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

[hv_]

7500 unconfirmed transactions... who could think we would be there now, it was 200k two months ago.

wow nice! I'll try a tx without fees.  

https://blockchain.info/unconfirmed-transactions

good old days!

Sure?


When BTC had 95% of both market cap AND txs flow?

There are over 250 million alt coins out there. If the average of each is $1 then they will have 65% of the crypto market cap.

I started thinking that maybe there would be a limit on alt coins at some point to one per person then I started thinking that maybe people will start creating alt coins for their pets too.

And you know that this a one of the weakest excuses if it should work as such anyway.

There is reason and cause to be put into correct order and you ll get it.   

Or later.

[1713871103]

1713871103

[1713871103]

1713871103

[explorer]

7500 unconfirmed transactions... who could think we would be there now, it was 200k two months ago.

wow nice! I'll try a tx without fees.  

https://blockchain.info/unconfirmed-transactions

good old days!

Sure?


When BTC had 95% of both market cap AND txs flow?

There are over 250 million alt coins out there. If the average of each is $1 then they will have 65% of the crypto market cap.

I started thinking that maybe there would be a limit on alt coins at some point to one per person then I started thinking that maybe people will start creating alt coins for their pets too.

The latest Monero fork has 250 million coins (10% off the top to the 'devs' of course!).  We're talking mega billions in total.

[Dabs]

I just tried sending a transaction with $0.09 fee. I'll check how long it takes to confirm. It's 2.95 sat/B, specifically it's 0.00001 BTC for a 339 byte transaction, 2 inputs, 1 output.

*edit* It took 17 minutes to get the first confirmation.

[Gyrsur]

I just tried sending a transaction with $0.09 fee. I'll check how long it takes to confirm. It's 2.95 sat/B, specifically it's 0.00001 BTC for a 339 byte transaction, 2 inputs, 1 output.

my tx has 4 sat/byte and entered the very next block without pain. 

[bones261]

I just tried sending a transaction with $0.09 fee. I'll check how long it takes to confirm. It's 2.95 sat/B, specifically it's 0.00001 BTC for a 339 byte transaction, 2 inputs, 1 output.

my tx has 4 sat/byte and entered the very next block without pain.  

One must factor in that neither F2Pool nor Antpool verify transactions are less than 5 sats/byte. Bitcoin.com won't verify a transaction less than 10 sats/byte.

Edit: Looks like Antpool now verifies transactions less than 5 bytes/sat too.

[Dabs]

My transaction was verified or confirmed in 17 minutes.

*Edit* I did another one again. $0.09 or 0.00001 BTC fee. It confirmed in 1 minute. Must be a lucky transaction.

[Gyrsur]

My transaction was verified or confirmed in 17 minutes.

*Edit* I did another one again. $0.09 or 0.00001 BTC fee. It confirmed in 1 minute. Must be a lucky transaction.

Confirmed Transactions Per Day is very low like August 2017:

https://blockchain.info/de/charts/n-transactions?timespan=1year

[STT]

I sent with 31sat/byte the other day, low priority showed up after a few hours I think.    I'd state more precisely but the exchange doesnt deign to give me minor details like time.
That should be normal, 9 cents would be more like it   I hope we see BTC go for volume growth not absolute fees as it excludes too many normal people from normal usage

As it relates to equity market cap, traditional market cap is simply outstanding shares x market price... what you are referring to is float-adjusted market cap. Generally speaking, indexes are float-adjusted, example, the S&P 500, whereas individual company market caps aren't. This obviously depends on the data provider but in most cases you are simply seeing OS x MP.

Actually this is an important point made against Bitcoin and crypto in general.   A criticism with slightly more finesse then Ponzi scheme, but of inflated value.

https://www.investopedia.com/terms/p/paintingthetape.asp

Painting the tape or fake bidding in a price, the kind of trick that can happen most easily in penny stocks perhaps.   But as said above they take measures to exclude iilliquid stock value from indices.   I also thought they would exclude 'family' holdings of stock, like the family behind BMW for example but maybe Im remembering wrongly there - http://fortune.com/2015/08/06/johanna-quandt-the-billionaire-widow-behind-bmw-dies-aged-89/

Jim Rickards keeps getting asked to call out or argue against crypto in general, he recently mentioned this alot.    He is a former attorney for LTCM, one of the most wide reaching FIAT trading companies failures to occur.   At which point he became bearish on the dollar backed world reserve system.   I rate him overall, theres a few of these big bears who miss out the utility of bitcoin.   Iam also bearish on high fees in bitcoin for that reason, its choking natural growth which is a central requirement not secondary to asset speculation.

