Bitcoin Forum

bitcoin has worked perfectly fine for over 8 years
it has processes 233,647,631 transactions [1]
it is now processing ~300,000 transactions per day [2]
about 200-600 million dollar is being transfered using bitcoin on daily basis [3]
there has been a spam attack on the network for some time. some people say it has been a couple of years. but it is still functioning as it should.
bitcoin has never failed, the blockchain has always been working, nodes are up and running and spread across the globe, no exchange has ever suspended bitcoin wallet to investigate!


ethereum got some attention for a couple of months this is the result:
average transaction fees surpasses $1 in 2 months [4]
blockchain is congested and caused ethereum and all the others relying on it to fail. all exchanges have already disabled all these wallets.


[1] https://blockchain.info/charts/n-transactions-total?timespan=all
[2] https://blockchain.info/charts/n-transactions
[3] https://blockchain.info/charts/estimated-transaction-volume-usd
[4] https://bitinfocharts.com/comparison/ethereum-transactionfees.html

you seem to forget the 2013 Berkeley->leveldb   event involving the issues with the locks. that caused alot of drama, including a period of time exchanges halted deposits/withdrawals to avoid issues until the drama was over.

there is no point pretending something is perfect utopia and preaching utopia to the already converted. what is best is to accept there have been issues and there are issues and to learn from them and to fix them.

EG
some state that core is perfect and has no issues.. if this were true there would be no need for segwit or schnorr or increasing blocksizes or other things.

no i did not know that.
i did a quick research and it seems like what you are referring to was just a problem in a bitcoin client called bitcoin-QT currently known as bitcoin-core. it had nothing to do with bitcoin or its blockchain.
what we are witnessing with ethereum and the bloat and the blockchain problems is a fundamental one.

Don't know why but that amount of transactions still seems very low compared to credit card transactions... there is still a lot of space to grow...

Where are you seeing that the average transaction fees for Ethereum surpassed $1?  The mining network hasn't failed, and is actually increasing exponentially right now.

The problem is, transaction fees are already so high that it's hard to justify using Bitcoin to purchase a cup of coffee, and Bitcoin processes 1000 times less transactions than fiat payment systems. And Ethereum or any other altcoin are in the same situation, so actually there's not much place for growth and adoption untill cryptocurrency protocols get major updates that will significantly improve their efficiency.

Totally agree. Bitcoin is not currently working as intended, because it's too costly for small transactions. Who will use bitcoin to buy a coffee if they fee is the same price as the coffee?
The current usefulness of Bitcoin is limited to large international transactions where traditional banking fees are higher and the transaction speeds are still slower.

Ive introduced a few members of my family and friends to bitcoin but more and more recently ive stopped using bitcoin as my entry token simply because by the time i buy it off coinbase for instance and then send it to them the amount they initially invested has been lowered. Hopefully this problem will be a thing of the past and i can stop buying altcoins for this purpose.

I wouldn't take an overly simplistic fact like "Bitcoin has never failed" as proof of anything conclusive. First, "failed" is overly vague. If you mean it has never gone to zero, it's true but misleading in the sense that Bitcoin has not been without hiccups or controversies, not to mention crises. And don't forget all the exchanges that HAVE failed. Mt. Gox and Cryptsy are just two of them. There are others.

The spam attack has absolutely degraded the network. Most transactions are not affected, but many hundreds of thousands of transactions have been, and the result has been to push transaction fees through the roof. The average Bitcoin transaction fee is now over $5, where it used to be just pennies or fractions of a penny. Bitcoin is not nearly the perfect system your post seems to suggest. It's an interesting alternative to traditional banking transactions, but inferior in almost every way.

Well just because a flippening might happen doesn't really mean much. How many people are actually using ETH as a vehicle for trade? Are they actually using it as a currency?

From what Ihave seen most people sell back and forth between exchange, in those cases ETH doesn't actually move on the blockchain, it is just more speculation crap. Almost nowhere accepts ETH as a payment option. Their marketcap is only high because they have 90 million or more ETH in the public. And lets not forget the majority of that is tied up in a few dozen users of it. If any one of those whales started doing anything with those ETHthey would crash the market.

When people dump BTC it crashes market for a few days or a week. Try that with ETh and watch that price go down so fast and for a long time. There really isn't much supply available to buy due to a few dozen people. That doesn't mean it is actually worth 300 ot 400USD, it means the people holding aren't selling.

BTC has people holding and lots of people using it, big difference. It is more stable and able to go back up in pice after dumps.

Op already stated it source ;
[4] https://bitinfocharts.com/comparison/ethereum-transactionfees.html
I just know that as well, ethereum fees consider as high because its price not even reach $1000 and bitcoin fees reach higher fees at that point too. Although bitcoin has been faced various obstacles but it's proven could survive and stand still untill this level, after segwit or blocksize increased, hopefully spam attack could be disappear and transaction fees decreases.

you see the number in brackets in front of the text, that is representing a reference which is included at the bottom of the comment with the same number.


the "intention" of bitcoin has never been to be used to buy coffee but at the same time it has never been only to be used as store of value. and the fee issue is just related to this year, it has never been an issue and hopefully it will become better in the near future.


... and bitcoin has always been working as intended.

and besides i am simply pointing out that apart from all the things that Franky1 and others usually point out about flipenning and marketcap dominance, such as merchants adoption, etc which ethereum lacks, it also lacks another very important factor and that is reliability

Thanks for that...missed the link.  So the increasing transaction cost is mainly caused by the increase in the price of Ethereum.  Yeah it'll be interesting to see how POS affects the transactions fees.

ETH is a premined ICO scam with 70 million tokens gone to the eth foundation. The marketcap is 100% fake. Total scam coin.

Bitcoin has worked perfectly for its lifetime, people have failed and they always will.  You do not have to be careful of the software, the coding, the system or any of that, be careful that when people start to get rich, there are other people that cannot follow that simple system and will cheat it over and over if they can and that will not work, so it can jack things up.
 

ETH is a joke and the fact that it can only get attention these days by promoting the broken system and its changes is really funny.  The fact that everyone is jumping on board with that promotion is the funniest thing of all.