Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18337. (Read 26519742 times)

Since when did your average trader react to news other than the bad? I can't really think of anything. The unfortunate thing about bad news is that it's usually instant whereas good news always adds to a future just beyond reach.

That test might result in a price jump despite whether anyone supports the lightning network or fights it. A jump might go above $700 once and for all. There's been a few weeks of calm but some news like that might start the high volume violent price moves again.

When it encourages between 7-9 trillion people to clog every channel with faucet dicking then what? We're all DOOMED.

Indeed. You know, there are prominent people in the Bitcoin community that I admire and still support, but I'm baffled by their opposition to LN being a separate thing from the core Bitcoin network.

Anyone who knows anything about technology, networks, and programming knows the valid reason why databases are completely separate from the transactional layers of any application.  Or how bank clearing houses work.  It's really the only way to scale it properly.

https://twitter.com/bencxr/status/755241138756448256
LN test:  20 payments in 100ms > 17+million per day, per channel.

This is getting interesting.

Stop using an amateur hour exchange?

Bullish!

That assumes demand, of which there isn't very much. I'll guess most people would cut their transactions down. Most of mine don't exactly have the fate of the free world hinging on them.

If they really did reach silly levels then I'd find myself another coin to play with and most commerce probably would too.

There, I fixed it for you.

 

When is this feedback loop supposed to happen? I just had a tx go through fine and tx fees are only ~70 sat per byte or around 11 USD pennies per tx.


https://bitcoinfees.21.co/

Is this what the end of the world looks like? 11 cents to send a tx? What sort of timeframe are we dealing with where fees start spiraling out of control?

Are those the usual value /transaction ?  Seems like an average of 10 btc /t

Repeat that each night before going to sleep till you understand it!!! ... exactly like this: "I was antagonizing a theoretical possible concept of a physical impossibility!"  
It will make you wiser!


People in BitcoinLandia will fight against that and will not accept it... They will prefer to have a huge infrastructure to record any pawn shop, any cash register, any supermarket connected with CCTv ... And it will all become a huge trading platform where you will see the real price of things! But the surveillance will be mostly the new real reality that we will have to deal with if we want that.
We will see... this is too complicated to be discussed here. This subject is in the hands of those who want to develop.



You little cockroach piece of sh!t ... who are you working for??? Who is paying you to do propaganda?  
Isn't it a little odd that you write walls of text like you are some paid blogger or some sh!t???

You don't really provide any insider information... You just take a subject and make dough with it and stretching and smashing it till its elasticity makes no sense! ... You are like a dog spinning around its own tail!!!
Stop the damn propaganda and give some concrete numbers for people to crunch if you flirt with ideas of ~400$ for those bears and shills to admire! That is just impossible!!! It would be... Those coins would be an easy snatch of cheap easy profits... Just one of those situations we saw 1 block before the halving when someone took a huge dump just to buy cheap coins for 1 more week. Because the price will have a judgement day when it won't be able to manipulate it like that again. And that last sentence being said... What profits in bitcoin a trader did when it was 200-300$ and it was moving 50$ .. compared to 600-700$ when it moves 20-30$ ... because percentage wise its just not the same thing! They are not making the same money anymore and they are feeling left out and losing profits!
And I still believe you are a paid blogger troll... Who the hell writes this much on a daily basis just to keep the dogs quite at bay and not barking at Bears&Shills.Co!!!

BFX is throwing all their withdrawals into the mempool and the xactions, ALL OF THEM, are getting stranded. A huge exchange like that, how long do you think it's gonna take before something like that affects the spot price?

Go fuck yourself you ungrateful parasite .... or you could pitch in make yourself be the change you want to see ... https://github.com/bitcoin/bitcoin/pull/8149

A day is good. Anything less than that is bullshit and distorted. For example if we start isolating time frames, I can show you the last blocks

421405   4 minutes   2775   32,406.06 BTC   BTCC Pool   997.1
421404   28 minutes   782   6,553.55 BTC   Slush   998.18
421403   28 minutes   1759   14,162.17 BTC   BitFury   998.19
421402   34 minutes   1992   18,610.63 BTC   F2Pool   999.81
421401   35 minutes   2027   18,207.23 BTC   F2Pool   999.87
421400   36 minutes   2841   39,982.53 BTC   BW.COM   998.15

So 6 blocks in 36mins = avg 6mins - "wow, we have near double tx capacity"  

And if I showed you the same stat half an hour ago, I could claim that 6 blocks were found in 8 minutes and that this is blazing fast, like dogecoin or something.

But over a day it averages out back to 10.


If there was serious demand, you'd see fees skyrocketing. Instead you have half the transactions scrapping the bottom of the fees - trying to fill the blocks as cheaply as possible and not in any hurry.

Lots of people using Bitcoin? Bullish!

depends on what time frame you are looking at, obviously. My shorts did get rekt, but I still have more coin than 90% of the people here.

raising fees isn't just expensive. There is a lot of recoding necessary. BFX is a major exchange, and they don't have dynamic fee ability yet. Neither do many important onramps.

and the most important issue is that there can be no more than 7 xactions/sec no matter how high the fees get.  Those core bastards lied in Honkkong to the miners. They had no intention of scaling the network until LN is ready. Where the fuck is SegWit? it was supposed to come out in April but you fuckers don't seem to be concerned.

Should be an easy fix, as per your suggestion: Code could be something like--- If mempool > 5 MiB Then suggest tx fee to be x satoshis higher.


There problem solved.

Key word "if".

The average is 10.1mn.

billyjoeallen-and-his-shorts: REKT

OK, Dipshit, let me spell it out for you. I'll try to use small words so you can follow along. The transactions that get broadcast don't give a shit about difficulty or how long since the last block, they just keep coming like chocolates on Lucy's conveyor belt. if blocks only come out every 20 minutes or so on average, then there isn't enough space for all the transactions that have piled up, so only the xactions with the highest fees get confirmed and the rest get stuck in an ever growing mempool. Theoretically they should be included when network traffic slows down enough to catch up, buy what if it doesn't slow down?

people aren't going to invest if it takes days to process their xactions and new people aren't sophisticated enough to know that they can include a higher fee to get through.  BFX does not have a dynamic fee feature and my "high priority" xaction hasn't been confirmed yet from four hours ago.  This will and should scare off new investment, $1.4Million net of which is required every day to keep price stable