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

[ChartBuddy]

Coin



Explanation

[Paashaas]

Russia is getting tougher on cryptos:
http://www.coindesk.com/report-russia-to-propose-7-year-prison-sentences-for-digital-currency-issuers/

Russian demand has been accelarating since 2014, what will those communist leaders do next, give Bitcoiners life sentence...?

[ahpku]

Russia is getting tougher on cryptos:
http://www.coindesk.com/report-russia-to-propose-7-year-prison-sentences-for-digital-currency-issuers/

Russian demand has been accelarating since 2014, what will those communist leaders do next, give Bitcoiners life sentence...?

Who knows? 
"The use of Bitcoin cryptocurrency by drug dealers in Russia has shown a 20-time increase over the past two years, the Federal Drug Control Service (FDCS) said Thursday."

Read more: http://sputniknews.com/business/20160225/1035349748/bitcoins-drug-dealiers-russia.html#ixzz42bqDL6GD

[Meuh6879]

Russia is getting tougher on cryptos:
http://www.coindesk.com/report-russia-to-propose-7-year-prison-sentences-for-digital-currency-issuers/

Russian demand has been accelarating since 2014, what will those communist leaders do next, give Bitcoiners life sentence...?

-snip-

[ChartBuddy]

Coin



Explanation

[wachtwoord]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

[adamstgBit]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

the problem is see with that is that it isn't very competitive...

poeple will start using centralized BTC  payment processors 
poeple will start using altcoins

and the idea that we can't do better then 5tx/s is insulting

make segwit
make block interval 2.5mins
make block size 8MB

there i've solved bitcoin scaling! 

[julian071]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto Conaisseurs^TM or COCC^TM for short.

[Fatman3001]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto Conaisseurs^TM or COCC^TM for short.

I like COCC. It rolls so smoothly off the toungue.

Ok, I'm in!

[BlindMayorBitcorn]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto Conaisseurs^TM or COCC^TM for short.

I like COCC. It rolls so smoothly off the toungue.

Ok, I'm in!

Leaves a funny taste in your mouth tho.

[ChartBuddy]

Coin



Explanation

[adamstgBit]

i dont see price sticking to 420 very long... breaking 425 today or tonight is my bet

[8up]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto Conaisseurs^TM or COCC^TM for short.

I like COCC. It rolls so smoothly off the toungue.

Ok, I'm in!

Do you really think the $$$ would be worth anything if just the elite was using it. I guess we will figure out pretty soon, that the dollar is worth not-a-thing... Because what we see these days is money concentrated in the hands of very few. Money that doesn't buy you anything, isn't worth anything.

[molecular]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

high friction (tx fees) enable fractional banking (which we wanted to get rid of in the first place)

[Elwar]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

In 2140

[adamstgBit]

if you have netflix watch this movie tonight https://www.youtube.com/watch?v=strEm9amZuo
DOPE!
apparently bitcoin is in it.

[Elwar]

if you have netflix watch this movie tonight https://www.youtube.com/watch?v=strEm9amZuo
DOPE!
apparently bitcoin is in it.

yep, good movie

[molecular]

if you have netflix watch this movie tonight https://www.youtube.com/watch?v=strEm9amZuo
DOPE!
apparently bitcoin is in it.

it's almost about bitcoin

pretty cool movie

[Tzupy]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

the problem is see with that is that it isn't very competitive...

poeple will start using centralized BTC  payment processors 
poeple will start using altcoins

and the idea that we can't do better then 5tx/s is insulting

make segwit
make block interval 2.5mins
make block size 8MB

there i've solved bitcoin scaling! 

Sure... and in the process make the blockchain grow by 1TB / year instead of ~30GB / year... good thinking...

[Fatman3001]

Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....

Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto Conaisseurs^TM or COCC^TM for short.

I like COCC. It rolls so smoothly off the toungue.

Ok, I'm in!

Leaves a funny taste in your mouth tho.

If you start eating some pineapple and lay off the tacos I think it should be ok.

I'm of course assuming you're a fellow member.

I like COCC. It rolls so smoothly off the toungue.

Ok, I'm in!

Do you really think the $$$ would be worth anything if just the elite was using it. I guess we will figure out pretty soon, that the dollar is worth not-a-thing... Because what we see these days is money concentrated in the hands of very few. Money that doesn't buy you anything, isn't worth anything.

Hey, I'm just here for the abbreviation. Don't get all political on me. Or at least tell me when, so I can close my eyes.