price at all time high while utility at all time low

[requester]

yes its the highest price of bitcoin till date and i am really excited for it. i am lucky that i had entered the bitcoin world before and i have at least some asset of my own.

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[Carlton Banks]

All-time-high transactions/day = All-time-high utility




More transactions than ever, and jonald is arguing that this is worse than having 0 transactions/day? hmmmm

[panju1]

If confirmation times and fees made any difference, then people would choose one of the many alt coins available.
Block Space should be Expensive. And Fees should go to Miners.

Over a period of time, people will shift to alts. And that is not something we should all be happy about.
Miners are compensated sufficiently by the block reward now. Transaction fees are peanuts to them.

[ASHLIUSZ]

The bitcoin price has made an inverse effect upon the confirmation. This is an issue that got initiated by the large number of transactions happening in a short time period due to the increasing price. This will be solved by the developer team for the success of the continued service availability with bitcoin.

[YuginKadoya]

while investors grin about the high price, bitcoin users suffer high fees and long
wait times...

Very sad that the community cannot seem to organize itself out from under
the entrenched tyranny of the "core" developers, a group closely tied to
blockstream, who has accepted millions of dollars in venture capital and
whose agenda is at odds with the common good.

Well can we do something about it? I really think this problem was very common of the bitcoin transaction side and we are really need to use it really badly because that is the only way it making all transaction, but I really wish they would never that greedy about it not because the price is right but do it for the entire community so it will be very convinient for all bitcoin users.

[1Referee]

Over a period of time, people will shift to alts. And that is not something we should all be happy about.
Miners are compensated sufficiently by the block reward now. Transaction fees are peanuts to them.

Point is that people are free to do what they want. If they think it suits them better to hop over to an altcoin because it offers 'more' than what Bitcoin can offer, then let them go. Bitcoin will grow as a Gold 2.0 asset which lends itself perfectly to be used as store of value and as an investment tool. It's even a perfect money transferring tool. Who care's if people make use of altcoins just because it will allow them to enjoy cheap and fast micro transactions. Fiat offers a superior transacting experience already, so the need for crypto as local currency is nothing more than a fantasy in people's minds.

[vrm86]

Unfortunatelly BTC is becoming less and less reliable as a regular payment method. One huge advantage is still possibility to perform quite cheap and fast international transfers. However, using BTC on daily basis still requires some effort and patience. Not sure if worth at all. Paying directly with debit/credit card costs me nothing extra at the moment, however I have to share my identity which is the only downside.

[Hazir]

As long as I can use bitcoin as store value asset I will be fine. Bitcoin with hard cap of 7 tx/s limit won't beat PayPal or Visa's capabilities.
Maybe it is time to face the truth that BTC is not great as currency we can use as standard payment method.
The potential for price of BTC to keep rising is making people not spend bitcoins anyway. So keep calm and hold bitcoin to the moon.

[nara1892]

it is not good, and it makes a few people give up on bitcoin or do not want to invest their money in bitcoin, in this term, the new users.

however, this probably would impact more and more on bitcoin system. and I think the solution is not coming in short term because it is a little complicated.

[vrm86]

As long as I can use bitcoin as store value asset I will be fine. Bitcoin with hard cap of 7 tx/s limit won't beat PayPal or Visa's capabilities.
Maybe it is time to face the truth that BTC is not great as currency we can use as standard payment method.
The potential for price of BTC to keep rising is making people not spend bitcoins anyway. So keep calm and hold bitcoin to the moon.

True. I was always wondering, how more reliable altcoins are not even close to BTC marketcap. Answer is simple - speculation possibilities. With such high volume, BTC is the best crypto for performing daytrading or even any less risky approach to trade. Now, lets imagine, that all bagholders start to making several transactions/day - I guess actual blockchain would not be sufficient.

[jonald_fyookball]

Last time I participated in these discussions was I think several years ago.  Right around the time that Hearn and Andressen were spouting dire warnings about how Bitcoin only had a month or two to live unless the blocksize was raised ASAP.  Now, years later, Bitcoin is going strong, setting new highs, and an actual well designed and well thought out solutions are available when needed.

Back then the fear-mongering actually convinced a surprising number of users.  Now not so much...just a few residual dead-enders like the OP.  In fact almost nobody seems to be buying the bullshit.  The consequence of the crying wolf by 'trusted figures' no doubt, but also more people who are on this board seem to have a better grasp of the technology, the threats, and the trade-offs.  That's pretty encouraging to me.

