At this rate exchanges are going to run out of coins in a matter of days.
Griffin good effect ... noone wants it until everyone wants it
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 20469. (Read 26708170 times)
November 02, 2015, 04:10:03 PM
Griffin good effect ... noone wants it until everyone wants it
November 02, 2015, 04:09:22 PM
We want users now, we plan to let them join in 3 months stalling block size growth because we dont want centralized nodes 20 years from now is damaging bitcoin - its myopic. If we hit a growth spurt like in 2013 well see a minimum of 10X transaction growth and the fee pressure will increase disproportionately, limited transaction volume will push feed over $1.00 in value for the smallest transactions. Fees will kill the competitive advantage bitcoin is offering.
small blockests think the fee should be around $7. We the users are paying for low fees by subsidizing miners with inflation of 25BTC every 10 minus. we need economics of scale - more users to reduce fess as inflation subsidies diminish. Centralization is a concern, but we have 90% of nodes running centralized code the number is actually irrelevant when the code changes are controlled by a centralized few who believe bitcoin can't scale and want to change it to accommodate off block chain transactions.
small blockests think the fee should be around $7. We the users are paying for low fees by subsidizing miners with inflation of 25BTC every 10 minus. we need economics of scale - more users to reduce fess as inflation subsidies diminish. Centralization is a concern, but we have 90% of nodes running centralized code the number is actually irrelevant when the code changes are controlled by a centralized few who believe bitcoin can't scale and want to change it to accommodate off block chain transactions.
This is too good, I'll have to save it.
November 02, 2015, 04:09:14 PM
November 02, 2015, 04:08:24 PM
I don't really think that the people resisting block-size increase are just interested in creating a transaction-fee market.
I don't work for Blockstream, nor am I a Core developer - but even I can see that there is potentially a heavy price to be paid (in terms of Bitcoin decentralization) if we rush head-long down the path of block-size for scaling - and this could turn out to be a mistake that can't be undone, AND one that does not really solve the problem in the long-term.
I don't see the urgency you do for raising blocksize right now. Full blocks are still uncommon (except during "stress-tests").
We want users now, we plan to let them join in 3 months stalling block size growth because we dont want centralized nodes 20 years from now is damaging bitcoin - its myopic. If we hit a growth spurt like in 2013 well see a minimum of 10X transaction growth and the fee pressure will increase disproportionately, limited transaction volume will push feed over $1.00 in value for the smallest transactions. Fees will kill the competitive advantage bitcoin is offering.
small blockests think the fee should be around $7. We the users are paying for low fees by subsidizing miners with inflation of 25BTC every 10 minus. we need economics of scale - more users to reduce fess as inflation subsidies diminish. Centralization is a concern, but we have 90% of nodes running centralized code the number is actually irrelevant when the code changes are controlled by a centralized few who believe bitcoin can't scale and want to change it to accommodate off block chain transactions.
Again - full blocks are, as of this writing, still fairly rare.
No one who wants to use Bitcoin is sitting on the sidelines saying "Oh, I'd like to buy this with bitcoin, but darn... Their blocks are just too darned small!". Raising the blocksize now is NOT going to cause a stampede of new users. Bigger blocks MAY be necessary soon, to accomodate new use - if it comes. Or maybe another solution will be found before that is necessary.
I agree that we need to scale capacity AS NECESSARY - even if that means raising the blocksize somewhat in the short term, due to no other solution being at-hand. I just don't want to see panic drive the community to prematurely choose a path that does not really solve the bigger problem, and potentially hurts Bitcoin decentralization forever.
November 02, 2015, 04:06:40 PM
At this rate exchanges are going to run out of coins in a matter of days.
November 02, 2015, 04:04:41 PM
she: what are you doing honey?
me: just checkin the charts...
she: that´s what you are always doing!
me: this time it´s different...
me: just checkin the charts...
she: that´s what you are always doing!
me: this time it´s different...
hahaha exactly the same over here
Also here hahaha.
