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

[JayJuanGee]

Attempting to get this thread back on some sort of track

jhahahahahaha

 

how could it be "on track"  or "some sort of track" to bring up the LTC/BTC price?   


To me, that seems to be further off track, than a blocksize/spam discussion.   

[BitUsher]

My wallet's definitely not ready for this.

What wallet did you use, and how much of a fee did you include?

[BlindMayorBitcorn]

My wallet's definitely not ready for this.

What wallet did you use, and how much of a fee did you include?

MultiBit. After the last stress test I pushed the developer to commit to backporting the fee slider changes that are going into HD to MultiBit Classic.

https://github.com/jim618/multibit/issues/710

I should follow up.

[BitUsher]

Bitcoin core's dynamic fee adjustment for "normal" default setting charged me 14 cents and was immediately included in the next block.
My High priority Mycelium tx of 11 cents took 2 blocks to confirm
My normal priority  Mycelium tx of 3 cents too 2 blocks to confirm

Appears that Core wallet more accurately adjusts for fees than Mycelium, and that even extremely small fees in this scenario are getting through in a reasonable amount of time. It makes me wonder about some of the claims being made where people are indicating a multiple hour delay... are they using blockchain.info's shitty wallet which can hold up txs from previous unconfirmed txs or are they putting in fees of less than 3 pennies.... or another possibility ... perhaps the spammer has a continuous amount of tx being sent at a steady pace and the last 4 blocks were all found within 8 minutes allowing for the backlog to be cleared.

My wallet's definitely not ready for this.

What wallet did you use, and how much of a fee did you include?

MultiBit. After the last stress test I pushed the developer to commit to backporting the fee slider changes that are going into HD to MultiBit Classic.

https://github.com/jim618/multibit/issues/710

I should follow up.

Ahhh, yes , one of the few wallets without dynamic fee adjustments ... but even the other ones that do have it need some tweaking it appears. Core wallet appeared to accurately estimate the fee in my test, perhaps simply because it was more aggressive on the recommended fee.

[BlindMayorBitcorn]

^Follow up. It worked!
My words carry weight in this community.

There is a new release of MultiBit Classic at:
https://multibit.org

Version 0.5.19

This contains the following features:
+ Adjustable fees using a fee slider
+ New installer
+ Updated checkpoints file
+ Various bug fixes

Edit: My full node is in the shop.

[bargainbin]

...
Ahhh, yes , one of the few wallets without dynamic fee adjustments ...

Wish there was a way to make my IRL wallet calculate tx fees dynamically... if my centralized, not p2p cash charged me for using it, that is, which it don't

Owait, I bet I can figure out how to make my debit card calculate my fees, dynamically... nope, that legacy finance piece of shit don't charge me nothin' either... dang

[BitUsher]

^Follow up. It worked!
My words carry weight in this community.

There is a new release of MultiBit Classic at:
https://multibit.org

Version 0.5.19

This contains the following features:
+ Adjustable fees using a fee slider
+ New installer
+ Updated checkpoints file
+ Various bug fixes

Hmmm.... It looks like merely a simple fee slider and not a dynamic fee estimation based upon the tx fee market . This means that you will need to use a site like this - https://bitcoinfees.21.co/#delay to get a tx fee estimate before making a tx ... which is poor usability. Wallets should take advantage of the ability to gather and adjust dynamically, which most have , but some do it better than others from my tests.

multibit appears a bit dated.

[Fatman3001]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

[BlindMayorBitcorn]

^Follow up. It worked!
My words carry weight in this community.

There is a new release of MultiBit Classic at:
https://multibit.org

Version 0.5.19

This contains the following features:
+ Adjustable fees using a fee slider
+ New installer
+ Updated checkpoints file
+ Various bug fixes

Hmmm.... It looks like merely a simple fee slider and not a dynamic fee estimation based upon the tx fee market . This means that you will need to use a site like this - https://bitcoinfees.21.co/#delay to get a tx fee estimate before making a tx ... which is poor usability. Wallets should take advantage of the ability to gather and adjust dynamically, which most have , but some do it better than others from my tests.

multibit appears a bit dated.

