Whales = high fees - page 3. | Bitcointalksearch.org

bittraffic

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Quote from: okala on May 15, 2019, 05:30:12 AM

We should always know that whenever the is increase in the price of bitcoin the transactions fee will be a little bit high because volumes of bitcoin are moving within the bitcoin network, and if you are familiar with exchange fees then you pay higher moving bitcoin from exchange the wallet or from wallet to exchange.

True. Everything will increase as price also rise.
Those who were here long enough had experienced it that even sending a fraction of BTC will have higher fee than the usual due to bullrun. Its not like BTC is worth $250 anymore. A transaction fee of 0.001 btc is now worth $8 when its less than $1 years ago.

okala

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We should always know that whenever the is increase in the price of bitcoin the transactions fee will be a little bit high because volumes of bitcoin are moving within the bitcoin network, and if you are familiar with exchange fees then you pay higher moving bitcoin from exchange the wallet or from wallet to exchange.

aad140386

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I do not understand the essence of this post. In this world, everything is controlled by people who have the power and money. Big money will always rule the world until another viable system comes to replace capitalism. Bitcoin is the same asset as everyone else, and seeing the potential in it big money will buy it, if not already bought. In any big business or investment there is no place for random people. Therefore, visitors to this forum are unlikely to ever get rich so much that they can somehow influence the market.

pushups44

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Quote from: thirdprize on May 15, 2019, 04:30:49 AM

If you are moving 100s of BTC around then you don't mind paying $2 transaction fee to get it done quick. You can afford it. It hurts the rest of us though as we can't. Btc will always be at the mercy of the whales.

A big factor unnecessarily raising transaction fees is software that miscalculates the fee that should be paid by setting it higher than it should be. Also, bitcoin fees are driven by supply and demand, so if people are willing to pay higher fees and are able to do so we will just have to accept that. This is part of being a network.

Jating

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Quote from: thirdprize on May 15, 2019, 04:30:49 AM

If you are moving 100s of BTC around then you don't mind paying $2 transaction fee to get it done quick. You can afford it. It hurts the rest of us though as we can't. Btc will always be at the mercy of the whales.

I really don't understand your logic here. How are we affected by whales moving huge amount of coins? It's boils down as to how much fee's you are willing to pay in order to get your transactions quick.

So we are not in the mercy of the whales, if you know how to manage fee's then there will be no problem in your end.

Ailmand

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Quote from: thirdprize on May 15, 2019, 04:30:49 AM

If you are moving 100s of BTC around then you don't mind paying $2 transaction fee to get it done quick. You can afford it. It hurts the rest of us though as we can't. Btc will always be at the mercy of the whales.

Well, it is not their fault they have money to be a whale. If you want faster transactions pay higher fees. If you cannot afford the fees then just use the standard fee and wait for a standard confimation time.

NeuroticFish

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LOL! You guys think that the high fees are caused only by the ones moving around 100s of Bitcoin? Really??

How about the arbitrage bots? Every time there's a spike in the price, the fees go high. I've seen this behavior for months. As soon as the price "levels", the network gets free again. For arbitrage the time is crucial and they'll pay high fees. We, the others, have to wait. And yeah, blame the whales.

Beerwizzard

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To increase the average transaction fee we obviously need many transactions with a high fee. Those whale transactions probably wouldn't be even noticed. They would get to the 1st positions in queue, get confirmations pretty fast while the situation with the other transactions would probably remain the same. Even if we see some fee increase then it would probably be something except whales.

pakhitheboss

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I do have the same feeling, completely agree. It is still being controlled by the whales, but look at the bright side because of the bull run you are now planning to move your Bitcoin. The more the dollar value the more increase in the charge value.

OmegaStarScream

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You're saying that as If hundreds of bitcoins are being regularly transacted through the bitcoin network and not inside exchanges...

The network is saturated a little bit but that's probably due to the increase in the price. People are constantly withdrawing/depositing money from/to exchanges.

dothebeats

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As long as the sat/byte value doesn't change to extreme highs, this shouldn't be a problem. It's understandable that the dollar value of transactions would get higher on every bull run as BTC/USD pair also increases. Not that I'm okay with increase in fees but then again we should also look on the factors that affect such increases and try to draw a rather reasonable and rational conclusion from there.

thirdprize

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If you are moving 100s of BTC around then you don't mind paying $2 transaction fee to get it done quick. You can afford it. It hurts the rest of us though as we can't. Btc will always be at the mercy of the whales.

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