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

[becoin]

This is not nearly metaphysical enough.

Yeah, too many things in humankind history are metaphysical until they become real.

[blade87]

This year could become remembered as the Great Fee Bubble of 2017.

With the number of unconfirmed rising rapidly now, and fees up above $1 and rising, a lot of Bitcoin could become locked out circulation, artificially shorting its supply. Even for those who wait hours and days for their transaction to go through - having the option to panic sell Bitcoin right now, without risking holding coin on an exchange for extended period of time, isn't really possible. This reduces selling pressure. The bubble would peak shortly after a scaling solution is reached (I think one will be - too much has been invested in Bitcoin to let another coin take to the top spot).

[DieJohnny]

This year could become remembered as the Great Fee Bubble of 2017.

With the number of unconfirmed rising rapidly now, and fees up above $1 and rising, a lot of Bitcoin could become locked out circulation, artificially shorting its supply. Even for those who wait hours and days for their transaction to go through - having the option to panic sell Bitcoin right now, without risking holding coin on an exchange for extended period of time, isn't really possible. This reduces selling pressure. The bubble would peak shortly after a scaling solution is reached (I think one will be - too much has been invested in Bitcoin to let another coin take to the top spot).

do you really believe this nonsense?

[gentlemand]

With the number of unconfirmed rising rapidly now, and fees up above $1 and rising, a lot of Bitcoin could become locked out circulation, artificially shorting its supply.

So the market is being denied a bunch of $4 sells? Poor market.

It will forever lock up a lot of dust but even if capacity immediately doubles or triples I think the spammers now have a taste for it. Fees won't ever return to peanuts.

[bartolo]

This year could become remembered as the Great Fee Bubble of 2017.

With the number of unconfirmed rising rapidly now, and fees up above $1 and rising, a lot of Bitcoin could become locked out circulation, artificially shorting its supply. Even for those who wait hours and days for their transaction to go through - having the option to panic sell Bitcoin right now, without risking holding coin on an exchange for extended period of time, isn't really possible. This reduces selling pressure. The bubble would peak shortly after a scaling solution is reached (I think one will be - too much has been invested in Bitcoin to let another coin take to the top spot).

Bitcoins stuck in pending transactions are not out of circulation, in fact thery are in circulation. Anyway I don´t think these coins can affect the market. Buys and sells are made in exchanges. The network congestion can affect the adoption if it last too long but not necessarily the price, not in vain, despite the problems that bitcoin still has, its advantages are still greater than its disadvantages.

[Ibian]

With the number of unconfirmed rising rapidly now, and fees up above $1 and rising, a lot of Bitcoin could become locked out circulation, artificially shorting its supply.

So the market is being denied a bunch of $4 sells? Poor market.

It will forever lock up a lot of dust but even if capacity immediately doubles or triples I think the spammers now have a taste for it. Fees won't ever return to peanuts.

Who are you to define anything as spam?

[gentlemand]

Who are you to define anything as spam?

A widely respected yet similarly feared poster of wonderful thingies for multiple years now.

When one address is sending thousands of transactions spaced a few seconds apart with piddling fees then I don't think that's a coach party all trying to buy coffee all at once.

[Ibian]

Who are you to define anything as spam?

A widely respected yet similarly feared poster of wonderful thingies for multiple years now.

When one address is sending thousands of transactions spaced a few seconds apart with piddling fees then I don't think that's a coach party all trying to buy coffee all at once.

Those fees are his right to have his transactions processed. It doesn't matter why it is done, not that you can do more than guess in accordance with your personal bias, he is paying for it. Working as intended, in other words.

[RayX12]

In the end Ransomware and HIGH FEES are helping BTC price  ....ha ha ha

[yefi]

Those fees is his right to have his transactions processed. It doesn't matter why it is done, not that you can do more than guess in accordance with your personal bias, he is paying for it. Working as intended, in other words.

But how does any of that un-define something as spam? I have a right to push Potatocoin flyers through your door every day, and your letterbox would be working as intended, but it's still spam.

[JayJuanGee]

$1900 at Finex again, $8 short of ATH  

Another day, another ATH. Meanwhile, true Bitcoin holders be like:


On the other side of the Spectrum, "altcoin bagholders", "propagandists", and "paid shills" are like: "Look at the mempool!!! Bitcoin is dead!".
I'll get a little excited if we break $2k on Bitstamp and stay there.

