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

[JayJuanGee]

You still have to download and verify the blockchain first before you prune it.

Correct me if I am wrong.

Well, I don't know the current situation, but some years ago, gmax stated that core no longer verifies back to the genesis block, relying instead upon a centralized checkpoint as 'good enough'. Still downloaded, just not verified. Weird.

I'm sure that there is more to the gmax description of the bitcoin blocks verification situation than your summary is suggesting, jbreher.

Well, JJG is 'sure'. I guess that settles that.

Yep... and you did not provide the details and even admitted that you were summarizing. 

Gmaxwell usually explains technical ideas decently well, and your summary (from a potentially selective memory) seems to leave out bits and pieces of details (perhaps with a purpose  to leave fear in the reader?)... Your vagueness does not really surprise me.   

[bonker]

Segwit reached 60%



https://segwit.space/

But still the number of unconfirmed transactions are high,hmmmmp...

[jbreher]

You still have to download and verify the blockchain first before you prune it.

Correct me if I am wrong.

Well, I don't know the current situation, but some years ago, gmax stated that core no longer verifies back to the genesis block, relying instead upon a centralized checkpoint as 'good enough'. Still downloaded, just not verified. Weird.

I'm sure that there is more to the gmax description of the bitcoin blocks verification situation than your summary is suggesting, jbreher.

Well, JJG is 'sure'. I guess that settles that.

Yep... and you did not provide the details and even admitted that you were summarizing. 

I provided the details some years ago in this very thread. Like, as in, a link to his actual statement. I can't be assed to go dig for it at the moment. But once all y'all get shrill in your denials, I'll likely be unable to resist throwing it in your face.

But in the meantime, JJG is 'sure'. Apropos of nothing.

[windjc]

bakkt got pushed again till later in the year?

So it's a bit of a moonshot bet and it's been organized in a manner that is very different than the way ICE typically does businesses. Bakkt has its own offices, its own management team and et cetera. And then we've entered into agreements with it to provide services, as I've described over that Bakkt -- over that ICE overlay.

So we'll see how it goes. They're well along in building out an infrastructure that I think you'll see launch later this year. And I'll let Bakkt talk more about how it wants to go about an what the business and use cases are its revenue model, et cetera, as it unfolds.

everyone mentioned the 'moonshot' bit yesterday, but not the 'later this year'? idk

They're well along in building out an infrastructure that I think you'll see launch later this year.

‘I think’ you’ll see launch later this year.

Fucking hell, ‘I think’.

What a joke, they couldn’t arrange a piss up in a brewery.

BTW, next month is later this year.

[JayJuanGee]

You still have to download and verify the blockchain first before you prune it.

Correct me if I am wrong.

Well, I don't know the current situation, but some years ago, gmax stated that core no longer verifies back to the genesis block, relying instead upon a centralized checkpoint as 'good enough'. Still downloaded, just not verified. Weird.

I'm sure that there is more to the gmax description of the bitcoin blocks verification situation than your summary is suggesting, jbreher.

Well, JJG is 'sure'. I guess that settles that.

Yep... and you did not provide the details and even admitted that you were summarizing.  

I provided the details some years ago in this very thread. Like, as in, a link to his actual statement. I can't be assed to go dig for it at the moment. But once all y'all get shrill in your denials, I'll likely be unable to resist throwing it in your face.

But in the meantime, JJG is 'sure'. Apropos of nothing.

That's fine... just leave out supporting evidence for your ambiguous assertion and then blame me for "surely" having skepticism for details.

Fine..

That's just fine.  

[becoin]

Why would anyone want smaller blocks? Have we forgotten the dark times of $100 fees already?

Fee size doesn't depend on block size. Fee size depends on the will of Chinese mining cartel to spam the blockchain for the purpose of promoting their bcash corporate coin! Now Bitmain & Co is in big trouble and don't have the resources to do what they've done when fee was $100. Lightning is the way to go for everyday bitcoin payments. Blockchain is the settlement layer for those payments.

[Ibian]

Why would anyone want smaller blocks? Have we forgotten the dark times of $100 fees already?

Fee size doesn't depend on block size. Fee size depends on the will of Chinese mining cartel to spam the blockchain for the purpose of promoting their bcash corporate coin! Now Bitmain & Co is in big trouble and don't have the resources to do what they've done when fee was $100. Lightning is the way to go for everyday bitcoin payments. Blockchain is the settlement layer for those payments.

It does when the blocks are full. Supply and demand, same as anything else, none of this is new.

[Lauda]

The moment Vinny Lingham backs it, you know it is a scam

It seems there are some big blockers supporting smaller blocks in the hopes of destroying bitcoin.

Hahahahahaha
Touché.

