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Title: Isn't bitcoin getting greedy if you count the recent price rises? Post by: madmadmax on April 09, 2013, 05:06:39 AM With the fees? I mean with bitcoins getting rare lately paying a 0.0015 fee for sending 0.01 btc seems a bit extreme, even if there are 8 inputs, paying 30 cents for a 2 dollar transfer is a bit greedy and even though I understand that this is necessary to decrease the size of the chain wouldn't it be possible to introduce different concepts in order to make the chain smaller? Possibly "timestamping" a certain point in the chain and deleting all the spent transactions before that and then using it as a new start? This could be done automatically every month for example.
Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: Elwar on April 09, 2013, 06:27:26 AM I see the word "greedy" thrown around almost everywhere lately, but now bitcoin is getting greedy?
Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: Nemesis on April 09, 2013, 06:31:13 AM I see the word "greedy" thrown around almost everywhere lately, but now bitcoin is getting greedy? OP has a point, dont be a nitpicking prick Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: Elwar on April 09, 2013, 06:35:22 AM With the fees? I mean with bitcoins getting rare lately paying a 0.0015 fee for sending 0.01 btc seems a bit extreme, even if there are 8 inputs, paying 30 cents for a 2 dollar transfer is a bit greedy and even though I understand that this is necessary to decrease the size of the chain wouldn't it be possible to introduce different concepts in order to make the chain smaller? Possibly "timestamping" a certain point in the chain and deleting all the spent transactions before that and then using it as a new start? This could be done automatically every month for example. The minimum fee for the new client is .0001 That is less than 2 cents. Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: wumpus on April 09, 2013, 06:35:38 AM The fee system is certainly a point of discussion at the moment for the reference client developers. In a merge yesterday, the hardcoded KB fee in was brought down (0.005 to 0.001), so this will be in 0.8.2 and given that the miners go along, this should alleviate fee worries for a while.
However this solution of hardcoding a number is not sustainable. There can't be a new software rollout every time the price in $ changes. In the long run, it need to be the miners that determine the fee in a free market system and broadcast this somehow so that it can be determined dynamically. I recommend searching the forums if you want more details; this has been argued to death, and it can't be solved by arguing about it more :) Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: Elwar on April 09, 2013, 06:37:32 AM However this solution of hardcoding a number is not sustainable. There can't be a new software rollout every time the price in $ changes. In the long run, it need to be the miners that determine the fee and broadcast this somehow so that it can be determined dynamically. Hard coded in one of the clients. Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: Carlton Banks on April 09, 2013, 02:51:27 PM With the fees? I mean with bitcoins getting rare lately paying a 0.0015 fee for sending 0.01 btc seems a bit extreme, even if there are 8 inputs, Although probably not available with online wallet services yet, I think "coin control" would let you make a transaction with multiple inputs and just the one fee. Available in the Armory client, and also maybe in original Bitcoin Qt in some future release or another Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: BTCisthefuture on April 09, 2013, 05:54:52 PM I don't want to comment on fee's.
But I will say that BTC in general is in a very greedy phase. ALOT of people buying up BTC's right now are doing so because of the recent spike in value and looking to get rich quick. That's a very strong sign of a bubble. I know people who know next to nothing about computers who are now calling me asking about BTC because they want to get in on the gravy train and make some quick money. As of right now this second, BTC is starting to become less of a currency and more of a commodity/investment that people are hoping to get rich on. Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: madmadmax on April 09, 2013, 06:02:14 PM I don't want to comment on fee's. But I will say that BTC in general is in a very greedy phase. ALOT of people buying up BTC's right now are doing so because of the recent spike in value and looking to get rich quick. That's a very strong sign of a bubble. I know people who know next to nothing about computers who are now calling me asking about BTC because they want to get in on the gravy train and make some quick money. As of right now this second, BTC is starting to become less of a currency and more of a commodity/investment that people are hoping to get rich on. I guess it is simply the nature of people to bubble something, can't prevent it. Title: Re: Isn't bitcoin getting greedy if you count the recent price rises? Post by: SgtSpike on April 09, 2013, 06:03:23 PM The fee system is certainly a point of discussion at the moment for the reference client developers. In a merge yesterday, the hardcoded KB fee in was brought down (0.005 to 0.001), so this will be in 0.8.2 and given that the miners go along, this should alleviate fee worries for a while. Correction: 0.0005 to 0.0001.However this solution of hardcoding a number is not sustainable. There can't be a new software rollout every time the price in $ changes. In the long run, it need to be the miners that determine the fee in a free market system and broadcast this somehow so that it can be determined dynamically. I recommend searching the forums if you want more details; this has been argued to death, and it can't be solved by arguing about it more :) |