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Topic: Bitcoin's elite behaves just like the old banking elite - page 2. (Read 1574 times)

legendary
Activity: 2142
Merit: 1010
Newbie
Bitcoin is losing it's dominance as a direct result of the greed of the miners. There is no technical reason for keeping the blocksize so low, it's simply politics and human nature: miners are left to decide in their own short term interest and against the interest of the users. This is exactly how old banking behaved and it's sad to see a great dream killed by greed and pointless bickering.

Ever watched Animal Farm?
hero member
Activity: 1232
Merit: 683
Tontogether | Save Smart & Win Big
I think that something like that should not be considered as something strange, after all people are really happy: BTC price has made another all-time high just after breaking the previous one few days ago, so the BTC holders are making money, same with people that got bitcoins for investment purposes: they make profit too, just from having this cryptocurrency on their wallet.
Such a thing is encouraging them in such a belief even stronger: after all, they knew about cryptocurrencies before all that "stupid" crowd: they have made money before them, so they consider themselves as some kind of an elite, but this is not true. You can say that you are in the group of "bitcoin elite" if you are one of the early adopters, you cannot in other scenario  at least that is my opinion.
hero member
Activity: 994
Merit: 544
Bitcoin is losing it's dominance as a direct result of the greed of the miners. There is no technical reason for keeping the blocksize so low, it's simply politics and human nature: miners are left to decide in their own short term interest and against the interest of the users. This is exactly how old banking behaved and it's sad to see a great dream killed by greed and pointless bickering.

I have paid in excess of $200 in mining fees in the last month. This is forgone revenue coming directly out of my pocket for a business that does not depend on Bitcoin or crypto. This is on par with fees paid to traditional payment gateways at similar volume. I'm already working at adding the option of a leading altcoin which I won't name and passing the Bitcoin fee to the users. It's just a small business but the tide is slowly but surely turning against bitcoin in the payment arena.

The idea that Bitcoin can act as a "store of value" and only deal with large transactions is delusional. Bitcoin is technically inferior to many of the new altcoins, it's only redeeming feature is the strong network effect it has gained, everybody speaks bitcoin so it makes sense to buy and trade in bitcoins. Once end users switch to newer and better performing altcoins, Bitcoin is dead.

It is true that the miner fees are increasing and somehow it even reach as high as 3 dollars per transaction. But to say that bitcoin is dead is not true. If you notice what Japan did in bitcoin transaction, a large exchange has an application that will be used by almost all Japanese and if the Japanese will use the same app in exchanging bitcoins then they will not suffer a huge fee instead they can make a transaction free or in a lower fee.
legendary
Activity: 2674
Merit: 2965
Terminated.
There is no technical reason for keeping the blocksize so low, it's simply politics and human nature: miners are left to decide in their own short term interest and against the interest of the users.
There are plenty of reasons for not changing the block size limit, especially not when better solutions are available. You need to educate yourself before you write nonsense.

I have paid in excess of $200 in mining fees in the last month. This is forgone revenue coming directly out of my pocket for a business that does not depend on Bitcoin or crypto. This is on par with fees paid to traditional payment gateways at similar volume.
This tells us nothing and is an entirely irrelevant metric without other data. How much capital did you move, how big were your transactions, what fee-rate did you use, et. al.

I'm already working at adding the option of a leading altcoin which I won't name and passing the Bitcoin fee to the users. It's just a small business but the tide is slowly but surely turning against bitcoin in the payment arena.
Yeah, let's move from a decentralized Bitcoin to a centralized altcoin because Bitcoin == banks? Roll Eyes

Bitcoin is technically inferior to many of the new altcoins, it's only redeeming feature is the strong network effect it has gained, everybody speaks bitcoin so it makes sense to buy and trade in bitcoins.
This is bullshit. Bitcoin is superior to all altcoins in many ways.

Once end users switch to newer and better performing altcoins, Bitcoin is dead.
Then why are you here, whining? Go away already so we can work on actual improvements that will provide real scaling.
newbie
Activity: 20
Merit: 0
Bitcoin is losing it's dominance as a direct result of the greed of the miners. There is no technical reason for keeping the blocksize so low, it's simply politics and human nature: miners are left to decide in their own short term interest and against the interest of the users. This is exactly how old banking behaved and it's sad to see a great dream killed by greed and pointless bickering.

I have paid in excess of $200 in mining fees in the last month. This is forgone revenue coming directly out of my pocket for a business that does not depend on Bitcoin or crypto. This is on par with fees paid to traditional payment gateways at similar volume. I'm already working at adding the option of a leading altcoin which I won't name and passing the Bitcoin fee to the users. It's just a small business but the tide is slowly but surely turning against bitcoin in the payment arena.

The idea that Bitcoin can act as a "store of value" and only deal with large transactions is delusional. Bitcoin is technically inferior to many of the new altcoins, it's only redeeming feature is the strong network effect it has gained, everybody speaks bitcoin so it makes sense to buy and trade in bitcoins. Once end users switch to newer and better performing altcoins, Bitcoin is dead.
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