Topic: User responsibility (Read 288 times)
at this moment Lightning Network is called upon to solve the issue. Against the background of what falls BitcoinCash. I think Satoshi Nakamoto could predict such an event as a decrease in the speed of transactions, and in this case Bitcoin acted as a way to simply put forward this technology, and our task on its basis to come up with technology accelerating transactions
We all have responsibilities and responsibilities towards transactions. The problem is that we are not able to come to the extent of those who want to invest in bitcoin. Lucky it's been fixed and I'm running smoothly. We have to be patient all the time. Should always be with Bitcoin, good times and bad times. It may be a long time to wait for confirmation in our transaction so it can come in.
Bitcoin is under attack right now, i saw this on a very known website about bitcoin today, and they were saying that a lot of companies and institutions are trying to attack bitcoin.
Coinbase started accepting bitcoin cash, Segwitx2 got released, and bitcoin started going down, and bitcoin cash made more than 70% in a day, what a good day.
Coinbase started accepting bitcoin cash, Segwitx2 got released, and bitcoin started going down, and bitcoin cash made more than 70% in a day, what a good day.
I feel the congestion going in the network is not only a attack on the network but also alot of users not knowing the real sovereignty they have with in bitcoin.
Yes some companies do have alot of steak but they don't own anything.
Could the problem be not enough new miners and full nodes ?
I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
Any and all feedback is appreciated.
It’s a very good question what will be the responsibilities of bitcoin users for bitcoin I think first of all we need to teach bitcoin to it's newbie and also we need to support them and secondly I think the most important thing is that we need to do advertisement of bitcoin through different resources if we start advertisement of bitcoin through social media or on TV or in newspapers so think it's mean we are doing our responsibilities for bitcoin because without all these bitcoin is trying to change our life so now it’s a time to do something for bitcoin. Yes some companies do have alot of steak but they don't own anything.
Could the problem be not enough new miners and full nodes ?
I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
Any and all feedback is appreciated.
I feel the congestion going in the network is not only a attack on the network. I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
It is no longer an attack to the blockchain --- you all need to understand it.
There are a lot of people trying to make transactions all over the time, and everytime that there are more and new transactions on the mempool, every wallet provider tries to set their own fee to make the tx's go through more faster than the others.
That is why there are always a higher fee than before [supply and demand of fee's, maybe]
But yes, the whole blockchain is saturated right now, my hardware wallet is saturated, my coinbase and gdax wallet's are saturated, the sames go to almost all the exchanges, it is a giant cycle.
This is one of the reasons that most companies or big players do see on bitcoin on where this flaw would really make them hesitate to engage on bitcoin. Slower confirmations and with ridiculous high fees would be the main thing.I dont know whats actually the purpose of those fork events because things do really still remain steady just like was before. Expect there would really be congestion because of sudden demand.
this is what causes the queue on the block resulting in transaction bottlenecks.
reasonable when the confirmation time is long enough and the rising cost of this high is reasonable,
because the current bitcoin price is very high
Millions of bitcoin transactions happen every minute?
From where do you buy the stuff you snort? That is some serious stuff you do there.
There are only ~ 25 million addresses with a balance.
For millions of transactions every minute it would mean that (we consider 5 addresses with balance per person) that every bitcoin holder would need to do a transaction every 5 minutes!!!!!!
Every 5 minutes non stop 24/7 or 31
.Stop giving advice here when it's actually you who needs to do some reading.
According to fork.lol (24h average) for bitcoin:
4.35 transactions / second
15,650 tx/hour
375,597 tx/day
But I was surprised about the average tx fee:
536.38 sat/B (this is the average (!!!) )
The tx fee can also do ATH now it seems
This is one of the reasons that most companies or big players do see on bitcoin on where this flaw would really make them hesitate to engage on bitcoin. Slower confirmations and with ridiculous high fees would be the main thing.I dont know whats actually the purpose of those fork events because things do really still remain steady just like was before. Expect there would really be congestion because of sudden demand.
this is what causes the queue on the block resulting in transaction bottlenecks.
reasonable when the confirmation time is long enough and the rising cost of this high is reasonable,
because the current bitcoin price is very high
Millions of bitcoin transactions happen every minute?
From where do you buy the stuff you snort? That is some serious stuff you do there.
