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

[xhomerx10]

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.  

 What?! He's breaking out the open level countryside?  Those Mormons sure do know how to party.  Take some notes BobLawblaw!

[bitserve]

He's right you know. We always worried that the fee market wouldn't work. Well proof is in the pudding.

Complete thread here - http://bitcoin-development.narkive.com/7lfUFGW7/total-fees-have-almost-crossed-the-block-reward

I'm intrigued to see how much tolerance users will have for this. Perhaps rather less than they're banking on.

It's not only about fees, it is about network congestion. I am hodling, but I hope every day for them to announce a blocksize increase as a temporary fix while we keep waiting for a working LN fully deployed. A small blocksize increase that we would need anyways even IF LN was already in place.

And no, for whomever is thinking so: BCH crapcoin is no solution... if Bitcoin fails ALL the crypto castle will crumble.

[Syke]

Remember the days when Bitcoin had cheaper fees then visa and western union? I think that used to be a big selling point, the idea of banking for the unbanked or something like that... lol

I remember those days. I was much happier when bitcoin was $1 each. I hate having my bitcoins worth $14,500. Damn you all!

[BTCMILLIONAIRE]

Remember the days when Bitcoin had cheaper fees then visa and western union? I think that used to be a big selling point, the idea of banking for the unbanked or something like that... lol

I remember those days. I was much happier when bitcoin was $1 each. I hate having my bitcoins worth $14,500. Damn you all!

I can help you with your pain by buying up your Bitcoins at $1. If that's still too high for you, I could also settle for a lower price. But you'll have to act quickly, my generosity doesn't last forever.

[Rosewater Foundation]

[BTCMILLIONAIRE]

Why is random nonsense so addictive?

[Rosewater Foundation]

Why is random nonsense so addictive?

It soothes our pains.

[BitcoinBubba]

Remember the days when Bitcoin had cheaper fees then visa and western union? I think that used to be a big selling point, the idea of banking for the unbanked or something like that... lol

I remember those days. I was much happier when bitcoin was $1 each. I hate having my bitcoins worth $14,500. Damn you all!

Yeah, no doubt.  Especially when they could be worth $20k+ with a simple blocksize increase.

[John_Slater]

I believe it's been only a week above $15k and like 2 weeks above 10k so I can't say it's actually DROPPING

[BTCMILLIONAIRE]

I believe it's been only a week above $15k and like 2 weeks above 10k so I can't say it's actually DROPPING

Two weeks feel like forever in crypto. Relativity at its finest.

[Rosewater Foundation]

I believe it's been only a week above $15k and like 2 weeks above 10k so I can't say it's actually DROPPING

It was $19k. Now its $14k. I can say it's actually dropped. But I guess everyone can see that already.

[Syke]

I can help you with your pain by buying up your Bitcoins at $1. If that's still too high for you, I could also settle for a lower price. But you'll have to act quickly, my generosity doesn't last forever.

That's a tempting offer, but this is a burden I brought on myself. I wouldn't feel right dumping that burden on you.

[xhomerx10]

Remember the days when Bitcoin had cheaper fees then visa and western union? I think that used to be a big selling point, the idea of banking for the unbanked or something like that... lol

I remember those days. I was much happier when bitcoin was $1 each. I hate having my bitcoins worth $14,500. Damn you all!

I can help you with your pain by buying up your Bitcoins at $1. If that's still too high for you, I could also settle for a lower price. But you'll have to act quickly, my generosity doesn't last forever.

[jojo69]

Boise, this was a real problem, mostly ducks.  I think they eventually had to change the color.

[Rosewater Foundation]

Boise, this was a real problem, mostly ducks.  I think they eventually had to change the color.

This is symptomatic of a much wider problem: Nature. It's a shambles.

[Peter R]

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.

[LewisPirenne]

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/0000000000000000007bdc9ed9b9e79fa3010c982a81af7b6b2458d924dc828f

I 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.

[staker$]

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.

[somac.]

BTC Dominance: 42.9%

for fuck sake, gonna be an all time low soon

[Icygreen]

Haven't seen BlindMayorBitcorn for ages. Cashed out, gone sea steading?