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

[Torque]

https://www.cnbc.com/2017/11/15/thomas-peterffy-keep-bitcoin-away-from-the-real-economy.html

The chairman of Interactive Brokers is saying that futures trading of Bitcoin through CME could be the cause of the next financial collapse. He took out a full page ad in the Wall Street Journal to warn about it.

Discussion here:

https://bitcointalk.org/index.php?topic=2410933.0

[itod]

Hey guys, maybe someone can make me understand
Do you think we will be able to use BTC in a couple of years to buy for example coffee?
The real question is, the minimum fee we can pay is 1 sat, there is nothing less than 1 sat, right? but if in the next years 1 sat = $2/3, the fee will be as expensive as the thing you wanna buy (coffee). I don't like this BTC = Gold/store of value, I want to use BTC for my everyday expenses.

I love when someone fixes the problem that doesn't exist. Specially when solution to future problems are discussed and developed all over the place. Riddle me this, just for fun: If 0.00000001 BTC is worth $2/3 as you speculate, how much is 1 BTC worth?

When you realize how big that number is, you may google for lightning protocols which peg to BTC blockchain. You will find out that once 1 BTC is worth 200 million US$ you would have an option to open the lightning channel between you and Starbucks, and pay for the coffee for the rest of your life without ever having to pay the transaction fee on the main blockchain.

[gembitz]

https://www.cnbc.com/2017/11/15/thomas-peterffy-keep-bitcoin-away-from-the-real-economy.html

The chairman of Interactive Brokers is saying that futures trading of Bitcoin through CME could be the cause of the next financial collapse. He took out a full page ad in the Wall Street Journal to warn about it.

IB are such shills they are so pissed they cant mine btc on the typewriters :-D lmfao ===>


"What I am objecting to is linking bitcoin and other cryptocurrencies by federal regulations to the real economy, which would happen if we were to clear bitcoin along with other products in the same trading house,"

LOL ^DUH FOOL >.> BECAUSE BTC CLEARS WITHOUT YOUR FRAUDULENT SYSTEM!!! bwaahaha

[0rganic]

Hey guys, maybe someone can make me understand
Do you think we will be able to use BTC in a couple of years to buy for example coffee?
The real question is, the minimum fee we can pay is 1 sat, there is nothing less than 1 sat, right? but if in the next years 1 sat = $2/3, the fee will be as expensive as the thing you wanna buy (coffee). I don't like this BTC = Gold/store of value, I want to use BTC for my everyday expenses.

  How sad for you that your dream of coffee for Bitcoin has died; that you wont be able to use Bitcoin for everyday expenses.   In life, periods of strife, loss and suffering are inevitable but you must remind yourself that these will pass.  Perhaps it would be better for your psyche to concentrate on broadening your outlook or maybe focussing on the better periods of your life - reflect on those times when things were going your way and you had the world by the balls.  

 Listen up everyone!  Please!  A moment of silence for GHCoins45's shattered dreams.

 Now, let's all have a listen while Carolina plays Schumann's Traumerei on the fiddle.



You good now?



[best thing I've seen all day LMAO]

[rolling]

Hey guys, maybe someone can make me understand
Do you think we will be able to use BTC in a couple of years to buy for example coffee?
The real question is, the minimum fee we can pay is 1 sat, there is nothing less than 1 sat, right? but if in the next years 1 sat = $2/3, the fee will be as expensive as the thing you wanna buy (coffee). I don't like this BTC = Gold/store of value, I want to use BTC for my everyday expenses.

I love when someone fixes the problem that doesn't exist. Specially when solution to future problems are discussed and developed all over the place. Riddle me this, just for fun: If 0.00000001 BTC is worth $2/3 as you speculate, how much is 1 BTC worth?

When you realize how big that number is, you may google for lightning protocols which peg to BTC blockchain. You will find out that once 1 BTC is worth 200 million US$ you would have an option to open the lightning channel between you and Starbucks, and pay for the coffee for the rest of your life without ever having to pay the transaction fee on the main blockchain.

What is more likely to happen is that people keep using their VISA/Mastercard/PayPal for coffee and groceries and Bitcoin becomes the settlement layer between companies and countries. Even the lightning layer will be for businesses not for the average Joe.

