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

[jbreher]

1. Database Size
Lets assume Bitcoin is now the standard peer-to-peer payment method. for Simplicity, let assume there will be 1,000,000,000 Transaction a day.

Visa's average sustained throughput is about 150 Million tx/day, according to Visa itself. So much for your first assumption. Do we want to be bigger than Visa? Of course we do. But let us start there.

Each transaction is approx 250b. (assuming there is only one input and one output). 41,666,666 6,250,000/ Hour or 6,944,444 1,041,667/10Mins

Average throughput is what is of concern here. Spikes can wait, as long as blocks are not persistently full. 37.5 GB/day, not 250 GB/day.

This will mean we need a min of 1.736GB 156MB blocksize to accommodate the transactions.
So...
Every Block: 1.736GB 156MB
Every Hour: 10.416GB 936MB
Every Day:  250GB 22.5GB
Every Year: 91,250GB 8.2TB
is added to the blockchain

[I'll leave the rest as an exercise for the reader]

So just to recap the above,

You would need to buy a machine capable of handling 1TB of RAM and possible a RAID Storage that can handle 91TB of Hard Drive Space

Yes, today the demands to be a fist-class citizen of the worldwide network of all money would seem to be daunting. Today. Tough titties. Sucks to be you.

It's as if you have never heard of Moore's 'Law', nor Nielsen's 'Law'. It is not as if we're going to displace Visa tomorrow, next week, next month, or next year. In the meantime, Blocapocalypse II will be here with the next FOMO spike.

[jbreher]

yes totally agree with you on your last point....

The highway analogy was not about space to build the highway, but rather it doesn't matter how many lanes are built, it will still eventually get to the same outcome as a 1 lane highway. You will still end up with traffic congestion, nothing has been solved. I was merely trying to associate with the fact bitcoin developers was not concerned with building more lanes, ie increase block size, but focusing on alternate transport methods or alternate transport habits. ie layer 2 scaling.

As I pointed out earlier, and I quote: Stupid analogy is stupid.

There also comes to a point where you may never be able to run full node from scratch. Based on a 30sec a 1MB validation time

According to statement by gmaxwell, Core 'nodes' do not verify back to the genesis block, relying instead upon checkpoints. I deigned to just accept his assertion on this point - it may be incorrect.

and i have read somewhere that it may be quadratically longer the bigger the block.

Yes. Operative word is _may_. One is able to construct an aberrant block that requires quadratic time to verify. Fortunately, this is a self-rectifying non-problem.

Just to confirm the 30sec theory, i'd shutdown my Bitcoin Node, was 8 blocks behind, fired it back up and it took about 5mins to catch up 10 blocks, two blocks was found while validating/catching up.

Folly of trying to limit the performance of our lifetime's second most significant technological achievement, only in order to satisfy having essentially zero skin in the game, is duly noted.

[mindrust]

I was 1 BTC away from my cryptowinter accumulation goal. I'm still holding out hope for a $1,000 discount from here  

I’m 2.1BTC away from a round number that I set myself as my total HODL stash. I might be able to reach it if we stay in this range until maybe Xmas.

If not then whatever, I have enough. Just a bit of OCD wanting to reach a certain figure.

I am 16.15BTC away.

I'm a bit more than 16.15 BTC above my number.  You can have some of mine, since you are so nice and sweet.  

I am only 4.5BTC away from 10btc. It'll take a while if bitcoin keeps rising like this. 5 was my first target and I accomplished it a few weeks ago. 10 is next. 21 is after that. I'll probably cash out to lambo (by lambo i mean whatever i like) before I reach 21 but who knows.

Tone Vays says sub $3k, even sub 2k is still possible. I might get 4-5 coins instantly if that happens.

[pressnegl]

Relaxation level

Don't agree with you, actually. The third picture should include much higher level of relaxation, don't you think so?

[MrFreeRoMan]

Tone Vays says sub $3k, even sub 2k is still possible. I might get 4-5 coins instantly if that happens.

[kenzawak]

https://twitter.com/RosaRyyti/status/1114918727877832704



She's a former Miss Universe candidate apparently.

[Searing]

https://twitter.com/RosaRyyti/status/1114918727877832704



She's a former Miss Universe candidate apparently.

I suspect she has 'other ways' to obtain BTC rather than 'buy the dip'..just saying

[VB1001]

"Anything is possible, but the price during the prior bitcoin halvings was around 50% of the prior peaks."

https://twitter.com/ChartsBtc/status/1115708980351778816

[Toxic2040]

the noon wall report at 1425 hours


Some guy named Bob wont leave the office..keeps going on and on about soaking up as much bitcoin as possible. Tuesdays should be illegal really...or at least fined heavily.
1h


#dyor
3h

#stronghands'19

[bitserve]

Tone Vays says sub $3k, even sub 2k is still possible. I might get 4-5 coins instantly if that happens.

Have you seen that dude's hair ? Can't trust anyone with hair that bad.

^ THIS ^

No more evidence needed.

[criptix]

https://twitter.com/RosaRyyti/status/1114918727877832704



She's a former Miss Universe candidate apparently.

How much btc does the chick cost?  


