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

[Killerpotleaf]

i've been talking about this for months.
http://www.coindesk.com/charts-determining-ideal-block-size-bitcoin/
see the last 2 sections:
Miner revenue
The ideal block size for users
 

poeple need to understand this, and fears of ballooning blocksize killing bitcoin's decentralization will be eliminated

Yeah, thanks Adam, the article pretty much confirms what we already have with 1MB block limit today:

"1 MB blocks currently has kept pace with network demand so far, despite undesirable delays in transaction processing times and expensive fees during congested time." - We have this with 1MB today

"The most optimal block size to maximize miner's revenues is any size small enough to congest the network which is around 95% filled or more [which >80% *only* happens during frenzied trading periods, NOT real-world everyday buying transactions]. Getting congestion and an onset of "leap frogging" fees scenario between users would be the optimal miners game to play." - We have this with 1MB today

"The transaction confirmation times start to suffer when blocks are above 80% filled [which only happens during frenzied trading periods, NOT real-world everyday buying transactions. Just go look at the mempool now]. At this level, fees are reasonable but not exorbitant, but not too cheap to substantially impact the security model of bitcoin as the block reward subsidy diminishes in future years." - We have this with 1MB today

So what is your point again??

my point is that there is a strong incentive for miners to keep blocks small.
(i mean imagine when block subsidy is less important then block fee, the incentive to maximize fee revenue is huge.)
so we dont need to fear about miners creating blocks that are out-of-control-Big, thats not profitable for them.

1.2MB might be more appropriate today and 3MB in a year or two, when FEE Paying TX demand triples.

a fixed limit can not yield a balanced fee market, only briefly will the static limit be optimal.

[york780]

Looks like we are going to have some consolidation phase now, at least for a couple of days before we decide new direction.

You sure man 

[Coinnosaurus]

This is fucking insane ,someone is pushing the price down on purpose

[york780]

This is fucking insane ,someone is pushing the price down on purpose

Yes,this game is getting dirthier and dirthier. Fake volume to push up the fees, whales manupalating the price, BU vs Segwit battle, fork rumours, Jihan Wu + Rogercoin. Whats coming next, goverments that are trying to ban bitcoin? Oo wait.. that happened already.   Man why cant we go up already.

[becoin]

This is fucking insane ,someone is pushing the price down on purpose

This is good. I need cheap bitcoins on Monday.

[HI-TEC99]

This is fucking insane ,someone is pushing the price down on purpose

Yes,this game is getting dirthier and dirthier. Fake volume to push up the fees, whales manupalating the price, BU vs Segwit battle, fork rumours, Jihan Wu + Rogercoin. Whats coming next, goverments that are trying to ban bitcoin? Oo wait.. that happened already.   Man why cant we go up already.

China has to unban Bitcoin next so it can ban it again. It can't keep exchange withdrawals frozen forever. Unfreezing them might give the market a little pump, and it could happen soon.

[chopstick]

You guys ready for the Great Forkening?

It's coming , at some point this year 

[Coinnosaurus]

This is fucking insane ,someone is pushing the price down on purpose

This is good. I need cheap bitcoins on Monday.

You had a chance when it was under 900

[york780]

This is fucking insane ,someone is pushing the price down on purpose

This is good. I need cheap bitcoins on Monday.

You had a chance when it was under 900

Chance will come again soon. Look at this market man, its pure utter shit

[Killerpotleaf]

it looks like 950 has some solid support.

[Coinnosaurus]

This is fucking insane ,someone is pushing the price down on purpose

This is good. I need cheap bitcoins on Monday.

You had a chance when it was under 900

Chance will come again soon. Look at this market man, its pure utter shit

Keep dreaming ..

You guys haven't seen nothing yet.

Just wait until the Forkening.

During the mass chaos and ensuing sell-off wars between the two sides, price will drop an unbelievable amount. We could VERY well see double digits during this time frame, but it will go back up of course.

Prepare yourselves.

https://youtu.be/m8lSkYxXSv8?t=10s

[chopstick]

You guys haven't seen nothing yet.

Just wait until the Forkening.

During the mass chaos and ensuing sell-off wars between the two sides, price will drop an unbelievable amount. We could VERY well see double digits during this time frame, but it will go back up of course.

Prepare yourselves.

[European Central Bank]

Just wait until the Forkening.

uh huh.

will you be forking alone or are some friends gonna fork with you? let us know how it works out for you.

[york780]

You guys haven't seen nothing yet.

Just wait until the Forkening.

During the mass chaos and ensuing sell-off wars between the two sides, price will drop an unbelievable amount. We could VERY well see double digits during this time frame, but it will go back up of course.

Prepare yourselves.

Yup , forkening almost confirmed. Jihan Wu wont stop until there is a BU coin. Core had it coming. The next meeting wont solve the problem if you see who are invited.  The price nowadays isnt relevant untill bitcoin is united and the internal problems are solved.

[Killerpotleaf]

pumpy dumpy is on the market.

[European Central Bank]

Yup , forkening almost confirmed.

i can believe there might be an altening like this classic proposal, even if that one's bullshit.

no one will succeed with a contentious fork of the original chain. everyone apart from a small bunch of miners and their crew has roundly condemned the idea.

this time around was their best shot and they blew it with their pure amateurism.

[chopstick]

"contentious fork" HAHAHA, what ridiculous slander

The forkening is coming, you can't stop it, nobody can.

[york780]

Yup , forkening almost confirmed.

i can believe there might be an altening like this classic proposal, even if that one's bullshit.

no one will succeed with a contentious fork of the original chain. everyone apart from a small bunch of miners and their crew has roundly condemned the idea.

this time around was their best shot and they blew it with their pure amateurism.

I agree with you, but the BU fanatics wont. They are stubborn and they think BU or a fork is the best for bitcoin. They have the support of the miners and thats why Segwit whales are manupalating the price to force the miners to choose Segwit. This will result in even more hate between the 2 camps. We need to unite bitcoin or we continue to decline because of this internal battle of power.

[European Central Bank]

"contentious fork" HAHAHA, what ridiculous slander

The forkening is coming, you can't stop it, nobody can.

ok. have fun.

[Meuh6879]

pumpy dumpy is on the market.

indeed.

we approch the end of the purge ...