Blockstream employee delivers the bad news for BitcoinCore coin.

[25hashcoin]

https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054

Looks like Blockstream, leaders of BitcoinCore coin (BTC) are warning of an impending fee disaster that could cripple their chain.

Whatever you do, hold onto your BitcoinCash. Things are about to get a little crazy.

Edit: Bitcoin Cash promises cheaper and cheaper fees: https://zander.github.io/posts/bcc-fees/

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[CryptosapienZA]

Unfortunately they dont care. So I guess this is not news. I read a paper written by one of their developers, it clearly states that high fees are here to stay. Will look for that paper and post here.

[Red-Apple]

well it is sad to admit but if that happens, bitcoin dies. simple.
people won't continue using bitcoin if the fees continuously go up. and you know fees go up because there are more transaction than there is block size which means some tx won't confirm.
people will simply switch to an altcoin or build a bitcoin from zero block and with 0 MB blockchain size.

and don't get excited the 8 MB block is even worse. the centralization that brings is 100 times worse.

[coolcoinz]

Hold on to what? People have already dumped their BCC.

Is this your attempt to pump it, so you can sell your stash, OP? The only reason BCC stopped at 0.05BTC was that people felt it's going to get pumped again to at least 0.1 and it was. I believe it's going to get even higher, maybe 0.15, but that's it. It's not worth more.

[Script]

That's why building second layer is so important, onchain cannot scale, people are deluded if they think just increasing blocksize helps scaling, it only helps digging a bigger hole and making bitcoin centralized, centralized as in requiring $20k computers to run full nodes and rewarding big miners.

[audaciousbeing]

https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054

Looks like Blockstream, leaders of BitcoinCore coin (BTC) are warning of an impending fee disaster that could cripple their chain.

Whatever you do, hold onto your BitcoinCash. Things are about to get a little crazy.

Having read the news, I must say I am saddened by if it eventually comes to play because it would all the controvery about August 1 that was expected to solve among other issues concerning fee reduction will be a total waste of time and we will be back to where we started from. I am sure the discussion will still get heated in the coming days but hopefully we get something to rely upon because the way they are going, they might be nobody left in bitcoin.

[User365]

That's why building second layer is so important, onchain cannot scale, people are deluded if they think just increasing blocksize helps scaling, it only helps digging a bigger hole and making bitcoin centralized, centralized as in requiring $20k computers to run full nodes and rewarding big miners.

I agree, we need a seconed layer solution, wich must be open source!

I think the lightning network has code parts which are closed source, so that´s no option. We need a seconed layer open source solution. Or something else (a yet undiscovered technology), but increasing blocksize is redicoulous, don´t use BCC it will crash!

[manselr]

well it is sad to admit but if that happens, bitcoin dies. simple.
people won't continue using bitcoin if the fees continuously go up. and you know fees go up because there are more transaction than there is block size which means some tx won't confirm.
people will simply switch to an altcoin or build a bitcoin from zero block and with 0 MB blockchain size.

and don't get excited the 8 MB block is even worse. the centralization that brings is 100 times worse.

Bitcoin will never die. People that cannot afford on-chain fees will get kicked out of the network, because decentralization is expensive, but you got sold the lie of it being cheap.

If you cannot afford onchain transaction, wait for LN, which is better than any other shitcoin or the banking system of course.

The fees will go up a lot because of Roger Ver spam, because we are still far from real mainstream usage.

[25hashcoin]

Meanwhile Bitcoin Cash like: https://zander.github.io/posts/bcc-fees/

 

Hold your Bitcoin Cash. Selling could be the worst mistake of your life.

[manselr]

Meanwhile Bitcoin Cash like: https://zander.github.io/posts/bcc-fees/

 

Hold your Bitcoin Cash. Selling could be the worst mistake of your life.

Nobody is using Bitcoin Cash other than people making transactions to dump it for BCC. Nobody but some idiots would want to have Bitcoin nodes centralized inside china. Nobody wants a coin that is mined by "ViaBTC + "other"" (BitmainCoin).

Accept defeat already. Bitcoin Crash was DOA. It may have artificial pumps here and there like ETC: doesn't matter.

