Bitcoin Forum

So I decided to do a little test yesterday and send  a BTC transaction and a BCH transaction at the same time.

Just to make it interesting and give BCH an unfair advantage I decided to set the BTC fee at half the reccomended amount, at around 500 sat/byte. The estimated time for confirmation was 25 BLOCKS or more than 14 hours.

Guess how long the low-fee BTC transaction took???

ONLY 22 MINUTES!!!  ;D

Which means that the high fees listed and the unconfirmed transactions (made up of spam from the tiny cabal of Chinese BCH backers) is PURE FUD!

Bitcoin still does fast and cheap transactions and works like a charm.

So then I was waiting for the BCH transaction I sent, WITH THE FULL RECCOMENDED FEE...

I was waiting....

and waiting....

and waiting......

and waiting.......

ahahaha I almost gave up but it eventually got there.

AFTER 3 LONG HOURS!

What a joke. Cheap, instant transactions? HA!

BCH has a tiny, crappy network and a hacked virus-filled "Electron" client that will send your BTC address directly to you-know-who if you don't empty it first.

Oh well. At least we can all dump this Chinese knockoff BCH and get a nice free profit from those suckers trying to pump it up.

Yet another alt-coin fail, bye bye BCH(inese).
 

Well thank God I took the extra precautions as recommended and emptied my wallet out. Sold my BCH at 0.21btc. happy with that.
500 Satoshi/byte is still very expensive but you have proved it is getting better and that BCH is not the answer. I honestly don't know what is gong to be done about these huge transfer fees problem.

.21btc is way better than .05btc that bch was at for months

Not bad for FREE coin

How much of a fee did you put with each of the currencies? I know that more recently, bitcoin was having a lot of slowdowns in terms of transactions and whatnot. The average confirmation time became pretty bad, meaning the fees to put in for a confirmed transaction also increased. There's tons of proof of this in the services section with all of the transaction acceleration threads blowing up. Could you put the tx id here or something?

Maybe yours is a miracle am still waiting for my transaction to confirm and its been more than 20 hours as of this very moment. The developers need to remedy the situation before investors starts to lose interest because of the high fees and long waiting periods.

If you have to wait that long, your common sense should get triggered to a point you start to realize that your fee simply said, isn't sufficient enough. Currently it's like an auction where people try to outbid each other to get their transaction included in the first few blocks. If you're not willing to participate in this auction, your transactions will be ignored for plenty of hours.

Segwit was meant to be an update allowing Bitcoin to buy time in the runup to the rollout of Lightning Network, and at the same time take care of the transaction malleability. The economical majority not being willing to utilize Segwit isn't the fault of the developers. Instead of blaming the developers, blame the services in this market.

Twenty-two (22) minutes for a bitcoin transaction? How much fee did you use and from what exchange? As of the moment, I am still waiting for my bitcoin transaction to be confirmed. Take note, it has already been almost 2 days. If the block is not congested, then it might mean my transaction is the least of priority because of its low transaction fee.

But this is what is reall happening, bitcoin cash is CRAP, it is very hyped by the guys who want to kill bitcoin, that is the pure reality.

Everyone who tried bitcoin cash knows that this is crap, i have tested it only for curiousity, nothing more than this, and it is crap, it is useless and it is obvious that it has been created only for a money-grabbing scheme.

Dont be fool guys, use bitcoin and put a low fee, it is going to get through easily.

but are you sure that 500sat is enough?

And that's for a coin that has no use and isn't being scammed by miners and Vermin and his buddies.

Check this out


https://www.blocktrail.com/BTC/tx/d15805931bfcee8068c3f7831209b632ba6622a103fdef48afcf3f9542db8f8b

Because now all of them want to invest in BCH

Just did a small BTC transfer took only 15 minutes not too bad.

Miners do not need to consider whether BCH has the orthodox inheritance of BTC descent. Miners only need to consider the profit on it.

Yes i second that too.

Trouble is many of the slot machine bandits here see BTC as a religions or as being some type of football team
and will do anything to support the team and pretend they know everything but soon shut up when the conversation
get technical.

I sent myself some ETH as a test and it arrived in seconds as any digital currency should or else the shop
keeper would not let you leave the store with any goods but i still maintain that any currency that is based
on the block-chain (Mega big file, does not scale) will soon be thrown in the bin where it belongs and that
includes ETH and 90% of all the forks and clones

IOTA might be my next move but i needed to do lots more to understand whats under the bonnet
but I don't think it will compete too well because it can only manage 100 tps so is nothing to write home
about.

