Still unanswered: How LN is going to help when Layer 1 is already clogged to the point of uselessness.
We will cross that bridge when we get there.
If this price pump continues, we could get there next week. Unfortunately, there is no solution on the horizon under discussion.
And, get the fuck out of here with your exaggeration that there is no plan in BTC..
OK, JJG. Tell me what the plan is to deal with the fact that once blocks are persistently full, then average fees rise uncontrollably, average wait times raise uncontrollably, LN channel openings and closings get economically prohibitive, and number of new entrants gets hard-capped.
What is the
plan, JJG -
what is the plan?
Bitcoin don't no need additional plan,
So you
admit that the bolded statement of yours above was an untruthful attack.
Nope. I am not admitting that bitcoin has no plan. I am just cursorily dismissing your assertion that whatever is going on in bitcoin is deficient in terms of preparing for the future.
I like bitcoin's conservative approach. I recognize that there are a lot of technical matters in development, and even that there is current buildings upon segregated witness, lightning network and other layer 2 solutions that are adequately allowing bitcoin to scale as we go.. and the systems in place are sufficient for that too that include building incentives for developers and miners and even end users that continue to build.
Likely you are feeling your oats in recent days because bcash variants had spurts in which they pumped a higher percentage than BTC, so you want to contribute to bullshit FUD spreading to bash on fictitious "problems with BTC" based on bad and outdated data including a spam attack that was paid for in late 2017 and early 2018 - even though it is seeming less likely that bcash nutjobs are going to be able to afford to employ another 2 month long spam attack like you freaks carried out during that time and you are still relying on that data to spread your bitcoin is broken propaganda.
By the way, I do have some of my own personal uses of bitcoin, so I know how fees adjust to changing dynamics, and I even had some transactions that were locked up for up to 2 months in late 2017/early 2018. I also had a lot of high transaction fees during that time in December 2017 and January 2018.
Since January 2018, I have likely had in the neighborhood of more than 100 on chain transactions for all kinds of amounts sometimes sent with normal fees and sometimes higher priority fees and lowball fees. The fee adjustment based on demand remains amazing.. largely low as fuck since January 2018 and transaction goes through quickly.
By the way, on April 2 and 3, I noticed that onchain fees had gone up from a day or two earlier, and I sent 4 onchain BTC transactions, each of them was valued between $3k and $9k.
1) One of them, I attempted to lowball the fee since I was sending to myself.. I included an "economy" fee of $.28 and regular fees were then $.78 (took about 41 hours to go through)
2) & 3) two of them I sent with regular fees, $.55 and $.78 respectively (went through in 30 minutes and 5 minutes respectively)
4) one of them, I sent with high priority, $1.41 (went through in 6 minutes)
On March 31, I had sent two on chain BTC transactions, and the fees were lower than they were on April 2 and 3:
1) I sent nearly $600 by regular fees and the fee was $.04 and went through in 47 minutes
2) I sent about $1,000 by priority and the fee was $.46 and went through in 25 minutes
This is reflective of my experience, and in recent times, only rarely do I attempt to low ball fees and the transaction gets stuck for more than a day. If the BTC traffic gets high, then miners will skim off the top with the highest fees going through first. Works great.... so far.