Unconfirmed Transactions --> Over 200,000 --> That's the death of Bitcoin

Get-Paid.com

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Merit: 389

Quote from: Get-Paid.com on December 08, 2017, 01:50:14 AM

Quote from: erickkyut on December 07, 2017, 11:13:49 PM

Do you really know what you are talking about?! You are accusing Bitcoin as a ponzi scheme just because of that 200,000 unconfirmed transactions! Those unconfirmed transactions are because of the high demand which causes huge traffic to the network. Way back few years ago, many people were also claiming that it was a scam but look at it now, it is on its way to $20000!

Looks like it's on its way to $15000 now.

2 months later, it is on its way to $8000 now.

Get-Paid.com

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Activity: 1842

Merit: 389

Quote from: erickkyut on December 07, 2017, 11:13:49 PM

Do you really know what you are talking about?! You are accusing Bitcoin as a ponzi scheme just because of that 200,000 unconfirmed transactions! Those unconfirmed transactions are because of the high demand which causes huge traffic to the network. Way back few years ago, many people were also claiming that it was a scam but look at it now, it is on its way to $20000!

Looks like it's on its way to $15000 now.

erickkyut

hero member

Activity: 1176

Merit: 509

Do you really know what you are talking about?! You are accusing Bitcoin as a ponzi scheme just because of that 200,000 unconfirmed transactions! Those unconfirmed transactions are because of the high demand which causes huge traffic to the network. Way back few years ago, many people were also claiming that it was a scam but look at it now, it is on its way to $20000!

Arksun1

newbie

Activity: 20

Merit: 0

Transfer I made still not gone through for 0.2 BTC with decent high 0.002 transaction fee made 12 hours ago. The trading volume is through the roof right now! crazy times ahead.

I'm guessing a big correction in price either 9th of 10th December.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Anyone who has a slightest bit of understanding how cryptos work knows at this point that there is will be no scalability until offchain solutions arrive. And it seems like educated investors actually understand it and don't buy shitcoins even though they try to market themselves as "scalable". Maybe there much less confusion and misunderstanding today if Satoshi and early enthusiasts described cryptos as "digital tokens" or "decentralized units", because it is clear today that their technology is not ready to allow them functioning as currency, but at the same time they have a huge potential for many other use cases like storing value, worldwide transfers, privacy, programmable environments and so on - and words "crypto" and "currency" don't describe any of those. So, again, anyone with a good technical understanding can see that Bitcoin has a lot of potential, which makes it worth investing even at current price.

xBitHodler

member

Activity: 112

Merit: 10

You call Bitcoin a ponzi scheme because of huge amount of transactions? Are you high? It's not the first time when Bitcoin shows that it can't handle traffic during important events (in this case a huge pump). It's our duty to maintain and upgrade Bitcoin. We have already made one step forward by introducing SegWit which many companies still haven't implemented. It's their fault, not ours. What else can we do? (except increasing the blocksize).

bitart

hero member

Activity: 1442

Merit: 629

Vires in Numeris

Quote from: nidacoinlove on December 07, 2017, 04:14:15 PM

Quote from: Spaffin on December 07, 2017, 03:12:30 PM

Many have long raised the question about the technological aging of the original bitcoin. One of his serious shortcomings was always called slow transactions. If now the number of suspended transactions is 200,000, this is already a serious problem. Bitcoin is programmed to conduct no more than seven transactions per second around the world. With the increase in demand for it, the number of transactions is constantly increasing, but the capacity of bitkoyn remains too small. Apparently, people in the future will switch to cashmoney and other clones that have separated from him recently, which do not have such problems. If the original bitcoin does not solve these problems in the near future, he will slowly lose his place as the leader of the crypto currency.

Guess what? Bitcoin is meant for the smarter people, a majority of bitcoin users are well educated about bitcoin, it structure and it's function with how it works. I feel sorry for those who don't realize the changing financial trends of the world even now. Bitcoin is not an ordinary currency but it is the precious one and precious things need a little patience to be achieved. The segwit2X and hardfork were for the purpose to make the block size bigger so, to speed up transactions. Sooner or later it will be functional to resolve the transaction confirmation issue.
So, don't worry and just be happy Wink

My fear is always the uneducated user... I remember when I have started to read about bitcoin and started to do my first transactions, I was a total noob... So as long as the newcomers are just want to use bitcoin like the other everyday things in life (they don't read the user manual, they don't ask other how to do things, just start to do and complain about the problems) there will be a lot of topic like this. Mempool started to gather yesterday evening, now it looks really bad but it's just the current situation, it will be OK a bit later. Solutions: Patience or high fees. In the end, the transactions will be confirmed, anyway, it's just a question of time.

freebutcaged

hero member

Activity: 588

Merit: 541

Guess who will save the day mate? when there are a million unconfirmed transactions and fees become too high for everyone, who do you think will

Come and saves the day? you guessed right Bitcoin fucking cash. they bought Bitmain and forked a faster and cheaper version, but with a major

Difference> they own the code and development team.

EasternRig

newbie

Activity: 28

Merit: 0

Wait till the FUTURES market is open.

Have a look here, how BIG BOYS manipulate the futures markets on a daily:

https://www.youtube.com/watch?v=VMuEis3byY4

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: Get-Paid.com on December 07, 2017, 02:56:26 PM

So many people are rushing to get a fraction of the hype, unaware of this:

https://blockchain.info/unconfirmed-transactions

Over 200,000 transactions are UNCONFIRMED.

