Losing Faith in Bitcoin?

[Nagadota]

Price drops are caused by people taking money out of Bitcoin into fiat.  Bitcoin is only inconvenient for small transactions - people who have held a significant amount of Bitcoin will find that it's actually not that hard to be spending >1 Bitcoin, and people who still find Bitcoin quite convenient will not be selling by your logic so it would not cause a very significant price drop.

Actually, you'll notice that when you go to that transaction page you mentioned, a surprising number of the transactions are upwards of 10 Bitcoin.

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[Karpeles]

The unconfirmed log and chaos in price happened before the first ETF decision, some months ago. Price went upwards because some people hoped for an approval, now everyone expects another rejection and are preemptively selling, expecting some crash after the new rejection
Wait a few days after the decision to see if everything happening now are or aren't problems artificially caused

[MingLee]

Price drops are caused by people taking money out of Bitcoin into fiat.  Bitcoin is only inconvenient for small transactions - people who have held a significant amount of Bitcoin will find that it's actually not that hard to be spending >1 Bitcoin, and people who still find Bitcoin quite convenient will not be selling by your logic so it would not cause a very significant price drop.

Actually, you'll notice that when you go to that transaction page you mentioned, a surprising number of the transactions are upwards of 10 Bitcoin.

That's actually a very good point, I didn't think about it like that before but when it comes to moving large amounts of wealth, Bitcoin is really efficient and effective at what it does. When it comes to transactions under $5, then it becomes a bit more expensive than it should be and you start to see more issues related to fees seeping through the cracks.

[Stedsm]

Price drops are caused by people taking money out of Bitcoin into fiat.  Bitcoin is only inconvenient for small transactions - people who have held a significant amount of Bitcoin will find that it's actually not that hard to be spending >1 Bitcoin, and people who still find Bitcoin quite convenient will not be selling by your logic so it would not cause a very significant price drop.

Actually, you'll notice that when you go to that transaction page you mentioned, a surprising number of the transactions are upwards of 10 Bitcoin.

Inconvenient as in what sense? If expected fee would not be paid, then why would a miner let such transactions involved in their blocks? And about the SW/BU conflict, I guess we are already on a co-ordinated decision that has been made by both the teams and the effects are not actually negative, but instead the price is increasing due to the so-called encounter.

[Kanine Awe]

Small transactions are slower, but those that are larger are still fast.  I don't think bitcoin is going to heavily drop or all of a sudden just stall in transactions.  It will continue as normal.

[KuromaYoichi]

You lose faith too quick. The civilwar is just a usual conflict of interest and BU will never win againts core. And the price? dude it's just $100 drop in one day, did you realize that we've been climbing from $1200 without some correction? correction is bound to happen and it's good that the price only down $100. If it fall below $1000 then you may start worrying for bitcoin future.

[OROBTC]

...

Thank you all for your comments.  I also liked the remarks about larger transactions v. smaller ones, good insights.

Please note that I did clarify my original post to state that it is not me who is particularly worried about SW/BU and the price drop, I worry more that the antics of the miners v. developers will scare off newbies.  That matters...

And now wcrypt has the .govs of the world all worked up, they may try to clamp down.  Potential newbies don't like that kind of news!

I'm OK with Bitcoin, and will likely hang with it for a long time.  I have not sold any, nor even recently bought gold with it!  

It's the future growth of BTC with all the issues that has me more concerned.

Peace to all.  

[Netnox]

You lose faith too quick. The civilwar is just a usual conflict of interest and BU will never win againts core. And the price? dude it's just $100 drop in one day, did you realize that we've been climbing from $1200 without some correction? correction is bound to happen and it's good that the price only down $100. If it fall below $1000 then you may start worrying for bitcoin future.

The exchange rates doesn't matter much, as long as Bitcoin retains such a large userbase. You need to start worrying when the altcoins like Ether and Ripple attract a part of the Bitcoin users.

[BitcoinPanther]

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.


I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s).  Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

Aside from these unconfirmed transactions, the once 130 sat/byte transaction that can give us an instant confirmation now needs to wait couples of hours before it gets its first confirmation.  It seems bitcoin, instead of evolving is devolving.  But even if bitcoin shows this sign, I never lose faith in Bitcoin and its core developer.  I still believe this scaling issue will be solved as time pass by.

[deisik]

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.


