Topic: "A Buck an Address" - page 2. (Read 1634 times)
This is why the scaling wars need to end and the community needs to compromise. Yes, I know that Bitcoin is cheaper than a wire transfer, but being a wire transfer alternative won’t allow mass adoption. We need a way to do regular, in person transfers without paying a 3$ to have it done in several hours.
Who started this coffee thing topic anyways? even with 10 minutes confirmation time it is absurd to pay for coffee with bitcoin. until SW+LN get activated hopefully sooner than later we should only do large transactions in amount and use fiat based payment methods for small amounts.
If I had a big mining farm I would've implemented something similar to LN but only if users could trust me to give their coins to me then I would have mined a block containing 10K transactions in it by manipulating the amounts and fees but when I think about it more I see that the best thing would be the whole network doing that not 10K TX but LN+SW. I wish I had a quantum miner to start it up just to activate SW and show a middle finger to little Wu. good thing that fees are not occupying any space in blockchain so if we could include 90% of our balance as miner fee then our TX could have a small size. but miners wouldn't return it would they? one way or another bitcoin needs SW+LN people just have their head under the sands and refuse to see the benefits.
If I had a big mining farm I would've implemented something similar to LN but only if users could trust me to give their coins to me then I would have mined a block containing 10K transactions in it by manipulating the amounts and fees but when I think about it more I see that the best thing would be the whole network doing that not 10K TX but LN+SW. I wish I had a quantum miner to start it up just to activate SW and show a middle finger to little Wu. good thing that fees are not occupying any space in blockchain so if we could include 90% of our balance as miner fee then our TX could have a small size. but miners wouldn't return it would they? one way or another bitcoin needs SW+LN people just have their head under the sands and refuse to see the benefits.
That about sums it up. I can't believe how cheap it still is to send bitcoin.
If it is $1 today, then it could be $10 next month. We can't ignore the steep rise in the transaction fee. If you consider the rising exchange rates as well, then it is clear that the fee (in fiat terms) has increased by more than 10 times during the last 2 months.
Bitcoin simply has gotten too big to be used for microtransactions at this point. Solutions will come either in the form of some scaling solution or the use of alternative currencies, possibly linked through a service, for smaller payments.
If all goes well for bitcoin, it will stay the currency to trade the altcoins in and giving it value.
If all goes well for bitcoin, it will stay the currency to trade the altcoins in and giving it value.
...
Average Joe Gold and BTC Guy just went browsing at blockchain.info in a recent block to see what sorts of FEES are being paid. Almost all of the trx that I checked were in the range of 575 - 850 Satoshis / byte. Very high! Even very low amounts being sent had high fees.
It is possible that I am interpreting something incorrectly, if not here is my new Working Rule of Thumb sending BTC:
$1.00 / address (+/- 650 Satoshis for a very simple trx).
$3.00 for a typical transaction is way too much. Only amounts, barring emergencies, over (say) $100 are worthwhile with fees that high.
"A Buck an Address"
A whole new world.
(Edited for spelling)
Average Joe Gold and BTC Guy just went browsing at blockchain.info in a recent block to see what sorts of FEES are being paid. Almost all of the trx that I checked were in the range of 575 - 850 Satoshis / byte. Very high! Even very low amounts being sent had high fees.
It is possible that I am interpreting something incorrectly, if not here is my new Working Rule of Thumb sending BTC:
$1.00 / address (+/- 650 Satoshis for a very simple trx).
$3.00 for a typical transaction is way too much. Only amounts, barring emergencies, over (say) $100 are worthwhile with fees that high.
"A Buck an Address"
A whole new world.
(Edited for spelling)
That is already how the bitcoin network works now. We cant escape the sad reality of the fees being placed on the transactions. Let us also accept the fact that the fees will also help the miners to increase their capacity to process the transactions on the mempool. Look at the mempool right now hundreds of thousands of transactions are pending thus we need again to set higher fees so our transaction can be prioritized.
I disagree. Go read this again --> https://bitcoin.org/bitcoin.pdf < Bitcoin: A Peer-to-Peer Electronic Cash System >
~ A purely peer-to-peer version of electronic cash would allow online payments ..............
~ What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
"Electronic cash" generally means wire transfers and the like. What else can it mean? I suppose if the coherence problem with quantum money is ever solved, it will be possible to teleport physical currency from one location to another, but that's a long ways off.~ A purely peer-to-peer version of electronic cash would allow online payments ..............
~ What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
Yes, this can be used as a alternative to other international wire payment clearing systems, but cash is used by merchants and customers and this is also mentioned in the White paper. ^smile^
Nowhere is it mentioned in the white paper that doing so would be free, or even cheap. Just because you have a smart reply to over priced transaction fee's by attacking other systems doesn't trump the fact a problem is occurring.