All good, with the exception of the fact that the "recommended fee" for BCH is less than 1/1000th of that of BTC. So even if it takes 3 hours to get confirmations, I am going to be happy about it. And this one seems to be an outlier. My BCH transactions usually gets confirmed within 20-30 minutes.

Those are lies, the wallets are putting that fee but it is a non-sense fee, no one who has a little bit of inteligence on his brain would pay that insane fee. The actual fee is 540 satoshis per byte, but the recommended one is 1200 satoshis per byte.


I need at least one confirmation, everytime that you buy something the seller is going to ask you for only one confirmation.


Bitcoin cash is almost the same, it is not instant just like Roger is saying, they might be cheap, but they are not instant.

22 minutes only? I send 250sat/bytes and it took 3 days to confirmed.
maybe because theres a lot of unconfirmed transaction that day.

Well, there is good news for everyone. The number of unconfirmed transactions have dropped to around 186,000 now. It is still high, but the overall trend is very encouraging.

I think it's a good contribution and a great test, so we learn trial and error.

Please call it by it's correct name, bcash.  ;D

Well, it's not fair without mentioned how much the fee for bch transaction?
I believe the fee to send bch is less than btc due to the difference of the price,
bitcoin price is $13,431 and bit-cash is just $2800, and you have paid 500 sats/byte, pretty high fee obviously.
However, bcash created as an altcoin, as a trading object without real utility, if the case of bcash transaction takes a longer time to be confirmed, it doesn't matter if most people just trade bcash instead of using it as a medium of exchange. and we expecting more from bitcoin, to be a better alternative currency.

But how is it possible? i sent a transaction a few hours ago with a fee of 800 satoshis per byte and it is not confirmed yet, what is wrong with my transaction? was the fee so low?

Whats your views on the so called segwit fork on the 28th

Anything using a block-chain to me is living on borrowed time because it won't scale
but i would like to know why your down on segwit because I like much of what you say
so maybe you know more than me about it.

So how do we know if we're on the wrong track? I mean, are we just gonna let it drop off like that? What if it was only that time when the transaction slowed? I can't say any further. But glad to read these comments for my future references. Thank you for helping us newbies! :-)

I really do not understand how you sent a cheap and fast transaction at this price,do you think that the Chinese BCH backers will spam the bitcoin network when the price of bitcoin is above ten thousand dollars and if they plan on doing it,they are burning away millions of dollars just to have those strangled bitcoin network which is crazy,be open to new ideas ,there is nothing wrong in it,BCH is much better than all of the creepy alt coins.

There was some delay in transactions confirmation for the past couple of days but it seems that the backlog is moving and the number of unconfirmed transactions is getting lower. We've seen such situations before but at the end they were always solved.
Of course it's not pleasant to wait for confirmation for hours of even days and it's bad for Bitcoin system but this is something that could and must be solved. Miners can help with that. And by that I don't mean that Bitcoin cash is solution, on the contrary. And it's natural that lower volume transactions system is functioning more efficient.

Well I guess you are just lucky, I have no idea how this described above situation could've happen, because I've recently paid a transaction fee, which was a little bit less, than recommended (as I recall, recommended was about 10$ and I paid about 7$) and it is still pending! It is the 5th day now. It was then, when I realized how useful ethereum can be, because ETH transaction took me really less than 10 minutes and was very cheap.

No it's not BS, it won't scale and it's nothing to do with bandwidth at all

Some X-Box games are getting near 200gb in size (Madness) and can be downloaded in a day or so
on a 37mb connection but because of the way the contents of a wallet are spread all over the place
and because all the coins parts making up the balance needed to be scanned it means a shit load
of reading files, un packing and processing.

$200 machines will take hours scanning that volume of data and the biggest SQL-Database
I have played on outside of using something like an AS400 was i think 100gb in size and it ran
like a pig.

I store about 1.7 million HTML files pulled of the internet and scan them for google GA Id's
and the average size of file i would guess is about 100k and believe me, it takes some time to
complete and that's on a $1200 machine running an I7

200gb is a vast amount of data to keep scanning because you cannot just jump to the head
of the list to get a balance for a wallet and if you can program then lets put it to the test so
you can see for yourself and then you will see why I say what I say

"1 second=  2 Nodes Verified"

Not using machines like me or you can afford because our disks won't feed us data at that speed
never mind looking for id's in one, two, four or eight meg of data making up the block. Reading just the block header is not an option

 

The miners have been blackmailing us, holding us by the balls so the trust has gone forever
even if fees go back to what they were at the beginning of the year, like $0.10 and Coinbase
has also be found wanting as it fakes "Technical trouble" when prices are crashing.

