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

[ahpku]

...

Other than the fact that no one is suggesting to have every transaction on-chain, would that be as stupid as your solar/micro hydro solo mining farm?
Or ...not quite?

Actually quite a few Classic supporters are suggesting everything onchain, and there are no plans for payment channels in Classics roadmap-
https://github.com/bitcoinclassic/documentation/blob/master/roadmap/roadmap2016.md

So since I'm also not developing a payment channel, you automatically assume I'm hoping to have every transaction on-chain?
I'm starting to believe in your solar solo mine -- can almost picture you solarizing your way to sovereign prosperity.

[adamstgBit]

high fee hurt bitcoin IMAGE.

Agreed that high fees hurt bitcoins image

Since I read Satoshi's whitepaper in 2011, it's been clear that Bitcoin needs high (aggregate) fees to wean it off block subsidies and ensure its independence.

Can we please not worry about the image perceived by those who don't grok the logos (much less the ethos)?

Higher (aggregate) fees = Bitcoin starting to work the way it's supposed to.

Low fees = Fear/uncertainty/doubt Bitcoin will become self-securing and self-sustaining before its baby bottle runs dry.

here a crazy thought.
when the time comes that miners feel the need for higher fee they will simply not include TX below a minimal fee
until then they simply want to grow the TX vol as much as possible, by whatever means, so that the rise in fee when the time comes can be minial.
suckering them with 0-1 cent fees and then hit them with 5-10 cent TX fees?

no wait thats crazy, lets centrally plan a fee market because miners are babies and they don't to know what's best for them. MOMMY knows what's best, NO MORE TX VOL FOR YOU!

[BitUsher]

high fee hurt bitcoin IMAGE.

Agreed that high fees hurt bitcoins image

Since I read Satoshi's whitepaper in 2011, it's been clear that Bitcoin needs high (aggregate) fees to wean it off block subsidies and ensure its independence.

Can we please not worry about the image perceived by those who don't grok the logos (much less the ethos)?

Higher (aggregate) fees = Bitcoin starting to work the way it's supposed to.

Low fees = Fear/uncertainty/doubt Bitcoin will become self-securing and self-sustaining before its baby bottle runs dry.

I was referring to Higher individual tx fees. I have repeatedly claimed that I want bitcoin fees to be at least 5-10 USD(as it is now when taking into account block reward) on the mainchain. The only way to do this effectively is with payment channels where thousands of channel payments eventually settle to the main chain.

[nicked]

What "lightning network" ?  I don't see any "lightning network".

[ahpku]

...
here a crazy thought.

when the time comes that miners feel the need for higher fee they will simply not include TX below a minimal fee

No. The miners are Chinese, they don't understand rational self-interest like we do, we must bear the white man's burden & govern them. Sternly but fairly. Once they're reeducated, free fee market could be introduced. Gradually.

[BitUsher]

What "lightning network" ?  I don't see any "lightning network".

Its in testnet elements alpha right now. Here is the code -

https://github.com/ElementsProject/lightning
https://github.com/LightningNetwork/lnd

[adamstgBit]

phenomenal!

this is gentlemen!

[marcus_of_augustus]

In the beginning there was only darkness, then Satoshi said to Nakamoto "do we have consensus?" and then there was lightning.

ftfm

[iCEBREAKER]

Americans blah blah blah...

there are very poor countries where even the 2-3-5 cents are actually money that one can do something in their life, like buy something to eat.

Your cranky/jealous/hater stereotyping/generalizing about North Americans ignores the reasons *WHY* we have come to enjoy such supremely comfortable lifestyles.  Pro tip: 1st world status is earned, not handed out like free candy at a pinata party.  Hint: Culture is a form of technology.

Please support your assertion that 2-5 cents will buy something to eat.

Where in the world can you buy a snack for 5 cents?  AFAIK not even Thailand/Cambodia/Nepal/India have such cheap food.  IIRC 35 cents is about the lowest you can go for a meal's worth of calories.

If you know better, share the specifics and I'll update Numbeo accordingly.

[adamstgBit]

We got a winner

In the beginning there was only darkness, then Satoshi said to Nakamoto "do we have consensus?" and then there was lightning.

ftfm

this quote is awesome

[ChartBuddy]

Coin



Explanation

[adamstgBit]

check it out coinbase went ahead and pushed past 415 res. ~2hours ago.

http://bitcoincharts.com/charts/coinbaseUSD#rg2ztgSzm1g10zm2g25zv

[adamstgBit]

https://www.youtube.com/watch?v=uSD4vsh1zDA

[adamstgBit]

i love this girl https://www.youtube.com/watch?v=VQGlcLFhwE0

[BlindMayorBitcorn]

That reminds me I should cash out some of my ETH on a swag new watch...Is what I would be saying right now if you people had told me the shot. Why'd you keep it a secret, hey?!?

Lambie must be rollin' in swag.

[marcus_of_augustus]

https://www.youtube.com/watch?v=MoNU_-__LlQ

if we are trading cards, you'll find a place in your heart for this beautiful mind.

[adamstgBit]

https://www.youtube.com/watch?v=MoNU_-__LlQ

if we are trading cards, you'll find a place in your heart for this beautiful mind.

i love her too! 

[AlexGR]

Americans blah blah blah...

there are very poor countries where even the 2-3-5 cents are actually money that one can do something in their life, like buy something to eat.

Your cranky/jealous/hater stereotyping/generalizing about North Americans ignores the reasons *WHY* we have come to enjoy such supremely comfortable lifestyles.  Pro tip: 1st world status is earned, not handed out like free candy at a pinata party.  Hint: Culture is a form of technology.

Prosperous countries will typically be those who have a very good ratio of resources divided to a population. There is also an alternative combination where a country has a very large service sector (usually financial services or something to that effect) inflating their GDP, which is in turn distributed to a small population.

You can see the prosperity pattern in countries like Canada, Australia, Norway, Switzerland (financial services), oil-rich arab states, etc.

Large populations compared to available resources is what will -typically- lead to poverty. When you have hundreds of millions to billions with finite resources => you have serious problems.

Please support your assertion that 2-5 cents will buy something to eat.
Where in the world can you buy a snack for 5 cents?  AFAIK not even Thailand/Cambodia/Nepal/India have such cheap food.  IIRC 35 cents is about the lowest you can go for a meal's worth of calories.

If you know better, share the specifics and I'll update Numbeo accordingly.

http://www.dailyfinance.com/photos/food-price-comparison-around-the-world/#!fullscreen&slide=988845

That's ~3 cents per egg btw (for India).

[marcus_of_augustus]

That reminds me I should cash out some of my ETH on a swag new watch...Is what I would be saying right now if you people had told me the shot. Why'd you keep it a secret, hey?!?

Lambie must be rollin' in swag.

lambie got a lambo and now's all cool with the crypto revolution?

must have been unrequited lust was the source of all that angst and inner poison ... money lust that is

[MinermanNC]

i love this girl https://www.youtube.com/watch?v=VQGlcLFhwE0

wow she is bad to the bone! lol, my kind of girl      

I watched the whole thing