Topic: Bitcoin sucks ass but price still rises- how come (Read 2318 times)

Okey I agree miners could have prevented all this by increasing the block size limit long ago. The fact that some miners still haven't chosen a side and some are even signaling SegWit gives away that they share the guilt.

This is so typical. You let the situation go really shitty and then the only solution you provide would then somehow seem attractive just because it is the ONLY solution. I'm not buying this bullshit. SegWit is shit. I'd rather see bitcoin hard fork than have SegWit.

Just in case you didn't know, Bitcoin Classic has proposed FlexTrans which is way better than SegWit in multiple aspects. So we do have alternatives. Quite a few actually.

But either way, this will probably go very ugly. I've been in BTC since 2011 and I don't see a good way out. It is in the best interest of the Core dev team not to compromise in hope of destroying Bitcoin. They are funded by conventional bankers who are most likely vested in Ripple and possible the scammy Ethereum centralized private block chain. It's a giant fuckup that Theymos and Greg even got such privileges in the first place. Now all that is left to do is damage control. Bitcoin has to "die" one more time because of this. A hard fork into SegWitCoin and BigBlocksBitcoin would be the best solution. Then everyone would just shut the fuck up and let the market decide which fork is more valuable. The total market cap of BTC would be mauled and obviosuly those Ripple and Eth investors would get a bigger market share thanks to it. In a way, the bad guys win. But they have won a battle not the war.

I will not sell my base stash either way. It's sort of a principle for me. I promised myself not to sell before 10 years back in 2012. I have significantly diversified into ByteBall though. For a moment, let's kick our ideologies out of the way and let's think how to make money out of all this mess. Eth is the main rival of BTC, right? Okey, how possible is it for ETH to x100 in value in the mid-term future (go from 100$ to 10000$)? Not as probable as for ByteBall (or any undervalued innovative newcomer). Besides, ByteBall has no block chain so there is no block size limit, perfect marketing at current times. It has smart contracts so it is a competitor to Ethereum. It has more anonymous TXs than Zcash/monero/dash so it competes with those. It is not mined so miners could never fuck up the system and also there is no wasted energy. BTC holders get fee byteballs if they link their addresses so the distribution fair and good. Basically a perfect coin and not another ICO scam, and it's still under the radar in the crypto community.

This is unfortunately the truth...

I still don't get why bitcoin price is rising by $100 a day when the transaction fees are skyrocketing. My transactions are stuck for ages now with no confirmation and I tried to send 0.001 BTC from my wallet but it said that I didn't have sufficient balance because I had to pay 0.0012 BTC as a transaction fee.

Obviously bitcoin is in its most difficult stages so far, we as a community need to keep our heads up.

The thing is that with negative news bitcoin is still rising. This is highly abnormal and people should realise that this is probably a bubble and it's popping at any time. Might be next month, might be next week, but it will pop. And when it pops hopefully people are prepared and sold some of their coins already.

if you really think this is a bubble you have not seen anything yet, wait until the block limit is fixed and this train will go directly to $10k with the real pump followed by a real dump and value stabilization

also there is no real correlation between the transaction being stuck and the value, i don't know why people keep bringing this to the table...


i don't think so, i believe there is no real bubble, when bitcoin get even bigger the altcoin will get bigger too


it's also true that the majority are miners, because exchange and merchants are all with core, they even stated their view about BU and the possible hard fork

You miss the point. I too agree that miners are the only entity that should be blamed here. Since you're rocking an academic background, why do you ignore the simple fact that miners have been choking the network with rubbish transactions to boost their fee income? It's of course not only miners that happen to spam the network (hint.. hint.. BU.. caugh), but they account for a significant part of the spam in its entirity. Other than that, I do agree with you that Segwit isn't a solution at all, but what other alternatives do we have? There are none that sit on the same level.

It's funny, but I really kind of agree with you.  I haven't heard anyone talk about Bitcoin, even though the price has doubled from it's recent bubble level!
So other than occasional news articles, it isn't getting mentioned.

It is limited by the number of transactions, making it unviable as a currency.  It will either fork, which will be a nightmare, or not, leaving it eternally limited.

Regulations still haven't really been sorted out. It is kind of illegal in a few countries, treated as assets in others, some see it as money, some don't.  I guess the tax authorities will be taking note of the price rise, but otherwise governments don't seem to care too much.

BUT: the price is great!  I used to look at a 4 digit price and think it was very high, now I see $1900 and think, oh it hasn't gone up in the last day!  It could fall back to more normal levels, but it might not too.  There is a lot of money in the world, and people like to invest in new stuff that is going up in value.

It stucked because you are not paying the right amount of transaction fee, remember the fee is measured by the size of the transaction in Kb.  Even if you are sending small amounts if that small amounts consist of dust transaction, you will be paying more than a transaction that is sending a huge amount of Bitcoin but with a single input and output.

Price keep on increasing because of the hype and FOMO that is roaming around the bitcoin economy.  Many investors have now FOMO since they have seen how Bitcoin incline in price rapidly.  Aside from that major company of different countries are now joining the Bitcoin economy.

Come on stop blaming miners. I am not a miner, I'm a regular Bitcoiner and an economic user since 2 of my businesses directly profit from Bitcoin. High TX fees are a pain in the ass. Also, I have academic background in computer science and I know what is shit. SegWit proposal is shit. One does not have to be a miner to see it. That's the whole point. It's not just the miners who oppose SegWit, it's everyone who has done their research!

