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

[Dilla]

yep^

 i hate fudsters who have no idea what they are talking about,

[inca]

And anytime BillyJoeAllen posts about a supposed "block size armageddon", all you need to do is post this as reply:

It doesn't matter what % of blocks are full you stupid fucks.  All that matters is what the average transaction fee is.  Since there is no minimum transaction fee, the blocks are basically designed to be full at all times eventually even if you set it to 100MB blocks.  Segwit + hard fork in 2017 = 3.2MB blocks.  Then schnorr multisig on top of that should lower transaction sizes and increase TPS further.

IQ's dropped sharply round here it seems. Anyone suggesting blocks being full is not a problem and those raising it are 'stupid fucks' is being naive in the extreme. Focusing on the transaction fee is absolutely irrelevant. If my transaction won't confirm because transaction fees have risen by 2c from my last transaction - due to full blocks and rising network demand - stating the transaction fee average is low isn't much use to me because bitcoin isn't working as a payment system.

For bitcoin to succeed as a base payment ledger for the internet it needs to be functional and work for end users. You know, the guys who actually give it value. There is a lot of melodrama in this debate. But the minute bitcoin becomes persistently unreliable as a payment network with no realistic proposition of resolution and alternative chains or payment media which do not suffer the same problems, then it's market cap will take a dive of epic proportions.

[billyjoeallen]

And anytime BillyJoeAllen posts about a supposed "block size armageddon", all you need to do is post this as reply:

It doesn't matter what % of blocks are full you stupid fucks.  All that matters is what the average transaction fee is.  Since there is no minimum transaction fee, the blocks are basically designed to be full at all times eventually even if you set it to 100MB blocks.  Segwit + hard fork in 2017 = 3.2MB blocks.  Then schnorr multisig on top of that should lower transaction sizes and increase TPS further.

It's easier to cause a network disruption if the network is already operating at maximum capacity. This is similar to the ease of creating a traffic jam during rush hour as opposed to another time. Fees will rise rapidly and chaotically if a spammer fills blocks. A prolonged attack will very likely cause the price to drop and allow the attacker to more than recover the fees by shorting. 

It's only a matter of time before this happens again.

[marcus_of_augustus]

6

[Wings1987]

It has been a long time since I have posted. Coming back and seeing nothing but block size debate is frustrating.

What is everyone's take on this interview with Trace Mayer? He certainly has strong opinions but hearing his podcast interviews with some of the core devs has given me a different outlook on the issue.

https://www.youtube.com/watch?v=aV_5GonmRzU

[r0ach]

And anytime BillyJoeAllen posts about a supposed "block size armageddon", all you need to do is post this as reply:

It doesn't matter what % of blocks are full you stupid fucks.  All that matters is what the average transaction fee is.  Since there is no minimum transaction fee, the blocks are basically designed to be full at all times eventually even if you set it to 100MB blocks.  Segwit + hard fork in 2017 = 3.2MB blocks.  Then schnorr multisig on top of that should lower transaction sizes and increase TPS further.

It's easier to cause a network disruption if the network is already operating at maximum capacity. This is similar to the ease of creating a traffic jam during rush hour as opposed to another time. Fees will rise rapidly and chaotically if a spammer fills blocks. A prolonged attack will very likely cause the price to drop and allow the attacker to more than recover the fees by shorting.  

It's only a matter of time before this happens again.

Your post makes 0 sense because it implies just increase block size forever until it's able to handle all microtransactions on the planet.  Bitcoin can only function as a checkbook type device for large transactions at best, or as a clearing network at worst.  My personal estimates that I've researched to be able to accomplish this checkbook feat (as in cars, boats, houses, expensive but mainstream things that are several thousand in value) is around 8-10MB blocks (and we're talking trillions in market cap here).  3.2MB (what will be implemented in 2017) is starting to get close, so there's no reason to be dramatic and stupid about things.  After block size doubles from that 3.2MB point, most of the glass ceiling on price will be gone.

[marcus_of_augustus]

Gearing up for 4/20 yet?

Why pot shops in the U.S. will soon set sales records

...that kind of celebratory atmosphere gets everyone in the industry jazzed.

[BayAreaCoins]

Gearing up for 4/20 yet?

Why pot shops in the U.S. will soon set sales records

...that kind of celebratory atmosphere gets everyone in the industry jazzed.

That's kinda what I was expecting.

At least a rise about $430-$450 I'd bet.

We are a week away.  

www.Grasscity.com accepts Bitcoin (pipes and such) - http://www.worldwide-marijuana-seeds.com/ accepts Bitcoin (great seed company) - then a number of Tor browser markets accept Bitcoin as well (we all know this one)

[Mrpumperitis]

http://cointelegraph.com/news/uk-regulators-declare-start-of-beautiful-friendship-with-bitcoin-ethereum
The United Kingdom is widely recognized as the most welcoming regulatory environment for Fintech companies.  

