bitcoin is broken

[cryptoneet]

i though satoshi wanted bitcoin to become a currency not just another stock in the DOW

it is now more expensive to use bitcoin to buy or transfer anything than to use your banks visa card.

the whole point of bitcoin was to "phase out" the big banks or whatever not to become the next goldman sachs

if any bank charged 10$ to withdraw 25$ it would be shut down by the government.

[pooya87]

bitcoin is not broken!
however your definition of bitcoin is broken.

you think of bitcoin as something that is only offering one thing: a cheap way of transferring value. and since it is no longer cheap to your standards you are saying it is broken.
go do some research and figure out what bitcoin really is, i am not gonna give it to you.

and we know fees are high and shouldn't be at this point, and it will be fixed soon, don't worry

[magneto]

i though satoshi wanted bitcoin to become a currency not just another stock in the DOW

it is now more expensive to use bitcoin to buy or transfer anything than to use your banks visa card.

the whole point of bitcoin was to "phase out" the big banks or whatever not to become the next goldman sachs

if any bank charged 10$ to withdraw 25$ it would be shut down by the government.

Bitcoin transactions fees are indeed very expensive and probably getting more expensive. However you are exaggerating things here. First of all even though I hate the high transaction fees i can cope with it by sending less transactions in a day. I used to send 20 transactions a day but now i better manage my transactions, make them more compact etc. and i end up only paying like double the fees per day.

Also, bitcoin offers way more than a cheap way to send money as pooya said. Bitcoin is a store of VALUE, as opposed to fiat. You can also transfer money overseas in a click with bitcoin, and with the same fees in a $50000 and a $5 transaction. That's the true beauty of bitcoin.

[itsallpc]

i though satoshi wanted bitcoin to become a currency not just another stock in the DOW

it is now more expensive to use bitcoin to buy or transfer anything than to use your banks visa card.

the whole point of bitcoin was to "phase out" the big banks or whatever not to become the next goldman sachs

if any bank charged 10$ to withdraw 25$ it would be shut down by the government.

Bitcoin has lost one of its important feature of low transaction fee.
But still,it has many other important features for which still people wants to buy bitcoins at any cost.Still transaction fee is low when money is sent from abroad when compared to other money exchanges.

[hello_good_sir]

i though satoshi wanted bitcoin to become a currency not just another stock in the DOW

it is now more expensive to use bitcoin to buy or transfer anything than to use your banks visa card.

the whole point of bitcoin was to "phase out" the big banks or whatever not to become the next goldman sachs

if any bank charged 10$ to withdraw 25$ it would be shut down by the government.

That is true indeed, it is pretty funny to imagine yourself a bank that would charge 10$ for any transfer because it is so unreal that it makes the whole thing very funny
But remember about people, goverment does not have to close such a bank because there would be simply no clients, right?
And as we can see, there are still many people using bitcoin, to be honest actually the number of people in the blockchain network is constantly rising and it is rather obvious that price is not the only engine of that.
SegWit would have fixed the thing so we still have to wait, but still bitcoin is working and it is a great tool for many things!

[mindrust]

While i agree with you, Instead of whining, create more pressure on people who block the development.

Segwit upgrade can easily solve those fee problems but we can't get it because a group of miners are too greedy. They don't want to lose their fat fees which they collect from us so they don't want to lose that business. First know who is responsible for this situation and then start whining.

[cellard]

i though satoshi wanted bitcoin to become a currency not just another stock in the DOW

it is now more expensive to use bitcoin to buy or transfer anything than to use your banks visa card.

the whole point of bitcoin was to "phase out" the big banks or whatever not to become the next goldman sachs

if any bank charged 10$ to withdraw 25$ it would be shut down by the government.

How do you expect to "phase out" the big banks with an huge blocksize that allows super cheap transactions but makes bitcoin an easy target to be shut down by governments?

If you want fast and cheap payments you'll have to wait for lightning network.

[iluvpie60]

Bitcoin is not broken. It is working currently and people are using it
The fees are higher than they have ever been I think is what you mean to say.

Satoshi said somewhere block size increases have to happen. But without majority support that will not change. If that does not change then we should expect the price to go down somewhat. But probably not a lot. People will still buy bitcoin as it becomes legal in many places. A fee of a few bucks is nothing for bankers and business people.

Bitcoin just wont be used by nromal people

[mayax]

i though satoshi wanted bitcoin to become a currency not just another stock in the DOW

it is now more expensive to use bitcoin to buy or transfer anything than to use your banks visa card.

the whole point of bitcoin was to "phase out" the big banks or whatever not to become the next goldman sachs

if any bank charged 10$ to withdraw 25$ it would be shut down by the government.

Bitcoin has lost one of its important feature of low transaction fee.
But still,it has many other important features for which still people wants to buy bitcoins at any cost.Still transaction fee is low when money is sent from abroad when compared to other money exchanges.

20 usd is a bank wire, SEPA is 5 euro and it reach to destination same day. how long do pay for your BTC transaction and how long does it take?

[mrcash02]

I understand what you say, I don't want to pay a lot to transact Bitcoins too... So, I just wait until developers start working in a solution to solve the issue with transactions, meanwhile I try to avoid maximum as possible to make transactions. You can do it also, but don't think Bitcoin is broken, if it were broken, the price wouldn't be increasing so much and these people wouldn't be buying it.

[deisik]

i though satoshi wanted bitcoin to become a currency not just another stock in the DOW

it is now more expensive to use bitcoin to buy or transfer anything than to use your banks visa card.

the whole point of bitcoin was to "phase out" the big banks or whatever not to become the next goldman sachs

if any bank charged 10$ to withdraw 25$ it would be shut down by the government.

