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

[Fatman3001]

Have you noticed that the mempool tends to bloat up massively whenever the price moves $10-$15?

Spam? Dust? Or people desperately trying to move coins to make a trade?

Why isn't there a fee spike then? Are those "desperate" people to "make a trade" lacking 2-3-4 cents? Would it be a big impact to their wallet to pay such a small fee if they are going to make so much money from a good trade?

Because they are users.

They do what's supposed to work and it doesn't.

Not that adding fees will make the blocks bigger anyway.

Maybe they're not responsible for it.

For example when you withdraw money of a plateform you have no choice on the fee!

And that.

[bargainbin]

Have you noticed that the mempool tends to bloat up massively whenever the price moves $10-$15?

Spam? Dust? Or people desperately trying to move coins to make a trade?

Why isn't there a fee spike then? Are those "desperate" people to "make a trade" lacking 2-3-4 cents? Would it be a big impact to their wallet to pay such a small fee if they are going to make so much money from a good trade?

You're totally right -- all that exchange foolishness happens off-chain (because Bitcoin can't handle the volume of even a single exchange lol).
Currency of the future

P.S. Thinking of making an infographic explaining how LN works. Storyboard thus far:

1. Two Beanie enthusiasts create a Bean channel by locking up their Beanies in a safe.
     1a. The safe has "lightning Network" written on the door in one of those fonts.
2. They proceed to transact in LN IOUs, as many times as they wish, until the value of the locked-up beanie is exhausted.

[Fatman3001]

http://www.bbc.com/news/science-environment-35686713

[Fatman3001]

Jeebus Fucking Creebus!

https://tradeblock.com/bitcoin/

1.86 million XBT stuck in the mempool!

[ChartBuddy]

Coin



Explanation

[Fatman3001]

[podyx]

Wow, etherum is still performing

[AlexGR]

Jeebus Fucking Creebus!

https://tradeblock.com/bitcoin/

1.86 million XBT stuck in the mempool!

Gimme a break:

1,900,982.81 XBT (x440 = 836mn USD)

Total fees
4.8090 XBT (x 440 = 2115 USD)

"We want to move around 836mn USD but are only willing to pay 2k in fees so we will wait a few hours or days".

Makes sense, doesn't it?

[Elwar]

Wow, etherum is still performing

I remember when DOGE always snuck its way into this thread too.

These cute alts acting like they're relevant.

[Elwar]

Speaking of alts, I'm going to come up with an alt coin called "Blockchain".

That way all of the news reporters that want to downplay Bitcoin and talk about "Blockchain" will be pumping my shitcoin.

The standard media formula has become...if it's bad news, use 'Bitcoin'. If good news, use 'Blockchain'.

I'm gonna be rich bitches.

[tomothy]

If you do a premine can I have a few million coins ^_^? (Seriously though, that's a great idea lol)
I remember back in the day of alts a really snazzy website promoting some fake coin which was admittedly a fake coin where it talked about the sole purpose was to make the creator rich and steal investor money lol oh bitcoinspace you are silly

[bargainbin]

Jeebus Fucking Creebus!

https://tradeblock.com/bitcoin/

1.86 million XBT stuck in the mempool!

Gimme a break:

1,900,982.81 XBT (x440 = 836mn USD)
...

Wonder where the poors laid their hands on 836mn USD

[European Central Bank]

Sweet idea. I'm gonna take it one further and create one called Money. No one can resist that.

[mOgliE]

Speaking of alts, I'm going to come up with an alt coin called "Blockchain".

That way all of the news reporters that want to downplay Bitcoin and talk about "Blockchain" will be pumping my shitcoin.

The standard media formula has become...if it's bad news, use 'Bitcoin'. If good news, use 'Blockchain'.

I'm gonna be rich bitches.

You know it's actually not such a bad idea so scam people and newbies? ^^

[Fatman3001]

Jeebus Fucking Creebus!

https://tradeblock.com/bitcoin/

1.86 million XBT stuck in the mempool!

Gimme a break:

1,900,982.81 XBT (x440 = 836mn USD)

Total fees
4.8090 XBT (x 440 = 2115 USD)

"We want to move around 836mn USD but are only willing to pay 2k in fees so we will wait a few hours or days".

Makes sense, doesn't it?

[I'm beginning to suspect that you're a bit dim.]

No, it doesn't. Which sort of shows that the fee market doesn't work.

Maybe we should invite Mike Hearn back so he can sort this out.

[AlexGR]

Jeebus Fucking Creebus!

https://tradeblock.com/bitcoin/

1.86 million XBT stuck in the mempool!

Gimme a break:

1,900,982.81 XBT (x440 = 836mn USD)

Total fees
4.8090 XBT (x 440 = 2115 USD)

"We want to move around 836mn USD but are only willing to pay 2k in fees so we will wait a few hours or days".

Makes sense, doesn't it?

[I'm beginning to suspect that you're a bit dim.]

No, it doesn't. Which sort of shows that the fee market doesn't work.

Maybe we should invite Mike Hearn back so he can sort this out.

The fee market works great:

https://bitcoinfees.21.co

Can you see who are waiting? Oh yes, those who pay the least.

[Fatman3001]

Jeebus Fucking Creebus!

https://tradeblock.com/bitcoin/

1.86 million XBT stuck in the mempool!

Gimme a break:

1,900,982.81 XBT (x440 = 836mn USD)

Total fees
4.8090 XBT (x 440 = 2115 USD)

"We want to move around 836mn USD but are only willing to pay 2k in fees so we will wait a few hours or days".

Makes sense, doesn't it?

[I'm beginning to suspect that you're a bit dim.]

No, it doesn't. Which sort of shows that the fee market doesn't work.

Maybe we should invite Mike Hearn back so he can sort this out.

The fee market works great:

https://bitcoinfees.21.co

Can you see who are waiting? Oh yes, those who pay the least.

Do you mind if I copy paste this into a thread I'll make on technical so we can get some proper debate about this?

[bargainbin]

...
"We want to move around 836mn USD but are only willing to pay 2k in fees so we will wait a few hours or days".
...

My bank charges me exactly $0.00 to move any amount of USD. Same as when I use fiat folding money.
Never realized how much I save by not using BTC

[AlexGR]

Jeebus Fucking Creebus!

https://tradeblock.com/bitcoin/

1.86 million XBT stuck in the mempool!

Gimme a break:

1,900,982.81 XBT (x440 = 836mn USD)

Total fees
4.8090 XBT (x 440 = 2115 USD)

"We want to move around 836mn USD but are only willing to pay 2k in fees so we will wait a few hours or days".

Makes sense, doesn't it?

[I'm beginning to suspect that you're a bit dim.]

No, it doesn't. Which sort of shows that the fee market doesn't work.

Maybe we should invite Mike Hearn back so he can sort this out.

The fee market works great:

https://bitcoinfees.21.co

Can you see who are waiting? Oh yes, those who pay the least.

Do you mind if I copy paste this into a thread I'll make on technical so we can get some proper debate about this?

Sure, why not... but you've already made your mind that block size is all that matters - irregardless of the fact that people are paying near-zero cost fees (whether the low priority 0-1-2 cents guys or the higher priority 3-4-5-6 cents guys), so what difference does it make anyway?

[Fatman3001]

@AlexGR Ok, thx

https://bitcointalk.org/index.php?topic=1381456.new#new