Bitcoin sucks ass but price still rises- how come

[sengazumi]

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

[1715273514]

1715273514

[sobsitesearch]

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

Correct current value of bitcoin affect most of the sending, transfer and withdrawal transactions and it has a traffic in the blockchain and i think this is the time that bitcoin transaction confirmation was add some wallet or services for the confirmation to make transaction fast as like before. And i think bitcoin value will continuous increasing.

[alphablitzer]

I still have a current transaction that would be considered have a high transaction fee, but now, leading to the turn out events, the transaction has increased dramatically and my transaction has never been confirmed even after a week. I am becoming impatient everyday and I hope there could be a solution to the problem that would lead to having the average transaction fee.

[7788bitcoin]

Looking at the price of other alt-coin, such as Eth, you will know that the current price increase is actually not great. If bitcoin scaling problem can be solve soon, the price increase will be unimaginable... At the moment, those investments/values have gone into alt-coins.

[OmegaStarScream]

It won't go back to 1000$ unless there is panic selling so people shouldn't panic and keep holding instead. As for the unconfirmed transactions, I guess we will be stuck with this for a period of time, and switching to something else will only make that "something" same as bitcoin because It's due the high amount of transaction, hopefully SegWit will get activated by August. In the meantime, those who wants their transaction to get confirmed fast, should pay higher transaction fees.

[DoublerHunter]

I think the only explanation for this is the demand and the hype that is being created in the exchangers, i'm also confused because there is a lot of stuck transactions but the price of bitcoin is still rising and it is rising like nobody can stop it. I think this is just a hype and soon bitcoin will calm and lower the price and also the team of bitcoin will fix this stuck transactions as soon as they find solution.

[Herbert2020]

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"!

[Dudeperfect]

I have not met any such forever unconfirmed transaction in my case (my longest transaction took 14 hours to get confirmed). Yes, I agree that fees are getting higher according to the price rise of the bitcoin but to be honest I don't see any practical solution except paying the required fees as per the network. Combining multiple transactions works well but I am not sure if we can do it using web wallets or not.

[Jokoin]

Well... Bitcoin's price is rising for a number of reasons.

1. The Japanese government just gave it the "OK", which has people convinced that other Asian countries might start implementing similar policies.
2. As a result of people like *cough* Donald Trump *cough* being elected - there is a global uncertainty of sorts. People have begin losing faith in the government and are buying into bitcoin, thus driving the price up.
3. FOMO (Fear of missing out) also comes into play. If people think they can make some money buying Bitcoin now and selling later, then thats exactly what they do...

To address one of your other comments, Bitcoin does not suck. It's frickin' awesome. However there is a problem with the amount of time it takes for micro-transactions to be confirmed - but this era will pass.

[pey]

Bitcoin is like a painting of Pablo Picasso even if it doesn't offer anything, it is store of value. The price will rise sure.

[bibiqua]

I'm by no means an expert...

Bitcoin value has doubled in 5 months, quadrupled in a year. When global economy is hardly growing at all, a shooting star that gains 300% must either have very good fundamental reasons for doing so, or it's likely a bubble.

Are there fundamental reasons for a currency to have or gain value? There are many theories about this, but as opposed to any other currency, the *coins have
 - no intrinsic value like gold reserve
 - no state or other organisation backing it
 - not even a company that operates that thing in a coordinated manner.

Bitcoin has proven that these aren't always necessary, in a short term at least. That's absolutely reasonable, because of the factors that make a currency work:
 - reasonably stable
 - people trust in it
 - liquidity (i.e. you can buy/purchase without disrupting the whole system)
 - convertibility.

Bitcoin clearly has never been stable, but as long as the trend goes up, investors had no reason to complain about it. The fact that e.g. a vendor couldn't sell products with meaingful price tags in BTC would otherwise kill a currency, but as an online currency, users seem to have successfully worked around this issue so far.

So far so good. If we look at the current backlog though (e.g. https://jochen-hoenicke.de/queue/), two things become obvious:
 - the system is overwhelmed by the demand
 - it has been so for weeks now
 - no obvdious signs for a change.

People in this forum keep constantly repeating that this is "an attack" or "transaction spam". Firstly, the distribution of transaction fees in the mempool statistics clearly show that the backlog isn't caused by spam. But even if it was, users of any service can expect from an operator that they fix this problem, either by increasing capacity, filtering, whatevere. Consider gmail, hotmail, gmx etc. delivering their email either not at all or after a couple of weeks "because there's an increased amount of spam" -- that's preposterous and they would vanish from the market very soon. To conclude: Pointing at Spam is incorrect in the first place and a bad excuse anyways.