BTC is becoming a settlement layer for large value transfers....

the one thing it has proved is that it is really really hard to change even from within in the fiercest of arguments.

Would I feel safe sending 100M across a network that can't be changed easily....would i pay $100 for that.

Yes, yes I would.

Bitcoin doesn't really offer cheap transactions anymore.  Other altcoins do, but bitcoin's are going through the roof.  If you're using crypto for actual money, something like DOGE is much better, much cheaper.  I don't think bitcoin should be used as a currency, but that's just me.  I think it's for holding.  I just sent something like $150 to someone, and the fee was around $8.  That's a lot.  But I had the option to send it cheaper--and then I would have had to wait days for the dude to get it.  It's always a tradeoff of some sort.

People buying must believe the transaction time issues will eventually be resolved in the future. And they either don't care about the transaction fees because they don't plan on moving bitcoins around that much and/or the higher fees just aren't a prohibitive factor in their decision to buy. Sprinkle in a little FOMO, a more positive outlook in Bitcoin acceptance (see Japan), no major negative news and we get the rising momentum we see now.

Hyena -- you're stating that we haven't seen an increase in block size, but really, don't you think that the miners are the one to blame here? If they were really that much interested in giving Bitcoin a huge boost, they would have let SegWit activate.... But the reality is that we are still sitting in the same situation with no consensus in sight. Even more precise, consensus is impossible to reach. I only see one viable option here, which is stated by mindrust as well, and that's UASF.

The long wait for the transaction confirmation really sucks but I hope/believe that this will be temporary. It should be fixed and anyone associated with this should compromise. Despite of the bottleneck in confirmations, we are aware that more and more people are beginning to engage in bitcoin so seeing it's price to soar up is not much a surprise.

If ever this is some sort of a bubble then dropping to < 1000 is too low. I would say between 1500-1800. My basis is the act of Japan, Russia, and Australia.

Pay more transaction fee, an obvious answer, I guess.

Alt Coin speculation is at all time highs and the means of trading those coins is through Bitcoin as a pass-thru
Of course people may also just be learning about Bitcoin and starting to invest on major scales with all the Failed ETF news it likely caught the attention of some big bankers and they are just pouring in new capital. It's fun to speculate on those things ^^.

If the price is rising with these problems, imagine where it would be if they were solved. I guess there's a lot of money coming into the bitcoin and altcoins market lately, there are new people who are entering this world now and surely many of these new investors are people with a lot of money, that is, whales. It´s possible that for these people there is not much difference between paying 20 cents or 5 dollars in fees and they have no problem waiting a little for their transactions. For ordinary people it´s more annoying, especially to make micropayments or send small amounts of money, but not for them. Also, if there are people who are buying as a store of value, they will not have problems with paying slightly higher fees either.

Knowing that several countries are now offering their arms wide open to bitcoin (Japan, Australia, SoKor etc.), the reaction of the market would be positive, thus the price increase. I agree, transaction confirmation times haven't been that great lately, but that would be relieved once we finally agreed upon into something (SegEit or BU). Also, bitcoin doesn't suck. For tx, it sure does, but for other things—mostly store of value—it is a great performer.

We are seeing high adoption but the fees debate still there there are many issue about bitcoin that i think they need to be focus if what the issue today like many unconfirmed transaction.
They are focus for the price increase but the problem are still there that never been solve..
Well we are still getting benefits of the price increase even the transaction fee is really high that i think its more than high than the fee for paypal. .

Bitcoin does not suck... the people who do not want to signal change are the people who are doing most of the sucking .... and they suck the

most from the extra fees they are getting from this situation. The longer this scaling debate goes on, the longer they will be able to suck people

dry with these higher fees. We hate this, but there is not a lot we can do about it.   .......The reason it goes up ---> HIGHER adoption.

I have done my research. It's that simple. I am a software architect. I know how software should be developed and how it should not be developed. I can see through the bullshit. SegWit doesn't solve anything, it's a pseudo-technical babble. I'm also a big stakeholder in BTC (signed up for Nakamoto's consensus in 2011) so I am paid indirectly by the success of Bitcoin. I don't like seeing my investment being mauled by Bankster funded Blockstream and incompetent basement dwellers. The fact that we have not increased the block size limit yet is crippling the Bitcoin network. If you like SegWit so much then go to Litecoin, it has it. Please leave. Leave with Core and start doing whatever you want with Litecoin because obviously the LTC community is more OK with it. I don't care about LTC. Sold my last Litecoins when they reached 30$.

So you love anything but core bitcoin. Just like the other fyooked dude. He loves ETH, he likes Dash, he likes BTU... But hell no, not Bitcoin. Hell nooo, not Segwit because it is coming from the Core devs.

Segwit solves everything you mentioned earlier but noo, it is coming from the core.

No offense but you sound more like you are paid by the banksters and given orders to destroy the original coca-cola, just like the other shill.

Your kind's days are numbered anyway. Enjoy it while it lasts. Cya in Aug/1.

#UASF
#UASF
#UASF

You are wrong. I don't support any particular alternative full node implementation more than others. I am however very unhappy with the Core's implementation due to several reason. I am also an economic user and my days at work are directly disturbed by the fact that blocks are full (loads of customer complaints) and that Core's implementation does not relay double spends. So for that reason I support all full node implementations that represent the original philosophy of Satoshi Nakamoto. I like XT because it relays double spends, I like Classic because of their roadmap from the point of view of a software architect. I like Unlimited because it allows full node opreators to define their own block size limit.