[Thatstinks]

Meanwhile Bitcoin Cash like: https://zander.github.io/posts/bcc-fees/

 

Hold your Bitcoin Cash. Selling could be the worst mistake of your life.

Nobody is using Bitcoin Cash other than people making transactions to dump it for BCC. Nobody but some idiots would want to have Bitcoin nodes centralized inside china. Nobody wants a coin that is mined by "ViaBTC + "other"" (BitmainCoin).

Accept defeat already. Bitcoin Crash was DOA. It may have artificial pumps here and there like ETC: doesn't matter.

Ya no one uses it after one week, wow its dead LOL

You sound like someone who dumped your BCH early and now realize you goofed up like tons of others.

Bitcoin Cash IS the real Bitcoin now and will only get bigger and stronger as the weeks go by.

[hatshepsut93]

https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054

Looks like Blockstream, leaders of BitcoinCore coin (BTC) are warning of an impending fee disaster that could cripple their chain.

Whatever you do, hold onto your BitcoinCash. Things are about to get a little crazy.

Edit: Bitcoin Cash promises cheaper and cheaper fees: https://zander.github.io/posts/bcc-fees/

You are just spreading FUD and shilling for your shitcoin, instead of trying to present some technical argument. I can only feel sorry for newbies who get influenced to buy shitcoins by posts like this.

Now, in reality what that article was saying is that there are hardware limitations that don't let Bitcoin's network to process as much transactions as PayPal or Visa. Big blocks increase capacity at expense of decentralization and security, and this is why no one really wants them. There are countless shitcoins that have bigger and/or faster blocks, time has proven that this does not work, and no one really wants it.

[25hashcoin]

https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054

Looks like Blockstream, leaders of BitcoinCore coin (BTC) are warning of an impending fee disaster that could cripple their chain.

Whatever you do, hold onto your BitcoinCash. Things are about to get a little crazy.

Edit: Bitcoin Cash promises cheaper and cheaper fees: https://zander.github.io/posts/bcc-fees/

You are just spreading FUD and shilling for your shitcoin, instead of trying to present some technical argument. I can only feel sorry for newbies who get influenced to buy shitcoins by posts like this.

Now, in reality what that article was saying is that there are hardware limitations that don't let Bitcoin's network to process as much transactions as PayPal or Visa. Big blocks increase capacity at expense of decentralization and security, and this is why no one really wants them. There are countless shitcoins that have bigger and/or faster blocks, time has proven that this does not work, and no one really wants it.

The article is written by a liar. Bitcoin Cash will scale on chain to greater than Visa as stated by Satoshi.

[9000]

Meanwhile Bitcoin Cash like: https://zander.github.io/posts/bcc-fees/

 

Hold your Bitcoin Cash. Selling could be the worst mistake of your life.

The guy is right, Bitcoin Cash fees will stay the same, because nobody will use Bitcoin Cash, no demand -> no fees.

Would like to see some stress tests on that network to see how it behaves.

[25hashcoin]

Meanwhile Bitcoin Cash like: https://zander.github.io/posts/bcc-fees/

 

Hold your Bitcoin Cash. Selling could be the worst mistake of your life.

The guy is right, Bitcoin Cash fees will stay the same, because nobody will use Bitcoin Cash, no demand -> no fees.

Would like to see some stress tests on that network to see how it behaves.

Or ask BitcoinCash developer or supporters how BitcoinCash prepare to handle lots of transaction without use SegWit, LN or similar solution. Even New SigHash Type and 8MB is only temporary solution and as far as i know they don't have long-term plan.

Segwit does just about nothing for scaling and BitcoinCash already has 8mb blocks with plans to keep scaling on chain. Bitcoin Cash will also receive L2 before BitcoinSegwit. Sounds like you didn't think your post through.

