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

[bitserve]

Somewhat related - the unconfirmed transactions have dropped from 60K~ a day or two ago, to 38K~

https://blockchain.info/unconfirmed-transactions

What we don't know is if they are spamming more or less. Anyway, when a good percentage of tx's were segwit they will need to dedicate more resources to keep spamming.

Atm the percentage of segwit tx's is still negligible.

[JayJuanGee]

So does anyone notice any difference in the transaction or confirmation speeds now when the segwit is finally activated?

My bitcoins came through the other side so shiny.

I noticed also that segwit shit does not stink.. It is really amazing stuff - we may need a marketing team for it.


I know the perfect marketters:  Roger, Jihan and Craig... Let's get them marketing this.   

[aesma]

Segwit is NOT activated.

It is locked in, meaning it will activate. In three months.

A bit like when the US president is elected. He must still wait months before actually entering the White House.

[JayJuanGee]

Segwit is NOT activated.

It is locked in, meaning it will activate. In three months.

A bit like when the US president is elected. He must still wait months before actually entering the White House.

OH MY.....  

How could you be participating in this thread for the past several months and not realize that segwit has just been Activated....



HELLO!!!!!!!!!!

First BIP 91 passed (in mid July), then two weeks later, Segwit began its lock in period which ended about August 8.  Then these past two weeks have been the delay before the actual ACTIVATION.

Activation took place today.. starting about 6 hours ago-ish.     HELROW!!!!    WAKE URSELFIE UPPIE!!!!   

[bitserve]

Segwit is NOT activated.

It is locked in, meaning it will activate. In three months.

A bit like when the US president is elected. He must still wait months before actually entering the White House.

WUt?? It has been activated. There already are some Segwit tx's. Very few yet, but give it time....

Today is exactly like the first day Trump enter the White House... uhhh, no, well, forget the trump part... It's activated

[aesma]

Segwit is NOT activated.

It is locked in, meaning it will activate. In three months.

A bit like when the US president is elected. He must still wait months before actually entering the White House.

OH MY.....   

How could you be participating in this thread for the past several months and not realize that segwit has just been Activated....



HELLO!!!!!!!!!!

First BIP 91 passed (in mid July), then two weeks later, Segwit began its lock in period which ended about August 8.  Then these past two weeks have been the delay before the actual ACTIVATION.

Activation took place today.. starting about 6 hours ago-ish.     HELROW!!!!    WAKE URSELFIE UPPIE!!!!   

You're right, I guess the bigblockers got to my head ! It's Segwit2X that we're "waiting for".

[JayJuanGee]

Segwit is NOT activated.

It is locked in, meaning it will activate. In three months.

A bit like when the US president is elected. He must still wait months before actually entering the White House.

OH MY.....   

How could you be participating in this thread for the past several months and not realize that segwit has just been Activated....



HELLO!!!!!!!!!!

First BIP 91 passed (in mid July), then two weeks later, Segwit began its lock in period which ended about August 8.  Then these past two weeks have been the delay before the actual ACTIVATION.

Activation took place today.. starting about 6 hours ago-ish.     HELROW!!!!    WAKE URSELFIE UPPIE!!!!   

You're right, I guess the bigblockers got to my head ! It's Segwit2X that we're "waiting for".

Hahahahaha...    You are not a true BIGBLOCKER yet, if you are able to admit that you were wrong...

You better go back to BIGBLOCKER training until you can come out swinging with MOAR confidence -   


So, Yeah, if we are talking about segwit2x, then today is the day that the clock begins to run regarding that nutty-ass proposition.

If you think about segwit2x, the 2x part remains retarded because there is still no clarity regarding what it requires, exactly, and you would think that the whole segwit2x was premised on a kind of compromise that would allow a possible path forward for bitcoin and to avoid other hardforks (because supposedly segwit2x would be achieve through a hardfork).
 It seems that this renegade hardfork, aka BCash, kind of fucked up the whole premise of segwit2x by prematurely and unilaterally changing a variety of foundational presumptions of the 2x part of segwit2x.

Another interesting 3 months in front of us and to see how many more attempts at extreme surprises come to bitcoin in the next 3 months - never a dull day in bitcoin, and maybe attempts at extreme surprises should be the rule, rather than the exception, these days? They gotta become more extreme in order to be effective, no?  China bans bitcoin.. that wont work... Satoshi lives, no tried that... bitcoin is not scaling, hm not too convincing... Bitcoin going to hardfork.. didn't seem to be effective...   Big blockers gotta play harder ball each time?  What is the market going to do?

ON a personal level prepare for both directions ... up and down... right?

