Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 19515. (Read 26610922 times)

Depends on what you mean by "for free" :- There's Google...

Nobody will disagree with that. The question is if those fees will be paid by many tx, or just a few. If you limit the size of blocks to 1 MB (and hence, the number of tx to ~1700), the average fee/tx has to become very expensive (~$5 per tx).

With 1MB blocks Danny Hamilton estimates fees could reach as high as $100 a transaction.

Nobody will disagree with that. The question is if those fees will be paid by many tx, or just a few. If you limit the size of blocks to 1 MB (and hence, the number of tx to ~1700), the average fee/tx has to become very expensive (~$5 per tx).

Longterm Bitcoin has to gather enough fees to survive, without fees no miners.

Or in your business language: We can give away our product for free, said no successful business ever.

edit: the fees will longterm lead 1:1 to Bitcoins security. the higher the gathered fees the higher the security of the network.

Why are you calling experts the people who don't see the need to move the blocksize limit, which you agree is needful?

Miners as individuals can do what they want. The issue becomes when they mine that first 1.01MB block and it gets rejected by the network (or not).

Can miners fork to 2MB and still stay with Core?

Or they're back on Classic??

Can miners fork to 2MB and still stay with Core?

Or they're back on Classic??

maybe you invested too much?

If you're getting nervous about every little price swing, what will you do when bitcoin goes -30% or +50% like it will surely do again some time in the future? Panic? Act on emotion?

make a plan (something like dollar cost averaging every week) and stick to it!

Don't invest what you can't afford to lose.

If you don't have enough money: try to earn more and cut expenses. Also cut expenses.

EDIT: oh and my personal favorite: whatever you do, don't ever commit all available funds/resources. Always leave some room for the possibility of a bad decision. (I will never understand people who go "all in", or "fully out")

longterm i mean when blockreward is zero, yes. nevertheless we should already be aware of that fees are not something "evil" but overall necessary. its a balance between allowing 0-fee transactions to process, while still having enough pressure to have some fees paid.

Longterm Bitcoin has to gather enough fees to survive, without fees no miners.

Or in your business language: We can give away our product for free, said no successful business ever.

edit: the fees will longterm lead 1:1 to Bitcoins security. the higher the gathered fees the higher the security of the network.

longterm i mean when blockreward is zero, yes. nevertheless we should already be aware of that fees are not something "evil" but overall necessary. its a balance between allowing 0-fee transactions to process, while still having enough pressure to have some fees paid.

Your customers need free money. No doubt about that.

Yes, it is a smart move. Get rid of such customers! Let them go to and ruin the other 'efficient services'.
If it is the only type of customers you have then you don't offer value in your service and you should change your business!

Finally some intelligent thinking. Thank you miner revolt. A non political fork from 1-2 MB that is driven entirely by miners and not an attempt to take over future network control is exactly what is needed.

Call it Bitcoin Core 2MB or something, get a 90% majority of hashing power behind you, fork and then step back and let the experts in at bitcoin core do there thing and work continue working on making bitcoin better a with segregated witness which is complicated and should not be rushed.

A contentious hard fork would be a disaster. An apolitical miner driven fork would probably still cause some to grumble but it is probably something everyone could live with. This is promising.

If you increase transaction fees you decrease the number of transactions, so you don't increase the total level of transaction fees.

...
Or in your business language: We can give away our product for free, said no successful business ever.
...

Big blocktards

https://www.reddit.com/r/Bitcoin/comments/42fggm/chinese_community_has_voiced_consensus_opinion_to/

I think this is why we are starting to go up. Miners providing clear road map.

Also, I'm interpreting this as a miner revolt. Not siding with core or classic. Just changing 1mb to 2mb and nothing else. I'm happy with the move but not everyone might be.


Copied from Google translate.


[Currency] 1992 consensus reached circle gathering support 2MB, against less than 90% count bifurcated force consensus
Lai Bite mine pool | 01-24 | Look landlord
This post was last at 2016-1-24 22:25 edited by 莱比特 mine pool

Author : Lai Bite mine pond river Thatcher stakeholders : Bitcoin / litecoin miners, who hold out

January 23 afternoon, the coldest day in Beijing, good Bitcoin (haobtc.com) organized a party in full swing in currency circles. Participants in the development of good bitcoins, bitcoin block expansion, force mining operator, on Bitcoin future prospects and other topics heated discussion.

On the block expansion, the participants reached the following consensus and hoped that all bitcoin businesses and users to join this broad nine (90%) di (2MB) consensus:

1, Bitcoin need expansion to 2MB.
2, against less than 90% count bifurcated force consensus.

Meeting participants :
Good Bitcoin CEO Wu Gang, super bitcoin, Thief, Bear, etc.
Continental CEO Wu Ji Han Bit
Ants mine pool Panzhi Biao
Ants mining machine Li Ying Fei
Guo Hong Btc123 only
Wells Fargo Funds Zhao Guofeng
Cloud coins cat
Too wallet than Wenhao
Look currency Fangfang
Soso Bitcoin Linjia Peng
(Many participants, if missing, please forgive me)
...
Consensus:
As we all know, this block expansion is no longer a technical issue, but a conflict of interest due to political problems. Background see previous article: " [Bitcoin facing a critical choice] urge all people to support macro news 2MB expansion . "...