How many times have we heard this before. "Oh, Bitcoin's fix is just around the corner. It's already in the works. It's just as if it has already happened."

Time after time we think it's over only to turn around and find out we haven't gotten ANYWHERE. XT, Classic, Core Roadmap.... 

All that has happened is that some miners sent a letter to Core saying they don't want any trouble, they just want a time frame on the hard fork. Why would Core listen to them any more than us?  Core knows that these guys will avoid a contentious hard fork like the plague and so they can be ignored with impunity. 

Core guys say "fuck you" to Gavin, Mike, Jeff, Coinbase, Bitpay, Bitstamp, The Winklevi, us, etc but they are supposed to just cave immediately to some Chinese miners who have more to lose in a fight than anybody else?  Does core have a history of being responsive to stakeholder concerns?

Dream on. It ain't fixed until it's fixed.  Until then, holding is risky, selling is prudent and buying is just plain naive.

and market is ( or was at least ) pricing in this Mage FUD   buy buy buy!

Okay, currently blocks are around 0.65 MB, almost double from one year ago (0.35 MB), while the average max. size is around 0.9 MB (assuming almost 1 in 10 blocks is empty). The local minimum average block sizes have been steadily going up in the past half year (which you call "pretty stable"):

- Sep: 0.39 MB
- Oct: 0.43 MB
- Dec: 0.49 MB
- Jan: 0.53 MB

Until mid 2015, the local maxima rarely came above 0.4 MB. That's anything but stable. At this rate, the shit hits the fan in a few months from now.

This graph shows the picture a bit more clearly.
https://blockchain.info/charts/avg-block-size?timespan=2year&showDataPoints=false&daysAverageString=7&show_header=true&scale=0&address=

400 held!!!!! That means I don't have to close my short...yet.

Actually watching a wall on the wall observer thread. Whoooda thunk it?

The catch is that the was was invisible. Heluva thing watching bulls batter it over and over without making a dent.

Apparently the market had the opposite reaction that I had to the miner letter. Optimists, I guess.
I don't think it means something until it means something.

A tiny minory of tx are processed without fees (214 in the past 24 hours, see https://bitcoinfees.21.co/ ). I think these are mostly payouts of mining pools to miners (what's the point of including a fee to pay yourself?), but I'm not sure. Miners can pick and chose which tx to process. So if there's a persistent lack of capacity, expect the ones with the lowest fees not to be processed. They will be stuck for some days until they expire.

The challenge will be predict what fee you need to pay to avoid your tx to end up stuck. Kind of like going to the supermarket and having to price yourself the items that you buy, running the risk that you'll never make it past the cashier because the price you picked was too low (while the cashiers serve the highest paying customers first).

knock knock knocking on heavens door

The fees currently paid, even for first block inclusion while 'blocks are full' are near zero.

Urgent first block inclusion right now costs 0.03 USD and if you want to go +1-3 blocks, you can drop that to ~1cent. Spamming the blockchain is, for all practical intents and purposes, a very low cost activity.

Sure: https://bitcoinfees.21.co/

Which fee should I use?

The fastest and cheapest transaction fee is currently 30 satoshis/byte, shown in green at the top.
For the median transaction size of 327 bytes, this results in a fee of 9,810 satoshis.

9810 Satoshi / 100.000.000 x 398$ = 3.9 cents for a 327 byte tx and 2.98 cents for a 250 byte tx. Again that's for first block inclusion - calculated with 30 satoshi per byte. And there are others paying 1-10 or 11-20 etc (you can see the breakdown).


Edit: Uploading photo... right now fees for first block are even lower at 20 satoshi/byte:

The size of the transaction is not relevant to the btcs you are sending. You could be sending 0.01 btc or 10 btc and the tx size could be the same.

However if you had an address that has its 10 btcs as a result of gathering, say, 1000 donations of 0.01 btc there, then while trying to send these 10 btcs you would essentially be transferring 1000 x 0.01 btc, so at that point you'd be looking at a pretty large tx in terms of bytes/kilobytes.

Fuck me.  It's hard to imagine a worse call.  Well, the market has spoken and the market always gets the last word.

imo, there is no need for a turing complete stack language for specialized use cases like smart contracts. this is bullshit and is coming from ethereum fanboys. security is the first target all other targets have to follow.

ethereum is a hype whithout a single proof in the wild so far.

