Bitcoin is getting destroyed

[RealBitcoin]

You know I've been here for 3-4 years now, and I have seen Bitcoin rollercoaster from 700$ down to 100$ and now back up to 2000$. A very interesting rollercoaster indeed.

I was a Bitcoin purist, thinking that Bitcoin has to be what it was coded for, this meant no hardforks. Yet I have realized that this is a very closed-minded position, and very dogmatic.

It seems like everybody here is dogmatic about this, you think you are very smart and you know things better, it's just pure arrogance. And when anybody has a dissenting view, they get marginalized or maybe even banned.

I had an ignore list of 50+ people who were shouting very hardly that Bitcoin's current path is unsustainable. And instead of hearing their opinions, I just ignored them, because that is how an intelligent open minded person behaves.

From my point of view they looked like trolls, just like some pesky mosquitos trying to annoy people. This is how arrogant I was in my belief in the small blocksize.

But now seeing that the transaction fees are 30$, I have utterly changed my mind, and I really hate myself for used to believe otherwise.

It looks like guys like franky1 were right, the 1 MB blocksize is really a piece of shit limit. The fees are now higher than for international bank transfers.

Can you believe this bullshit? A bank transfer that goes through 1 million regulatory loops, and it's inefficiently processed in 4 days costs less than a decentralized P2P payment system? It's utterly disgusting. In fact if the blocksize is not raised, maybe it will take 4 days to confirm/settle BTC transactions too.

And even the idiots who said that the nodes would be burdened if the block size were increased are just pure idiots. How is that possible if the price is 2000$ and they can earn huge revenues from mining or whatever other ventures they do.

I used to ridicule 2MB blocks, but now I believe maybe a 8MB block is not even a big deal. If you can earn 100$/month net income, what the hell does it costs you to buy a 1 Terrabyte harddisk for 40$? It would just be 35 GB monthly, your 1 TB harddisk would last you 2.38 years. Out of the 2356$ you would make in that time, that would only cost you 40$.

It's ridiculous how cheap storage is, and it's even more ridiculous that the transaction fee for 1 fucking transaction is now almost higher than 2.38 years of storage cost with a 8MB block!

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[TechnoMusic]

Lol bro bitcoin died about 100 or 200 times I am not sure for that but it is still alive and everything wil be fixed just to save bitcoin because we need him because it is really much better than fiat and so much popular.

[European Central Bank]

Can you believe this bullshit? A bank transfer that goes through 1 million regulatory loops, and it's inefficiently processed in 4 days costs less than a decentralized P2P payment system? It's utterly disgusting.

agreed overall but a bank transfer is no more than a few entries on a ledger they swap around. a bitcoin transaction spreads through thousands of computers across the globe. decentralization costs, but right now it costs too much.

[RealBitcoin]

Lol bro bitcoin died about 100 or 200 times I am not sure for that but it is still alive and everything wil be fixed just to save bitcoin because we need him because it is really much better than fiat and so much popular.

That is a shitty meme.

I know about this website: https://99bitcoins.com/bitcoinobituaries/

And it's a shitty meme, just because a few dumb journalists have called Bitcoin dead and were wrong, that doesn't mean that we don't have a serious problem in Bitcoin that needs to be fixed.


Bitcoin will not die because some journalist tells it to die, but it will definitely die, if transaction fees will stay 40-50$.

Who the fuck can afford 50$ for 1 transaction? Can the Africans, Philipines, or Indians afford it (who make up most of BTC users) ? I doubt it, when the daily wage in those places is like 5$.

Can you believe this bullshit? A bank transfer that goes through 1 million regulatory loops, and it's inefficiently processed in 4 days costs less than a decentralized P2P payment system? It's utterly disgusting.

agreed overall but a bank transfer is no more than a few entries on a ledger they swap around. a bitcoin transaction spreads through thousands of computers across the globe. decentralization costs, but right now it costs too much.

It should not have to. DASH and others are doing fine.

I want Bitcoin to be fixed too.

[Seville]

Bitcoin will survive if it ever gets upgraded and soft forks for faster speeds 

[RealBitcoin]

Bitcoin will survive if it ever gets upgraded and soft forks for faster speeds 

Oh really?

http://segwit.co/


It was 25% about half a year ago. Now it's 30%.

With this pace Segwit will never be activated. Not that it should, I think a bigger block is better.

But either way it wont, and the fees will keep rising.


I'll see your attitude when the TX fees will be 200$.

[franky1]

Can you believe this bullshit? A bank transfer that goes through 1 million regulatory loops, and it's inefficiently processed in 4 days costs less than a decentralized P2P payment system? It's utterly disgusting.

agreed overall but a bank transfer is no more than a few entries on a ledger they swap around. a bitcoin transaction spreads through thousands of computers across the globe. decentralization costs, but right now it costs too much.

wait.. will you be saying that when LN starts pushing people into multisig permissioned hubs/hops... which is the only 'gesture' benefit left that segwit is suppose to solve. remember core want bitcoin to not be a payment network but just a once a month settlement auditor(bank statement)

[European Central Bank]

wait.. will you be saying that when LN starts pushing people into multisig permissioned hubs/hops... which is the only 'gesture' benefit left that segwit is suppose to solve. remember core want bitcoin to not be a payment network but just a once a month settlement auditor(bank statement)

i'll wait to see how an operational lightning network actually works in day to day practice before passing judgement. it's up to them to convince me it's all gravy. if it ain't then i'll shop elsewhere.

