Sorry. Miners don't set the fees. Users do.
They are the ones benefitting |
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Look at the statistics for transaction costs pocketed by the miners - it is increasing exponentially and is now more than 120USD per transaction. For smaller investors this will end up locking you so realistically you cannot take home the profit of your investment - the miner will take it all. https://blockchain.info/charts/cost-per-transactionGTHO (Get The Hell Out) |
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another clown from Ver`s team...  And here is yet another example as to why the whole system is about to collapse. Bitcoin will go to near zero. Another example of an unintelligent BTC user - clearly incapable of a rational thought and thinking all criticism is because something else is being sold. All crypto currencies are about to go down. GTHO |
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Look at it with clear and open eyes.
We now have people in here paying 60-88USD transaction fees, and are still not sure to get the transactions confirmed.
This is because the miners now know that the collapse is close. Therefore for them to make as much money as possible the fees become extremely high. They win on this two times:
Partly because the BTC investors have to pay astronomical fees
Partly - and more importantly - all the small BTC investors simply cannot pay these fees without losing their whole investment.
Small BTC investors are therefore now becoming "locked" and cannot get out while the miners try to get their profits up as much as possible before the collapse.
Think about it - if the miners truly believed this would continue, they would not destroy the system by increasing fees so much. But they know the collapse is coming, and are now cashing out while trapping the smaller investors.
GTHO
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You do realize that there are many other altcoins with different purposes? Nobody said Bitcoin is good for small purchases like that(or for stuff like privacy).
If Bitcoin covered all the use cases, we wouldn't see altcoins at all.
You do not understand the point. There are now people paying transaction fees on Bitcoin of 60-88 USD - that clearly shows we are at the end point where miners are milking the Bitcoin investors for aas much money as they can before the imminent collapse they know is coming. |
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And here is yet another example as to why the whole system is about to collapse. Bitcoin will go to near zero. Mate, it is not only Bitcoin that is having such problem. Ethereum is also undergoing such heavy traffic during times when a good number of transactions are in line. And do you think those other blockchains will go as smoothly as Bitcoin's and Ethereum's if they have the same very busy traffic? I bet they would even crash. That is the reality in terms of crypto and blockchain. Can we imagine if Bitcoin users in the whole world would reach as high as 5%? Everything would become full of complaints like this. No - I think they will collapse as well. GTHO |
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Imagine being in a supermarket.
The lady behind the cash register tells you the price is 20$. You try to give her the money. She then says that because of the many customers in the store, she cannot process all customers at the same time and you have to stand and wait a few hours to pay. But if you pay the store a fee of 5$ they will allow you to pay immediately.
This is the reality for Bitcoin now.
This shows why Bitcoin is now failing completely
GTHO
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Volatility getting more extreme
Transaction times becoming insanely long
Transaction fees skyrocketing
Increasing number of banks who will no longer allow you to transfer your fiat money earned from BTC back to your accounts
For anyone with a minimum of sense GTHO is now the strategy to use instead of HODL.
Get The Hell Out
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why bitcoin price is down and when stable in previous price
bitcoin price is still stable more or less. the difference is that "stability" in bitcoin doesn't mean price never changing at all or a small 0.1% change per day. instead stability in bitcoin is a move volatile version of a normal stability in other bigger markets. i personally consider anything below 10% change as stable. You are a special kind of stupid aren't you? Any idea that Bitcoin has any kind of purpose is totally gone with this kind of volatility. And without purpose, the only thing left is for Bitcoin to be a tool of gamblers and speculators hoping the next fool will pay a higher price for Bitcoin. This only leads to one logical outcome - an eventual complete collapse. |
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And here is yet another example as to why the whole system is about to collapse. Bitcoin will go to near zero. |
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So i ask again what makes Bitcoin the King? Network effect? The fact that it has been time-tested longer than any other crypto? A supposed community that supports it (what support they give eludes me too, i don't see much support actually)? Right now i see the BTC as a bloated, outdated and overvalued ecosystem that may survive and continue to thrive just because it has the first mover advantage and biggest network, but i am not sure of it and would really appreciate if it actually kept the edge in it's design and technology too over other cryptos. Right now i don't see it at all.
You are spot on - it is the network effect of combined greed and stupidity which is now the main engine driving Bitcoin. And this surely will not end well. |
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[
I just picked up on the familiar human behaviour between what is happening in churches and also what is happening in Bitcoin. <Most of this is driven by Greed>
...exactly the same as I did. What is your logical argument to defend that it is OK when you do it, but not when I do it? |
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You can not do nothing, dont try those shitty accelerators because most of them are not working right now.
