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Author Topic: Bitcoin/Blockhain is dead.  (Read 2959 times)
digaran
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March 10, 2017, 02:29:38 AM
 #41

There is no problem with bitcoin but with people, and as I am forced to use much higher fees I'll slowly migrate to alts.
Bitcoin won't fade away over night but if continues to perform this way people slowly turn to other coins.

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March 10, 2017, 02:32:38 AM
 #42

So yeah, yesterday I sent a transaction of 18$ to a guy, now when I told him to delivery service, he said I didn't send and when I checked it shows 0 transaction and 0 balance

Ok, and all transactions are getting unconfirmed with even 2$ fees, I have now to pay 1-10$ each time when send transaction also seems like blockchain is down, it doesn't show the balance when the transaction is left the wallet or so it double spend automatic

Well I have to say this is the end of the bitcoins, seems some merchant doesn't accept it anymore, well good job bitcoin dev.
Bitcoin is not dead what it happens is that a scaling method has not been agreed and to be honest it does not seem like we are going to see any improvement any time soon, so if you need to send small transaction then use litecoin, send a bigger fee to the bitcoin miners, and avoid using the network when  it is very busy.
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March 10, 2017, 06:30:36 AM
 #43

So yeah, yesterday I sent a transaction of 18$ to a guy, now when I told him to delivery service, he said I didn't send and when I checked it shows 0 transaction and 0 balance

Ok, and all transactions are getting unconfirmed with even 2$ fees, I have now to pay 1-10$ each time when send transaction also seems like blockchain is down, it doesn't show the balance when the transaction is left the wallet or so it double spend automatic

Well I have to say this is the end of the bitcoins, seems some merchant doesn't accept it anymore, well good job bitcoin dev.
Bitcoin is not dead what it happens is that a scaling method has not been agreed and to be honest it does not seem like we are going to see any improvement any time soon, so if you need to send small transaction then use litecoin, send a bigger fee to the bitcoin miners, and avoid using the network when  it is very busy.

This is the only scaling method that will work.  Use other coins.  Bitcoin is not a payment system any more.  This was built in from the start, when a hard limit on block capacity was frozen into the immutable protocol (the reason why "we don't seem to find a solution yet" - the same reason of why "we don't seem to be able to make more bitcoins than 21 million yet").   This hard limit made "a transaction" - room on the block chain - a commodity with finite supply, and will hence, make its price explode, like bitcoin is a coin with finite supply, and made its price go to $1200,-.  A commodity with inelastic offer and increasing demand becomes always hugely expensive.  By putting a hard limit in the block chain size, and hence by putting a hard limit on the number of transactions per second, with increasing demand, a "transaction" will become a hugely expensive affair.

So, these are the last few months of bitcoin as a payment network.  Only *very big* transactions will still be affordable, reducing more and more "low contents" addresses to the dust bin (if you have an address with 0.5 bitcoin in it, and the fee is 0.6 bitcoin, per input UTXO, you're not going to be able to ever use that address).  Only single addresses with HUGE amounts will still make sense.  In the hands of exchanges, institutional investors, etc... And they will only move huge amounts when they need.  

In other words, bitcoin is then a reserve currency for institutional players, banks, exchanges....  Miners will love it.  They don't have any incentive to change this.

That fate is built into bitcoin since there was a hard limit on block size.

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March 10, 2017, 06:33:55 AM
 #44

There is no problem with bitcoin but with people, and as I am forced to use much higher fees I'll slowly migrate to alts.
Bitcoin won't fade away over night but if continues to perform this way people slowly turn to other coins.

this will never happen, the sole reason why altcoin have not this problem is because they have a niche market activity, they have no merchant they have not the same amount of tx per day as bitcoin

otherwise you would see on those altcoin the same problem as bitcoin, minus those few alt that implement some sort of scaling like monero, and well litcoin is lucky with the 4MB limit at the cost of more orphan...
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March 10, 2017, 06:36:58 AM
 #45

There is no problem with bitcoin but with people, and as I am forced to use much higher fees I'll slowly migrate to alts.
Bitcoin won't fade away over night but if continues to perform this way people slowly turn to other coins.
We the users need to support it. I think it's an temporary issue which can be sought out in a short when the systematic approach takes place after the long time debate comes to an end. If we move to alts we too are indirectly supporting altcoins and making bitcoin degrade it's value.

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March 10, 2017, 07:10:05 AM
 #46

There is no problem with bitcoin but with people, and as I am forced to use much higher fees I'll slowly migrate to alts.
Bitcoin won't fade away over night but if continues to perform this way people slowly turn to other coins.

this will never happen, the sole reason why altcoin have not this problem is because they have a niche market activity, they have no merchant they have not the same amount of tx per day as bitcoin

otherwise you would see on those altcoin the same problem as bitcoin, minus those few alt that implement some sort of scaling like monero, and well litcoin is lucky with the 4MB limit at the cost of more orphan...

Your argument was just as valid when bitcoin started out, and you could compare fiat to bitcoin.  Merchants are going to drop bitcoin if payments are not sure, and need ages to confirm, if ever.  Of course, alt coins have the same problems, once they reach bitcoin's levels of transactions and adoption, but there are MANY alt coins.  The problem will be solved when bitcoin loses its first mover advantage, and becomes just a crypto amongst others, with free competition.  The "first mover" advantage is still locking up bitcoin in a kind of monopoly situation, but as bitcoin becomes essentially useless as a payment system, this will erode hopefully.   Crypto will only be "fully decentralized" if not one block chain dominates the landscape with its monopoly, and when many competing chains are running.  Now, bitcoin, having the most primitive crypto tech, is still dominating the show.  But its baked-in problems will hopefully change this.
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March 11, 2017, 09:30:22 AM
 #47

So yeah, yesterday I sent a transaction of 18$ to a guy, now when I told him to delivery service, he said I didn't send and when I checked it shows 0 transaction and 0 balance

Ok, and all transactions are getting unconfirmed with even 2$ fees, I have now to pay 1-10$ each time when send transaction also seems like blockchain is down, it doesn't show the balance when the transaction is left the wallet or so it double spend automatic

Well I have to say this is the end of the bitcoins, seems some merchant doesn't accept it anymore, well good job bitcoin dev.

