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

[JayJuanGee]

Bitcoin tx fees are spiking... hopefully the miners aren't trying to artificially lift the fees again.

Riddle me this: in a free market, how does one 'artificially lift the fees'? One does not. One cannot. The condition of rising fees is a natural and completely predictable consequence of implementing a centrally-managed quota on the production of block space.

We really need more competition in Bitcoin mining.

What's stopping you?

Current recommended fee - 158 sat/byte
It’s butthurt miners absolutely fuming at the block reward halving so they’re prioritising high fee transactions to try & make some money back. People are paying higher & higher fees to try & get a quick confirmation.

Serious question: Do you expect the miners to _not_ prioritize the more profitable txs? Do you expect them to have made these multi-million-dollar investments just out of altruism?

Perhaps some ponderation upon Satoshi's greatest innovation -- of aligning economic incentive with processing txs -- might be in order.

Good thing that we have two versions of bcash (I mean scam coins) to help us to recognize that there might be a better way.    


Maybe I am almost rolling off my chair with laughter while considering your deeper point, jbreher...

 

Pretty much everyone knows about bitcoin,

Pretty much everyone has heard of Bitcoin. That's a rather different thing. Doesn't help that 85% of what they 'know' about Bitcoin is utter bollocks.

Let's get Craig Wright to teach them.....



 

[Room101]

I can't see why everybody is making a big fuss about some author. What do children's books have to do with Bitcoin? If she were a plumber or farmer would people care?

Okay, I guess she has more money to convert to Bitcoin than your average plumber or farmer. I could have said medical patent holder or architect.

No matter. It has nothing to do with Bitcoin. Have people become so brainwashed with celebrity propaganda that they think she's something special? She's just a writer fer crissakes.

Celebrity and sports worship is one of the bigger signs of a declining civilization. Possibly the richest sportsman in history was a roman charioteer. He drove around in circles, much like your typical race car driver does today. He had a personal fortune worth billions in todays money.

That's interesting. I guess the more society gets fucked up, the worse the economic system gets for the common man, the more they need bread and circuses to distract them from the brutal crushing reality of living in a dying empire with a dying economic and currency system.

[jbreher]

Bitcoin tx fees are spiking... hopefully the miners aren't trying to artificially lift the fees again.

Riddle me this: in a free market, how does one 'artificially lift the fees'? One does not. One cannot. The condition of rising fees is a natural and completely predictable consequence of implementing a centrally-managed quota on the production of block space.

We really need more competition in Bitcoin mining.

What's stopping you?

Current recommended fee - 158 sat/byte
It’s butthurt miners absolutely fuming at the block reward halving so they’re prioritising high fee transactions to try & make some money back. People are paying higher & higher fees to try & get a quick confirmation.

Serious question: Do you expect the miners to _not_ prioritize the more profitable txs? Do you expect them to have made these multi-million-dollar investments just out of altruism?

Perhaps some ponderation upon Satoshi's greatest innovation -- of aligning economic incentive with processing txs -- might be in order.

Good thing that we have two versions of bcash (I mean scam coins) to help us to recognize that there might be a better way.    

Maybe I am almost rolling off my chair with laughter while considering your deeper point, jbreher...

My _deeper_ point? What, pray tell, may that be? I have made a couple of points, and they may be considered purely on face value.

The observant will note that the interjection of 'bcash' into the conversation was not of my doing, but rather that of JJG's.

[lightfoot]

Why would having more miners make any difference in fees. Any miner will mine the highest value transactions, that's just like saying wheels will fall into potholes.

*shakes head*

[Hueristic]

https://www.youtube.com/watch?v=ewFBuYHldeY&list=RDCLAK5uy_klY80tDUG8t6V0eXb5ttfGqRZZb8c5JZg&index=2


No Context.

[JayJuanGee]

The observant will note that the interjection of 'bcash' into the conversation was not of my doing, but rather that of JJG's.

I must respect that you are GREAT at shirking responsibility, for whatever that's worth.