Ditto
I saw she was annoyed, so I told her what I made today.
"How the [expletive deleted] did that happen?"
"Oh well, give me some!"
"F $@#!!"
*grabs keys and private keys*
"Um.... I have to go get . . . milk."
☆screeeeeeeechhhhhhhhh
Nah, she wouldn't do that?
... where's my friggin Trezor?
November 02, 2015, 04:03:58 PM
After starting buying bitcoin in September 2013 at 130$, all the way up to 1200$. Then accumulating further all the way down .... if it keeps the pace I will finally reach break even in about .... 10 minutes
Same here, bought from $800 all the way down to $200. Now nearly at break-even again. I'm fine with a slow rise, but this is ok too.I gotta ways to go yet, before my portfolio is back in black.... but that's o.k. These are good signs - even though we may need to experience a few more bumps in the up and down road between $350 and $500, which is beginning to seem very doable within the next few months, if not sooner.
November 02, 2015, 04:03:07 PM
Hot like wasabi when bust rhymes... 
disclaimer:not really
disclaimer:not really
November 02, 2015, 04:02:34 PM
Already down ~$10 from 363 high and selling pressure is continuing. Not sure whose gonna run out of ammo first at this point, the bulls or the bears
Nerve wracking stuff, this one hourly candle is quite the fight
Nerve wracking stuff, this one hourly candle is quite the fight
Are you a newbie or what?
Oh, you are...
Actually bought my first coins in May of 2013, just never cared to register/post here.
You are smarter than most then.
November 02, 2015, 04:02:16 PM
Wait for China to woke up (3 more hours) and this thing is going to get very mad.
if china wakes up, and they have a lot of bitcoin that they bought yesterday, or even friday, and see the price this high, they might actually sell some of it, which might actually drop the price.
at least for the first few hours.
My friggin Lord! It's friggin Monday! This week is going to be bonkers!!!
November 02, 2015, 04:01:26 PM
November 02, 2015, 04:00:08 PM
Already down ~$10 from 363 high and selling pressure is continuing. Not sure whose gonna run out of ammo first at this point, the bulls or the bears
Nerve wracking stuff, this one hourly candle is quite the fight
Nerve wracking stuff, this one hourly candle is quite the fight
Are you a newbie or what?
Oh, you are...
Actually bought my first coins in May of 2013, just never cared to register/post here.
Makes sense. Took me some time too.
November 02, 2015, 03:58:38 PM
she: what are you doing honey?
me: just checkin the charts...
she: that´s what you are always doing!
me: this time it´s different...
me: just checkin the charts...
she: that´s what you are always doing!
me: this time it´s different...
hahaha exactly the same over here
Also here hahaha.
Ditto
I saw she was annoyed, so I told her what I made today.
"How the [expletive deleted] did that happen?"
"Oh well, give me some!"
"F $@#!!"
*grabs keys and private keys*
"Um.... I have to go get . . . milk."
☆screeeeeeeechhhhhhhhh
November 02, 2015, 03:56:43 PM
Already down ~$10 from 363 high and selling pressure is continuing. Not sure whose gonna run out of ammo first at this point, the bulls or the bears
Nerve wracking stuff, this one hourly candle is quite the fight
Nerve wracking stuff, this one hourly candle is quite the fight
Are you a newbie or what?
Oh, you are...
Actually bought my first coins in May of 2013, just never cared to register/post here.
November 02, 2015, 03:56:34 PM
If Core can't find a way to scale the network with a reasonable amount of safety and security in TWO YEARS, then they are incompetent and need to make way for better developers.
How much time is a reasonable amount of time for you? I really want to know. Give me an actual number.
How much time is a reasonable amount of time for you? I really want to know. Give me an actual number.
That is a pretty bold statement about solving a non-trivial computer science problem. I'm sure your patches will be accepted if you have a solution.
