Coin
Explanation
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 19055. (Read 26609705 times)
March 11, 2016, 02:01:24 PM
March 11, 2016, 01:58:25 PM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
poeple will start using centralized BTC payment processors
poeple will start using altcoins
and the idea that we can't do better then 5tx/s is insulting
make segwit
make block interval 2.5mins
make block size 8MB
there i've solved bitcoin scaling!
Sure... and in the process make the blockchain grow by 1TB / year instead of ~30GB / year... good thinking...
Yes it is. With more users and more money flowing into the field 1TB (Except it won't be. Upping the limit does not mean that every block will be 8MB. That's sort of the point with a higher limit.) a year isn't a problem. 30GB a year on a stagnating dud is a problem.
If people want to play right wing hippie with their mobile broadband in a cottage in the woods, I'm sure Luke-Jr can whip up some suitable shitcoin.
cost of storing bitcoin's blockchain if it scaled & was used 2 orders of magnitude - 60$ a year
March 11, 2016, 01:57:04 PM
The main argument among those who reject a block-size increase is that Bitcoin would centralize even faster because the costs are rising of running a full node. This would make Bitcoin insecure.
This is wrong! Adding 1000 nodes randomly around the world would not increase Bitcoin’s security.
https://medium.com/@yanislav/decentralize-bitcoin-again-bigger-blocks-and-a-new-dynamic-pow-199a68dbf34a#.2id1xrch3
This is wrong! Adding 1000 nodes randomly around the world would not increase Bitcoin’s security.
https://medium.com/@yanislav/decentralize-bitcoin-again-bigger-blocks-and-a-new-dynamic-pow-199a68dbf34a#.2id1xrch3
March 11, 2016, 01:01:45 PM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
poeple will start using centralized BTC payment processors
poeple will start using altcoins
and the idea that we can't do better then 5tx/s is insulting
make segwit
make block interval 2.5mins
make block size 8MB
there i've solved bitcoin scaling!
Sure... and in the process make the blockchain grow by 1TB / year instead of ~30GB / year... good thinking...
Yes it is. With more users and more money flowing into the field 1TB (Except it won't be. Upping the limit does not mean that every block will be 8MB. That's sort of the point with a higher limit.) a year isn't a problem. 30GB a year on a stagnating dud is a problem.
If people want to play right wing hippie with their mobile broadband in a cottage in the woods, I'm sure Luke-Jr can whip up some suitable shitcoin.
March 11, 2016, 01:00:35 PM
March 11, 2016, 12:54:21 PM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto ConaisseursTM or COCCTM for short.
I like COCC. It rolls so smoothly off the toungue.
Ok, I'm in!
Leaves a funny taste in your mouth tho.
If you start eating some pineapple and lay off the tacos I think it should be ok.
I'm of course assuming you're a fellow member.
I like COCC. It rolls so smoothly off the toungue.
Ok, I'm in!
Ok, I'm in!
Do you really think the $$$ would be worth anything if just the elite was using it. I guess we will figure out pretty soon, that the dollar is worth not-a-thing... Because what we see these days is money concentrated in the hands of very few. Money that doesn't buy you anything, isn't worth anything.
Hey, I'm just here for the abbreviation. Don't get all political on me. Or at least tell me when, so I can close my eyes.
March 11, 2016, 12:45:11 PM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
poeple will start using centralized BTC payment processors
poeple will start using altcoins
and the idea that we can't do better then 5tx/s is insulting
make segwit
make block interval 2.5mins
make block size 8MB
there i've solved bitcoin scaling!
Sure... and in the process make the blockchain grow by 1TB / year instead of ~30GB / year... good thinking...
March 11, 2016, 12:41:05 PM
if you have netflix watch this movie tonight https://www.youtube.com/watch?v=strEm9amZuo
DOPE!
apparently bitcoin is in it.
DOPE!
apparently bitcoin is in it.
it's almost about bitcoin
pretty cool movie
March 11, 2016, 12:33:47 PM
if you have netflix watch this movie tonight https://www.youtube.com/watch?v=strEm9amZuo
DOPE!
apparently bitcoin is in it.
DOPE!
apparently bitcoin is in it.
yep, good movie
March 11, 2016, 12:30:35 PM
if you have netflix watch this movie tonight https://www.youtube.com/watch?v=strEm9amZuo
DOPE!
apparently bitcoin is in it.
DOPE!
apparently bitcoin is in it.
March 11, 2016, 12:22:24 PM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
In 2140
March 11, 2016, 12:14:46 PM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
high friction (tx fees) enable fractional banking (which we wanted to get rid of in the first place)
March 11, 2016, 12:03:11 PM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto ConaisseursTM or COCCTM for short.
I like COCC. It rolls so smoothly off the toungue.
Ok, I'm in!
Do you really think the $$$ would be worth anything if just the elite was using it. I guess we will figure out pretty soon, that the dollar is worth not-a-thing... Because what we see these days is money concentrated in the hands of very few. Money that doesn't buy you anything, isn't worth anything.
March 11, 2016, 12:00:48 PM
i dont see price sticking to 420 very long... breaking 425 today or tonight is my bet
March 11, 2016, 12:00:34 PM
March 11, 2016, 11:58:45 AM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto ConaisseursTM or COCCTM for short.
I like COCC. It rolls so smoothly off the toungue.
Ok, I'm in!
Leaves a funny taste in your mouth tho.
March 11, 2016, 11:47:38 AM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto ConaisseursTM or COCCTM for short.
I like COCC. It rolls so smoothly off the toungue.
Ok, I'm in!
March 11, 2016, 11:41:56 AM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto ConaisseursTM or COCCTM for short.
March 11, 2016, 11:39:50 AM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
poeple will start using centralized BTC payment processors
poeple will start using altcoins
and the idea that we can't do better then 5tx/s is insulting
make segwit
make block interval 2.5mins
make block size 8MB
there i've solved bitcoin scaling!
March 11, 2016, 11:23:30 AM
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
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