About Greece, Monday will be a "historic" day, but so many people think that a "grexit" is not possible at this time, maybe later but not now.
There was a good movement for btc due the voice of greece failure, but the "economic shark" will move more than simple "peanuts" and price will rise again strongly.
Maybe if Sunday there was some "strange" movement on the exchanges, we can wait with an high probability a bad issues on greek situation.
Topic: Miners are all hitting close to the cap currently (Read 1867 times)
One thing I've noticed is that the recent price surge in bitcoin has been accompanied by even larger surges with many of the alts. I awoke to see Litecoin had shot up 30% yesterday, and most of the rest have also been going up more strongly than bitcoin itself. Which implies that money is flowing into bitcoin, and from there into altcoins.
But why? Is the block size limit debate scaring people into hedging by buying altcoins just in case bitcoin starts suffering? If that were true I'd expect to see bitcoin's price deflate at the expense of the alts. Something else is going on here, on a fairly broad scale.
But why? Is the block size limit debate scaring people into hedging by buying altcoins just in case bitcoin starts suffering? If that were true I'd expect to see bitcoin's price deflate at the expense of the alts. Something else is going on here, on a fairly broad scale.
Yes, many alts have risen very fast. Kind of surprising since I thought the days of alts were dead from the $1000 crash.
I assumed most people learned their lessons (Most coins fail or are scams).
After that crash, most altcoins failed or crashed and many altcoin trading sites went out of business.
Surprised that btc is going back into them.
Probably due to the rise in price. Lots of buying and selling happening. 
One thing I've noticed is that the recent price surge in bitcoin has been accompanied by even larger surges with many of the alts. I awoke to see Litecoin had shot up 30% yesterday, and most of the rest have also been going up more strongly than bitcoin itself. Which implies that money is flowing into bitcoin, and from there into altcoins.
But why? Is the block size limit debate scaring people into hedging by buying altcoins just in case bitcoin starts suffering? If that were true I'd expect to see bitcoin's price deflate at the expense of the alts. Something else is going on here, on a fairly broad scale.
But why? Is the block size limit debate scaring people into hedging by buying altcoins just in case bitcoin starts suffering? If that were true I'd expect to see bitcoin's price deflate at the expense of the alts. Something else is going on here, on a fairly broad scale.
It's normal that when price is going up naturally this also lead to more transactions taking place or the other way it's the transactions that are the one driving up the price. There could be some large buy orders taking place somewhere that we did not see and the seller is probably restocking up by buying again from someplace else. At this stage it's still purely speculation because we haven't read any major news/announcement thus far.
The transaction volume can reflect on the size but both low and high volume can cause such increase. A big faucets may have paid out everyone or perhaps A exchange started moving funds from cold storage.
It's normal that when price is going up naturally this also lead to more transactions taking place or the other way it's the transactions that are the one driving up the price. There could be some large buy orders taking place somewhere that we did not see and the seller is probably restocking up by buying again from someplace else. At this stage it's still purely speculation because we haven't read any major news/announcement thus far.
I'd keep an eye on Greece. It seems like the next week should bring some fireworks for Greece. If they leave the EU and/or there are currency controls, Bitcoin is going to fly again, like when Cyprus had their financial issues.
It would be a shame if the Greeks moved into Bitcoin at a time when a Hard Fork is performed.
We need stability to get the masses involved. I think they should get it done ASAP, then it can be forgotten about and the next crisis and resulting rise can be more sustained, rather than followed by news of internal Bitcoin squabbling!
The Greeks are worried that their cash is about to become worthless. Therefore, they are buying up as much gold and BTC as they can.
Their cash is called euro and have a central bank is really difficult become worthless, maybe become don't withdraw anymore in a ATM cash machine or even not spendible in a classic manner like in a shop or a internet e-commercial.
But at this point price will really pump up again....
The Greeks are worried that their cash is about to become worthless. Therefore, they are buying up as much gold and BTC as they can.
I think that this is pure speculation right now. Does anyone even have evidence of Greeks buying in?Besides even if that was the case they didn't cause the market to move too much. Maybe we could be looking at a $250 support level now?