A bit more cheerful than Russia then. They've really got to get some banks to play though. Hopefully Fidor are going to do something but they may well be frozen out by the biggies.

https://bitcoinmagazine.com/articles/bitcoin-payments-company-circle-scores-partnership-with-barclays-and-e-money-license-for-uk-expansion-1460126860
Bitcoin Payments Company Circle Scores Partnership With Barclays and E-Money License for UK Expansion
“Bitcoin Bank” Circle announced that people in the U.K. can now experience social payments over the open Internet in their native currency, pound sterling (GBP), using Circle’s updated apps for Android, iOS and the Web. The company was granted an e-money license by the U.K. Financial Conduct Authority.
 make GBP payments instantly, with zero fees  
Circle also announced that it’s eliminating transaction and withdrawal limits for customers in all of the 150+ countries where Circle is available.
According to The New York Times, this is the first time that a large global bank has agreed to work with a Bitcoin company. 
lol

[r0ach]

www.Grasscity.com accepts Bitcoin (pipes and such) - http://www.worldwide-marijuana-seeds.com/ accepts Bitcoin (great seed company) - then a number of Tor browser markets accept Bitcoin as well (we all know this one)

Contrary to popular belief, not everyone uses Bitcoin to buy crack on the internet.  There are many reputable, upstanding day traders and financial speculators too.

[BayAreaCoins]

www.Grasscity.com accepts Bitcoin (pipes and such) - http://www.worldwide-marijuana-seeds.com/ accepts Bitcoin (great seed company) - then a number of Tor browser markets accept Bitcoin as well (we all know this one)

Contrary to popular belief, not everyone uses Bitcoin to buy crack on the internet.  There are many reputable, upstanding day traders and financial speculators too.

You buy crack from the homeboy on the corner.  

And plenty of people use Bitcoins for pipes, seeds and other pot products.

Enough people use BTC for pot related shit that I imagine we see the buyers out weigh the sellers this upcoming week.

[beastmodeBiscuitGravy]

No need to grassp at straws boyz, erecting wicker aircraft is fine for passing some time... but it likely won't attract more cargo. Besides, potheads?… Notoriously unreliable, and poor, according to recent surveys.

The answer is right above you, r0ach delivered it, with nary an “amen” in response. There’s a glass (titanium?) ceiling on the middle part of 400, best just wait for segregated weetness this month (April), and the bifurcation of the node network… then, with a sigh of relief, the party starts. Yeah I said it, Mewn Thyme.

[marcus_of_augustus]

www.Grasscity.com accepts Bitcoin (pipes and such) - http://www.worldwide-marijuana-seeds.com/ accepts Bitcoin (great seed company) - then a number of Tor browser markets accept Bitcoin as well (we all know this one)

Contrary to popular belief, not everyone uses Bitcoin to buy crack on the internet.  There are many reputable, upstanding day traders and financial speculators too.

Scythians?

The Real Spartan Warriors 2,400 year old Gold Bongs

The Greek historian claimed that the Scythians used a plant to produce smoke “that no Grecian vapour-bath can surpass … transported by the vapor, [they] shout aloud.”

Because the sticky residue was found on the inside of the vessels, Belinski and Gass think they were used to brew and drink a strong opium concoction, while cannabis was burning nearby. “That both drugs were being used simultaneously is beyond doubt,” said Anton Gass, an archaeologist at the Prussian Cultural Heritage Foundation in Berlin.

[shmadz]

It has been a long time since I have posted. Coming back and seeing nothing but block size debate is frustrating.

What is everyone's take on this interview with Trace Mayer? He certainly has strong opinions but hearing his podcast interviews with some of the core devs has given me a different outlook on the issue.

https://www.youtube.com/watch?v=aV_5GonmRzU

Dude, nice video.

He's obviously trashed, just plastered. He probably had to do three lines of coke just to be able to sober up enough to do that video.

Party on, Trace!

Also, dash is a scam.

Edit° here's an interview with Garzik - I'm not a big block advocate, but a lot of what Garzik says makes sense.

https://m.soundcloud.com/bitcoinuncensored/jeff-garzhik-weighs-in-on-bloq-blocksize-and-bitcoin-governance-040516

Enjoy.

[billyjoeallen]

And anytime BillyJoeAllen posts about a supposed "block size armageddon", all you need to do is post this as reply:

It doesn't matter what % of blocks are full you stupid fucks.  All that matters is what the average transaction fee is.  Since there is no minimum transaction fee, the blocks are basically designed to be full at all times eventually even if you set it to 100MB blocks.  Segwit + hard fork in 2017 = 3.2MB blocks.  Then schnorr multisig on top of that should lower transaction sizes and increase TPS further.

