We are going to be devating the scaling issue until we are old - page 2.

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

Quote from: unamis76 on April 14, 2017, 01:06:03 PM

We will always debate about scaling (a permanent solution to this issue seems highly unlikely), but your post makes it look like SegWit/Block size increase will still be a issue when you're 60... So I take it you're 59?

BTC will not go up in price if it is unusable (by being unusable I mean have ridiculous fees), but while we have scaling issues so urgent like we have right now, price will be the least of our worries

Well, some people claim BTC will become a tool for billionaires only ($ billionares). Read that other thread. I think it's a ridiculous claim, because it's such a small amount of people, the rest aren't going to sit back and watch themselves kicked out and their wealth rendered useless because the fees are so big that it requires millions of dollars of fees per transaction.
I can see $100 per transaction at a very high BTC price as a sort of gold replacement, more than that and it starts becoming absurd. Something will happen before we reach such point.

unamis76

legendary

Activity: 1512

Merit: 1012

We will always debate about scaling (a permanent solution to this issue seems highly unlikely), but your post makes it look like SegWit/Block size increase will still be a issue when you're 60... So I take it you're 59?

BTC will not go up in price if it is unusable (by being unusable I mean have ridiculous fees), but while we have scaling issues so urgent like we have right now, price will be the least of our worries

jamescameron2312

newbie

Activity: 25

Merit: 0

i was confused by iamnotback posts

he says that bitcoin will go to half million dollars in 2030 and only billionaire people can use it

not even people holding 21 will be able to move their btc anymore because btc fee will be too high even for holders of 21 btc (millionaire club)

how stupid is that

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: BillyBobZorton on April 14, 2017, 12:36:56 PM

But as long as the price goes up the fees will go up too.

The price going up won't result in the fees going up. The only thing that'll result in fees going up is an increased transaction volume and total size of transactions being added to the blockchain. If the price goes up, mining revenues will rise because the number of Bitcoin they get as a block reward is set - if the block reward is still 12.5 and the price doubles, the revenues will double, meaning that miners no longer need to receive as much of their revenue in transaction fees.

Bitcoin's fees won't actually get that bad because the transaction volume will decrease as investors store larger amounts of money in it because of the bad fees, making Bitcoin accessible to less people (thus decreasing the transaction volume, but potentially keeping the price the same or even raising it). So if Bitcoin isn't scaled, there will be a middle ground in which transaction fees are high but not unbearable.

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

We will be 60 years old and we will still be debating how to scale bitcoin. Franky1 and jonald will still be saying how segwit is bad, and kwukduck will still be FUDding on the price and shilling whatever alternative is being proposed (BUcoin, Classicoin, othercoin)

Meanwhile BTC price will continue going up and so will the fees. BTC will continue working.

I just hope the fee never becomes so high that people can't even move 1 BTC!!! that would be stupid.

But as long as the price goes up the fees will go up too.

The question, when does bitcoin become useless for us? when do we dump because the fee will become higher than our holdings?

I think when you can't even move 1 BTC per coin because the fee is higher than 1 BTC, the price must be super high or it will collapse.

Topic: We are going to be devating the scaling issue until we are old - page 2. (Read 1427 times)