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

[Adrian-x]

I think you need to "try again", that's such a week response. and I suppose the Block limit is just a temporary limit that can be removed when transaction volume approaches the limit.

who said that? surely not satoshi

So we agree on one satoshi quote, but it's hardly relevant you need to make up your mind independently of authority.  

[Fatman3001]

Ahh... The Wonder And Beauty of a planned economy.

[8up]

Ahh... The Wonder And Beauty of a planned economy.

+1 it's actually quite funny, when libertarians turn into communists.

[ChartBuddy]

Coin



Explanation

[hdbuck]

Ahh... The Wonder And Beauty of a planned economy.

+1 it's actually quite funny, when libertarians turn into communists.

bitcoin is not a democracy.

[Cconvert2G36]

Spam limit working as intended 

no the transactions centralized control deemed undesirable were not written to the blockchain  but bloated the Mempool, something that was not supposed to happen.

Mempool bloat? Meh, just another spam attack. Honeybadger eats those for lunch.

$0.06 to get in the next block! Who's buying?

AlexGR was happy to remind us it was $0.04 (we should be using sat/byte btw) a week ago. So... 50% growth in a week boys! Can you smell that predictability and competitive advantage? Mewn sewn!

An aside: You, BitUsher, AlexGR, and hdbuck all joined the forum around the same time... can you guess who was first?  

[brg444]

The network, not Core, not centralized policies, decide if your transaction is good or not.

hardly, its those who manage to veto the proposals to allow blockchain grow that exert control what transactions become valid - demand is moving off bitcoin blockchain and your calibrating.   

By those you mean 4000 nodes and about 80% of the mining power?

The standoff is just FUD and censorship if anyone knows how much the PR cost to keep control of Bitcoin Development you should have an idea. How sustainable is it?  

most people want to avoid corporate control of bitcoin and you keep telling us Blockstream has no influence, its independent bitcoiners who are corrupted by corporate control. I get it.

The standoff is actually called status quo in absence of any interesting option.

You didn't really think your merry bunch of mental midgets could fork bitcoin did you?

[Cconvert2G36]

https://twitter.com/lopp/status/703769346921930757/photo/1

Bitter Big blocker spamming the network?

That was the crawler used by the DDoSer that nailed all the classic ip's this weekend.

[Adrian-x]

Ahh... The Wonder And Beauty of a planned economy.

+1 it's actually quite funny, when libertarians turn into communists.

No whats funny is that bitcoin has fallen victim to the exact same problem, while under control of the exact same PTB.
the existing Financial incumbents are seeing a return on there investment in Bitcoin already, despite the fact that they didn't have to buy one single bitcoin.

welcome to the future.

[Cconvert2G36]

Who should decide what the fair price of a tx is?

Competition between miners.

Sounds good to me! The old supply/demand dynamic, right?

Now, who should decide how much demand there is for tx?
Who should decide what the supply of tx is?

Demand is demand. Supply is supply. Free market is balancing supply and demand.
Every miner decides which is the lowest tx fee (cut-off level) for every particular block.
If tx fee for extended period is too low miners will go out of this business.
If tx fee for extended period is too high new miners will enter this business.
What don't you understand?

So much fail...

Do you even supply curve, broh? Do you even central plan?

[BlindMayorBitcorn]

... no way they are investing in Eth chain directly , that is being done mainly by young adults and teenagers who want to catch the next big IPO wave without understanding the fact that Ethereum Bitcoin has no practical use cases. ...

...well, other than CP, shitty drugs & extortion, I mean.

Hey! That's factually inaccurate!

https://www.deepdotweb.com/2016/02/19/research-drugs-bought-on-the-dark-net-are-better-in-quality/

[brg444]

Ahh... The Wonder And Beauty of a planned economy.

+1 it's actually quite funny, when libertarians turn into communists.

No whats funny is that bitcoin has fallen victim to the exact same problem, while under control of the exact same PTB.
the existing Financial incumbents are seeing a return on there investment in Bitcoin already, despite the fact that they didn't have to buy one single bitcoin.

welcome to the future.

Didn't you sell your bitcoins anyway? Why do you care?

I mean face it Blockstream won, time to jump ship to a new altcoin. Better luck next time

[bargainbin]

...
bitcoin is not a democracy.

