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

[Coinseeker]

Ripple is based on trust. it will fail.

All transactions are based on trust.  Since mankind first began bartering.

[phoenix1]

As I understand it, the payment processors referred to in the video would handle smaller value transactions at a rate much faster than 7tps, which would then be added to the blockchain by the payment processor.
I am not a techy, so my understanding may be incorrect, but this is how I understood it.
Perhaps there is someone more qualified on hand who could explain how this would work.

I am also speculating that it is exactly this kind of 'bolt on' service that is part of the planned evolution of Bitcoin and why we see VC money coming in now.

Basically a fancy escrow service. Which is what banks and the credit card companies are at the moment in certain aspects.

So,in theory, could this kind of service be offered to the general public at a price that undercuts CC's and banks and makes the 7tps and the blockside limit non-issues ?

[Rampion]

There's honestly no reason to be bearish on Bitcoin, for any reason, except the centralization of Bitcoin.  (Which seems they are proposing)  The only thing required to overcome the 1mb limit and maintain it, is to increase off blockchain transactions.  This is what Ripple is for and will allow Bitcoin transactions with virtually no limit.  

Though Ripple is centralized - does this not beat the purpose of Bitcoin entirely? In essence we'll have created a commodity like gold, but NOT a currency.

Even if Ripple were centralized, which it's not, it doesn't defeat the purpose at all.  Because the Ripple protocol is about transactions, not storing Bitcoins with no counter-party risk.  If you buy a Gyft card, you have to send BTC to Bitpay, a centralized company.  Is that an issue for you?  Using Ripple gateways is the same as this or any exchange.  Frankly at this point, it's not worth spelling out further because soon most consumers will be utilizing the Ripple network and won't even know it.  The point in my original comment was, there's already a working protocol that solves this.  That's why diehard Bitcoiners created Ripple, they knew the limitation of the Bitcoin payment network.  So, 7tps is not a reason to be bearish, centralization by the Bitcoin devs, would be however.

Ripple is based on trust. it will fail.

I'm having a deja-vu of the conversations we had in the Summer.

Coinseeker said BTC was doomed, that it was a joke, and that the future was Ripple. He said that BTC was a bad investment compared to Ripple.

We all know how that played out. BTC price surged 7 times and XRP has lost 12 times its value against BTC.

Well played, Coinseeker

[Pruden]

As I understand it, the payment processors referred to in the video would handle smaller value transactions at a rate much faster than 7tps, which would then be added to the blockchain by the payment processor.
I am not a techy, so my understanding may be incorrect, but this is how I understood it.
Perhaps there is someone more qualified on hand who could explain how this would work.

I am also speculating that it is exactly this kind of 'bolt on' service that is part of the planned evolution of Bitcoin and why we see VC money coming in now.

Basically a fancy escrow service. Which is what banks and the credit card companies are at the moment in certain aspects.

So,in theory, could this kind of service be offered to the general public at a price that undercuts CC's and banks and makes the 7tps and the blockside limit non-issues ?

Everyone thinks off-chain payment processors will be created on their own. The question is, are they being created?

[adamstgBit]

Ripple is based on trust. it will fail.

All transactions are based on trust.  Since mankind first began bartering.

after 6 confermation

i dont give a shit if your a scammer, ill give you the PPUSD

[Coinseeker]

I'm having a deja-vu of the conversations we had in the Summer.

Coinseeker said BTC was doomed, that it was a joke, and that the future was Ripple. He said that BTC was a bad investment compared to Ripple.

We all know how that played out. BTC price surged 7 times and XRP has lost 12 times its value against BTC.

Well played, Coinseeker

Ripple remains the future and XRP is holding quite stable verses the dollar.  Obviously verses BTC it's higher, because BTC is worth more now.   Genius.    And it was well played because I always kept BTC.   

[ChartBuddy]

[Zangelbert Bingledack]

The blocksize issue is one huge ceteris paribus fallacy.

[Coinseeker]

after 6 confermation

i dont give a shit if your a scammer, ill give you the PPUSD

Yeah you do that.  The rest of the world has shit to do.  "6 confirmations?"  Loco!  

[ag@th0s]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

Maybe you can do a 180 curve while digging and get out of that hole.

You can't get out of a hole by digging - you need to find something that is about to defy gravity to lift you out

[BRADLEYPLOOF]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

Maybe you can do a 180 curve while digging and get out of that hole.

You can't get out of a hole by digging - you need to find something that is about to defy gravity to lift you out

What if you dug sideways at a gentle upward trajectory?  Or dug out stairs?

[cfrm]

Class article answering the foolish 'Bitcoin is like Segway'-article. http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/22/no-bitcoin-isnt-like-a-segway/

[Rampion]

I'm having a deja-vu of the conversations we had in the Summer.