I'm a bit dated.

[bargainbin]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

Not a problem with a dynamic fee estimator built right into your wallet
P.S. Et tu, Motherboard? How much is the govvy paying you to spread this fud?

[BlindMayorBitcorn]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

I love motherboard. They even got the facepalm.

[marcus_of_augustus]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

some big-blockhead takes a dump in the mempool for the lulz and the chatterati chimps go nutz, so predictable ... these tests are ultimately useful and highly illustrative for bitcoin at this stage of development ... people should be able to clearly envisage now what types of business models make long term sense and those that definitely do not.

[BlindMayorBitcorn]

...
Ahhh, yes , one of the few wallets without dynamic fee adjustments ...

Wish there was a way to make my IRL wallet calculate tx fees dynamically... if my centralized, not p2p cash charged me for using it, that is, which it don't

Owait, I bet I can figure out how to make my debit card calculate my fees, dynamically... nope, that legacy finance piece of shit don't charge me nothin' either... dang

My online smack dealer doesn't accept debit cards tho. And neither does his dissident half-brother in Iran.

Luckily, they can wait.

[bargainbin]

^^
Shop locally, meet interesting people who share your interests

[BitUsher]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

I love motherboard. They even got the facepalm.

The author deserves a face palm because of this quote -

" If you’re trying to buy a coffee with bitcoin, after all, you can’t very well stand around for an hour in the shop. "

Which reflects a deep misunderstanding of bitcoin and the current situation. Even if the blocksize limit were raised to 8MB tommorow and blocks were only 5% full, clients would still need to wait between 5 minutes to 20 minutes on average for 1 conf , and that isn't even secure because of daily forks. Waiting even 10 seconds is completely unacceptable for coffee ... what world do they live in where this is remotely fine?
Conf should be 1 second or less for coffee and that either requires a payment processor or a payment channel to accomplish.

[ChartBuddy]

Coin



Explanation

[BlindMayorBitcorn]

^^
Shop locally, meet interesting people who share your interests

Can't buy good dissidence on the streets these days. It ain't safe!

[bargainbin]

^^
Shop locally, meet interesting people who share your interests

Can't buy good dissidence on the streets these days. It ain't safe!

If by "dissidence" you mean provocatively-posed photos of sexy underage children... For everything else, there's $$$$.

[BlindMayorBitcorn]

http://motherboard.vice.com/read/bitcoin-new-normal-slow-confirmation-block-size-debate

I love motherboard. They even got the facepalm.

The author deserves a face palm because of this quote -

" If you’re trying to buy a coffee with bitcoin, after all, you can’t very well stand around for an hour in the shop. "

Which reflects a deep misunderstanding of bitcoin and the current situation. Even if the blocksize limit were raised to 8MB tommorow and blocks were only 5% full, clients would still need to wait between 5 minutes to 20 minutes on average for 1 conf , and that isn't even secure because of daily forks. Waiting even 10 seconds is completely unacceptable for coffee ... what world do they live in where this is remotely fine?
Conf should be 1 second or less for coffee and that either requires a payment processor or a payment channel to accomplish.

I never understood why anyone would need censorship resistant monies to purchase a beverage, anyway. But that self driving car thing would have been cool. My car pays your car to pass your car on the right. Now that's a future worth living in. Vending machine dreams.

[BitUsher]

I never understood why anyone would need censorship resistant monies to purchase a beverage anyway.

Hmm... well there are some circumstances where a sovereign digital currency can be helpful for buying everyday items like when a person has all their bank accounts frozen or shutdown due to a lawsuit , bank mistake , asset forfeiture, or operation chokepoint and they want to make an internet purchase or tip someone remotely where cash cannot be used. Bitcoin also poses as a backstop to eliminate the effectiveness of banning physical fiat cash as there has been some recent discussions of banning the 100 dollar bill.

But I understand your central point , and agree, bitcoins primary purpose is to serve the underserved markets and act as regulatory arbitrage.

I am proud it is useful on the blackmarkets and deepweb for many purchases.