I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s).  Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

Aside from these unconfirmed transactions, the once 130 sat/byte transaction that can give us an instant confirmation now needs to wait couples of hours before it gets its first confirmation.  It seems bitcoin, instead of evolving is devolving.  But even if bitcoin shows this sign, I never lose faith in Bitcoin and its core developer.  I still believe this scaling issue will be solved as time pass by

Sometimes you may have to make a step back to make a step ahead

Personally, I'd rather say that Bitcoin is neither evolving nor devolving, it is in fact stagnating. But since other currencies are moving ahead (at least, there is such an impression), it kinda looks like Bitcoin is devolving. Now to my point. Developers can actually do little toward acceptance of whatever they might be developing or improving. It is miners that have the final say. So if Bitcoin continues to stagnate, primarily due to miners' obstinacy and obsession with short-term profits, then Bitcoin may lose its appeal and, consequently, value as well as price, therefore, these obstinate and rogue miners will have to leave on their own (that's basically why there is no tomorrow for Bitcoin miners of today anyway). After that, Bitcoin may finally get a boost in its development no longer constrained by this generation of reactionary miners

[phr0stbyt3]

I agree with you the transaction is speed is really slow and even i experience a lot of problems for the transaction to be confirmed but unfortunately there's nothing i can really do about it. The best thing is send transactions at a lower fees as sending as sending with high fees also takes one hour. Best thing low fees and wait for 3 hours or sometimes even a day

[qiman]

Bitcoin is here to stay but with the arguing and bickering going on, it does certainly make others think of other platforms like Ardor and Ethereum. I think the marketcap of other Altcoins and platforms will start taking a huge share of the Bitcoin value if Bitcoiners and the Bitcoin Developers/Miners do not get their act together. I still have great confidence in Bitcoin but we don't want BTC to become a dead dinosaur with the scaling issue not sorted out in due time.

[iamTom123]

Personally, I am not losing faith in Bitcoin as soon a real solution to the current big challenge can be implemented. Miners could not continue forever ignoring the problem just because the problem is giving them incentives to earn more money. They can not afford to kill the white goose that lays the golden eggs. Ordinary guys like us can only hope that soon these people will decide based on what can be the good for all concerned and not just based on their short-term vested interests.

[Yuuto]

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.


I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s).  Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

Aside from these unconfirmed transactions, the once 130 sat/byte transaction that can give us an instant confirmation now needs to wait couples of hours before it gets its first confirmation.  It seems bitcoin, instead of evolving is devolving.  But even if bitcoin shows this sign, I never lose faith in Bitcoin and its core developer.  I still believe this scaling issue will be solved as time pass by

Sometimes you may have to make a step back to make a step ahead

Personally, I'd rather say that Bitcoin is neither evolving nor devolving, it is in fact stagnating. But since other currencies are moving ahead (at least, there is such an impression), it kinda looks like Bitcoin is devolving. Now to my point. Developers can actually do little toward acceptance of whatever they might be developing or improving. It is miners that have the final say. So if Bitcoin continues to stagnate, primarily due to miners' obstinacy and obsession with short-term profits, then Bitcoin may lose its appeal and, consequently, value as well as price, therefore, these obstinate and rogue miners will have to leave on their own (that's basically why there is no tomorrow for Bitcoin miners of today anyway). After that, Bitcoin may finally get a boost in its development no longer constrained by this generation of reactionary miners

i agree that bitcoin seems to be a little more stagnate then taking steps backwards at this point. im hoping things will start moving forward with bitcoin again soon. on that note... is there absolutely nothing we nonminers using the bitcoin network could do to help make the situation progress in a positive manner for miners bitcoin value and the entire bitcoin community? i think maybe seeing what could be done to appease everyone might end up speeding things along... also like almost everyone these days the miners seem to be thinking of short term solutions for long term problems... wish they would think outside the average thought box and start thinking about long term solution for short term problems or excessively long term solutions for long term problems.

[eaLiTy]

The exchange rates doesn't matter much, as long as Bitcoin retains such a large userbase. You need to start worrying when the altcoins like Ether and Ripple attract a part of the Bitcoin users.

All these things are connected together,if the user base is large the price of bitcoin will be higher and so does the transaction delays with the current scaling issues the price would go up but they could not accommodate every transactions ,alt coins are attracting new investors and even they will suffer if the transaction per day is increased and we might see these issues in the future.Some of them have upgraded their protocol to segwit even though they did not need those upgrades.

