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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 20929. (Read 26608391 times)

legendary
Activity: 3556
Merit: 9709
#1 VIP Crypto Casino
I'm still buying and holding. Am I the only one buying today?

I'm still here brother. HODLING for at least 5, maybe 10+ years.
Going to buy another 3 or 4 bitcoins Friday on payday, you have to at these prices.

how can you hodl when bitcoins future hangs in the balance

the sky is falling!

Leave the FUD alone Adam. Be strong when those around you are weak.
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
I'm still buying and holding. Am I the only one buying today?

I'm still here brother. HODLING for at least 5, maybe 10+ years.
Going to buy another 3 or 4 bitcoins Friday on payday, you have to at these prices.

how can you hodl when bitcoins future hangs in the balance

the sky is falling!
hero member
Activity: 691
Merit: 500
talk about block size limit is getting more and more Insane. conspiracy theories everywhere!

Soon will be all millions of lost btc on exchange  Grin
legendary
Activity: 3556
Merit: 9709
#1 VIP Crypto Casino
I'm still buying and holding. Am I the only one buying today?

I'm still here brother. HODLING for at least 5, maybe 10+ years.
Going to buy another 3 or 4 bitcoins Friday on payday, you have to at these prices.

When there's blood in the streets --------> BUY
legendary
Activity: 1176
Merit: 1000
Other than the spam attack average block size at around 0.4 MB.  Absolutely no where near full blocks

If you look at the last 2 years you will see that the daily average it has doubled in the last 12 months.  Even if the growth is linear rather than exponential, if it continues at that pace it will be 0.60  MB/block by mid-2016.

On the other hand, the stress tests showed that the actual capacity of the network is only 0.75 MB/block.  And since traffic is not uniform over the day and over the week, there will start to be recurrent "traffic jams" well before the traffic reaches capacity; maybe as soon as mid-2016.

Moreover, a "spam attack" now is very cheap because the attacker only needs to generate more than the average free capacity, that is 0.35 MB/block, to create a permanent traffic jam.  By mid-2016, he will need only 0.15 MB/block.

The Blockstream devs know this, for sure.  Why don't they care?

Quote
let alone blocks 18 times bigger than the current.

The blocks will not get 18 times bigger with BIP101.  The will continue to be 0.40 MB now, and will continue to grow at the same pace as they would with 1 MB limit.  The effect of BIP101 will start to be felt only sometime in the first half of 2016, when traffic will get to 0.55 MB/block close to the 0.75 MB capacity.  With the 1 MB limit, there would start to be recurrent jams and long waits; whereas, with the 8 MB limit, the traffic will just continue growing beyond that value, at its natural rate, and maybe reach 1 MB/block in 2017.

Quote
Most of the space is spam and dust anyway so even if we had full blocks the correct fee would get your transaction through no problem.  

That is true.  If a minimum fee of (say) 0.001 BTC = 0.20 USD was imposed on each transaction, the traffic would probably drop by 80% or more, and the block size limit would not be a pressing issue for a couple of years, at least.  But neither camp wants to see hat, for several reasons...

Yep it seems to be widely promulgated by 'small blockers' that increasing the max_blocksize will immediately lead to 8mb blocks and instant centralisation of bitcoin nodes.

Shorts up to 19,655 on finex now.
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
talk about block size limit is getting more and more Insane. conspiracy theories everywhere!
hero member
Activity: 691
Merit: 500
Why we can not see all BTC buy orders on exchanges ??
hero member
Activity: 910
Merit: 1003
Other than the spam attack average block size at around 0.4 MB.  Absolutely no where near full blocks

If you look at the last 2 years you will see that the daily average it has doubled in the last 12 months.  Even if the growth is linear rather than exponential, if it continues at that pace it will be 0.60  MB/block by mid-2016.

On the other hand, the stress tests showed that the actual capacity of the network is only 0.75 MB/block.  And since traffic is not uniform over the day and over the week, there will start to be recurrent "traffic jams" well before the traffic reaches capacity; maybe as soon as mid-2016.

