I like where your going with this bitcoindownfall, but the IRS is the least of my worries when it comes to the future of BTC. I am sure that BTC is being watched by the powers that be and I am sure they already have a plan of action in place in case BTC even begins to infringe on their monopoly over commerce and trade. I'm talking the credit companies and PayPal. They own commerce on the internet, end of story. BTC entire economy is paltry in comparison. However, should BTC manage to attain a foothold, move anywhere close to being on the same level of use and conveinience as PP or mastercard, the big corporations, the money lenders, the banks, they will easily put together the $ to buy out 51% and effectively wipe out BTC like brushing a fly off the back of their wrist. For now BTC is too puny for them to bother with, plus nobody actually uses it to buy anything so they aint threatened, but mark my words, as soon as it starts to see wider adoption and use...BOOM, goldman sachs and BoA or whoever will shut it down quick and for good. Every genius out there who has caught BTC fever and moved his granny into a "home" so he could sell her house and convert it into BTC will see a life savings fortune turn to pennies (and I'm from Canada where pennies are no longer worth the junk metal they are printed on) and there will be mass suicides ala 1929. Warren Buffet and Bloomberg will wring their hands and gloat over every ruined BTC highroller, congratulating themselves for teaching us all a harsh lesson, and to never again dare and pretend at their throne.
In a dogfight, only the winners eat.
Topic: why bitcoins will ultimately die - page 2. (Read 1938 times)
the number of bitcoins is virtually limited to 21 millions, we've got less than 1 million users for now but imagine one day the price of the bitcoins becomes so high that a transaction fee will cost several bucks.
the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it?the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
lol
Quote
The majority of the users control that.
oh yeah really? tell me how can I control this, please I want to learn. If you can convince the majority of the miners to process spammy transactions fee-less, it's trivial for pool OP's to change that in the software.
Looking at OP's nick, I suspect someone just created this account to troll us.
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much
seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?
I'm not going to feed the trolls further on this.
dude you are the troll, I came here saying the transaction fee will ruin the bitcoin and it seems I was fooled because there's no transaction fee, how is this TROLLING?Miners mine because they receive an incentive to do so.
Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
uh oh I thought bitcoin was decentralized, so now we can lower the transaction fee, who's behind all that? who controls that?Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much
Quote
Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.
Quote
Exactly. You actually never have to pay a transaction fee, and you will probably never be required to do so. However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.
WAIT WHAT? so I was paying for phantom "mandatory" transaction fees? how the hell do I NOT pay these transactions.seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?
Quote
Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.
try to be more imaginative, this will help you the day your bitcoin wallet gets erasedand how do I remove this transaction fee, I AM NOT PAYING IT!
It's been some time since I paid the transaction fee for my transactions.
I am suspecting you used a ton of those 'free bitcoin sites' and got a ton of micro-bitcoins. You then tried to send that out, and of course you're expected to pay the transaction fee. Try to send a ton of micropayments with PayPal and you'll get the point. Miners are opting to not process spammy transactions without a fee, as that will clog the network. Please read the following if you're not trolling.
https://en.bitcoin.it/wiki/Transaction_fees
Quote
The majority of the users control that.
oh yeah really? tell me how can I control this, please I want to learn. Looking at OP's nick, I suspect someone just created this account to troll us.
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much
seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?
I'm not going to feed the trolls further on this.
dude you are the troll, I came here saying the transaction fee will ruin the bitcoin and it seems I was fooled because there's no transaction fee, how is this TROLLING?Miners mine because they receive an incentive to do so.
Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
uh oh I thought bitcoin was decentralized, so now we can lower the transaction fee, who's behind all that? who controls that?Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much
Quote
Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.
Quote
Exactly. You actually never have to pay a transaction fee, and you will probably never be required to do so. However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.
WAIT WHAT? so I was paying for phantom "mandatory" transaction fees? how the hell do I NOT pay these transactions.seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?
