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

[HairyMaclairy]

Thank you Jay for taking one for the team.  We won’t forget!

[TERA2]

[bitserve]

Let's see if someone can clear me this doubt:

CUrrently only a few percent of tx's are Segwit (let's round to 10%) so blocks only have a less than 10% increase in capacity.

If much more people were using Segwit, more tx's could be fit per block.

And here comes the question: WHy don't miners (non malicious ones) give some preference to segwit tx's over classic ones?

If they can stuff 3x more tx's on a block, even if the fee paid were half they would be earning more fees per block.

As an added benefit, that would make some extra pressure on people to use segwit because they would benefit from a) lower fees b) MUCH higher probability of being included in next block.

Any thoughts?

P.S.: Numbers highly rounded and simplified.

[ivomm]

In our country we have a saying: Every miracle for 3 days. In the crypto world it translates: every pump for 3 days. This is again the case with bcash, which is by no means the biggest pump in history. Looking at the chart of bcash in poloniex, one can see that the previous pump reached briefly 0.4 BTC and then suddenly dropped. From what I've read, some cool guy dumped on bithumb almost to 0 all his bcash. In such cases this exchange has the rule to turn off the servers so that it preserves the funds of Jihan, Ver  and his sockpuppets. This move prevented other exchanges from going to 0 also. Anyway, the dump was inevitable. It will happen each time Ver is trying to overtake BTC. Why? Because nobody trusts a coin manipulated by a fraudster and his sockpuppets. I think no one will sleep well if trying to hold bcash. There are too many risks involved. What if Ver dies, or spends his last BTC in the belief that his sockpuppets will continue to pump it? No one can see a bright future in such shady shit coin.

[HairyMaclairy]

Fees are calculated per byte not per transaction so a miner is notionally indifferent to mining 5 normal or 10 Segwit transactions.  In reality I suspect that miners are anti-Segwit because less congestion would be less fees.  

[HairyMaclairy]

This is the power of the 1 MB blocksize.  We can see all the 1 Satoshi spam transactions being dumped by the mem pool in the chart below. Bitcoin is autonomously defending itself by design.  If we had 8 MB blocks, the blockchain could not defend itself.

[JayJuanGee]

Thank you Jay for taking one for the team.  We won’t forget!

[bitserve]

Fees are calculated per byte not per transaction so a miner is notionally indifferent to mining 5 normal or 10 Segwit transactions.  In reality I suspect that miners are anti-Segwit because less congestion would be less fees.  

Yes, are calculated per byte, and Segwit tx's use less bytes (of the first MB) so they could stuff much more tx's in a block.... unless there is not enough segwit tx's in the mempool, which I don't think that's the case.

Of course, if they were doing that the mempool would be cleared soon (at least for segwit tx's, which is user's choice), the fee rates would drop dramatically and miners would earn much less from fees. That's why I have always said that smaller blocks benefit miners more than anyone else.

[HairyMaclairy]

Fees are calculated per byte not per transaction so a miner is notionally indifferent to mining 5 normal or 10 Segwit transactions.  In reality I suspect that miners are anti-Segwit because less congestion would be less fees.  

Yes, are calculated per byte, and Segwit tx's use less bytes (of the first MB) so they could stuff much more tx's in a block.... unless there is not enough segwit tx's in the mempool, which I don't think that's the case.

Of course, if they were doing that the mempool would be cleared soon (at least for segwit tx's, which is user's choice), the fee rates would drop dramatically and miners would earn much less from fees. That's why I have always said that smaller blocks benefit miners more than anyone else.

Unless your end game is a centrally controlled China coin. In which case, the bigger the better !  I love how all the Bcash shills are basically Jihan’s pawns. Most of them don’t even realize it. Others know but don’t care because they are just talking their book.

[LFC_Bitcoin]

When is it anticipated that all the bull shit spam transactions will stop? Over 248k unconfirmed transactions is ridiculous, I haven’t checked but I assume a massive % of those are spam.

[HairyMaclairy]

When is it anticipated that all the bull shit spam transactions will stop? Over 248k unconfirmed transactions is ridiculous, I haven’t checked but I assume a massive % of those are spam.

You should assume never.  Bitcoin will always be under attack.  But Bitcoin is anti-fragile and attacking it always makes it stronger in the long run.

