BitCoin miners have given all Crypt-coins a bad name by charging transactions fees as high as $55
and that warning will be written into our history books even if BTC does not turn out like Tulips

I am playing with free money and have been warning people here not to be taken in by
"Buy on the dip" talk but none of them type of threads seem to last long

Yes the OP is right, fake news and if we devalued the cost of land based on the cost of tulip after the price
crashed then land prices in Holland at today's prices would only cost $50 needed to build a house.

$30 just to store 250 bytes of data goes way back to before we had 48K ZX-Spectrum computers
selling at $140 each and even they could do more than seven transactions per second using Spectrum
Basic so yes it's good playing with numbers and what the OP is really saying is that we should be paying
about $95,000,000 for a 1GB pen stick today

The man stated CPU-War which pleases Intel and AMD along with big oil which is happy with the energy costs and we have a system
that won't scale which they knew all along and the highest cost of storing 250 bytes of data since even before 48k
ZX-Spectrum's were invented by Clive Sinclair

Yes the "Block Chain" was so good that the new buzz word in the Lightning network has now become "Off-Block" and
really this was his only great achievement not that read only data was not around years before that but I must admit
he did it in a better way than us programmers did it before his invention.

Satoshi Nakamato must be 99 years old because this post seems to drop of the front page and keeps getting
resurrected quite a lot and I am starting to think he must be Jesus or something.

Sorry guys but I will only give him six out of ten and the chances are he was working the the CIA or MOSSAD
anyway.

 

What i do know is smoke is coming out of the exhaust on this car

See https://bitcointalk.org/index.php?topic=2768842.msg28292466#msg28292466

Head gasket got blown at 20,000 miles due to the crazy high gas price of $30-50 per gallon
of fuel and it was doing so well before then and yes I think it would had done 50,000 miles
before needing a engine rebuild.

I don't know if I can squeeze another 1,000 or 10,000 miles out of the engine because it's a gamble
but it's a long bore engine and ticks over at 7 RPM which is good when waiting outside a McDonald's
but is no good on the race track and no Lightning Network Electric engine is going to fix that.



 


 

We are all fine so long as we don't all run for the exit at one because the door way is very narrow
and Bitcoin can only process seven transactions per second so I have done the calculations here

https://bitcointalk.org/index.php?topic=2768842.msg28292466#msg28292466

Now we all know that Coinbase goes down when we have a spike (Insider trading) and I have placed a
stop loss on BTC at $10,003 at another exchange just in case the obvious happens due to the crazy
transactions fees which we have not seen before and is really starting to upset a lot of people so yes it
new this time.

Please do not think this is a panic move, been well calculated in advance so do not stampede over me
and wait in queue to get out and don't try none of that "Fast Pass" stuff by offering to pay the miners
$500 per transaction because I would not take kindly to that as I am sire you would understand having waited
in the queue myself to get out for six hours as it is.

When you see it, it will already be too late is my advise so don't panic and plan ahead 

This chart sort of looks wrong to me and has a vertical line that goes down to 20m
and then starts a steep climb back to 120m

https://blockchain.info/charts/mempool-size

Did we have a glitch, bug in the system  or something so I decided to read up on just what the mempool is and it says


Source https://99bitcoins.com/what-is-bitcoin-mempool/

Well doing the sums I did 120m divide by seven transactions per second that Bitcoin can process and that equals 17,142,000 seconds or 4,671 hours
but surly something is wrong so the statement above must be wrong or the chart must be wrong.

here https://blockchain.info/unconfirmed-transactions/ it reads that we have "168380 Unconfirmed Transactions"
So dived that number by 7 Transactions per second and you get about 24,000 seconds or 6.6 hours which sounds like a hell
of a long time for a transaction to complete so what is going on here ?

I would say that the more posts that keeps going on about "Buy on the dip" only shows that many here are shitting themselves
and slot machine player are trying to reassure each other that paying $30 a pop to "Nice miners" just to write a few bits of data to a database we call
the block-chain is an excellent investment but that might get me in trouble.

Buy more, sell the house, now has never been a better time to buy, all the experts are doing it and
if prices go as low as $500 then sell the misses as well because when your a billionaire she will only
come begging for you to take her back

Amazing how these types of posts hang around for days on the front page but others that contain
substance get moved or only last five minutes don't you think

 

Why on earth would any newbies buy in on a Bitcoin if they are playing with less than $1000 and
pay $30 in transactions fees or see that the future is seven transactions per second.

Sending a test amount to a new wallet (like we all do) of $1 can now cost $30-55 so how can
these new players learn anything like this.

The safest coin to play with for new punters, sorry respected members is Ripple because you
can at least get someone to help if it goes wrong and yes it's a bankers network but $0.02 per
transaction kind of makes them nice bankers for teaching you the ropes

All i know is most trades on exchanges are being carried out by web-bots and
we are moving to a stage where AI is being used and as good as I am at cutting
code I am not sure I could compete with these bots even if I understood markets
which i don't

Yes correct in the case of Bitcoin due to the way it has been implemented and all that happens is
20,000 nodes all need to keep 200gb of data in sync so it's one big set of files that is replicated however
this is not what you call distributed processing which would be more like 50 sets of nodes working in small teams
teams with each team being responsible for 1/50th of the data.

