Topic: why don't speed btc up a bit. (Read 628 times)

While you are at it, lower the difficulty so I can mine it with my Commodore 64.

fees are usually 0.15-0.2 of the amount, so 7x equals 1.4%; now, if an arb opportunity comes up with 10% or more, you get 8.6%; you can afford to waste another 1.5-2% on price difference (it was very seldom more then 3% on doge in the past 4 months); for every percentage gained on arb opportunity you can afford to waste more; during swings you have to watch both sides, and usually, if you're fast, bagholders will dump on your low buy order on the other side, and you can then transfer that back to the original exchange (it is usually much less then the original difference, but hey, you can use it to cover the fees and price difference);

mind you, some arbs opportunities go up to 25% during pumps, so a pathetic loss of 3% on fees and difference really is pathetic;

edit: I mentioned liquidity, didn't I?

edit2: this is only for daytrading, not for one time transfer; scalping, arbing, high-low on ltc etc.

I dont agree at all, all other coins are useless for transactions if you dont want to pay high fees, they are usable only for MICROtransactions and tiny transactions.

You can buy e. g. doge for 71 satoshi, but you cant sell it for 71 again, you will sell it for 70 or you have to gamble and hope that the coin goes up in value (bad idea when sinking like now). So if you transfer e. g. 0.05 BTC you will pay 0.05 x (71/70) fee = 0.000714 BTC So you pay 7 times more than if you sell directly your BTC and pay 0.0001001 BTC fee. So this way is profitable only for sending really ridiculous amount of coins below approx. 0.005 BTC. But what you will sell for 0.005BTC? Pizza costs 0.015BTC (cheapest margheritta)  

nobody in their right mind would use btc for transfers;

if you're using arb bots set them for some other coins, if you're not playing both sides (I don't, because I like the adrenalin while waiting for confirms; I do arbs for that reason only); btc is transferred only once on a particular exchange, after that your wealth is stored in btc; for transactions, choose fast confirms, liquidity, stable coins (so that you don't end up on a wrong fork or so) etc.

your beloved quark is good for fast confirms, but is not available everywhere; zet is fast, has good liquidity, good for big amounts, but is not available on small exchanges, unlike drk- you can find it almost everywhere (and the liquidity is still pretty good); myr is perfect for small exchanges (and small amounts).

doge is my favorite transfer coin, it has everything; however I have noticed that confirms are somewhat slower now then couple months ago.

btc is gold, and should be treated as such; use other coins for transfers, make a list of coins with good specs for trading and use them as a currency- the way you would use fiat when trading stocks and commodities;

bear in mind that you should follow your 'currency' coins, the way you follow your coins on a pump; my list of these coins was somewhat different 1 month ago, significantly different 3 months ago, and completely different 6 months ago;

Re: why don't they fix BTC?
suggesting btc is broke

thought there was something here i was missing

so btc is not broke and in fact actually works


there is an alternative fiat

www.themindunleashed.org/2014/01/biggest-scam-history-mankind-debt-ceiling-truth.html

Ok thanks for the explanation. I will certainly increase it when i next need the btc to get there is a reasonable time frame.

thanks

It should be set to a tiny bit above that to speed it up
0.0001 Is minimum transaction
If you got to wallet and add an optional transaction fee on top of that your confirmations should be faster than others since it takes priority  
https://en.bitcoin.it/wiki/Transaction_fees

Then transactions that pay a fee of at least 0.00001 BTC/kb are added to the block, highest-fee-per-kilobyte transactions first, until the block is not more than 750,000 bytes big.

Transaction priority is calculated as a value-weighted sum of input age, divided by transaction size in bytes:

priority = sum(input_value_in_base_units * input_age)/size_in_bytes

That said you can also do a no fee if you want if the amount meets the condition
It just takes a bit longer
Those million dollar bitcoin transfers pay no fee lol

A transaction may be safely sent without fees if these conditions are met:

    It is smaller than 1,000 bytes.
    All outputs are 0.01 BTC or larger.
    Its priority is large enough (see the Technical Info section below)

was set to 0.0001  


what do most have theirs set to?

Because its not a problem if you send a proper fee to cover the transaction
If not then you need to wait a bit for the miners to confirm the transaction
That said your right some coins have faster blocks therefore faster resolves

Set bigger transaction fee?

Waiting for an hour for coins to confirm is just a pain. Using some of the other alts is like trying cable or adsl after having been on a 56k modem.