Bitcoin Forum

So many people are rushing to get a fraction of the hype, unaware of this:

https://blockchain.info/unconfirmed-transactions

Over 200,000 transactions are UNCONFIRMED.

It has become a 100% Ponzi Scheme now.
Bitcoin is on its way to the grave.

yes becoming worst  for micro transactions....

Funny how this is probably the 200k time Bitcoin was confirmed dead. (or a ponzi scheme)
We have seen worse and nothing happened, and the volume is normal as people rush to exchanges and are bringing coins to light.

And more important, are you going to open a thread a day about the "imminent" bitcoin death?
Just to make sure so I can add you in advance to the ignore list with no regrets whatsoever.

Many have long raised the question about the technological aging of the original bitcoin. One of his serious shortcomings was always called slow transactions. If now the number of suspended transactions is 200,000, this is already a serious problem. Bitcoin is programmed to conduct no more than seven transactions per second around the world. With the increase in demand for it, the number of transactions is constantly increasing, but the capacity of bitkoyn remains too small. Apparently, people in the future will switch to cashmoney and other clones that have separated from him recently, which do not have such problems. If the original bitcoin does not solve these problems in the near future, he will slowly lose his place as the leader of the crypto currency.

By all means feel free, Bitcoin is just proving to be useless time and time again, and yet the only reason people buy it is because of global acceptance. It has a very bad long run or long term ... it's just a matter of time until people would realize it's not a currency but a pure investment that is not worth it.

Oh, and check this:
https://twitter.com/i/web/status/938781235417178112

Businesses would soon realize Bitcoin cannot be trusted for time sensitive nor for micro transactions.

Nice try, but no.
A lot of people said the same thing when the network was getting spam with extremely low-fee tx a month ago and we saw almost 230k unconfirmed transactions. Guess what happened...nothing. The backlog was cleared in a matter of days and was followed by a new ATH.
Thank you for making me laugh, though. Now take your FUD someplace else.

Seriously? Having more than 200k unconfirmed transactions means it's a ponzi? Means that it's dead? It's better to stop weeds while it's still early mate.
We've been in this situation many times before and where is Bitcoin now? Still running and kicking right? This statement just made yours void. Stop spreading FUDs, it won't do anything.

This guy made it clear, so yeah, chillax. Make money till we are able to.

Within a year's time we'll get a decent implementation of the lightning network, that will certainly allow people to use Bitcoin for microtransactions.
It's closer than you think! Source: https://www.coindesk.com/lightning-last-test-shows-bitcoin-scaling-solution-almost-ready/

I think miners are temporarily switching over to BCH, but I'm not completely sure.
This backlog will be gone in a few days though.

The only thing I could find about the mempool being full was this:
http://www.newsbtc.com/2017/12/07/bitcoin-mempool-fills-despite-rise-hashrate/

Anyway, it's just temporary. You can also use a segwit address to reduce fees btw.

Not the first time and probably not the last time.
Unconfirmed transactions are not making bitcoin ponzi, please stop writing such nonsense.
Is it in bubble - imo yes, ponzi - no. Difference is huge.

Damn I didn't realize it was that high I thought we had fixed this problem back in August? Why not make block sizes bigger thus putting an end to how many transactions can occur. Bitcore has 20MB block sizes which can handle 48 million transactions in a day. Surely if they can get this right Bitcoin Core with its devs and billions of dollars can too?

nearly twenty thousand dollars per coin. oh the humanity. yep. it's toast.

you're aware that unconfirmed transactions are a fluid thing and they even go down sometimes? get your head out of your ass and look at the bigger picture.

if any coin overtakes bitcoin it's gonna have the exact same problem. nothing scales. or rather nothing i'd trust with any actual money.

What you describe a month ago was the segwit fork speculation - and some claimed it was BCH miners who pushed lots of micro transactions.

What you experience now is HYPE.
This is not a group of BCH miners now, it's the entire world!

Ponzi Scheme = Hype

And...


Did you bother looking at this?
Normal businesses are suffering from it.
Genuine users of Bitcoin who want to use it as currency are suffering from the current situation.

Will this be fixed? Maybe... but if not then expect a good explosion.

