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

[JayJuanGee]

Anybody have a way to contact the head of Bitcoin?  I'm trying to send some and it's been 44 minutes since the last block and I see that all the recent blocks have been full.  Maybe they can hit the reset button.  Thanks

I wonder why I get the sense that you are a bit of a drama queen.  You came on here previously with your supposed delayed transmission drama, and without really providing too many details..... but seem to be wanting to claim some hype in respects to supposed delays and presumptions that bitcoin is broken in some manner.

Really, do we want to build in some kind of presumption that bitcoin is going to currently compete with credit cards in terms of speed or in terms of someone taking responsibility in the event that something goes wrong with our transaction?

 Bitcoin is a bit of a different beast, but it seems quite unfair to suggest that bitcoin is serving the same purpose as some other quick value transformation mechanism.. at this stage in it's existence... Accordingly, security should be much more important than speed - especially when the blockchain is security at least $7 billion in value, and likely in the fairly near future will be securing close to $100billion... In that regard, we don't want bitcoin to be taking any shortcuts in order to appease some complainers who seem to be expecting too much too quickly.

Your post caused me to look up block average size and median transaction time (with fees) on blockchain.info charts, and I saw that blocks appear to be pretty full (about 90% average), yet average confirmation time with fees seems reasonable (at about 10 minutes).

Coincidentally, I sent a transaction of about 1.6 BTC (about $740), and I included a .00007241 BTC fee (about $.03), and it went through high priority and in 13 minutes.  That is quite amazing, if you really think about it, and I would remain amazed if the fee was a bit higher (double or triple) and/or if the transaction time took longer (an hour or so).. but yeah, I kind of enjoy low fees and quick transaction times, and in the coming months we are probably going to experience more of this good stuffs with the activation of seg wit and various developments of seg wit.

[whored]

Coincidentally, I sent a transaction of about 1.6 BTC (about $740), and I included a .00007241 BTC fee (about $.03), and it went through high priority and in 13 minutes.  That is quite amazing, if you really think about it, and you're easily amazed.

My CC goes through in about 3 seconds total.
*And* it lends me money for free.
*And* if I accidentally pay a million dollars for a pair of alpaca socks, no worries, I get it right back.
*AND* if the trustworthy retailer mails me some dog poop instead of the alpaca socks I paid for, I can get my money back too.

Now *that's fucking AMAZING*

[JayJuanGee]

Coincidentally, I sent a transaction of about 1.6 BTC (about $740), and I included a .00007241 BTC fee (about $.03), and it went through high priority and in 13 minutes.  That is quite amazing, if you really think about it, and you're easily amazed.

My CC goes through in about 3 seconds total.
*And* it lends me money for free.
*And* if I accidentally pay a million dollars for a pair of alpaca socks, no worries, I get it right back.
*AND* if the trustworthy retailer mails me some dog poop instead of the alpaca socks I paid for, I can get my money back too.

Now *that's fucking AMAZING*

First of all, whored, you substantively changed my quote, which is a bit disingenuous.

Second, you can be amazed as you like regarding various centralized credit card services that you use, and you should continue to use them because they are going to provide some benefits that bitcoin does not currently provide....  No one is telling you not to use various services that bring a large number of benefits to you. 

Third, my main point is to assert that bitcoin also provides a lot of amazement, and it may not be the same kinds of amazements of other centralized services, but it is still amazing in a variety of innovative ways... that may or may not be exactly comparable, but can be individualized in a variety of "amazing" ways that are likely going to become even more "amazing" with the passage of time and the continued development of the space... that's part of the reason why when you zoom out on bitcoin's price performance you seem "amazing" price growth, apparently current upward price pressures, and seemingly likely ongoing upward price movements that will be seen in the future.

You can choose your own destiny regarding the extent to which, or not, that you invest into bitcoin.. or you can choose to go around touting various centralized systems... not a big deal, and sure bitcoin may well be absorbing some of those advantages that you tout to the extent that it needs to - even though it may well offer other advantages that exceed the supposed "amazing" ones that you are currently enjoying through your various credit card systems (that I currently use, too, and many of us likely use some of those credit card services)

[whored]

Third, my main point is to assert that bitcoin also provides a lot of amazement, and it may not be the same kinds of amazements of other centralized services, but it is still amazing in a variety of innovative ways...

-The cost of mining 1 bitcoin is only slightly lower than the price of 1 bitcoin, mostly in burnt hydrocarbons. *AMAZING*
-Bitcoin inflation rate is 10% per annum. *Amazing*
-Currently, bitcoin can handle a sustained rate of roughly 3 transaction per second, the average transaction volume generated by one mid-sized US shopping mall. *Amazing*
-A few days ago, someone paid $136,000 to send $0.05. *Ahahahamazing* (SFYL)
-An average bitcoin user is functionally illiterate. Sad, yet *AMAZING*

Forgot what amazed me about my credit card, let's see...

