Topic: price at all time high while utility at all time low - page 4. (Read 3720 times)
The bitcoin price has made an inverse effect upon the confirmation. This is an issue that got initiated by the large number of transactions happening in a short time period due to the increasing price. This will be solved by the developer team for the success of the continued service availability with bitcoin.
If confirmation times and fees made any difference, then people would choose one of the many alt coins available.
Block Space should be Expensive. And Fees should go to Miners.
Block Space should be Expensive. And Fees should go to Miners.
Over a period of time, people will shift to alts. And that is not something we should all be happy about.
Miners are compensated sufficiently by the block reward now. Transaction fees are peanuts to them.
All-time-high transactions/day = All-time-high utility
More transactions than ever, and jonald is arguing that this is worse than having 0 transactions/day? hmmmm
More transactions than ever, and jonald is arguing that this is worse than having 0 transactions/day? hmmmm
yes its the highest price of bitcoin till date and i am really excited for it. i am lucky that i had entered the bitcoin world before and i have at least some asset of my own.
I fully agree, the high fees will bite Bitcoin in the ass sometime. The sad thing is that this could've been avoided easily.
Quick confirmation times and low fees should be top priority imo.
Quick confirmation times and low fees should be top priority imo.
Precisely but I don't know why greed and personal gains has been prioritized to cause the down fall of Bitcoin. If the core developers and miners had the common good of the community at heart I don't think this would be happening.
What would be the best way to fix this?
the core developers have to focus more on faster transaction and low fees. When the fees in transaction is going high , it is huge loss. And even if someone goes for low fees as if his transaction would never be confirmed at this situation.this enterely depdn on miners, it doesn't matter what dev want to do if there is no consensus for anything, nothing will change, miners love this situation, they get extra bitcoin for every block with 30-40k satoshi average per tx
Wut?
I don't make a lot of Bitcoin transactions (it's ridiculous to think it's well suited for mundane, daily purchases) but I made a few during the peak of this latest transaction spam. Every single one was confirmed in the next block and I used the same fee I was using since 2011.
This uproar is either bullshit from people who have an agenda or flailing from morons who think taking up a bunch of block space by combining tons of their ridiculous sig spam earnings so they can buy a coffee while not paying the miners for securing the network should have as much priority as high value, single input transactions with healthy fees. Give it a rest already.
L2Bitcoin...
I don't make a lot of Bitcoin transactions (it's ridiculous to think it's well suited for mundane, daily purchases) but I made a few during the peak of this latest transaction spam. Every single one was confirmed in the next block and I used the same fee I was using since 2011.
This uproar is either bullshit from people who have an agenda or flailing from morons who think taking up a bunch of block space by combining tons of their ridiculous sig spam earnings so they can buy a coffee while not paying the miners for securing the network should have as much priority as high value, single input transactions with healthy fees. Give it a rest already.
L2Bitcoin...
you were just lucky because using 10k satoshi as a fee now would make your transaction going directly in the queue, you won't get any confirmation if not after many hours, this is more ture now with this spam or flooding or whatever it is
What would be the best way to fix this?
the core developers have to focus more on faster transaction and low fees. When the fees in transaction is going high , it is huge loss. And even if someone goes for low fees as if his transaction would never be confirmed at this situation.I like that random forum trolls are so sure they know what core developers must focus on! Because they have put all of their three remaining brain cells and five minutes of time thinking about it! And now they can righteously teach core devs who are creating the world's most sophisticated software for the past 8 years what they should focus on!
Amazing show, every time. BU clowns and this board here is extremely entertaining, please go on. Also please recommend Warren Buffet what stocks to invest in, and send a letter or two to NASA engineers explaining which area of the space they should focus on next.
For most people who use bitcoins as an investment tool and not a currency (which most of us don't, really), transaction fees and confirmation times don't really matter at all. And you're right, somehow, bitcoin as a payment method (and a currency) loses its power/edge over conventional money transfers and remittance services. For the investors, it's already a good tool, but for some other people who looks to bitcoin as a currency, fees and conf times is a hassle and a problem.
So, what could be a short-term solutions? Me as a Bitcoin user i'm getting tired of the time. Right now i'm thinking about moving my BTC to an altcoin but i have a fear of a dump, Monero is the real option for me. What about you?
There is nothing to worry about the time of confirmation of the transactions that are getting delay because of the block size that we do have right now. This is already happen before and it will just take time for the team to fix this size problem to handle many transactions than before. Converting your bitcoin to Altcoin just because of this is not a good idea at all, because there is not Altcoin to fiat exchange, only bitcoin to Fiat, and experiencing this kind of situation for all of us doesn't mean we have to panic and get mad about this.
