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

[JayJuanGee]

Has anybody thought that price is rising because deposits to exchanges can't come through the 45k+ pending txs mempool?

Yes I was just thinking the same thing.  

I have $394 worth of bitcoin stuck in the blockchain sent to me since last night and has been over 16 hours without a confirmation yet.
It must be part of that or else I don't know what else it could be.

Don't panic, Bitcoin works as designed. I've just paid a $1 fee and my tx was instantly confirmed.

txid or it never happened

Yesterday (about 35 hours ago, as I type), I paid a $.56 fee, and it took 30.5 hours to receive the first confirmation - even though the transaction showed up as received (and pending) almost immediately. I was not able to use it until about 31 hours (after three confirmations)

Hmmmm...I have been moving btc between exchanges all day without issues

Sent it around 15 minutes ago and just confirmed at bittrex...

Yes, today is one thing, and yesterday and 2 days ago (beginning almost 48 hours ago) was another story.

There seemed to have been some kind of spam attack going on.


You can see the peak and the drop, here,

https://blockchain.info/charts/mempool-size?timespan=30days

and at the moment, the back up of the mempool seems to be back to more normal levels.. and likely at the moment, and probably even the past 8 hours or so, transactions have been going through within reasonable times (likely less than an hour in most cases).


For  more information, you can see this thread, too:   

https://bitcointalk.org/index.php?topic=1661792.msg16703235;topicseen#msg16703235

There are several posts by me in that thread describing aspects of my particular transaction delay.

[European Central Bank]

Segregated witness released, major transaction capacity upgrades for all the doubters, FUDsters, pissers, moaners and sundry whiners. Read 'em and weep.

what are the whiners are gonna do? if an actual advance is staring them in the face I wonder how many are gonna shit or get off the pot. let's see how these mining threats pan out.

[Spaceman_Spiff]

Yeah, best case scenario would be to hover @ 680 for at least a few days. Better to keep the staircase going for as long as possible, in order to start the parabolic spike from a higher platform. But there is no global coalition mandating that we all just hold hands and agree to only buy a little instead of a lot. Too many folks like me (all in and on leverage, and sometimes adding to their positions on the way up).  

I closed my leverage long for a very minor loss a few hours before the upmove began in earnest.
I will feel more at ease if Segwit is able to activate.  Of course, everybody might be thinking the same or by then it might be too late already (buy the rumor sell the news?).
I am ok with missing out on some profit though.  I have learned that I make the most mistakes when I want to squeeze every drop of (imagined future) profit out of my trades.

[Hyperjacked]

Yeah, best case scenario would be to hover @ 680 for at least a few days. Better to keep the staircase going for as long as possible, in order to start the parabolic spike from a higher platform. But there is no global coalition mandating that we all just hold hands and agree to only buy a little instead of a lot. Too many folks like me (all in and on leverage, and sometimes adding to their positions on the way up).  

I closed my leverage long for a very minor loss a few hours before the upmove began in earnest.
I will feel more at ease if Segwit is able to activate.  Of course, everybody might be thinking the same or by then it might be too late already (buy the rumor sell the news?).
I am ok with missing out on some profit though.  I have learned that I make the most mistakes when I want to squeeze every drop of (imagined future) profit out of my trades.

Leverage is a very bad idea...I learned that lesson during the 2000 stock market crash!

Think Bollinger bands...

[600watt]

you guys want bullish news? how about this. no joke.

this company:

https://en.wikipedia.org/wiki/Swiss_Federal_Railways

a state owned company with 33k employees and around $8 billion turnover p.a. starts selling bitcoin in all of switzerland.

https://www.sbb.ch/en/station-services/services/further-services/bitcoin.html


here you have - out of the blue - the biggest seller of bitcoin worldwide. a federal railway company. 19th century tech my ass...

[marcus_of_augustus]

you guys want bullish news? how about this. no joke.

this company:

https://en.wikipedia.org/wiki/Swiss_Federal_Railways

a state owned company with 33k employees and around $8 billion turnover p.a. starts selling bitcoin in all of switzerland.

https://www.sbb.ch/en/station-services/services/further-services/bitcoin.html


here you have - out of the blue - the biggest seller of bitcoin worldwide. a federal railway company. 19th century tech my ass...

[yefi]

I'm not exactly sure how the miner's operations work, exactly.  I would imagine that they have their mining set with kinds of algorithms in order to identify how to attempt to balance the finding of the new blocks and the processing of the transactions based on fee amounts.   

For example, any fee that is $.10 or higher will likely be in the highest priority, but yeah there could be some miners that focus on higher thresholds.

Regarding the mempool back up of this week, I get the sense that the quantity of fees was not going to make a big difference because there was some kind of attack going on that was not allowing transactions to be processed, for the most part.  Why, otherwise, would my transaction that had $.56 not be processed for 30.5 hours.  All of a sudden, when the backlog stopped growing (shrunk from 35million bytes backed up to 20 million), my transaction was processed.  I really doubt that the behavior was coming from regular miners, but there was some kind of purposeful shenanigans going on that was disallowing the miners from employment of normal transaction processing incentives.

