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

[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.

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[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


 

[x2666]

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


 

That is a blatant lie, it was released on June 26th. It says it plainly at the top of the article.

[Last of the V8s]

well reddit is unusually unpleasant at the mo but there's this

BLOCKSTREAM VOLCANO LAIR - Blockstream Core, masterminds behind SEGWIT, today released their reaction to SegWit's activation.

Blockstream CEO Adam Back said on hearing the news, "I am thrilled that our patented SegWit™ technology has been smoothly adopted. Our technology provides unprecedented business opportunities for the entire banking industry, possibly with some other fringe applications."

On the way back to NSA headquarters, Blockstream psyops engineer theymos gave a statement by phone, saying "As a long-time employee of BitMain, I am proud to have been even a small part of this grand achievement, brought to you by the great folks at the Bitcoin Foundation. While Goldman Sachs does not always get the best reputation, I think that our actions here have thoroughly proven that the Bilderberg Group is merely a normal, benevolent group of people."

Luke Dashjr, whose UASF support proved essential to SegWit's success, announced plans for a new, non-Bitcoin UASF which would softfork the decimal number system into Tonal, finally addressing the covert deciboost attack which has been ongoing for millennia.

Although his identity remains unknown, the Supreme Troll Army Commander was heard issuing a command to "execute order 141" to all troll army lieutenants.

"THE SCREAMS OF THE INNOCENT WILL ECHO THROUGH MY HALLS", said Blockstream CTO Greg Maxwell from his skull throne. He proceeded to carve "1MB" into a shrieking supplicant's flesh while laughing manically.

All in all, spirits are high and tensions low at Blockstream Core HQ, even despite the ominous timers which fill every wall, slowly but inexorably counting down to some unknown event which lead developer Wladimir will only describe as "an EARTH-SHATTERING surprise which only those who have experienced Bitcoin's TO-THE-MOON journey will be able to truly appreciate." I guess we'll just have to wait and see what's next for Bitcoin!

[Last of the V8s]

this Ronnie Moas dude (no relation)

tl;dr hyper-bullish case $3.8M per btc

most amusing. lolled

most accurate. confirmed

[Dakustaking76]

Whats happening on kraken again Ping Pong bouncing

[gentlemand]

So will Segwit's birth expose all the covert ASIC boosters out there or not?

[Dammitt]

For me now, it's important for me to stay on a Btc level, which is a good move for subcodes on this count. It will be great if you stay at a certain level. Because the higher the Btc, the worse it is for the subcool.

[Last of the V8s]

Pieter Wuille made a vanity address https://blockchain.info/tx/c586389e5e4b3acb9d6c8be1c19ae8ab2795397633176f5a6442a261bbdefc3a

[blockinoutthehaters]

Tonight might be more of a historic moment then we all realize.

O.k.  I will bite.  How, newbie (possible troll)?  

Since the inception of bitcoin, whenever people asked, "So, how many transactions does bitcoin do per second?".
We all had to answer a number that was embarrassingly low, theoretically 7, but more like 3-4 TPS.

With segwit enabled, bitcoin is finally - ready for the world -.
As much of a cliche that may sound, we went from 7 TPS to potentially unlimited TPS, all safe and sound.
This means it's really no 'joke' anymore. That's what I mean by historic, the activating of segwit might be known as THE enabler for bitcoin.
Or like some other people call it, the netscape navigator moment for bitcoin.

On the horizon is rootstock, smart contracts linked to the bitcoin chain. What is ETH going to do?

Oh and no newbie, been here since 2013. Forgot my password and recovery didn't work.

[600watt]

https://cointelegraph.com/news/bitcoin-price-might-exceed-1-million-more-millionaires-in-world-than-bitcoins


yep, sayin this for years. good to see this little fun fact gets some traction.

[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


 

That is a blatant lie, it was released on June 26th. It says it plainly at the top of the article.

A lie? wow..

Nope I just didn't notice the date- my bad