[rjclarke2000]

Can’t bring myself to look at the price. Am I still rich after Roger’s antics?

[ragnar0k]

When is it anticipated that all the bull shit spam transactions will stop? Over 248k unconfirmed transactions is ridiculous, I haven’t checked but I assume a massive % of those are spam.

You should assume never.  Bitcoin will always be under attack.  But Bitcoin is anti-fragile and attacking it always makes it stronger in the long run.

It wouldn't be a bad idea to deploy LN (is it not already running on ltc?) and enforce Segwit...
That would also have the side effect of sending bcash to zero! I think it is ridiculous btc is not at least blocking non-sw transactions, coinbase would implement sw in no time

[HairyMaclairy]

Can’t bring myself to look at the price. Am I still rich after Roger’s antics?

As poor/rich as yesterday? 

[rjclarke2000]

Can’t bring myself to look at the price. Am I still rich after Roger’s antics?

As poor/rich as yesterday? 

I looked yesterday and it was hanging in there just about. I was hoping to bust out of the dips but in the end I thought it would be better not to look anymore.

20k by New Year still in play?

[Flamaicon]

YESSSS
$$$$
20k at Christmas
25k after Hard Fork dec/28

[orpington]

Can’t bring myself to look at the price. Am I still rich after Roger’s antics?

As poor/rich as yesterday?  

I looked yesterday and it was hanging in there just about. I was hoping to bust out of the dips but in the end I thought it would be better not to look anymore.

20k by New Year still in play?

Fuck yeah.

Bitcoin's got Roger's shitcoin on the ropes. After the knockout blow is delivered I don't think shitcoinCash will even be able to stand up anymore. Then its fuck off Roger and all his supporters with him.

[Biro Bob]

Welp, my ledger is stuck. Initiated it, transferred a small amount, wiped it and restored just to make sure that part worked. Aaaand it's stuck. Only displays the setting option and won't let me click on to bitcoin. Opening the wallet app does nothing, resetting it again does nothing. This does not inspire confidence.

On the other hand, my trezor seems to be working just fine.

Good to know.  I have gotten a Ledger recently but have not tested it out.  Restoring from seed always makes me sweat.

I may receive mine someday, if my BTC payment ever gets confirmed.  What's the required sat/B these days anyway?

Way too high.

Ya I got that.  Maybe I have not been paying attention, but >500 sat/B seemed exorbitant.  It's been a hour.  At what point does bitpay say fuck you, you no get toys?

I had a problem with Bitpay yesterday. Client paid 0.0014 fee (approx $25) and the transaction was broadcast within 5 minutes of the Bitpay invoice (proven by time stamps) - it confirmed with one confirmation within 1.5 hours but Bitpay say payment window expired. They say he can get a refund but he’s not happy because it was a valid transaction and he paid a high fee to send it.

[explorer]

Welp, my ledger is stuck. Initiated it, transferred a small amount, wiped it and restored just to make sure that part worked. Aaaand it's stuck. Only displays the setting option and won't let me click on to bitcoin. Opening the wallet app does nothing, resetting it again does nothing. This does not inspire confidence.

On the other hand, my trezor seems to be working just fine.

Good to know.  I have gotten a Ledger recently but have not tested it out.  Restoring from seed always makes me sweat.

I may receive mine someday, if my BTC payment ever gets confirmed.  What's the required sat/B these days anyway?

Way too high.

Ya I got that.  Maybe I have not been paying attention, but >500 sat/B seemed exorbitant.  It's been a hour.  At what point does bitpay say fuck you, you no get toys?

I had a problem with Bitpay yesterday. Client paid 0.0014 fee (approx $25) and the transaction was broadcast within 5 minutes of the Bitpay invoice (proven by time stamps) - it confirmed with one confirmation within 1.5 hours but Bitpay say payment window expired. They say he can get a refund but he’s not happy because it was a valid transaction and he paid a high fee to send it.

It appears that mine went through finally.  9 hours to first confirmation. 

[bitserve]

YESSSS
$$$$
20k at Christmas
25k after Hard Fork dec/28

Why would someone choose to do a fork precisely at the Day of the Holy Innocents?? More fuel to the already big shitshow.

On second thought I think that in USA its (4) April's fools day, isn't?