Moreover, a "spam attack" now is very cheap because the attacker only needs to generate more than the average free capacity, that is 0.35 MB/block, to create a permanent traffic jam.  By mid-2016, he will need only 0.15 MB/block.

The Blockstream devs know this, for sure.  Why don't they care?

Quote
let alone blocks 18 times bigger than the current.

The blocks will not get 18 times bigger with BIP101.  The will continue to be 0.40 MB now, and will continue to grow at the same pace as they would with 1 MB limit.  The effect of BIP101 will start to be felt only sometime in the first half of 2016, when traffic will get to 0.55 MB/block close to the 0.75 MB capacity.  With the 1 MB limit, there would start to be recurrent jams and long waits; whereas, with the 8 MB limit, the traffic will just continue growing beyond that value, at its natural rate, and maybe reach 1 MB/block in 2017.

Quote
Most of the space is spam and dust anyway so even if we had full blocks the correct fee would get your transaction through no problem.  

That is true.  If a minimum fee of (say) 0.001 BTC = 0.20 USD was imposed on each transaction, the traffic would probably drop by 80% or more, and the block size limit would not be a pressing issue for a couple of years, at least.  But neither camp wants to see hat, for several reasons...
legendary
Activity: 1554
Merit: 1014
Make Bitcoin glow with ENIAC
starting to think there no need to increase block size limit because bitcoin will soon not be used at all

Despair?

sr. member
Activity: 434
Merit: 250
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
I'm still buying and holding. Am I the only one buying today?

Transferred several thousand to the exchange Friday...still waiting for it to go through.
legendary
Activity: 1386
Merit: 1027
Permabull Bitcoin Investor
legendary
Activity: 1652
Merit: 1029
If everyone keeps selling BTC and Apple I'll soon own most of both. Then I can use the $150 Billion of Apple cash to buy BTC. Maybe then the BTC price will go up.

Nice.

buying
legendary
Activity: 3431
Merit: 1233
i never ever thought that 2 persons had so much influence about bitcoin to destroy it Shocked
It's not 2 persons. It's 2 agencies behind those 2 persons.
sr. member
Activity: 442
Merit: 250
Found Lost beach - quiet now
If everyone keeps selling BTC and Apple I'll soon own most of both. Then I can use the $150 Billion of Apple cash to buy BTC. Maybe then the BTC price will go up.
legendary
Activity: 2352
Merit: 1064
Bitcoin is antisemitic
this morring the news was this http://blog.blockchain.com/2015/08/24/industry-endorses-bigger-blocks-and-bip101/

and the price crashed

the more XT is pushed the more the price will fall?

this kinda feels like the SR crash... something first viewed as a negative will actually pave the way to greater adoption

The "industry" is a bunch of VCs and scam artists bent on monopolize or take their slice -the larger, the better. Why they're into Gavincoins should be obvious.
Either BTC is of the ppl, by the ppl, for the ppl, or it's their toy.

SR crash was a totally different story, and quite coincident with the goxxing.
hero member
Activity: 691
Merit: 500
starting to think there no need to increase block size limit because bitcoin will soon not be used at all

Soon 1 BTC 1 cent
sr. member
Activity: 448
Merit: 255
i never ever thought that 2 persons had so much influence about bitcoin to destroy it Shocked
legendary
Activity: 1159
Merit: 1001
hero member
Activity: 798
Merit: 1000
starting to think there no need to increase block size limit because bitcoin will soon not be used at all

Someone gets it.

This is why the whole argument is irrelevant anyway. We were at no where near close enough adoption to start forking for 8mb blocks for christ sake.

Gavin killed the honey badger.

RIP anyone who bought after Nov 2013





Other than the spam attack average block size at around 0.4 MB.

Absolutely no where near full blocks let alone blocks 18 times bigger than the current. Most of the space is spam and dust anyway so even if we had full blocks the correct fee would get your transaction through no problem.  
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