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Economy / Service Discussion / Why does Bitpay suck so much?
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on: May 29, 2018, 11:24:10 PM
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I went to buy some items at a company using bitpay (over 1k usd) which I had bought items from in the past, and NO BTC address popped up, instead I get this BIP70 bullshit that doesn't work with my wallet.. Great...
I am still deciding if I want to bother to load a wallet that bitpay's new protocol works with..
I am on the fence as to if I want to buy these items at all, so much hassle. Why can't bitpay just put up a real BTC or BCH address for us to pay with, instead of some proprietary bullshit that only works with a handful of wallets. This isn't what bitcoin is about. Its about creating a simple method to pay, not the cluster fuck that bitpay is creating...
FUCK YOU BITPAY..
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5
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Economy / Speculation / Re: Is it too early too start practicing my All Time High dance?
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on: December 22, 2016, 03:55:14 AM
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You'll need two ATH dances: one for the ATH market cap, which we will hit if/when the price hits around $830 or $840 if I am not mistaken, and another for the ATH price.
Are we there yet? Cause it sneaked up on me and I forgot to practice. Price is just starting to rise, today is like the 200 USD back in 2013 before it went to 1200.. Maybe its like the 10 USD in late 2012 before it rose to 266 USD in early 2013.. |
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10
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Economy / Speculation / Re: Is the mempool being jammed solid for a few days now good or bad for the price?
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on: June 19, 2016, 04:40:50 AM
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Not buying it. Visa,MC, traditional bank accounts can store the worlds transactions, but the blockchain can't?  Yes, because they're not storing thousands of copies of the data and transferring all the transactions thousands of times. The blockchain is highly redundant. We have ~7000 nodes atm. 75Gbyte each. So each node needs a $50 dollar 1 Tbyte drive × 7000. 350,000 usd to store the data of a 10,000,000,000 usd system. Thats um.. 0.0035% and your telling me its to expensive?
Yes, that's fine now, because it's not storing worldwide microtransactions in that 75 GB. Worldwide microtransactions would balloon that blockchain millions of times that size. Try storing 75 PB on 7000+ nodes and see how expensive that is. Even with 1000s more copies, the cost of storage is so insanely cheap in comparison to the overall value of the system. The cost of storage for paper bills and coins is something like 2-3% of the system, crypto is .004%.. Crypto's storage cost is basically zero. Banks storage costs are not in the computer systems, its in the brick and mortar store fronts, the employee's to talk to customers, the handling of paper bills, the advertising costs to gain new customers, etc. etc. Crypto has none of that bullshit, just transaction storage for virtually zero percent of the system. It all scales together, people who have been following bitcoin since the beginning realize this.. The price used to be lower the blockchain used to be smaller... If bitcoin has a blockchain 100 times bigger, it has a price 100 times higher, and the percent of the system cost for storage is still the same. ~.004%. If btc is 100 times bigger, blockchain size = 7500 Gbyte, price per coin= 70,000 USD, percent of system cost for storage ~.004%. Back when I was mining in 2012 on gpu rigs the blockchain was like 5 gigs, and BTC were $5 each. Now they are both bigger. Storage just keeps getting cheaper (Moore's law), the blockchain keeps getting bigger and the value of BTC keeps getting higher. There is a cap, I estimate a million peeps are using BTC on a regular basis, it can only get maybe 10,000 times bigger, (10 billion peeps using it *the whole planet*). By the time we have the whole planet using BTC, I imagine Moore's law will have created big enough storage systems for cheap enough that we can have millions of copies of the blockchain. |
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11
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Economy / Speculation / Re: Is the mempool being jammed solid for a few days now good or bad for the price?
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on: June 18, 2016, 11:01:08 PM
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Since when was the blockchain only suitable for high value transactions?
Since day-1. Some of the best use cases for BTC that have been bandied about over the years are microtransactions across the world
Only by people who don't understand bitcoin. Every full node stores every transaction back to the beginning of the time. That's a horrible design for a worldwide microtransaction system. Someday the features may be added to bitcoin to support such transactions, but the current design is absolutely not appropriate. Until that day, bitcoin is designed for high-value transactions. Not buying it. Visa,MC, traditional bank accounts can store the worlds transactions, but the blockchain can't? We have ~7000 nodes atm. 75Gbyte each. So each node needs a $50 dollar 1 Tbyte drive × 7000. 350,000 usd to store the data of a 10,000,000,000 usd system. Thats um.. 0.0035% and your telling me its to expensive? |
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13
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Economy / Speculation / Re: How much of a bump will BTC get from Eth crashing?
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on: June 18, 2016, 07:26:01 PM
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Why would the BTC/USD price rise from crypto to crypto trade? Does not compute... Except the case where now, money that would have gone into ETH might be diverted to BTC
Peeps buying BTC with Eth reduce the Supply of BTC on the exchanges. Thus, less BTC for new fiat to chase. |
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18
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Economy / Speculation / Re: Is the mempool being jammed solid for a few days now good or bad for the price?
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on: June 16, 2016, 01:54:04 PM
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This is all you need to know about the so called "mempool problem": In any system with no minimum transaction fee, the blocks will always be full even if you raised block size to 10 gigs. All that matters is what the price to get included in a block is, but no blockchain is suitable for microtransactions in the first place. Even with 10 MB blocks, all small transactions would be pushed off-chain onto things like the shift card or second tier solutions like Lightning Network. It will never be economical to do microtransactions (buying a pack of cigarettes) using a blockchain. Blockchains are only suitable for high value transactions or settlement layer.
Since when was the blockchain only suitable for high value transactions? Since big money has been invested to take over that part of bitcoin by for profit centralized companies? Some of the best use cases for BTC that have been bandied about over the years are microtransactions across the world and to provide bank like services to 3rd world countries where getting a bank account is difficult. Now because big business is telling us that they want that part, we just knuckle under and go along with it? The dream of decentralized money for all is over? |
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Economy / Speculation / Re: Is the mempool being jammed solid for a few days now good or bad for the price?
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on: June 15, 2016, 08:37:52 PM
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Pay the fee.
(right now, with 18,517 tx in wait, the 100% possibility for next block inclusion is 0,0005 BTC which is $0,341, versus the "usual" $0,0682).
Use an intelligent wallet, scanning the average fee atm, and no hold up. I have never been delayed, all my transactions went through to the first possible block. All this mempool backlog is an unnecessary FUD, anyone who pays the actual required fee gets in the first block.
The fee is rising exponentially. A bigger 10kbyte transaction is already over $5 usd. The price to make a transaction happen in next block has more then tripled in a week. The mempool is now 34 Mbytes.. |
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