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Author Topic: Bitcoin for the rich, not the poor - We are talking about the miners fees  (Read 2749 times)
Kakmakr
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February 09, 2017, 07:07:34 AM
 #1

The situation with the Blockchain <higher miners fees> lately, reminds me of the Air line industry. If you are rich, you can pay for first class treatment and you advance past the plebs in the queue, directly to the VIP area. Money <higher miners fees> will make sure that you are treated like a VIP.

This is how the Blockchain is for poor people :




And this is what it is like to have enough money to pay the higher fees :



The poor people cannot even afford to fly in economy class, so they will have to be satisfied with this :



Bitcoin is no different than any other technology, because it still favors the rich. ^hmmmmmmm^

Edit : For the people who are too lazy to read the content of the thread, we are talking about the miners fees, not about the price of Bitcoin. ^grrrrrrr^

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February 09, 2017, 07:16:44 AM
 #2

That's why Dogecoin was invented.  I'm okay with Bitcoin being for the rich and famous  Roll Eyes

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February 09, 2017, 07:16:49 AM
 #3

Bitcoin doesnt go that way. I have friends who are poor who are now millionaires due to bitcoin. With just a few dollars they bought bitcoin last 2009 and some collect religiously in faucets to get more. And right now they are millionaires they have huge houses. Bitcoin is for the people who believe in the power of bitcoin. I am not rich yet I do bitcoin and with bitcoin I have met many online opportunities and that gave me hundred of dollars additional profit which is very helpful to my family. Thanks to bitcoin I dont have huge debt today.

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February 09, 2017, 07:20:28 AM
 #4

Bitcoin doesnt go that way. I have friends who are poor who are now millionaires due to bitcoin. With just a few dollars they bought bitcoin last 2009 and some collect religiously in faucets to get more. And right now they are millionaires they have huge houses. Bitcoin is for the people who believe in the power of bitcoin. I am not rich yet I do bitcoin and with bitcoin I have met many online opportunities and that gave me hundred of dollars additional profit which is very helpful to my family. Thanks to bitcoin I dont have huge debt today.
Lol that's great to hear buddy,did you also buy bitcoin back then or how did you get out of your debt?I sometimes think about what it could have been if I found it out then but it doesn't make me any good since it won't change the situation right now.

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February 09, 2017, 07:24:33 AM
 #5

Bitcoin is no different than any other technology, because it still favors the rich. ^hmmmmmmm^

sadly this is what has happened to this technology lately. and it is mostly because bitcoin is littered with politics, and people who want to take control of it and also many who want to make more money from it.

That's why Dogecoin was invented.  I'm okay with Bitcoin being for the rich and famous  Roll Eyes

i doubt there are many bitcoin users like you!

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February 09, 2017, 07:31:41 AM
 #6


And this is what it is like to have enough money to pay the higher fees :

The poor people cannot even afford to fly in economy class, so they will have to be satisfied with this :

Premier class is limited so even a billionaire have lots of money to pay for seats if it's already fully booked then they will go the same line with the average persons.

Kinda same with bitcoin transactions, if a person will put a decent fee, they will just increasing the priority but what if there's a lot who did the same. Waiting is still the result.

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February 09, 2017, 07:32:12 AM
 #7

Bitcoin is no different than any other technology, because it still favors the rich. ^hmmmmmmm^

sadly this is what has happened to this technology lately. and it is mostly because bitcoin is littered with politics, and people who want to take control of it and also many who want to make more money from it.

That's why Dogecoin was invented.  I'm okay with Bitcoin being for the rich and famous  Roll Eyes

i doubt there are many bitcoin users like you!

 I'll be more than willing to sell the rich and famous my bitcoin when the time is right.

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February 09, 2017, 07:36:55 AM
 #8

Why not the poor? hah, mostly poor people are trying to do some illegal activities and bitcoin is great thing for illegal payments, they become rich after that. Paypal and some etc cards have monthly fees (as I know and also mine has) and bitcoin isn't depended on bank, wallet can be saved in computer, hard drive and etc, plus it's better for investment, I mean buy bitcoins and save it for some months or if you have nerves, for years.