And this is why i'm neither a proponent for the segwit softfork.

I'm sorta tired with the upgrade rush.

Bitcoin is not a sprint, it is a marathon.

This is a very strange experiment.

You're an ass, that's how.

So it's either it'll get to 450 or send back to 370. Let's see how it'll go this time. Fasten your seatbelts

To Market to market, to market, to buy a fat pig.
Home again, home again, jiggety jig.

Blew it. Again.

$5 insane? I guess you haven't been around long enough to see the legendary Bitcoin volatility at work. Here are a 2 consecutive Chartbuddies from the day of the Silk Road bust including the panic and the "dead cat" bounce. That was a lot of action for 2 hours.



In Bitcoinland what goes down must come back up.

it would be nice to get some estimate as to how much hashing power behind this meeting

oh wait these are pool right?

hahahaha they own 0 hashing power

my bad i forget they speak on the behalf of their clients, and some pools are private apparently.

Cool, btw, you offer Theymos enough money, he'll let you do whatever you like... He's a very liberal capitalist, from what I understand.

200,000 Gox coins incoming next. Everybody check yer bucket.



PS. I wonder if Jimbo made a claim for his lost 50? Jimbo?

Now you're being culturally insensitive. That's a canadian national pastime.

Miners get paid 25 BTC per block. if half a million people want to send some coin on the same day, they can't all do it, no matter how high the fees are.  Higher fees kill marginal transactions. marginal transactions are where the growth comes from, and it's where death comes from.

Onoes! What's happening?

Referring to my post of earlier today which observed the 2 previous attempts at breaking through the resistance level I called the "Gox Resistance Field", I did a bit more research on the state of the market at those two points in comparison to where we're at now.

What's interesting is that on the two previous attempts, the market showed signs of exhaustion on multiple indicators at once.

However, on this current (3rd) attempt, all those same indicators are coiled into a much more favourable state. Momentum is with us, Relative strength index is in a favourable range (for the first time), volume growth is positive, steady and not overcooked.

Could be interesting. For example, the 3-Day MACD will cross in about 10-20 days at current projections. (Much faster if there's an early rally and slower if we go horizontal). The market can go up and down between now and then but in general there looks to be much more buoyancy in reserve. Exactly what's needed to successfully traverse the fabled and perilous Gox Resistance Field (GORF).

should this pattern hold i guess we'll see 420 maybe 410, before moving >750 ( given this the agreement holds together )

just keep that inmind.

Hopefully you're right Elwar unless any more self obsessed idiots in public positions want to try & destroy bitcoin AGAIN !!!!

Good morning Bitcoinland.

Still stuck around $440, eh?

Let's get this thing moving up.

The webbot says: soon.

did you barrow coins to sell into the bear trap O_o?

The fact that 90% of bitcoin holders bought bitcoins just to "get more fiat money" means that they all have a sell point and there will be very few huge run-ups.

But that's ok because it creates liquidity and stabilizes the price so bitcoin can actually be used as a currency.

The bulls have a couple of days to break resistance at 450$. If they fail, there will be a lot of panicky downtrend.

Yes sell all before the halfing in supply, sound strategy 

The movement of the ETH market keeps me amazed. Light, fast and with a strong bottom. Maybe even too fast, because I'm getting afraid to trade and I'm beginning to feel like a hodler. It is a weird sensation, but I kind of like it.

Bitcoin is abdicating its first mover status as electronic cash by not allowing the consumer market to make general purchases. Others will gladly take its place and enjoy the liquidity.

That's crazy talk.. especially regarding "never".

Surely, we have been floating largely in a price range of about $370 to $450.. for what seems like a hell-of-a long - however, there is no "never" in bitcoinlandia... like your post seems to be emphasizing..   

we could go up with prices, or down...

I'm kinda thinking that up is a bit more probable than down, but what the fuck do I know? 


In any event, each of us should attempt to kind of be prepared for prices to go in either direction, at least for the short term.. .. especially in this particular $370 to $450 range.. .. and $450 seems more likely that $370... but we should keep a little fiat in our reserves to be prepared for the less likely occurrence of $370....

