Why i think we should reduce the block size

[Senor.Bla]

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

[Coding Enthusiast]

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

[eternalgloom]

Are you saying that you think that the high Bitcoin price is caused by the high number of transactions and the fees?
Do you think that scaling down would cause the price to go even higher or what is the point you're trying to make?

Let's say that, indeed, everybody is just buying Bitcoin and holding it, not using it as a currency. Even then people still have to be able to make transactions, even if it's just from exchange to wallet.
But people are buying stuff with Bitcoin, just take a look at the Bitcoin gambling industry, that's just one example of Bitcoin being used as a currency by a lot of people.

[megynacuna]

What the OP is suggesting will rather collapse Bitcoin because not everyone will be willing to pay high fees to get a transaction done in a small block size. The waiting times alone will frustrate Bitcoin users to dump Bitcoin for other Altcoins.

[Retailatmon]

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

I agree. I use bitcoin quite a lot. So the transaction speed is important.

[Carlsen]

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

I agree. I use bitcoin quite a lot. So the transaction speed is important.

I am the living proof that there are people out there who actually buy things with bitcoins.
And it is really necessary to keep bitcoin used as a way of payment.
All that infrastructure that has been built the last years would vanish if nobody uses it.
That would decrease the demand for bitcoin, because I do not think that pure buying for holding can compensate it.
A decreased demand means a lower price.

[wisqo]

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

I think you do need to realize that bitcoin is definitely used for purchases. Many online services such as VPN providers, email providers and many many more provide bitcoin as a form of payment and plenty of people like myself use bitcoins for purchases.

[pedrog]

The price of bitcoin will continue to increase if no one is able to transfer their coins and dump them on exchanges.

[fortunecrypto]

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

Are you serious ?I just paid for my monthly hosting with Bitcoin and two of my clients pay me bitcoin to my service and check the internet and tell me if nobody is really using Bitcoin to buy and pay  for services,this is the height of ignorance and irresponsible post.

[NeuroticFish]

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

LOL! Even your signature space is bought with Bitcoin.
Even the cheap me already bought stuff with Bitcoin, mostly Bitcoin earned from signature campaigns.
So your assumption is so very wrong...

Then just look on main page of Blockchain info. You'll see that every block holds transactions worth thousands of bitcoin (yeah, millions of $). If everybody is holding, how comes that so much bitcoin is transferred around? People don't make their mind of which cold storage to use?? 

[eternalgloom]

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

I agree. There is only a small percentage of Bitcoin users use it as a currency. The rest, sadly, only use it for profit such as trading, gambling, HYIP, stupid ponzi. And it will take us a lot of time for bitcoin become a truth currency. However, as a Bitcoin enthusiast, I am using it everywhere I can and most of the time, I purchase game from Steam and sell them with a good prices

People using it for trading and gambling doesn't mean it's not a currency, I'd say that even proves that people see it as currency, especially in the case of gambling.

Currency = something that is used as a medium of exchange; money.

[Pettuh4]

I wonder where this is coming from as a lot of us are advocating for an increase in block size you are rather suggesting the opposite because of your profit? Ok you make all the money and transactions are stuck unconfirmed and then people start losing interest in using Bitcoin and then it finally collapses. Happy now??

[hajimasan]

sorry , not all people use bitcoin for holding and making money only. but some use for day to day transaction which are not possible with real money or get discount with bitcoin. so your assumption that bitcoin is used for holding and making money is a wrong concept.

[BitcoinHodler]

you are only saying this because you personally have never used bitcoin for anything other than selling it for fiat and getting out as fast as possible. you my friend think bitcoin is a cash-cow not a currency.
that is why you are wishing the price go to the moon so your 0.25390216BTC is worth a fortune. but let me tell you that is not going to happen with small or smaller blocks.

p.s. i am very curious to see your face the day you are going to spend your current 0.25390216BTC and are forced to pay 0.01200060BTC as fee since you have 37 outputs to spend!
and by the way with your proposal (0.5 MB blocks) you will be forced to pay 0.1BTC as fee

you can use this comment as the answer to the question you will ask that day in the future.

[alani123]

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

You don't know what bitcoin is used for.

Yes, all transactions are recorded in a public ledger, but this doesn't mean that they can be associated with the type of financial transaction they're fulfilling. While the number of transactions can be associated with the price, it could very well mean that people are starting to use bitcoin as currency more to buy things and so on as the price trend currently favors spending it against the dollar, to buy goods etc.

[Vaccinus]

The price of bitcoin will continue to increase if no one is able to transfer their coins and dump them on exchanges.

lol it make sense, and it could explain why miners don't want to upgrade, they want to keep their profit high, and with less dumping and higher fee more profit come for them

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit,

Speak for yourself.
And I seriously doubt that you have ever even invested in bitcoin or get anything apart from your signature spam payment.

i agree with this, i'm also using bitcoin as a possible and when i can instead of fiat, the thread starter suggestion make no sense to me, it would make transaction even more expensive and delayed

[Jamada]

sorry , not all people use bitcoin for holding and making money only. but some use for day to day transaction which are not possible with real money or get discount with bitcoin. so your assumption that bitcoin is used for holding and making money is a wrong concept.

I use bitcoin quite a lot to buy things. So the confirmation speed is important to me.

[wisqo]

sorry , not all people use bitcoin for holding and making money only. but some use for day to day transaction which are not possible with real money or get discount with bitcoin. so your assumption that bitcoin is used for holding and making money is a wrong concept.

I use bitcoin quite a lot to buy things. So the confirmation speed is important to me.

Confirmation speed is important, yes. Imagine this scenario - you are at a local store that accepts bitcoin with dozens of people paying via bitcoin. If confirmation speeds are not instant, you have a long line of pissed off people waiting to complete their transaction. Problems like this will have an affect on adoption rates. This is probably one of the most pressing issues that needs to be resolved as soon as possible.

[bob123]

Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter.

First of all, Bitcoin is intendend to be used as a currency.. and secondly..
Most BTC Traffic on the Blockchain is because people use it as a currency..
Everything which has to be paid pseudoanonymously or with a big distance.. is being paid with BTC's

[Leonard2016]

I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.

what you said here, will only come from someone who has no understanding of how bitcoin should worl or from a miner who wants to make more profit when fees go up 10 times more.

there is no other explanation.