why bitcoins will ultimately die

[bitcoindownfall]

these lasts months the price of the bitcoin has sharply rised, some users are hoarding but it also rises because more and more people are getting to know bitcoins.
the number of bitcoins is virtually limited to 21 millions, we've got less than 1 million users for now but imagine one day the price of the bitcoins becomes so high that a transaction fee will cost several bucks.
the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.
ppl don't realize how dangerous this is, just imagine bitcoin enemies (goldman sachs for example) putting billions into the bitcoin system, this will cause the bitcoin to be worth several thousands dollars, it will kill the whole system
they know it and when bitcoin becomes too popular they will slay it that way
the best way to avoid this catastrophic disaster is to remove any kind of transaction fee, bitcoin mining is a waste of time, who the hell is trying to mine a nanobitcoin? seriously WTF
stop mining, this will cause you permanent brain damage from heat stroke (true)

BTCBTCBTC

[fwho]

Uhhh... k.

[bitcoindownfall]

Uhhh... k.

this is what they don't want you to know
are you all so blind or what? do you really think the government and holding corps are not trying to destroy bitcoins?
I'm not even talking about the IRS, people here defrauding the IRS and people trying to buy drugs on SR or even people trying to launder their money, do you really think all this is not watched by the feds?

[creativex]

Pardon? Defrauding the IRS? You mean by utilizing the fruits of my own labor as I see fit? Oh dear, poor IRS, I guess goobermint will just have to make do with the 40% of my earnings they already stole. Of course the goobermint will try to destroy/control BTC, what don't they try to control?

As to the transaction fee issue, perhaps you should brush up on it a bit.

https://en.bitcoin.it/wiki/Transaction_fees

[the joint]

Miners mine because they receive an incentive to do so.

Currently, the 25 BTC block reward is the primary incentive.  The transaction fee will only become an issue when the block subsidy approaches zero.  This won't happen for several decades.  However, when it does, transaction fees will need to provide enough incentive for miners to continue mining.  By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).

And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced.  All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs. 

[John (John K.)]

Uhhh... k.

this is what they don't want you to know
are you all so blind or what? do you really think the government and holding corps are not trying to destroy bitcoins?
I'm not even talking about the IRS, people here defrauding the IRS and people trying to buy drugs on SR or even people trying to launder their money, do you really think all this is not watched by the feds?

...Why do you think everyone are using bitcoins on drugs or money laundering? Do you even understand that all businesses have to pay their taxes regardless of the currency used?

[lassdas]

the minimum transaction fee is 0.000 btc thats currently 0,0 cents per transaction...

Fixed that for ya, but...shhhhh...

this is what they don't want you to know

 

[the joint]

the minimum transaction fee is 0.000 btc thats currently 0,0 cents per transaction...

Fixed that for ya, but...shhhhh...

this is what they don't want you to know

 

Exactly.  You actually never have to pay a transaction fee, and you will probably never be required to do so.  However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.

[Monster Tent]

why bitcoins the IRS will ultimately die

FTFY

[JoelKatz]

the number of bitcoins is virtually limited to 21 millions, we've got less than 1 million users for now but imagine one day the price of the bitcoins becomes so high that a transaction fee will cost several bucks.
the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.

So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it?

[Rincewind]

stop mining, this will cause you permanent brain damage from heat stroke (true)

BTCBTCBTC

Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.

[bitcoindownfall]

Miners mine because they receive an incentive to do so.

Currently, the 25 BTC block reward is the primary incentive.  The transaction fee will only become an issue when the block subsidy approaches zero.  This won't happen for several decades.  However, when it does, transaction fees will need to provide enough incentive for miners to continue mining.  By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).

And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced.  All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs. 

uh oh I thought bitcoin was decentralized, so now we can lower the transaction fee, who's behind all that? who controls that?
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that

Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.

Exactly.  You actually never have to pay a transaction fee, and you will probably never be required to do so.  However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.

WAIT WHAT? so I was paying for phantom "mandatory" transaction fees? how the hell do I NOT pay these transactions.
seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.

Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.

try to be more imaginative, this will help you the day your bitcoin wallet gets erased

[Monster Tent]

the number of bitcoins is virtually limited to 21 millions, we've got less than 1 million users for now but imagine one day the price of the bitcoins becomes so high that a transaction fee will cost several bucks.
the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.

So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it?

LOL

[John (John K.)]

Looking at OP's nick, I suspect someone just created this account to troll us.

Miners mine because they receive an incentive to do so.

Currently, the 25 BTC block reward is the primary incentive.  The transaction fee will only become an issue when the block subsidy approaches zero.  This won't happen for several decades.  However, when it does, transaction fees will need to provide enough incentive for miners to continue mining.  By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).

And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced.  All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.  

uh oh I thought bitcoin was decentralized, so now we can lower the transaction fee, who's behind all that? who controls that?
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much

Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.

Exactly.  You actually never have to pay a transaction fee, and you will probably never be required to do so.  However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.