Joe public bast keep away, clearly any mass arrival will crash the system or send transaction fees
up over $100 which in many cases is as much as they will be spending to test these coins out

You obviously know jack shit about networking/WAN or computers for that matter by basing anything off of a user's home internet speed.

Well the point is BCH transaction is far from the theme of " fast transaction ", low fees and fast transaction are nothing more than a joke from their community , so don't be easily affected by news from BCH community

This number seems about right to me and I also hear that it costs about 90KWH to process just one
transaction so can we work backwards to check this number.

Lets assume each machine is 500w which is 1/2 KWH and it takes two seconds to process on each machine

3,600 seconds in an hour so that's 3.6w per second being burned but need to half that because it's only 500w
but then times by two because it runs for 2 seconds if you follow me.

So 20,000 X 3.6 =72,000w so that's 72KWH so does that sound right to you

"Look I run PoW Wallets, they are not really that CPU intensive"

But that's just number crunching and it does not need to scan 200gb of data
but thinking about it asking someone to locate the block header containing a block
with the text "a7022744abcd" and sending back the HASH for the block would kind of
work as PoW

I'm not surprised with this.

I already know that BCH is only a trap to exploit people's BTC and ETH by incentivizing them to get more BCH by spending their BTC and ETH.

All normal, let's beware of the BCH trap!

Again, you don't know shit. Read up about routing protocols, WAN circuits, back bones, LECs and Colocation. Also try transferring large files across your home network or multiple hard drives if you have them on your PC. Read up on HD seek time, FSB, L2 cache and the like and then come back at me with your idiotic formulas above.
There's nothing close to wire speed even on a LAN, let alone WAN.

The mining network has managed to shave off almost 100k transactions in the last two days, that's pretty impressive, to say the least. The fees should be going down considerably with time, we just have to wait for them to all finally get cut down and go back to the point at which we're looking at maybe 20k transactions being unconfirmed at any one time, maximum. The numbers right now have probably been the worst they've ever been, but it should be getting much better with time.

BCH definitely seems overhyped in comparison these days.

No, No, No i am not having it and it's poor excuse for you to even be trying it on.

BTC or anything else needs to provide a full service or move over and let Beethoven take over

My Android app on my phone via a Q-Code needs to pay for my taxi to work, my Coffey and then
let me enjoy a meal later in the day plus micro-transactions like $0.01 for viewing a VIP web-page
and believe me we are going to be getting a lot of them sooner or later.

Lets for now call it 1bn transactions a day and then lets see how sharing a few terabytes of data
goes between 20,000 full nodes

Come on, your a smart guy, admit you are wrong and what about my 72KWH of power and all
this PoW your wallet is doing because that $0.01 VIP page is going to cost someone $1000 in
a energy bill.  

 

Nope, thanks for playing. Good job refuting the what I said. Until any crypto can come up with something like Layer 2 switching did for LAN/Ethernet, I think it won't be a viable payment option for mass adoption.

Good one!!! That makes perfect sense. Like I said, your little attempt to show off some BS formulas was just a sign of ignorance and talking out your ass.
What do you think about the impact of the net neutrality change and crypto?

Well, why dont you post the TX id from the payment that you did so we can confirm it? I really believe in that bitcoin cash is CRAP, but please, give us some proofs, or how did you managed it to make it go through fast?

I don't have to prove anything other than you are basing your numbers on home internet bandwidth and that makes 0 sense to anyone who knows anything about networking and computers.
That proves you're talking about something you have no clue about.

And yes, what I said applies to Bitcoin as well as any other crypto. I think answer is in development other than blocksize. No, I definitely don't think Bitcoin is scalable in current form.

You debate me about BTC when i say it will not scale and then you say that ? WTF

I don't think we need hardware switching in routers or anything like that to deal with 250 bytes of data when we send money
but i think you have hit up on what i have been saying here.

The transport for digital money (ETH2, BTC2, BTC10) needs to be independent of the currency flowing along the motorway
and be like the postal system when sending letters (recorded delivery if necessary), no need to know whats in the letter, just deliver it and get paid
gas for the service. gas cannot he purchased from anyone, money and greed fucks everything up and the transport system
is made up for anyone that is using the system and if you won't help to deliver letters, you won't get any gas until you do
your share of work. This parts not hard but it also needed to create clusters of teams so that each member of a team can share
resources and work as part a group.

Now start asking what a team or clan of lets say 1024 machine can do because the limitations become endless
and all over sudden we can process 1/50th of all the BTC transactions or host 50 onion type web-sites and have access to our own
hidden store of movies.