Quote
Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.
try to be more imaginative, this will help you the day your bitcoin wallet gets erasedand how do I remove this transaction fee, I AM NOT PAYING IT!
the number of bitcoins is virtually limited to 21 millions, we've got less than 1 million users for now but imagine one day the price of the bitcoins becomes so high that a transaction fee will cost several bucks.
the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it?the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it?
That's a good one.Bitcoin is doomed to fail once it goes mainstream.
Looking at OP's nick, I suspect someone just created this account to troll us.
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much
seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?
I'm not going to feed the trolls further on this.
Miners mine because they receive an incentive to do so.
Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
uh oh I thought bitcoin was decentralized, so now we can lower the transaction fee, who's behind all that? who controls that?Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much
Quote
Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.
Quote
Exactly. You actually never have to pay a transaction fee, and you will probably never be required to do so. However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.
WAIT WHAT? so I was paying for phantom "mandatory" transaction fees? how the hell do I NOT pay these transactions.seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?
Quote
Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.
try to be more imaginative, this will help you the day your bitcoin wallet gets erased
the number of bitcoins is virtually limited to 21 millions, we've got less than 1 million users for now but imagine one day the price of the bitcoins becomes so high that a transaction fee will cost several bucks.
the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it?the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
LOL
Miners mine because they receive an incentive to do so.
Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
uh oh I thought bitcoin was decentralized, so now we can lower the transaction fee, who's behind all that? who controls that?Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
Quote
Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.
Quote
Exactly. You actually never have to pay a transaction fee, and you will probably never be required to do so. However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.
WAIT WHAT? so I was paying for phantom "mandatory" transaction fees? how the hell do I NOT pay these transactions.seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Quote
Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.
try to be more imaginative, this will help you the day your bitcoin wallet gets erased 
stop mining, this will cause you permanent brain damage from heat stroke (true)
Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul. BTCBTCBTC
the number of bitcoins is virtually limited to 21 millions, we've got less than 1 million users for now but imagine one day the price of the bitcoins becomes so high that a transaction fee will cost several bucks.
the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it? the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
why bitcoins the IRS will ultimately die
FTFY
FTFY
the minimum transaction fee is 0.000 btc thats currently 0,0 cents per transaction...
Fixed that for ya, but...shhhhh...this is what they don't want you to know
Exactly. You actually never have to pay a transaction fee, and you will probably never be required to do so. However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.
the minimum transaction fee is 0.000 btc thats currently 0,0 cents per transaction...
Fixed that for ya, but...shhhhh...this is what they don't want you to know
Uhhh... k.
this is what they don't want you to knoware you all so blind or what? do you really think the government and holding corps are not trying to destroy bitcoins?
I'm not even talking about the IRS, people here defrauding the IRS and people trying to buy drugs on SR or even people trying to launder their money, do you really think all this is not watched by the feds?
Miners mine because they receive an incentive to do so.
Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
Currently, the 25 BTC block reward is the primary incentive. The transaction fee will only become an issue when the block subsidy approaches zero. This won't happen for several decades. However, when it does, transaction fees will need to provide enough incentive for miners to continue mining. By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).
And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced. All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.
Pardon? Defrauding the IRS? You mean by utilizing the fruits of my own labor as I see fit? Oh dear, poor IRS, I guess goobermint will just have to make do with the 40% of my earnings they already stole. Of course the goobermint will try to destroy/control BTC, what don't they try to control?
As to the transaction fee issue, perhaps you should brush up on it a bit.
https://en.bitcoin.it/wiki/Transaction_fees
As to the transaction fee issue, perhaps you should brush up on it a bit.
https://en.bitcoin.it/wiki/Transaction_fees
Uhhh... k.
this is what they don't want you to knoware you all so blind or what? do you really think the government and holding corps are not trying to destroy bitcoins?
I'm not even talking about the IRS, people here defrauding the IRS and people trying to buy drugs on SR or even people trying to launder their money, do you really think all this is not watched by the feds?
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