Agreed that Vinny is not exactly a trustworthy or credible character in the bitcoin space based on some of his past behaviors.   In other words, whatever Vinny says should be taken with a BIG ass grain of salt.  
-snip-

My pet monkey is smarter than Vinny by quite the margin. For those that actually do understand the tech and the scaling issues (not just in Bitcoin but in general software), then they would understand that Luke actually makes very-good arguments from a technical perspective but he kind-of forgets that Bitcoin is not just tech. Now if everyone understood that the UTXO set size is kind-of only bound by the block size, they would pretty much never advocate for any significant block size increase. A lot needs to change before we could be considered *ready* for a good proposal, although it's possible that we never reach consensus.

I had read some previous posts in this thread, and maybe some other threads suggesting that "we" focus on Schnorr signatures, fungibility, privacy and other more important bitcoin development matters, which reminds me of the quote from a famous little girl.

That is already underway, it just isn't ready.

[P_Shep]

4 genuine (as in not generate by me) relayed transactions on my Lightning Node yesterday

I have now earned the princely sum of 0.2 satoshis!

[alevlaslo]

why is bitcoin turn into a Visa? What is the point in reducing the block size + LN, if a large block does not interfere, safe storage in any case only cold

BCH the best

[becoin]

why is bitcoin turn into a Visa? What is the point in reducing the block size + LN, if a large block does not interfere, safe storage in any case only cold

BCH the best

The beauty of bitcoin is that you can build anything that already exists on top of it including Visa like payments. However, there is no point of doing that because Lightning is lightning years ahead of Visa.

But it is too complicated for you to understand. Stick to bcash and sink with it! You'll learn from your own experience.

[Cryptotourist]

why is bitcoin turn into a Visa? What is the point in reducing the block size + LN, if a large block does not interfere, safe storage in any case only cold

BCH the best

Actually my dick is the best.
It increases it's block size on demand, and it does not let anything interfere.
It's safe and cold sometimes, but only requires one single lightening transaction to leave Visa & fiat rekt.
Doesn't need a segregated witness either.

Morning WO's.

[LFC_Bitcoin]

why is bitcoin turn into a Visa? What is the point in reducing the block size + LN, if a large block does not interfere, safe storage in any case only cold

BCH the best

Useless shill

[Cryptotourist]

Forgot to mention. THANK BUDDHA WE HAVE BITCOIN. It is the only easy way to accumulate wealth really.

[Wilhelm]

Forgot to mention. THANK BUDDHA WE HAVE BITCOIN. It is the only easy way to accumulate wealth really.

Thank Satoshi for Bitcoin ....

[LFC_Bitcoin]

Forgot to mention. THANK BUDDHA WE HAVE BITCOIN. It is the only easy way to accumulate wealth really.

Effectively agree. Buy coins & HODL for a number of years sitting on your ass. Check price in 3-4 years = guaranteed significant profits. That’s what we’ve seen with bitcoin so far any way.

I guess average joe hasn’t got the balls to see his investment (at times) drop in price significantly. It’s always OK in the end though. Patience & a good, strong pair of testicles are required at times.

[Cryptotourist]

Thank Satoshi for Bitcoin ....

Of course, but he did have an epiphany.

Effectively agree. Buy coins & HODL for a number of years sitting on your ass. Check price in 3-4 years = guaranteed significant profits. That’s what we’ve seen with bitcoin so far any way.

You also need to fill in the data required into the most powerful (arguably) processing unit known to man. Man.
Personally, BTC selling points are kinda fixed - somewhere in the far future.

I guess average joe hasn’t got the balls to see his investment (at times) drop in price significantly. It’s always OK in the end though. Patience & a good, strong pair of testicles are required at times.

Cohones. Love the sound of that word.

[mindrust]

This is how I accumulated my btc since last year.  

#Never Surrender

Meanwhile...

[LFC_Bitcoin]

This is how I accumulate my btc since last year. 

#Never Surrender

I have my own personal target too, I’m not going to reveal it but it’s good to have goals.
I get caught in two mind -

1.) Wanting the price to soar so we’re all richer
2.) Wanting more sideways for another 3-6 months to load up

I suppose it’s a WIN either way.

[StartupAnalyst]

why is bitcoin turn into a Visa? What is the point in reducing the block size + LN, if a large block does not interfere, safe storage in any case only cold

BCH the best

BCH is best, we have Roger Ver who bought Bitcoin.com with the sole purpose of trying to trick new users into using our better coin. We also have Jihan Wu who has put backdoors into every antminer. Bitcoincash also has Craig Faketoshi Wright, the man who can't prove he's Satoshi and uses this fake title to try and intimidate others. Sure he has had some fake lawsuits using high amount public keys to try and have bolster claims he has tons of coins and power (unfortunately he didn't do the research and they we're gox public keys) but he's more of a run and gun figure the details out kind of guy. (See broken BSV)



Seriously though Bitcoincash is fucking stupid, a money and power grab that thankfully failed. These guys are just all fools, enjoy 1GB BSV blocks and empty bch blocks.