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

[savetherainforest]

         Hmmm?? ... It looks something like 18 <-> 23 September.  

[1715259812]

1715259812

[Andre#]

and also, let's build up (and continue to build up) our user base.

Not possible, Bitcoin is running at max capacity (250,000 tx per day). New users can only be added if existing users use Bitcoin less.

Maybe we can just agree to disagree?  I think that you are just making shit up, when you are suggesting that bitcoin is running at max capacity,

Do your homework for once. Look up the number of daily transactions, and look up how many transactions on average fit into 144 blocks of 1 MB. (I don't dare to point to any source anymore, because you'll say they perhaps fake the numbers. So choose your own source.)

Maybe this question of "maxed out" is a matter of perception, because I perceive bitcoin to be quite well functional and well under capacity,

I didn't say that the "functionality" is maxxed out (if such a thing even exists). Only the capacity. Which is maximum 250,000 transactions per day (1 block holds about 1700 tx, there are about 144 blocks in 24 hours). And the past half year there are about 200,000 to 250,000 tx per day on average. No perception here, just facts.

I don't agree to disagree about facts. Now, are there on average 200,000 to 250,000 tx per day in during the last months or not? A simple 'yes' or 'no, look at this source here...' suffices.
 

[savetherainforest]

1 block holds about 1700 tx, there are about 144 blocks in 24 hours). And the past half year there are about 200,000 to 250,000 tx per day on average. No perception here, just facts.
 

Everyone seems to be talking about 1MB to 2MB or 10MB... or dunno how much... But... Maybe I am cruel... and I'm thinking of quantum computers hitting the shelves in 10-15 years max... and 1000Mb/s internet connections or maybe even faster... Then I'm thinking I would  make it 0.1MB(100KB) ... or 0.01MB(10KB) ... That might seem a bit unproductive... but what about the long term design?  


*Edit:  Don't you think we will beg for more transactions in the future??  

*Edit2: Think about it... who would benefit most from those transactions??    (Welcome to my psychopath thinking methods! You are welcomed!   )

[mymenace]

1 block holds about 1700 tx, there are about 144 blocks in 24 hours). And the past half year there are about 200,000 to 250,000 tx per day on average. No perception here, just facts.
 

Everyone seems to be talking about 1MB to 2MB or 10MB... or dunno how much... But... Maybe I am cruel... and I'm thinking of quantum computers hitting the shelves in 10-15 years max... and 1000Mb/s internet connections or maybe even faster... Then I'm thinking I would  make it 0.1MB(100KB) ... or 0.01MB(10KB) ... That might seem a bit unproductive... but what about the long term design?  


*Edit:  Don't you think we will beg for more transactions in the future??  

*Edit2: Think about it... who would benefit most from those transactions??    (Welcome to my psychopath thinking methods! You are welcomed!   )

what if the feds raise interest rates

what if our dollar falls in value

what if the price of food goes up how will i pay for my house

think less, it happens with other currencies too, invest more

[Elwar]

Isn't Elwar in Germany?

If he is he's avoiding the planned negative interest rates for the German banks.

Yep. My landlord, who I spent all year telling about Bitcoin, now wants bitcoins due to the negative interest rates. I don't use German banks. I have a US account but no longer use it. I'll do like I did with my credit cards, after 6 months if I don't use it I'll close it out.

And the central banks are saying what they're doing isn't enough...that they need to think up some more extreme measures because the market isn't "reacting" the way they'd hoped when they opened the floodgates.

[savetherainforest]

1 block holds about 1700 tx, there are about 144 blocks in 24 hours). And the past half year there are about 200,000 to 250,000 tx per day on average. No perception here, just facts.
 

Everyone seems to be talking about 1MB to 2MB or 10MB... or dunno how much... But... Maybe I am cruel... and I'm thinking of quantum computers hitting the shelves in 10-15 years max... and 1000Mb/s internet connections or maybe even faster... Then I'm thinking I would  make it 0.1MB(100KB) ... or 0.01MB(10KB) ... That might seem a bit unproductive... but what about the long term design?  


