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

[STT]

LOL. Mempool almost empty again. What a time to be alive.

Hate to be Debby Downer here at all but the question has to be asked, does that empty mempool then also mean less pressure from traffic/volume of Bitcoin use.    Obviously purely on exchange traffic matters less beyond speculation.     I mean a rising trend, which we have but also declining volume overall globally would not equate to a bullish confirmation.    Just a thought,  I'm not sure of volume as each exchange has it split of course and some major countries arent registering volume publicly any longer so its more of an opaque picture

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[realr0ach]

Hate to be Debby Downer here at all but the question has to be asked, does that empty mempool then also mean less pressure from traffic/volume of Bitcoin.  

Of course, even mega bitcoin shill Torque admitted it.  All the retail buyers who wanted into the market already got in and are just sitting on coins hoping someone pumps it so they can dump on them.

[macsga]

Price-wise, (yes, this thread IS about that too, apart from trolling) bumping up from 10200$ (Finex) makes me feel bullish again. If we break down from that then it's going 9xxx. Maybe BTC has a chance for glory after all. Right now only XMR hodlers are happy, everybody else is bleeding...

bob@bitcorn:~/bitcoin-0.16.0rc3/src$ ./bitcoin-cli -datadir=/mnt/md0/bitcoin_data getmempoolinfo
{
  "size": 2251,
  "bytes": 1178878,
  "usage": 3950928,
  "maxmempool": 300000000,
  "mempoolminfee": 0.00001000,
  "minrelaytxfee": 0.00001000
}

Amazing. Haven't seen it this low in a long long time.

Hate to be Debby Downer here at all but the question has to be asked, does that empty mempool then also mean less pressure from traffic/volume of Bitcoin use.

I honestly don't know how to answer that. All I do know is I'm happy to see the spamming has stopped, transaction fees are the lowest they have been in a long time, and transactions are clearing quite quickly - compared to the insanity of Dec/Jan.

Would you mind elaborating? I don't think I get it... above 1M block?
Ah ok, you edited the above. Yes, now makes sense.

[jojo69]

holy cow

we just cleared the mempool down to nothing

[macsga]

Would you mind elaborating? I don't think I get it... above 1M block?

There's less that two full blocks of blockchain data waiting to be processed in mempool, at the time being. 20 minutes will clear out any queued transactions on the blockchain.

OK thanks for the explanation; I think that this is awesome (but makes no sense)! Could it be because of the LN testing?

[macsga]

Could it be because of the LN testing?

Not likely. This is probably due to Segwit starting to be rolled out more and more.

LN is still a giant experiment at the moment, and I can't really recommend getting involved with it right now, unless you are into masochism.

We'll see how much of a difference LN starts to make once they hit 0.6 (0.5.2 right now)

We have less tx per day comparing to the previous weeks. *Maybe* that's a good explanation after all.
https://bitinfocharts.com/comparison/transactions-btc-ltc-eth.html

[HairyMaclairy]

What are your thoughts on this metric:  https://outputs.today

[macsga]

What are your thoughts on this metric:  https://outputs.today

Nice site man, thanks. It verifies with the bitinfo chart; I think it's legit. Well, IMO, it's reasonable after the rally the TX to go down, maybe it's a nice indicator price-wise as well. Watch your longs out there.

[bitserve]

Could it be because of the LN testing?

Not likely. This is probably due to Segwit starting to be rolled out more and more.

LN is still a giant experiment at the moment, and I can't really recommend getting involved with it right now, unless you are into masochism.

We'll see how much of a difference LN starts to make once they hit 0.6 (0.5.2 right now)

We have less tx per day comparing to the previous weeks. *Maybe* that's a good explanation after all.
https://bitinfocharts.com/comparison/transactions-btc-ltc-eth.html

It's number of outputs what is most relevant here. During the past few months many users, exchanges, etc started to consolidate addresses and batch transactions to reduce the impact of the high fees. That consolidation process plus the numerous forks we experienced that required to move coins before claiming made for an abnormal higher number of tx's which added to the already congested situation.

Now, after that consolidation seems to have been stabilized, more tx batching adopted, segwit increasing adoption, , no more forks to claim, etc... it is completely normal we reach the benefits of an uncongested network.

And of course, the increasing adoption of Segwit allows for more "space" available even for non-segwit tx', as expected.

We don't even need to take into account if spam was or wasn't a significant factor to see the "optimizations" in usage could perfectly explain the improvement.

[macsga]

It's number of outputs what is most relevant here. During the past few months many users, exchanges, etc started to consolidate addresses and batch transactions. That consolidation process plus the numerous forks we experienced that required to move coins before claiming made for an abnormal higher number of tx's which added to the already congested situation.