It's easier to cause a network disruption if the network is already operating at maximum capacity. This is similar to the ease of creating a traffic jam during rush hour as opposed to another time. Fees will rise rapidly and chaotically if a spammer fills blocks. A prolonged attack will very likely cause the price to drop and allow the attacker to more than recover the fees by shorting.  

It's only a matter of time before this happens again.

Your post makes 0 sense because it implies just increase block size forever until it's able to handle all microtransactions on the planet.  Bitcoin can only function as a checkbook type device for large transactions at best, or as a clearing network at worst.  My personal estimates that I've researched to be able to accomplish this checkbook feat (as in cars, boats, houses, expensive but mainstream things that are several thousand in value) is around 8-10MB blocks (and we're talking trillions in market cap here).  3.2MB (what will be implemented in 2017) is starting to get close, so there's no reason to be dramatic and stupid about things.  After block size doubles from that 3.2MB point, most of the glass ceiling on price will be gone.

No, not forever, but we do need to have room for a critical mass of users. This will draw in more resources to work on the scaling problem.  If we don't have a critical mass (and I don't know how large that has to be except more than we have), development resources may be diverted to an altcoin(s) that can overcome our first mover advantage.   

[billyjoeallen]

Lightning network is a bunch of sidechains. It will almost certainly not be economically viable until Bitcoin's market cap is orders of magnitude higher than it is now. To achieve that, we need on-chain scaling and we need it before another cryptocurrency diverts the resources necessary to make it happen. This is urgent.

Bitcoin is becoming more and more like a premined coin with the existing monetary base large and growing. Coins are more distributed, but that is a limited advantage because hodlers have less individual incentive to promote adoption due to free riders benefiting who don't participate in that promotion.

Before average blocksize approached the 1 MB limit, something else prevented blocks from filling up besides fees. xactions were effectively free and blocks still did not fill up. That something was orphan risk. Large blocks propagate slower and are at a higher risk of getting orphaned. That is why fears of spam-filled blocks is overblown. That risk is always present. That is a reason why some miners mine empty blocks.

SegWit is riskier than a 2MB hard fork because it is a more radical change to the protocol.  I hope it works, but there is uncertainty that needs to be factored in.  In my opinion, it is reckless to attempt such a radical change instead of a simple 2MB hard fork because it may prevent the rally that would otherwise occur at the halving in July.  Markets hate uncertainty.  The more complicated the upgrade, the easier it is for bears and trolls to spread technobabble FUD. The more complicated the upgrade, the more things that can go wrong, similar to a machine with more moving parts. 

We are not out of the woods yet. We are just getting to the woods. 

[marcus_of_augustus]

^^ said the techno-babbling FUDster bear extraordinaire ... god what a total full time tool you've become.

[DaRude]

Lightning network is a bunch of sidechains. It will almost certainly not be economically viable until Bitcoin's market cap is orders of magnitude higher than it is now. To achieve that, we need on-chain scaling and we need it before another cryptocurrency diverts the resources necessary to make it happen. This is urgent.

Bitcoin is becoming more and more like a premined coin with the existing monetary base large and growing. Coins are more distributed, but that is a limited advantage because hodlers have less individual incentive to promote adoption due to free riders benefiting who don't participate in that promotion.

Before average blocksize approached the 1 MB limit, something else prevented blocks from filling up besides fees. xactions were effectively free and blocks still did not fill up. That something was orphan risk. Large blocks propagate slower and are at a higher risk of getting orphaned. That is why fears of spam-filled blocks is overblown. That risk is always present. That is a reason why some miners mine empty blocks.

SegWit is riskier than a 2MB hard fork because it is a more radical change to the protocol.  I hope it works, but there is uncertainty that needs to be factored in.  In my opinion, it is reckless to attempt such a radical change instead of a simple 2MB hard fork because it may prevent the rally that would otherwise occur at the halving in July.  Markets hate uncertainty.  The more complicated the upgrade, the easier it is for bears and trolls to spread technobabble FUD. The more complicated the upgrade, the more things that can go wrong, similar to a machine with more moving parts. 

We are not out of the woods yet. We are just getting to the woods. 

Exactly, that's why we need to knock out the "complicated" segwit right now before mass adoption 

[pinger]

"Man buys bitcoin forum off complete and utter faggot, makes the forum great again"

"Signature spammers automatically banned"

"brown people who speak retarded gibberish english go back to whatever shithole they came from"

"Two months after man buys bitcoin forum off faggot, bitcoin price soars"

I remember all bitcointalk members this thread is about BTC price movement, so please stay on toppic.

Waiting ATH at summer, please hold on until I get money to invest, this price is just fine.

[Meuh6879]

I ALWAYS wanted Theymos to encourage brown people to speak nonsensical english spamming some scammers signature

Hold on to your hats gentlemen, don't think I won't buy this shithole of a forum off theymos in the future and Make Bitcointalk Great Again!

i can find white people with brown speakable language : https://www.youtube.com/watch?v=kTtxnW9JkB4