I don't know if Bitcoin is finished, but some time ago everybody was talking about the positive things Bitcoin brings. Very cheap transactions where a big point. It's not the case anymore. But at last we can handle many transactions per second. Oh i forgot, we can not. thank god we are decentralized....
All i see is talk about the price. People forget the technology. To bad.
Topic: The Bitcoin has 'jumped the shark' - page 4. (Read 2935 times)
if people dont understand how.. this old post explains.
yea gmaxwell tweaked it in 0.13.2 to not work for latest average block in the hopes it adds some reactivity to pretend to alleviate it. but its still a problem
still not sure..
go open a spreadsheet document and run some averaging scenarios for yourself, see how easy it is to cause an upward rise even without demand being constant.
many pools are/have decided to avoid using cores built in average fee feature. but nodes will still end showing an average of fee's, if pools used it
yea gmaxwell tweaked it in 0.13.2 to not work for latest average block in the hopes it adds some reactivity to pretend to alleviate it. but its still a problem
using 'averages' which dont make the fee's drop reactively when demand is low. but actually keeps fee's up. even when other blocks are low demand.
EG take a 25 block average.. imagine first 24 are 0.0001 and the 25th is 0.0025 then look at the 'average' after that.. even if demand was near 0 and no one was pushing the fee up.... the "average" itself pushes up
EG take a 25 block average.. imagine first 24 are 0.0001 and the 25th is 0.0025 then look at the 'average' after that.. even if demand was near 0 and no one was pushing the fee up.... the "average" itself pushes up
still not sure..
go open a spreadsheet document and run some averaging scenarios for yourself, see how easy it is to cause an upward rise even without demand being constant.
many pools are/have decided to avoid using cores built in average fee feature. but nodes will still end showing an average of fee's, if pools used it
It is over folks. The Bitcoin has now 'jumped the shark'.
Because the transaction fee is now >.40USD, bitcoin transactions are more expensive than Visa swipe fees.
Core has successfully forced a fee market of very expensive transactions by preventing others from increasing transaction capacity via larger blocks. Satoshi wanted big blocks. Yet, core has wrestled control and forced an unnecessary limit to block size thus creating their fee market. All this with the idea of later providing relief via an off chain fee to go into their pockets. Lightning is years away and fees are only going up from here.
Bitcoin is finished.
Because the transaction fee is now >.40USD, bitcoin transactions are more expensive than Visa swipe fees.
Core has successfully forced a fee market of very expensive transactions by preventing others from increasing transaction capacity via larger blocks. Satoshi wanted big blocks. Yet, core has wrestled control and forced an unnecessary limit to block size thus creating their fee market. All this with the idea of later providing relief via an off chain fee to go into their pockets. Lightning is years away and fees are only going up from here.
Bitcoin is finished.
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