Topic: WOW!!! New Record 200622 Unconfirmed Transactions (Read 6953 times)

Bitcoin cannot be used for micro transactions and that era is over a sometime unless and until there is a big time change in the network and we really need the upgrade to settle things up and i really would like to see bitcoin like i know in the past where i am able to send micro transactions and lower transaction fees.

In 2012 (the value I took was April) bitcoin was already 3.5 years old. 
LTC was launched end of 2011, so today, LTC is 6.5 years old.

Of course, you can say that bitcoin didn't have competition during its first few years, while LTC has a lot of competition, from bitcoin and other crypto. 

For a real currency, that's obviously the case.  This is given by Fisher's formula.  The amount of economic value bought by a fluid currency determines its market cap.  Of course, the tricky thing in that equation is the money velocity, but a fluid currency has a velocity of the order of a few units to a few tens of units, unless it is a very very fluid one.

In Fisher's formula, we have:

Q = the economic value bought with the currency (and hence, indirectly, the economic utility of the currency system itself)

P = the number of currency tokens for a unit of economic value (in which Q is expressed, for instance, "Big Mac": P is the price of a Big Mac in the currency at hand ; but we can also take "dollars", if we consider dollars as representative for economic value in the short term, which is true)

M = the monetary mass (the amount of currency units in circulation)

V = the monetary velocity (usually between 1 and a few times 10, or bigger if it is just a "transition token").

Note that the "price of a currency unit" is 1/P.

Fisher's formula is :  Q . P = M . V, from which:  Q = V . M/P

Now, M/P is what we call the market cap of the currency.

So we see that normally, the market cap of a currency should me the economy bought by the currency, divided by the velocity which is 1 - 10 or bigger if the currency is transitional.

In other words, the market cap, times 10 or so, should be the estimation of the economy bought by the currency.  Well, *no crypto ever did that*, which indicates that no crypto's price is ever driven by its usage as a currency.

No, bitcoin's yearly economy bought as a currency is not $300 billion.  If bitpay is an indication, we're on the order of $300 million a month, or maybe $3 billion a year.  
But bitpay indicates QUICK velocity.  The holding time is not of the order of a month, because the conversion to fiat is done quickly.  This would boost velocity even further.  So grossly, you could say that bitcoin, being an "intermediate currency", is supposed to have higher velocity than fiat currency that is "kept through the month when spending one's salary".   The bitpay model would indicate velocities that would get closer to 100 than to 1.  That would mean that, if the total economy of bitcoin is, let's be large, 10 billion a year (the amount of stuff really bought with bitcoin as a currency), bitcoin's market cap should be $100 million.

So we see that no crypto currency's price, and especially not bitcoin, is driven by its "economic value as a currency".  It is PURE SPECULATION.

And that's because of bitcoin (and all crypto's) speculative emission curve and the absence of price stabilizing mechanism (on the contrary, all of them hope for "moon").  This is what makes me conclude that the currency usage of crypto is not considered by the market.

It's more than 3 days now and my $8 worth of bitcoin with a $1.7 worth of bitcoin fees is still pending in unconfirmed transactions, I paid the fees to expect 60 minutes of waiting time, but that's the way the bitcoin works as of now.

him only big scammers in many forum i ceck him https://www.epicnpc.com/threads/807935-List-of-scammers-and-skype-impersonators-of-The-Integrity

Whether the reason for this is spam or not we urgently need a solution. People against segwit should point to something better, if a better solution exists.

Lols, so LTC is after 5 years at the level BTC was after two years.
So it is twice as fast in transactions but twice as slow in addoption.

Following your logic it will arrive at the current BTC level in maybe 22.5 years.

I can no longer move around small amounts of bitcoin. Now to get my transactions through in a reasonable time frame I need to spend between one and two dollars a pop. I went to send 0.02 btc  this morning and didn't send it for this reason as the fee was going to be too big.

That is a fascinating observation and consistent with the fact that the real value of a currency is in its economy and take-up, not its technology.

If the price were to drop because of the scaling issues it should have already had an affect already because the impact of these issues started a few months back ,instead the price is breaching new territories and resistance levels with ease.It is really frustrating to see that your transaction is getting delayed,but as a common man you really cannot do anything other than to pay higher fees for transactions.


First and foremost let the developers of unlimited learn how to code and be able to write a code that does not crash every now and then and after that we will determine whether they are capable of handling anything major.

150 transactions in 30 minutes is 7200 transactions a day.
That's about where bitcoin was in 2012.  5 years ago.

Remarkably, the price of a BTC then wasn't very far from a LTC now.

Neah , no threat here.

Fees are high, blocks are full people say you should use other altcoins...
But in reality how many are using alts?

Let's take a look at LTC:
http://ltc.blockr.io/

150 transactions in 30 minutes.  compared to 6000.

By the time alts manage to get close to BTC the nephews of the current devs will reach a decision.

bitcoin unlimited is solution about much unconfirmed transaction
or another solution must incraese blocksize

The forum is saturated with posts about the scaling issue. Until the market signals ist fed up by dropping the price nothing is going to happen. When the price drops watch and see how fast they move.

BTC needs to find an issue to the scaling problem if they want to remain #1. Does anyone know when rootstock will be implemented ? I think they can overcome the issue of block size if i am not mistaken ? Right ?

There is no normal in the Bitcoin space unless you call constant change normal. The industry morphs every six months or so. So expect more twist and turns and expect the unexpected. That is what makes this so exciting.

New record but for sure if bitcoin survive and we can still use it in the future we will a lot more unconfirmed transaction,
We just have to wait and see where it will get us just hope that it will be back to normal soon.

I am saying about the transaction fee that are needed to be confirm by Block Chain, if the sender would just give a small fee and it will not be confirm by the system, then days would past if the transaction would not still be confirm instead of returning it to their wallet then putting a bigger fee, they would just keep on pushing a small fee on the transaction I think some are keep on doing this that is why the number of transactions like that.

What is the best coin to move funds between exchanges nowadays?

It's not that simple.
You can put in a fee that will probably get you confirmed in 24-48 hours.
But once you've done this you have no certainty that in the next 24 hours a new wave of transactions with 50% increase in fees won't appear and yours will be pushed further back..and further until it gets dropped.

This is actually what I like about bitcoin.
Pure supply and demand.