Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too .... Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto Conaisseurs TM or COCC TM for short. I like COCC. It rolls so smoothly off the toungue. Ok, I'm in! Leaves a funny taste in your mouth tho.  If you start eating some pineapple and lay off the tacos I think it should be ok. I'm of course assuming you're a fellow member. I like COCC. It rolls so smoothly off the toungue.
Ok, I'm in!
Do you really think the $$$ would be worth anything if just the elite was using it. I guess we will figure out pretty soon, that the dollar is worth not-a-thing... Because what we see these days is money concentrated in the hands of very few. Money that doesn't buy you anything, isn't worth anything. Hey, I'm just here for the abbreviation. Don't get all political on me. Or at least tell me when, so I can close my eyes. |
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Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.
Even higher BTC price -> even higher fees.
Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.
Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too .... Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto Conaisseurs TM or COCC TM for short. I like COCC. It rolls so smoothly off the toungue. Ok, I'm in! |
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The actual problem is that there are people out there who think they know better what the cap is supposed to be than Satoshi's 1MB. stupid Another advantage of the 1MB cap is that once these idiots realize they can't really change it, stupid they will fork off from Bitcoin to their favourite shitcoin, stupid taking their shitty poet shills and useless economic activity with them. stupid But thanks anyway. |
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I wonder how long it will take before the russians get their act together and boot out the siloviki. It's painful to watch when otherwise clever people support this kind of evil. |
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This is it.
That's disappointing. No boat for me then. |
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[Euphemism=OFF] i do believe this is potential for a big green dildo tonight.
Adam, is that possible due to upcoming futures settlements? Just wondering. Naw. Adam runs on gut instinct, like a hungry race horse. Look more closely. Adam is going to have him a little Hulk fun. |
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Cause Soviet Union was socialist of course  USSR = Union of Soviet Socialist Republics
https://en.wikipedia.org/wiki/Soviet_Union
Damnit some of you guys are very illiterate about your own beliefs, you should research it more before supporting it. Let's also not forget the Nationalist Socialist German Workers Party aka NAZI
Two sides of the same coin. Two wings of the same bird. However you want to say it. https://en.wikipedia.org/wiki/Nazi_PartyCommunism vs Nazism = Socialists with conflicting ideals. That's all. The immensity of your ignorance is causing me physical pain. |
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not too late, seats still available on the train. don't be this guy!!   Don't run into an oncoming train, even when chased by vicious Grizzly. It's a Bombardier. They swing both ways. Canadians. |
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@Fats How's that sound to you?
If I want to read nazis I stick with Hamsun and Heidegger. |
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Any word on that ETF those Twinkletossers were going to set up?
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What's this obsession the right wing nutters have with the Rothschilds?
Because jews and lizards and Satan of course. Once you have generational net worth you're invited in to the local country club to feast on young orphans and it's downhill from there. I got out just in time when my grandma blew it all on ostrich farming. Probably just bad timing. I hear ostrich farming is da bizniz. |
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...
What's this obsession the right wing nutters have with the Rothschilds?
Oh come on, Rothschild = the original usurious Jew! [img width=200 ]http://www.armahellas.com/wp-content/uploads/2014/10/jew-grab-money-kinky-hair-hooknose-grin.gif[/img] And where has all the money gone? It must have gone somewhere! The answer is obvious, my friends! It is the Jews! Covetous Jews who have taken all our money and hoarded it for themselves! Hidden all the cash in some... secret Jew cave that they built, probably back in the early 60s! It is the Jews, my friends, who are oft... Ok. But I thought that was what Bitoiners wanted to do? How is that different? |
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Most recent article on the linked website: [img ]http://s7.postimg.org/lg4knevfv/Capture.png[/img] [img width=300 ]http://s23.postimg.org/c6dmspy6j/Capture.png[/img] What's this obsession the right wing nutters have with the Rothschilds? |
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Just distribute the node software as malware on porn sites. It will be known as Wankchain.
Edit: When the keys on their laptops are glued into the pressed down position due to too much far flung jizz the nodes can be programmed to detect this and you can confirm txs based on this Proof of Wank method.
