Ok lemme respond to a few people, obviously I will ignore the signature spammer's nonsense.
First of all I am not doing faucets anymore, so I dont know why you come to me from that angle. I used to do those back in 2014 when I was newbie and didnt know better. I was just comparing the time wasted back then (where I thought the satoshis will be worth a lot) vs the fees wasted now.
Many people used to do faucets, I know its a waste of time. But it's even worse to make fun of those people, who now have to pay their entire 2013-2014 earnings just to send a transaction. It's really pathetic.
Then you should know to report fees in satoshi/byte not absolute amount.
Also a transaction with 1 input and 1 output is less than 200 bytes and even with 120 satoshi/byte you could have high priority with only 24,000 satoshi
Not always, the network varies, and if you need to send an urgent transaction ,you cant wait 72 hours until the "spam attack" ends.
So you either send 70k satoshi fee, or you wait. Which makes the BTC experience the same as wiping my ass with a barbwire.
We can't have faster block creation because bitcoin is designed this way.
So you acknowledge that it's a flaw in design.
It will create more orphans, and other altcoins do have this problem. Do some research please.
The following is about litecoin:
Not if the entire consensus system is redesigned. There are designs that have solved this problem. It's you who should do some research.
Feel free to use any other altcoin.
I will, it's just very sad that I have to abandon BTC. I wish I could stay in BTC, but with the current enviroment, that is a bad choice.
People are not even remembering their phone numbers these days, everything is done digitally and it is saved on our devices so no one cares about readability of bitcoin address.
I know, and I have no problem with the address system. But it's others who we have to think about.
The 60 year old grandma, or the 20 year old trendy leftist, who is either too tech-averse, or too trendy for this.
Yes it is possible but everything comes at a cost. One of which is the orphan problem.
Again the problem has already been solved in other altcoins. It's just that BTC users live in an echochamber, they are not open to alternative ideas.
I would love to hear your proposal on this. Lets say we had a couple more halvings; How are you going to reward the miners then? Are they supposed to work for free or are you going to increase the total supply to reward them that way!
Other altcoins have solved this problem
What will you do about the size?
All these transactions (lets say instead of 300K current number it was 3million per day) will you run a full node that needs 3 times, or 10 times or 50 times the current blockchain size?)
Other altcoins have solved this problem
They are simple enough. From third party web wallets and web accounts such as blockchain.info and coinbase respectively to desktop easy to use wallets such as Electrum and Multibit-HD, to paper wallets such as bitcoinadress and mobile apps. There are lots of easy to use and friendly wallets.
Yes, this problem has been solved in Bitcoin.
So you think that less than decade should be enough for Bitcoin to take over the world?
8 years to estroy all centralized competition: financial institutions, electronic payment processors and become pinnacle of evolution of currency?
It is not how development and progress works. World won't change over night, even with the most ground breaking invention.
No,I am saying that with this pace and this attitude, Bitcoin will never take over the world. It will be another altcoin.
The internet was able to scale easily. Bitcoin is not.
Quoted for future reference. Now you can join the club of losers that quit and then realize the bitcoin price went x2 when they look back just like Mike Hearn. So please dump, and come back in a couple of years so we can laugh at you and your FUD.
Bitcoin is the best. No coin that has cheap fast onchain transactions at VISA level while offering the same security backed by the massive bitcoin PoW network will ever exist because its physically impossible. If such coin existed, we would all buy and become billionaires overnight.
The VISA part will get covered by LN. If we don't get an optimal LN, you can blame the idiots that block segwit.
In any case, bitcoin will remain the most valued coin and will only keep growing, so have fun being a loser.
The price is not the only metric.
Besides the price is now at almost all time highs, I doubt it will go higher than this, especially with the upcoming regulations.
Maybe 2000, if we get lucky, and then what? As soon as a better competitor emerges, which can really scale and has cheap transactions.
It will dwarf bitcoin.
Legitimate criticisms? I disagree. It looks more like you were an early adopter that was spoiled because he was able to easily append the block chain simply because there was no competition at the time (Bitcoin was still untested and unknown) and security came from the block subsidies (which don't last forever you know). As soon as there is some healthy competition for confirmations, the spoiled brats cry and moan and pull a whiny heam-quit.
Early adopter my ass. I had no coins back then, and when I bought some, the price went down.
I have also got scammed many times, I overall lost more money than I made.
So yes I have joined BTC when the price went down, and now I am quitting when the price goes up.
Why is this? Because, I think that this euphoria that you are experiencing is fake, and if the scaling problem is not solved, then BTC can go back where it came from, back to 1$.
But I'm a bit more optimistic than you. There are forces in Bitcoin who want to break the stalemate. They just aren't that visible in this forum, as internet forums mostly emphasize extreme opinions. A good compromise could be a Segwit enabling in trade of a yearly or bi-yearly block size increase hard-coded into the protocol - an agreement the miners that block Segwit could agree to (actually that has already been tried with the Hongkong Agreement last year, perhaps a new initiative can have more success).
I hope you are right. Because I dont see these "forces".
I will nontheless monitor BTC's success , it's just that I have to take a break from BTC. All this infighting is just not for me.
You've sent the message for us, thanks in advance.
I'm sorry to hear that you have to leave bitcoin, so I hope you really do it and do not ever come back.
Yes, it's pointless to argue with trolls, I think the problems will push them until the limit of it (community), whether to stay or agree to improve.
Nothing I can say about it as we don't have big role for all of the community and just a user, so we just wait until they decide to move forward.
Your ignorance represents the ignorance of the community that I have been talking about. This is why BTC will fail.
No open minded discussion, just fanboys and cult-mentality.
C'mon now, 70,000 satoshi? Thet's about 70 cents, that ain't nuthin!
It used to be 5000 satoshi a couple months ago.
That is a 1,400% increase. With this pace, in a year the fee will be 980000 or 10.32$.
But it actually won't be, because by then hardly anyone will use BTC if this continues.