*Edit:  Don't you think we will beg for more transactions in the future??  

*Edit2: Think about it... who would benefit most from those transactions??    (Welcome to my psychopath thinking methods! You are welcomed!   )

what if the feds raise interest rates

what if our dollar falls in value

what if the price of food goes up how will i pay for my house

think less, it happens with other currencies too, invest more

My personal beliefs are that BTCitcoin should not be used excessively and use of alternatives like gold and silver should be more appropriate ... or god knows what dispensable invention that loses value very slowly.

It would not be a good idea to use BTCitcoin as an all the time intensive worn out tool. It would be a very bad idea to carry this type of measure of currency transaction on you all the time.

People should keep their coins "in the family" and secret most of their lives.

And what I said is not just an "what if" .. but more like a necessity! ... You may not know this yet or see it... or even understand what I will just say next. But BTCitcoin is not conceived or designed for a consumerist world. Who thought of this f'ing concept was one of two things... a person from the future(time traveler) or a person born beyond their time with political spirit to outplay the future and think that the future would look more cynical than most can imagine. A civilized/western society where laziness is not an option and probably even persecuted by just throwing those people in lower and more miserable corners of society.

[Globb0]

@Elwar - Does it mean they pay you to take a loan for bitcoins?

[savetherainforest]

what if the feds raise interest rates

what if our dollar falls in value

what if the price of food goes up how will i pay for my house

think less, it happens with other currencies too, invest more

And as a separate means to an end...

- It would be a blessing if the fed would raise the rates!

- It would be a blessing if the dollar falls like 25% and stays there! If u'r from US... you have an almost closed economy... that meaning you can devalue your dollar with no worries, the big corporations will have to lose that do international transactions/trades. The local small business will have little to suffer, especially if they don't count on some palm oil exporting country.

- The food thing... you will find alternatives and even grow your own organic food! And you will be healthier due to the starvation. You can also drink water when you are hungry and eat a few hole grans of rice or wheat when you are hungry and you will not die. It is very hard to die from lack of food when you have water and a few hundred grams of something per day. It would take years... trust me! (I'm a breatharian)

- Think less... well that is a bad idea... everyone should think more! And the only currencies that always have to lose are the ones depending on external sources... The closed circuit economies just don't give 2 sh!ts about what you just said.

[Elwar]

@Elwar - Does it mean they pay you to take a loan for bitcoins?

That would be nice. lol

But of course the consumer does not benefit from negative interest rates, just the banks. You have to pay to have your savings in the bank.

[Unacceptable]

@Elwar - Does it mean they pay you to take a loan for bitcoins?

That would be nice. lol

But of course the consumer does not benefit from negative interest rates, just the banks. You have to pay to have your savings in the bank.

Bank of America did that to me for years,I showed them,I have NO bank accounts ANYWHERE  .!.. the banks!!!!!!! 

[Karartma1]

You have to pay to have your savings in the bank.

That should be recognized everywhere as a crime against our financial integrity but unfortunately that is something that has been accepted as inevitable by the majority of savers.
Bitcoin is here to let us be aware of the fact that we can have control over our funds.

[Elwar]

You have to pay to have your savings in the bank.

That should be recognized everywhere as a crime against our financial integrity but unfortunately that is something that has been accepted as inevitable by the majority of savers.
Bitcoin is here to let us be aware of the fact that we can have control over our funds.

The majority of this happens where a bond is sold at a negative percentage rate and a city or government entity is obligated to use that bond mechanism by laws created when it made sense so they're stuck buying them.

[JimboToronto]

Good morning Bitcoinland.

Missed a half a week and see I didn't miss anything. $578 according to BitcoinAverage.

That's a full month of sideways. Flat August. What will September bring?

I'd buy more coins before the probable price rise but I need to use my extra cash to buy my post-season baseball tickets before the deadline and secure my seats (and more) for next year.

