Author

Topic: [2017-03-08] Bitcoin's Fee Market Kicks in with Weird Consequences (Read 362 times)

legendary
Activity: 3430
Merit: 3079
Moron alert

That's precisely what one can't do with a credit card, the merchant pays the fee, and the fee is completely flat. There is no way to make funds clear either quicker or slower with fiat payment cards, and certainly not with an adjustable fee

You haven't read the article Wink

I didn't respond to text in the article

It's not my responsibility that the text (quoted from the article, presumably) reads the way I interpreted it


And it's still moronic, even if it's a different type of foolishness. An assessment which you appear to share (it's even more moronic than it appears at first, what shall I say now, "double moron alert"?)
legendary
Activity: 3906
Merit: 6249
Decentralization Maximalist
Moron alert

That's precisely what one can't do with a credit card, the merchant pays the fee, and the fee is completely flat. There is no way to make funds clear either quicker or slower with fiat payment cards, and certainly not with an adjustable fee

You haven't read the article Wink

What it talks about is about a business model by a Bitcoin mining pool where you can buy faster Bitcoin transactions, offering credit cards as the only payment option. It's the same like the ViaBTC Transaction Accelerator, only that it's not free.

Quote
The website BTC.com is owned by BitMain, the producer of the AntMiner series and the owner of AntPool. Since recently, it provides the option to speed up a confirmation for a specific transaction. Payment for this service only happens with a credit card.

I wonder what will happen if all (or most) mining pools implement this idea. It's certainly possible that this could lead into a situation where you must additionally pay fees to the regular transaction fees. Not exactly what Satoshi had in mind, no?
legendary
Activity: 3430
Merit: 3079
you can buy faster confirmations with credit cards

Moron alert

That's precisely what one can't do with a credit card, the merchant pays the fee, and the fee is completely flat. There is no way to make funds clear either quicker or slower with fiat payment cards, and certainly not with an adjustable fee
newbie
Activity: 31
Merit: 0
Bitcoin knocks at its capacity limits. After the Mempool did not empty at the weekend for the first time, the traffic jam on the Blockchain might become a permanent state. Full capacity already bears weird results, like that you can buy faster confirmations with credit cards. What can be done? Is there help in sight?...

Read more Here:

https://btcmanager.com/fee-market-kicks-in-with-weird-consequences/

Follow BTCManager for the Latest on Fintech, Blockchain, and Bitcoin!
Jump to: