Topic: Bitcoin sucks ass but price still rises- how come - page 3. (Read 2318 times)

Those whales seem to keep their money on exchanges and therefore the current shitty crowd which occur in blockchain really don't bother them. The demands are still there even if many transactions are stuck because the only factor that could make the price increase is demands and while many bitcoin still stuck, the supply currently lower than usual. Theoretically, it's a kind of normal thing to happen but, however, if the scalability problem could be solved as soon as possible, the price might increase, who knows?


Supposedly, within a week, a transaction will be rejected if it's not gets confirmed. If more than a week your transaction is still there, something must have gone wrong.

I'm by no means an expert...

Bitcoin value has doubled in 5 months, quadrupled in a year. When global economy is hardly growing at all, a shooting star that gains 300% must either have very good fundamental reasons for doing so, or it's likely a bubble.

Are there fundamental reasons for a currency to have or gain value? There are many theories about this, but as opposed to any other currency, the *coins have
 - no intrinsic value like gold reserve
 - no state or other organisation backing it
 - not even a company that operates that thing in a coordinated manner.

Bitcoin has proven that these aren't always necessary, in a short term at least. That's absolutely reasonable, because of the factors that make a currency work:
 - reasonably stable
 - people trust in it
 - liquidity (i.e. you can buy/purchase without disrupting the whole system)
 - convertibility.

Bitcoin clearly has never been stable, but as long as the trend goes up, investors had no reason to complain about it. The fact that e.g. a vendor couldn't sell products with meaingful price tags in BTC would otherwise kill a currency, but as an online currency, users seem to have successfully worked around this issue so far.

So far so good. If we look at the current backlog though (e.g. https://jochen-hoenicke.de/queue/), two things become obvious:
 - the system is overwhelmed by the demand
 - it has been so for weeks now
 - no obvdious signs for a change.

People in this forum keep constantly repeating that this is "an attack" or "transaction spam". Firstly, the distribution of transaction fees in the mempool statistics clearly show that the backlog isn't caused by spam. But even if it was, users of any service can expect from an operator that they fix this problem, either by increasing capacity, filtering, whatevere. Consider gmail, hotmail, gmx etc. delivering their email either not at all or after a couple of weeks "because there's an increased amount of spam" -- that's preposterous and they would vanish from the market very soon. To conclude: Pointing at Spam is incorrect in the first place and a bad excuse anyways.

Bitcoin is dysfunctional right now and has been for a very long time. It has become unreliable, transactions may be stuck for ever or a long time, the user experience is catastrophic. Liquidity and convertibility are heavily impaired to sey the least.

The impact on trust should be obvious. The childish disputes about how to fix the mempool problem and the inability to come up with a solution to a problem that has been known for years, paints a disastrous picture of how this stuff is operated. Why would Bitcoin users, as soon as they understand the problem -- there hasn't been any news coverage so far -- continue to use a product when it's operated by lunatics and both expensive and unreliable?

My personal conclusion:
 * The chart shows a hype and shouts out loud: "Correction ahead!"
 * Bitcoin has no intrinsic value backing it
 * Bitcoin doesn't work and kills the trust of it's users.

Yes, I think this is a bubble.


Disclaimer: I do not advocate any altcoins. I do own Bitcoins and even Litecoins. Current balance: 0,08 BTC (80 mBTC), 1,6 LTC. This huge investment may have influenced the opinions expressed above.

Bitcoin is like a painting of Pablo Picasso even if it doesn't offer anything, it is store of value. The price will rise sure.

Well... Bitcoin's price is rising for a number of reasons.

1. The Japanese government just gave it the "OK", which has people convinced that other Asian countries might start implementing similar policies.
2. As a result of people like *cough* Donald Trump *cough* being elected - there is a global uncertainty of sorts. People have begin losing faith in the government and are buying into bitcoin, thus driving the price up.
3. FOMO (Fear of missing out) also comes into play. If people think they can make some money buying Bitcoin now and selling later, then thats exactly what they do...

To address one of your other comments, Bitcoin does not suck. It's frickin' awesome. However there is a problem with the amount of time it takes for micro-transactions to be confirmed - but this era will pass.

I have not met any such forever unconfirmed transaction in my case (my longest transaction took 14 hours to get confirmed). Yes, I agree that fees are getting higher according to the price rise of the bitcoin but to be honest I don't see any practical solution except paying the required fees as per the network. Combining multiple transactions works well but I am not sure if we can do it using web wallets or not.

the reason why you are not understanding this rise is because you have not yet understood what bitcoin is and what it offers!
you, like many others, think bitcoin is just offering one thing and that is cheap transactions! so you conclude that since transactions are no longer cheap, price should also fall and bitcoin to fall down and die!
i suggest learning more about what bitcoin offers apart from "cheap transactions"!

I think the only explanation for this is the demand and the hype that is being created in the exchangers, i'm also confused because there is a lot of stuck transactions but the price of bitcoin is still rising and it is rising like nobody can stop it. I think this is just a hype and soon bitcoin will calm and lower the price and also the team of bitcoin will fix this stuck transactions as soon as they find solution.

It won't go back to 1000$ unless there is panic selling so people shouldn't panic and keep holding instead. As for the unconfirmed transactions, I guess we will be stuck with this for a period of time, and switching to something else will only make that "something" same as bitcoin because It's due the high amount of transaction, hopefully SegWit will get activated by August. In the meantime, those who wants their transaction to get confirmed fast, should pay higher transaction fees.

Looking at the price of other alt-coin, such as Eth, you will know that the current price increase is actually not great. If bitcoin scaling problem can be solve soon, the price increase will be unimaginable... At the moment, those investments/values have gone into alt-coins.

I still have a current transaction that would be considered have a high transaction fee, but now, leading to the turn out events, the transaction has increased dramatically and my transaction has never been confirmed even after a week. I am becoming impatient everyday and I hope there could be a solution to the problem that would lead to having the average transaction fee.

Correct current value of bitcoin affect most of the sending, transfer and withdrawal transactions and it has a traffic in the blockchain and i think this is the time that bitcoin transaction confirmation was add some wallet or services for the confirmation to make transaction fast as like before. And i think bitcoin value will continuous increasing.

Bitcoin has become a pain in the ass latley, transactions are stuck forever even with high transaction fees however the price still keeps rising, why is this

is this a bubble and bitcoin will collapse to pre 1000 again or will it continue to go up?

whats there to do with these transaction fees to be able to send bitcoin