Edit: i would show her a real lightning torch 

[HairyMaclairy]

Is it Wednesday yet?

[Raja_MBZ]

prepare for the dump?

Looks like it. Short squeeze apparently forming at $5,300.

Can't believe my eyes... a couple of consecutive bearish posts in WO thread?!?

Come on guys, let's not change the trend of being only bullish here!

[Toxic2040]

prepare for the dump?

Looks like it. Short squeeze apparently forming at $5,300.

Can't believe my eyes... a couple of consecutive bearish posts in WO thread?!?

Come on guys, let's not change the trend of being only bullish here!

I thought we might dip further but support is strong in this one. If support does fail at $5.2k it seems it wont be for long and if we do so will most likely come back upwards with gusto.  #dyor
4h

#stronghands

[Raja_MBZ]

I was 1 BTC away from my cryptowinter accumulation goal. I'm still holding out hope for a $1,000 discount from here  

I’m 2.1BTC away from a round number that I set myself as my total HODL stash. I might be able to reach it if we stay in this range until maybe Xmas.

If not then whatever, I have enough. Just a bit of OCD wanting to reach a certain figure.

I am 16.15BTC away.

I'm a bit more than 16.15 BTC above my number.  You can have some of mine, since you are so nice and sweet.  

I am also nice and sweet. I could do with that amount if Palmodar refuses. Would even merit you (not that I am selling merit or anything). Think about it.... I will be here.

P.S.: 19VBmRQVqrtNTGiwngZutwREagcKxJgVZM

Respected Sir @LFC! In case Palmodar refuses your precious gift and bitserve changes his decision of having your bitcoin, I'd like to bring myself to your attention. For your 16.15 BTC, apart from being nice and sweet, I can do anything you require in the upcoming three years. My responsibilities may include from Haskell programming to your s*** washing. Looking forward to hearing from you.

$330 million moved, that screams scary oh oh no good bad day to me.

Well, I'm still hoping to get this one filled up, so a nice dump can definitely help at this point:

[scambust]

prepare for the dump?

Looks like it. Short squeeze apparently forming at $5,300.

Can't believe my eyes... a couple of consecutive bearish posts in WO thread?!?

Come on guys, let's not change the trend of being only bullish here!

Well, one thing is for sure. The price won't go beyond $6,000 level with one go. A lot of shorters waiting up there. It is an obvious spot to short being a long time support level last year.

[El duderino_]

via Imgflip Meme Generator

https://twitter.com/redditbtc/status/1115704624751816705?s=21

[El duderino_]

Is it Wednesday yet?

For me it is

[hisslyness]

yes totally agree with you on your last point....

The highway analogy was not about space to build the highway, but rather it doesn't matter how many lanes are built, it will still eventually get to the same outcome as a 1 lane highway. You will still end up with traffic congestion, nothing has been solved. I was merely trying to associate with the fact bitcoin developers was not concerned with building more lanes, ie increase block size, but focusing on alternate transport methods or alternate transport habits. ie layer 2 scaling.

As I pointed out earlier, and I quote: Stupid analogy is stupid.

There also comes to a point where you may never be able to run full node from scratch. Based on a 30sec a 1MB validation time

According to statement by gmaxwell, Core 'nodes' do not verify back to the genesis block, relying instead upon checkpoints. I deigned to just accept his assertion on this point - it may be incorrect.

and i have read somewhere that it may be quadratically longer the bigger the block.

Yes. Operative word is _may_. One is able to construct an aberrant block that requires quadratic time to verify. Fortunately, this is a self-rectifying non-problem.

Just to confirm the 30sec theory, i'd shutdown my Bitcoin Node, was 8 blocks behind, fired it back up and it took about 5mins to catch up 10 blocks, two blocks was found while validating/catching up.

Folly of trying to limit the performance of our lifetime's second most significant technological achievement, only in order to satisfy having essentially zero skin in the game, is duly noted.

Yeah we are not going to agree on anything mate.

Let not even attempt to discus Moore's Law and the possibility of it not fully applying in 2020/30/50. That another 10 pages on the WO wasted!

The one thing, I have noticed from you, is the vague response you give, wether it is tactic you employ to evade and dismiss people or to counter arguments, in a way of "I didn't say that" or "I meant this"

Anyhow,

You cannot convince me a "different approach" is the wrong way to handling bitcoin scalability... and

I cannot convince you bigger blocks/dynamic blocks or anything to do with blocksize will NOT scale bitcoin.

[rebal15]

Tone Vays says sub $3k, even sub 2k is still possible. I might get 4-5 coins instantly if that happens.

Have you seen that dude's hair ? Can't trust anyone with hair that bad.

I would like to think that $3,000 has quickly disappeared from our rear view mirrors, and won't be seen again. New floor is being established at $5,000 USD.

EDIT: https://twitter.com/BtcBlockBot/status/1115722874013331459



EDIT2: Holy sheeit !



EDIT3: A wild bear appears.

https://twitter.com/AskMeHowToShort/status/1115724417982533632

https://www.tradingview.com/chart/XBTUSD/4EzekrZX-The-Big-Bad-Bear/