Actually a really civil debate. I need to start following Jameson on Twitter. Roger actually had a lot of good points but he turned into a babbling idiot at the end by promoting bcash as one of two versions of bitcoin which he admitted was an altcoin earlier in the conversation. They are both really smart dudes but Roger has a streak of idiot that runs deep. |
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Ever-increasing fees with no end in sight is a crisis. I predict hundred dollar fees within a year if nothing is done to increase throughput. And nobody fucking uses segwit, that makes it a failure. IT SHOULD NEVER HAVE BEEN OPTIONAL.
If bitcoin is worth $100k each then I think $100 fees are reasonable. No crisis. |
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I wish people would do some math and realize that a block size increase is a temporary solution.
That's exactly what it's about, to gain time, not to lose network effect and market dominance while you find other solutions. Bitcoin can't be all things to all people. It can't cover all use cases. There will be alts for most use cases. Bitcoin is more likely to be the tool for big transfers and high value smart contracts, even a $1000 fee for a billion dollar asset/transfer is a bargain.
So you are other of those who think that Satoshi was wrong? and that its system does not serve the purposes for which I believe it? And that you, like so many others, are the enlightened ones who came to save us from the stupid Satoshi and his faulty system, telling us what really works? Satoshi is not a god. He had a good idea that a team of other people refined and perfected to make what it is. I'm saying reality prevents bitcoin from becoming all things to all people. Every purchase, every stock trade, every asset, every device, every forum post, every medical record, etc can't be on the bitcoin blockchain. It can't cover all use cases. Do some math. Multiply people on the planet by each each use case times the number of occurrences per day. Add it up. Tell me how bitcoin can be all things to all people. |
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I wish people would do some math and realize that a block size increase is a temporary solution. Bigger blocks don't come without an expense to the system. If blocks were a gigabyte, they wouldn't propagate efficiently through the network and the blockchain would be enormous and grow at a ridiculous rate.
As the block subsidy shrinks over time, miners are going to drive the fee market anyway to recover income even if the block size does increase. High fees calculated in USD are inevitable.
Bitcoin can't be all things to all people. It can't cover all use cases. There will be alts for most use cases. Bitcoin is more likely to be the tool for big transfers and high value smart contracts, even a $1000 fee for a billion dollar asset/transfer is a bargain.
I've said it before, you don't use the world's most secure network to buy coffee.
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Stamp ATH tied but not broken (yet)
Hey, it flashed on bitcoinity. It's a tie at least. its down to the cents. |
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It looks like Korea is back to pushing us higher. Leading by $1000 again after being pretty much even for a while.
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I dont think you understand how much fiat money has to be put into btc for a 1 million valuation.
I think people overestimate how much fiat it will take to go up another 60x. Here is a thought experiment: What if the decimal place was moved in bitcoin to give a 1:1000 split? If collectively everyone used the term bitcoin for the unit of value we currently call a millibit or mBTC making the total eventual supply 21 billion instead of 21 million, the price currently would be ~$16.70. How hard would it be to pump it over $20? Would it be that hard to get to $100 again for an equivalent $100,000 value or $1000 for an equivalent $1,000,000 value? 2 years might be a little soon but who knows? |
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If it is true that only 0,01% of the population today uses bitcoin, and the price is almost 20000 USD, imagine the price when 50% of the population uses bitcoin. We are talking several hundred million dollars, maybe even in the range of a billion. One million will be reached within two years at this rate.
im a superbull - but thats even too much for me: That's what some people said in here when I predicted 10000 by the end of this year and 80000 by the end of next year, and look where we are now. Yeah, the human brain is not very good at understanding big numbers. $100-$10,000 seems doable but $10,000 to $1,000,000 seems impossible. That's why they created the stock split to keep people buying with astronomical stock prices. |
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This is truly awesome. Very well written! |
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Every time we have a huge spike in prices we pick up a whole new group of weak hands.
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The trillions better hurry, the South Koreans are buying all of the coins for sale under $100k. |
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AUD $22000 high
$3500 arbitrage on USD exchanges, rate 0.76
USD $14000 btc
AUD should be $18500 btc
insane
if only i could transfer AUD to USD
Too bad the Forex market isn't using bitcoin. Seems like maybe they should. I wonder what's driving the Australian demand. |
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snip...
Have they already had snapshots? 'cause there's nothing left on that address now. BCD I guess has... I can check later, if it hasn't been compromised by coinomi. Surprisingly easy to use coinomi. I just stuck the app on my old phone, set a password, and started scanning the QR code over and over again  I was expecting... more work. Only BCD, who knows if the rest will even happen. Also, Coinomi is the only way to go for claiming shit forks! |
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Samsung, Kia, or Hyundai need to take some of their US profits and buy bitcoin then sell them in Korea. At this point, they might be the only ones big enough to arbitrage this. How long before a China Korea ban on Bitcoin?
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OK finally sweeping a small paper wallet, so gotta dump me some clone coins. I got BCH, BTG, and Bitcore. Using Coinomi. did I miss any? It's not old enough for clams...
Edit: You didn't miss any but here is what may be coming and you will need your old key for BCD: 11/23/2017 Bitcoin Diamond (BCD) - Already split but launching in Dec 12/12/2017 Bitcoin Platinum 12/17/2017 Super Bitcoin Sometime in Dec Bitcoin Uranium Sometime in Dec Bitcoin Silver 12/25/2017 Bitcoin God (GOD)? 1/2/2018 Bitcoin Cash Plus (BCP) 1/28/2018 Segwit 2x (B2X) retry? |
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Korean exchanges just can't get enough. We are at an all time high and they are still leading by about $2000.
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