Topic: Big blockers exposed: $500,000 moved with a $5 cents fee (Read 542 times)

wow, I just know if his fee will be as small as that. and I think I also agree with you. do not let us tertiou and enter into the same trap, almost every 3 months we see the trap.

When Satoshi Nakamoto invented the Bitcoins, one of the advantages was supposed to be its use in micro-transactions. But now it seems like Bitcoins can't be used for these micro-transactions (due to the delays in confirmation and very high transaction fee), but is more suitable for high-volume transactions such as the one OP had posted.

Hi franky1, I'm curious, what is it that you think bitcoin is not doing as it should? (is it only fees or something else?)



The reason why I ask is because from my vantage point, bitcoin has been an astounding dominating success - and secured its position for strength for the decade to come as the leading secure store of value option for us globally.
But, I gather you must clearly disagree with my statement. Right?

forget instant and free.

180sat/byte equates to about $3/tx average

stop thinking about the propaganda, and think about real utility.. paying an average $3 to move funds of any size makes bitcoin something for only the rich. which goes against the ethos of being a currency that has no barriers of entry and able to b used by anyone

its time the BScartel get out of the corporate mindset and atleast think about bitcoin as something for world wide utility.

its already priced out of average utility for developing/third world countries/unbanked.

atleast sniff a bit of reality and stop trying to oversell the limited utility that is left in bitcoin..
too many people are harping on about bitcoin being utopia while letting it stagnate and lose utility, in the end all the utopian dreamers have left is a FIAT exit goal. which again goes against bitcoins original ethos

going back to FIAT after using bitcoin is the opposite idea of bitcoin

Then whoever advertised it advertised it incorrectly. That's always been the case.

When people turn up here moaning about how it was billed about being free and instant I have to wonder whether they bothered to check how it works before taking the plunge. A fee market is definitely premature but it's inevitable and necessary as is costing the amount of data.

This. Anyone who has a lot of small inputs in their wallet  - people who have tips, earnings from gambling sites and mini jobs, will end up paying huge fees to move the coins, while those with a single input of a large amount will pay hardly anything.

It's not as bitcoin was advertised originally, was it?

try and learn segwit. infact learn bitcoin.. infact learn to not read reddit fud propaganda..

goodluck

dont like racist analogy? then lets try another analogy
the fact that only a couple families have octuplet pregnancies, shows that its possible.. but does not mean that every family that gets pregnant should expect octuplets when they get pregnant

and as for the racecard.
the BScartel lovers are the ones with the race card "chinacoin this" "chinacoin that"

i was simply speaking bscartels mindset to get it into their heads using a subject matter they love.

just because a couple tx's of cheap fee's get added does NOT mean everyone should expect to pay only 5cent tx's from now on.
the reality is the average person pays between 180-200 sat/byte and no fudged propaganda can change the reality.

p.s yea other coins are other coins and they are shitcoins if they have no merchant utility. so there is no point in you trying to suggest i prefer shitcoins on other networks. i personally want bitcoin to do what it should. which reality is showing is failing/stagnating.. even if you think you can fudge reality, people can see through it.
oh and by the way. there is no point in you trying to fudge bitcoins utility stagnation.. people on this forum already know about bitcoin. they already use and are researching bitcoin, so trying to preach to the converted is stupid because people actually using bitcoin already know it has issues caused by the bscartel.

you might aswell take your fudged propaganda over to the MLM and numpty forums. because your propaganda wont work here. true bitcoin believers know and want bitcoin to succeed, they dont care about the fake fluffy stories found on reddit, they want the reality.

its better to admit there is a problem and get it fixed, than fudge information and pretend utopia has arrived

What a huge pile of bullshit, just like youre keypairs fud...

Fud fud and more fud are the only things you can type over there.

Frank you're just a nab ore getting paid by Roger.

The fact that $500,000 were moved with 5 cents proves Bitcoin works. $500,000 were moved in a decentralized-thanks-to-small-blocks network.

If you want to transact shitty amounts of money, wait for LN or use a shitcoin.



Only deluded big blockers would bring the race card to shill their shitcoin.