Ist year students studying computer science in university could had worked out that one big fat data
structure would reach a limit and when it would be reached but i think what has happened with Bitcoin is that
cryptographic experts (Yes i say they are good) have been allowed to take over from computer programmers
and academia has been allowed to run wild, hence each stage has been over engineered with the basics being
forgotten.

Ripple presents data as if it "On-block" and can do 50,000 transactions per second and not just seven but
I would guess it uses a tree type structure much like DNS servers work but this is far from the only configuration
and you can have a star structure and you need to understand that centralization is not as black and white as
they are making out and Lightning to some degree uses it anyway

I mean mining to see who's got the fastest processor, how did us true professionals ever manage without it
for all these years and believe me I have a lot more to say about the architecture then I can discus here and
it's not me that's cocked up and cannot decide in two years if we should be using Segwit or not     

 

You mean the XRP "Shit" where the bankers for now only charge us $0.01 per transaction against Bitcoins $30 mining fees
and that's only if you have time to wait ?

Bankers are suddenly looking like nice people to me  

All the Bitcoin type coins including ETH and the million alt-coins running on ETH needs to be put in the steam-engine group
because they won't scale and then compared to others coins that are available to do any technical analysis.

Transactions per second
BTC/ETH (7-15) Slow lane
IOTA (100)        Middle lane
Ripple (50,000) Fast lane
Rial ?
HashGraph ?

Please expand on the list and lets see if we can pick a winner that will scale and is not owed by
fat cat banksters and rip-off miners doing CPU-Wars to keep big oil along with Intel & AMD rich


oh dear i know centralized is a four letter word but did they not explain to you that were in modern
times now and Lightning Network will be using some centralization for it's hubs..... that charge fees .......
keep private ledgers ........ just like banks do ......... but you must not use that name, it's "Hate Speech"
you know.

See https://www.youtube.com/watch?v=UYHFrf5ci_g but don't worry it's six months away
at least and we can always talk about Segwit which looks well complicated too me


  

Well it's new this time and the pump won't work with a hole in the tryer or maybe you would like to give me
a chart that I can look at that shows tx fees being $30 or more and the price of BTC has taken off.

I was reading a forum today and some members of the public now see us as a laughing stock and
cannot understand how it could possible cost so much money just to store a few bytes of data in a public files 

Personal I think that Bitcoin has shoot itself in the foot and won't be running anywhere fast anytime soon
and Bit-coiners will be looking anywhere to lay the blame instead of looking down to see a boot with a big
hole in it and blood coming out.

paul wake up, PAUL WAKE UP ..............................................

is he dead or just having a dream 

Yes i could see $40k or even be pushed to $50 but they have blown it now with miner fees and
trust in the currency has been destroyed not just for old "Gamblers" like me but new ones too wanting
to play the slot machines.

The name miner needs to be changed because the 20,000 miners mine few coins to earn a
living and have just become expensive middlemen and we certainly don't need 20,000 of
them working as a monopoly to milk us dry with $30 transaction fees just to store a mere
250 bytes of data on the block-chain.

But we can do that now and set the mining fee low and wait for ever and a day for a miner to pick the block up
so maybe your talking about the fees charged by the larger LN hubs or what I visualize as international banks in which case
market forces might apply not that i see the need for this approach

I don't know, all these developers working for nuffin, well i wonder how they make a living 

Thanks for dropping in and the tip off

Now I like this plan so will it come before or after the LN is released in 6-9 months time and
how will the BTC development team get a bung back from such a fantastic plan that should had
been included from day one.

Very hypercritical this is but it will never happen if you ask me   

So P2P means that I use a service to get your IP-Address (Full nodes service)
and then my wallet must speak directly to yours if we have "no middle man in the process "
so this $30 i keep losing from my wallet during the point-to-point transactions must
be hackers steeling my money right 

Bit-Torrent is P2P, Bitcoin is not by any means

So "On-Block" was god until it didn't scale like they knew all along and now "Off-Block" is cool

if others can manage to keep it all on block then maybe there is something wrong with the
development team but this statement excludes all BTC clones because they all suffer from the
same bad foundations and will hit the same problems.

Read up about Block-Matrix to deal with scaling which includes a degree of centralization
but so does LN anyway and also introduces lots more problems too.

Yes buy more, don't ask no questions and just buy on the dip like all top investors
will tell you and the bigger the dip the better it is.

Here is a link but you must ignore all the green ones at the top because we all know
from posts here today that all coins are down and just pick a red one that has dropped the
most today and buy, buy, buy

https://coinmarketcap.com/gainers-losers/

Don't read any technical data on things like network speeds or transaction fees if your only investing $100 and it
costs $30 in fees because you can win that back anytime with the right investment plan  

Regards Mr B Madoff

The trouble sending money to Coinbase is nothing to getting money out and back in your own bank account.

You might think they would just let you send it back to the bank account you used during the purchase
but you will be wrong and for me they made me sent up a SEPA payment to send them one Euro which takes
time but then they can send you money back but GBP needs converting both ends because SEPA is in Euro's
and you get charged during the conversion and have to wait ages to get your money.

Last month they put up a notice saying that SEPA payments would take ten days and Coinbase never did
pay me my $10 bonus joining fee so good luck trusting them with your money or getting access to the
Bitcoin Gold they owe you since they own to older account and the private BTC key they give out is fake
and has no money in it but feel lucky because with ETH you don't even get a public address.

Sorry not only do you get a big 3.99% fee from Coinbase when sending them money but you also get
a big warning from me