I didn't mention other systems. Bitcoin is an international wire payment clearing system, and there is no problem whatsoever if you don't try to pretend it's something else and use it for a task for which it's entirely unsuitable. Bitcoin is not, nor was it ever designed to be, suitable for microtransactions.I disagree. Go read this again --> https://bitcoin.org/bitcoin.pdf < Bitcoin: A Peer-to-Peer Electronic Cash System >
~ A purely peer-to-peer version of electronic cash would allow online payments ..............
~ What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
Yes, this can be used as a alternative to other international wire payment clearing systems, but cash is used by merchants and customers and this is also mentioned in the White paper. ^smile^
Buying a coffee, $1 fee lol
Buying a coffee with an international wire payment clearing system, lol.
KNOW THE DIFFERENCE!
Yeah lol, bitcoin isn't designed in the first place to buy coffees, especially with now the outrageous miners fees. Even coinbase charges 0.001 BTC per transaction right now and they used to charge zero. And did i mention that Xapo as well started to charge people tx fees? That's the extent of the problem, even big companies cannot afford to pay these fees for their customers now.
I used to say that bitcoin was great for international money transmission.... But now thats just not true, if someone worked overseas and sent just $50 dollars to their family via bitcoin at least 2-3% will be caught up in btc fees and that's a conservative estimate....
Just because you have a smart reply to over priced transaction fee's by attacking other systems doesn't trump the fact a problem is occurring.
I didn't mention other systems. Bitcoin is an international wire payment clearing system, and there is no problem whatsoever if you don't try to pretend it's something else and use it for a task for which it's entirely unsuitable. Bitcoin is not, nor was it ever designed to be, suitable for microtransactions. Buying a coffee, $1 fee lol
Buying a coffee with an international wire payment clearing system, lol.KNOW THE DIFFERENCE!
CASH MONEY!
Just because you have a smart reply to over priced transaction fee's by attacking other systems doesn't trump the fact a problem is occurring.
...
Average Joe Gold and BTC Guy just went browsing at blockchain.info in a recent block to see what sorts of FEES are being paid. Almost all of the trx that I checked were in the range of 575 - 850 Satoshis / byte. Very high! Even very low amounts being sent had high fees.
It is possible that I am interpreting something incorrectly, if not here is my new Working Rule of Thumb sending BTC:
$1.00 / address (+/- 650 Satoshis for a very simple trx).
$3.00 for a typical transaction is way too much. Only amounts, barring emergencies, over (say) $100 are worthwhile with fees that high.
"A Buck an Address"
A whole new world.
(Edited for spelling)
Average Joe Gold and BTC Guy just went browsing at blockchain.info in a recent block to see what sorts of FEES are being paid. Almost all of the trx that I checked were in the range of 575 - 850 Satoshis / byte. Very high! Even very low amounts being sent had high fees.
It is possible that I am interpreting something incorrectly, if not here is my new Working Rule of Thumb sending BTC:
$1.00 / address (+/- 650 Satoshis for a very simple trx).
$3.00 for a typical transaction is way too much. Only amounts, barring emergencies, over (say) $100 are worthwhile with fees that high.
"A Buck an Address"
A whole new world.
(Edited for spelling)
It has gotten to the point were it's damn near unavoidable, if you actually want to move the funds in a timely manner and have the transaction confirm. I live of my Shift card, a btc debit card, literally. I'm ole school, I don't trust anyone to hold my coins accept me, so I don't send funds to the card until right before I'mabout to spend them. It's a PITA, if you don't send max fees nowadays, a ten minute confirmed transaction may become a 40 minute wait at MCDs, for three confirms
Buying a coffee, $1 fee lol
Buying a coffee with an international wire payment clearing system, lol.KNOW THE DIFFERENCE!
Its only cheap when based on the circumstances.
Buying a coffee, $1 fee lol
Buying a coffee, $1 fee lol
That about sums it up. I can't believe how cheap it still is to send bitcoin.
...
Average Joe Gold and BTC Guy just went browsing at blockchain.info in a recent block to see what sorts of FEES are being paid. Almost all of the trx that I checked were in the range of 575 - 850 Satoshis / byte. Very high! Even very low amounts being sent had high fees.
It is possible that I am interpreting something incorrectly, if not here is my new Working Rule of Thumb sending BTC:
$1.00 / address (+/- 650 Satoshis for a very simple trx).
$3.00 for a typical transaction is way too much. Only amounts, barring emergencies, over (say) $100 are worthwhile with fees that high.
"A Buck an Address"
A whole new world.
(Edited for spelling)
Average Joe Gold and BTC Guy just went browsing at blockchain.info in a recent block to see what sorts of FEES are being paid. Almost all of the trx that I checked were in the range of 575 - 850 Satoshis / byte. Very high! Even very low amounts being sent had high fees.
It is possible that I am interpreting something incorrectly, if not here is my new Working Rule of Thumb sending BTC:
$1.00 / address (+/- 650 Satoshis for a very simple trx).
$3.00 for a typical transaction is way too much. Only amounts, barring emergencies, over (say) $100 are worthwhile with fees that high.
"A Buck an Address"
A whole new world.
(Edited for spelling)
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