Now, after that consolidation seems to have been stabilized, more tx batching adopted, segwit increasing adoption, , no more forks to claim, etc... it is completely normal we reach the benefits of an uncongested network.

And of course, the increasing adoption of Segwit allows for more "space" available even for non-segwit tx', as expected.

We don't even need to take into account if spam was or wasn't a significant factor to see the "optimizations" in usage could perfectly explain the improvement.

Fully agree on the above, https://outputs.today/ signifies that both are down simultaneously (or at least the trend presents them as such). Nevertheless, the ratio between those two is rising (I'm a bit confused on why this is happening). It would be nice if any of you wizards here had a site to monitor LN / SW tx/outputs (even partially right)...

[HairyMaclairy]

I can barely understand a quarter of this but it sounds promising:  https://blockstream.com/2018/02/21/bulletproofs-faster-rangeproofs-and-much-more.html

[svdleer]

I though we were done with dumping yesterday evening. but this morning it starts all over again....

[Ibian]

So stop quoting the trolls so we don't all have to read their posts over and over

25 fucking merit.


Is there no way to:

1.  Ban the perma-off-topic, vomitously hideous shit for a soul roach?
2.  The rest of the garden variety Nazi fucks turn their knobs down to say... I dunno 7?  Or 8?
3.  Talk about bitcoin?  Or Monero?

God.  Talk about Ripple and BCASH if you want!  But stop with all the damned race oriented blathering.

And just ONE PAGE.

O N E.  P A G E.

With no mentions of "EVIL JEWS" an no usage of the word "cuckold"?

Just one?

Hello! Do you have a moment to talk about how our lord and saviour Hitler did nothing wrong?

[HairyMaclairy]

Both hands on the wheel buddy

[Last of the V8s]

What are your thoughts on this metric:  https://outputs.today

It's gaining traction. Here's another

Meantime down to 7,000 transactions in mempool. Either people have stopped trading or segwit is making a difference.

Well volume is lower than ideal.

There's no goddam spam attack to coincide with Roger shenanigans - inefficient scammer co-ordination.

There's a push to measure not tx's but outputs https://opreturn.org/ which are up a lot.

[marcus_of_augustus]

Is that Petro cash bad news for crypto overall in that it places an unfavoured regime in the space and its cash flows in and out of Bitcoin probably.   I mean with regard to oppressive regulation or maybe its even a positive in putting an OPEC sized economy into the crypto economy generally.   [Im not expecting Petro to be a proper/fair crypto standard but still it'll be exchanged]   I would equate that to Japan endorsing Bitcoin, they also have a failing currency though its incredibly under reported theres no doubt they have debt troubles beyond solution.  Of course Japan is a friend to the 'west' so no problem I guess

OPEC member Venezuela boasts the largest proven reserves of crude oil in the world, but has struggled against the plunge in oil prices which began in 2014.

The WTI benchmark currently sits at $58.36 per barrel, while Brent is faring marginally better at $63.73. Venezuela's sour crude basket price currently sits at $50.15, an unsustainable level given the country's dismal economic outlook and overreliance on US refineries to process its oil.

this will be great for demonstrating what a really stupid idea centralised shitcoins managed by comrade socialists truly are. It will reinforce that genuine workable crypto need to be decentralised in all aspects, networked nodes, mining, development, consensus blockchain db.

Petro, Bcash, Ether, Ripple are all centralised shitcoins ... apparently Maduro was calling the Petro devs every day to ask how his shitcoin was developing and giving socialist propaganda advice to spur the effort along ... it's almost exactly like Wu and Roger calling up Peter_r and Rick to see how Bcash devs are doing so they can pump their shitcoin to the world after yet another Bitmain/Antpool enforced hardfork (for the children's sake) ... or Vitalik deciding what smart contract fail TX to rollback (for the children's sake) on the next aethereum hardfork.

[HairyMaclairy]

Whats the difference between "Any Outputs" and "Op_Return"? 

[HairyMaclairy]

We don’t really want to go much lower right now.

[Lontonbit]

Back from a 7 day ban!! Wohoooooooooooo YES We're going to 9k like it or not. Than back to test defending resistance, I call a breakout next run

[Last of the V8s]

Whats the difference between "Any Outputs" and "Op_Return"? 

not a clue. something like metadata but not like metadata. aka 'sneaking shit onto the blockchain'
he has more clue: https://bitzuma.com/posts/op-return-and-the-future-of-bitcoin/