Let's see here, doing the math, the above article was published on July 2, 2009, ergo the November spoketh of would've been November 2008. Satoshi Nakamoto's white paper was released on ... wait for it ... October 31, 2008. What are the odds?
Good research. Good maths. President trump could reverse these laws but my guess is he won't and in fact he will add to them. |
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Trump!!!
I think president Trump is gonna pass some huge unexpected laws that will massively accelerate Bitcoin/crypto adoption. And he's gonna do it early in his first term. The Treasury is a department of the Executive Branch; thus, the President controls it. People think this won't happen since that's what Kennedy tried and he went home early. But this time it's different. Very different and I think this will be the route to mass adoption - to bypass the fed. There should be a * cough* in there somewhere. I'll let you figure that part out. This is gonna get really really exciting when it finally happens. ETF then Trump-time. Unworldly price run, which, BTW, is the real reason the Chinese exchanges just removed the margin leverage. |
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It seems that the community does not have an idea what coins to use for small transactions. They are focusing on anonymous feature and decentralized coin which is not focusing at the real problem.
I am looking at the next daily transaction currency but there is no other alternative.
Yeah, they follow each other like sheep into coins that cannot possibly have a future, politically. Multiple coins will update to segwit and work towards lightening network [i.e. Viacoin and Litecoin] but I still think IXC is the ideal choice and we're doing our best to make it happen. |
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I think the root of this problem, is that you misunderstand the point of the blockchain and the point of the reward. The blockchain is the most important aspect, the coins transacted are just the lubrication. The value of the coin is not what is important, at least not the way you think it is. Until you fully understand which of the "chicken" or the "egg" is the most important asset in the equation the conclusions you have will forever be tainted. https://bitcointalk.org/index.php?topic=551513.msg6012178#msg6012178I agree that my conclusions have always been contrary to the common beliefs here and that is in fact because my premises were always different. Whether my conclusions are tainted or the large majority here remains to be seen. What I have witnessed again and again is that in cryptoworld NOTHING and NO-ONE is what it seems. To have accurate conclusions you must first understand what's really happening and why, and what will be the end result down the road. Right or wrong, it should be exciting to see what happens in the coming months and years. Thx for your input, you're a smart, well informed guy. |
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Thanks for the link. I know there are other variables involved but in my mind the main ones are the price of Bitcoin and lack of scalibility. People don't calculate txs costs using full blocks and a $10,000+ Bitcoin price. At that price [and actually much higher] the fees will simply be too high for normal daily txs. I don't think the best core coders in the world are working on things like Segwit, Lightening Network, SideChains, etc just for fun. I think they understand Bitcoin won't scale as required and fees for daily txs will be too high. I think in 6-12 months this will become very clear. |
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It sounds to me like you have no idea how fees are calculated at all do you?
Ok. What's the difference in txs size, in kb if I buy a $.50 candy bar vs a $50,000 car? I'm willing to bet it's not 100,000 times larger in which case it will get increasingly and prohibitively expensive to buy small ticket items using Bitcoin as the price of Bitcoin greatly increases. |
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Whoa there Pilgrim....
How much do you actually spend in Bitcoin?
Edit:
I think people still fail to see that the tx fee is satoshis per kB, not per tx. Therefore not every transaction has that full amount tacked on unless it is a withdrawal fee from an exchange, etc.
I see your point but it won't change much. I don't spend much - any BTC I buy is to HODL, but it's not hard to see how the fees have spiked and how they will go much higher for small ticket items if BTC goes over $10,000. |
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Maybe in theory but in practice if I buy a candy bar or a car how much more data are those few extra zeroes? And another factor - when you see the transactions aren't getting through and you wanna make sure yours gets pushed out ASAP, are you gonna take a chance on the lowest fee or are you gonna bump it up? I think many will choose to pay the higher fees which will lead to even higher fees as the blocks get full and people compete.
Regardless, if the price of Bitcoin soars, and I'm certain it will, it won't be used as a daily currency. And if you look at how segwit has stalled, it's clear that this is now accepted by most of the eco system. The few "rebels" that won't accept this reality, will most likely fork/split Bitcoin creating mass chaos but Bitcoin will still not be used as a daily currency.
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Bitcoin transaction fees is outrageous at the moment. I need to pay close to 3 dollars for my transaction to be confirmed within 6 blocks. Is there anywhere else I can send bitcoin without paying such hefty fees.
For small transactions, we need to use another coin as the fee is really too much.
lol
I find it interesting that you show this information here, but it is misleading since you did not provide all the information about what you were sending. If sending over a bitcoin, $3 is cheap. $830 is not a small transaction. Most purchases are well under $100 and I'm willing to guess, on a global level, under $20. Using Bitcoin for such purchases will simply not work. Bitcoin will explode in price after the ETF, $10,000 will be seen as a cheap price that got away. So Bitcoin will be used as a *cough* store of value and for large ticket items. I would break myself to buy BTC here at $800, even if there's some war coming and the price crashes sub $200 again. Small risk, MASSIVE reward potential. Stop being pussies and pull the trigger. |
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I was talking exactly about this a couple years ago and the BTC fees have indeed increased and will continue to do so, significantly. Bitcoin will NOT be used as a daily transaction currency. Like I've been saying for nearly 4 years: Find the Crypto that will be and you'll be rich [and a champion of the people].
A little math since even now most "experts" don't seem to get it. This is a real life example someone recently had which was posted on reddit which clearly shows what I've been saying.
"With a .0001 BTC required transaction fee for all transactions under .01 BTC, that amounts to a 6% transaction fee (at today's exchange rates) for a $1 USD transaction. And that equates to a 12% fee for a $.50 USD transaction. These fees are significantly higher than credit card fees, Paypal fees, Western Union fees, and even foreign exchange rate fees."