[tommorisonwebdesign]

Ahh... The Wonder And Beauty of a planned economy.

+1 it's actually quite funny, when libertarians turn into communists.

bitcoin is not a democracy.

What do you mean? We have rights and liberties to spend Bitcoin on whatever we want, right?

[bargainbin]

... no way they are investing in Eth chain directly , that is being done mainly by young adults and teenagers who want to catch the next big IPO wave without understanding the fact that Ethereum Bitcoin has no practical use cases. ...

...well, other than CP, shitty drugs & extortion, I mean.

Hey! That's factually inaccurate!

https://www.deepdotweb.com/2016/02/19/research-drugs-bought-on-the-dark-net-are-better-in-quality/

Wait, a website about DNMs claims DNM drugs are better?
Well color me surprised!

P.S. Haven't checked the "study by the Lisbon-based European Monitoring Centre," but my guess is their "researchers" are not my wholesome, God-fearin' American runners.

[JayJuanGee]

price will rise before it rises higher.


can't you see it happening?

420 is just the beginning

so whats the target price for February ? 500 600

i think is stuck range 400 - 500 ... bitcoin is selling the halving .

close... i think 350 to 500 is their range they are stuck in .. #paralyzed #GimpCoin

We gotta take bitcoin prices, one step at a time.  We are in a pretty decent "paralyzed" price range at the moment, especially, if you consider where we were 1 year ago... or even if you consider where we were 3 years ago (now, 2 years ago is another story... hahahahahaha)

Anyhow, back on point>>>> If prices go above $467, then to me it seems pretty likely we are going to break past $500, and if we break past $500, then likely the next major resistance point would be between $550 and $650; however, I am not willing to suggest that we are out of the $400s, even if we were to break into the $500s in the next few weeks.

As far as the downside,  $350 does seem like a pretty strong support level, so at this time, it would take a pretty sizeable amount of FUD to convince people to sell below that price point..... Upper $300s is in striking distance, but even that doesn't seem so likely at the moment...... given our paralysis that currently is largely between $416 and $440 (hovering in the upper end at the moment, and cannot really complain about that - unless you are a Mr. Aztec type or a BJA type or some other whiner that is trying to find reasons to complain). 


Edit:  On a side note, even some of the bears seem a bit more cheerful lately with rising prices... so possibly, the solution to a lot of the various whining is to bring up the price past $555 in order that we can experience a kind of Kumbaya moment.

[BlindMayorBitcorn]

... no way they are investing in Eth chain directly , that is being done mainly by young adults and teenagers who want to catch the next big IPO wave without understanding the fact that Ethereum Bitcoin has no practical use cases. ...

...well, other than CP, shitty drugs & extortion, I mean.

Hey! That's factually inaccurate!

https://www.deepdotweb.com/2016/02/19/research-drugs-bought-on-the-dark-net-are-better-in-quality/

Wait, a website about DNMs claims DNM drugs are better?
Well color me surprised!

The study, by the Lisbon-based European Monitoring Centre for Drugs and Drug Addiction, examined the rise of online drug markets, their impact on society, gangland crime and law enforcement.

[becoin]

I'm banning all 'classic' and XT nodes as transactions sent by those spammers are not valid transactions. They are altcoin promoters.

What is it in the tx data that makes them invalid?

I'm not obliged to explain again and again why free block space to every bitcoin spammer will ruin bitcoin. I've made enough efforts. I'm the owner of the node I run. I decide which tx are valid and which are not! Time to end futile discussions with big blocktards. It is time to act.

Certainly, it is within your power and within your right to refrain from forwarding any transactions as you desire. But that does not really answer the question.

I've already answered your question. Bitcoin is a mathematically enforced democracy, buddy. Be part of the majority (> 51%) or be part of the losers. Get used to it!

[aztecminer]

Ahh... The Wonder And Beauty of a planned economy.

+1 it's actually quite funny, when libertarians turn into communists.

bitcoin is not a democracy.

What do you mean? We have rights and liberties to spend Bitcoin on whatever we want, right?

well first you will have to find a block that isn't full for one thing ...

[bargainbin]

@BlindMayorBitcorn: See my edit above. Yes, I'm certain a neckbeard would get ripped off harder by buying on the street
How do studies like that get conducted? Who structures them? Is it failures (those who get popped/end up in hospitals) that comprise the sample of "street buyers"?