Bitcoin DOOMED to have high transaction fees

[JNiks_ZLisa]

Ok, let's calculate the transaction costs of gold for international transportation

[Mad7Scientist]

Ok, let's calculate the transaction costs of gold for international transportation

10 grams of gold (around 0.15 BTC) in an envelope. $1.20 postage 99.5% chance of arriving without issue That's a 0.0012 BTC fee.

[andrew24p]

It will scale eventually, much of the problem with the transaction fees at this point in time is companies are not optimizing the code or their fee structure and paying way too much. Exchanges especially are charging way too much when they could get away with a much cheaper fee.

[PokerFace3]

Interestingly enough I read somewhere that fees went back to normal after AlphaBay shut down. Funny stuff

Nope the fees went back to normal several days or even weeks before, what it happen is that whoever was spamming the network has stopped, may be they stop because with the imminent segwit activation it is no longer a wise economic decision to keep the spam going on the network.

You already know who was spamming the blockchain network of bitcoin. Take a guess please, they were the guys trying to divide bitcoin into subgroups. Bitcoin is free and stay free, never forget this. Satoshi's philosophy won't be changed by others. Transaction fees will be more fait in the future hopefully.

There have been a lot of speculations about who was behind the attack , the most logical one to me is that the miners were the ones behind it, a spam attack will be very costly if you did not control a good portion of the hash power so all points to the miners being the ones behind it.

We should not blame miners what if it is rumor by someone that they are creating like this. We should believe in bitcoin miners because they are well developers so we should trust them we should need to find these spammer together that we will save the earth of bitcoin so for that we need a unity of users of bitcoin everywhere that we can save bitcoin.

[jakelyson]

though this is a non issue anymore, others are right that this issue could reoccur.  the one behind tbe spam transaction can go and spam the network again. hopefully segwit would be enough to counter those attacks so the fees will not rise again. though the miners benefit from those attacks, i do not think they are behind it.

[investinator]

though this is a non issue anymore, others are right that this issue could reoccur.  the one behind tbe spam transaction can go and spam the network again. hopefully segwit would be enough to counter those attacks so the fees will not rise again. though the miners benefit from those attacks, i do not think they are behind it.

If spam transactions include a fee they are not really spam. Bitcoin needs to be able to handle dust transactions to be useful for all applications anyway. I think side chain solutions are what will enable it and segwit is an important part of making that happen.

[BartS]

I'm just new in the crypto world but I would say that I didn't find high transaction fees issue for me. If you want your transaction get faster confirmation then its logical to pay high fees right? So I don't know why is people complaining about high transaction fees if you can control how much you want to pay the miners to include your transaction in a block.

The issue with the fees is that even if for you the transaction fee is not that big, you must understand that bitcoin need to work not only for those that live in the first world and that can afford 1 or 2 dollar fees, in a third world country that may mean a full day of work, so the issue needs to be solved somehow, and segwit may be a short term solution for that.

[hatshepsut93]

The issue with the fees is that even if for you the transaction fee is not that big, you must understand that bitcoin need to work not only for those that live in the first world and that can afford 1 or 2 dollar fees, in a third world country that may mean a full day of work, so the issue needs to be solved somehow, and segwit may be a short term solution for that.

No one can afford 1-2 dollar fee for every transaction while using it in place of cash/credit cards.

though this is a non issue anymore, others are right that this issue could reoccur.  the one behind tbe spam transaction can go and spam the network again. hopefully segwit would be enough to counter those attacks so the fees will not rise again. though the miners benefit from those attacks, i do not think they are behind it.

This will be the issue for a long time, if people will start actually adopting Bitcoin, it will be the same or even bigger than the recent spam attack, in terms of load on the network. And segwit itself hasn't solved the scaling problem (and its goal never was to do so), it's a preparation for future developments.

Basically, blockchain technology is still on its early stages of development.

[BartS]

Ok, let's calculate the transaction costs of gold for international transportation

10 grams of gold (around 0.15 BTC) in an envelope. $1.20 postage 99.5% chance of arriving without issue That's a 0.0012 BTC fee.