Surely UP would be nice, but should we just try to enjoy a bit while we are here in these seemingly low market cap territories, and maybe attempt to accumulate  a few more coins.. and even to shore up our plans for the upward choo choo.. whether that comes within 6 months or 18 months?   

So, we should try to accumulate coins, even if it is just one or two coins within the next several weeks,  but who really knows for sure for how long we are going to continue to languor in these price territories? Within the most likely probabilities of the bell curve, BTC prices could languor here for as short as 8 hours or could be as long as a year or more... Most likely there is going to be a upward breakout within less than the next 6 months.  but chances are pretty decent that such upward break out will happen sooner than 6 months.  Thoughts?

btc is not for small purchases it's for big ones 

Yeah.. .thanks Obama.   


By the way, which possible alts are you gonna try out?  I may follow your lead... because this bitcoin governance is just bullshit and seems to be taking way too long in causing bitcoin to become the dominant world currency...

We gotta just figure out to which coyn are we gonna go? 


There are nearly 700 choices, but I am sure any of them would be better than this bitcoin crap.

I was thinking about LIQUID coin... .. At least the name seems to be heading in the right direction.


http://coinmarketcap.com/assets/liquid/



However, if you have a better choice, I will consider that, too.. I'm flexible like that.        

I hate to see other coins succeed.

I think it's us that needs their sympathy. Innit?

   http://www.spiegel.de/wirtschaft/unternehmen/strafzinsen-sparkassen-wollen-geld-lieber-im-tresor-bunkern-a-1080523.html#js-article-comments-box-pager

hey're going to go with Capital Controls...which means they anticipate a bank run in Germany on Monday morning. LOL

It's finally starting to come unglued! Germans that can only remove E50,oo from an ATM per day + Rapefugees all over the place?!

I see Civil Unrest enmasse in Germany within 48 hours of Capital Controls. Germany is an industrialized nation, they are not Greece.

When bank goes against the official line like that you KNOW SOMEHTING IS COOKING UP. This one is in line with somewhat logical reaction agianst NIRP (cos in Europe they will even have a DIRECTIVE about that). Bigger picture? Banks are getting ready for another 2008 - but this time they won't need taxpayers money to save the banks - they will need EVERYONE'S money to do that - and unless everyone take money out (Run on the Bank) they will tax every single acocunt with negative interest rates - bail in directive is being cooked up by the EU already - so now it is endgame- Check: http://independenttrader.org/are-we-waiting-for-another-2008.html

Time to go up again?

If my understanding is correct, bitcoin and ETH are something vastly different.
ETH can't be superior because its purpose is different. Bitcoin is not even attempting to do what ETH does.

Also we are in need of more commercial breaks in here.

Bitcoin is the swiss knife in the crypto world. It can be used to fit all your needs.

Nah, if you insist on the army knife analogy, Bitcoin is the French, the French army knife.



Everything you need. Everything you need to get screwed before you surrender, that is.

^^^^^^^^^^^^^^^^^^
More like, whale missing in action... Whale(s) forgot to turn on the fake volume bot, or did it on purpose, for some unknown reason.

i feel a disturbance in the force

price breaks 420 once again, here what i have to say:

Man I miss chartbuddy. Without it this thread is less than useless.

This is why women were never allowed in the political process for thousands of years.  Each one in the picture is basically just a large, naive child, but women never actually grow out of this.  They could be 16 or 30, it doesn't matter.  You may as well allow 10 year olds to vote and witness the devastation that occurs afterwards.

By now we should all acknowledge the inevitable truth: whatever race, gender, country, layer of society, political party, education or shape of ears Roach has is obviously far superior to that of all the rest.  As such, it is finally proven that he is not a frustrated individual but in fact an Ubermensch.

Good morning Bitcoinland.

Still no Bitcoin price movement to track or discuss?

At least baseball is back. 

According to bitcoinwisdom, 0 volume across all exchanges.
Crypto's ded

$421 boring action man. Somebody wake me up from hibernation if/when we hit $700 or something.

What???

Blockchain.info says that the block reward for block # 420000 is 16.666 BTC ?

Block 420001 has a negative amount of transaction fees (-4BTC)  

Panic buying started?

Doubt it's just one.

Just wait some 2 months and you'll see it

Happy halving.
Firefighters celebrating at work today