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

[dumbfbrankings]

I remember you used to write somewhat coherently on raising the blocksize, if not everything else, what happened? Drank too deeply from Gregory's cup?

You are arguing for microtransactions when it's impossible to have microtransactions on a blockchain.  Yes, 5 cent and 20 cent transactions are still cheap because even if you raised blocksize 10x higher, the transaction fee would still eventually become so high that only $10,000 transactions and more would be valid even with 8-10MB blocks.  The only thing that would allow you to do microtransactions is a second tier system like Lightning Network or off-chain solutions like Circle and Coinbase debit cards.  Anything directly on chain will always be expensive.

In short, you make no valid points because you are arguing for microtransactions directly on-chain when it's not possible.

My argument is that the only people who should be setting pricing for block space are the producers of that space, the miners.

Miners are not the producers of blockchain space they are the producers of hashing power (securing the blockchain), if there are such things as 'producers' of blockchain space, it is the broad ecosystem of fully-validating nodes.

(NB: Nice try at derailing the economics of the argument in your "Massive on-chain scaling" biased favour though.)

Nodes are an enforcement mechanism, but by no means do they decide the size of blocks to be produced (until we hit the anti-dos limit from 2010 recently). If the dos limit was lifted, miners would resume sizing blocks according to their own supply curve and the demand curve they serve. I somehow doubt miners would cram all blocks full to the new limit with free transactions, it would not be in their own interest to strain the node network in such a manner.

Just admit it, you think the economic incentives that satoshi used to design Bitcoin can’t work, and you need Gregory and friends to protect you from free market capitalism and the incentives that make it work.

[USB-S]

[podyx]

We made it gents, we all gonna be filthy rich

 

Not so fast kid. Dont wanna build up too high expectation for nothin now do we

[matt4054]

Meanwhile, the queue has cleared up...

(http://www.bitcoinqueue.com/ sorry for the mess on the charts, blockchain.info which feeds tx was down for a while)

[WaffleMaster]

We made it gents, we all gonna be filthy rich

 

Not so fast kid. Dont wanna build up too high expectation for nothin now do we

Well it looks very good as a rally because every resistance line we break is met with a couple days of profit taking only putting us back down by $10-$20 and then like today we just continue the rally. It's quite a great site to see the strength.

[Luthier]

Finex has been pulling at the reins all day, but China holding back... at least the 5k wall on Huobi was eaten, hopefully we can go up now.  It's a very interesting tug of war, but it's painfully obvious who's pulling the strings...

[r0ach]

Just flipped, damn... I went long earlier today at 685$, but since it looked slumpy 2 hours ago I closed at 692$... Aargh!

Good job, MatTheCat

[WaffleMaster]

Finex has been pulling at the reins all day, but China holding back... at least the 5k wall on Huobi was eaten, hopefully we can go up now.  It's a very interesting tug of war, but it's painfully obvious who's pulling the strings...

Who do you think is pulling the strings? The Chinese? Well if that's so maybe it is the so called "Mining Mafia" I hear about so often on this forum that is located there lol

[marcus_of_augustus]

Nodes are an enforcement mechanism, but by no means do they decide the size of blocks to be produced (until we hit the anti-dos limit from 2010 recently). If the dos limit was lifted, miners would resume sizing blocks according to their own supply curve and the demand curve they serve. I somehow doubt miners would cram all blocks full to the new limit with free transactions, it would not be in their own interest to strain the node network in such a manner.

I don't think you have a clue what miners would really do but just make shit up to serve your propaganda purposes ..

blah-troll-blah...  and you need Gregory and friends to protect you .... blah-spout-troll-blargh

You seem to have a fixation on this "gregory" character, like you are butthurt with something he did to your snowflake ego once. Bitcoin Core open source software is made up of at least 100 contributors who are free to come and go as they please and miners and nodes are free to run whichever version of the code they choose .... I run my own version that I build myself (you'd luv it if I ever released).

Sounds more like you want everyone to be 'protected' (as in mafia protection racket) by YOU and YOURS rather than choose for themselves?

[AZwarel]

Weekend rally preponed (is that a legit word?  )

[yefi]

Look, I'm not trying to sell you on ETH.

Let me put forward a supposition: deriding holders of Bitcoin hasn't been going well for you in the face of increasing prices (that now exceed your exit point), so you devised a strategy to latch on to eth instead. That way you can still deride holders that you told to sell in the $200s. You never bought in low, and you never did fantastically financially from eth.

[Luthier]

Finex has been pulling at the reins all day, but China holding back... at least the 5k wall on Huobi was eaten, hopefully we can go up now.  It's a very interesting tug of war, but it's painfully obvious who's pulling the strings...

Who do you think is pulling the strings? The Chinese? Well if that's so maybe it is the so called "Mining Mafia" I hear about so often on this forum that is located there lol

China is in full control.  They say up, we go up.  And vice versa.  If you sit and stare at the charts you can watch Finex and Stamp getting smacked around.

[marcus_of_augustus]

Look, I'm not trying to sell you on ETH.

Let me put forward a supposition: deriding holders of Bitcoin hasn't been going well for you in the face of increasing prices (that now exceed your exit point), so you devised a strategy to latch on to eth instead. That way you can still deride holders that you told to sell in the $200s. You never bought in low, and you never did fantastically financially from eth.

yep, bout sums it up ... there's a whole shitload of sold-out bull money sitting on r/btc, snowflake egos still butthurt over getting served up badly on the great blocksize purging ... now they'll be bitching and whining the whole way up about how shit bitcoin is working for them ... yeah, too right it is, they sold out before the next biggest rally EVER! lol, to the losers, yay for the new bitcoin winners, we needed some distribution before this rally anyway.

Also they'll be chasing the rocket all the way up the wall of worry so are a big source of new fiat money fueling the rally. Couldn't happen to a better bunch of disingenuous, back-stabbing, ungrateful bastards.

[2015Bubble]

okcoin going mental again 

[JayJuanGee]

The blockchains down, wtf....

Jew banker shills have sunk to an all new low of desperation attempts in disinfo tactics.

Don't say such horrific things man

The blockchains down, wtf....

Working superb actually.

http://blockchain.info

Yah fine now, sweet

I think that you are going to rightfully be called names when you are spreading spontaneous bullshit , whether yo spread that intentional or not.

[Fakhoury]

[adamstgBit]

[chesthing]

If China gov doesn't come out with another ban on bitcoin like last pump, WHO KNOWS HOW HIGH THIS WILL GO

[r0ach]

If China gov doesn't come out with another ban on bitcoin like last pump, WHO KNOWS HOW HIGH THIS WILL GO

$3200

[dumbfbrankings]

Look, I'm not trying to sell you on ETH.

Let me put forward a supposition: deriding holders of Bitcoin hasn't been going well for you in the face of increasing prices (that now exceed your exit point), so you devised a strategy to latch on to eth instead. That way you can still deride holders that you told to sell in the $200s. You never bought in low, and you never did fantastically financially from eth.

Keep on guessin' friend. I specifically told BMB that it was really risky to be buying ETH at the $14 top months ago. I have said that ETH acts as a hedge for me, a contingency plan in case Blockstream's grasp doesn't falter.

I've been in Bitcoin since the summer of 2011, heard about it originally on Steve Gibson's podcast. I've sold plenty along the way, some higher than today, some much lower. I've bought some damn good panics. The only reason I bitch so much about this issue is because I care. It pains me to see BTC's huge advantage being chiseled away.

When I go silent for good, you'll know I've sold everything and am not coming back. Criticism and dissent are an important factor in avoiding group-think, you should be thanking me.