Bitcoin is dysfunctional right now and has been for a very long time. It has become unreliable, transactions may be stuck for ever or a long time, the user experience is catastrophic. Liquidity and convertibility are heavily impaired to sey the least.

The impact on trust should be obvious. The childish disputes about how to fix the mempool problem and the inability to come up with a solution to a problem that has been known for years, paints a disastrous picture of how this stuff is operated. Why would Bitcoin users, as soon as they understand the problem -- there hasn't been any news coverage so far -- continue to use a product when it's operated by lunatics and both expensive and unreliable?

My personal conclusion:
 * The chart shows a hype and shouts out loud: "Correction ahead!"
 * Bitcoin has no intrinsic value backing it
 * Bitcoin doesn't work and kills the trust of it's users.

Yes, I think this is a bubble.


Disclaimer: I do not advocate any altcoins. I do own Bitcoins and even Litecoins. Current balance: 0,08 BTC (80 mBTC), 1,6 LTC. This huge investment may have influenced the opinions expressed above.

[TastyChillySauce00]

Those whales seem to keep their money on exchanges and therefore the current shitty crowd which occur in blockchain really don't bother them. The demands are still there even if many transactions are stuck because the only factor that could make the price increase is demands and while many bitcoin still stuck, the supply currently lower than usual. Theoretically, it's a kind of normal thing to happen but, however, if the scalability problem could be solved as soon as possible, the price might increase, who knows?

I still have a current transaction that would be considered have a high transaction fee, but now, leading to the turn out events, the transaction has increased dramatically and my transaction has never been confirmed even after a week. I am becoming impatient everyday and I hope there could be a solution to the problem that would lead to having the average transaction fee.

Supposedly, within a week, a transaction will be rejected if it's not gets confirmed. If more than a week your transaction is still there, something must have gone wrong.

[andron8383]

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

man traders don't give a fuck to fundamentals so this is going to be bubble. Many people hesitates to join BTC party becouse of scalling and they are sitting in corner buuut there price is rissing and those folks will come from alts to BTC once again. Traders will pump price with scalling or not so don't worry.
5%  supply stucked on chain is EVEN helping to pump price short therm mate.

[Duzter]

Bitcoin fee is just an issue all the time when the price pumping happens. Everytime when price increases users try to make good profit buying and selling bitcoin. This creates lot of transactions during those time period, which is the reason for large number of bitcoin transactions getting stuck on the network even when high fee is provided for the transaction.

[687_2]

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

Value of XBT is not ultimately based on transaction speed or cost, contrary to common repetition in these forums and on Reddit. The "payments" use case that the consumers and speculators in these forums have such a hard on for is really just not that valuable when looking at the big picture.

Just like the "FX volatility" issue, the "fee volatility" issue will also stabilise in time.

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

Pay the higher fee or just don't use it right now and wait for things to sort themselves out. The transition to a fee market is inevitable, and because this is all still in a very early stage there will be more pain to come.

[vasrasus]

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

Value of XBT is not ultimately based on transaction speed or cost, contrary to common repetition in these forums and on Reddit. The "payments" use case that the consumers and speculators in these forums have such a hard on for is really just not that valuable when looking at the big picture.

Just like the "FX volatility" issue, the "fee volatility" issue will also stabilise in time.

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

Pay the higher fee or just don't use it right now and wait for things to sort themselves out. The transition to a fee market is inevitable, and because this is all still in a very early stage there will be more pain to come.

Indeed,as much as possible save it for future , make it a saving since it will be more in value after time pass by.

[bibiqua]

Indeed,as much as possible save it for future , make it a saving since it will be more in value after time pass by.

Any guarantees for this?

[ekoice]

Definitely,bitcoin price is increasing beyond the predicted price at rocket speed.We could guess that japan accepting bitcoin payment is a main reason for price increase.But still,no one expected this huge price rise.On the other side,more transactions are stuck and it would increase more in future.At that time,we could not even make our transaction confirmed  with the high fee we pay today.We may have to pay even more transaction fee.

[the.scientist]

The reasons for this are simple. There is a shortage of coins on the market, and people are beginning to realize that storage of value is the main feature of Bitcoin.