 

[jbreher]

The observant will note that the interjection of 'bcash' into the conversation was not of my doing, but rather that of JJG's.

I must respect that you are GREAT at shirking responsibility, for whatever that's worth.

WTF are you on about, now? I'm just pointing out the fact, lest I be accused by some idiot of 'bringing THAT up again'.

[JayJuanGee]

The observant will note that the interjection of 'bcash' into the conversation was not of my doing, but rather that of JJG's.

I must respect that you are GREAT at shirking responsibility, for whatever that's worth.

WTF are you on about, now? I'm just pointing out the fact, lest I be accused by some idiot of 'bringing THAT up again'.

Of course, you are 100% innocent.

As you were soldier.   

[Raja_MBZ]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

[Toxic2040]

The observant will note that the interjection of 'bcash' into the conversation was not of my doing, but rather that of JJG's.

I must respect that you are GREAT at shirking responsibility, for whatever that's worth.

WTF are you on about, now? I'm just pointing out the fact, lest I be accused by some idiot of 'bringing THAT up again'.

Of course, you are 100% innocent.

As you were soldier.   

Dear customer, we are sorry for the interruption of service. Please stand by as we are rebooting JJG.exe and your observing experience will continue as soon as possible.

[jojo69]

oh right

we were supposed to be watching for a bottom in GRIN

thanks for the reminder

[cAPSLOCK]

Bitcoin tx fees are spiking... hopefully the miners aren't trying to artificially lift the fees again.

Riddle me this: in a free market, how does one 'artificially lift the fees'? One does not. One cannot. The condition of rising fees is a natural and completely predictable consequence of implementing a centrally-managed quota on the production of block space.

I agree with this point.

But there are some other things from the last run up that I am curious about whether we see again.

Orchestrated spam transactions.  Empty blocks mined.  I've read all the arguments that those are perfectly legit, and from a certain perspective I agree. But the game has changed since then...

[Biodom]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

Not sure why you are so up in arms because of a $20-30mil market cap alt.
Nobody really bought it, but you could have mined it on a video card, which is not really possible with other coins.
It's too difficult to use, hence it is mostly a developer toy. Plus, it has high inflation in a first few years as supply is growing linearly (at around 63 mil/year).
Not really anonymous, either.

[JayJuanGee]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

I think that there were some people in this forum who were promoting grin or maybe it was mimblewimble or beam.... I am not sure about what the difference is between those three and they seem to be related somehow...

Does not seem to be a good thing to be promoting those other projects.

This article shows Trace Mayer getting called out in late February  including a link therein to a tweet showing the conference video footage, and then Trace Mayer has not been seen or heard from since then.

I wonder if Trace lost money on that grin or mimblewimble project.. and many people would have wanted him to lose on that project (BIG TIME) based on his having had crossed over into a scam pumping set of behaviors at what was meant to be a bitcoin only conference.

[JSRAW]

One nutjob was trying to get in when it was around $2ish  . Hairy saved him..

[Hueristic]

I remember some of you guys used to grin a lot... How's your sh!tcoin doing?


18 Months In, Few People Use, Mine or Buy Privacy Coin Grin

https://www.coindesk.com/18-months-few-people-use-mine-buy-privacy-coin-cryptocurrency-grin

Give it another year.

[Room101]

.

[Devawnm367]

If you follow the last Bitcoin halvings you will see the price steadily goes up after the halving! I predict we will see a new ATH around November! I figure the next pump to do alot like the last and start crashing hard at the beginning of the upcoming year. I believe the next Bull Run will be VERY Similar to the 2017 pump and early 2018 Crash! If you see Btc hit $12,000 I would expect it to climb to at very least $20,000! We may not see a new ATH but I believe if we do not we will be VERY VERY CLOSE!

I must say though after reading all 28800 pages I have learned alot about the Bitcoin Market and how the shitcoins have overtaken us!

[JSRAW]

nice read
https://medium.com/coinmonks/bitcoin-a-generational-investment-88f547eb9f76

Tldr : The longer you hold it, the more purchasing power you will have.

[Jawhead999]