It has become a 100% Ponzi Scheme now.
Bitcoin is on its way to the grave.

>Ponzi scheme

Stop with this meme holy shit. Every time I see someone calling Bitcoin a ponzi scheme I disregard everything else they post because they don't understand how something as basic as a ponzi scheme. Is the stock market a ponzi scheme because earlier investors in a company earn more money over time due to their initial investments? Are real estate markets ponzi schemes? What about precious metal markets? Now I'm starting to think that any kind of investing is a ponzi scheme because value goes up over time.

Get real.

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

Yeah, that's Bitcoin's quietus. You can see it at the price Grin

Kronos21

sr. member

Activity: 434

Merit: 255

Once miners started to blackmail bitcoin using bitcoin cash I think that the kernel developers have made conclusions. Perhaps the emergence of news about what is tested "lightning 1.0" is the answer to the miners? Now they will have to negotiate and soon we will see an updated bitcoin. I do not believe in his impending death.

Karakyli

full member

Activity: 280

Merit: 100

Low bandwidth bitokoya - one of its key shortcomings to date. Even if the current problems with stalled transactions are resolved, the problem remains. If its developers continue to ignore this problem, then people will switch to the use of its forks, including bitkoyn cash, diamond, lightning. The original bitkoyn seems to remain as a repository of value, the function of its use as a means of payment will remain minimal.

Thatstinks

sr. member

Activity: 249

Merit: 250

Looks like Satoshi was just a man with a flaw for math as ironic as that sounds he never truly expected the use to be this great or he would have not created a brilliant yet restricted model.

Time for the truth, he has no BTC stash, never expected it to soar and never built it for that. It took on a life of itself and the practical use will now damage it, relegate it to remember that original crypto status within a few years.

nidacoinlove

sr. member

Activity: 588

Merit: 254

Quote from: Spaffin on December 07, 2017, 03:12:30 PM

Many have long raised the question about the technological aging of the original bitcoin. One of his serious shortcomings was always called slow transactions. If now the number of suspended transactions is 200,000, this is already a serious problem. Bitcoin is programmed to conduct no more than seven transactions per second around the world. With the increase in demand for it, the number of transactions is constantly increasing, but the capacity of bitkoyn remains too small. Apparently, people in the future will switch to cashmoney and other clones that have separated from him recently, which do not have such problems. If the original bitcoin does not solve these problems in the near future, he will slowly lose his place as the leader of the crypto currency.

Guess what? Bitcoin is meant for the smarter people, a majority of bitcoin users are well educated about bitcoin, it structure and it's function with how it works. I feel sorry for those who don't realize the changing financial trends of the world even now. Bitcoin is not an ordinary currency but it is the precious one and precious things need a little patience to be achieved. The segwit2X and hardfork were for the purpose to make the block size bigger so, to speed up transactions. Sooner or later it will be functional to resolve the transaction confirmation issue.
So, don't worry and just be happy Wink

richardsNY

legendary

Activity: 1232

Merit: 1091

I was already waiting for these threads to pop up. I do actually agree that this isn't a perfect situation, especially for those just having bought themselves some coins, but there is nothing that we can do about it for now. It's either just adopting to the situation by transacting with the adequate fees, or just make use of lower fees and accept the fact that you have to wait longer. If this entire market would utilize SegWit for once, people right now would have far less to complain about. It won't solve the problem entirely, but it will at least be of great help in these peak-usage moments. This till we finally are able to work with lightning network.

Arksun1

newbie

Activity: 20

Merit: 0

This is absolutely not the death of Bitcoin, not by a longshot, and such issues will be fixed in future development.

BUT.... yes its really damn bloody annoying right now trying to make any kind of transaction, its just insane!
And before anyone says the "oh its only micro transactions or those with low fees getting big delays" nope... ALL affected.

I made a bitcoin transaction 5 hours ago with a fee of 0.002 (about $30) to help speed it through... so far 0 confirmations.

Albert211994

member

Activity: 148

Merit: 11

Quote from: Get-Paid.com on December 07, 2017, 02:56:26 PM

So many people are rushing to get a fraction of the hype, unaware of this:

https://blockchain.info/unconfirmed-transactions

Over 200,000 transactions are UNCONFIRMED.

It has become a 100% Ponzi Scheme now.
Bitcoin is on its way to the grave.

I think calling bitcoin scam or ponzi does not work anymore. You cannot FUD bitcoin by calling it names anymore, it worked a bit before when it still cost a few cents. But it did not stop bitcoin from progressing.

If unconfirmed transactions, slow confirmation, high fees would ever put bitcoin to grave, it should have happened long ago when it was still 500$ and below, but it did not. So stop creating threads like this, it won't work.

If you do not like bitcoin, or think its a scam, get out of it. You don't like, don't buy. What are you doing in a bitcoin forum anyway?

fulmetal08larz

full member

Activity: 476

Merit: 124

This is not the death of bitcoin, I believe this is the start of a new generation, these unconfirmed transactions is because of the low fee of some of those transactions, of course, if you pay low, you are low priority. Network congestion is normal in this kind of volatility we're experiencing right now which I think is because of new investors coming in to get a piece of bitcoin.

Rotellian

newbie

Activity: 12

Merit: 0

Lightning network is nearly ready (on chain test transactions were conducted yesterday) which will make a blocksize/weight increase unnecessary.

Topic: Unconfirmed Transactions --> Over 200,000 --> That's the death of Bitcoin (Read 1396 times)