I think the problem is that you assume that increasing the blocksize fixes the problem.
I imagine a future where all manner of services that are currently ad-supported or subscription-based might instead be payed for with bitcoin microtransactions, seamlessly and transparently. There could be millions, or maybe even billions of transactions per day from all these page views/minutes of video/etc. - vastly more than even Visa handles at peak capacity. And add to that all the microtransactions that might be generated by devices on the Internet of Things, that none of us know the extent or nature of yet.
I don't see how increasing blocksize will handle this. Even data-center sized nodes may not be able to handle all those microtransactions.
I don't claim to know what the answer is, but I am pretty sure that block-size alone won't do it - and lurching down that path in a non-judicious way could lead to permanent problems that will be painful to work around in the long term, after a real solution is found.
I'm certain blocksize alone WON'T fix all scaling problems, but it would buy us time. All it would take right now is a doubling of transactions to crash the network. This problem was important, but now it's urgent as well. A doubling is well withing the realm of possibility in mere months and is approaching the probable.
Creating a market for transaction fees needs to happen AFTER we reach mainstream adoption or we will never reach it. Yahoo mail, Facebook, Google all knew not to monetize too early. That's why they're still around. I hope we'll be around when billions of cryto microtransactions becomes an issue.
I don't really think that the people resisting block-size increase are just interested in creating a transaction-fee market.
I don't work for Blockstream, nor am I a Core developer - but even I can see that there is potentially a heavy price to be paid (in terms of Bitcoin decentralization) if we rush head-long down the path of block-size for scaling - and this could turn out to be a mistake that can't be undone, AND one that does not really solve the problem in the long-term.
I don't see the urgency you do for raising blocksize right now. Full blocks are still uncommon (except during "stress-tests").
We want users now, we plan to let them join in 3 months stalling block size growth because we dont want centralized nodes 20 years from now is damaging bitcoin - its myopic. If we hit a growth spurt like in 2013 well see a minimum of 10X transaction growth and the fee pressure will increase disproportionately, limited transaction volume will push feed over $1.00 in value for the smallest transactions. Fees will kill the competitive advantage bitcoin is offering.
small blockests think the fee should be around $7. We the users are paying for low fees by subsidizing miners with inflation of 25BTC every 10 minus. we need economics of scale - more users to reduce fess as inflation subsidies diminish. Centralization is a concern, but we have 90% of nodes running centralized code the number is actually irrelevant when the code changes are controlled by a centralized few who believe bitcoin can't scale and want to change it to accommodate off block chain transactions.
November 02, 2015, 03:56:14 PM
she: what are you doing honey?
me: just checkin the charts...
she: that´s what you are always doing!
me: this time it´s different...
me: just checkin the charts...
she: that´s what you are always doing!
me: this time it´s different...
hahaha exactly the same over here
Also here hahaha.
Ditto
I saw she was annoyed, so I told her what I made today.
"How the [expletive deleted] did that happen?"
November 02, 2015, 03:55:33 PM
Wait for China to woke up (3 more hours) and this thing is going to get very mad.
if china wakes up, and they have a lot of bitcoin that they bought yesterday, or even friday, and see the price this high, they might actually sell some of it, which might actually drop the price.
at least for the first few hours.
November 02, 2015, 03:55:19 PM
i don't think this is over yet ... the way the pullbacks are so orderly, it is like the endless dumps, in reverse ... endless pumps only interrupted by slow moves sideways to up ... i know how the shorts must feel, it's awful
November 02, 2015, 03:54:21 PM
How is trollfi explaining this one?
Has the MMM ponzi also reached finex & stamp
Has the MMM ponzi also reached finex & stamp
He is preparing another retarded post...
November 02, 2015, 03:53:24 PM
How is trollfi explaining this one?
Has the MMM ponzi also reached finex & stamp
Has the MMM ponzi also reached finex & stamp
Forget Stolfi!
Remember this guy: http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12
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