Sorry, there will be no hardfork, BTC will stay 1MB legacy chain for the time being. If you want to use a shitcoin to pay less fees and feel good, use Bitcoin Trash which was already created so big blockers stop crying.

if we stop the bullshits, attacks and fights over every simple matter like children then $100K and more won't take a decade. it will be here much sooner than you think.

we saw how putting an end to the scaling debate and activating SegWit did to the price already.

lol

and yet the pools are selectively putting in tx's with large and small fee's into blocks just so numpties can pretend its alright by seeing small fe's in a block.

its like racism being hidden in the 50's

60 white people want to get on a train, 60 black people want to get on a train, the train can only hold 20 people at a time
for years the trains preferred white people first... meaning it would take 3 trains before letting black onboard

but now each train is set to have 10 white 10 blacks. meaning even if the whites paid a higher premium they dont get priority because policy has changed to suite a certain story the train company wants to promote.

translation
now some of the high paying tx's are not getting priority because cheap tx's are getting slid in to pretend there is not a problem

..
gotta love the crap/propaganda that the bs cartel love to do to fake their narrative
after all..
https://bitcoinfees.21.co/ still show 180-200.. not 0-5!!!

even funnier part is the amount of tx's that are actually segwit is very limited, meaning the conversion rate is not even high enough to actually impact real utility to cause real (unfudged) results

again bscartel over promising and not delivering, but fudging and doing cludgy things to make people think something is happening.


if only the bs cartel spent less time on reddit making propaganda and less time playing politics for control. and instead just code something the community want instead of their corporate elite.. then bitcoin would not be stagnating (im talking about utility not price)

Right now, it does seem like the previous pressure was artificially created. But keep in mind that the blocksize has to cater to peak transaction throughput, not the average throughput. There might be times when blocks are running full due to organic pressure. Even in the current scenario, there are times when we see multiple full blocks (Weight close to the theoretical maximum of 4000).

Which can happen at any time at the whim of the blockchain spammers. It would be wonderful to have purely organic transaction pressure but there'll never be such a thing. I suspect we'd be years away from $1+ fees if such a thing were possible.

This is a little bit misleading as the transaction fee is not a function of the value of the transaction, it is a function of the number of input and outputs. So this just is a transaction which has confirmed with a 5 cent fee, the $500,000 value is just incidental to the transaction. The block size debate has not gone away, it has just been postponed till the number of transactions increase and the blocks start getting full again.

Is that really an issue my friend, I mean does moving a much bigger transaction value  makes hard for the miners to work with versus the smaller one?
I agree to you though that there is a real culprits behind this bitcoin's bigger transaction fees because some groups is spamming the network to make the miners loaded and fees higher.

I am happy to what is happening right now though, I just sent a $100+ transaction today with only $0.19 worth of bitcoin to the next 25 blocks comparing it to the last recent weeks that it is more than $3 with that 25 blocks, this is a good sign though.

Good catch. I have never had any problems with transactions yet except when the network is being spammed, which is obvious to tell by looking at the graphs out there.

Now that we are going to get segwit on all those wallets, the mempool will be harder to fill with garbage, they will need to waste even more money. And segwit is already showing it's effect, the segwit transaction volume is higher than that of BCash, now that's funny. Big blockers have a hard time defending their forks these days.

I agree with most of your post, especially the fact that i truely believe over the last couple of months/years a lot of blockspace is used up on artificially created transactions, probably with a hidden agenda.

However, the fact that $500.000 moved with a 5 cents fee means just as much as $5 moved with a 5 cent fee... As long as the transaction uses one input to generate 2 outputs, it does not matter how much the monetary value is, the fee should be roughly the same wether or not you're transfering 0.001 BTC or 1000 BTC...

$500,000 moved with a $5 cents fee in a decentralized network thanks to conservative blocksize.

The mempool is not empty. We are nowhere near any level of usage as they are trying to make you believe (by they, I mean Roger Ver and Bitmain and whoever else is funding the unnatural spam cycles)

Stay strong, hold, and with segwit and lightning network, we will be worth $100,000+ a coin in the next decade. Avoid failing for the hardfork trap by devs trying to offer you scammy solutions like segwit2x, BCash etc.