[gembitz]

Hey guys, maybe someone can make me understand
Do you think we will be able to use BTC in a couple of years to buy for example coffee?
The real question is, the minimum fee we can pay is 1 sat, there is nothing less than 1 sat, right? but if in the next years 1 sat = $2/3, the fee will be as expensive as the thing you wanna buy (coffee). I don't like this BTC = Gold/store of value, I want to use BTC for my everyday expenses.

I love when someone fixes the problem that doesn't exist. Specially when solution to future problems are discussed and developed all over the place. Riddle me this, just for fun: If 0.00000001 BTC is worth $2/3 as you speculate, how much is 1 BTC worth?

When you realize how big that number is, you may google for lightning protocols which peg to BTC blockchain. You will find out that once 1 BTC is worth 200 million US$ you would have an option to open the lightning channel between you and Starbucks, and pay for the coffee for the rest of your life without ever having to pay the transaction fee on the main blockchain.

What is more likely to happen is that people keep using their VISA/Mastercard/PayPal for coffee and groceries and Bitcoin becomes the settlement layer between companies and countries. Even the lightning layer will be for businesses not for the average Joe.

big pharma :-D lol

[ErisDiscordia]

Hey guys, maybe someone can make me understand
Do you think we will be able to use BTC in a couple of years to buy for example coffee?
The real question is, the minimum fee we can pay is 1 sat, there is nothing less than 1 sat, right? but if in the next years 1 sat = $2/3, the fee will be as expensive as the thing you wanna buy (coffee). I don't like this BTC = Gold/store of value, I want to use BTC for my everyday expenses.

  How sad for you that your dream of coffee for Bitcoin has died; that you wont be able to use Bitcoin for everyday expenses.   In life, periods of strife, loss and suffering are inevitable but you must remind yourself that these will pass.  Perhaps it would be better for your psyche to concentrate on broadening your outlook or maybe focussing on the better periods of your life - reflect on those times when things were going your way and you had the world by the balls.  

 Listen up everyone!  Please!  A moment of silence for GHCoins45's shattered dreams.

 Now, let's all have a listen while Carolina plays Schumann's Traumerei on the fiddle.



You good now?

Quoting this because it is art.

[jojo69]

  How sad for you that your dream of coffee for Bitcoin has died; that you wont be able to use Bitcoin for everyday expenses.   In life, periods of strife, loss and suffering are inevitable but you must remind yourself that these will pass.  Perhaps it would be better for your psyche to concentrate on broadening your outlook or maybe focussing on the better periods of your life - reflect on those times when things were going your way and you had the world by the balls.  

 Listen up everyone!  Please!  A moment of silence for GHCoins45's shattered dreams.

 Now, let's all have a listen while Carolina plays Schumann's Traumerei on the fiddle.


You good now?

[itod]

Hey guys, maybe someone can make me understand
Do you think we will be able to use BTC in a couple of years to buy for example coffee?
The real question is, the minimum fee we can pay is 1 sat, there is nothing less than 1 sat, right? but if in the next years 1 sat = $2/3, the fee will be as expensive as the thing you wanna buy (coffee). I don't like this BTC = Gold/store of value, I want to use BTC for my everyday expenses.

I love when someone fixes the problem that doesn't exist. Specially when solution to future problems are discussed and developed all over the place. Riddle me this, just for fun: If 0.00000001 BTC is worth $2/3 as you speculate, how much is 1 BTC worth?

When you realize how big that number is, you may google for lightning protocols which peg to BTC blockchain. You will find out that once 1 BTC is worth 200 million US$ you would have an option to open the lightning channel between you and Starbucks, and pay for the coffee for the rest of your life without ever having to pay the transaction fee on the main blockchain.

What is more likely to happen is that people keep using their VISA/Mastercard/PayPal for coffee and groceries and Bitcoin becomes the settlement layer between companies and countries. Even the lightning layer will be for businesses not for the average Joe.

Why would lightning layer not be for the average Joe? It could be literally without fees if he and Starbucks agree there should be no fees. What would be the incentive for any of sides, him and Starbucks, not to do it?

[rolling]

Why would lightning layer not be for the average Joe? It could be literally without fees if he and Starbucks agree there should be no fees. What would be the incentive for any of sides, he and Starbucks, not to do it?

It is certainly possible and might even happen for a while but you don't need the worlds most secure network to secure coffee funds. Opening a lightning channel could still cost Starbucks or the customer $10-$100 in fees to open or close on the bitcoin network. More likely Starbucks would open a channel with your bank and it's suppliers and close the channel each day, week, month to settle the account.

