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Author Topic: Will bitcoin end up dying out?  (Read 343 times)
iMaster
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September 01, 2017, 03:57:42 PM
Merited by NattyLiteCoin (1)
 #1

Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?

DeepOnion it is SCAM
And fuck this coin Smiley
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September 01, 2017, 04:03:06 PM
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There will be lightning network, and maybe bigger blocks

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jackg
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September 01, 2017, 04:17:09 PM
 #3

Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?

Once segwit is in place, there could be a maximum of around 1.4million confirmations a day (and I read that there can be a transaction size reduction by 4 times though I think that is a fairly optimistic figure).

An increased blocksize and another chain split to a lightning network will happen (splits are almost absolute if there continues to be a price increase and a greater amount of adoption of Bitcoin).

DannyHamilton
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September 01, 2017, 04:45:42 PM
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Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?

But if it "will lead to a miners fee that is just nuts" then people will not use it as much.

If people don't use it as much, then there will be less transactions.

If there are less transactions, then it will stop stacking and fees will get cheaper.

If fees get cheaper, then they will not be nuts and people will use it.

Maybe there will be an equilibrium where the number of people that are willing to pay the fee will match the cost of the fees.  At that point people won't quit using it (since they are willing to pay the fee), but more people won't start using it (since they are not willing to pay that fee).  Blocks will stay full, miners will get paid, and users will all be happy with the system.

Or maybe services will provide an opportunity for off-chain transactions.  Then those services can handle millions of transactions and settle up the result on a regular basis with a single high value transaction on the blockchain.

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September 01, 2017, 04:52:28 PM
 #5

Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?

But if it "will lead to a miners fee that is just nuts" then people will not use it as much.

If people don't use it as much, then there will be less transactions.

If there are less transactions, then it will stop stacking and fees will get cheaper.

If fees get cheaper, then they will not be nuts and people will use it.

Maybe there will be an equilibrium where the number of people that are willing to pay the fee will match the cost of the fees.  At that point people won't quit using it (since they are willing to pay the fee), but more people won't start using it (since they are not willing to pay that fee).  Blocks will stay full, miners will get paid, and users will all be happy with the system.

Or maybe services will provide an opportunity for off-chain transactions.  Then those services can handle millions of transactions and settle up the result on a regular basis with a single high value transaction on the blockchain.

The last option is already being done with coinbase and coinsbank (to name a few). They allow you to send transactions to people's email addresses (much better than bitcoin addresses) for free. There are also other options such as deposits to sites beign doine through altcoins and those altcoins being converted into bitcoins at the point it reaches the site instead of before.
There will probably also sprout more pay-to-many transactions, especially considering the size of an output script is about 30% that of the input scripts.

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September 01, 2017, 10:20:05 PM
 #6

Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?

Most of the people do transfer the bitcoin with the non recommended fees to complete the transaction. Since the fees is been increased for the network fees cost and mining payment, when lack of block size this issue been take part. We just need to segwit activated wallet to send or receive btc. If there is any issues still use any free transaction accelerator to make it done.

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September 02, 2017, 02:28:16 AM
 #7

Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?

Once segwit is in place, there could be a maximum of around 1.4million confirmations a day (and I read that there can be a transaction size reduction by 4 times though I think that is a fairly optimistic figure).

An increased blocksize and another chain split to a lightning network will happen (splits are almost absolute if there continues to be a price increase and a greater amount of adoption of Bitcoin).

Seriously?!? I have not heard a segwit estimated transactions per second but WOW. Does that factor in that there will still be people using the legacy nodes and original method? And what about the fact the the estimated segwit block would be about 2mb instead of the maximum 4mb (due to miners incentive's to maximize fee profits)
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September 02, 2017, 02:44:21 AM
 #8

Systemic governance issues will eventually lead to its demise, although it will be a long decline into obscurity. First to market and network effects can't indefinitely insulate from competition, and better tech with better governance is flourishing and just needs more time. I haven't encountered a convincing argument as to how BTC holds top 10 over next 2 years, and fizzles out over next 5-10.
jackg
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September 02, 2017, 12:22:41 PM
 #9

Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?

Once segwit is in place, there could be a maximum of around 1.4million confirmations a day (and I read that there can be a transaction size reduction by 4 times though I think that is a fairly optimistic figure).

An increased blocksize and another chain split to a lightning network will happen (splits are almost absolute if there continues to be a price increase and a greater amount of adoption of Bitcoin).

Seriously?!? I have not heard a segwit estimated transactions per second but WOW. Does that factor in that there will still be people using the legacy nodes and original method? And what about the fact the the estimated segwit block would be about 2mb instead of the maximum 4mb (due to miners incentive's to maximize fee profits)

No, I meant segwit alone was meant to reduce transactions in size by 4 times. It is said in some places, that this would require a transaction to be 999 kb in order to get this, however, it will still substantially reduce fthe fees and mempool (eventually).
If you're signing transactions from a legacy node, you may as well just use bitcoin cash if there's a problem you have with segwit (once the price stabalises of course). I know the fees aren't currently actually too high currently for low-priority transactions.

There's an added complication. Segwit addresses have to have money being sent from them. Meaning, once segwit is active fully, everyone who wants to use it, will be filling the mempool (and probably with higher TX fees as well).

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