2mins in
https://www.youtube.com/watch?v=6r04gfWfRkE

Relevant link popped up on distribution charts on various standards - https://steemit.com/investing/@danielclough/distribution-comparison-of-8-coins-blk-nav-pivx-ppc-ltc-dgb-vtc-and-btc

Someone do a chart for dollar, how overweighted are we to Federal Reserve or even worse for the YEN and BOJ


[Sent 0.0002btc with 4 sat/byte fee to exchange which acknowledges the attempt quite fast & Mycelium says unable to broadcast.   App suggested 4 sat itself]

[cannycassiopeia]

Buy the neckline breakout of the inverted head and shoulder pattern around $8,893 and sell when it hits $10k.

When price is above the ichimoku cloud, it is bullish. Future support price will be also around $8,893.
However many traders are still anticipating a bottom Adam and Eve pattern, so many are still waiting to buy around $7,000.

[Last of the V8s]

Jim Rickards clearly doesn't get bitcoin. The markets, maybe, a bit.

[JayJuanGee]

I just tried sending a transaction with $0.09 fee. I'll check how long it takes to confirm. It's 2.95 sat/B, specifically it's 0.00001 BTC for a 339 byte transaction, 2 inputs, 1 output.

my tx has 4 sat/byte and entered the very next block without pain.  

One must factor in that neither F2Pool nor Antpool verify transactions are less than 5 sats/byte. Bitcoin.com won't verify a transaction less than 10 sats/byte.

Edit: Looks like Antpool now verifies transactions less than 5 bytes/sat too.

I did a very large transaction with around 25 inputs and one output.  The regular fee was showing 5 satoshis/byte, and I changed it to 3 satoshi's per byte.  It warned me that my fee was too low and projected 3 days to go through.  It went through in the next block, which was 1 minute later.

[RoomBot]

Perhaps crop your quote if only replying with a single line?

Perhaps.

Painful if on mobile. Maybe I am missing out on the official WO app?

My apologies.  I don't use mobile for BCT, so thanks for the heads-up. @wekkel & @HairyMaclairy

[HairyMaclairy]

@_Kevin_Pham
3h3 hours ago

The Crypto Times - 2/11/18:

"Vitalik on brink of second bailout for incompetent Ethereum devs with political clout."

ref https://www.coindesk.com/ethereum-devs-call-public-debate-fund-recovery/

Just started playing around with RootStock. I'm liking what I see so far.

Tell us more about what you see and what you like please.

[RoomBot]

BTC dominance is sinking and sinking.

I don't really like this.

Altcoins are thriving just as before the crash and it gets worst.

Its likely part of a cycle - I (speculatively) can see an alt bubble followed by a BTC surge

-snip!-

Newbies don't understand shit, but, they do understand .    

What do the advertisers say? "you don't need a good product, just good marketing"

That could not apply less to BTC

All we ever get is FUD from the MSM and bad press.

Like @JayJuanGee said, HoneyB don't give a bit & BTC is mooning without any "marketing." 

[Nosk]

Small 400 btc selling wall on kraken right now. Future uprise scaring some bears ?

[RoomBot]

Doesn't matter what I think, and as you said "people who understand the value of bitcoin". Newbies don't understand shit, but, they do understand metrics like market cap, so it will hurt bitcoin. If bitcoin is not number one on the shitty marketcap metric that will hurt bitcoin adoption plain and simple.

What do the advertisers say? "you don't need a good product, just good marketing"

In that case, bitcoin was fucked from day one. 21 million coins for the entire world economy was never going to work. Most world citizens (>99%) have never had $8750 at one time in their lives. They will never buy bitcoin at that price. They will buy Ripple for $1 instead.

EDIT: Yes, I know they are divisible but the average idiot can't comprehend that.

When bitcoin is $100k or $1million per unit, they are going to be even less affordable, but so fucking what?  Not everyone can own a whole bitcoin, and sooner or later that fact is going to sink in.  Right now, there are quite a few peeps who can relatively easily own 1million satoshis, but later on, even that goal is going to become more difficult for peeps to achieve.  So if they want to be bitcoin rich, they better get their asses onboard earlier rather than putting their money into some scam that may or may not help them in the BTC accumulation arena.