My excess tickets will return more than double on Stubhub. Hopefully my bitcoins will return at least that much. Either way it's better than keeping money in some goofy bank.

[BathSaltsDealer]

You have to pay to have your savings in the bank.

That should be recognized everywhere as a crime against our financial integrity

Money: It's a crime. (Recognized by a shitty post-Barrett pop band Pink Floyd)

BFX holding the #11 spot, with a whopping 2.27% of BTC trade volume. Polo, as always, numero uno with BTC/___ trade pair.

[infofront]

Good morning Bitcoinland.

Missed a half a week and see I didn't miss anything. $578 according to BitcoinAverage.

That's a full month of sideways. Flat August. What will September bring?

I'd buy more coins before the probable price rise but I need to use my extra cash to buy my post-season baseball tickets before the deadline and secure my seats (and more) for next year.

My excess tickets will return more than double on Stubhub. Hopefully my bitcoins will return at least that much. Either way it's better than keeping money in some goofy bank.

I've been mulling over buying and holding a few more BTC. I can't help but shake the notion we'll see a better buying opportunity soon though.


With some luck, our Tigers might pay you a visit this postseason!

[Fakhoury]

[XCASH]

Thanks for posting that.

It convincingly explains why the Chinese Bitcoin miners get to buy electricity cheaper than everyone else. There's no chance the Chinese government will ban Bitcoin mining if it's helping to pay back its investment in massive electric power stations. Bullish.

[JayJuanGee]

and also, let's build up (and continue to build up) our user base.

Not possible, Bitcoin is running at max capacity (250,000 tx per day). New users can only be added if existing users use Bitcoin less.

Maybe we can just agree to disagree?  I think that you are just making shit up, when you are suggesting that bitcoin is running at max capacity,

Do your homework for once. Look up the number of daily transactions, and look up how many transactions on average fit into 144 blocks of 1 MB. (I don't dare to point to any source anymore, because you'll say they perhaps fake the numbers. So choose your own source.)

Why do I need to do any further homework than I have already done?  I have already asserted facts that are true, and that is that transactions are continuing to be processed in a timely manner and for very low fees, so why are you continuing to suggest a problem when there is no problem?  Main questions are whether transactions are being processed securely in a timely manner, value is being kept secure and how much does it cost to transmit value in this system relative to other systems.. Bitcoin remains way ahead of any competition for what it provides, which is decentralized immutability.. Where's the problem? and why would there be any burden on me to provide further evidence?  Hello?

Maybe this question of "maxed out" is a matter of perception, because I perceive bitcoin to be quite well functional and well under capacity,

I didn't say that the "functionality" is maxxed out (if such a thing even exists). Only the capacity. Which is maximum 250,000 transactions per day (1 block holds about 1700 tx, there are about 144 blocks in 24 hours). And the past half year there are about 200,000 to 250,000 tx per day on average. No perception here, just facts.

O.k... then your facts are a big so fucking what?  No need for me to repeat here what I have already asserted above in response to the early comment and in my earlier posts in this same topic.

I don't agree to disagree about facts. Now, are there on average 200,000 to 250,000 tx per day in during the last months or not? A simple 'yes' or 'no, look at this source here...' suffices.
 

I am suggesting to agree to disagree about the conclusion regarding the supposed facts and the extent to which the facts that you are presenting matter.  If it is maxed out, so fucking what, there is no problem being created.. .transactions are still being processed in a timely manner and for a relatively low fee level.. furthermore there are additional innovations on the cusp of being introduced.. so where is the problem exactly?  And what are you suggesting to be the solution exactly?  Are you suggesting that this supposed problem that you are asserting is interfering with adoption in any kind of significant and material way?  Are you suggesting that bitcoin prices are being held down because of such a supposed problem?  What is the problem, exactly?  The burden is on you to describe the problem, rather than on me to describe why there is not a problem - which I have sufficiently done several times (therefore agree to disagree, no?)

[Andre#]

and also, let's build up (and continue to build up) our user base.