There are only ~ 25 million addresses with a balance.
For millions of transactions every minute it would mean that (we consider 5 addresses with balance per person) that every bitcoin holder would need to do a transaction every 5 minutes!!!!!!
Every 5 minutes non stop 24/7 or 31
.Stop giving advice here when it's actually you who needs to do some reading.
this is what causes the queue on the block resulting in transaction bottlenecks.
reasonable when the confirmation time is long enough and the rising cost of this high is reasonable,
because the current bitcoin price is very high
[/quote]
So I read a medium last night saying the only for bitcoin to work is for some type of centralization, either layer one will have 100 USD transaction or layer 2 will be a centralization of lightning payments. Is this True?
I think the word centralization is used wrongfully in this community.
You say it's reasonable probably bc you been holding bitcoin for quite some time and partially bc it's mathematically correct but it's not.
I think it has a great bit if dealing with the fact that most of these companies aren't on board with #segwit
This is one of the reasons that most companies or big players do see on bitcoin on where this flaw would really make them hesitate to engage on bitcoin. Slower confirmations and with ridiculous high fees would be the main thing.I dont know whats actually the purpose of those fork events because things do really still remain steady just like was before. Expect there would really be congestion because of sudden demand.
this is what causes the queue on the block resulting in transaction bottlenecks.
reasonable when the confirmation time is long enough and the rising cost of this high is reasonable,
because the current bitcoin price is very high
I feel the congestion going in the network is not only a attack on the network but also alot of users not knowing the real sovereignty they have with in bitcoin.
Yes some companies do have alot of steak but they don't own anything.
Could the problem be not enough new miners and full nodes ?
I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
Any and all feedback is appreciated.
This is one of the reasons that most companies or big players do see on bitcoin on where this flaw would really make them hesitate to engage on bitcoin. Slower confirmations and with ridiculous high fees would be the main thing.I dont know whats actually the purpose of those fork events because things do really still remain steady just like was before. Expect there would really be congestion because of sudden demand. Yes some companies do have alot of steak but they don't own anything.
Could the problem be not enough new miners and full nodes ?
I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
Any and all feedback is appreciated.
The user responsibility lies in the security. We all have a obligation to secure our coins. Own the private keys and make back ups. Lots of users fault at this.
Like I said user responsibility goes further than just holding bitcoin and the private keys.
As much as the people on this panel want to say it doesn't deal with mining or running nodes it does.
The reg person relied on companies and wallet providers to uphold the dignity of this community, then Roger Ver bcash and bigger block talks start swirling around, then the plug is pulled, leaving the users to pay 20 USD to move money.
Now he looks like a genius even in actuality he just pulled the SUPPORT away, leaving a hole for the ref users to fill so just saying holding your private keys isn't enough, bc you have ppl in undeveloped parts of the world dying to get and use bitcoin.
This is a open source community so instead if relying on companies and others to fix the issue, I feel it's on the user's to educate themselves in the proper field to get this ship moving again bc right 2018 isn't looking that good for the average person and bitcoin.
The user responsibility lies in the security. We all have a obligation to secure our coins. Own the private keys and make back ups. Lots of users fault at this.
Could the problem be not enough new miners and full nodes ?
I'll look into it definitely, but I want to know what is messing up the network why are fees so high.
I don't believe 2Mb blocks are necessary only bc I read what Satoshi told Gavin or Garzik..
Just seems like it's taking too long to fix but that's why I'm a hodler
You should really do a bit of lurking and reading before.
The blockchian can run with a single computer mining , like it did when satoshi mined alone.
1 miner or 100 , 1khas or 100Phash it's still 1M block every 10 minutes.
https://en.bitcoin.it/wiki/Help:FAQ#Sending_and_Receiving_Payments
Nodes are not affecting transaction speed.
Full nodes are just full copies of the blockchain, their role is different.
https://en.bitcoin.it/wiki/Full_node
It could be the case that miner themselves are having problem solving the transaction mess and that why they are taking huge fees really. They always have to share the X % of the fees with he pool from there they are grabbing the transaction for solving purpose. Though the pool reward is there but its not enough for the miner considering the number of trisection they try to solve really.
Miners don't solve transactions.
They solve "puzzles" (see link above) and they add tx to the blocks.