[franky1]

"Bitcoin can’t scale to meet demand, unless demand vanishes and it all fails. If bitcoin is used by 100,000 people today, and we want everyone to use it, we need bitcoin capacity to grow 75,000 times larger. "

i am laughing...
ok so imagine 100,000 PEOPLE use bitcoin.. knowing the stats of actually average usage (5 tx per month)
that works out as
500,000 a month = <18,000 tx/day (btc utility stats)

 or even taking debit card utility of ~1tx a day per person, works out as
2.8m a month = 100,000 tx a day (debit utility stats)

which if you actually do som maths..

144blocks a day of ~2500 tx/block = 360,000 tx a day.

meaning
if based on comparing to debit card utility. bitcoin can at just 1mb base block.. be capable of 360,000 people.
or because bitcoin cant be used for all daily needs(not mainstream in every rtailer world wide right now). if based on bitcoin real utility needs average as capable of handling
2million people

in short

knowing bitcoin cant be used to buy just anything. the 1mb baseblock allows 2million people to do needed bitcoin tx a day. or based on a utopia of buying things you can buy with debit card. 1mb can handle 360,000 people.


so a 2mb block can handle double
then in time that can double again..

but that requires blockstream stop controlling the bip proposals and leading the devs down poorly laid out roadmaps.. and actually let the base block grow NATURALLY over time.

Rusty is too cabin fever/stuck in his blockstream motivations that he and his colleagues will scream any dooms day they can to sell their offchain commercial services.

so much so they have even removed fee priority, and added things to be the cause of a fee rise even when demand is low.

"Yet we’re already struggling with 140GB of storage caused by bitcoin’s first 8 years when it was mainly not being used, and rampant mining centralization which makes everyone nervous about making things more difficult for small, independent miners."

struggling with 140gb?
lol

as for mining centralisation.. ASICS DO NOT CONTAIN A HARD DRIVE..
asics will function if there was a 1mb block or a 32mb block.. asics do not see the whole block data!!

[neurotypical]

Meanwhile Bitcoin Cash like: https://zander.github.io/posts/bcc-fees/

 

Hold your Bitcoin Cash. Selling could be the worst mistake of your life.

Nobody is using Bitcoin Cash other than people making transactions to dump it for BCC. Nobody but some idiots would want to have Bitcoin nodes centralized inside china. Nobody wants a coin that is mined by "ViaBTC + "other"" (BitmainCoin).

Accept defeat already. Bitcoin Crash was DOA. It may have artificial pumps here and there like ETC: doesn't matter.

Ya no one uses it after one week, wow its dead LOL

You sound like someone who dumped your BCH early and now realize you goofed up like tons of others.

Bitcoin Cash IS the real Bitcoin now and will only get bigger and stronger as the weeks go by.

Did you forget to take your meds? If he dumped BCash when it was 0.25 he could have made a ton of money, now BCash is 0.10 and struggling to keep there. A coin that is worth 10 times less than BTC and is not accepted anywhere and basically nobody cares about it but some Roger Ver fanboys is not the real Bitcoin, sorry to break your bubble.

Everyone that hasn't sold out yet is just waiting for the next pump to liquidate their BCash. It's over.

[Beerwizzard]

https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054

Looks like Blockstream, leaders of BitcoinCore coin (BTC) are warning of an impending fee disaster that could cripple their chain.

Whatever you do, hold onto your BitcoinCash. Things are about to get a little crazy.

Edit: Bitcoin Cash promises cheaper and cheaper fees: https://zander.github.io/posts/bcc-fees/

Looks like you are trying to promote China coin. The threat of getting a huge fees is usually marked in FAQ sections of most cryptocurrency websites.
I would prefer any other coin that is not centralized and safe (spoiler: not bcc). People force this fork only because they got it for free.

[hv_]

The really bad news is this here:

https://github.com/bitcoin/bitcoin/pull/10982

Blockstream really wants to isolate and keep core power centralized, rather to compromise and allow multiple client implementation.

Will all follow by blindly upgade to 0.15 ?

[25hashcoin]

The really bad news is this here:

https://github.com/bitcoin/bitcoin/pull/10982

Blockstream really wants to isolate and keep core power centralized, rather to compromise and allow multiple client implementation.

Will all follow by blindly upgade to 0.15 ?

No. Core is forking to an altcoin. They try to pretend it's not though.