[BitHodler]

The reasons for this are simple. There is a shortage of coins on the market, and people are beginning to realize that storage of value is the main feature of Bitcoin.

It's the demand, plus the panic buying aspect that makes sure that there are less coins available to acquire.

From there it's either you waiting on the side line hoping for the price to go down, or you'll jump in at currently high prices ~ the latter mentioned seems to be the case.

I am glad I have done most of my buying under the $500 mark. Till this day I am still hodling my coins, and I am not yet willing to cash out even a single satoshi.

[AngelSky]

The reasons for this are simple. There is a shortage of coins on the market, and people are beginning to realize that storage of value is the main feature of Bitcoin.

It's the demand, plus the panic buying aspect that makes sure that there are less coins available to acquire.

From there it's either you waiting on the side line hoping for the price to go down, or you'll jump in at currently high prices ~ the latter mentioned seems to be the case.

I am glad I have done most of my buying under the $500 mark. Till this day I am still hodling my coins, and I am not yet willing to cash out even a single satoshi.

Halving mining reduction was the reason for this demand and bitcoin seems to be hold many people even you can look at the traders,they made the bitcoin selling value is higher than the Google value. I missed holding many times. Now, I do not have source to make bitcoin. Simply fed-up of it. I was selling out bitcoin when price is 400$ also now empty pocket.

[eaLiTy]

Halving mining reduction was the reason for this demand and bitcoin seems to be hold many people even you can look at the traders,they made the bitcoin selling value is higher than the Google value. I missed holding many times. Now, I do not have source to make bitcoin. Simply fed-up of it. I was selling out bitcoin when price is 400$ also now empty pocket.

Halving happened sometime back and the current rally is not because of that,there are several factors to take into consideration when we see a good rally and one thing is that several countries are accepting and legalizing bitcoin ,so that we are seeing more investors and businesses coming up in the crypto market ,then there is the reconsideration of SEC for the approval of ETF and then the economic instabilities around the globe took the price above $2000.

[Hyena]

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

[mindrust]

Believe it or not... Segwit is coming. (get ready for >10k$)

It has come to the point that the community don't give fuck anymore if there will be a chain split or not. Many USD whales saw this and started to buy bitcoins like there is no tomorrow.

Segwit will be activated.

What if BU Fanboys decide mine their own chain? So be it. They can do that but they will stay as an altcoin (BTU) forever. They can keep signaling for BTU if that's what they want. We'll find out soon enough.

[Hyena]

Believe it or not... Segwit is coming. (get ready for >10k$)

It has come to the point that the community don't give fuck anymore if there will be a chain split or not. Many USD whales saw this and started to buy bitcoins like there is no tomorrow.

Segwit will be activated.

What if BU Fanboys decide mine their own chain? So be it. They can do that but they will stay as an altcoin (BTU) forever. They can keep signaling for BTU if that's what they want. We'll find our soon enough.

you already got your stinking segwit on LTC, not going to happen on BTC. 10k prices would already be here if the block size was increased and segwit dead and buried. Go back under the bridge you troll.

[Noctis Connor]

As of other see's bitcoin sucks because it took hours before there transaction begin to approved/confirmed  but since other wanting to bitcoin price increase more they make the demand more in demand do you know what i wanna meant? Bitcoin is special now more on companies are thinking to use it.

[btc_angela]

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 is not a bubble so I think it will not collapse to pre $1000. Investors are matured enough not to panic sell because of Japan. I agree the high transaction fee is a problem, but people is trusting bitcoin now. That's why they are still buying and using bitcoin. The price is above $2000 and nobody can't stop the price from rising.

[Netnox]

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

How is it going to get bigger blocks, when there is no consensus? I don't care much about SegWit and BU. But this situation can't go on like this. A lot of harm has been done already and the altcoin users are making the maximum use out of it.  

[Hyena]

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

How is it going to get bigger blocks, when there is no consensus? I don't care much about SegWit and BU. But this situation can't go on like this. A lot of harm has been done already and the altcoin users are making the maximum use out of it.  

Very simple: market demand. Blockstream lies about having the economic majority on their side. Their devs don't even use BTC in their everyday life. The real economic majority are people who use Bitcoin, online casinos and merchants, all of them want smaller TX fees. The block size is bound to be increased either via forking or whatever, it will increase. There's simply so much demand for it especially now when BTC is trading higher and higher every day. Soon BTC will cost so much that no one would even care about the potential drop in price due to forking, besides holders will get to keep coins on both chains.