So, personally, generally speaking, at this point in time, I think that a $1 fee is approaching a 10x inflation in the necessary fees, rather than characterizing $1 as a 2x overkill.

I see no programmatic reason to be using thresholds - selfish miners should be packing their blocks with the absolute highest fees.

Have you looked for your transaction at blockchain.info and seen what the actual fee per byte was? I'd have to assume it wasn't high enough for that period of time. What I'd really like to see here is wider adoption of RBF by wallets. The ability to bump transactions during congested hours is sorely missing imo.

[toknormal]

Hobular $700 incoming.

(Chinese bitcoin traders + Swiss trains = a match made in heaven, surely)

[sniveling]

Hobular $700 incoming.

(Chinese bitcoin traders + Swiss trains = a match made in heaven, surely)

In that case the Swiss trains made the poll correct for once, the majority of 39.5% who took part guessed correctly. Last week I didn't think $700 was possible so fast, and this week I'll be surprised if it doesn't make it to $700 by Sunday.

Unfortunately we won't get any new polls until Adam gets control of his account back. It will be ironic if Bitcoin's at a new ATH and the poll's highest option is >690.

[JayJuanGee]

I'm not exactly sure how the miner's operations work, exactly.  I would imagine that they have their mining set with kinds of algorithms in order to identify how to attempt to balance the finding of the new blocks and the processing of the transactions based on fee amounts.   

For example, any fee that is $.10 or higher will likely be in the highest priority, but yeah there could be some miners that focus on higher thresholds.

Regarding the mempool back up of this week, I get the sense that the quantity of fees was not going to make a big difference because there was some kind of attack going on that was not allowing transactions to be processed, for the most part.  Why, otherwise, would my transaction that had $.56 not be processed for 30.5 hours.  All of a sudden, when the backlog stopped growing (shrunk from 35million bytes backed up to 20 million), my transaction was processed.  I really doubt that the behavior was coming from regular miners, but there was some kind of purposeful shenanigans going on that was disallowing the miners from employment of normal transaction processing incentives.

So, personally, generally speaking, at this point in time, I think that a $1 fee is approaching a 10x inflation in the necessary fees, rather than characterizing $1 as a 2x overkill.

I see no programmatic reason to be using thresholds - selfish miners should be packing their blocks with the absolute highest fees.

Have you looked for your transaction at blockchain.info and seen what the actual fee per byte was? I'd have to assume it wasn't high enough for that period of time. What I'd really like to see here is wider adoption of RBF by wallets. The ability to bump transactions during congested hours is sorely missing imo.

Well, I thought that I had already mentioned that mine was 51 satoshis per byte.  it was 1699 bytes and the fee was .00085844BTC.  I thought that was more than a sufficient amount in order to have the highest priority, and I thought that there would be no real benefits to paying any higher fee.

[VC George]

In other news, https://cointelegraph.com/ has lost even the bits and pieces of credibility they had. They just posted an article about how ethereum is the top performing currency in the world Lmao. What troubles me most is what the Clinton campaign has said about Bitcoin and ether(brought up by Wikileaks). What's distributed and free of goverment control is not a good thing for them, but ethereum on the other hand, a CENTRALISED fascist blockchain made up by a junkie in russia is a valuable asset.. People are really showing their real faces nowadays. I'm happy to be a free thinking man and to support Bitcoin in it's whole even if I end up being the last one!

https://cointelegraph.com/news/ethereum-to-become-worlds-best-performing-currency-in-2016-bitcoin-second

Ddos their asses 

[nioc]

All of these crypto "news" outlets are pushing things according to their investments.  You can also get things published by paying them.  They haven't had credibility for years.

[keewee]

All of these crypto "news" outlets are pushing things according to their investments.  You can also get things published by paying them.  They haven't had credibility for years.

Basically like all "good" news organisations these days 

[Paashaas]

Derivatives Giant CME Sets Launch Date for Bitcoin Indexes  (13 November) 

http://www.coindesk.com/cme-launch-date-bitcoin-indexes/

[Master mind]

1.  BTC980,000*. Satoshi Nakamoto

2.  BTC400,000*. HD Moore (AHA)

3.  BTC400,000*. Dustin D. Trammell (AHA)

4.  BTC400,000*. Tod Beardsley (AHA)

5.  BTC350,000*. "Dread Pirate Roberts" a.k.a. "DPR"

6.  BTC300,000.  Roger Ver

7.  BTC300,000*. "knightmb"

8.  BTC200,000. Mark Karpeles

8.5  BTC182,592. "Loaded"

9.  BTC174,000*. FBI (Federal Bureau of Investigation, USA)

10.  BTC119,000. AsicMiner Management Team of 3 (names?)

11.  BTC110,000. Cameron and Tyler Winklevoss

12.  BTC100,000. "klaus"

13.  BTC100,000. "mezzomix"

14.  BTC75,000. "artforz"

15.  BTC70,000. Erik Voorhees

17.  BTC30,000. "nakowa"

18.  BTC30,000. Mircea Popescu

19.  BTC30,000. "Goat"

20.  BTC25,000. Chamath Palihapitiya

21.  BTC25,000. Gavin Andresen

22.  BTC20,000. Max Keiser

23.  BTC20,000. "Theymos"


LETS PUMP THIS SHIT

[Karartma1]

you guys want bullish news? how about this. no joke.

