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

[centralbanksequalsbombs]

From Bittrex Twitter:  

We've upgraded the servers again.  We exceeded the previous cap of 500k concurrent users.  Sorry for the inconvenience.

Edit:  If Bittrex has 500k concurrent users (noting many of those will be bots), how many humans are there and what proportion of the crypto market is Bittrex?  

I’ll take a stab in the dark and say 50:1 users to concurrent users. So 25 million account holders. If we assume Bittrex has 10% of the global crypto market that gives us 250 million owners of crypto globally.  Based on a global population of 7.6 billion we are at 3.2% of the global population holding “some” crypto.

No, I'd say we are closer to 1% of global population use. But that number in itself is huge. We hit 1% in 10 years, and I think within 3 years we will be almost 3%! That's alot more people pouring in soon. As the max global population I'd foresee actively using Bitcoin in our lifetimes may be about 6% to 7%.

Once Bitcoin hits 5%, it is effectively mainstream and at that point already taken over traditional financial structures. This will happen within 5, maybe 6 years maximum.

[Syke]

Not all of us are suffering from an embarrassment of riches.  

Just HODL. You will soon join the suffering.

[bones261]

Not all of us are suffering from an embarrassment of riches.  

Just HODL. You will soon join the suffering.

If and when that happens, the "cheap tx fee" will be the equivalent of $500. 

[gentlemand]

Well, I am happy that you can do the Bitcoin equivalent of wiping your ass with $10 bills and flushing them down the toilet. I am sure that the alligator lurking at the bottom of the sewer, Jihan Wu, is enjoying your regular feedings. Not all of us are suffering from an embarrassment of riches.  

Could you please make an orderly exit? I don't think anyone here really has the time to converse with the poor any more. Our time is more valuable. There's a good chap.

[orpington]

Not all of us are suffering from an embarrassment of riches.  

Just HODL. You will soon join the suffering.

If and when that happens, the "cheap tx fee" will be the equivalent of $500. 

If I have a few millions I would be okay with that too.

[bones261]

Well, I am happy that you can do the Bitcoin equivalent of wiping your ass with $10 bills and flushing them down the toilet. I am sure that the alligator lurking at the bottom of the sewer, Jihan Wu, is enjoying your regular feedings. Not all of us are suffering from an embarrassment of riches.  

Could you please make an orderly exit? I don't think anyone here really has the time to converse with the poor any more. Our time is more valuable. There's a good chap.

Gee, you nouveau riche are worse than the old money. No wonder the aristocracy always looked down upon you.

[orpington]

Well, I am happy that you can do the Bitcoin equivalent of wiping your ass with $10 bills and flushing them down the toilet. I am sure that the alligator lurking at the bottom of the sewer, Jihan Wu, is enjoying your regular feedings. Not all of us are suffering from an embarrassment of riches.  

Could you please make an orderly exit? I don't think anyone here really has the time to converse with the poor any more. Our time is more valuable. There's a good chap.

Gee, you nouveau riche are worse than the old money. No wonder the aristocracy always looked down upon you.

Maybe you should stick to Litecoin or BitCHcoin?

[gentlemand]

Gee, you nouveau riche are worse than the old money. No wonder the aristocracy always looked down upon you.

Shoo shoo. Away with you.

[bones261]

Not all of us are suffering from an embarrassment of riches.  

Just HODL. You will soon join the suffering.

If and when that happens, the "cheap tx fee" will be the equivalent of $500. 

If I have a few millions I would be okay with that too.

"A Penny saved is a penny earned." There's a reason Ben Franklin is on the $100.00 bill.

[sirazimuth]

You have actively come into this thread since about $7k and saying the same fucking thing, and now the price is about 3x higher, and you still saying the same nonsense.....

Yeah, sure, sooner or later you are going to be correct... but your repetition of the same cyclical bitcoin price gonna crash nonsense, does not mean that you have any actual insight.

Yes since 8K I've been mentioning there would end up being a crash, in response to people who thing prices are just going to become a flat ascending staircase forever, but I didnt say WHERE I didnt say 'the crash is going to start here'. So every time I made the statement is still going to end up becoming true

Actually if you look at every little dip we've had during the rally you'll find me saying 'nope my TA says this isn't the crash'

And because I want to add some vinegar to the open wound, I'd like to remember that a 60% crash means roughly 10k (which is what most of us expect I guess), VS the 'at least 3k' predicted initially

hence "at least"

ya know if I lived forever and predicted the apocalypse everyday, eventually after a few billion years I'd be correct....

