Bitcoin sucks ass but price still rises- how come

[jc89]

Bitcoin has become a pain in the ass latley, transactions are stuck forever even with high transaction fees however the price still keeps rising, why is this

is this a bubble and bitcoin will collapse to pre 1000 again or will it continue to go up?

whats there to do with these transaction fees to be able to send bitcoin

The long wait for the transaction confirmation really sucks but I hope/believe that this will be temporary. It should be fixed and anyone associated with this should compromise. Despite of the bottleneck in confirmations, we are aware that more and more people are beginning to engage in bitcoin so seeing it's price to soar up is not much a surprise.

If ever this is some sort of a bubble then dropping to < 1000 is too low. I would say between 1500-1800. My basis is the act of Japan, Russia, and Australia.

Pay more transaction fee, an obvious answer, I guess.

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[richardsNY]

Hyena -- you're stating that we haven't seen an increase in block size, but really, don't you think that the miners are the one to blame here? If they were really that much interested in giving Bitcoin a huge boost, they would have let SegWit activate.... But the reality is that we are still sitting in the same situation with no consensus in sight. Even more precise, consensus is impossible to reach. I only see one viable option here, which is stated by mindrust as well, and that's UASF.

[Junko]

People buying must believe the transaction time issues will eventually be resolved in the future. And they either don't care about the transaction fees because they don't plan on moving bitcoins around that much and/or the higher fees just aren't a prohibitive factor in their decision to buy. Sprinkle in a little FOMO, a more positive outlook in Bitcoin acceptance (see Japan), no major negative news and we get the rising momentum we see now.

[The Sceptical Chymist]

the reason why you are not understanding this rise is because you have not yet understood what bitcoin is and what it offers!
you, like many others, think bitcoin is just offering one thing and that is cheap transactions! so you conclude that since transactions are no longer cheap, price should also fall and bitcoin to fall down and die!
i suggest learning more about what bitcoin offers apart from "cheap transactions"!

Bitcoin doesn't really offer cheap transactions anymore.  Other altcoins do, but bitcoin's are going through the roof.  If you're using crypto for actual money, something like DOGE is much better, much cheaper.  I don't think bitcoin should be used as a currency, but that's just me.  I think it's for holding.  I just sent something like $150 to someone, and the fee was around $8.  That's a lot.  But I had the option to send it cheaper--and then I would have had to wait days for the dude to get it.  It's always a tradeoff of some sort.

[jubalix]

BTC is becoming a settlement layer for large value transfers....

the one thing it has proved is that it is really really hard to change even from within in the fiercest of arguments.

Would I feel safe sending 100M across a network that can't be changed easily....would i pay $100 for that.

Yes, yes I would.

[Hyena]

Hyena -- you're stating that we haven't seen an increase in block size, but really, don't you think that the miners are the one to blame here? If they were really that much interested in giving Bitcoin a huge boost, they would have let SegWit activate.... But the reality is that we are still sitting in the same situation with no consensus in sight. Even more precise, consensus is impossible to reach. I only see one viable option here, which is stated by mindrust as well, and that's UASF.

Come on stop blaming miners. I am not a miner, I'm a regular Bitcoiner and an economic user since 2 of my businesses directly profit from Bitcoin. High TX fees are a pain in the ass. Also, I have academic background in computer science and I know what is shit. SegWit proposal is shit. One does not have to be a miner to see it. That's the whole point. It's not just the miners who oppose SegWit, it's everyone who has done their research!

[lionheart78]

Bitcoin has become a pain in the ass latley, transactions are stuck forever even with high transaction fees however the price still keeps rising, why is this

is this a bubble and bitcoin will collapse to pre 1000 again or will it continue to go up?

whats there to do with these transaction fees to be able to send bitcoin

It stucked because you are not paying the right amount of transaction fee, remember the fee is measured by the size of the transaction in Kb.  Even if you are sending small amounts if that small amounts consist of dust transaction, you will be paying more than a transaction that is sending a huge amount of Bitcoin but with a single input and output.

Price keep on increasing because of the hype and FOMO that is roaming around the bitcoin economy.  Many investors have now FOMO since they have seen how Bitcoin incline in price rapidly.  Aside from that major company of different countries are now joining the Bitcoin economy.

[NUFCrichard]

It's funny, but I really kind of agree with you.  I haven't heard anyone talk about Bitcoin, even though the price has doubled from it's recent bubble level!
So other than occasional news articles, it isn't getting mentioned.

It is limited by the number of transactions, making it unviable as a currency.  It will either fork, which will be a nightmare, or not, leaving it eternally limited.

Regulations still haven't really been sorted out. It is kind of illegal in a few countries, treated as assets in others, some see it as money, some don't.  I guess the tax authorities will be taking note of the price rise, but otherwise governments don't seem to care too much.

BUT: the price is great!  I used to look at a 4 digit price and think it was very high, now I see $1900 and think, oh it hasn't gone up in the last day!  It could fall back to more normal levels, but it might not too.  There is a lot of money in the world, and people like to invest in new stuff that is going up in value.

[1Referee]

Come on stop blaming miners. I am not a miner, I'm a regular Bitcoiner and an economic user since 2 of my businesses directly profit from Bitcoin. High TX fees are a pain in the ass. Also, I have academic background in computer science and I know what is shit. SegWit proposal is shit. One does not have to be a miner to see it. That's the whole point. It's not just the miners who oppose SegWit, it's everyone who has done their research!