It is unlikely that a bank would be shut down for just that

After all they are free to charge as much as they see appropriate, and if you don't like it "just use Bitcoin". Oh, wait, this is no longer the case nowadays. So why do you care if Bitcoin specifically becomes "just another stock in the DOW"? If its price is growing (which seems to be the case) and you have a few (dozen) bitcoins, why make a fuss over it? If you care for the currency aspect of crypto (say, you feel plenty of butthurt because of high transaction fees), simply use another coin which is cheap to transact with

[ImHash]

Solution:

Go use LTC with fast transaction time and very low fees, then come back here to tell me, why don't you all just use LTC for the sake of our brains before they explode?
Can anyone answer my questions?

What happened to LTC thus far to make it a bad coin? and if it's not bad then why don't we all just use it instead of bitcoin until miners decide to give up and go where ever development tells them to go?

[deisik]

Solution:

Go use LTC with fast transaction time and very low fees, then come back here to tell me, why don't you all just use LTC for the sake of our brains before they explode?
Can anyone answer my questions?

What happened to LTC thus far to make it a bad coin? and if it's not bad then why don't we all just use it instead of bitcoin until miners decide to give up and go where ever development tells them to go?

I don't know about others but I'm slowly moving to Litecoin myself

I'm selling bitcoins when the price hits a new high but now I don't buy them back. I buy litecoins instead. My logic is as simple as it has always been. If Bitcoin tensions escalate within the next two months, Bitcoin may become as toxic as ratsbane and people will run away form Bitcoin dumping it like shit, so Litecoin may easily take Bitcoin's place ("the throne is never empty"). If, nevertheless, Bitcoin succeeds at activating SegWit and Lightning Network, it will certainly rise and Litecoin will rise along with it too. Therefore, it is a win-win situation for me. Take it for what it's worth, though

[peter0425]

i though satoshi wanted bitcoin to become a currency not just another stock in the DOW

it is now more expensive to use bitcoin to buy or transfer anything than to use your banks visa card.

the whole point of bitcoin was to "phase out" the big banks or whatever not to become the next goldman sachs

if any bank charged 10$ to withdraw 25$ it would be shut down by the government.

I do agree with you that the increasing transaction fee has been a pain really and it has defeated the the used of bitcoin micro-payment. I think we have to wait til the UASF was been implemented and see what it can bring to bitcoin ecosystem. Will it resolved the high transaction fees? This is the only major roadblock ahead, and for sure it can be resolved once consensus has been agreed. But I don't agree with bitcoin was to "phase out" banks, we still needs banks and both of them (banks and bitcoin) can exist mutually.

[franky1]

if bitcoin is not broken, then why are people screaming for LN
if bitcoin is not broken why are people naively and stupidly thinking the empty gesture of segwit will 'fix' things.

bitcoin was not broken when the buffer limit of a block was way above the data requirement of 2009-2015
but allowing the buffer to grow further was halted.

segwit doesnt 'fix' bitcoin. it still only offers the hope of the same 7tx/s. and thats only if everyone uses new keypairs
then the expectation is of moving people off network into new networks via LN, drivechain, expanded blocks, etc which have different nodes and communicate on different ports of a different network.

which are not a bitcoin fix, but more like making bitcoin derelict and relocating people to new area's.

.
bitcoin meant to be a borderless area for anyone. its turning into a real estate game of bitcoin real estate block for only the super rich and average joe forced into the poorly designed 'projects' area (separate block of apartments for the poor)

[RodeoX]

Bitcoin is money. So...
Money attracts the greedy.
Money attracts criminals.
Since it can do great things, it may also bring out the best in us.
One can hoard money.
Spend money.
Save money.
Donate money.

But there is no way to create a free money system  that demands it be used in a certain way and not another.  Try thinking bigger than that! What will I do with my money! who cares what you do with yours! The successful think about their affairs not the affairs of others in the market.

[btc_angela]

if bitcoin is not broken, then why are people screaming for LN
if bitcoin is not broken why are people naively and stupidly thinking the empty gesture of segwit will 'fix' things.

bitcoin was not broken when the buffer limit of a block was way above the data requirement of 2009-2015
but allowing the buffer to grow further was halted.

segwit doesnt 'fix' bitcoin. it still only offers the hope of the same 7tx/s. and thats only if everyone uses new keypairs
then the expectation is of moving people off network into new networks via LN, drivechain, expanded blocks, etc which have different nodes and communicate on different ports of a different network.

which are not a bitcoin fix, but more like making bitcoin derelict and relocating people to new area's.

.
bitcoin meant to be a borderless area for anyone. its turning into a real estate game of bitcoin real estate block for only the super rich and average joe forced into the poorly designed 'projects' area (separate block of apartments for the poor)

This is what I noticed though lately. It has become a a place where a particular group of people choose to enjoy themselves (rich) and the average joe to suffer because of the transaction fee's. It is still borderless but it came to be very difficult now to used. We can't blame ordinary people looking for other choices for a fast and cheap transaction fee.

[franky1]

This is what I noticed though lately. It has become a a place where a particular group of people choose to enjoy themselves (rich) and the average joe to suffer because of the transaction fee's. It is still borderless but it came to be very difficult now to used. We can't blame ordinary people looking for other choices for a fast and cheap transaction fee.

put it this way i have a good hoard of coins.. but even i can see that bitcoin has changed by the BScartel since 2014. i sympathise with 3rd world countries where their real world wage for a WEEK is less than a single bitcoin tx fee.

yet as rodeoX points out. its down to greed.
the greedy are narrow minded and dont care for others, nor are they sympathetic, empathetic. the greedy cant even imagine a life outside of their littl bubble.

there actually are ways to solve issues. with a better fee priority mechanism. yet it seems the BScartel want to remove the fee controls and replace it with wall street human emotions of just pay more