[RealBitcoin]

wait.. will you be saying that when LN starts pushing people into multisig permissioned hubs/hops... which is the only 'gesture' benefit left that segwit is suppose to solve

I used to make fun of ETH and ETC. But it looks like even after the DAO and the ETC split disasters, ETH is much more reasonable than BTC now.

It has a similar market cap that BTC had 1 year ago, so ETH is only 1 year behind in progress, and if BTC doesn't pull together itself,  ETH might surpass BTC.

Same with DASH. People criticize DASH because of the masternode centralization. Well then what you call the Lightnight Network HUB transactions?

[25hashcoin]

We need an agreement that activates segwit via soft fork right now, then a blocksize increase not long after.

[25hashcoin]

wait.. will you be saying that when LN starts pushing people into multisig permissioned hubs/hops... which is the only 'gesture' benefit left that segwit is suppose to solve

I used to make fun of ETH and ETC. But it looks like even after the DAO and the ETC split disasters, ETH is much more reasonable than BTC now.

It has a similar market cap that BTC had 1 year ago, so ETH is only 1 year behind in progress, and if BTC doesn't pull together itself,  ETH might surpass BTC.

Same with DASH. People criticize DASH because of the masternode centralization. Well then what you call the Lightnight Network HUB transactions?

ETH has no fundamentals. ETC is superior in literally every way (except ability to function as an editable database).

[franky1]

wait.. will you be saying that when LN starts pushing people into multisig permissioned hubs/hops... which is the only 'gesture' benefit left that segwit is suppose to solve

I used to make fun of ETH and ETC. But it looks like even after the DAO and the ETC split disasters, ETH is much more reasonable than BTC now.

It has a similar market cap that BTC had 1 year ago, so ETH is only 1 year behind in progress, and if BTC doesn't pull together itself,  ETH might surpass BTC.

Same with DASH. People criticize DASH because of the masternode centralization. Well then what you call the Lightnight Network HUB transactions?

look even deeper at the Tier network being created.. top of the pyramid.. bitcoins DNS seeds, oh look majority blockstream maintained.. next down the list FIBRE network. ... then there is the core upstream filter nodes..
then the cludge of filtered downstream, no witness, non sanctioned, prunned, lite nodes.. then the next layer LN

then look when they start tweaking the DNS to not include certain versions(segwit activation) in the dns listing.. it all becomes super centralised.

[Yakamoto]

>They make an agreement with 83% of the hashing power willing to follow through, with multiple high-profile companies preparing to roll it out in September
>Guys it's literally destroyed right now

At this point it's not even worth commenting on half these things because the answers or events that have happened recently are just being glossed over. I don't even know if half the community engages with the other half and figures out what things are happening anymore.

Bitcoin will be fixing itself soon. You're going to see the block limit go up. Don't worry.

[emezh10]

Lol bro bitcoin died about 100 or 200 times I am not sure for that but it is still alive and everything wil be fixed just to save bitcoin because we need him because it is really much better than fiat and so much popular.

Thats was really possible a too much pump in the price of the bitcoin can make it also dump in the market in the coming year no doubt after a month of the pumping the bitcoin will be dump again so better to wait for the bitcoin to dump to buy bitcoin again.

[RealBitcoin]

Bitcoin will be fixing itself soon. You're going to see the block limit go up. Don't worry.

Ok, let's hope what you say is true. I've been waiting for this for 2 years now, back then I didn't know exactly what was needed, but I knew that something was wrong with Bitcoin the moment the network clogs started to appear.

I remember about 1 year ago, I had a TX that took 3 days to confirm, with normal fees. That was my wake-up call. But now the situation is just ridiculous. I don't even use Bitcoin anymore until this is fixed.

[leopard2]

yeah bro totally destroyed, almost worthless now LOLOLOLOL  

This is digital gold, insurance policy against fiat collapse, how much does it cost to transfer insurance policy betweeen buyer and seller?

use LTC or DOGE for pay and play  

It's ridiculous how cheap storage is, and it's even more ridiculous that the transaction fee for 1 fucking transaction is now almost higher than 2.38 years of storage cost with a 8MB block!

You mean _YOUR_ storage cost, or that of millions of users who would have to store the "supersize me" blockchain, too?

*shaking head over stupidity of OP*

[RealBitcoin]

yeah bro totally destroyed, almost worthless now LOLOLOLOL 

This is digital gold, insurance policy against fiat collapse, how much does it cost to transfer insurance policy betweeen buyer and seller?

use LTC or DOGE for pay and play 

*shaking head over stupidity of OP*

The funny thing is that gold transfer costs are cheaper than BTC transaction costs.

So transfering gold from 1 place to the other could cost less than transfering digital information via BTC blockchain.

Bitcoin is not an insurance policy against fiat collapse, since if you want widespread use of it, people will not put up with big fees.

[TheWallStreetCrew]

Too much at stake. The Bitcoin power brokers will do something when there income and wealth begins to deteriorate.

[RealBitcoin]

Too much at stake. The Bitcoin power brokers will do something when there income and wealth begins to deteriorate.

Yes they will just sell all their coins and watch the suckers suffer. It's just easier to ripoff people with 100$ transaction fees until it works, and then when the castle of card collapses they just sell their coins.

It's definitely easier to just sell your Bitcoin and move on to another currency, and do the same thing there, than to just fix things in Bitcoin.

[hawkins]

I'm not sure that bitcoin will die, even more so if you look at the current state. Many people need bitcoin, even bitcoin developers can get rich because of this, so they may keep fixing those mistakes. I do not think that will happen.