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February 09, 2017, 07:39:30 AM
 #9

Why not the poor? hah, mostly poor people are trying to do some illegal activities and bitcoin is great thing for illegal payments, they become rich after that. Paypal and some etc cards have monthly fees (as I know and also mine has) and bitcoin isn't depended on bank, wallet can be saved in computer, hard drive and etc, plus it's better for investment, I mean buy bitcoins and save it for some months or if you have nerves, for years.
Yeah exactly,I think that BTC is for all,everyone can profit and it's just dumb to say BTC is for the rich,well buddy,make sure to get rich as well,then everyone would have no reason to complain Cheesy BTC is made in such a way that it doesn't care how much cash you have,you can make big profit

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February 09, 2017, 07:54:57 AM
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Well to an extent maybe, I suppose the transaction fee for 50 million btc is the same a 0.0005 btc. But it's not like the current fee problems are eternal, and the fees are still lower than other fiat options.
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February 09, 2017, 08:05:05 AM
 #11

Who said its just for Rich people. ? bitcoins is for everyone anybody and everybody can use it. every person have rights. all we want just a struggle to gaining BTC. once you enter bitcoins world you'll come out with big profit
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February 09, 2017, 08:07:19 AM
 #12

Yes OP logically we can say that because of its certain price now its very expensive for poor nations or people to take advantage of using it but in the best practice its also just a currency which everyone can have even you are poor you just needed to have some time to earned it.



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February 09, 2017, 08:14:59 AM
 #13

Bitcoin doesnt go that way. I have friends who are poor who are now millionaires due to bitcoin. With just a few dollars they bought bitcoin last 2009 and some collect religiously in faucets to get more. And right now they are millionaires they have huge houses. Bitcoin is for the people who believe in the power of bitcoin. I am not rich yet I do bitcoin and with bitcoin I have met many online opportunities and that gave me hundred of dollars additional profit which is very helpful to my family. Thanks to bitcoin I dont have huge debt today.

I hope they paid there taxes over the years.. Would suck if they put all the money in houses and cars to only end up with a tax bill they cannot afford.

I don't agree that bitcoin are only for the rich though. Yes, they can easily get in at any price, but the start of bitcoin was equal for anybody.

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February 09, 2017, 08:21:18 AM
 #14

Bitcoin doesnt go that way. I have friends who are poor who are now millionaires due to bitcoin. With just a few dollars they bought bitcoin last 2009 and some collect religiously in faucets to get more. And right now they are millionaires they have huge houses. Bitcoin is for the people who believe in the power of bitcoin. I am not rich yet I do bitcoin and with bitcoin I have met many online opportunities and that gave me hundred of dollars additional profit which is very helpful to my family. Thanks to bitcoin I dont have huge debt today.
yes bitcoin is giving opportunities to poor people to make more and more money. at least one can get some money from a signature campaign without investing any money at all, and can get their pocket money for fulfilling their daily uses. but some time it is also give good opportunities to invest small amount of money and get a very very good income from it.
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February 09, 2017, 08:28:29 AM
 #15

The situation with the Blockchain lately, reminds me of the Air line industry. If you are rich, you can pay for first class treatment and you advance past the plebs in the queue, directly to the VIP area. Money <higher miners fees> will make sure that you are treated like a VIP.

Bitcoin is no different than any other technology, because it still favors the rich. ^hmmmmmmm^
Idk, recommended miner fees as of now are still low (ranging from 30 cents) compared to credit cards that have processing fees of like $5 above. If bitcoin favors the rich then fees should be skyrocketing with like $2 per transaction.

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February 09, 2017, 08:38:43 AM
 #16

The situation with the Blockchain lately, reminds me of the Air line industry. If you are rich, you can pay for first class treatment and you advance past the plebs in the queue, directly to the VIP area. Money <higher miners fees> will make sure that you are treated like a VIP.

