Bitcoin Forum

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.

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 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.

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.

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.

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.

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

https://image.ibb.co/dCKE6F/B4y4mEm.jpg

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.

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??  ;D ;D

People using it for trading and gambling doesn't mean it's not a currency, I'd say that even proves that people see it as currency, especially in the case of gambling.

Currency = something that is used as a medium of exchange; money.

I wonder where this is coming from as a lot of us are advocating for an increase in block size you are rather suggesting the opposite because of your profit? Ok you make all the money and transactions are stuck unconfirmed and then people start losing interest in using Bitcoin and then it finally collapses. Happy now??

sorry , not all people use bitcoin for holding and making money only. but some use for day to day transaction which are not possible with real money or get discount with bitcoin. so your assumption that bitcoin is used for holding and making money is a wrong concept.

you are only saying this because you personally have never used bitcoin for anything other than selling it for fiat and getting out as fast as possible. you my friend think bitcoin is a cash-cow not a currency.
that is why you are wishing the price go to the moon so your 0.25390216BTC is worth a fortune. but let me tell you that is not going to happen with small or smaller blocks.

p.s. i am very curious to see your face the day you are going to spend your current 0.25390216BTC and are forced to pay 0.01200060BTC as fee since you have 37 outputs to spend!
and by the way with your proposal (0.5 MB blocks) you will be forced to pay 0.1BTC as fee

you can use this comment as the answer to the question you will ask that day in the future.

You don't know what bitcoin is used for.

Yes, all transactions are recorded in a public ledger, but this doesn't mean that they can be associated with the type of financial transaction they're fulfilling. While the number of transactions can be associated with the price, it could very well mean that people are starting to use bitcoin as currency more to buy things and so on as the price trend currently favors spending it against the dollar, to buy goods etc.

lol it make sense, and it could explain why miners don't want to upgrade, they want to keep their profit high, and with less dumping and higher fee more profit come for them


i agree with this, i'm also using bitcoin as a possible and when i can instead of fiat, the thread starter suggestion make no sense to me, it would make transaction even more expensive and delayed

I use bitcoin quite a lot to buy things. So the confirmation speed is important to me.

Confirmation speed is important, yes. Imagine this scenario - you are at a local store that accepts bitcoin with dozens of people paying via bitcoin. If confirmation speeds are not instant, you have a long line of pissed off people waiting to complete their transaction. Problems like this will have an affect on adoption rates. This is probably one of the most pressing issues that needs to be resolved as soon as possible.

First of all, Bitcoin is intendend to be used as a currency.. and secondly..
Most BTC Traffic on the Blockchain is because people use it as a currency..
Everything which has to be paid pseudoanonymously or with a big distance.. is being paid with BTC's

what you said here, will only come from someone who has no understanding of how bitcoin should worl or from a miner who wants to make more profit when fees go up 10 times more.

there is no other explanation.

I agree. There is only a small percentage of Bitcoin users use it as a currency. The rest, sadly, only use it for profit such as trading, gambling, HYIP, stupid ponzi. And it will take us a lot of time for bitcoin become a truth currency. However, as a Bitcoin enthusiast, I am using it everywhere I can and most of the time, I purchase game from Steam and sell them with a good prices

No bad idea. You should make block size irrelevant and only allow 0 tx per block. Then no one could go from cold storage to exchange so price would not drop.  ;D ;D ;D ;D ;D ;D ;D

The current block size is bigger than 0.5 MB, but still it is not enough to handle many transactions, resulting the delay of many transactions in the blockchain that are not yet confirmed. So, reducing it to 0.5 MB would just make the situation worst than the situation we are having right now. You may be right that nobody uses bitcoin to buy stuffs most of the time but we are still using to pay services that we are having here in the virtual world.

So, it is really not good idea to reduce the blockchain in to a smaller size than its size right now, I think you are being so selfish about making profits on bitcoin, that is why you came up to this point where it doesn't make any sense. You are not the only one who is using the bitcoin, so it is not possible to happen what you are thinking.

You could halve the blocksize, and this would have the advantage of cutting out over-bloated transactions. However, to reduce the transaction backlog, you would need to reduce the block generation time, maybe to a fifth of the current interval. As has been pointed out in my other threads suggesting a generation time reduction, there are a number of problems that this would create. It is not the trivial solution that I imagined when I first suggested it.

I've bought a ton with Bitcoin and regularly use it for things

Changing the block size in either direction is a bad idea. There are many other ways to address the transaction count issue without pushing out those with limited Internet from running a node. For example, increasing it will push out most of those it was intended for. Most notably the un or under banked

Your entire post is based on speculation, so I'll give you some speculation in return.  This is the most stupid post I've read about anything ever, and I've seen a lot of stupid posts.

The numbers?  What stupid numbers?  The number of transactions HAS GONE UP.  The price has gone up because the demand for bitcoin is rising. 
So people will make more profit if there are higher fees?  The reason so many people are holding it for a profit is because they have less choice to use it as a currency because the fees are so stupidly high because of the block size.

Hey, everyone can submit code to be scrutinized and I doubt any proposal will ever be put up to reduce Block sizes.... well, even if it was, I doubt

that you would get many people to run that software. You are free to create your own Alt coin with those parameters and see if you can get people

crazy enough to use that as a payment system.  ::)

Are you against running a node in pruning mode? I don't see how increase blockchain size would push it away from people.

You are suggesting that we throw away the reason for bitcoin to exist at all which is to be a currency the fact bitcoin can be used to trade or to invest is just a secondary effect caused by the premium status bitcoin has as a currency take that away and bitcoin will lose a lot of its attractive.

I tank you all for participating in this little experiment. Most of you did nothing more then speculate, i think most of you do not understand how Bitcoin and the system around it works. Lastly i wanted to see how the arguments would change if i propose to go in the opposite direction we all want to go, but are not able to decide which path to take. To many people with to many different opinions. I am very curious how this whole scaling problem will play out and i think we can close this thread.