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

[adamstgBit]

1cent TX fee finally got confirmed!

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



PS: these coins are lost forever.

[marcus_of_augustus]

the sad news is these altcoins even ETH is no safe haven from what's happening here in bitcoin land, if bitcoin can't do it no one can.
and if everyone ( or a few to many poeple) goes of to doge maid eth   etc
the whole crypto world is going to come crashing down.
i can't quite put my finger on why exactly
but i have a feeling if bitcoiners get all divided up into 10 - 20 different cryptos, it's a big fat FAIL, for all.

some guys who thought they were in charge and puffed up in their suits of self-importance found out they were actually just wind-bags and in fact noone is in charge, just as it said on the tin ... so yeah if they want to break away and form FailCoin they are welcome ... or they can stop stabbing everyone else in the back and start pulling in the same direction again?

[Cconvert2G36]

the sad news is these altcoins even ETH is no safe haven from what's happening here in bitcoin land, if bitcoin can't do it no one can.
and if everyone ( or a few to many poeple) goes of to doge maid eth   etc
the whole crypto world is going to come crashing down.
i can't quite put my finger on why exactly
but i have a feeling if bitcoiners get all divided up into 10 - 20 different cryptos, it's a big fat FAIL, for all.

some guys who thought they were in charge and puffed up in their suits of self-importance found out they were actually just wind-bags and in fact noone is in charge, just as it said on the tin ... so yeah if they want to break away and form FailCoin they are welcome ... or they can stop stabbing everyone else in the back and start pulling in the same direction again?

Like the guy furiously tweeting away like his entire reputation depended on it right now?

https://twitter.com/Excellion

[billyjoeallen]

the sad news is these altcoins even ETH is no safe haven from what's happening here in bitcoin land, if bitcoin can't do it no one can.
and if everyone ( or a few to many poeple) goes of to doge maid eth   etc
the whole crypto world is going to come crashing down.
i can't quite put my finger on why exactly
but i have a feeling if bitcoiners get all divided up into 10 - 20 different cryptos, it's a big fat FAIL, for all.

some guys who thought they were in charge and puffed up in their suits of self-importance found out they were actually just wind-bags and in fact noone is in charge, just as it said on the tin ... so yeah if they want to break away and form FailCoin they are welcome ... or they can stop stabbing everyone else in the back and start pulling in the same direction again?

The Market is in charge and we either serve the market or we are out of work.  That's true for coders, miners, traders, everyone.

[AlexGR]

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

Took a while but:

Included In Blocks   399923

Even with near-zero fees at 0.01$ you got in, with lower priority, despite "blocks are full".

[Cconvert2G36]

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

Took a while but:

Included In Blocks   399923

Even with near-zero fees at 0.01$ you got in, with lower priority, despite "blocks are full".

Well, now that we know where we are today... let the stagnation and competitive advantage erosion begin!

[ChartBuddy]

Coin



Explanation

[billyjoeallen]

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

Took a while but:

Included In Blocks   399923

Even with near-zero fees at 0.01$ you got in, with lower priority, despite "blocks are full".

Because the time to worry about the rising costs are after they become a problem or before? The time to worry about lifeboat capacity is after the iceberg has been hit? 

[iCEBREAKER]

What a douche.

Yes, HostFat has really lost it over "ZOMG RITE MEOW" blocksize drama.

He seems to be in shellshock from the utter loss of XT, and may never recover (especially given how Classic is floundering).   

[billyjoeallen]

What a douche.

Yes, HostFat has really lost it over "ZOMG RITE MEOW" blocksize drama.

He seems to be in shellshock from the utter loss of XT, and may never recover (especially given how Classic is floundering).   

No, it's Bitcoin that is foundering (not floundering).  Losing market share.  There is all something very Catholic/Protestant about this fight. The One True Bitcoin vs. these upstart individualists.  I'd be interested to see from an anthropological study if there is any correlation between church affiliation and blocksize affiliation.

Do me a favor and ask the rest of the counter-reformation goon squad where they go on Sundays, will you?

[Cconvert2G36]

What a douche.

Yes, HostFat has really lost it over "ZOMG RITE MEOW" blocksize drama.

He seems to be in shellshock from the utter loss of XT, and may never recover (especially given how Classic is floundering).   

No, it's Bitcoin that is foundering (not floundering).  Losing market share.  There is all something very Catholic/Protestant about this fight. The One True Bitcoin vs. these upstart individualists.  I'd be interested to see from an anthropological study if there is any correlation between church affiliation and blocksize affiliation.

Do me a favor and ask the rest of the counter-reformation goon squad where they go on Sundays, will you?

A single data point, but a funny one.

A piece of toast with a picture of my art teacher from school!!!

Bet he couldn't paint an analogy like this, tho.

[hdbuck]

The more the VERified redditards fight, the more the 1MB blocksize limit holds.

[billyjoeallen]

What a douche.

Yes, HostFat has really lost it over "ZOMG RITE MEOW" blocksize drama.

He seems to be in shellshock from the utter loss of XT, and may never recover (especially given how Classic is floundering).   

No, it's Bitcoin that is foundering (not floundering).  Losing market share.  There is all something very Catholic/Protestant about this fight. The One True Bitcoin vs. these upstart individualists.  I'd be interested to see from an anthropological study if there is any correlation between church affiliation and blocksize affiliation.

