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

[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?

[ragnar0k]

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...

[adaseb]

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.

[Rosewater Foundation]

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.

[somac.]

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

[somac.]

will we hit 13k? we are currently on support level.

[orpington]

Down $3K in 6 hours wow

[podyx]

Fuck... me...

[somac.]

coinmarketcap is looking crashtastic

[jojo69]

will we hit 13k?

yeah, probably

probably see the 11s at least

ho hum

[Rosewater Foundation]

My own greed led me to this.

I suck

[orpington]

My own greed led me to this.

I suck

haha

you know it'll go back up pretty soon, though

[orpington]

On a bright note, BCH is also crashing hard

[somac.]

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.

[Rosewater Foundation]

will we hit 13k?

yeah, probably

probably see the 11s at least

ho hum

Did you sell? Ho hum?

[petahashminer]

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.