Coinseeker said BTC was doomed, that it was a joke, and that the future was Ripple. He said that BTC was a bad investment compared to Ripple.

We all know how that played out. BTC price surged 7 times and XRP has lost 12 times its value against BTC.

Well played, Coinseeker

Ripple remains the future and XRP is holding quite stable verses the dollar.  Obviously verses BTC it's higher, because BTC is worth more now.   Genius.    And it was well played because I always kept BTC.   

So BTC is/was the worst investment ever and was doomed to fail but STILL you "always kept BTC". Mmm... So basically you were just trolling?

Cool story.

[Coinseeker]

I'm having a deja-vu of the conversations we had in the Summer.

Coinseeker said BTC was doomed, that it was a joke, and that the future was Ripple. He said that BTC was a bad investment compared to Ripple.

We all know how that played out. BTC price surged 7 times and XRP has lost 12 times its value against BTC.

Well played, Coinseeker

Ripple remains the future and XRP is holding quite stable verses the dollar.  Obviously verses BTC it's higher, because BTC is worth more now.   Genius.    And it was well played because I always kept BTC.   

So BTC is/was the worst investment ever and was doomed to fail but STILL you "always kept BTC". Mmm... So basically you were just trolling?

Cool story.

Quote where I said, "Bitcoin was/is the worst investment ever."  And it's still possible for Bitcoin to fail, so don't get too arrogant.  It's all still speculation.

[ag@th0s]

You don't buy groceries with gold neither.

This.

[Nemesis]

I'm having a deja-vu of the conversations we had in the Summer.

Coinseeker said BTC was doomed, that it was a joke, and that the future was Ripple. He said that BTC was a bad investment compared to Ripple.

We all know how that played out. BTC price surged 7 times and XRP has lost 12 times its value against BTC.

Well played, Coinseeker

Ripple remains the future and XRP is holding quite stable verses the dollar.  Obviously verses BTC it's higher, because BTC is worth more now.   Genius.    And it was well played because I always kept BTC.  

So BTC is/was the worst investment ever and was doomed to fail but STILL you "always kept BTC". Mmm... So basically you were just trolling?

Cool story.

There are tons of members here having agenda..... we know it when they spread BS. Thats why i ignored Coinseeker long time ago.

[ag@th0s]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

Better analogy: when you're in a hole, get some explosives. They might blow you to pieces, but maybe real world physics = FPS engine physis and you can rocket jump out of that hole

seriously though, I don't see a difference in principle between not investing more than you can afford and not taking a loan higher than you can afford. If he knows he can repay the loan within tolerable living conditions in case his investment fails, it's not necessarily an irrational choice.

I could afford the loan out of my current monthly salary if I gave up alcohol and went onto a brown rice diet for a year.  Plenty of options and not all of them include halitosis

[Rampion]

I'm having a deja-vu of the conversations we had in the Summer.

Coinseeker said BTC was doomed, that it was a joke, and that the future was Ripple. He said that BTC was a bad investment compared to Ripple.

We all know how that played out. BTC price surged 7 times and XRP has lost 12 times its value against BTC.

Well played, Coinseeker

Ripple remains the future and XRP is holding quite stable verses the dollar.  Obviously verses BTC it's higher, because BTC is worth more now.   Genius.    And it was well played because I always kept BTC.   

So BTC is/was the worst investment ever and was doomed to fail but STILL you "always kept BTC". Mmm... So basically you were just trolling?

Cool story.

Quote where I said, "Bitcoin was/is the worst investment ever."  And it's still possible for Bitcoin to fail, so don't get too arrogant.  It's all still speculation.

This is the very first quote I found by looking at your profile, but there are at least hundreds more:

When someone can explain to me how Bitcoin plans to retain value without any real way to use them, maybe I'll be bullish again. But all indicators tell me that, Bitcoin is a sinking ship.  Doesn't matter what miners are using or doing.  Without mass adoption, it's just monopoly money, propped up by speculators.  And please, if you're going to try to spell it out for me, spare me the libertarian, bible thumping fantasies.  I need to hear something with real world substance. 

Your indicators indicated you very well.

[2_Thumbs_Up]

This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.

When you're in a hole, dig faster?

Maybe you can do a 180 curve while digging and get out of that hole.

You can't get out of a hole by digging - you need to find something that is about to defy gravity to lift you out

Sure you can. Dig on one side of the hole and use the dirt to build something that gets you up on the other side of the hole.

[macsga]

Economy

Total BTC   12,023,825 BTC
Market Cap
based on latest prices
9,152,535,590 USD
or 6,372,627,250 EUR
or 25,105,746,600 PLN
or 5,642,095,835 GBP


People are... STILL