Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18449. (Read 26712942 times)

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

The time required to find a block has zero relation to "full blocks".

But you already know that, don't you

As for the averages,

Block Generation Time:   
1 block: 10.1 minutes
3 blocks: 30.4 minutes
6 blocks: 1.0 hours

https://bitcoinwisdom.com/bitcoin/difficulty


Price stable = less action
Price rises = OMGs, rockets, trains and champagne everywhere

and a rocket

 
         /\
        |  |
        |  |
        |  |
        |  |
       /___\
       |    |
       |    |
       | BTC |
       |    |
       |    |
      /| | |\
     / | | | \
    /_|||||_\
      /_\l/_\
      ####
     #####
       ###
         #

He forgot to mention when the dragons come flying... 

Hmm, while I used to enjoy most of your comments back in the beginning of 2014, I came to realize that you're the perfect contrarian indicator. So basically now that you're screaming "SELL!!! ZOMG BITC0IN DEDD!!!", buying in seems to be the best decision one can take.

Cheers!

an hour and 19 minutes since the last block. They are averaging 23 minutes per block and they're all full.

this will cause the price to slump, which will kick more hashpower off the networks, causing further backlogs and higher fees in a viscous feedback loop. I told you bastards this would happen.

it's the Fullblocalypse!!

Look at you?  seeming to not be able to resist getting in a kind of non-substantive ad hominem attack.  You don't even explain what was wrong with my approach.  Are you saying (in retrospect monday morning quarterbacking) that there was something fundamentally wrong with my approach?  Do you know enough about my approach?   I don't really want to get caught up on this, except to suggest that you really don't have anything here, except some desire to get in a bit of a digg, for some reason?




Yeah, of course, we know that what you are saying here is a fairly accurate representation; however, we also know that folks come into bitcoin at various stages, and they act with the knowledge that they have at the time that they enter (lots of variation).  Also, we likely understand that bitcoin continues to occupy a kind of niche, and yeah, more and more folks are finding out about it, and finding out about bitcoin has an effect, and also pumping in itself has an effect  in which even the folks pumping can lose control..

So yeah, I agree that the price of bitcoin has likely been artificially suppressed for a kind of extended period of time, and there is a lot of upside potential in which both pumpers and dumpers lose control.. which each of us is looking forward to witnessing such irrational upwards price movement (in the near future, if possible)




That is way too absolutist of a claim.  Sure, you can bet that way, but I am not going to bet that way, and I don't even care if you are correct.  I mean I even hope that you are correct because I profit much more from upwards price movement rather than downwards price movement.

I prepare for both up and down, but since currently about 95% of my bitcoin dedicated funds is in bitcoin as opposed to fiat, yeah, UP works a hell-of-a lot better for me personally.



I tend to agree, but I still sell as it goes up, and for example, if the price goes up 15%, I may end up selling 2.5% of my BTC holdings, but still it seems that I end up buying some of that back too, when the price corrects.. but yeah, let's say that the price does not correct anymore and it goes shooting up 5x or something like that (which seems a bit unrealistic that we are not going to get some more corrections), and maybe in that case I end up selling 15% of my BTC holdings, or maybe i get overly excited and I sell around 50% of my BTC holdings, there is nothing wrong with having such a profit's taking plan.. which may even allow for buying back in at various corrective price points, that seem almost inevitable, as well.





That's a dumb thread and poll that has the maximum score at $1,000..The premise of the thread is completely lacking in insight.  Sure, maybe BTC prices could languish below $1000 for a considerable amount of time, including several years, but we already should have a pretty good idea that prices will likely go up in exponential ways once we get into the upper $800s... so flawed premise in the above cited thread.



I don't disagree with you about these matters, and there will likely various kinds of unknowable FOMO behaviors at various price points both below and above $2k.



I'm not sure about the odds of this $32k in the near future, but yeah, we got a lot of good things lining up in the bitcoin space.

I predict at least 4 more bubbles until the bubble that doesn't pop ( the day to dollar dies ) is blown up.

good job buying as the sky was falling.
all i'm saying tho is that market has a way of playing with people's emotions.

at 1200 its " a golden opportunity"
at 250 its " all the FUD was right, this is the end, HardForks will make everything come undone "
at 450 its " Soon a new coin will take over "
at 650 its " not a buying opportunity kinda high will soon correct back down and then i'll buy"

It isn't coming back down...
buying is very safe right now, and selling is just plain stupid.
poeple aren't really all that bullish ( many predicting marginal increases in price over the next year )
meanwhile news like "Blockchain Tech is an ‘Opportunity’ for Asset Managers" , " China in trouble ", " Brexit "
the coast is clear... actually its worst then that everything is lining up!
Time is running out, FOMO will really kick in above 2000...

at 2000 its "OMG i better put in that 5000$ i've been meaning to invest in now or i'll miss out"
at 32,000 its " I was right! Its a paradigm shift, Fiat will soon die! Muahahahahaha "