[Mrpumperitis]

so whos gona pay for lightining subscription?
who wants to pay for a btc wallet?
how much % will the prices go up per yr?
get used to this...this is what you guys wanted.

[bitserve]

http://veekyforums.com/thread/3186191/business/the-lighting-network-requires-a-subscription-fee.html
 

What a bunch of bullshit and disinformation there. Do you really believe that?

[Mrpumperitis]

http://veekyforums.com/thread/3186191/business/the-lighting-network-requires-a-subscription-fee.html
 

What a bunch of bullshit and disinformation there. Do you really believe that?

yea i do, ive been sayin things like this will happen for past 3weeks...
if is its true , how would you feel?

heres a comment from a reader.
the idea that you pay a monthly bill to blockstream instead of paying per transaction is *really* bad. do you need me to explain why? it's not the "same thing."

another...Requires locking funds into a payment channel, like a bank account
Funds stay locked up until you pay to close the channel, like a bank account
Fees go to channel provider, who is most likely a bank, banking 2.0
Provider can force channels closed, require registration, AML/KYC, fully vulnerable to government confiscation

[–]luke-jrLuke Dashjr - Bitcoin Core Developer 29 points 10 hours ago
In the short term, Lightning should reduce on-chain fees significantly.
Essentially they become subscription fees to use Bitcoin, rather than per-transaction fees.

[marcus_of_augustus]

What a bunch of bullshit and disinformation there. Do you really believe that?

... no he clearly doesn't, he's getting paid to spread it, that's what happening here.

[bitserve]

http://veekyforums.com/thread/3186191/business/the-lighting-network-requires-a-subscription-fee.html
 

What a bunch of bullshit and disinformation there. Do you really believe that?

yea i do, ive been sayin things like this will happen for past 3weeks...
if is its true , how would you feel?

heres a comment from a reader.
the idea that you pay a monthly bill to blockstream instead of paying per transaction is *really* bad. do you need me to explain why? it's not the "same thing."

another...Requires locking funds into a payment channel, like a bank account
Funds stay locked up until you pay to close the channel, like a bank account
Fees go to channel provider, who is most likely a bank, banking 2.0
Provider can force channels closed, require registration, AML/KYC, fully vulnerable to government confiscation

[–]luke-jrLuke Dashjr - Bitcoin Core Developer 29 points 10 hours ago
In the short term, Lightning should reduce on-chain fees significantly.
Essentially they become subscription fees to use Bitcoin, rather than per-transaction fees.

Of course it requires locking the funds in the payment channel, what's new about that?

Fees go to channel provider, yeah, somewhat... but why a subscription fee? That will depend on each channel/LN hub provider. Obviously they will have to charge you to pay for on-block tx's plus a profit. But, again... noone is forcing you to use LN, it's an enhcement/additional feature, not a replacement.

The idea behing LN tx's is that they would be instant and cheaper. What's the problem with that?

[Mrpumperitis]

What a bunch of bullshit and disinformation there. Do you really believe that?

... no he clearly doesn't, he's getting paid to spread it, that's what happening here.

yea right...so if you pay me more you think ill say what you want ?
i do and say what i want m8.

[Mrpumperitis]

http://veekyforums.com/thread/3186191/business/the-lighting-network-requires-a-subscription-fee.html
 

What a bunch of bullshit and disinformation there. Do you really believe that?

yea i do, ive been sayin things like this will happen for past 3weeks...
if is its true , how would you feel?

heres a comment from a reader.
the idea that you pay a monthly bill to blockstream instead of paying per transaction is *really* bad. do you need me to explain why? it's not the "same thing."

another...Requires locking funds into a payment channel, like a bank account
Funds stay locked up until you pay to close the channel, like a bank account
Fees go to channel provider, who is most likely a bank, banking 2.0
Provider can force channels closed, require registration, AML/KYC, fully vulnerable to government confiscation

[–]luke-jrLuke Dashjr - Bitcoin Core Developer 29 points 10 hours ago
In the short term, Lightning should reduce on-chain fees significantly.
Essentially they become subscription fees to use Bitcoin, rather than per-transaction fees.

Of course it requires locking the funds in the payment channel, what's new about that?

Fees go to channel provider, yeah, somewhat... but why a subscription fee? That will depend on each channel/LN hub provider. Obviously they will have to charge you to pay for on-block tx's plus a profit. But, again... noone is forcing you to use LN, it's an enhcement/additional feature, not a replacement.

The idea behing LN tx's is that they would be instant and cheaper. What's the problem with that?

nothing, your right...just keep doing what your doing lol

[Mrpumperitis]

https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800

[JayJuanGee]

What a bunch of bullshit and disinformation there. Do you really believe that?