Yes exactly, and the problem is that Gavin has said that it could take some months to get the change implemented. That is why he is pushing for action now. If he waits then it will be too late in the future to make the change fast enough to prevent problems. And the side chain nonsense is not ready for the prime time, I wish those guys to get rid of their conflicts and make what needs to happen for the community in stead of lining their own pockets.
This all depends on the circumstances. We just had a block that was 0.42 kB big 2 hours ago after which some bigger ones occurred. Just because you don't understand something, doesn't mean it is nonsense.
$20 is a "spike"? I guess I'm still spoiled by the run to $1K+. Really though, $20 isn't a huge price spike when we're talking about bitcoin. This thread got my hopes up but I don't really think anything today is an indication of anything big that recently happened. There already are examples of people waiting hours and even days for transactions to process or actually fizzle out and not process at all. So yeah, I agree something needs to be done before the masses even consider bitcoin as a mainstream finance option. But that needed to be done years ago.
A lot more people have interest and money involved in bitcoin now than the 1000$ days, I guess a 20$ can make a lot of more people move money around.That's interesting. I think I see where you're coming from. $20 is roughly 10% of the value at one recent time. So, there is that. It's still hard to break free of my opinion that it's so volatile by nature and that the big price swings are natural for this market.
It's weird because I've really only been on the bitcoin scene about 3 years myself but I guess I am already getting client-ism where I'm so out of touch with the current actual use cases user impacts on bitcoin.
The Greeks are worried that their cash is about to become worthless. Therefore, they are buying up as much gold and BTC as they can.
Spikes like this are the exact reason for the need of increasing the size earlier than waiting. I do wonder why there are so many transactions going about today though.
Yes exactly, and the problem is that Gavin has said that it could take some months to get the change implemented. That is why he is pushing for action now. If he waits then it will be too late in the future to make the change fast enough to prevent problems. And the side chain nonsense is not ready for the prime time, I wish those guys to get rid of their conflicts and make what needs to happen for the community in stead of lining their own pockets.
I'd keep an eye on Greece. It seems like the next week should bring some fireworks for Greece. If they leave the EU and/or there are currency controls, Bitcoin is going to fly again, like when Cyprus had their financial issues.
OP,in that scenario,the price will pump more speed than the light fast!Think about a small market liquidity in every exchange market, with a basic 5 digit order it's simple get price pump really really fast.
Today only LTC go to the moon
with a +20% so far, (+70% monthly based)....
I'd keep an eye on Greece. It seems like the next week should bring some fireworks for Greece. If they leave the EU and/or there are currency controls, Bitcoin is going to fly again, like when Cyprus had their financial issues.
I was just reading something in regards to this.
Looking at the blockchain, we can see that it isn't actually about the number of transactions but rather their size.
https://i.imgur.com/AE3pW4l.png
We can clearly see that some blocks are quite big but with a lower number of transactions. However someone else will have to explain this as I'm not that familiar with the blockchain. Although it could also be that someone is doing this on purpose or stress testing.
Quote
Peter Todd: Anyway, given the huge growth potential of Bitcoin and blockchain tech, if 20MB is the max limit there is a high chance we'll be seeing 20MB blocks soon; if the limit was 100MB there is a high chance we'd be seeing 100MB blocks.
However I don't see any evidence behind such a statement nor do I believe that it is true. Looking at the blockchain, we can see that it isn't actually about the number of transactions but rather their size.
https://i.imgur.com/AE3pW4l.png
We can clearly see that some blocks are quite big but with a lower number of transactions. However someone else will have to explain this as I'm not that familiar with the blockchain. Although it could also be that someone is doing this on purpose or stress testing.
These addresses seems to be involved:
https://blockchain.info/address/1HRh1ec6zMBFFHZR3gnhDo9CSAXGxfXDCk
https://blockchain.info/address/19vJZjvvgMmef24h7VETTxyXzpoWoEHqvS
Public note on the transactions mention CoinWallet.eu
I was just reading something in regards to this.
As for shorena's post, I find it really disturbing that 6k unconfirmed transactions waiting isn't that much of a number... I wasn't aware that this number was so high at times. I'm all in favor of rising block size limit, but these high numbers still shock me. Just goes on showing that people who don't want to raise the block limit aren't really thinking clearly...
