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

[Syke]

Is it necessary to quote the title of White Paper? Can you offer a reference in which Satoshi affirms what you say? I do not think that 10 dollars will be included in the catagory of micro payment. LN will be useful for real micro payments, cents or even less.

Sure:

Bitcoin isn't currently practical for very small micropayments...not things needing to pay less than 0.01.

[Ibian]

Ever-increasing fees with no end in sight is a crisis. I predict hundred dollar fees within a year if nothing is done to increase throughput. And nobody fucking uses segwit, that makes it a failure. IT SHOULD NEVER HAVE BEEN OPTIONAL.

If bitcoin is worth $100k each then I think $100 fees are reasonable. No crisis.

You will be in the minority when it happens.

[Ibian]

Is it necessary to quote the title of White Paper? Can you offer a reference in which Satoshi affirms what you say? I do not think that 10 dollars will be included in the catagory of micro payment. LN will be useful for real micro payments, cents or even less.

Sure:

Bitcoin isn't currently practical for very small micropayments...not things needing to pay less than 0.01.

Don't be a fucking sophist. CURRENTLY, at the time, meant the dollar value of 0.01 btc. Go ahead and calculate it for us.

[spiderbrain]

So you are other of those who think that Satoshi was wrong? and that its system does not serve the purposes for which I believe it? And that you, like so many others, are the enlightened ones who came to save us from the stupid Satoshi and his faulty system, telling us what really works?

Satoshi never designed bitcoin for micropayments. He knew sending .01 btc wasn't part of the plan.

Is it necessary to quote the title of White Paper? Can you offer a reference in which Satoshi affirms what you say? I do not think that 10 dollars will be included in the catagory of micro payment. LN will be useful for real micro payments, cents or even less.

Relax guys, Satoshi's vision is alive and well, it's just called bitcoin cash now. All we have is a financial services company stealing the name "bitcoin" via some clever open source politics and internet censorship

I personally still love SegwitCoin™ because it is worth heaps, but it has f3ck all to do with bitcoin any more, apart from the name.

[jojo69]

woooooo, $100 fees

I'm terrified




jesus you guys, don't you have your own threads or something?

[Rosewater Foundation]

That tears it. I'm ignoring everyone.

[ragnar0k]

Bcashers are becoming more belligerant now that even ripple passed them

[fabiorem]

If bitcoin is worth $100k each then I think $100 fees are reasonable. No crisis.

And there's litecoin for cheaper things. Already have Segwit and atomic swap, fees are very low. You can buy a car with bitcoin, and beer with litecoin.

[Gab0]

Is it necessary to quote the title of White Paper? Can you offer a reference in which Satoshi affirms what you say? I do not think that 10 dollars will be included in the catagory of micro payment. LN will be useful for real micro payments, cents or even less.

Sure:

Bitcoin isn't currently practical for very small micropayments...not things needing to pay less than 0.01.

That statement is out of context. He meant that he was not efficient at that moment.
Look what it says a little later.

Bitcoin isn't currently practical for very small micropayments.  Not for things like pay per search or per page view without an aggregating mechanism, not things needing to pay less than 0.01.  The dust spam limit is a first try at intentionally trying to prevent overly small micropayments like that.

Bitcoin is practical for smaller transactions than are practical with existing payment methods.  Small enough to include what you might call the top of the micropayment range.  But it doesn't claim to be practical for arbitrarily small micropayments.

[realr0ach]

If bitcoin is worth $100k each then I think $100 fees are reasonable. No crisis.

Wouldn't the logical course of action in said event be to dump all of your bitcoin at once since it requires you to spend $100 everytime you want to use it, and then transfer your money into a cheaper system instead of spending $100+ per day in fees? lol.  Of course, said paradigm would have you seeking out two instruments, the base of Exter's pyramid since it provides the best store of value (gold and silver) and then holding what you need to keep liquid to spend in the worst money of gresham's law since it has lowest fees (fiat dollars).

[OWZ1337]

Bcashers are becoming more belligerant now that even ripple passed them

BeeCash will never bee bitcoin :-D weeee ~ still fools are buying<<<<

[jojo69]

So here is the deal, and I'm only going to say this once.