Ripple doesn't have this problem because it takes micro seconds for a Ripple transaction to get approved/sent/processed.

Nah, it's not the death to Bitcoin, just a wake-up call.
The Core devs need to get serious about the block size issue.  2 recent opportunities to address this were rejected.  I think it's time to revisit the issue and adopt one of the solutions.

So Bitcoin is centralized then?
Who are the "core devs"? They are the decision makers for Bitcoin?

Thought Bitcoin was de-centralized.

That doesn't mean its a ponzi or dead. It is just not practical for businesses.

Without a doubt, it is a problematic issue but it does not have to mean the death of bitcoin. There are real options to solve this situation but only enough consensus is required to solve it.

But in addition, people should be aware that bitcoin is no longer the ideal currency to buy cigarettes or pizzas. There are hundreds of altcoins that can work perfectly to cover our daily expenses. We must start to see bitcoin as the digital gold that it really is and try to avoid its use in futile transactions that only congest the network.

a ponzi who can bring back a lot of money if we retire in time.

You're absolutely right.  The *core* devs can't seem to address the block size issue but the 2 hard forks *did* address the issue.  Unfortunately the miner community seems resistant to shifting to one of the hard forks.  So they stick with core bitcoin which has no good path forward.

Yeah... Sure. I dont think so ::)

I love that statement - " the only reason people buy it is because of global acceptance". I must confess that that is one of the reasons that I acquire Bitcoin. Global acceptance of the US dollar is in decline, I guess that is the reason that countries are moving to the Petro-Yuan and the Petro-Ruble.

If you don't like Bitcoin, then don't buy it - it's as simple as that. I don't like Coke or other fizzy drinks, so I don't buy them, despite the fact that they seem to hve global acceptnce.

the path forward is about to happen with the lightning network. there are multiple versions that might go live next year. if they're a miserable failure then yep people have the right to lose faith. and it would help if businesses and wallets introduced segwit but even core haven't done that for their wallet.

Lightning network is nearly ready (on chain test transactions were conducted yesterday) which will make a blocksize/weight increase unnecessary.  

This is not the death of bitcoin, I believe this is the start of a new generation, these unconfirmed transactions is because of the low fee of some of those transactions, of course, if you pay low, you are low priority. Network congestion is normal in this kind of volatility we're experiencing right now which I think is because of new investors coming in to get a piece of bitcoin.

I think calling bitcoin scam or ponzi does not work anymore. You cannot FUD bitcoin by calling it names anymore, it worked a bit before when it still cost a few cents. But it did not stop bitcoin from progressing.

If unconfirmed transactions, slow confirmation, high fees would ever put bitcoin to grave, it should have happened long ago when it was still 500$ and below, but it did not. So stop creating threads like this, it won't work.

If you do not like bitcoin, or think its a scam, get out of it. You don't like, don't buy. What are you doing in a bitcoin forum anyway?

This is absolutely not the death of Bitcoin, not by a longshot, and such issues will be fixed in future development.

BUT.... yes its really damn bloody annoying right now trying to make any kind of transaction, its just insane!
And before anyone says the "oh its only micro transactions or those with low fees getting big delays"   nope... ALL affected.

I made a bitcoin transaction 5 hours ago with a fee of 0.002 (about $30) to help speed it through...  so far 0 confirmations.

I was already waiting for these threads to pop up. I do actually agree that this isn't a perfect situation, especially for those just having bought themselves some coins, but there is nothing that we can do about it for now. It's either just adopting to the situation by transacting with the adequate fees, or just make use of lower fees and accept the fact that you have to wait longer. If this entire market would utilize SegWit for once, people right now would have far less to complain about. It won't solve the problem entirely, but it will at least be of great help in these peak-usage moments. This till we finally are able to work with lightning network.

Guess what? Bitcoin is meant for the smarter people, a majority of bitcoin users are well educated about bitcoin, it structure and it's function with how it works. I feel sorry for those who don't realize the changing financial trends of the world even now. Bitcoin is not an ordinary currency but it is the precious one and precious things need a little patience to be achieved. The segwit2X and hardfork were for the purpose to make the block size bigger so, to speed up transactions. Sooner or later it will be functional to resolve the transaction confirmation issue.
So, don't worry and just be happy  ;)

Looks like Satoshi was just a man with a flaw for math as ironic as that sounds he never truly expected the use to be this great or he would have not created a brilliant yet restricted model.

