[2017-02-04] Almost $1 Billion Worth of Bitcoins Stuck in Transaction Backlog - page 2.

hv_

legendary

Activity: 2506

Merit: 1055

Clean Code and Scale

Quote from: panju1 on February 04, 2017, 09:50:29 PM

Luke Jr says pay a $5 transaction fee and the transaction will go through every time.
That is one sure shot way to make sure that Bitcoin remains out of the reach of most people in developing countries.

No. He rathers says: Pray!

No pay...

And yes: Blockchain without bitcoin will fail.

Grin

leps

hero member

Activity: 918

Merit: 1001

Blockchain fail! Angry

MoneyIsDebt

hero member

Activity: 642

Merit: 500

So thats' what happened to the $20 worth of bitcoins went when I sent them.
They were reported as double spent today even though I didn't do anything different that I normally would do when i sent them the day before. Undecided

Melis

jr. member

Activity: 69

Merit: 1

Quote from: panju1 on February 04, 2017, 09:50:29 PM

Luke Jr says pay a $5 transaction fee and the transaction will go through every time.

It seems like he's unable to grasp the concept that if a tx goes in because of a greater fee, it goes in the block at the expense of another tx that goes out, and hence the number of stuck transactions remains exactly the same.

The only difference is who gets in the block: a small subset of all potential users.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: panju1 on February 04, 2017, 09:50:29 PM

Luke Jr says pay a $5 transaction fee and the transaction will go through every time.
That is one sure shot way to make sure that Bitcoin remains out of the reach of most people in developing countries.

Bitcoin is already not a tool for the very poor of the world anymore, with transaction fees being easily $0.20-$0.30 in normal circumstances. It will only become worse for these people as mining pools will more and more depend on income that they generate from fees as reward halvings go by. But I have to say that all the complaining that people do about their transactions not getting confirmed is a pain in the... If you just adapt to the situation and include a proper fee that is suited for the current situation, then your transactions get confirmed within 2 blocks. If you add a lower fee anyway, then don't complain about waiting a few hours.

panju1

legendary

Activity: 1246

Merit: 1000

Luke Jr says pay a $5 transaction fee and the transaction will go through every time.
That is one sure shot way to make sure that Bitcoin remains out of the reach of most people in developing countries.

richardsNY

legendary

Activity: 1232

Merit: 1091

Quote from: Melis on February 04, 2017, 03:37:21 PM

A more useful statistic would be the total amount of fees waiting to be collected by the miners.

Did you actually had a look at the article? Because there is an image posted stating the exact fee amount. Total fees at the time that image was posted was sitting at 18.22 BTC -- there you have your answer. As we speak, there are just under 290,000 BTC waiting to get confirmed, which is also noted in the article. Turns out it was just a temporary thing that gave them something to write about and to give their ads more shine.

Melis

jr. member

Activity: 69

Merit: 1

A more useful statistic would be the total amount of fees waiting to be collected by the miners.

tyz

legendary

Activity: 3346

Merit: 1530

Almost $1 Billion Worth of Bitcoins Stuck in Transaction Backlog
An incredible sum of more than 900,000 bitcoins, worth almost a billion dollars, was stuck at one point last night, waiting to move, due to limited transaction capacity. At the time of writing, more than 300,000 bitcoins remain stuck.
https://www.cryptocoinsnews.com/almost-1-billion-worth-bitcoins-stuck-transaction-backlog/

Topic: [2017-02-04] Almost $1 Billion Worth of Bitcoins Stuck in Transaction Backlog - page 2. (Read 1401 times)