Coincidentally, I sent a transaction of about 1.6 BTC (about $740), and I included a .00007241 BTC fee (about $.03), and it went through high priority and in 13 minutes.  That is quite amazing, if you really think about it, and you're easily amazed.

My CC goes through in about 3 seconds total.
*And* it lends me money for free.
*And* if I accidentally pay a million dollars for a pair of alpaca socks, no worries, I get it right back.
*AND* if the trustworthy retailer mails me some dog poop instead of the alpaca socks I paid for, I can get my money back too.

Now *that's fucking AMAZING*

Huh. I guess you're right, booth CC and Bitcoin are amazing

[AlexGR]

Can I send you 0.01 or 1$ to your CC?

Bitcoin = bidirectional, like paypal.

[whored]

Can I send you 0.01 or 1$ to your CC?

Bitcoin = bidirectional, like paypal.

Can you be any more contrived? Were you planning to send me 0.01 or 1$? Please don't, that's exactly the sort of shit annoying changetip creeps do, don't do it.

Bitcoin is nothing like PayPal. PayPal underwrites my transactions.
When I deal with you via PayPal and you stiff me (don't deny it, you would), I get my money back. If you were good & managed to cash out, PayPal eats the loss.

Bitcoin, on the other hand, can't give me my money back if I accidentally pay $136,000 to spend .05
If you really want to find something similar to bitcoin IRL, think fleshlight that turns into a meat grinder if you don't program it just right.

P.S. But if I did accept CC, sure, you could send me a penny, though it would be a real dick thing to do.

[r0ach]

-Bitcoin inflation rate is 10% per annum. *Amazing*

Wrong.  Post-halving inflation is 4%.  You will see Bitcoin start to obliterate these hyperinflating South American currencies after halving.

-Currently, bitcoin can handle a sustained rate of roughly 3 transaction per second, the average transaction volume generated by one mid-sized US shopping mall. *Amazing*

Another wrong.  Schnorr signatures will lower transaction overhead to increase TPS, plus payment channels from segwit giving you unlimited TPS with garbage collection.  Even without payment channels, it only requires around 8MB blocks for Bitcoin to function as a checkbook type payment system for large value transactions accessible to 1st world middle/upper middle class at full market adoption of trillions in market cap.  Imminent segwit release goes to 1.6MB, then hard fork to raise block size is in 2017, so it will be 3.2MB then.  

Assuming payment channels didn't even exist, you would only need one block size increase from there to remove the glass ceiling on price completely.  I don't know how the whole payment channels and sidechains thing will play out.  It might not be required to raise block size at all and payment channels, sidechains, or both will drive the expansion.  For the consumer that only makes 1 payment to a random entity then never does business again, payment channels are not useful, but for any two entities that do lots of repeat business, payment channels should provide enormous increase in capacity.

Since you only need around 8MB blocks to remove most of the glass ceiling on price, 3.2MB blocks + payment channels combined might, or maybe even probably do it entirely.  Bitcoin will likely be ready for worldwide adoption in 2017.

[whored]

Disgusting insect:
I'm not talking about what's been promised, or what will be. I'm talking about what is, now.
Now make like I just turned on the light and scurry away.

[JayJuanGee]

Third, my main point is to assert that bitcoin also provides a lot of amazement, and it may not be the same kinds of amazements of other centralized services, but it is still amazing in a variety of innovative ways...

-The cost of mining 1 bitcoin is only slightly lower than the price of 1 bitcoin, mostly in burnt hydrocarbons. *AMAZING*

Look at you?? Trolling your little newbie head off... Your employer must be getting desperate.   

O.k... I will bite for a little while, even though it may be a waste of time to engage with you.


There is a lot going on with mining in terms of securing the network for the present and for the future.... it is a small cost to pay, and generally seems to be borne by the chinese government through its subsidization or electricity.

 Furthermore, investors in mining are also bearing costs and taking risks, and in the end, each of them individually is betting that in the present (and maybe even the future, to the extent that they are hodling coins or expanding their mining business) they are going to profit from their participation in such business.... so who the fuck cares?  They are rational actors who can choose for themselves the extent they want to invest into mining and whether they calculate that it is going to be profitable for them. 

Your point about hydrocarbons.. so fucking what.. sounds like an ethereum talking point.  Powering the internet takes a lot of power, too, and we are not shutting it down because it provides a lot of benefits... same is true and going to continue to be true of our lovelie lil bitcoin friends and its network that is secured through decentralized computing power.

-Bitcoin inflation rate is 10% per annum. *Amazing*

Your taking a quasi-irrelevant and nonsensical snap-shot that truly misses a variety of points, because it is out of context.  No need for me to comment further regarding your laziness in terms of this point.

