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[spadman] 20/7/2017 22:45

Erik Voorhees‏Verified account @ErikVoorhees 28m28 minutes ago
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SegWit alone was unable to get even 50% miner support. SegWit2x (SegWit+ 2mb HF) has over 96% support today. Bitcoin is moving forward.

[ifthecapfits] 20/7/2017 12:58

Dash accepted as payment by Amazon might have something to do with it.

[alexx] 20/7/2017 12:43

What the hell just happened, the longest and sharpest rise for a month, around 2340 -> 2470 in an hour.

[alexx] 15/7/2017 12:15

I'm thinking that from a technological point of view bitcoin is being left behind.

Bitcoin has a key advantage in that it is still much better known to the general public, in fact there must be many that have heard of bitcoin but don't even know that other cryptos exist.

[mcbeanburger] 11/7/2017 16:37

for the perma bulls ye.

[compoundup] 11/7/2017 10:27

So the new CFTC game will increase volatility and "...end in tears"

[mcbeanburger] 08/7/2017 10:50

and a selling op

any ol op will do...

[spadman] 08/7/2017 03:06

= McBean is looking for a buying op

[mcbeanburger] 07/7/2017 15:23

seasonality it's going to be weak (any fud will do) - in fact I'm expecting a crash around the end of the month if price history has anything to go by.

[compoundup] 07/7/2017 11:31

Was it something I said?

[compoundup] 26/6/2017 11:21

SPADman - agreed about market share. However, the would-be competitors have also stumbled, e.g. the Ethereum network choke last week will have dampened enthusiasm there. Also first-mover advantage is not going to just evaporate. If that were likely, the new IOTA Tangled protocol, which seems to me like a whole new generation of crypto-technology that eliminates the need for a blockchain and most of the other pitfalls of first mover Bitcoin, would overwhelm the case for Bitcoin overnight. IOTA will have it's day but not for a while yet IMO.

The New York Agreement (SegWit2x) is virtually certain to gain implementation ahead of August 1st. As of right now, over 86% of blocks mined today are signalling NYA,



so it looks very much as though short term scaling has been resolved and the path to develop and apply Lightning Networks is opening up. The pathway back to trivial transaction costs is mapped out. IIRC as the miners eventually lose interest due to reduction in mining rewards, small fees accruing from transactions on the Lightning Network can provide the mechanism to generate income for node hosts, thus supporting the ecosystem. The outlook is a lot brighter than it was before NYA.

IMO the Bitcoin price will stay soft until close to 1 August because an awful lot of Bitcoin holders haven't any comprehension of the scaling debate and may well be cashing in to avoid their erroneous perception of increased risk. Then we're off to the moon. I'm a buyer on weakness.

[spadman] 25/6/2017 19:01

Bitcoin has to be cheaper to use than $1 per transaction, otherwise it loses utility. If it has less utility it has less use cases therfore less value, therefore worth less.

All is not lost but regaining 50% of the crypto market isnt goin to be as easy as throwing it away.

[mcbeanburger] 22/6/2017 13:22

cmp - thks.


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[compoundup] 21/6/2017 13:01

McB - re your 2615, the long term question is whether you/me/everyone will be using BTC for transactions that we currently are making in FIAT. If BTC scales up to 100 times it's current value and volatility diminishes (as a consequence), IMO we will be on the path to universal acceptance. FIAT will become the unpopular payment method.

[compoundup] 21/6/2017 12:55

On the question of micropayments, if you're ready to listen to something fairly nerdy about payment channels, try this:



The paper that these 2 guys are publishing in this presentation shows how micropayments can be managed at tiny cost in Bitcoin using payment channels ("Lightning Network"). The threads of the discussion are pulled together around 33 mins. where very large transaction volume capacity is discussed.

I was beginning to think usability was going to be a stumbling block when they introduced the concept of "hashed time-locked contracts". However, the end-user "usability" is brought up in the Q&A. (40:30) "It won't look too different than Bictoin wallets today, especially if you use something like the payment protocol..."

I suppose we'll see where this all goes in time. However, the point is that BTC should not be ruled out of the micropayment world. Any Bitcoin miner/developer/user/supporter has to be vested in keeping it as the crypto of choice. Clearly it could be if these sorts of fixes get implemented.

There is enthusiastic commentary in this Q&A on the Lightning network with Andreas Antonopoulos here:

[mcbeanburger] 21/6/2017 12:00

thanks Compoundup.

that last point - 1$ for international payements, if only you were paying in btc - getting fiat at the other end always costs much more.

[compoundup] 21/6/2017 11:53

McB - If SegWit activates before 1 Aug, which is now a virtual certainty IMO, then BIP 148 won't be enforced. Thus everyone stays on the same single chain - for the time being at least. Arguably this is just kicking the scaling can down the road. A block size decision will still have to follow, possibly not that many weeks behind.

As I try to interpret what respectable commentators are saying, although the rate of settlement will get better, transaction fees for BTC may never again drop below $1 per transaction, which would imply that the market is likely to look elsewhere for a crypto that is sufficiently economical to be usable for micropayments.

As $1 is and will continue to be a trivial cost for international payments or most other transactions, IMO this is not a big threat. People who are looking to BTC as a liquid safe store of value are not suddenly going to switch away from the biggest and most liquid crypto in a hurry.

[mcbeanburger] 20/6/2017 19:38

looks like the market likes it .... though doesn't solv the 2k issue.

[mcbeanburger] 20/6/2017 12:59

not really following this - real or fantasy spud?



and any significants?

[mcbeanburger] 19/6/2017 23:27

took a position in dash - noted that Korean exchanges are the biggest vol and this the same across the top 6 (except btc)

not sure if the vol is real or not but when did the Koreans step up? or is this Chinese money?

[mcbeanburger] 18/6/2017 06:15

looking at the dash chart not too different from the ltc chart. if she can break .0705 then could be on its way. ltc went up about 70%.

worth watching imo.

[spadman] 17/6/2017 21:12

Im not sure how etherium can have code, smart contracts, infinite other coins and tokens as well as umpteen other dapps on chain if the simple bitcoin blockchain supposedly can't scale.