Man, you've actually thought this through. I was just having dirty feelings. My people will be getting in touch with your people. It's actually quite a bulletproof system. Most people are incapable of performing complex tasks after having busted a nut, so the risk of someone messing with the blocks is pretty much zero. Two years too late: https://bitcointalk.org/index.php?topic=663325.0Excuse me, sir! I believe the name of the token was WankRapeCoprophiliaEther. [throws scarf over shoulder while turning away] |
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Just distribute the node software as malware on porn sites. It will be known as Wankchain.
Edit: When the keys on their laptops are glued into the pressed down position due to too much far flung jizz the nodes can be programmed to detect this and you can confirm txs based on this Proof of Wank method.
Man, you've actually thought this through. I was just having dirty feelings. My people will be getting in touch with your people. It's actually quite a bulletproof system. Most people are incapable of performing complex tasks after having busted a nut, so the risk of someone messing with the blocks is pretty much zero. |
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You can probably just launch it on the ethereum network. Less hassle.
No way. All I've ever wanted in life was to create the dirtiest coin possible which also means it needs to be on a dirty network. Just distribute the node software as malware on porn sites. It will be known as Wankchain. Edit: When the keys on their laptops are glued into the pressed down position due to too much far flung jizz the nodes can be programmed to detect this and you can confirm txs based on this Proof of Wank method. |
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That show is already over. Best wait for ETHdark.
I miss all the dirty coins so I'm launching WankRapeCoprophiliaEther. You heard it here first. You can probably just launch it on the ethereum network. Less hassle. |
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I didn't think it was possible, but this thread is getting dumber.
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Yes. A few concerns with this token - 1) Vitalik organization is running out of fiat money as he admitted himself and he will need to start dumping his large bag to pay expenses He's already sold enough OTC in the current bull run to keep the foundation running for years. 2) You think Bitcoin has scaling problems , Ethereum's blocksize is already over 10GB and no one is using it. Even if they "sharded up" and pruned the blocksize they are going to have much larger problems because there currency isn't a currency but fuel for cpu cycles, thus a popular DAPP would both drive up the cost of cpu cycles and clog the network
3) 12 sec blocktimes is absurdly small and leads to too many orphans or forks. This is why Monero devs are increasing from 1 minute block times to 2 or more
They know, the difference is that they're not complete wackos, so they're prepared to implement the solutions that are available. 4) Lack of practical use case of any Dapps , mainly a novelty right now.
They mainly don't exist right now. 5) Once ethereum switches to PoS, there will be strong incentives to simply fork the coin to either create a sidechain or clone with the same properties but better security because the fuel distribution can be bootstrapped like clams as proposed by æthereum. Losing PoW will remove any advantage ethereum has over other ethereum forks/clones. Why would anyone want to pay for ethereum fuel when they are given free æthereum DAPP fuel and than subsequent fuel purchases are both more secure and less expensive?
The PoS gamble is definitely a big one. But if crypto goes mainstream, the one that doesn't burn the energy of a small country may have the upper hand publicity-wise. |
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About Socialism.
The socialism that Russia eneted is far way from theory of socialism.
The only socialism I approve is Scandinavian Socialism. I am actualy living in one of Scaninavian countries and I can see how great society is here.
The only think that can upset the balance are refugees that use that good economy by getting as much benefits as its possible
The refugee issue is not exclusive to Scandinavia. Nor are they particularly ill equipped to handle it. The frenzy around this issue is due to the lack of preparedness and shoddy handling of the crisis. Shit happens, that doesn't mean it's ok to stop treating people like human beings. The scandinavian countries have focused on only applying plan economics to the parts of the economy which benefit from it. So health care, child care/kindergartens, education, unemployment pay, and certain types of highly targeted welfare are controlled by the state, either through highly regulated private companies or state owned entities. Unlike France or the USA, the scandinavian countries don't bail out large private companies or nationalize electricity suppliers and similar. Government interference in these areas is rare. This means that, in spite of having a comprehensive social safety net, they rank high in ease of setting up a business and have some of the freest markets in the world. While GM and Chrysler were deemed "too big to fail" in the United States, both of the swedish brands Volvo and SAAB were in similar dire straits. However, in Sweden the PM simply said: "It's not the business of the state to build cars". Another thing which helps these countries "stay relevant", and drives natives nuts, is the "scandinavian reformism". These countries are reforming every bit of its government run programs continuously. When people finally are used to the reforms they're changed. This can be tiresome, but it prevents organizational stagnation. |
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