WAIT WHAT? so I was paying for phantom "mandatory" transaction fees? how the hell do I NOT pay these transactions.
seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?

Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.

try to be more imaginative, this will help you the day your bitcoin wallet gets erased

I'm not going to feed the trolls further on this.

[lassdas]

So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it?

That's a good one.
Bitcoin is doomed to fail once it goes mainstream.

[bbit]

the number of bitcoins is virtually limited to 21 millions, we've got less than 1 million users for now but imagine one day the price of the bitcoins becomes so high that a transaction fee will cost several bucks.
the minimum transaction fee is 0.0005 btc thats currently 0,2 cents per transaction...
that's nothing alright but this is only the beginning, due to its strict monetary policy, the bitcoin will kill itself when the transaction cost will be very high this will refrain a lot of people from doing transactions.

So let me get this right, you're arguing that Bitcoin will become so popular that nobody will use it?

LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[bitcoindownfall]

Looking at OP's nick, I suspect someone just created this account to troll us.

Miners mine because they receive an incentive to do so.

Currently, the 25 BTC block reward is the primary incentive.  The transaction fee will only become an issue when the block subsidy approaches zero.  This won't happen for several decades.  However, when it does, transaction fees will need to provide enough incentive for miners to continue mining.  By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).

And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced.  All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.  

uh oh I thought bitcoin was decentralized, so now we can lower the transaction fee, who's behind all that? who controls that?
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much

Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.

Exactly.  You actually never have to pay a transaction fee, and you will probably never be required to do so.  However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.

WAIT WHAT? so I was paying for phantom "mandatory" transaction fees? how the hell do I NOT pay these transactions.
seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?

Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.

try to be more imaginative, this will help you the day your bitcoin wallet gets erased

I'm not going to feed the trolls further on this.

dude you are the troll, I came here saying the transaction fee will ruin the bitcoin and it seems I was fooled because there's no transaction fee, how is this TROLLING?
and how do I remove this transaction fee, I AM NOT PAYING IT!

[bitcoindownfall]

The majority of the users control that.

oh yeah really? tell me how can I control this, please I want to learn.

[John (John K.)]

Looking at OP's nick, I suspect someone just created this account to troll us.

Miners mine because they receive an incentive to do so.

Currently, the 25 BTC block reward is the primary incentive.  The transaction fee will only become an issue when the block subsidy approaches zero.  This won't happen for several decades.  However, when it does, transaction fees will need to provide enough incentive for miners to continue mining.  By this time, it is assumed that Bitcoin will have grown to the point that there will be millions of transactions with small fees attached to them, and the sum of these fees will provide an incentive for miners to continue mining (e.g. one billion 1-cent transaction fees total $10 million in incentives for miners).

And, even if BTC becomes so valuable that .0005 BTC is worth a lot relative to fiat, the transaction fee can be reduced.  All that matters is that a balance is achieved wherein miners are happy with the incentives they are given for their work, and users are happy with the low transaction costs.  

uh oh I thought bitcoin was decentralized, so now we can lower the transaction fee, who's behind all that? who controls that?
The majority of the users control that.
something doesn't seem to be THAT transparent about bitcoins, how come some people liek MTGOX can transform real currencies to bitcoins and I can't do that myself? something's not right here
...I'm suspecting you're a 10 year old trolling us here.
I herd this story of the guy who was caught by the feds cos he was using bitcoins, he went to the smaller for that
I herd this story of the guy who was caught by the feds cos he was trolling too much

Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.

Exactly.  You actually never have to pay a transaction fee, and you will probably never be required to do so.  However, including a small fee such as .0005 BTC provides extra incentive for miners to include the transaction within a block.

WAIT WHAT? so I was paying for phantom "mandatory" transaction fees? how the hell do I NOT pay these transactions.
seriously there are like alreayd 11 million bitcoins in circulation, I don't want to pay a single penny for mining.
Use your brains and eyes, please. READ. Who told you you're paying for mining except your own hardware costs and electricity?

Pretty sure your posting is causing permanent brain damage. We are all dumber for having read it. I award you no bitcoin. May God have mercy on your soul.

try to be more imaginative, this will help you the day your bitcoin wallet gets erased

I'm not going to feed the trolls further on this.

dude you are the troll, I came here saying the transaction fee will ruin the bitcoin and it seems I was fooled because there's no transaction fee, how is this TROLLING?
and how do I remove this transaction fee, I AM NOT PAYING IT!

It's been some time since I paid the transaction fee for my transactions.
I am suspecting you used a ton of those 'free bitcoin sites' and got a ton of micro-bitcoins. You then tried to send that out, and of course you're expected to pay the transaction fee. Try to send a ton of micropayments with PayPal and you'll get the point. Miners are opting to not process spammy transactions without a fee, as that will clog the network. Please read the following if you're not trolling.

https://en.bitcoin.it/wiki/Transaction_fees

[John (John K.)]

The majority of the users control that.

oh yeah really? tell me how can I control this, please I want to learn.

If you can convince the majority of the miners to process spammy transactions fee-less, it's trivial for pool OP's to change that in the software.