I sent several of my friends $10-$50 worth of BTC back in 2013-2014.
Even though they may only hold .01 -.5 BTC, they're pretty happy with that little airdrop now!
And no one is tripping over these temporary corrections.  We're HODLers.
Anyone who doesn't understand that you can buy a PART of something worth $10K, (i.e. $100 worth of BTC) shouldn't be in BTC!

[RoomBot]

Doesn't matter what I think, and as you said "people who understand the value of bitcoin". Newbies don't understand shit, but, they do understand metrics like market cap, so it will hurt bitcoin. If bitcoin is not number one on the shitty marketcap metric that will hurt bitcoin adoption plain and simple.
What do the advertisers say? "you don't need a good product, just good marketing"

In that case, bitcoin was fucked from day one. 21 million coins for the entire world economy was never going to work. Most world citizens (>99%) have never had $8750 at one time in their lives. They will never buy bitcoin at that price. They will buy Ripple for $1 instead.
EDIT: Yes, I know they are divisible but the average idiot can't comprehend that.

The real problem though is that the idiots don't understand the importance or decentralization, lack of a central authority, deflationary monetary system, developer talent, trustless, and so on. Bitcoin is the best coin without a doubt in my opinion. But, how in the fuck can we get mass adoption, when most people still think the media, and governments are the good guys. Crypto will get mass adoption, but, I fear that it will be a bullshit coin supported by the banks, media, and governments.

I agree, I think the coins that will do the best with the coming mass adoption will be the ones who have the largest number of coins in circulation so they seem cheap to the idiots. Why buy a bitcoin when you can buy 10 ETH or 8000 XRP for the same price? Luckily, big institutional money will still flow into bitcoin.

Are you guys telling me that if we properly advertise Dogecoin (yes, DOGE, much wow) that is going to be a valuable coin for the masses? I mean infinite supply, so cheap, much fun.
Insane

Good point, because that was one coin that WAS heavily marketed with a NASCAR and all those adorable little shiba enu spokesdogs.

Look how far that got 'em.

[RoomBot]

For me, I am the shitcoin. First of its kind, but blah...blah...blah.... I must be dead.

FTFY
*ignored*

[smartcomet]

@_Kevin_Pham
3h3 hours ago

The Crypto Times - 2/11/18:

"Vitalik on brink of second bailout for incompetent Ethereum devs with political clout."

ref https://www.coindesk.com/ethereum-devs-call-public-debate-fund-recovery/

Just started playing around with RootStock. I'm liking what I see so far.

Tell us more about what you see and what you like please.

Will Ethereum be  the  second Yahoo?

[JayJuanGee]

Doesn't matter what I think, and as you said "people who understand the value of bitcoin". Newbies don't understand shit, but, they do understand metrics like market cap, so it will hurt bitcoin. If bitcoin is not number one on the shitty marketcap metric that will hurt bitcoin adoption plain and simple.

What do the advertisers say? "you don't need a good product, just good marketing"

In that case, bitcoin was fucked from day one. 21 million coins for the entire world economy was never going to work. Most world citizens (>99%) have never had $8750 at one time in their lives. They will never buy bitcoin at that price. They will buy Ripple for $1 instead.

EDIT: Yes, I know they are divisible but the average idiot can't comprehend that.

When bitcoin is $100k or $1million per unit, they are going to be even less affordable, but so fucking what?  Not everyone can own a whole bitcoin, and sooner or later that fact is going to sink in.  Right now, there are quite a few peeps who can relatively easily own 1million satoshis, but later on, even that goal is going to become more difficult for peeps to achieve.  So if they want to be bitcoin rich, they better get their asses onboard earlier rather than putting their money into some scam that may or may not help them in the BTC accumulation arena.

I sent several of my friends $10-$50 worth of BTC back in 2013-2014.
Even though they may only hold .01 -.5 BTC, they're pretty happy with that little airdrop now!
And no one is tripping over these temporary corrections.  We're HODLers.
Anyone who doesn't understand that you can buy a PART of something worth $10K, (i.e. $100 worth of BTC) shouldn't be in BTC!

Totally agree RoomBot... Surely we can have some sympathy and attempt to hold the hands of newbies part of the way, yet at some point, peeps gotta be doing a bit of their own due diligence and figure out some of the specifics of this GRAND paradigm shifting technology.. otherwise, they just gonna be left running after the train...

Yeah, maybe they don't care right now, and yeah maybe they are too nervous about the whole bitcoin scary situation, but down the road, they might come to realize that they could have, should have, would have been in a much more comfy position with just a relatively moderate-sized investment of their time and money.