Peter R
Legendary
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Activity: 1162
Merit: 1007
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December 22, 2017, 02:26:17 AM |
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For those who still think that the fee problem will eventually be fixed, read this. This is from Greg Maxwell, probably the most influential developer within the BS/Core group. He is so pleased with the high fees and transaction backlog that he is uncorking champagne to celebrate. The current state of the BTC network is their vision becoming a reality. Yes Greg's one of the best guys in Bitcoin. You are against security and centralization? Oh I bet you are. I don't think security is black and white like Mr. Maxwell does, and I am definitely against developer centralization. Developer centralization is the biggest problem in Bitcoin right now; if development were less centralized, the block size limit would have been lifted a year ago or longer.
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LewisPirenne
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December 22, 2017, 02:34:46 AM |
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As mentioned previously the fee record was already broken weeks ago by the good old Bitminter during the previous hashrate war, when BCH was still under the old EDA. https://bitminter.com/block/btc/0000000000000000007bdc9ed9b9e79fa3010c982a81af7b6b2458d924dc828fI suppose people figure out by now that with fixed coin supply, market price will exhibit large volatility as demand for BTC spike and ebb. With its deflationary design and strong incentive to hoard, the general trend is up and people are happy with it. Yet some people seems to fail to carry over the same understanding to fee market, which given limited capacity on a decentralized network, the price of tx is even more volatile and can spike from 10 satoshi/byte to 1K+ satoshi/byte in fairly short period of time. This is regardless whether the tx demand is artificial (35K BTC whale spams) or organic (massive influx of new users and manic stage) or combination of both. Businesses that require stable unit of account for trade/commerce (to avoid exchange rate risk) or reliable confirmation (tx may or may not confirm depending on fee/backlog) will not use crypto. At least, not until some sort of Layer 1.5 or Layer 2 solution is rolled out. But Bitcoin is voluntary and requires people to be motivated by self-interest, i.e. users adopt due to deflationary design and miners secure due to a fee market is approaching $20 million daily. So people who are saying that our coin supply is fixed and volatile just as BTC but with unlimited capacity for no tx fees are being inconsistent or even paradoxical, i.e. they are offering you a subsidy to use their network, courtesy of their whale hodlers and miners. They may seem "altruistic", yet the rent on that "free" network would have to be extracted from users in other ways, e.g. upfront entry cost as some variant of "Jeonse" landlord system widely seen in South Korea. So just like fiat, people who use those "free" services seemingly provided by kindness of strangers are not thinking through the full implication and consequence of using such money.
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staker$
Member
Offline
Activity: 87
Merit: 10
I love donation, BTC: 1P3TzmdoTJGafGWjoezDMudUb5zY
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December 22, 2017, 02:36:16 AM |
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Bitcoin and other altcoin is dropping and pouring unto Ripple. I have not expected this new development with XRP. But the decline in Bitcoin is sure to halt for another expected rebound as history would tell.
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somac.
Legendary
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Activity: 2106
Merit: 1238
Never selling
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December 22, 2017, 02:36:39 AM |
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BTC Dominance: 42.9%
for fuck sake, gonna be an all time low soon
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Icygreen
Legendary
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Activity: 1463
Merit: 1135
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December 22, 2017, 02:36:50 AM |
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Haven't seen BlindMayorBitcorn for ages. Cashed out, gone sea steading?
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ragnar0k
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December 22, 2017, 02:37:52 AM |
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ripple passed bcash XD... either they are stashing all the last bch pump money there before another blow or btc money are going there during the drop not to pump bch...
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adaseb
Legendary
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Activity: 3878
Merit: 1733
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December 22, 2017, 02:39:25 AM |
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Someone yesterday on LedgerX bought $1 million dollar worth of $50,000 Dec 2018 Call options.
About 275 contracts. Hence someone thinks it will go at least >$53,600.
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Rosewater Foundation
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December 22, 2017, 02:40:11 AM |
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Someone yesterday on LedgerX bought $1 million dollar worth of $50,000 Dec 2018 Call options.
About 275 contracts. Hence someone thinks it will go at least >$53,600.
That was a cheap ruse. These guys cleaned up.
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somac.
Legendary
Offline
Activity: 2106
Merit: 1238
Never selling
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December 22, 2017, 02:43:05 AM |
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Someone yesterday on LedgerX bought $1 million dollar worth of $50,000 Dec 2018 Call options.
About 275 contracts. Hence someone thinks it will go at least >$53,600.
masterluc
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somac.
Legendary
Offline
Activity: 2106
Merit: 1238
Never selling
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December 22, 2017, 02:55:11 AM |
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will we hit 13k? we are currently on support level.
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orpington
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December 22, 2017, 02:58:50 AM |
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Down $3K in 6 hours wow
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podyx
Legendary
Offline
Activity: 2338
Merit: 1035
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December 22, 2017, 02:58:57 AM |
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Fuck... me...
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somac.
Legendary
Offline
Activity: 2106
Merit: 1238
Never selling
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December 22, 2017, 02:59:10 AM |
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coinmarketcap is looking crashtastic
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jojo69
Legendary
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Activity: 3318
Merit: 4597
diamond-handed zealot
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December 22, 2017, 02:59:35 AM |
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will we hit 13k? yeah, probably probably see the 11s at least ho hum
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orpington
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December 22, 2017, 03:02:04 AM |
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My own greed led me to this. I suck haha you know it'll go back up pretty soon, though
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orpington
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December 22, 2017, 03:03:35 AM |
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On a bright note, BCH is also crashing hard
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somac.
Legendary
Offline
Activity: 2106
Merit: 1238
Never selling
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December 22, 2017, 03:05:33 AM |
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On a bright note, BCH is also crashing hard
everything is crashing. About time too, previously (last year or so) this has meant BTC is near a bottom. bottom could still be a few thousand off though.
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Rosewater Foundation
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December 22, 2017, 03:08:23 AM |
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will we hit 13k? yeah, probably probably see the 11s at least ho hum Did you sell? Ho hum?
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petahashminer
Legendary
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Activity: 1890
Merit: 1037
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December 22, 2017, 03:09:36 AM |
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all crypto is crashing,
now is the fiat time.
but it is very sad that, lots of people transactions are stuck in the chain. when it will confirmed, maybe it is go another 10% below.
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