[freebutcaged]

Either pay $2-$5 as normal fees or shut the fuck up mate, if anyone wants fast network plus low fees they should build their own mining farms and beat BU to the ground.

Tell this to BU devs; why don't they take Core software and then only increase the block size in it without changing any thing else.

I'll bet they'll have some answers for that, yes they want their own version to be accepted blindly just because it solves the block size problem.

If anyone has issues with Bitcoin they should use altcoins with fast network and low fees and let Bitcoin be.

Next stop is $2800 just like when price jumped from $1100 to $1800 we shall see another leap from $2100 to $2800.

[Hyena]

Either pay $2-$5 as normal fees or shut the fuck up mate, if anyone wants fast network plus low fees they should build their own mining farms and beat BU to the ground.

Tell this to BU devs; why don't they take Core software and then only increase the block size in it without changing any thing else.

I'll bet they'll have some answers for that, yes they want their own version to be accepted blindly just because it solves the block size problem.

If anyone has issues with Bitcoin they should use altcoins with fast network and low fees and let Bitcoin be.

Next stop is $2800 just like when price jumped from $1100 to $1800 we shall see another leap from $2100 to $2800.

Core software isn't what it used to be. It suffers from several regressions in the past version. For example, their OPT-IN RBF is a messy hack that should be ripped off and discarded as crap. Also, Core nodes don't relay double spends which keeps merchants in dark until the double spend gets confirmed by a miner. Their software used to be okey but it's now not even worth to be called Core. When Gavin and Mike stopped contributing to the Core reference client all progress stopped unfortunately 

[richardsNY]

Core software isn't what it used to be. It suffers from several regressions in the past version. For example, their OPT-IN RBF is a messy hack that should be ripped off and discarded as crap. Also, Core nodes don't relay double spends which keeps merchants in dark until the double spend gets confirmed by a miner. Their software used to be okey but it's now not even worth to be called Core. When Gavin and Mike stopped contributing to the Core reference client all progress stopped unfortunately  

Aren't you one of those very few (but loud) BU supporters? If you keep hammering down on Core's software, which I find to be totally wrong from your side, then at least take the time to look at the buggy software from those BU rats. It doesn't even deserve to be supported by miners, but they just protest vote BU because they don't see value in SegWit. Don't forget that this signalling of support happens with Core.

[Hyena]

Core software isn't what it used to be. It suffers from several regressions in the past version. For example, their OPT-IN RBF is a messy hack that should be ripped off and discarded as crap. Also, Core nodes don't relay double spends which keeps merchants in dark until the double spend gets confirmed by a miner. Their software used to be okey but it's now not even worth to be called Core. When Gavin and Mike stopped contributing to the Core reference client all progress stopped unfortunately  

Aren't you one of those very few (but loud) BU supporters? If you keep hammering down on Core's software, which I find to be totally wrong from your side, then at least take the time to look at the buggy software from those BU rats. It doesn't even deserve to be supported by miners, but they just protest vote BU because they don't see value in SegWit. Don't forget that this signalling of support happens with Core.

You are wrong. I don't support any particular alternative full node implementation more than others. I am however very unhappy with the Core's implementation due to several reason. I am also an economic user and my days at work are directly disturbed by the fact that blocks are full (loads of customer complaints) and that Core's implementation does not relay double spends. So for that reason I support all full node implementations that represent the original philosophy of Satoshi Nakamoto. I like XT because it relays double spends, I like Classic because of their roadmap from the point of view of a software architect. I like Unlimited because it allows full node opreators to define their own block size limit.

[mindrust]

Core software isn't what it used to be. It suffers from several regressions in the past version. For example, their OPT-IN RBF is a messy hack that should be ripped off and discarded as crap. Also, Core nodes don't relay double spends which keeps merchants in dark until the double spend gets confirmed by a miner. Their software used to be okey but it's now not even worth to be called Core. When Gavin and Mike stopped contributing to the Core reference client all progress stopped unfortunately  

Aren't you one of those very few (but loud) BU supporters? If you keep hammering down on Core's software, which I find to be totally wrong from your side, then at least take the time to look at the buggy software from those BU rats. It doesn't even deserve to be supported by miners, but they just protest vote BU because they don't see value in SegWit. Don't forget that this signalling of support happens with Core.