this company:

https://en.wikipedia.org/wiki/Swiss_Federal_Railways

a state owned company with 33k employees and around $8 billion turnover p.a. starts selling bitcoin in all of switzerland.

https://www.sbb.ch/en/station-services/services/further-services/bitcoin.html


here you have - out of the blue - the biggest seller of bitcoin worldwide. a federal railway company. 19th century tech my ass...

Oh yes! Switzerland is not a bad place to live   I would definitely move there and I actually I have a friend who lives there: he is using BTC since 2012 and he confirmed me that as long as you stick to the law buying/selling/exchanging BTC makes no problem. He has several BTC debit cards (xapo, spectro, cryptopay, advcash) and uses them on a daily basis. Lucky him

Let's move there  

[Elwar]

1.  BTC980,000*. Satoshi Nakamoto
...
LETS PUMP THIS SHIT

Since we're throwing out baseless numbers you can add:

2. BTC500,000 Elwar

[JayJuanGee]

1.  BTC980,000*. Satoshi Nakamoto

2.  BTC400,000*. HD Moore (AHA)

3.  BTC400,000*. Dustin D. Trammell (AHA)

4.  BTC400,000*. Tod Beardsley (AHA)

5.  BTC350,000*. "Dread Pirate Roberts" a.k.a. "DPR"

6.  BTC300,000.  Roger Ver

7.  BTC300,000*. "knightmb"

8.  BTC200,000. Mark Karpeles

8.5  BTC182,592. "Loaded"

9.  BTC174,000*. FBI (Federal Bureau of Investigation, USA)

10.  BTC119,000. AsicMiner Management Team of 3 (names?)

11.  BTC110,000. Cameron and Tyler Winklevoss

12.  BTC100,000. "klaus"

13.  BTC100,000. "mezzomix"

14.  BTC75,000. "artforz"

15.  BTC70,000. Erik Voorhees

17.  BTC30,000. "nakowa"

18.  BTC30,000. Mircea Popescu

19.  BTC30,000. "Goat"

20.  BTC25,000. Chamath Palihapitiya

21.  BTC25,000. Gavin Andresen

22.  BTC20,000. Max Keiser

23.  BTC20,000. "Theymos"


LETS PUMP THIS SHIT

Interesting

That's funny, about 5million coins, and surely estimated holdings of individuals - yet I am sure that we can account for more than that, no?  Or does attempting to account become too petty after listing the supposed top 23-ish?

[TERA]

Whenever I look at the coindesk news listing, all 20 titles say "something something Blockchain something something Bank". I'ts sickening.

[Elwar]

1.  BTC980,000*. Satoshi Nakamoto

2.  BTC400,000*. HD Moore (AHA)

3.  BTC400,000*. Dustin D. Trammell (AHA)

4.  BTC400,000*. Tod Beardsley (AHA)

5.  BTC350,000*. "Dread Pirate Roberts" a.k.a. "DPR"

6.  BTC300,000.  Roger Ver

7.  BTC300,000*. "knightmb"

8.  BTC200,000. Mark Karpeles

8.5  BTC182,592. "Loaded"

9.  BTC174,000*. FBI (Federal Bureau of Investigation, USA)

10.  BTC119,000. AsicMiner Management Team of 3 (names?)

11.  BTC110,000. Cameron and Tyler Winklevoss

12.  BTC100,000. "klaus"

13.  BTC100,000. "mezzomix"

14.  BTC75,000. "artforz"

15.  BTC70,000. Erik Voorhees

17.  BTC30,000. "nakowa"

18.  BTC30,000. Mircea Popescu

19.  BTC30,000. "Goat"

20.  BTC25,000. Chamath Palihapitiya

21.  BTC25,000. Gavin Andresen

22.  BTC20,000. Max Keiser

23.  BTC20,000. "Theymos"


LETS PUMP THIS SHIT

Interesting

That's funny, about 5million coins, and surely estimated holdings of individuals - yet I am sure that we can account for more than that, no?  Or does attempting to account become too petty after listing the supposed top 23-ish?

Although the list is totally inaccurate and created by anti-Bitcoin alt pumpers, it does give me a warm and fuzzy knowing that the people with the most money in the new economy will be those that actually supported the original intent of Bitcoin and its reason for coming into being. As opposed to the "we need to regulate Bitcoin!" crowd and the "the blockchain is the answer (because we still worship Keynes)!" crowd.