This is not still clear to me. Does that graph show transactions with an included fee? If not, then it tells quite a different story. Histroy tells us transactions goes up whenever bitcoin price is rising. May be people are moving coins to the exchange or out of cold storage. I haven't heard any major news to trigger a climb, I think people are just more confident in the $250 support level and decides it's a good time to buy.
The average block size is still below 500k, but your screenshot does show we are close to the 1M cap.
The average block size is still below 500k, but your screenshot does show we are close to the 1M cap.
it was so odd to see the spike today, i sold a little yesterday thinking it was going to go down a to around 224 or so.
Bitcoin trading is a variant of gambling. It is next to impossible to predict the price. Even Andreas Antonopoulos made mistake this time...
Quote
I’m not worried about a bitcoin hard fork. I expect more panicked bitcoin obituaries will be written this month. Bitcoin is more resillient
https://twitter.com/aantonop/status/605155795538481152
As against his prediction, Bitcoin price went up so far in the month of June. And when everyone will think it will go up more, there will be a sudden crash.
Exactly I completely Agree with you. This is what history says but honestly speaking a person who have patience would surely invest at present in Bitcoins as the prices are not that higher as per the expectations and hold it for the future.
Histroy tells us transactions goes up whenever bitcoin price is rising. May be people are moving coins to the exchange or out of cold storage. I haven't heard any major news to trigger a climb, I think people are just more confident in the $250 support level and decides it's a good time to buy.
The average block size is still below 500k, but your screenshot does show we are close to the 1M cap.
The average block size is still below 500k, but your screenshot does show we are close to the 1M cap.
it was so odd to see the spike today, i sold a little yesterday thinking it was going to go down a to around 224 or so.
Bitcoin trading is a variant of gambling. It is next to impossible to predict the price. Even Andreas Antonopoulos made mistake this time...
Quote
I’m not worried about a bitcoin hard fork. I expect more panicked bitcoin obituaries will be written this month. Bitcoin is more resillient
https://twitter.com/aantonop/status/605155795538481152
As against his prediction, Bitcoin price went up so far in the month of June. And when everyone will think it will go up more, there will be a sudden crash.
$20 is a "spike"? I guess I'm still spoiled by the run to $1K+. Really though, $20 isn't a huge price spike when we're talking about bitcoin. This thread got my hopes up but I don't really think anything today is an indication of anything big that recently happened. There already are examples of people waiting hours and even days for transactions to process or actually fizzle out and not process at all. So yeah, I agree something needs to be done before the masses even consider bitcoin as a mainstream finance option. But that needed to be done years ago.
Probably stress tests are being run in the light of recent block limit discussion, but as people have said, when price goes up, normally transactions do too.
As for shorena's post, I find it really disturbing that 6k unconfirmed transactions waiting isn't that much of a number... I wasn't aware that this number was so high at times. I'm all in favor of rising block size limit, but these high numbers still shock me. Just goes on showing that people who don't want to raise the block limit aren't really thinking clearly...
We need that block size change ASAP. We're a "small player", for now. Imagine when Bitcoin approaches most people and people start using it more frequently and for more things... We definitely don't want to have hundreds of thousands of transactions just waiting hours for one confirmation.
As for shorena's post, I find it really disturbing that 6k unconfirmed transactions waiting isn't that much of a number... I wasn't aware that this number was so high at times. I'm all in favor of rising block size limit, but these high numbers still shock me. Just goes on showing that people who don't want to raise the block limit aren't really thinking clearly...
We need that block size change ASAP. We're a "small player", for now. Imagine when Bitcoin approaches most people and people start using it more frequently and for more things... We definitely don't want to have hundreds of thousands of transactions just waiting hours for one confirmation.
6-8k happens "often". The biggest spike I have on record is ~12k and Im still not entirely sure if it actually happened as I did not check the 24 hour stats of that day and dont save the detailed data.
Spikes like this are the exact reason for the need of increasing the size earlier than waiting. I do wonder why there are so many transactions going about today though.
I dont think its an actual problem yet, because these backlogs are quickly worked off. However the longer these last the more frustrated people get and I can imagine that this could lead to a diffuse "bitcoin is broken" attitude.
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