Bitcoin will not vanish just because of this problem, if this is what others are thinking. Let's just give some time for them to fix this thing, after this, we will receive the amount of bitcoin that we have withdraw, even it took a long time, just have patience guys.
What would be the best way to fix this?
the core developers have to focus more on faster transaction and low fees. When the fees in transaction is going high , it is huge loss. And even if someone goes for low fees as if his transaction would never be confirmed at this situation.
What would be the best way to fix this?
If confirmation times and fees made any difference, then people would choose one of the many alt coins available.
Block Space should be Expensive. And Fees should go to Miners.
Block Space should be Expensive. And Fees should go to Miners.
Last time I participated in these discussions was I think several years ago. Right around the time that Hearn and Andressen were spouting dire warnings about how Bitcoin only had a month or two to live unless the blocksize was raised ASAP. Now, years later, Bitcoin is going strong, setting new highs, and an actual well designed and well thought out solutions are available when needed.
Back then the fear-mongering actually convinced a surprising number of users. Now not so much...just a few residual dead-enders like the OP. In fact almost nobody seems to be buying the bullshit. The consequence of the crying wolf by 'trusted figures' no doubt, but also more people who are on this board seem to have a better grasp of the technology, the threats, and the trade-offs. That's pretty encouraging to me.
BTC is getting disconnected with the real world.
Ahh... the real world. Where you get unlimited, instant, censorship-proof transactions of any value with all the security of Bitcoin's decentralized ledger in exchange for nothing!
Early block subsidies have spoiled most "Bitcoiners" and they are demonstrating it by turning into whiny brats when they face a tiny bit of competition for fast confirmations.
I've already seen that. BTC is getting disconnected with the real world. Confirmations are taking longer, fees are up, there's still no solution in sight to the scalability problems, but BTC's price is up. I see speculation.
Bitcoin sucks the big sack as a currency, for the reasons you mentioned and more, BUT it's just dandy as an investment and store of value. Transaction fees and confirmation times don't matter that much for those uses.
Wut?
I don't make a lot of Bitcoin transactions (it's ridiculous to think it's well suited for mundane, daily purchases) but I made a few during the peak of this latest transaction spam. Every single one was confirmed in the next block and I used the same fee I was using since 2011.
This uproar is either bullshit from people who have an agenda or flailing from morons who think taking up a bunch of block space by combining tons of their ridiculous sig spam earnings so they can buy a coffee while not paying the miners for securing the network should have as much priority as high value, single input transactions with healthy fees. Give it a rest already.
L2Bitcoin...
I don't make a lot of Bitcoin transactions (it's ridiculous to think it's well suited for mundane, daily purchases) but I made a few during the peak of this latest transaction spam. Every single one was confirmed in the next block and I used the same fee I was using since 2011.
This uproar is either bullshit from people who have an agenda or flailing from morons who think taking up a bunch of block space by combining tons of their ridiculous sig spam earnings so they can buy a coffee while not paying the miners for securing the network should have as much priority as high value, single input transactions with healthy fees. Give it a rest already.
L2Bitcoin...
So, what could be a short-term solutions? Me as a Bitcoin user i'm getting tired of the time. Right now i'm thinking about moving my BTC to an altcoin but i have a fear of a dump, Monero is the real option for me. What about you?
while investors grin about the high price, bitcoin users suffer high fees and long
wait times...
Very sad that the community cannot seem to organize itself out from under
the entrenched tyranny of the "core" developers, a group closely tied to
blockstream, who has accepted millions of dollars in venture capital and
whose agenda is at odds with the common good.
Its not that simple man, increasing block size increasing dramatically HDD space needed to run full nodes. wait times...
Very sad that the community cannot seem to organize itself out from under
the entrenched tyranny of the "core" developers, a group closely tied to
blockstream, who has accepted millions of dollars in venture capital and
whose agenda is at odds with the common good.
If blockchain is increasing 100 GB per year currently, it would with 2MB blocks increase 200 GB per year.
That is maybe not that big in case of personal computers with 3 TB drives etc. but its more of a problem with servers where HDD's like this are very expensive. Full node on personal computer is not that stable as on server. Important difirrence.
So there is no win-win situation here, it all comes to loose more there or here.
while investors grin about the high price, bitcoin users suffer high fees and long
wait times...
Very sad that the community cannot seem to organize itself out from under
the entrenched tyranny of the "core" developers, a group closely tied to
blockstream, who has accepted millions of dollars in venture capital and
whose agenda is at odds with the common good.
wait times...
Very sad that the community cannot seem to organize itself out from under
the entrenched tyranny of the "core" developers, a group closely tied to
blockstream, who has accepted millions of dollars in venture capital and
whose agenda is at odds with the common good.
Yes, very sad
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