Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 19767. (Read 26630327 times)

only about 40% of current TX "need" the network to work. There's plenty of fat to chop away and the spam goes down and gets more costly as fees go up, gosh darn, think about that!

Nobody has responded to the most relevant part:

Well, given enough time, that's going to happen. Especially when you don't have the periodic table on your side. 

If i would get 1 satoshi everytime billy sells his whole stash i would have atleast 22.000.000 bitcoins

Happy xmas from germany ppl

... probably not a smart move for nation-state backed actors to get into protracted blockchain wars with a loose international coalition of anarchistic hackers .... just saying.

They want to paint a big, fat, ripe target on the current centralised bloated financial systems, well tit-for-tat may not look so pretty for centralised bloatware coming out the other side.

Run your "nash equilibrium" BS up that flag pole?

I just had a stuck caliper. It set my truck on fire.

Just wait n see how things are come the 26th Dec after Santa has been n gone dude.

3 Month BTC Futures contracts expire on the 25th. Lots of strong hands have a big vested interests here and it is likely them who have brought BTC up and parked it here for this event. This rise from $300 has been on steadily declining volume, except for the (fake) CNY exchange volume.

BJA, hitting the limit isn't an apocalypse. Think of it as a stuck brake caliper. It limits potential, but is not fatal, at least not while first mover advantage is still so strong. As long as people are salivating about the halving... getting much harder to mine... more good press... MMM still a rollin'... this thing could run well further than you expect.

Locking in some profits is never a bad thing, it's a comfort to have some dry powder, and a joy to sell into euphoria. True permabulls don't have a dime to buy panics, they're already all in. I'm pretty sure we'll see sub 440 again, and if not, great... that's what cold storage is for.

Look... I share your frustration with the current dev environment, their crooked incentives, and their merry band of sycophants, but there's no need to throw yourself on the tracks in a show of bravery. If they want to pay you more, might as well take it. I also don't think that the situation is doomed, miners have the incentive and the power to protect their investment by ditching Core™ if the pain becomes pronounced and a reliable alternative presents itself. Bitcoin was designed to route around attempts to control it, let's see if that's true.

Ho Ho Ho looks like Santa is coming a day early? lol look'n good 

Coin



Explanation

If fees are running 5 BTC/block, you could pay let's say 10 BTC/ block and almost completely fill it up with transactions sending money to yourself. Greedy miners could do this every time the fees got too low and keep the fees at whatever nash equilibrium level they want.

The fee market is just as subject to manipulation as any other market.  Sure, some transaction will just stop being made as no longer cost effective, but some will have to be made no matter what fees are attached. These transactors will continue to try and out bid each other for block space even after the spam attack is over.

So if someone perhaps wants to roll out Bankstercoin, they could dramatically slow down bitcoin for a few hours or days to snag some market share. Or traders could make a big leveraged short along with a spam attack and force a long squeeze.  All it takes is filling up 144 blocks to put the whole network a day behind.

Governments and central banks could kill Bitcoin for weeks with pocket change, just to ensure it never provides a better value than SWIFT, ACH, Western Union or whatever. A tiny fraction of the War on Drugs Budget and the War on Terroism budget could make Bitcoin as unreliable as a third world power grid.  

Previous periods of full blocks didn't have as many people who NEEDED not just wanted the network to work. The more people who NEED it to work, the more vulnerable it is to a spam attack. The blocksize limit is an effective way to not just keep bitcoin small, but to keep it unimportant.

dumpsoon.jpg

Oh now I know what you mean, I think I read something from TPTB about bankers doing attacks to poop on miners or something.

Wiat why would they need a kill switch for?

Please show us where, among the numerous previous periods of full blocks, the network was 'stopped'.

It never happened.  End of story.

Edit: Also, what does 'shut it down for half an hour' have to do with 'security'?  When, during this fabricated scenario of yours, did people's coins get stolen from their wallets, or people magically have funds appear in their accounts?  Is it a security issue when my bankcard doesn't work at a debit machine because the retailer's internet is out?

grandpa

When blocks are full, anyone will be able to shut it down for an hour for $100,000. It will be slow for many hours after that.  That's your idea of security?

What's 100 grand to stop a six billion dollar network?  You just gave the banksters a kill switch.

O.k.  Goodbye....


hurry the fuck up and leave... then.    



You're like one of those kind of previously welcomed house guests who is wore out his welcome, because he just won't fucking leave....  


and then sticking around for attention...


an attention whore

 

Not sure how you missed the scaling challenge bitcoin faces ... it was queried on the very first mailing list when it was announced.

Probably you missed it, like you have missed all the amazing work done so far to address it incrementally by people mostly working voluntarily over the years. Now they are actually getting paid for their hard efforts the knives come out and all the bludgers and wannabe governors pile on like the bunch of low-life, coward neer-do-wells they are. It is not really an economic problem in as much as it is a technical security problem, economists are totally lost with bitcoin, you wont even find one who thinks it is a meritorious idea, mostly they are just political philosophers who can sometimes do some maths.

Sell me all you got sucker, where we're going we don't need opportunistic pig-riders or innumerate idiots who can't count but feel the need to spout ignorance 24/7 on forums.

   Sure thing old man.  I think you've eaten too much smoke.




It's equally as easy to spam attack a network running at 95% or 50% and the outcome is practically the same.  We have seen it happen multiple times now.  Bitcoin didn't die, and the exchange rate didn't drop off the face of the earth.  Unfortunately you're of the type that gets set in your ways and no amount of evidence or logic to the contrary will pry you from them.  Do you also talk to an imaginary person before every meal and at the end of every day?