Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 19955. (Read 26608364 times)

Yeah, having been called an idiot/troll/shill by the "1 MB is sacred" crowd for months did spoil my academic detachment, I confess.  

So why would the miners give discounts for transactions in the SW format?

This thread becomes silent again. Perfect.

So...how do I roll my 401k into a Bitcoin share?

The Moment when you know you are on the right path when bitter bitcoin skeptics strangely take sides in consensus changes when they have no stake in the battle.


Why so many emotional and bitter outbursts instead of cool, collective, or humored observances?

The Moment when you know you are on the right path when bitter bitcoin skeptics strangely take sides in consensus changes when they have no stake in the battle.


Why so many emotional and bitter outbursts instead of cool, collective, or humored observances?

Greg Maxwell aka nullc on reddit https://www.reddit.com/r/Bitcoin/comments/3vurqp/greg_maxwell_capacity_increases_for_the_bitcoin/cxr73g3
They're given priority by having a much lower effective size; meaning they'll be ranked higher for a given amount of fee paid, and thus mined quicker.

No, regular transactions get a 75% bump in space.

So, all that "concern trolling" about the terrible consequences of large blocks by Adam, Greg, and the rest of the Blockstream/Viacoin crowd was just bullshit, and they kew it. Segregated Witness will allow 4-5 MB blocks "soon"(because they will not wait for consensus, of course, but intend to deploy it in "stealth mode", aka "soft fork ).  And they are all euphoric about it.  

I wonder how the small-blockians who sincerely believed that bullshit are feeling now.  Betrayed and duped? Probably not: like that speaker from 1984, they will swicth in mid-sentence from "blocks larger than 1 MB will kill bitcoin" to "4 MB blocks are wonderful".  From "we need the fee market to support miners and push traffic to off-chain solutions" to "segregated witnesses is essential to let bitcoin to grow without running into saturation".

To be sure, Blockstreamers only now are coming to realize that an increase of the effective block size limit to 4 MB will have the unexpected and unwelcome consequence of increasing the effective block size limit to 4 MB.  So Luke has already proposed to keep the 1 MB limit for the total block size, including the segregated part. And Greg, in his characteristic straightforward and honest manner, has proposed to combine SW with Adam's 2-4-8 block size limit plan, but "scaled for the effect of segregated witnesses" -- which must mean setting the nominal block size limit to 0.5-1-2 MB.

But they should not worry, since the space savings will only occur if the clients start issuing transactions in the new SW format.  Which will not happen right away, if SW is deployed by soft fork.  And even after the clients have upgraded, the use of SW will be optional.  Will there be incentives for the clients to use it?

If we don't break 400 soon, we will see an epic dump.

Save my words

There is a cost. See _my_ sig.

You too.

Thanks for that further information, which helps my thinking and speculation somewhat.

Accordingly, it's all fine and dandy and easy to get into buying GBTC (buy high) at $520, but you probably have to jump through considerable hoops to get out.

I have seen some of those institutional-type investments that pre-require that the investors have to wait a year before they can get out, which is bullshit when we know that we can easily and quickly buy and sell bitcoins directly with few restrictions.   

So, in essence, when investors ("institutional") are currently buying GBTC for $520 (31% inflated prices) and the direct BTC price is $395, that signifies that the long term (1 year into the future) outlook for BTC by those long term investors is at least $540, which is 4% higher than $520.

in other words, a fairly bullish present/future value indicator.

Keep in mind you can hold GBTC in your retirement account.  It is possible to set something up to accomplish the same thing with raw BTC, but it is way more hassle than it is worth unless you have a very large retirement account.