You are wrong. I don't support any particular alternative full node implementation more than others. I am however very unhappy with the Core's implementation due to several reason. I am also an economic user and my days at work are directly disturbed by the fact that blocks are full (loads of customer complaints) and that Core's implementation does not relay double spends. So for that reason I support all full node implementations that represent the original philosophy of Satoshi Nakamoto. I like XT because it relays double spends, I like Classic because of their roadmap from the point of view of a software architect. I like Unlimited because it allows full node opreators to define their own block size limit.

So you love anything but core bitcoin. Just like the other fyooked dude. He loves ETH, he likes Dash, he likes BTU... But hell no, not Bitcoin. Hell nooo, not Segwit because it is coming from the Core devs.

Segwit solves everything you mentioned earlier but noo, it is coming from the core.

No offense but you sound more like you are paid by the banksters and given orders to destroy the original coca-cola, just like the other shill.

Your kind's days are numbered anyway. Enjoy it while it lasts. Cya in Aug/1.

#UASF
#UASF
#UASF

[Hyena]

So you love anything but core bitcoin. Just like the other fyooked dude. He loves ETH, he likes Dash, he likes BTU... But hell no, not Bitcoin. Hell nooo, not Segwit because it is coming from the Core devs.

Segwit solves everything you mentioned earlier but noo, it is coming from the core.

No offense but you sound more like you are paid by the banksters and given orders to destroy the original coca-cola, just like the other shill.

I have done my research. It's that simple. I am a software architect. I know how software should be developed and how it should not be developed. I can see through the bullshit. SegWit doesn't solve anything, it's a pseudo-technical babble. I'm also a big stakeholder in BTC (signed up for Nakamoto's consensus in 2011) so I am paid indirectly by the success of Bitcoin. I don't like seeing my investment being mauled by Bankster funded Blockstream and incompetent basement dwellers. The fact that we have not increased the block size limit yet is crippling the Bitcoin network. If you like SegWit so much then go to Litecoin, it has it. Please leave. Leave with Core and start doing whatever you want with Litecoin because obviously the LTC community is more OK with it. I don't care about LTC. Sold my last Litecoins when they reached 30$.

[Kprawn]

Bitcoin does not suck... the people who do not want to signal change are the people who are doing most of the sucking .... and they suck the

most from the extra fees they are getting from this situation. The longer this scaling debate goes on, the longer they will be able to suck people

dry with these higher fees. We hate this, but there is not a lot we can do about it.   .......The reason it goes up ---> HIGHER adoption.

[Skarner21]

Bitcoin does not suck... the people who do not want to signal change are the people who are doing most of the sucking .... and they suck the

most from the extra fees they are getting from this situation. The longer this scaling debate goes on, the longer they will be able to suck people

dry with these higher fees. We hate this, but there is not a lot we can do about it.   .......The reason it goes up ---> HIGHER adoption.

We are seeing high adoption but the fees debate still there there are many issue about bitcoin that i think they need to be focus if what the issue today like many unconfirmed transaction.
They are focus for the price increase but the problem are still there that never been solve..
Well we are still getting benefits of the price increase even the transaction fee is really high that i think its more than high than the fee for paypal. .

[dothebeats]

Knowing that several countries are now offering their arms wide open to bitcoin (Japan, Australia, SoKor etc.), the reaction of the market would be positive, thus the price increase. I agree, transaction confirmation times haven't been that great lately, but that would be relieved once we finally agreed upon into something (SegEit or BU). Also, bitcoin doesn't suck. For tx, it sure does, but for other things—mostly store of value—it is a great performer.

[bartolo]

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

If the price is rising with these problems, imagine where it would be if they were solved. I guess there's a lot of money coming into the bitcoin and altcoins market lately, there are new people who are entering this world now and surely many of these new investors are people with a lot of money, that is, whales. It´s possible that for these people there is not much difference between paying 20 cents or 5 dollars in fees and they have no problem waiting a little for their transactions. For ordinary people it´s more annoying, especially to make micropayments or send small amounts of money, but not for them. Also, if there are people who are buying as a store of value, they will not have problems with paying slightly higher fees either.

[freedomno1]

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

Alt Coin speculation is at all time highs and the means of trading those coins is through Bitcoin as a pass-thru
Of course people may also just be learning about Bitcoin and starting to invest on major scales with all the Failed ETF news it likely caught the attention of some big bankers and they are just pouring in new capital. It's fun to speculate on those things ^^.

[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.

[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.