Topic: Bitcoin is getting destroyed (Read 3212 times)

Its somehow funny, how blockstream supporters can be catched since their logic is so twisted.

On the one hand the wanna let the the system run on the cheapest hardware to save the dezentralization

On the other hand they accept high fees, now soon higher than the needed hardware to run things..

Awkward brains if existent at all...

 

if you use the word nonsensical one more time, then someone better buy you a dictionary for next christmas

if you read the context. you will see the OP said
"but paying up to $30 for a $100 transaction would make some BTC users jump to alternatives."

the context was not that fee's are on average $30 now.. nor median now. it was that IF fees continue to rise people will jump ship
i added context (using the byte per tx formulae) to show it doesnt take much to formulate a tx that cost ~$30 in fee.

lauda i understand you cant read more than a paragraph. but things only become nonsense to you. if you fail to read then content of posts to make sense of the overal picture



if you cared to check out things..
we are no longer in 2009
we are not stuck with the min specs of Raspberry pi1
we are not stuck with the average internet of 512kbit/s - 3g mobile
we are not stuck with the v0.1 inefficient code.

we are in 2017
we are at the min specs of Raspberry pi3
we are at the average internet of 5mb/s  - 4g, .. approaching the fibre/5g era
we are at the v0.12+ efficient code. - EG libsecp256k1 5x efficient

plus other efficiencies all add up that 8mb is deemed min spec safe.. yep even Core admit and accept as such that 8mb is deemed as 'safe' but they still double cautiously prefer 4mb.

as for quadratics.
keep a tx below 4k txsigops and quadratics is not an issue lauda should ever have to cry about ever again.. nor should anyone else.

According to my point of view, the bitcoin can continue to exist or not depends on the person.bitcoin can soon be destroyed by those who couldn't acquire these scientific advances, engineering. I think bitcoin will still exist long in the future because of the value it attracts so many investors.

People are just using bitcoins for earning money and as an investment which defiles the original purpose it was made for to be a safe peer to peer transaction cryptocurrency.
And yes it is stupid to tell that the transaction amount is 30$-40$ which 'Could' not will harm bitcoin as a whole.
 

In 4 years life with bitcoin it is not the first time that I read such fatalism about bitcoin. I don't agree with this point of view and I am sure that will be found a light at the end of the tunnel as is made always when is talked about such pearl like bitcoin.

Yes, they just do not understand how it works and lose the opportunity to earn money. Perhaps eventually they will start studying bitcoin and change their mind.

Correct. However, saying that "fees" are $30 is nonsensical and a sign of deep misunderstanding of Bitcoin. Fees are to be expressed in satoshi/byte (or per kByte) and should be represented with:
1) Median transaction fee.
2) Average transaction fee.

Actually it is a lot of things. A few pointers (they interact with each other at different levels; some are less important/constrictive than others):
1) Quadratic validation time.
2) Bandwidth.
3) Storage.
4) Orphan rates.
5) Propagation delay.

I think that people who say bitcoin will be destroyed are those who can not accept technological progress. Most of them still use conventional currency. And they are very frightened of the increased bitcoin power.

This again.
It's about the bandwidth, not the storage.

thats a 1 in 1 out tx. using a compressed address.

now try it where you have lots of inputs (getting paid from different sources) and a couple outputs.(putting it all into one destination and getting some change back)

it soon adds up.

just needs 20 inputs 2 outputs and already that makes $30~ in fee.

so stop taking the most leanest best case scenario. and think realistically at the average case scenario of faucet users or even faucets/merchants themselves that get lots of payments then having to move them

Yup! And I think op was wrong Bitcoin was continue to growing and growing yeah transaction fee was so high but its not the reason that why bitcoin will destroy or dead. I also read some news way back in February that the Chinese government would penalize any bank transacting with bitcoin exchanges after 15th April started to break around mid-morning China time on Thursday 27th March. This time, it was reported as fact by a number of news services.
And in fact today bitcoin price was so high.  So just keep calm no need to worries relax and continue to collect bitcoin.

Just asked do you have some powers? Like magic balls? Hahaha you're wishing that definitely would make true. Go and get back in being a baby and cried if your saying that BITCOIN would getting destroyed hehehe. Bitcoin have now strong walls that can't break even your magic balls

So is it better if we use the same address or should we use a new one every time? will miners include re-used addresses more than new ones?
I don't know where did you guys paid $30 or $50 for transactions but last time I paid $1.8 for a transaction with 196 bytes I think.
Miners want to have a larger block limit so they can get more fees mining each block and if only miners were the ones running nodes then they could change anything at any time and they activate that change easily with their own nodes voting "yes".
Individuals around the world running full nodes allows a true decentralized network to function because all of their interests are not aligned in a way miners are.
So if the majority of nodes are in the hands of many stranger to each other worldwide it will make it hard for miners to take the control of the code, after all it's the code that matters.

Bitcoin is constantly growing in price and in the future only good news. I do not understand who can say that it is being destroyed.

I agree. I live in the Philippines and don't have a single btc, mostly bits I manage to save up and hold. I only have my stash in an exchange and when I tried donating $1 to someone, I found the fee was almost $1 as well. Well, there goes microtransactions. Maybe this will actually benefit alts as more people use them for remittance and just use bitcoin for investment and trading.

OP is wrong. Bitcoin is not getting destroyed by high fees.

These are all false rumors of competitors or those who do not know how to use bitcoin. Bitcoin is constantly growing and there is no reason to worry.

really? i dont think so, because many peoples use bitcoin and we all still need BTC.

I totally agree with OP. With the way things are going, its chances of success are on a par with a coin-flip, somewhat leaning towards less than 50%. It is obvious most people who transact often are becoming fed up with this, which would apparently lead to an ever growing number of businesses drifting away from bitcoin and integrating ethereum or other altcoin.

Some bitcoin focused businesses now are following in the footsteps of many other, such as Coinbase, which never accepted any other digital currency until they added ethereum last year following an ever increasing congested bitcoin network.

Also, according to an article "Brave browser, a project much lauded in bitcoin, appears to be taking the same action, as are other businesses which seem to have no choice due to thin profit margins now eaten by a network that scientific studies have called inefficient."

Yet, bitcoin price cares less, but, as utility degrades, many have started asking about the tipping point and if it is reached, it is either the market gives bitcoin a second chance after attitudes are set that the network is slow, congested, expensive and lacking much utility or make other alternative decisions.

Right now, the transaction fee is not much compared to the benefits that comes with using a decentralized currency. The current scenario is inevitable, it is always expected to happen, guess the mass adoption made it happen earlier. It will get worse, but it looks like the market does not give a shit about scaling issues and that's a good sign, but how long the market would be able to stand it's ground when bitcoin users start to realize that the transaction fee is somewhat getting proportional to the transaction amount?

Microtransactions are literally dead, paying a fee of $5 to $10 for a $100 transaction is understandable and manageable, but paying up to $30 for a $100 transaction would make some BTC users jump to alternatives.

Increasing the block size is just a temporary solution, with the way bitcoin is getting adopted it would get impossible to relay all the transactions on the main blockchain, no matter what the block size is. And an increase in block size has the potential to take away the decentralized nature of bitcoin.

Lightening network, offchain transactions, miner fees. As far as BTC market is booming, users would not bother much about these terms. They would pay the fee even it is 1/3rd of the transaction, yeah a scenario like this would definitely negatively affect users in tier-3 countries. Hope at least some temporary solution is found for the scaling issue before it turns into a crisis and users start whining about another bubble burst.