"A few days ago, I didn't realize any of this information (i.e. the required fees), so I tried to send $1 worth of BTC to a friend WITHOUT a transaction fee to show him how "amazing" this new technology is. Turns out to be not very amazing at all, because the transaction never confirmed because of the lack of the transaction fee. Worst of all, there seems to be nothing I can do about it... I can't even add the 6% fee to it now, in order to get it confirmed!"
At $1,200 per Bitcoin these fees will double. At $10,000 [which should come next year] these fees will go up by nearly 20 fold. They cannot lower these fees anymore and they have actually been raising them to help get the blocks confirmed.
What this means is that in the next 12 months Bitcoin will not be usable for any transactions under ~$20 which are probably ~90% of the transactions in the world.
Add to this the transactions per second limit/problem Bitcoin cannot overcome and you can see Bitcoin is in serious trouble and will need a "helper" very very soon - like in the next few months.
Short term they'll add multiple currencies, like LTC, Doge [and a few others] to payment processors [like BitPay and Coinbase] to help pick up the extra (cheaper) volume.
But those currencies are lacking in many ways, especially when it comes to security.
So it's amazing to me that not even now can these so called experts see what's really going on with Bitcoin and iXcoin.
Should be a very interesting 2nd half of the year this year.
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Great, is this another homework assignment? I hate homework. lol Thanks for sharing one of my favorite movies, Vlad:  |
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The talking monkeys are finally catching on but still missing the big picture. The probability of Bitcoin getting the ETF is closer to 99.9% [which I have stated from the beginning]. Only a major [unexpected] war or something similar would delay it. Then people will see what a real global asset pump looks like when trillions are force fed into it. Apropos, talking about crazy: You guys gotta watch Mr. Robot. I'm binge watching it [homework assignent] and I'm on the final episode and it's so parallel to this thread and Bitcoin/Crypto that I forget I'm watching supposed fiction. Crazy! http://bravenewcoin.com/news/bitcoin-etf-may-attract-300-million-in-the-first-week-says-needham-and-company/The Winklevoss twins’ long-awaited ETF is pending approval from the Securities Exchange Commission (SEC). After years of delay and amended filings, a decision is scheduled for 11 March 2017, and marks the end of a final extension period.
Bogart analyzed the ETF as he feels that the listing of a bitcoin ETF, “is a low probability event with very significant upside.” Such a large upside, in fact, that it would greatly affect the price of the GBTC, which is based upon the price of one-tenth of a bitcoin plus a premium. The effect, Bogart believes, of any SEC-approved bitcoin ETF would have on the price of bitcoin, ”is vastly underappreciated.”
However, the Bogart estimates the probability of the SEC approving the Winklevoss ETF in 2017 is, “sub-25%.” While there is no specific reason given for the estimate the report states, “the confluence of fear, uncertainty and doubt coupled with basic incentives at the SEC will make it very difficult to get approval.” |
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Not sure what your referring to. Please expand on this.
Rhetorical question brought on by jealousy and frustration. Joking. I own some i0 and I like the guy who created it so I wanna see it succeed.  |
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You know, Litecoin is designed for such an event. It has been much more stable lately, one can easily transact with minimal fees.
Sure, I'll give them that but they're not the ideal test chain for Bitcoin. Too many different variables. Litecoin should have a really nice run once segwit goes live. It will make it that much harder for IXC to get noticed. That and I despise being second. We'll see how it takes them to update their wallets. |
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That's nothing. What are people gonna do when btc hits $10,000 or more? Other coins will be used so IXC needs to position itself ASAP. We're doing our best but other coins have real backers and real money. We are David against Goliath. Wouldn't have it any other way. Bitcoin transaction fees is outrageous at the moment. I need to pay close to 3 dollars for my transaction to be confirmed within 6 blocks. Is there anywhere else I can send bitcoin without paying such hefty fees.
For small transactions, we need to use another coin as the fee is really too much.
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New Target: The Vatican --- [YourNewsWire.com] - Pope Francis Decrees ‘We Need A Global Central Bank’ Posted on January 10, 2017 by Baxter Dmitry in News, World New World Order demagogue Pope Francis has rung in the new year by calling for the establishment of a “global public authority” and a “central world bank”. New World Order demagogue Pope Francis has rung in the new year by calling for the establishment of a “global public authority” and a “central world bank” to rule over financial institutions and the increasingly unruly masses. --- The Pope gets it; how hard can it be to sell the Vatican on crypto? |
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You'll see Satoshi reveal himself when he starts to sell his massive million coin premine.
That's EXACTLY my feeling too. And I think it's really close. He must be tired of watching the circus. |
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p.s. in the end bitcoin is still bitcoin
And Bitcoin still can't scale or innovate (i.e. Segwit). But I'm sure Satoshi don't mind. |
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Realistically do you think Satoshi is that much of an idiot that he'd just dump his coins? I'd think the founder of bitcoin had a brain to not crash the market but I guess you think otherwise.
What if he hates what's happening with Bitcoin and wants out to start or join an alt-coin? |
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I hate owls!!!
This is my heartbeat song and I'm gonna play it
Been so long I forgot how to turn it up up up up all night
Oh up up all night long (we gonna bang)
Owl, where the hell did you come from? (Hades)
You were a different, different kind of fun (psycho)
And still used to feel it now
Now, I got pins and needles on my tongue (u gonna feel it)
Anticipating what's to come (nuclear war)
Like a finger on a loaded gun (blat blat with my gat)
I can feel it rising
Temperature inside me ('bout to blow)
Haven't felt for a long time (rage-free since 2016)
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