Who benefits from high tx fees and who is blocking a solution?

stompix

legendary

Activity: 2912

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Blackjack.fun

Quote from: andrei56 on January 12, 2018, 01:14:16 AM

Quote from: coinycoiny on January 11, 2018, 03:42:36 PM

...and when you've worked out that question could you post underneath if you're supporting the status quo or not?

It is obvious who benefits from this and that is the miners, there has been a long speculation that they are the ones spamming the network and making the fees even higher, they tried to block segwit as well but they failed and now released their own coin bitcoin cash.

Use a bit of logic.
If miners would want just bigger fees, why would they release a coin that has less fees?
If they would want bigger fees, wouldn't they have launched a coin with 100kb blocks?

The debate was about what big blocks will lead to and now nobody would be able to host nodes at home with 1GB blocks coming every 10 minutes.

As for the spam they are just trying to make people shift to their altcoin, the fees are still negligible compared to the block reward.
Not forgetting that they are losing money with this spam, as some of the that get confirmed are their own.

Bukx

full member

Activity: 196

Merit: 100

Quote from: minersday on January 11, 2018, 06:47:10 PM

Quote from: coinycoiny on January 11, 2018, 03:42:36 PM

...and when you've worked out that question could you post underneath if you're supporting the status quo or not?

Underneath? came on, we all know that the fees are very outrageous right now because of the miners, there isn't any other reply to this.

Maybe the huge manipulations that exchanges are creating right now is the main answer of why the lightning network can not be implemented yet, because they still want to make as much as possible from the fees (their own fee, for the network fee)

And the mining pools are never going to allow it, that is why it is never going to change if they do not implement it.

So thats why i want that lightning network implement as soon as possible so we can enjoy the sending bitcoin at least with low fee.
Who is responsible to implement the lightning network in bitcoin? Why still not implemented yet?

andrei56

sr. member

Activity: 840

Merit: 254

Quote from: coinycoiny on January 11, 2018, 03:42:36 PM

...and when you've worked out that question could you post underneath if you're supporting the status quo or not?

It is obvious who benefits from this and that is the miners, there has been a long speculation that they are the ones spamming the network and making the fees even higher, they tried to block segwit as well but they failed and now released their own coin bitcoin cash.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: coinycoiny on January 11, 2018, 06:00:58 PM

I see it that its the miners blocking a change to larger blocks.

miners were actually supporting a 2 MB hard fork aka SegWit2x...

Quote from: coinycoiny on January 11, 2018, 06:00:58 PM

Larger blocks=No need for segwit/lightning.

it sounds simple on paper but in reality it is not.
how much bigger blocks? and who is going to run full nodes when the blocks are 10-20-100 MB and blockchain is ridiculously huge?

Quote from: odolvlobo on January 11, 2018, 07:12:20 PM

Companies developing systems for off-chain transactions, such as side chains, lightning network and payment processoring, benefit from the high fees because of the increased demand for their products.

well, who is going to use Lightning Network when it costs $100 to enter a channel and close it?

i am all for LN and side chain solutions but we need on chain scaling too if we want to be able to use any of them!

odolvlobo

legendary

Activity: 4522

Merit: 3426

Companies developing systems for off-chain transactions, such as side chains, lightning network and payment processoring, benefit from the high fees because of the increased demand for their products.

minersday

hero member

Activity: 1484

Merit: 535

Quote from: coinycoiny on January 11, 2018, 03:42:36 PM

...and when you've worked out that question could you post underneath if you're supporting the status quo or not?

Underneath? came on, we all know that the fees are very outrageous right now because of the miners, there isn't any other reply to this.

Maybe the huge manipulations that exchanges are creating right now is the main answer of why the lightning network can not be implemented yet, because they still want to make as much as possible from the fees (their own fee, for the network fee)

And the mining pools are never going to allow it, that is why it is never going to change if they do not implement it.

coinycoiny

member

Activity: 273

Merit: 18

Quote from: OmegaStarScream on January 11, 2018, 03:58:22 PM

The miners get the fees. Exchanges and services such as Coinbase.com and Blockchain.info are blocking the solutions by not providing SegWit support even though It has no downsides and could literally save them millions of dollars as they have big userbase.

That's an interesting view.

I see it that its the miners blocking a change to larger blocks.

Larger blocks=No need for segwit/lightning.

and yet somehow its the exchanges fault?

OmegaStarScream

staff

Activity: 3500

Merit: 6152

The miners get the fees. Exchanges and services such as Coinbase.com and Blockchain.info are blocking the solutions by not providing SegWit support even though It has no downsides and could literally save them millions of dollars as they have big userbase.

coinycoiny

member

Activity: 273

Merit: 18

...and when you've worked out that question could you post underneath if you're supporting the status quo or not?

Topic: Who benefits from high tx fees and who is blocking a solution? (Read 144 times)