We will implement a larger blocksize patch when AND NOT BEFORE you fuckers stop trying to bully us into it.

necessary preconditions

>Ver desists from going on the MSM and talking FUD shit

>no more rhetoric about "firing" or pushing out the Core devs

>an end to the mempool spam

>3 days without a bigblock post in this thread

then we can talk, as long as we feel we are being pushed NOTHING IS GOING TO HAPPEN!  Y'all continually threaten the Core community, and then wonder why we react with fear...if you don't get how this is never going to help I don't know what to tell you.

get it through your goddamned thick skulls

[Ibian]

So here is the deal, and I'm only going to say this once.

We will implement a larger blocksize patch when AND NOT BEFORE you fuckers stop trying to bully us into it.

necessary preconditions

>Ver desists from going on the MSM and talking FUD shit

>no more rhetoric about "firing" or pushing out the Core devs

>an end to the mempool spam

>3 days without a bigblock post in this thread

then we can talk, as long as we feel we are being pushed NOTHING IS GOING TO HAPPEN!  Y'all continually threaten the Core community, and then wonder why we react with fear...if you don't get how this is never going to help I don't know what to tell you.

get it through your goddamned thick skulls

It's needed now. A year ago.

And why the fuck are you letting ver dictate anything?

[realr0ach]

Relax guys, Satoshi's vision is alive and well, it's just called bitcoin cash now.

All I care about is when this entire ecosystem eventually implodes, I hope the jews and/or wall street (same difference) are left holding the bag instead of idiot middle-americans purchasing $20,000 bitcoins and then having the bottom drop out to $0.  It looks like that's how it will play out since the middle-class is already tapped out anyway and has no money to purchase this vapor garbage.  Wall street jews attempt to pump bitcoin and discover...wait, nobody else actually has money to buy our pump.

[AlcoHoDL]

Oh, how I'll really enjoy quoting this discussion when the Lightning Network (or other proper scaling solution) goes live and becomes mainstream...

Reminds me of a song by Leonard Cohen:

"and all the lousy little poets coming round
tryin' to sound like Charlie Manson"

[spiderbrain]

Relax guys, Satoshi's vision is alive and well, it's just called bitcoin cash now.

<racist_sh1t/>

Hello. Please stop being super racist. That is all.

[jojo69]

And why the fuck are you letting ver dictate anything?

I'm not.  He is (thankfully) y'alls problem.  You deal with him.

[Ibian]

Oh, how I'll really enjoy quoting this discussion when the Lightning Network (or other proper scaling solution) goes live and becomes mainstream...

Reminds me of a song by Leonard Cohen:

"and all the lousy little poets coming round
tryin' to sound like Charlie Manson"

Nope. Lightning is gonna fail as hard as segwit. We need something universally applicable, and NOT FUCKING OPTIONAL.

Bigger blocks work. Nobody except miners would be affected, and even miners would keep their relative position to one another. There would be literally no change, for anyone, except anyone who pays fees. Which is all of us.

[ragnar0k]

Bcashers are becoming more belligerant now that even ripple passed them

BeeCash will never bee bitcoin :-D weeee ~ still fools are buying<<<<

Not really - every bloody altcoin is pumping except bcash despite personal pitches on tv

[AlcoHoDL]

Oh, how I'll really enjoy quoting this discussion when the Lightning Network (or other proper scaling solution) goes live and becomes mainstream...

Reminds me of a song by Leonard Cohen:

"and all the lousy little poets coming round
tryin' to sound like Charlie Manson"

Nope. Lightning is gonna fail as hard as segwit. We need something universally applicable, and NOT FUCKING OPTIONAL.

Bigger blocks work. Nobody except miners would be affected, and even miners would keep their relative position to one another. There would be literally no change, for anyone, except anyone who pays fees. Which is all of us.

The "bigger blocks" solution hasn't been tested on a network of the size and load of that of Bitcoin. Bcash is not Bitcoin. "Bigger blocks", will appear to solve the problem for some small amount of time, until the fees will rise again and we'll soon be asking for "even bigger blocks", ad infinitum. A proper scaling solution should be implemented, one that can scale right now to peak-time VISA levels, by design.