Do me a favor and ask the rest of the counter-reformation goon squad where they go on Sundays, will you?

A single data point, but a funny one.

A piece of toast with a picture of my art teacher from school!!!

Bet he couldn't paint an analogy like this, tho.

Wow!  That's exactly what I mean!  the Divine Autonomous Organization.

[iCEBREAKER]

Are all zero fee transactions included in Litecoin, Dash, monero, etherium?  Bitcoin is losing market share because competitors are underpricing us. 

I'm sure they'd be ever so excited to receive any actual transactions regardless of fees.

Whell, at least they got a monero logo placed on the top thread of both r/btc and r/bitcoin for most of today... nice work iCE. 

That's fucking hilarious.   

The Venn diagram of Monero is pure genius (and represents the tip of an inverted 3-sided Exter Pyramid).  I expect the Redditurds will react to it like apes to the monolith in 2001.

[Cconvert2G36]

And Lo! The poutrage intensifies!

[I fucking hate twitter]

[ChartBuddy]

Coin



Explanation

[billyjoeallen]

And Lo! The poutrage intensifies!

[I fucking hate twitter]

I don't know what's worse: They see the need for the HF and are lying about it just to sell coin or that they don't.

[JayJuanGee]

What a douche.

Yes, HostFat has really lost it over "ZOMG RITE MEOW" blocksize drama.

He seems to be in shellshock from the utter loss of XT, and may never recover (especially given how Classic is floundering).   

No, it's Bitcoin that is foundering (not floundering).  Losing market share.  There is all something very Catholic/Protestant about this fight. The One True Bitcoin vs. these upstart individualists.  I'd be interested to see from an anthropological study if there is any correlation between church affiliation and blocksize affiliation.

Do me a favor and ask the rest of the counter-reformation goon squad where they go on Sundays, will you?

Other coins are being pumped.... so fucking what??


"We" are not losing market share.

Bitcoin is the most secure place to put your money, and likely we are going to see some major scams of lost or stolen value if some of those other non-secure coins go up in value.. causing them to be an easier target for theft... except maybe any thief is scared to steal from some of those other alts, because there are concerns about how to liquidate... the value easily and quickly (as can be done in bitcoin).

[Fatman3001]

https://twitter.com/cnLedger/status/702096019698286592

[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.

So far only one of my three transactions have gone through (listed below from higher fee to lower fee).  The first transaction included the standard fees, and the second two included lower than the standard fees.

1)  $1.06  (.0025  BTC)        sent 6 hours ago            Fee .0001 btc ($.04)  (.0001 BTC per kilobyte)  - Immediately showed up on receiving end, and 3 confirmations and available for use after 1 hour and 12 minutes.

2) $1.20 (.002855 BTC)        sent 6 hours ago            Fee .000025 btc ($.01) (.000025 BTC per kilobyte)   - Immediately showed up on receiving end, and so far 0 confirmations and after 5 hours disappeared from receiving end

3) $1       (.00236  BTC)        sent 6 hours ago            Fee .00001 btc ($.004) (.00001 BTC per kilobyte)   - So far has not shown up on receiving end and 0 confirmations

I conclude that including the standard fees helps to ensure that your transaction goes through in a timely manner.  Maybe I will provide another update, later, if these last two transactions ever go through?
 

Finally, I got the results of all three of my low quantity bitcoin/blockchain transactions of a little over $1.  
Each of these transactions were sent about 11 hours ago, via blockchain.info wallet to a local bitcoins wallet.

Results as follows from highest to lowest fees:

1)  Amount sent  $1.06  (.0025  BTC)       I Manually added Fee .0001 BTC ($.04) (.0001 BTC per kilobyte)  (fee % = 3.77358%)
- Immediately viewable on receiving end w 0 confirmations/ available for use (3 confirmations) after 1 hour / 12 minutes.

2)  Amount sent  $1.20 (.002855 BTC)       I Manually added Fee  .000025 BTC ($.01) (.000025 BTC per kilobyte)    (fee % = 0.833333%)
- Immediately viewable on receiving end w 0 confirmations / available for use (3 confirmations) after 7 hours / 11 minutes.

3) Amount sent    $1.00 (.00236  BTC)      I Manually added Fee  .00001 BTC ($.004) (.00001 BTC per kilobyte)  (fee % = 0.4%)
- Was never viewable on receiving end until after completely received / available for use (3 confirmations) after 9 hours / 21 minutes.


I would consider each of these three transaction to be near micro transactions, and the fastest one was a bit over an hour with nearly a 4% fee added and the slowest low fee one (was nearly free, and probably I could have eliminated the fee completely) of less than a 0.4% fee was still finalized and completely and irreversibly settled in less than 10 hours.  During a time that the blocks were supposedly nearly full all day (and blockchain.info charts were showing an average blocksize of about 85% full - which is about the highest ever for the whole history of bitcoin (interesting given the likely additional spam being pumped into the blockchain with various free transactions on an ongoing basis)......

Yes, a bit nerve racking to wait for final confirmation for nearly half a day and to be able to use the coins, but still pretty decent settlement and manageable for such a low cost and low amount transactions, no? 

Surely, there are some downsides to irreversibility and owning mistakes (if they are made); however, even during this contentious "full blocks" period, these results seem to be pretty decent for beating the fees and the speed of the settlements of my bank transactions, with 24/7 useage and also international (maybe even intergalactical, once communication channels are improved?).