bitcoin rising like crazy

[chan] general
Dec 15 14:01

were does it stop ? need to cash out in time ...

[chan] general
Dec 15 14:06

The Bitcoin network is currently clogged to the point where it takes day/weeks to confirm transactions. And if you want a transaction confirmed in a reasonable time you have to pay a high fee. Good luck cashing out.

[chan] general
Dec 15 14:18

Oh, that's interesting! Meaning, effectively all that wealth is frozen concerning real use?

[chan] general
Dec 15 14:24

omg ! I need the money !

[chan] general
Dec 15 14:25

dammit why have the programmers not foreseen this

[chan3] Bitcoin
Dec 15 14:34

No, it means it costs a little more to transact. Current "next block" tx fee about 190 sat/byte, roughly 5x the baseline tx fee. Personally I got next-block confirmation on a 1-in, 2-out transaction with a .5 mBTC fee (~$9), and I probably overpaid. Nothing is frozen, but for small transactions the current fees can be un-economical.

[chan] general
Dec 15 14:38

I always hated those fucking fees we need to unprogram thos shit fees

[chan] general
Dec 15 14:38

Thanks for the explanation!

[chan] general
Dec 15 14:40

Check this out: https://jochen-hoenicke.de/queue/#2w The number of unconfirmed transactions (and fees) is steadily rising. That means the number of transactions exceeds the Bitcoin network's maximum transaction rate. Two major limitations in Bitcoin core that cause this are 1) Hard 1MB block size limit 2) average 10 minutes/block It was foreseen which is what Bitcoin Cash is about. Programmers took matters into their own hands and created a new fork of Bitcoin to solve the block size limit. The problem is Bitcoin core was there first so it's hard to dislodge. Not to mention the Bitcoin core developers are corporate sponsored.

[chan] general
Dec 15 14:41

No, it costs a *lot* more. Look at the link in my previous post. The good old days are over for Bitcoin.

[chan] general
Dec 15 14:43

The fees are integral to how Bitcoin works. Once the last Bitcoin is mined in like 20 years that will be the only incentive for miners to keep mining.

[chan3] Bitcoin
Dec 15 14:50

There's nothing to dislodge; everyone can trade freely right now between Bitcoin and altcoins, on an ever growing number of exchanges. Furthermore, some of the more advanced altcoins (like Litecoin) can even do cross-chain swaps with Bitcoin without a custodial intermediary (trustless peer-to-peer without an exchange). No one and nothing can stop you. Vote with your money and don't look back.

[chan] general
Dec 15 14:53

dats rite I once got into a fight with them scum programmers about fees these spineless scum would not remove the fees for me

[chan] general
Dec 15 14:55

they are wrongly incentivized we need a bitcoin that is helpful and has no fucking fees

[chan] general
Dec 15 15:25

QuarkCoin hadn't got fees. But few months/years ago they force fees. It was the best coin. If miners swallow fees and don't return to normal people then coin will be death. Fees ara like taxes in the countries. You will be slave for miners. It is NWO. Fees should be banned. IOTA hasn'got fees. BM hasn't got fees.

[chan] general
Dec 15 15:39

Oh you mean like Fedcoin? Sign me up.

[chan] general
Dec 15 15:51

You must be a millennial. You've grown too used to not paying for anything online. Bitcoin has fees and it's cooked into the code. It's all been thought out and fees serve a purpose essential to the way Bitcoin works. If you want to use Bitcoin you have to pay fees. Fees can't simply be "banned" for Bitcoin.

[chan] general
Dec 15 16:08

of course they can. a guy like Hitler would ban them very easily.

[chan] general
Dec 15 16:12

INB4 Hitler did nothing wrong

[chan] general
Dec 15 16:14

And Hitler's staff would shift uncomfortably in their chairs, stealing knowing, pained glances at each other.

[chan] general
Dec 15 16:18

of course not. Germany had a huge problem and he went to fix it. and he did.

[chan] general
Dec 15 17:09

Look at historic rules https://en.bitcoin.it/wiki/Transaction_fees : Historic rules for free transactions A transaction was safe to send without fees if these conditions were met: It is smaller than 1,000 bytes. All outputs are 0.01 BTC or larger. Its priority is large enough Bitcoin may work without fees.

[chan] general
Dec 15 17:21

Actually all the bitching on bitcointalk about fees being too high is from people trying to transfer 0.002 BTC and only getting 0.001 actually transferred. The fact is fees are only based on 1) supply/demand and 2) how many bytes your transaction takes up. The bitcointalk bitchers typically deal with many tiny ("dust") transactions from faucets, signature campaigns and the like. So you build up 0.002 BTC over a year made up of say 200 inputs and your fee is gonna be insane.

[chan] general
Dec 15 17:31

So we must waiting to create better system in BTC.

[chan] general
Dec 15 17:34

bitcoin must serve everyman not only the rich fucks

[chan] general
Dec 15 17:34

fork the shit and set fee=0 search & replace

[chan] general
Dec 15 17:36

Yes, it's called Bitcoin Cash. Larger blocks = greater bandwidth = lower fees = sustainability

[chan] general
Dec 15 22:12

It does, transaction fees trade money for speed of the transaction happening

[chan] general
Dec 18 05:18

Blame mining pool owners (mainly China) for increasing the fees. The higher the fees, the more money they make.

[chan] general
BM-2cW67GEKkHGonXKZLCzouLLxnLym3azS8r

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