For what you had said was only your opinion, do you think bitcoin now is dead or blockchain? of course not, actually up to now bitcoin exist because users exist using the usages of bitcoin. There are some merchant don't accept bitcoin? but not all merchant in this world.
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March 11, 2017, 09:47:46 AM
 #48

Bitcoin is still on top of any cyrptocurrencies, the many users will have the network congestion it has. Bitcoin is not dead as what you think its still the best nowadays because of its votality. And, many users are still into using of bitcoin whatever happens. Because many are still earning and getting benefit of it.

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March 11, 2017, 09:51:17 AM
 #49

Bitcoin is still on top of any cyrptocurrencies, the many users will have the network congestion it has. Bitcoin is not dead as what you think its still the best nowadays because of its votality. And, many users are still into using of bitcoin whatever happens. Because many are still earning and getting benefit of it.

Bitcoin users are very loyal to bitcoin, they will depend it if others criticize it, will buy more bitcoin if the price went down. They will support and cling to bitcoin amidst the longer transaction confirmation and higher fees. Because of these loyalty and support bitcoin will not die and will continue to prosper as a currency worldwide.
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March 11, 2017, 10:34:06 AM
 #50

Bitcoin/Blockchain is not dead. I doesn't mean that the ETF is rejected or other kind of problem or threat for bitcoin is enough to proclaim that it is dead because it is not. Bitcoin is still alive and still kicking the market so how can you say that bitcoin is dead? Wake up to your dream and tell to yourself that you are lying.


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March 11, 2017, 11:54:03 PM
 #51

Bitcoin is still on top of any cyrptocurrencies, the many users will have the network congestion it has. Bitcoin is not dead as what you think its still the best nowadays because of its votality. And, many users are still into using of bitcoin whatever happens. Because many are still earning and getting benefit of it.

Bitcoin users are very loyal to bitcoin, they will depend it if others criticize it, will buy more bitcoin if the price went down. They will support and cling to bitcoin amidst the longer transaction confirmation and higher fees. Because of these loyalty and support bitcoin will not die and will continue to prosper as a currency worldwide.
This is true because Bitcoin's core fanbase fits a niche of people who are interested in tech.  This is not something that can just disappear or that will disappear to support another cryptocurrency because of the slightest variation to the blockchain system that they create.
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March 12, 2017, 12:33:15 AM
 #52

Bitcoin/Blockchain is not dead. I doesn't mean that the ETF is rejected or other kind of problem or threat for bitcoin is enough to proclaim that it is dead because it is not. Bitcoin is still alive and still kicking the market so how can you say that bitcoin is dead? Wake up to your dream and tell to yourself that you are lying.
That's the technical problem and it doesn't have a relationship with the bitcoin etf, the scalable problem is really annoying for everyone in this time.

The BU and SegWit drama is not giving a fast answer about the scalable problem on bitcoin.

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btcjoin14
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March 12, 2017, 01:46:21 AM
 #53

Nah, Bitcoin isn't dead. Even with slow transactions the coin still could be used for spending or transferring to another Bitcoin client. When stronger computers get built/released, Bitcoin mining will get easier so the transaction will be processed faster as well. This may happen with quantum computers yet I am not sure if those machines are capable of mining Bitcoin as of yet it though it makes sense theoretically. High internet speed would have to be configured into that equation as well.
AngryDwarf
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March 12, 2017, 01:26:22 PM
 #54

Nah, Bitcoin isn't dead. Even with slow transactions the coin still could be used for spending or transferring to another Bitcoin client. When stronger computers get built/released, Bitcoin mining will get easier so the transaction will be processed faster as well. This may happen with quantum computers yet I am not sure if those machines are capable of mining Bitcoin as of yet it though it makes sense theoretically. High internet speed would have to be configured into that equation as well.

Stronger computing power is being applied all the time. The mining difficulty increases. Transaction rates remain the same.

Scaling and transaction rate: https://bitcointalk.org/index.php?topic=532.msg6306#msg6306
Do not allow demand to exceed capacity. Do not allow mempools to forget transactions. Relay all transactions. Eventually confirm all transactions.
Alesis
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March 12, 2017, 01:49:54 PM
 #55

There is no problem with bitcoin but with people, and as I am forced to use much higher fees I'll slowly migrate to alts.
Bitcoin won't fade away over night but if continues to perform this way people slowly turn to other coins.
We the users need to support it. I think it's an temporary issue which can be sought out in a short when the systematic approach takes place after the long time debate comes to an end. If we move to alts we too are indirectly supporting altcoins and making bitcoin degrade it's value.
Very much directly supporting altcoins, I would say.  Which is okay if Bitcoin is incapable of finding a solution.  The surge to altcoins won't happen though, because no one will settle on one specific coin and therefore the coins won't have proper usage.
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March 12, 2017, 03:07:04 PM
 #56

That's maybe a good signal. This happened just because there are many transaction. You can believe that there are many people still use bitcoin, it cannot be dead.
When I first receive my first bitcoin from my people, it tooks too long that I just thought I give it up on bitcoin. But, you know, patience is the key for everything. I love bitcoin too much  Wink
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