You miss the point. I too agree that miners are the only entity that should be blamed here. Since you're rocking an academic background, why do you ignore the simple fact that miners have been choking the network with rubbish transactions to boost their fee income? It's of course not only miners that happen to spam the network (hint.. hint.. BU.. caugh), but they account for a significant part of the spam in its entirity. Other than that, I do agree with you that Segwit isn't a solution at all, but what other alternatives do we have? There are none that sit on the same level.

[Amph]

if you really think this is a bubble you have not seen anything yet, wait until the block limit is fixed and this train will go directly to $10k with the real pump followed by a real dump and value stabilization

also there is no real correlation between the transaction being stuck and the value, i don't know why people keep bringing this to the table...

Once Bitcoin gets bigger blocks and segwit is history the altcoin bubble is going to crash so hard  

i don't think so, i believe there is no real bubble, when bitcoin get even bigger the altcoin will get bigger too

Hyena -- you're stating that we haven't seen an increase in block size, but really, don't you think that the miners are the one to blame here? If they were really that much interested in giving Bitcoin a huge boost, they would have let SegWit activate.... But the reality is that we are still sitting in the same situation with no consensus in sight. Even more precise, consensus is impossible to reach. I only see one viable option here, which is stated by mindrust as well, and that's UASF.

Come on stop blaming miners. I am not a miner, I'm a regular Bitcoiner and an economic user since 2 of my businesses directly profit from Bitcoin. High TX fees are a pain in the ass. Also, I have academic background in computer science and I know what is shit. SegWit proposal is shit. One does not have to be a miner to see it. That's the whole point. It's not just the miners who oppose SegWit, it's everyone who has done their research!

it's also true that the majority are miners, because exchange and merchants are all with core, they even stated their view about BU and the possible hard fork

[Yuuto]

Bitcoin has become a pain in the ass latley, transactions are stuck forever even with high transaction fees however the price still keeps rising, why is this

is this a bubble and bitcoin will collapse to pre 1000 again or will it continue to go up?

whats there to do with these transaction fees to be able to send bitcoin

This is unfortunately the truth...

I still don't get why bitcoin price is rising by $100 a day when the transaction fees are skyrocketing. My transactions are stuck for ages now with no confirmation and I tried to send 0.001 BTC from my wallet but it said that I didn't have sufficient balance because I had to pay 0.0012 BTC as a transaction fee.

Obviously bitcoin is in its most difficult stages so far, we as a community need to keep our heads up.

The thing is that with negative news bitcoin is still rising. This is highly abnormal and people should realise that this is probably a bubble and it's popping at any time. Might be next month, might be next week, but it will pop. And when it pops hopefully people are prepared and sold some of their coins already.

[Hyena]

Come on stop blaming miners. I am not a miner, I'm a regular Bitcoiner and an economic user since 2 of my businesses directly profit from Bitcoin. High TX fees are a pain in the ass. Also, I have academic background in computer science and I know what is shit. SegWit proposal is shit. One does not have to be a miner to see it. That's the whole point. It's not just the miners who oppose SegWit, it's everyone who has done their research!

You miss the point. I too agree that miners are the only entity that should be blamed here. Since you're rocking an academic background, why do you ignore the simple fact that miners have been choking the network with rubbish transactions to boost their fee income? It's of course not only miners that happen to spam the network (hint.. hint.. BU.. caugh), but they account for a significant part of the spam in its entirity. Other than that, I do agree with you that Segwit isn't a solution at all, but what other alternatives do we have? There are none that sit on the same level.

Okey I agree miners could have prevented all this by increasing the block size limit long ago. The fact that some miners still haven't chosen a side and some are even signaling SegWit gives away that they share the guilt.

This is so typical. You let the situation go really shitty and then the only solution you provide would then somehow seem attractive just because it is the ONLY solution. I'm not buying this bullshit. SegWit is shit. I'd rather see bitcoin hard fork than have SegWit.

Just in case you didn't know, Bitcoin Classic has proposed FlexTrans which is way better than SegWit in multiple aspects. So we do have alternatives. Quite a few actually.

But either way, this will probably go very ugly. I've been in BTC since 2011 and I don't see a good way out. It is in the best interest of the Core dev team not to compromise in hope of destroying Bitcoin. They are funded by conventional bankers who are most likely vested in Ripple and possible the scammy Ethereum centralized private block chain. It's a giant fuckup that Theymos and Greg even got such privileges in the first place. Now all that is left to do is damage control. Bitcoin has to "die" one more time because of this. A hard fork into SegWitCoin and BigBlocksBitcoin would be the best solution. Then everyone would just shut the fuck up and let the market decide which fork is more valuable. The total market cap of BTC would be mauled and obviosuly those Ripple and Eth investors would get a bigger market share thanks to it. In a way, the bad guys win. But they have won a battle not the war.

I will not sell my base stash either way. It's sort of a principle for me. I promised myself not to sell before 10 years back in 2012. I have significantly diversified into ByteBall though. For a moment, let's kick our ideologies out of the way and let's think how to make money out of all this mess. Eth is the main rival of BTC, right? Okey, how possible is it for ETH to x100 in value in the mid-term future (go from 100$ to 10000$)? Not as probable as for ByteBall (or any undervalued innovative newcomer). Besides, ByteBall has no block chain so there is no block size limit, perfect marketing at current times. It has smart contracts so it is a competitor to Ethereum. It has more anonymous TXs than Zcash/monero/dash so it competes with those. It is not mined so miners could never fuck up the system and also there is no wasted energy. BTC holders get fee byteballs if they link their addresses so the distribution fair and good. Basically a perfect coin and not another ICO scam, and it's still under the radar in the crypto community.