I think the fact that many users are reporting their transactions cannot be confirmed in a reasonable amount of time (I'm currently waiting over 12 hours)
and there's 43,000 unconfirmed transactions is exactly what Gavin was talking about. 

Yes, more people have a better grasp of the technology, threats, and trade offs... More people are waking up to the fact that
we can simply increasing the blocksize and avoid this mess.

[BillyBobZorton]

Looks like BUcoiners are on suicide watch now that they have realized the market does not give a flying fuck about the blocksize problem, and they value bitcoin as an asset/commodity and not a currency.

They are too stupid to see how bitcoin would have 0 utility with a big block size since it would become centralized.

BUcoiners will never learn.

[RawDog]

If confirmation times and fees made any difference, then people would choose one of the many alt coins available.
Block Space should be Expensive. And Fees should go to Miners.

Over a period of time, people will shift to alts. And that is not something we should all be happy about.
Miners are compensated sufficiently by the block reward now. Transaction fees are peanuts to them.

This is already happening bigly.  Loads of really great systems are getting more mature each day.  Dash is awesome.  Even Ethereum with its challenges probably have a fantastic future 2 years out.  Bitcoin cannot and will not break the impasse and will soon get into a crazy nosedive (about two years from now).  Out with the old, in with the new.  It is the normal way of things.

[Catmony]

Bitcoin is no longer suitable for micro transactions if you are not sending them in groups. Many microwallet service have died already due to this and fees on withdrawing out from casino/exchanger are in all time high price. However fee of transaction is comparatively lower than other processors.

[iram3130]

Bitcoin is no longer suitable for micro transactions if you are not sending them in groups. Many microwallet service have died already due to this and fees on withdrawing out from casino/exchanger are in all time high price. However fee of transaction is comparatively lower than other processors.

Yes, but the thing is people are already shifting to altcoins for small transactions.. that'll be a great loss for Bitcoin in the long run.. Because most of the people will use Bitcoin only as a long term investment rather than for day to day use.. 

[MoneyIsDebt]

yes its the highest price of bitcoin till date and i am really excited for it. i am lucky that i had entered the bitcoin world before and i have at least some asset of my own.

yeah but unfortunately i don't have much so i get profit from it.... the price is really good now and i think it will exceeds more and more in future and i think those who invest in it in the past i think it will be the best time for them to sale because its price will not exceed more i think.....

[Kprawn]

At this stage we do not know who to blame, because we cannot identify who is behind these "spam" attacks. Take away the "spam" attacks and

you have a fully functional Bitcoin network. {yes, slightly congested, but still within acceptable levels} The Blockstream guys want to scale

Bitcoin in the way they think is the best for the future. The problem is, a lot of people differ from their vision and they have the right to do

that, no matter what anyone says. 

[jonald_fyookball]

you have a fully functional Bitcoin network. {yes, slightly congested, but still within acceptable levels}

but for how long?  Each day that passes erodes the truth of this.

We need a bitcoin that works well today, not in 20 years.

[Yakamoto]

while investors grin about the high price, bitcoin users suffer high fees and long
wait times...

Very sad that the community cannot seem to organize itself out from under
the entrenched tyranny of the "core" developers, a group closely tied to
blockstream, who has accepted millions of dollars in venture capital and
whose agenda is at odds with the common good.

Most people who are relatively influential in Bitcoin who have to suffer from the smaller block sizes and longer wait times are miners, and then you have the rest of us who are just running around and using Bitcoin in whatever way we want, and we feel the strain on everything as well.

Traders, the people with a lot of money in Bitcoin and a fair amount of influence, never worry about this stuff because they typically just operate within exchanges. It isn't an issue to them.

When it becomes an issue for them, then we can see something happen.

[Reid]

...
Quick confirmation times and low fees should be top priority imo.

At what cost?

Are you willing to register your btc addresses and make txs through government
regulated nodes that can monitor and reject your tx with the possibility of seizing
your coins if they deem so?

If so, then yes, you can have near free txs with instant confirmations.

Agree. This cost is for high grade security and privacy that some of us wont understand.
Okay, they take a lot of satoshis now but still we have a better service for that.
We are just used to getting a fast transaction with a lower fee but now that bitcoin is getting valuable and become a high target for anyone then I would rather pay than be hacked at some point of that transaction.
If we cant approve with this then we are free to use another option.