... no he clearly doesn't, he's getting paid to spread it, that's what happening here.

yea right...so if you pay me more you think ill say what you want ?
i do and say what i want m8.

You are one of those "good" kind of trolls, right?  m8ie?  You actually believe your ongoing straying from topic nonsense, rightie? 

[conspirosphere.tk]

yea i do, ive been sayin things like this will happen for past 3weeks...
if is its true , how would you feel?

heres a comment from a reader.
the idea that you pay a monthly bill to blockstream instead of paying per transaction is *really* bad. do you need me to explain why? it's not the "same thing."

another...Requires locking funds into a payment channel, like a bank account
Funds stay locked up until you pay to close the channel, like a bank account
Fees go to channel provider, who is most likely a bank, banking 2.0
Provider can force channels closed, require registration, AML/KYC, fully vulnerable to government confiscation

[–]luke-jrLuke Dashjr - Bitcoin Core Developer 29 points 10 hours ago
In the short term, Lightning should reduce on-chain fees significantly.
Essentially they become subscription fees to use Bitcoin, rather than per-transaction fees.

In case anyone try to enforce anything like that (maybe by spamming the network as usual), this will be the market reaction in a matter of hours:

[marcus_of_augustus]

https://www.coindesk.com/standpoint-founder-bitcoin-asset-class-will-grow-2-trillion-market/

... from the "hyper-bullish case" files, this Ronnie Moas dude (no relation) is estimating crypto-currencies to assume at least 1% of total global asset valuations (currently estimated at $200 trillion). So yeah, $2 trillion total for all crypto and significant proportion (~75%) of that in bitcoin in the next decade ... so ~$60k per btc. Medium term he's picking $5-15k per btc in the next 36 months. Sounds like some extreme numbers but 1% is not really that extreme, is it?

So what do the "radical bitcoinisation case" numbers look like one wonders? The $200 trillion total global asset valuations number is interesting but has several major drawbacks, it is leaky as a sieve so is hard to assume any kind of accuracy, secondly due to massive monetary expansion by major central banks after the GFC all asset valuations are inflated majorly out-of-whack and finally it is denominated in fed. res. debt note dollars which themselves are flexible and would be 'burning in fire unreliable' in the radical bitcoinisation scenario. I prefer to use global fiat M3 monetary stock as the big yard stick, as this is really the closest market bitcoin itself is competing directly in and is relatively accurately known today, between 70-80 trillion US$ equivalent. In a radical bitcoinisation adoption event, let's say bitcoin assumes between 15-50% of today's total global fiat M3 stock, so that has bitcoin market cap at 12-40 trillion in today dollars. Keep in mind though in this scenario it is quite possible that such a major upheaval in the balance of global asset valuations would pop the massive monetary bubbles currently built up in non-monetary assets (as they got monetised due to poor money management from the central banks) such that the above $200 trillion dollar number might be as much as halved to around $100 trillion.

tl;dr hyper-bullish case of radical bitcoinisation adoption could lead to as much as 40 trillion market cap in today dollars but representing a claim on as much as twice as much in devalued global asset valuations ... i.e. effectively 80 trillion. Equivalent to what $3.8M per btc could buy today on stock, bonds, property, etc. That still allows for all other fiat to have 50% market share.

[Mrpumperitis]

yea i do, ive been sayin things like this will happen for past 3weeks...
if is its true , how would you feel?

heres a comment from a reader.
the idea that you pay a monthly bill to blockstream instead of paying per transaction is *really* bad. do you need me to explain why? it's not the "same thing."

another...Requires locking funds into a payment channel, like a bank account
Funds stay locked up until you pay to close the channel, like a bank account
Fees go to channel provider, who is most likely a bank, banking 2.0
Provider can force channels closed, require registration, AML/KYC, fully vulnerable to government confiscation

[–]luke-jrLuke Dashjr - Bitcoin Core Developer 29 points 10 hours ago
In the short term, Lightning should reduce on-chain fees significantly.
Essentially they become subscription fees to use Bitcoin, rather than per-transaction fees.

In case anyone try to enforce anything like that (maybe by spamming the network as usual), this will be the market reaction in a matter of hours:


                   bch                                                 me                                                           btc

^lols, that pic...thats whats happening right now imo.
bch... me...btc is what i see lol

[empowering]

https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800

Wow - the author wrote this this morning?  that is good going....

It is almost as if this article was sat there just waiting for the right time to release it to cause FUD...

No...some guy just wrote this earlier this morning.. honest... they really did