-Currently, bitcoin can handle a sustained rate of roughly 3 transaction per second, the average transaction volume generated by one mid-sized US shopping mall. *Amazing*

Bitcoin transactions are doing fine for its current status and size.. .and yep, another out of context snapshot... see my response to your other above snapshot point.   

-A few days ago, someone paid $136,000 to send $0.05. *Ahahahamazing* (SFYL)

I looked up "SFYL", but I couldn't figure out what it meant.

If true, and not created by the government or big banks... this surely is a big mistake, and the public nature of bitcoin allows us to see it...

Being able to see the discrepency is amazing in comparison to centralized systems.  I believe the story is that the miner is looking for the person who lost the coins... and the funny thing is that the public is making a big deal out of it in part because they are having trouble identifying who is out $136k.

-An average bitcoin user is functionally illiterate. Sad, yet *AMAZING*

Where did you get this supposed convenient and seemingly self-serving "fact"?  Did you pull it out of your anus, to the extent that you are a real person, and not a bot?

Forgot what amazed me about my credit card, let's see...
 

I didn't forget, so there is no need to quote yourself again.

Huh. I guess you're right, booth CC and Bitcoin are amazing

You seem to be attributing something to me that I did not say... I said bitcoin is amazing, and you said that your credit card is amazing.  I did not say both were amazing.

I appreciate your points to the extent that they are potentially relevant to bitcoin, yet we do not really need to go down a rabbit hole in discussing credit cards because bitcoin is not a credit card, as we should already realize it provides a different kind of amazement that may overlap with some of the credit card services but not be exclusively such.  AMAZING!!!!!

[JayJuanGee]

Disgusting insect:
I'm not talking about what's been promised, or what will be. I'm talking about what is, now.
Now make like I just turned on the light and scurry away.

It doesn't really matter if you are attempting to lock the conversation in some kind of narrow technical and almost irrelevant point regarding the present or some convenient and self-serving description of a snapshot that you would like to portray because bitcoin is not anywhere near a static or an established service... so the now is merely a place where bitcoin is that is going to project bitcoin into the future.. and bitcoin is currently in a real good position for a variety of future developments including the ones mentioned by rOach.

[whored]

< snip >

-A few days ago, someone paid $136,000 to send $0.05. *Ahahahamazing* (SFYL)

I looked up "SFYL", but I couldn't figure out what it meant.

Here, let me turn you on to a hardcore scientist research trick I picked up back at NASA:
http://s32.postimg.org/z8fv36o5x/Capture.gif

If true, and not created by the government or big banks...

Sure it's true, here, brought to you by paradigm-shifting disruptive technology of THE blogchain:
https://blockchain.info/tx/cc455ae816e6cdafdb58d54e35d4f46d860047458eacf1c7405dc634631c570d

this surely is a big mistake, and the public nature of bitcoin allows us to see it...

Being able to see the discrepency is amazing in comparison to centralized systems.  I believe the story is that the miner is looking for the person who lost the coins... and the funny thing is that the public is making a big deal out of it in part because they are having trouble identifying who is out $136k.

I guess we're impressed by different stuff. You prefer to look at your $135k blunder on the blogchain, while I prefer being able to get it back.
Different strokes
P.S. Please try to be brief and avoid excessive line spacing in your replies. ty.

[JayJuanGee]

P.S. Please try to be brief and avoid excessive line spacing in your replies. ty.

I will take it that you, Lambie, are conceding to my several points since you largely refused to respond.

Regarding your links, I do not click on newbie links - especially when they are trolling.

Regarding your advice, Lambie.... ... get real.. and maybe, just maybe, attempt to get substantive.   

[r0ach]

What does someone accidentally sending a $100,00 transaction fee have to do with anything?  It's the same thing as someone accidentally typing an extra zero or two and buying up the entire wall in stocks/commodities.  Failure to understand how to use a keyboard is not a Bitcoin issue.

[whored]

What does someone accidentally sending a $100,00 transaction fee have to do with anything?  It's the same thing as someone accidentally typing an extra zero or two and buying up the entire wall in stocks/commodities.

Taking into account that math ain't your strong suit (you're more of a scurrier sort of a guy, best described by Wikipedos as, and I quote: "a competitor of humanity"), I'ma gonna give you a hand. Lemme give you a little helping hand...

The difference between $.05 and $136,000.00, friend cockroach, is not "an extra zero or two." Or three. Or even four. If God, in all of His wisdom, erred as much as that hapless bitcoiner, you would weigh as much as an average African elephant, cockroach Could you imagine?! Of course you couldn't, your brain is little more than angry ganglia, you rely on it so little that it's nearly pointless: you can stay alive for a month without it, shit you not.