I do not know where you live, but that is not going to happen, sending valuables through the mail is not forbidden in my country but the reason no one does that is because the mailman will steal that money, you can be sure he is going to notice the envelope is heavier than usual and it is going to open it and when he sees that gold the letter is going to disappear.

[andrew24p]

Bitcoin is like an onion it will have LAYAAAS Donkey would be proud. But actually scaling is a solution that is created over time. The internet had scaling problems for long periods of time and it still does.

[Xenrise]

Of course this is a smell of a problem. Look at it. The transaction will be so high and with a high transaction fee, how can we withdraw our own money that we have worked for many years. For hodling for many years? What would be the value of that? Half? 3/4? Or what? Is the cause of the higher transaction fee is the fork? Well I think that thing that happened really brought us something to unwish for.

[farhaan]

This topic is outdated. Fees went back to normal a long time ago. Now stop this FUD, willya.

Definitely,its an outdated topic.The issue of high transaction fee has almost been resolved.Segwit has been mainly activated for that purpose only.Bitcoiners eagerly awaited for segwit to be activated and now after its successful activation,every thing has become normal and its useless to have such topics now.

[Kakmakr]

This topic is outdated. Fees went back to normal a long time ago. Now stop this FUD, willya.

I have some doubts about that. We have recently seen a spike in small transactions and people experimenting to see if it can be viable to spam the network, with the new code. The new code makes it more expensive to spam the network, not impossible. These spam attacks will not stop and the higher fees might be back, when these people have figured out how to do it at the lowest cost possible.

The Lightning Network might help a bit more, but it might still be possible in the future. ^grrrrrrrr^

[BartS]

This topic is outdated. Fees went back to normal a long time ago. Now stop this FUD, willya.

Definitely,its an outdated topic.The issue of high transaction fee has almost been resolved.Segwit has been mainly activated for that purpose only.Bitcoiners eagerly awaited for segwit to be activated and now after its successful activation,every thing has become normal and its useless to have such topics now.

The issue has not been resolved, that is a mistake, we are in the process of solving it for some time, the keyword here is for some time, as the usage of bitcoin grows and more people begin to use it then the network will find itself in a similar situation than the previoius one we were in, and when that time comes then a new update on the network and the bitcoin protocol may be needed.

[BartS]

It will scale eventually, much of the problem with the transaction fees at this point in time is companies are not optimizing the code or their fee structure and paying way too much. Exchanges especially are charging way too much when they could get away with a much cheaper fee.

Maybe it was the exchanges doing the spam attacks in order to push segwit and off-chain scaling through. I bet Coinbase and Blockstream are under lots of pressure from the banks and governments to take complete control of Bitcoin. Now that they've penetrated the blockchain with segwit, it looks like the banks are winning. So sad.

This is unlikely it has been shown that in order to spam the network you will need to a big chunk of the hash power if you do not then the spam attack is going to be very costly, besides I do not see why exchanges will like to have segwit or any other option, what do they have to win with this situation? The ones that had a lot to win spamming the network were the miners.

[btc_angela]

It will scale eventually, much of the problem with the transaction fees at this point in time is companies are not optimizing the code or their fee structure and paying way too much. Exchanges especially are charging way too much when they could get away with a much cheaper fee.

Maybe it was the exchanges doing the spam attacks in order to push segwit and off-chain scaling through. I bet Coinbase and Blockstream are under lots of pressure from the banks and governments to take complete control of Bitcoin. Now that they've penetrated the blockchain with segwit, it looks like the banks are winning. So sad.

This is unlikely it has been shown that in order to spam the network you will need to a big chunk of the hash power if you do not then the spam attack is going to be very costly, besides I do not see why exchanges will like to have segwit or any other option, what do they have to win with this situation? The ones that had a lot to win spamming the network were the miners.

I totally agreed. It doesn't make sense for an exchange to make a spam attack because eventhough they can charge high fees, customers then will go and look for better exchanges. And you can't say that banks are winning, we have no proof they the exchanges are being pressured by the government not unless they do like fake volumes or fake transactions. Although the spam attack has lessen to some extent now, we don't know will the people behind it will strike again. Maybe they ran out of steam because doing it cost as much money as well.