Be it 1 tx or 3000 tx it's the same, it's not more difficult.
I feel the congestion going in the network is not only a attack on the network but also alot of users not knowing the real sovereignty they have with in bitcoin.
You are right, the whole network is collapsed by newbies, and there is nothing wrong with this, only that it is a little bit annoying.
But if you look on the transactions records on blockchain.info, you will see that a lot of people were paying more than $20 worth of fees to send $5 or so.
They clearly do not understand how fees works, they just fount a few coins on their wallet, and he/she/it feelt tempted to withdraw that money.
I feel the congestion going in the network is not only a attack on the network but also alot of users not knowing the real sovereignty they have with in bitcoin.
Yes some companies do have alot of steak but they don't own anything.
Could the problem be not enough new miners and full nodes ?
I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
Any and all feedback is appreciated.
I mean, to an extent, there is a fair amount of onus on the user to actually understand what is going on, but it's not like there's a lot that can be used to convince people to not send transactions and wait for the network to decongest a bit. I'm somewhat surprised that the network inflated another 50k transactions but in another way I'm not, there's a lot of people that are trying to move their Bitcoin for one reason or another and that number won't be slowing down as the community grows in size.Yes some companies do have alot of steak but they don't own anything.
Could the problem be not enough new miners and full nodes ?
I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
Any and all feedback is appreciated.
It's good to see the total unconfirmed count slowly dropping, but it's going to be a lot of blocks before that number is manageable. Maybe 2MB blocks wouldn't be bad for the network.
Could the problem be not enough new miners and full nodes ?
You should really do a bit of lurking and reading before.
The blockchian can run with a single computer mining , like it did when satoshi mined alone.
1 miner or 100 , 1khas or 100Phash it's still 1M block every 10 minutes.
https://en.bitcoin.it/wiki/Help:FAQ#Sending_and_Receiving_Payments
Nodes are not affecting transaction speed.
Full nodes are just full copies of the blockchain, their role is different.
https://en.bitcoin.it/wiki/Full_node
It could be the case that miner themselves are having problem solving the transaction mess and that why they are taking huge fees really. They always have to share the X % of the fees with he pool from there they are grabbing the transaction for solving purpose. Though the pool reward is there but its not enough for the miner considering the number of trisection they try to solve really.
Miners don't solve transactions.
They solve "puzzles" (see link above) and they add tx to the blocks.
Be it 1 tx or 3000 tx it's the same, it's not more difficult.
Every user has some responsibility. If we play our responsibility properly, then our forum will run better and will be able to make a better community.
It could be the case that miner themselves are having problem solving the transaction mess and that why they are taking huge fees really. They always have to share the X % of the fees with he pool from there they are grabbing the transaction for solving purpose. Though the pool reward is there but its not enough for the miner considering the number of trisection they try to solve really.
That too technical part but I believe is that they are right on their place and we being upset is the right position for us as the user. However, there will more developments in the future and we should not be worried about it right now. Lets wait and give time for everything to get us through third middle way. :-)
That too technical part but I believe is that they are right on their place and we being upset is the right position for us as the user. However, there will more developments in the future and we should not be worried about it right now. Lets wait and give time for everything to get us through third middle way. :-)
I feel the congestion going in the network is not only a attack on the network but also alot of users not knowing the real sovereignty they have with in bitcoin.
Yes some companies do have alot of steak but they don't own anything.
Could the problem be not enough new miners and full nodes ?
I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
Any and all feedback is appreciated.
Yes some companies do have alot of steak but they don't own anything.
Could the problem be not enough new miners and full nodes ?
I'm just upset with these fees and the fact that big companies aren't showing support for the users by integrating segwit.
Any and all feedback is appreciated.
So if we are true to bitcoins sovereignty we will not trade our bitcoin and so the market will not be clogged? Alternatively you could say that if we are true supporters of bitcoin we will use it often for its true purpose which is to transfer funds, thus contributing to the network slowdown.
We should all be responsible for our transactions, but the problem is, we cannot control the people who wanted to invest in bitcoins, the congestion already happened, but fortunately in long run it had been fixed and i running smoothly, though there are some that are still congested. I think we should just learn to be patient whenever there is a congestion, our transactions will still push through, it will just take a long time for confirmations.
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