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Question: How far will this leg take us?
$110K - 9 (8.3%)
$120K - 19 (17.6%)
$130K - 17 (15.7%)
$140K - 9 (8.3%)
$150K - 19 (17.6%)
$160K - 2 (1.9%)
$170K+ - 33 (30.6%)
Total Voters: 108

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26965757 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (174 posts by 1 users with 9 merit deleted.)
600watt
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December 20, 2017, 07:11:18 PM

fuck them dumpers!
gwoplock
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December 20, 2017, 07:16:54 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Ibian
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December 20, 2017, 07:22:33 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Do you think that halving the block size is a solution then?
STT
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December 20, 2017, 07:27:26 PM

It's hilarious to see the panic and sabotage calls on reddit and in this forum.

Meanwhile, the fees continue to rise:



Good graph but also fees would rise in any case as they are a function of the price.    Perhaps another scale for ratio of fees to price has to be done to show that increasingly value of the mining network is falling.   Ultimately it becomes price gouging as the network is unable to cope with the transaction volume.  Its a failure in competition perhaps, every capitalist system relies on any business can enter that domain and introduce innovation and receive some part of the production revenue.

  This is why the consumer and ultimately society benefits from capitalism over other systems like socialism or fascism where profit is seen as a negative, why isnt BTC an open system any more.   I really preferred when GPU could mine, that was open ended but maybe Im just biased there :p
nikauforest
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December 20, 2017, 07:30:52 PM

It's hilarious to see the panic and sabotage calls on reddit and in this forum.

Meanwhile, the fees continue to rise:



Good graph but also fees would rise in any case as they are a function of the price.    Perhaps another scale for ratio of fees to price has to be done to show that increasingly value of the mining network is falling.   Ultimately it becomes price gouging as the network is unable to cope with the transaction volume.  Its a failure in competition perhaps, every capitalist system relies on any business can enter that domain and introduce innovation and receive some part of the production revenue.

  This is why the consumer and ultimately society benefits from capitalism over other systems like socialism or fascism where profit is seen as a negative, why isnt BTC an open system any more.   I really preferred when GPU could mine, that was open ended but maybe Im just biased there :p

Looks like a bull market in fees to me.
Meuh6879
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December 20, 2017, 07:34:55 PM

un-zoom ... un-zoom and ANTIspam is a tool.



TERA2
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December 20, 2017, 07:37:55 PM

So there's basically 33 million coins now
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December 20, 2017, 07:40:31 PM

Fees of 700+ sat/B is unsustainable.

Bitcoin price at 20 000 USD is too high ... too ?  Roll Eyes
Bitcoin is a network, if you want it ... pay the fees.

STT
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December 20, 2017, 07:43:53 PM

Looks like a bull market in fees to me.

This is the kind of thinking I have to the Bitcoin economy, its not good despite the name - https://en.wikipedia.org/wiki/Positive_feedback#Systemic_risk

The fees should be judged by revenue not the fee amount.    Or the ratio to price, inversely as fees rise as a higher percentage of costs this represents failure and an increasing risk of collapse.  I always want to see BTC spread in its market range and coverage by being so useful, this spike in fees stops it spreading to new markets by focusing purely on an elite in speculation.

  We already have extremely expensive vehicles to speculate in for the richest people in the world, its joined the ranks of the political elite who deal $100,000 bundles when I know many people wanted BTC to be about the efficiency and enablement in failed economies for the poorest people on earth.   Clearly $30 fees exclude those people who barely can afford a bank account
RayX12
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December 20, 2017, 07:47:11 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Do you think that halving the block size is a solution then?

Problem could be solved if everyone adopts segwit.

Ture or False?

RayX12
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December 20, 2017, 07:48:43 PM

NYSE Parent co files for Bitcoin Futures ETF

https://www.coindesk.com/ice-exchange-unit-seeking-to-list-bitcoin-futures-etf/

This is the same day that Coinbase launched Bcash (which buried this news).

Fuck these greedy bastards that want BTC gains and not buy a single Bitcoin.   Angry Angry Angry
Gab0
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December 20, 2017, 07:51:18 PM

Fees of 700+ sat/B is unsustainable.

Bitcoin price at 20 000 USD is too high ... too ?  Roll Eyes
Bitcoin is a network, if you want it ... pay the fees.



I do not understand how this can be a counterargument.
If the price increases to $ 200k, should we expect fees of 7ksat /B?

Networks are maintained and expanded because they are useful. Each time the fees increase, the network progressively loses utility and its network effect.
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December 20, 2017, 07:54:28 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Do you think that halving the block size is a solution then?

Problem could be solved if everyone adopts segwit.

Ture or False?


They won't. Living in a fantasy world is not a solution either. Grow up.
nikauforest
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December 20, 2017, 07:55:03 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Do you think that halving the block size is a solution then?

Problem could be solved if everyone adopts segwit.

Ture or False?



that is a good question. Core claims yes. We have 5% segwit adoption so far. ( heard from Jimmy Song this morning) Anyone care to guess the fees if everyone moved to segwit today. 1) The cost to move. 2) the costs after moving. Any guesses?
Ibian
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December 20, 2017, 07:58:57 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Do you think that halving the block size is a solution then?

Problem could be solved if everyone adopts segwit.

Ture or False?



that is a good question. Core claims yes. We have 5% segwit adoption so far. ( heard from Jimmy Song this morning) Anyone care to guess the fees if everyone moved to segwit today. 1) The cost to move. 2) the costs after moving. Any guesses?
See above.
Ibian
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December 20, 2017, 07:59:26 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Do you think that halving the block size is a solution then?

