, fees will quadruple and that rough calculation of yours will be about 4 sat's/Byte who knows better take it for a spin before it crashes and people choose to fly with oh say a better higher capacity solution like monero.

its got nothing to do with the free-shit army, its got to do with pushing bitcoin value not altcoins which have taken 6% bite out of the bitcoins market cap in 2 months.  

[blunderer]

...


Explanation

[madmat]

Coin



Explanation

Damn! Blocks are fucking full! I've got and important tx waiting for its third confirmation for ages ><

You are wrong, once it has been confirmed once, the number of confirmation is incremented at each new block as it is already in a block. If it takes time, this is because ten minutes delay between blocks is just an average and could be very much longer.

[Adrian-x]

guess what, the leaders of the free-shit army are govvy shills, no surprises there.

bitcoin takes away their free money fiat racket, of course they are here shilling to try and ruin something good people are creating to starve them out

Unfortunately, these damned shills have seemingly endless resources.

Is there any way to stop them?

if you could just push bitcoin to about $7000, I'll dump my load sell out and shut the fuck up.

[inca]

guess what, the leaders of the free-shit army are govvy shills, no surprises there.

bitcoin takes away their free money fiat racket, of course they are here shilling to try and ruin something good people are creating to starve them out

When did you sell your account?

[marcus_of_augustus]

guess what, the leaders of the free-shit army are govvy shills, no surprises there.

bitcoin takes away their free money fiat racket, of course they are here shilling to try and ruin something good people are creating to starve them out

Unfortunately, these damned shills have seemingly endless resources.

Is there any way to stop them?

burn their fiat coupon food stamps?

http://www.zerohedge.com/news/2016-02-23/truman-show-usa-concerned-citizens-townhall-meetings-exposed-paid-actors

A company known as Crowds on Demand is actually in the business of providing fake protesters for causes, fake entourages for wanna be celebrities and seemingly even fake supporters for unpopular corporate activities.

[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 ...

it's not a conspiracy its a conflict of interest. BS are designing systems that benefit from limited block size, they are now implementing feature in Core to achieve this goal.

ok, so you've dialed back on the "conspiracy" and doubled-down on "conflict of interest" ... now would it blow your mind too much if the "conflict of interest" was a misinterpretation of the fact that blockstream founders understood the technical limits of bitcoin before anyone else and decided to build a company knowing they had to build within those limitations?

and chumps like Brian Armstrong never understood the tech too deeply but knew he wanted to make mega-bucks and would do whatever it took?

[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

hey, Chuck Yeager, their are already paying passengers on board.  We are refugees. We know you warned us that your plane was still untested, but many of us didn't really have a choice.  

buckle up then fly-boy, this is going to get rough ... we told you it was still a beta (experimental) project ... fancy going for some tail-spins?

[marcus_of_augustus]

guess what, the leaders of the free-shit army are govvy shills, no surprises there.

bitcoin takes away their free money fiat racket, of course they are here shilling to try and ruin something good people are creating to starve them out

When did you sell your account?

I haven't yet, want to make an offer?