[bitcoinPsycho]

we going up again  ATH in the next 24 hours

[GHCoins45]

Hey guys, maybe someone can make me understand
Do you think we will be able to use BTC in a couple of years to buy for example coffee?
The real question is, the minimum fee we can pay is 1 sat, there is nothing less than 1 sat, right? but if in the next years 1 sat = $2/3, the fee will be as expensive as the thing you wanna buy (coffee). I don't like this BTC = Gold/store of value, I want to use BTC for my everyday expenses.

  How sad for you that your dream of coffee for Bitcoin has died; that you wont be able to use Bitcoin for everyday expenses.   In life, periods of strife, loss and suffering are inevitable but you must remind yourself that these will pass.  Perhaps it would be better for your psyche to concentrate on broadening your outlook or maybe focussing on the better periods of your life - reflect on those times when things were going your way and you had the world by the balls.  

 Listen up everyone!  Please!  A moment of silence for GHCoins45's shattered dreams.

 Now, let's all have a listen while Carolina plays Schumann's Traumerei on the fiddle.



You good now?

I'm good mate, cheers!

I'm good either way lol, I just saw a future where BTC was in every Joe's "pocket", to replace Visa/Mastercard.

But LN should fix that.

[Syke]

You have no idea how hard it is trying to work today, with this giant throbbing erection I have right now.

Wish I had time to Photoshop today

I've found a Wacom tablet mounted under the desk works well.

[J4mie]

From $7500 to $7700 in 10 minutes

[soullyG]

Holy Carolina! $7700  

[kurious]

Jeez - just pipped 7700 on Stamp - ATH today incoming?

[rolling]

I'm good mate, cheers!

I'm good either way lol, I just saw a future where BTC was in every Joe's "pocket", to replace Visa/Mastercard.

But LN should fix that.

The math just doesn't add up. There is no way the bitcoin network could ever scale (even with LN) to accommodate every person on the planet and it doesn't need to. It will disrupt the current system enough as it is and banks will have their role to play in the new system whether we like it or not.

[AZwarel]

Why would lightning layer not be for the average Joe? It could be literally without fees if he and Starbucks agree there should be no fees. What would be the incentive for any of sides, he and Starbucks, not to do it?

It is certainly possible and might even happen for a while but you don't need the worlds most secure network to secure coffee funds. Opening a lightning channel could still cost Starbucks or the customer $10-$100 in fees to open or close on the bitcoin network. More likely Starbucks would open a channel with your bank and it's suppliers and close the channel each day, week, month to settle the account.

Yes, it probably will work like how it does today, but instead of a bank account where people keep their money and subject to arbitrary power, they can keep it on the bitcoin blockchain. Than they just top up a prepaid-card/lighting network channel for everyday small purchases, just like you can withdraw cash from an ATM.

It isn't that complicated, also, with additional layered solutions pegging back to the bitcoin network, different transfer needs (like streaming money with micro/nano transactions) will have different layers, with varying amount of centralized services, depending on the need for trust.

The point of the bitcoin network would be the absolute uncensorable arbiter of truth, which all these layers/sidechains/network can rely on - the gold standard, so to speak.

That is why decentralization, censorship resistance, open access are the true value of bitcoin, not cheap transactions. Those can be solved on the layering technologies - without a robust, unyielding base, we will have neither of them.

[Dakustaking76]

Chooooo chooooooooooo motherfuuuuuuuu

Were coming 🚂🚂🚂🚂

[itod]

Why would lightning layer not be for the average Joe? It could be literally without fees if he and Starbucks agree there should be no fees. What would be the incentive for any of sides, he and Starbucks, not to do it?

It is certainly possible and might even happen for a while but you don't need the worlds most secure network to secure coffee funds. Opening a lightning channel could still cost Starbucks or the customer $10-$100 in fees to open or close on the bitcoin network. More likely Starbucks would open a channel with your bank and it's suppliers and close the channel each day, week, month to settle the account.

I disagree. As far as i understood the Lightning protocol, although it's not easy and maybe I'm mistaken, if millions of customers open long lasting channel with Sturbucks there is no need to close all of them to bring funds back to fiat. Lighning channels can transfer the funds between each another, and in the end of the day Starbacks can transfer the funds from all daily transactions to "closing" channel (to call it that way) and confirm all of them from arbitrarily large number of customers with paying one single transaction fee for closing the "closing" channel. I believe they would gladly pay one opening/closing fee for each day, regarding the potential number of transactions.