Why i think we should reduce the block size - page 2.

NeuroticFish

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Quote from: Senor.Bla on February 24, 2017, 03:05:54 AM

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

LOL! Even your signature space is bought with Bitcoin.
Even the cheap me already bought stuff with Bitcoin, mostly Bitcoin earned from signature campaigns.
So your assumption is so very wrong...

Then just look on main page of Blockchain info. You'll see that every block holds transactions worth thousands of bitcoin (yeah, millions of $). If everybody is holding, how comes that so much bitcoin is transferred around? People don't make their mind of which cold storage to use?? Grin

fortunecrypto

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Quote from: Coding Enthusiast on February 24, 2017, 03:11:28 AM

Quote from: Senor.Bla on February 24, 2017, 03:05:54 AM

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

Are you serious ?I just paid for my monthly hosting with Bitcoin and two of my clients pay me bitcoin to my service and check the internet and tell me if nobody is really using Bitcoin to buy and pay for services,this is the height of ignorance and irresponsible post.

pedrog

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The price of bitcoin will continue to increase if no one is able to transfer their coins and dump them on exchanges.

wisqo

newbie

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Quote from: Senor.Bla on February 24, 2017, 03:05:54 AM

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

I think you do need to realize that bitcoin is definitely used for purchases. Many online services such as VPN providers, email providers and many many more provide bitcoin as a form of payment and plenty of people like myself use bitcoins for purchases.

Carlsen

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Quote from: Retailatmon on February 24, 2017, 03:48:45 AM

Quote from: Coding Enthusiast on February 24, 2017, 03:11:28 AM

Quote from: Senor.Bla on February 24, 2017, 03:05:54 AM

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

I agree. I use bitcoin quite a lot. So the transaction speed is important.

I am the living proof that there are people out there who actually buy things with bitcoins.
And it is really necessary to keep bitcoin used as a way of payment.
All that infrastructure that has been built the last years would vanish if nobody uses it.
That would decrease the demand for bitcoin, because I do not think that pure buying for holding can compensate it.
A decreased demand means a lower price.

Retailatmon

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Quote from: Coding Enthusiast on February 24, 2017, 03:11:28 AM

Quote from: Senor.Bla on February 24, 2017, 03:05:54 AM

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

I agree. I use bitcoin quite a lot. So the transaction speed is important.

megynacuna

sr. member

Activity: 756

Merit: 253

What the OP is suggesting will rather collapse Bitcoin because not everyone will be willing to pay high fees to get a transaction done in a small block size. The waiting times alone will frustrate Bitcoin users to dump Bitcoin for other Altcoins.

eternalgloom

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Are you saying that you think that the high Bitcoin price is caused by the high number of transactions and the fees?
Do you think that scaling down would cause the price to go even higher or what is the point you're trying to make?

Let's say that, indeed, everybody is just buying Bitcoin and holding it, not using it as a currency. Even then people still have to be able to make transactions, even if it's just from exchange to wallet.
But people are buying stuff with Bitcoin, just take a look at the Bitcoin gambling industry, that's just one example of Bitcoin being used as a currency by a lot of people.

Coding Enthusiast

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Bitcoin and C♯ Enthusiast

Quote from: Senor.Bla on February 24, 2017, 03:05:54 AM

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

Senor.Bla

sr. member

Activity: 280

Merit: 253

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

Topic: Why i think we should reduce the block size - page 2. (Read 1206 times)