Put simple we need an address system and to work as teams instead being every man for himself with 9,999 dispersed
systems all using bespoke protocols to try to hook up to other resources



 

Lick your wounds and run!
Like I said, you've got nothing. The WAN is what's available and every single bottleneck that goes with it.
Have a nice day yourself!

I said something like Layer 2 switching did for Ethernet. Read. Do you understand the OSI model to know that switches are layer 2 and routers are layer 3?
I'm talking about something akin to what layer 2 did for Ethernet passing frames/MAC addresses.
Edit: I agree, I think we're talking about the same thing here from different angles. I guess I failed to read. Apologies.

Wow that's a massive amount of data so let me get my calculator out and do the sums

250 Bytes per transaction being sent out so that 250,000,000 bytes have been processed extra in
the last two days.

Wot you mean like 1/4gb or the size of one big .jpg or maybe 20 minutes of a 720p movie or something

What are they using, 48k ZX-Spectrum computers or something, this is a joke

I don't buy what the PO is saying for a minute. He needs to post the transaction ID or we will assume he is lying through his teeth.

Yep, I agree. The proof is in the pudding.

Yes made to learn the 7 layer model that no one uses anyway when i was at Uni along with sliding window CSMCD and some
token ring networks plus lots more that i could not wait to forget.

I get that MAC is used only over one hoop and TCP is end to end connection and UDP is connection less plus
ports and well known names and that I don't like Ipv6 needed for IoT and M2M but i cannot stop it.
256,256,256,256,256 =IPv5 would had been fine with me because i don't want my toaster telling my
boss what time i got up in the morning

Apart from that, I know nothing more than i need to know about networks to get by but Netgear
with it's hardware and CIA/NSA back-doors are not real going to welcomed to the party I don't think
and if they come then I am leaving

in fairness I would not give anyone my address or IP because everything we do and say is already being recorded and no
i am not being paranoid, I read my routers internet sys-logs, peek at network traffic on the machine and run a file watch
to see what Microsoft is doing.

I am sure this is a Microsoft bug that will get fixed in a security patch soon if word gets out that we know but if you stop everything
you dare at night including many of the widows services and close down all your programs but run a program that audits the windows
SSL certificate store then you might catch a few new ones turning up in the middle of the night, like from the DoS and that.

oh Yes they encrypt everything before it's get sent out but the stupid buggers forgot to code it so that the CA certificates can be seen 

Yes, it is known that the CIA, alphabet and other organizations have had their own firmware running on network devices for years. I don't think anything is secret, regardless of what endpoint protection users may think they have and IOT has made us that much more vulnerable.
The transactions, however, are already out there for everyone to see and the OP wouldn't be revealing anything that's not already known.

As of this writing, unconfirmeds are down 120,000 from yesterday.

8)

You know all them free things like manuals for how to fix your DVX-900-AX video player you
once go for free well soon it won't be free and will be termed as VIP content and all browsers
will soon come with wallets and you will have to click "Pay $0.10" thanks to Crypto-coins/tokens

The bankers have big plans for us but many people are starting to see it

Would you like me to give you the red pill or the blue pill ?

Net neutrality will definitely make some people some money. Once again the consumer gets squashed.

Why you don't trying again when the current network is saturated (btc) and sending the payment with the half of fees recommended, would you be able to get a 22 minutes confirmation again ?, bitcoin have serious problems and thats why forks are trying to resolve, at the end, the forks are making the rich more rich , thats not helping at all.

Yeh, waiting for next fork...

This is the least of our troubles or have you not noticed machines taking jobs or how you are being conditioned to
do as you are told by robots so how does that fit in with the subject, BTC and mining or maybe you might not
want to know about M2M and the vision for IoT (IOTA coin)

Like it or not Pandora's box has been opened and it's got cash and greed written all over it as i think
we have seen with BTC miners in recent weeks and ourselves if you look.

Number of unconfirmed transactions decreased to become 177.000 unconfirmed transaction lately.
Getting your transaction confirmed in 22 minutes with 500 sat/byte is kinda strange. During last 2 weeks transactions even with higher fees
need several hours to get confirmed. Maybe you were lucky.
Anyway, any reosonable user will not need such proofs to know that BCH can't replace Bitcoin.

It is not always accurate for the both sides because it is really depending on the miners if they are working well to confirm the transactions fast because bitcoin has a lot of crowd or people that are using its system so it is a no brainer to just think that bitcoin will work fast like the other coin in the market so i think that there is no sense to compare bitcoin to other coin like bch.