I don't believe this user is a Luke Jr. surrogate.
Exploring extremes is often a good way to find all the ways in which an argument is massively wrong.
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BITCOIN===>THE DISRUPTIVE CYBERCURRENCY


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December 20, 2017, 08:11:11 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Do you think that halving the block size is a solution then?

I don't believe this user is a Luke Jr. surrogate.

Luke Skywalker Jr. cheesburger deluxe told me sell off some dogshit positions and go all into futures of BTC/Bitcoin because 20K-25K BTCBTCpump and exit dump before new years :-D weeee
RayX12
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December 20, 2017, 08:21:31 PM

I think for bitcoin to grow and the price to grow past 20k the scalability issue need to be fixed. Fees of 700+ sat/B is unsustainable. I don't think that increasing the block size like BCH did is the solution but a hard look at scalability is needed.
Do you think that halving the block size is a solution then?

Problem could be solved if everyone adopts segwit.

Ture or False?



that is a good question. Core claims yes. We have 5% segwit adoption so far. ( heard from Jimmy Song this morning) Anyone care to guess the fees if everyone moved to segwit today. 1) The cost to move. 2) the costs after moving. Any guesses?

I just looked for Electrum wallet and they do not have Segwit support yet.

see here: https://www.reddit.com/r/Electrum/comments/7dku5r/segwit_wallets_and_electrum/

btw.. I would pay to get segwit wallet!
RayX12
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December 20, 2017, 08:25:31 PM

Can somone confirm if this new version is working with segwit transactions.

According to the Release Notes ( https://github.com/spesmilo/electrum/blob/master/RELEASE-NOTES)

There is support for Segwit but one has to chose it.  It is not default..  I am not a dev so maybe someone can check this out:

------------------------
"# Release 3.0.3
  * Qt GUI: sweeping now uses the Send tab, allowing fees to be set
  * Windows: if using the installer binary, there is now a separate shortcut
    for "Electrum Testnet"
  * Digital Bitbox: added suport for p2sh-segwit
  * OS notifications for incoming transactions
  * better transaction size estimation:
    - fees for segwit txns were somewhat underestimated (#3347)
    - some multisig txns were underestimated
    - handle uncompressed pubkeys
  * fix #3321: testnet for Windows binaries
  * fix #3264: Ledger/dbb signing on some platforms
  * fix #3407: KeepKey sending to p2sh output
  * other minor fixes and usability improvements

# Release 3.0.2
  * Android: replace requests tab with address tab, with access to
    private keys
  * sweeping minikeys: search for both compressed and uncompressed
    pubkeys
  * fix wizard crash when attempting to reset Google Authenticator
  * fix #3248: fix Ledger+segwit signing
  * fix #3262: fix SSL payment request signing
  * other minor fixes.

# Release 3.0.1
  * minor bug and usability fixes

# Release 3.0 - Uncanny Valley (November 1st, 2017)

  * The project was migrated to Python3 and Qt5. Python2 is no longer
    supported. If you cloned the source repository, you will need to
    run "python3 setup.py install" in order to install the new
    dependencies.

  *Segwit support:


    - Native segwit scripts are supported using a new type of
      seed. The version number for segwit seeds is 0x100. The install
      wizard will not create segwit seeds by default; users must
      opt-in with the segwit option.


    - Native segwit scripts are represented using bech32 addresses,
      following BIP173. Please note that BIP173 is still in draft
      status, and that other wallets/websites may not support
      it. Thus, you should keep a non-segwit wallet in order to be
      able to receive bitcoins during the transition period. If BIP173
      ends up being rejected or substantially modified, your wallet
      may have to be restored from seed. This will not affect funds
      sent to bech32 addresses, and it will not affect the capacity of
      Electrum to spend these funds.

    - Segwit scripts embedded in p2sh are supported with hardware
      wallets or bip39 seeds. To create a segwit-in-p2sh wallet,
      trezor/ledger users will need to enter a BIP49 derivation path.

    - The BIP32 master keys of segwit wallets are serialized using new
      version numbers. The new version numbers encode the script type,
      and they result in the following prefixes:

         * xpub/xprv : p2pkh or p2sh
         * ypub/yprv : p2wpkh-in-p2sh
         * Ypub/Yprv : p2wsh-in-p2sh
         * zpub/zprv : p2wpkh
         * Zpub/Zprv : p2wsh

      These values are identical for mainnet and testnet; tpub/tprv
      prefixes are no longer used in testnet wallets.

    - The Wallet Import Format (WIF) is similarly extended for segwit
      scripts. After a base58-encoded key is decoded to binary, its
      first byte encodes the script type:

         * 128 + 0: p2pkh
         * 128 + 1: p2wpkh
         * 128 + 2: p2wpkh-in-p2sh
         * 128 + 5: p2sh
         * 128 + 6: p2wsh
         * 128 + 7: p2wsh-in-p2sh

      The distinction between p2sh and p2pkh in private key means that
      it is not possible to import a p2sh private key and associate it
      to a p2pkh address.

  * A new version of the Electrum protocol is required by the client
    (version 1.1). Servers using older versions of the protocol will
    not be displayed in the GUI.

  * By default, transactions are time-locked to the height of the
    current block. Other values of locktime may be passed using the
    command line."
drbrockcoin
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December 20, 2017, 08:37:15 PM

Ok so I am guessing this nonsense is going to go on for a few days and then total dump?

I wanna see BanksterCoin below 0.1 BTC again and BanksterGold below 0.015

 Grin Grin Grin GrinBTCBTCBTCBTC
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