Not possible, Bitcoin is running at max capacity (250,000 tx per day). New users can only be added if existing users use Bitcoin less.

Maybe we can just agree to disagree?  I think that you are just making shit up, when you are suggesting that bitcoin is running at max capacity,

Do your homework for once. Look up the number of daily transactions, and look up how many transactions on average fit into 144 blocks of 1 MB. (I don't dare to point to any source anymore, because you'll say they perhaps fake the numbers. So choose your own source.)

Why do I need to do any further homework than I have already done?

Because you keep denying facts.

I have already asserted facts that are true,

No, you have not.

and that is that transactions are continuing to be processed in a timely manner

That's not the point, I didn't say they are not.

and for very low fees, so why are you continuing to suggest a problem when there is no problem?

I didn't say anything about fees. Try to focus, we were discussing new users.

Main questions are whether transactions are being processed securely in a timely manner, value is being kept secure and how much does it cost to transmit value in this system relative to other systems..

No, we were discussing new users. Stop changing the subject.

Bitcoin remains way ahead of any competition for what it provides, which is decentralized immutability..

Sure, but we were discussing the extra capacity needed for new users

Where's the problem?

The problem is that there's hardly capacity left for new users. Hence, new users can only start using Bitcoin at the expense of existing users.

and why would there be any burden on me to provide further evidence? 

Because you keep denying the fact that Bitcoin is running for months on almost full capacity. Either give some sources that support your claim, or admit you're wrong.

Hello?

Hello, hello, hello!

Maybe this question of "maxed out" is a matter of perception, because I perceive bitcoin to be quite well functional and well under capacity,

I didn't say that the "functionality" is maxxed out (if such a thing even exists). Only the capacity. Which is maximum 250,000 transactions per day (1 block holds about 1700 tx, there are about 144 blocks in 24 hours). And the past half year there are about 200,000 to 250,000 tx per day on average. No perception here, just facts.

O.k... then your facts are a big so fucking what?  No need for me to repeat here what I have already asserted above in response to the early comment and in my earlier posts in this same topic.

Except.... you didn't! I understand you don't like the fact that there are about 200,000-250,000 tx per day, but that doesn't make them disappear.

I don't agree to disagree about facts. Now, are there on average 200,000 to 250,000 tx per day in during the last months or not? A simple 'yes' or 'no, look at this source here...' suffices.

I am suggesting to agree to disagree about the conclusion regarding the supposed facts and the extent to which the facts that you are presenting matter.

It matters, because full is full. It limits adoption.

If it is maxed out, so fucking what, there is no problem being created.. .transactions are still being processed in a timely manner and for a relatively low fee level..

If it is maxed out, the number of tx cannot grow. Something has to give. You can freeze the number of users, or you can spread the same number of tx over more users.

furthermore there are additional innovations on the cusp of being introduced.. so where is the problem exactly?  And what are you suggesting to be the solution exactly?  Are you suggesting that this supposed problem that you are asserting is interfering with adoption in any kind of significant and material way?  Are you suggesting that bitcoin prices are being held down because of such a supposed problem?  What is the problem, exactly?  The burden is on you to describe the problem, rather than on me to describe why there is not a problem - which I have sufficiently done several times (therefore agree to disagree, no?)

I prefer not to discuss anything else with you as long as you keep denying plain facts. Let alone make you any suggestions. You figure it out yourself inside your reality distortion field.

[AlexGR]

Andre, your rationale is broken.

Let's say tomorrow morning block size is 10mb.

I spam it to "full blocks". After all, fees are dirt cheap (even now, 42k txs were processed in the last 24hrs for near zero fees at the 0 to 9 satoshi range - https://bitcoinfees.21.co ) since there's around 0.7-0.8mb actual demand (or at least pretending to be actual by paying 10+ satoshi) and no practical fee competition for the rest 9.3mb.

So once I do that, I come and tell you that there is no room for new users because txs are maxed out.

Spot the fallacy.