And that's weight, cockroach. Real life elephants are much denser (and less repulsive) than icky Blattodea, so you'd be one humongous motherfucking monstrosity, you crawly abomination!
Now where was I?

 Failure to understand how to use a keyboard is not a Bitcoin issue.

Lol sure, user error. As i said before, Bitcoin's like a  fleshlight that turns into a meat grinder if you don't program it just right.
SFYL & ouch ouch ouch ouch!

[JayJuanGee]

Now where was I?

Easily distracted into nonsensicalandia...


Get your whored ass back to bitcoinlandia.

Accordingly:


Let's call it $448 (on Stamp).

Next $10 Up or down?


I'm a bit more inclined towards predicting up...

maybe 58.27398451% on up and 41.72601549% on down  ?    any Full member or higher want to bet .001 BTC?

[DaRude]

Oh i wanna play. I think you should go on a crusade against wire transfers and how they should be replaced by credit cards. Next time you're buying a car/house etc... ask if they'll take your VISA. Or are you in US and still write those silly cheques?

...
-Currently, bitcoin WIRE TRANSFERS can handle a sustained rate of roughly 3 transaction per second, the average transaction volume generated by one mid-sized US shopping mall. *Amazing*
-A few days ago EVERY DAY, someone paid $136,000 millions to send $0.05 billions to Nigerian prince and other scams. *Ahahahamazing* (SFYL)
-An average bitcoin BANK user is functionally illiterate. Sad, yet *AMAZING*
...

Or we can continue comparing bitcoin to credit card, toasters, and TVs 

[DaRude]

What does someone accidentally sending a $100,00 transaction fee have to do with anything?  It's the same thing as someone accidentally typing an extra zero or two and buying up the entire wall in stocks/commodities.

Taking into account that math ain't your strong suit (you're more of a scurrier sort of a guy, best described by Wikipedos as, and I quote: "a competitor of humanity"), I'ma gonna give you a hand. Lemme give you a little helping hand...

The difference between $.05 and $136,000.00, friend cockroach, is not "an extra zero or two." Or three. Or even four. If God, in all of His wisdom, erred as much as that hapless bitcoiner, you would weigh as much as an average African elephant, cockroach Could you imagine?! Of course you couldn't, your brain is little more than angry ganglia, you rely on it so little that it's nearly pointless: you can stay alive for a month without it, shit you not.

And that's weight, cockroach. Real life elephants are much denser (and less repulsive) than icky Blattodea, so you'd be one humongous motherfucking monstrosity, you crawly abomination!
Now where was I?

 Failure to understand how to use a keyboard is not a Bitcoin issue.

Lol sure, user error. As i said before, Bitcoin's like a  fleshlight that turns into a meat grinder if you don't program it just right.
SFYL & ouch ouch ouch ouch!

http://thenewdaily.com.au/money/2014/10/02/historys-biggest-fat-finger-trading-errors/

A Japanese branch of Swiss bank UBS mistakenly ordered 30 trillion yen of bonds from Capcm instead of the intended 30 million yen.

According to a report by BBC, the trader mistakenly sold 610,000 shares in recruiter J-Com for 1 yen, rather than selling one share for 610,000 yen...The mistake cost Mizuho Securities at least 27 billion yen ($282 million).

How many 0's is that???

[whored]

Oh i wanna play. I think you should go on a crusade against wire transfers and how they should be replaced by credit cards. Next time you're buying a car/house etc... ask if they'll take your VISA. Or are you in US and still write those silly cheques?

I'm in the States. When I buy a car, I pay by check (we spell it c h e c k here, sans flowery que *lifts pinky* Britishisms), or use cash, like any normal human being. Zero wait/zero problems.
But you, you actually wire money when buying a car? Anything else you do? Weird ceremonial dances with blood sacrifices? Just to complicate things a bit more?

Though I'm not sure why we're discussing this, you can't buy a car or a house with bitcoins around here. I mean, maybe there is some hipster willing to sell one somewhere in US, it's a huge country, but normally? Lol, I'd have better luck trying to buy a car with BTCeanies

Re. "How many 0's is that???": Fewer than the Bitcoin blunder. And remember, friend: Fiat has been around for centuries, with BILLIONS of people using it, and that's the worst you came up with.
Bitcoin has been around for 7 years, and a good chunk of it has already been lost due to hilarious fuckups

[Chef Ramsay]

Interesting, the last few pages have been regulars responding to trolls -- wonderful. Did we get that all out of our systems? I hope. i guess it boils down to some news is better than no news. Carry on, yo!

[r0ach]

Disgusting insect:
I'm not talking about what's been promised, or what will be. I'm talking about what is, now.
Now make like I just turned on the light and scurry away.