Bitcoin is no different than any other technology, because it still favors the rich. ^hmmmmmmm^
Idk, recommended miner fees as of now are still low (ranging from 30 cents) compared to credit cards that have processing fees of like $5 above. If bitcoin favors the rich then fees should be skyrocketing with like $2 per transaction.

average transaction size is about 500 bytes and with 140-150 satoshi per byte we are getting closer to paying $1 per transaction (currently about 82 cents) and all this is because block size is small.

if there were no solution then it was acceptable to pay such high fees, but the problem is that there are solutions for fixing the problem... but none of them are being adopted.

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Doms
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February 09, 2017, 08:59:37 AM
 #17

The situation with the Blockchain lately, reminds me of the Air line industry. If you are rich, you can pay for first class treatment and you advance past the plebs in the queue, directly to the VIP area. Money <higher miners fees> will make sure that you are treated like a VIP.

Bitcoin is no different than any other technology, because it still favors the rich. ^hmmmmmmm^
Idk, recommended miner fees as of now are still low (ranging from 30 cents) compared to credit cards that have processing fees of like $5 above. If bitcoin favors the rich then fees should be skyrocketing with like $2 per transaction.
I agree with your observation. It is not as if only the rich can afford to pay for faster transactions. And those transactions cannot be made faster than they would wish because of the current block size. Also, these charges are still relatively smaller compared to what money transfer and remittance centers charge but I still see people (rich and poor) go to such centers.
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February 09, 2017, 09:08:07 AM
 #18

Don't forget that current situation is just the beginning as throughout the years pools will more and more depend on income through fees. People will just have to shift priority. If you for example transfer $1000 from one place to another nearly instantly, then it's definitely worth to include $0.50-$1 in fees. But if you buy a drink somewhere for $1.5 and you include a fee of like $0.50, then obviously it doesn't make much sense to use Bitcoin as preferred currency. Current situation shouldn't be that surprising as you could have seen this become reality years ago. People just have to adapt to the situation and realize Bitcoin is not a micro transacting tool anymore, unless you're willing to pay for it.

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February 09, 2017, 09:36:28 AM
 #19

Don't forget that current situation is just the beginning as throughout the years pools will more and more depend on income through fees. People will just have to shift priority. If you for example transfer $1000 from one place to another nearly instantly, then it's definitely worth to include $0.50-$1 in fees. But if you buy a drink somewhere for $1.5 and you include a fee of like $0.50, then obviously it doesn't make much sense to use Bitcoin as preferred currency. Current situation shouldn't be that surprising as you could have seen this become reality years ago. People just have to adapt to the situation and realize Bitcoin is not a micro transacting tool anymore, unless you're willing to pay for it.
That is the point. Bitcoin was very promising to be the currency for all and not only the rich, but with the rising fees we can forget about it. Bitcoin is still a nice technology and for big amounts still good enough, but i see it more as an store of value then a daily based currency. The fact, that we have the technology to do micro transaction for almost no fees leads me to the believe that another cryptocurrency will come along and claim that sector. I think it is very likely to see Bitcoin being used for big transactions and some altcoin for micro transactions and daily use for smaller stuff. You can see it as pocket money if you will. And as long as the fees stay low it will be heavily used by the poor. The best part seems to be that once people are familiar with the whole cryptocurrencies and realise that you can change and do not have to stay forever with one. So if the people decide the fees are getting to high, they can just switch to the next one. This might bring the negative aspect of having a couple smaller cryptos which can be seen as inconvenience, but bring the positive aspects of a free market and competition, that would provide low costs and innovation.

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February 09, 2017, 09:40:24 AM
 #20

I do not think it is for the rich. Why would it be? Fees are not a big problem because we actually have a choice. You can pay $10, $1, $0.10 or $0.01 in fees.. if you wish, you can go even under that amount. I am not rich and I afford using Bitcoin without problems. Many of us here are actually not rich.
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