There are more than 270 of unconfirmed transactions on the mempool, your TX is not going to go through with your actual fee's rate.
Just pray to see it going through in the upcoming days, nothing more.
And we see it - again! - the clear reason why Bitcoin is utterly useless as a currency and only serves as a speculative get-rich-quick scheme by people too blind to see they are headed for a complete collapse |
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At one stage in history you only had a few different main Churches. Over time, people saw a opportunity to make some money and they broke away from the main churches to create their own church. They found some small technical problem with the main church and they broke away to create their own church that solve that problem for them. <so they say, but some people only did that to make some money from people who believed what they believed in and who followed them> This is happening with Bitcoin now. People find something that would garner some support and then they splinter off to create their own little niche group. <Examples : Bitcoin Cash / Bitcoin Gold > They still keep the Bitcoin word in their name, because it gives them legitimacy to be affiliated with the Mother of all coins. This creates opportunities for developers to be part of Bitcoin, even if it is not linked to the Mother coin. <We call them the WannabeCoins > So if you cannot be part of the Mother coin, then you create your own LeechCoin and call it something with the word Bitcoin in it.  Churches are also based on purely imaginary beliefs and hope, not any rational analysis. This is exactly like Bitcoin - it is all hopes and dreams with absolutely no solid footing at all. Bitcoin followers are just like the religiously devoted - anyone not cheering for Bitcoin are purely haters or "don't understand it". It will ultimately fail. |
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Nothing that you can do, you will need to wait until it receives the first confirmation, and no one can help you uot with that. Maybe there are some transaction accelerators out there, but most of them are bullshit trying to steal your money with fake tips.
And here we see - again! - why Bitcoin is completely useless as a practical currency and will eventually fail spectacularly |
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Looking in this forum, the real reason for the BTC increase is very clear to see. Bitcoin is powered by a combination of greed and stupidity.
Any criticism of bitcoin - no matter what it is - is met always by one of the following arguments:
- it is FUD purely intended to drive down BTC price
- it is the author being negative because he/she didn't buy BTC earlier
Then the BTC followers use the following arguments as to why the price will continue to increase:
- BTC is going to the moon
- It has increased sharply
- Every dip in price has been followed by a stronger increase
This leads to the continuing "investment" strategy simply termed HODL.
For any rational thinking being it is completely clear that the bitcoin followers are driven by a combination of greed and stupidity.
And stupid money always runs out at some point. And then BTC can indeed go to zero.
This is then always met with arguments such as "mining alone costs 1000$ so the price cannot go below that". Completely untrue. The price can go way below that, and the miners simply go out of business too - and then the BTC value is truly getting to zero as no transactions can be performed.
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So Bitcoin as a currency can be used as such, I have done so and purchased several items from vendors online doing so. This article is misleading in that, though it does highlight the changes, it doesn't explain that transactions can happen in 10 mins if you pay the fee. Oleary didn't want to pay the fee to insure that the $200k would get to his counterpart in the best time possible and now he bashes it as a currency. Do people need to understand Bitcoin and how it operates, yes. He obviously doesn't or isn't saying that in order to parrot the government/bankers line for saying that Bitcoin is a commodity and not a currency. Go to www.crytpfunds.online to find out more information for yourselves and not rely on these talking heads regarding Bitcoin or any other cryptocurrency. They have another agenda to keep Bitcoin and other cryptos as a commodity and not a currency. you really do not understand the concept of currency risk - like most people in the forum you have absolutely zero fundamental understanding of economics and investments and is a good example of the stupidity driving the price in this bubble ever higher |
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This guy actually wanted to use Bitcoin as a currency - to pay a transaction worth 200.000USD. His counterpart also wanted to use Bitcoin. The conclusion - they abandoned is because Bitcoin simply does not work as a currency. From this is becoming ever more clear that Bitcoin will eventually fail spectacularly and the price will drop to near zero as only the most avid fans remain. https://www.cnbc.com/2017/12/07/kevin-oleary-bitcoin-is-an-asset-not-a-currency.html |
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The increase now is simply driven by people stupid enough to believe that they can genuinely continue to make money by doing nothing except buy more bitcoin.
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Look at the pattern development over the past year - spiking to new high test levels, then a drop before going on to test new levels.
first rise to 3000$ - followed by drop to 2000$
then rise to 5000$ - followed by drop to 3000$
then rise to 7500$ - followed by drop to 5800$
Following the pattern, the test level is 12000$ with a following drop to 8400$
we are now at 12500 - the coming rush downwards will be sharp and fast.
As we saw last time, when this happens transaction times become very long and you lose any opportunity to get out in time (as well as as possible get back in at the lower price level)
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