[hugs1BTC]

...

Maybe the SW/BU Bitcoin Civil War is starting to have a negative effect.

1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.


I sure wish the Miner Wankers and the Developer Wankers would get together and SOLVE the scaling problem(s).  Else they may damage the Bitcoin Ecosystem and discourage newbies from joining the community.

BTC to $5000 if/when they resolve all of this (credit to jonald_fyookball for that prediction, and I would agree with that number).

Never lost faith in Bitcoin. We can't, it's too important. Cryptocurrencies are the future of money and we are here as first witnesses. SW/BU is war must come to an end soon but I wouldn't say it affects the price too much.

[DoublerHunter]

I wouldnt say people are losing faith in Bitcoin.
I think thats quote the opposite,faith is at an all time high.
Im expecting a small dump now.

There will be no dump for me because the price is getting stabled at the current price and even the price dump a little bit because of the ransomware incident bitcoin is still strong and well established. The price dump, i think will be after the price reaches 2000 USD because some people will get an at least x2 or even x3 of their investment so they will unload some of their bag of bitcoins.

[stompix]

...


1. 182,000 unconfirmed transactions (highest I have ever seen in my casual monitoring at: https://blockchain.info/new-transactions)

2. BTC down over $100 in one day.

1. Unconfirmed dropped to 128,000 at this moment

2. BTC is back in the green

Civil war?
Have a trip to Syria to see what a civil war is.

What we have here is a never ending story of everybody thinking his coding is shorter than the other's.

[doomistake]

Price drops are caused by people taking money out of Bitcoin into fiat.  Bitcoin is only inconvenient for small transactions - people who have held a significant amount of Bitcoin will find that it's actually not that hard to be spending >1 Bitcoin, and people who still find Bitcoin quite convenient will not be selling by your logic so it would not cause a very significant price drop.

Actually, you'll notice that when you go to that transaction page you mentioned, a surprising number of the transactions are upwards of 10 Bitcoin.

The price drops because of this "RANSOMWARES" thingy, that is why bitcoin's price exploded right now, there are anonymous people who are using bitcoin in illegal ways, because they want to eliminate bitcoin or they wanted to do their bad things anonymously. And it is not true that bitcoin's price drop because "people taking money out of bitcoin" because there is nothing wrong with that, that is the right way where we could earn money through bitcoin.

It is normal that bitcoin's price is having a price drop because bitcoin's price is so volatile, it would PUMP and DUMP, and the best thing to do when it had a huge price drop is to buy some and wait for its price to go up again so you could have profits while waiting.

[deisik]

Sometimes you may have to make a step back to make a step ahead

Personally, I'd rather say that Bitcoin is neither evolving nor devolving, it is in fact stagnating. But since other currencies are moving ahead (at least, there is such an impression), it kinda looks like Bitcoin is devolving. Now to my point. Developers can actually do little toward acceptance of whatever they might be developing or improving. It is miners that have the final say. So if Bitcoin continues to stagnate, primarily due to miners' obstinacy and obsession with short-term profits, then Bitcoin may lose its appeal and, consequently, value as well as price, therefore, these obstinate and rogue miners will have to leave on their own (that's basically why there is no tomorrow for Bitcoin miners of today anyway). After that, Bitcoin may finally get a boost in its development no longer constrained by this generation of reactionary miners

i agree that bitcoin seems to be a little more stagnate then taking steps backwards at this point. im hoping things will start moving forward with bitcoin again soon. on that note... is there absolutely nothing we nonminers using the bitcoin network could do to help make the situation progress in a positive manner for miners bitcoin value and the entire bitcoin community? i think maybe seeing what could be done to appease everyone might end up speeding things along... also like almost everyone these days the miners seem to be thinking of short term solutions for long term problems... wish they would think outside the average thought box and start thinking about long term solution for short term problems or excessively long term solutions for long term problems.

To keep friendship with the whole world means to be indiscriminate in your connections

Let alone trying to appease everyone. That would be outright counterproductive and will get you even further from resolving the issue (whatever that might be). Regarding miners, more specifically, you can't solve a problem by relying on people creating it. There is no reason absolutely to think the current generation of miners are going to think "out of the box". Simply put, this is just not in their interests, so why should they if they are quite happy with what they have now? And the current attack is meant to do exactly that, i.e. to make the irreconcilable differences between the Core and the Limited even more irreconcilable. As simple as that