I was thinking that resistance would be pretty decent at bitstamp at $2k, but once we break $2k, then likely to go into the $2300 to $2500 territory before another correction.

With this latest price action, I kind of think that the buying pressure is a bit stronger than I had anticipated... so it could be the case that resistance at $2k is not as strong as previously considered...

Wait and see; wait and see.   

[arklan]

if we break 2k, i think we'll be in for a hell of a ride, akin to the 2013 bubble. too much, too fast, then panic back down.

[Ibian]

Those fees is his right to have his transactions processed. It doesn't matter why it is done, not that you can do more than guess in accordance with your personal bias, he is paying for it. Working as intended, in other words.

But how does any of that un-define something as spam? I have a right to push Potatocoin flyers through your door every day, and your letterbox would be working as intended, but it's still spam.

I reject the entire concept. There is no spam, there are only transactions that will either be processed, or not, in accordance with the programmed rules and miner incentive.

We don't need more third party control. That's most of the point of bitcoin, and one of the major reasons it is worth anything.

[Iranus]

This year could become remembered as the Great Fee Bubble of 2017.

With the number of unconfirmed rising rapidly now, and fees up above $1 and rising, a lot of Bitcoin could become locked out circulation, artificially shorting its supply. Even for those who wait hours and days for their transaction to go through - having the option to panic sell Bitcoin right now, without risking holding coin on an exchange for extended period of time, isn't really possible. This reduces selling pressure. The bubble would peak shortly after a scaling solution is reached (I think one will be - too much has been invested in Bitcoin to let another coin take to the top spot).

It's not really at the point of locking Bitcoin out of circulation yet.  People who trade and exchange Bitcoin are unlikely to suffer from a fee of around $1.

The only case in which it would be "locked out of circulation" is people who claim trivial amounts from faucets or receive other microtransactions, as the cost of accepting more transactions adds too much to their transaction costs to be used.

[JayJuanGee]

This year could become remembered as the Great Fee Bubble of 2017.

With the number of unconfirmed rising rapidly now, and fees up above $1 and rising, a lot of Bitcoin could become locked out circulation, artificially shorting its supply. Even for those who wait hours and days for their transaction to go through - having the option to panic sell Bitcoin right now, without risking holding coin on an exchange for extended period of time, isn't really possible. This reduces selling pressure. The bubble would peak shortly after a scaling solution is reached (I think one will be - too much has been invested in Bitcoin to let another coin take to the top spot).

do you really believe this nonsense?

That is a decent theory.

While the spam attack is taking place, and the mempool is backed up, it becomes easier to move dollars around rather than bitcoins... so you have however many coins that you have on the exchanges, and they run out.

[Elwar]

Pulled out my bitcoin app and it was defaulted to Kraken. I noticed the price high was $2589. Some crazy anomoly from the looks of it.

[spooderman]

Pulled out my bitcoin app and it was defaulted to Kraken. I noticed the price high was $2589. Some crazy anomoly from the looks of it.

That is a crazy ATH to beat. $2589 for one bitcoin

[JimboToronto]

Pulled out my bitcoin app and it was defaulted to Kraken. I noticed the price high was $2589. Some crazy anomoly from the looks of it.

You sure that's the USD price and not CAD?

Current CAD prices at Bitcoinaverage are $2539 global and $2648 CAD index. I always quote global prices.

[gentlemand]

Pulled out my bitcoin app and it was defaulted to Kraken. I noticed the price high was $2589. Some crazy anomoly from the looks of it.

You sure that's the USD price and not CAD?

Current CAD prices at Bitcoinaverage are $2539 global and $2648 CAD index. I always quote global prices.

It was a fat finger 1000 BTC buy. Why anyone would use USD on Kraken is beyond me. It's a very creaky set up over there and as that price demonstrates rather thin.

[JimboToronto]

It was a fat finger 1000 BTC buy. Why anyone would use USD on Kraken is beyond me. It's a very creaky set up over there and as that price demonstrates rather thin.

Wow. When you're throwing around close to 2 million bucks (USD) you'd think you'd be more careful.

Someone rich must really want coins. Noob?

edit: 600 coin bidwall at Stamp. Eaten or pulled?

re-edit: Pulled. Got the job done I guess... $1880 reached.