[nikauforest]

Yes, no room for the poor here.

Ponder this: Lightning network requires you to open a channel (high fees) and close a channel ( high fees ). Bob and Alice are not going to be buying coffee. I am not going to be using Lightning. I am going to pay 100-500 dollar transaction fees and buy a boat or a house or just sit on Bitcoin.

[bitserve]

Not all of us are suffering from an embarrassment of riches.  

Just HODL. You will soon join the suffering.

If and when that happens, the "cheap tx fee" will be the equivalent of $500.  

If I have a few millions I would be okay with that too.

No matter how many millions I might have sometime in the future. $500 is still a lot of money.

One thing is defending LN is the real scaling solution vs linear block size increase -although they are both compatible-, and another very different one using the argument that with current prices fees are reasonable. They are not. That's wrong. Fees are too expensive already.

[gentlemand]

I wonder what would be more shocking to a pre April 2013 Bitcoiner transported to this thread, the current price or certain fees that cost more than a whole coin did back then.

[Arriemoller]

Alright, so it's clear that bitcoins future trading at CME will be rolling out in approximately 3 hours and 5 minutes from now. Things are going to get interesting, I don't know why but I'm sensing $22k-$25k within first couple of hours. CBOE is nothing like CME, CME has a much larger volume than CBOE. So we can go more wilder than before.

http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_contract_specifications.html

Are they cash settled as well? If they are I don't think it will move the market at all.

[Spaceman_Spiff_Original]

Not all of us are suffering from an embarrassment of riches.  

Just HODL. You will soon join the suffering.

If and when that happens, the "cheap tx fee" will be the equivalent of $500.  

If I have a few millions I would be okay with that too.

No matter how many millions I might have sometime in the future. $500 is still a lot of money.

One thing is defending LN is the real scaling solution vs linear block size increase -although they are both compatible-, and another very different one using the argument that with current prices fees are reasonable. They are not. That's wrong. Fees are too expensive currently.

Agreed, it ticks me off when people act like we shouldn't strive to do better (and the devs, they are striving as we speak).

[explorer]

From Bittrex Twitter:  

We've upgraded the servers again.  We exceeded the previous cap of 500k concurrent users.  Sorry for the inconvenience.

500k concurrent users?? Wow. Really. Wow.

Wasn't Poloniex dying a few months ago with 40,000 online all at once? Big step up.

That now kind of shits on the 'there's a couple of million bitcoin users' that is often cherished. What's going out there and who are they all?

Polo cruising easily at that altitude now, though.  Just the usual hiccups 

[BancoBFC]

In other news, fiat waiting to be coins is still increasing and available coins decreasing. There's 5 million in cash alone just above 120 (where we were 36 hours ago) just waiting to get in.

At this point I think 170 by week end is not unrealistic.

[bones261]

Yes, no room for the poor here.

Ponder this: Lightning network requires you to open a channel (high fees) and close a channel ( high fees ). Bob and Alice are not going to be buying coffee. I am not going to be using Lightning. I am going to pay 100-500 dollar transaction fees and buy a boat or a house or just sit on Bitcoin.

I'm not sure what country you live in, but in order to buy a boat or house you most probably will need to convert your BTC to fiat.  This transaction is liable to be a taxable event, and the government will bend you over and extract their exorbitant taxes. If you try to evade this, the will outright rape you with taxes and penalties if you get caught. If you are fortunate enough to live in a country that wouldn't tax this. Good for you.

[Heater]

How much time left in launch of bitcoin at CME? Any idea guys?

http://coincountdown.live/

Please ignore the link above - I posted it without checking and it's clearly wrong. My sincere apologies.

[nikauforest]

Yes, no room for the poor here.

Ponder this: Lightning network requires you to open a channel (high fees) and close a channel ( high fees ). Bob and Alice are not going to be buying coffee. I am not going to be using Lightning. I am going to pay 100-500 dollar transaction fees and buy a boat or a house or just sit on Bitcoin.

I'm not sure what country you live in, but in order to buy a boat or house you most probably will need to convert your BTC to fiat.  This transaction is liable to be a taxable event, and the government will bend you over and extract their exorbitant taxes. If you try to evade this, the will outright rape you with taxes and penalties if you get caught. If you are fortunate enough to live in a country that wouldn't tax this. Good for you.

I pay my taxes, even if you do not convert to fiat it is a taxable event in many countries.

A potential flaw in Lightning is the cost to open and close a channel. The fees are high enough that the average user might find it difficult to get onto payment channels. ALso the motivation to do so by the time they roll it out might not be there.