Time for the truth, he has no BTC stash, never expected it to soar and never built it for that. It took on a life of itself and the practical use will now damage it, relegate it to remember that original crypto status within a few years.

Low bandwidth bitokoya - one of its key shortcomings to date. Even if the current problems with stalled transactions are resolved, the problem remains. If its developers continue to ignore this problem, then people will switch to the use of its forks, including bitkoyn cash, diamond, lightning. The original bitkoyn seems to remain as a repository of value, the function of its use as a means of payment will remain minimal.

Once miners started to blackmail bitcoin using bitcoin cash I think that the kernel developers have made conclusions. Perhaps the emergence of news about what is tested "lightning 1.0" is the answer to the miners? Now they will have to negotiate and soon we will see an updated bitcoin. I do not believe in his impending death.

Yeah, that's Bitcoin's quietus. You can see it at the price  ;D
   

>Ponzi scheme

Stop with this meme holy shit. Every time I see someone calling Bitcoin a ponzi scheme I disregard everything else they post because they don't understand how something as basic as a ponzi scheme. Is the stock market a ponzi scheme because earlier investors in a company earn more money over time due to their initial investments? Are real estate markets ponzi schemes? What about precious metal markets? Now I'm starting to think that any kind of investing is a ponzi scheme because value goes up over time.

Get real.

Wait till the FUTURES market is open.

Have a look here, how BIG BOYS manipulate the futures markets on a daily:

https://www.youtube.com/watch?v=VMuEis3byY4

Guess who will save  the day mate? when there are a million unconfirmed transactions and fees become too high for everyone, who do you think will

Come and saves the day? you guessed right Bitcoin fucking cash. they bought Bitmain and forked a faster and cheaper version, but with a major

Difference> they own the code and development team.

My fear is always the uneducated user... I remember when I have started to read about bitcoin and started to do my first transactions, I was a total noob... So as long as the newcomers are just want to use bitcoin like the other everyday things in life (they don't read the user manual, they don't ask other how to do things, just start to do and complain about the problems) there will be a lot of topic like this. Mempool started to gather yesterday evening, now it looks really bad but it's just the current situation, it will be OK a bit later. Solutions: Patience or high fees. In the end, the transactions will be confirmed, anyway, it's just a question of time.

You call Bitcoin a ponzi scheme because of huge amount of transactions? Are you high? It's not the first time when Bitcoin shows that it can't handle traffic during important events (in this case a huge pump). It's our duty to maintain and upgrade Bitcoin. We have already made one step forward by introducing SegWit which many companies still haven't implemented. It's their fault, not ours. What else can we do? (except increasing the blocksize).

Anyone who has a slightest bit of understanding how cryptos work knows at this point that there is will be no scalability until offchain solutions arrive. And it seems like educated investors actually understand it and don't buy shitcoins even though they try to market themselves as "scalable". Maybe there much less confusion and misunderstanding today if Satoshi and early enthusiasts described cryptos as "digital tokens" or "decentralized units", because it is clear today that their technology is not ready to allow them functioning as currency, but at the same time they have a huge potential for many other use cases like storing value, worldwide transfers, privacy, programmable environments and so on - and words "crypto" and "currency" don't describe any of those. So, again, anyone with a good technical understanding can see that Bitcoin has a lot of potential, which makes it worth investing even at current price.

Transfer I made still not gone through for 0.2 BTC with decent high 0.002 transaction fee made 12 hours ago. The trading volume is through the roof right now! crazy times ahead.

I'm guessing a big correction in price either 9th of 10th December.

Do you really know what you are talking about?! You are accusing Bitcoin as a ponzi scheme just because of that 200,000 unconfirmed transactions! Those unconfirmed transactions are because of the high demand which causes huge traffic to the network. Way back few years ago, many people were also claiming that it was a scam but look at it now, it is on its way to $20000!

Looks like it's on its way to $15000 now.

2 months later, it is on its way to $8000 now.