Miners will now remove your profits

[freightjoe]

Look at it with clear and open eyes.

We now have people in here paying 60-88USD transaction fees, and are still not sure to get the transactions confirmed.

This is because the miners now know that the collapse is close. Therefore for them to make as much money as possible the fees become extremely high. They win on this two times:

Partly because the BTC investors have to pay astronomical fees

Partly - and more importantly - all the small BTC investors simply cannot pay these fees without losing their whole investment.

Small BTC investors are therefore now becoming "locked" and cannot get out while the miners try to get their profits up as much as possible before the collapse.

Think about it - if the miners truly believed this would continue, they would not destroy the system by increasing fees so much. But they know the collapse is coming, and are now cashing out while trapping the smaller investors.

GTHO

[odolvlobo]

Sorry. Miners don't set the fees. Users do.

[freightjoe]

Sorry. Miners don't set the fees. Users do.

They are the ones benefitting

[jseverson]

Look at it with clear and open eyes.

We now have people in here paying 60-88USD transaction fees, and are still not sure to get the transactions confirmed.

This is because the miners now know that the collapse is close. Therefore for them to make as much money as possible the fees become extremely high. They win on this two times:

Partly because the BTC investors have to pay astronomical fees

Partly - and more importantly - all the small BTC investors simply cannot pay these fees without losing their whole investment.

Small BTC investors are therefore now becoming "locked" and cannot get out while the miners try to get their profits up as much as possible before the collapse.

Think about it - if the miners truly believed this would continue, they would not destroy the system by increasing fees so much. But they know the collapse is coming, and are now cashing out while trapping the smaller investors.

GTHO

Miners have absolutely no control over the fees. It's natural market behavior. Lots of people need confirmations, and miners can only give a limited amount. Hence, the price for confirmations go up. It turns into a bidding war.

There is no conspiracy here. If anything, this tells us there's more demand than the network can handle, but that's also bad. This has been expected, which is why Bitcoin Cash was born, and why Segwit2x was planned. The scaling problem was bound to materialize eventually, and it already has, but fixes are already on the way. Hopefully sooner rather than later.

[vv181]

Its shows clearly you didn't well-understood the subject and have a limited knowledge. The miners have a zero control over the fees.

[freightjoe]

Its shows clearly you didn't well-understood the subject and have a limited knowledge. The miners have a zero control over the fees.

They are the ones choosing to process the highest fees first

[Catmony]

Sorry. Miners don't set the fees. Users do.

People are paying outrageous fee to get faster confirmation and miners enjoying free bitcoin as profit.

Still many services like exchanges havent updated their wallet to segwit even though they are ready to implement it. If both receiving and sending address is segwit addresses than we can still save 40-50% in transaction fee

[tech72]

It is a bidding war between all the users who want to have their transactions confirmed quickly. The current Bitcoin can only process limited amount to of transactions every second, so the people who pay higher fees gets their transactions processed earlier. It is only natural for fees to rise. Also, the fees shouldn't be measured in USD. The Bitcoin price is high so in USD value the fees will appear higher.

[GloriousDonkey52]

If miners have control in our profits they why we are still earning from it? The high transaction fees I guess, is because of the price of bitcoin from the market itself.

[talkbitcoin]

Miners will now remove your profits

how much did you invest in bitcoin? $1?
normal person invest at least a couple of hundred dollars. lets say $100. in a month price has gone up more than 100% which means your investment is now worth $200+

how much do you pay for fees? $12? $16? $30 (that is 900 satoshi/byte)?
my math is not good but i think $30 is bigger than $100 profit!!!

[zentdex]

For what I believed the miners cant set the price or declare a specific margin to gain profit. They mine bitcoin but they can't control the price of what they mined, unless they place those bitcoins in the exchange and sell it there in a much higher price on what the market demands. The price depends on how many people who trade bitcoin are willing to buy and sell bitcoins, those prices are averaged and become the market price.

[Xavofat]

they know the collapse is coming, and are now cashing out

Miners have to convert most of their BTC into fiat to pay for their costs, regardless of market conditions.

Therefore for them to make as much money as possible the fees become extremely high.

Miners do not set the fees.

They are the ones choosing to process the highest fees first

They always decide to choose the transactions with the highest fees first - that's how the fee market works.  Even when zero-fee transactions were plausible, they always prioritised the transactions with the highest fees.  They still can't control the fees.

[shezu007]

Sorry. Miners don't set the fees. Users do.

People are paying outrageous fee to get faster confirmation and miners enjoying free bitcoin as profit.

For what I trusted the mine workers cannot set the cost or announce a particular edge to pick up benefit. They mine bitcoin however they can't control the cost of what they mined, unless they put those bitcoins in the trade and offer it there in a significantly higher cost on what the market requests. The cost relies upon what number of individuals who exchange bitcoin will purchase and offer bitcoins, those costs are arrived at the midpoint of and turn into the market cost.

[FiiNALiZE]

Look at it with clear and open eyes.

We now have people in here paying 60-88USD transaction fees, and are still not sure to get the transactions confirmed.

This is because the miners now know that the collapse is close. Therefore for them to make as much money as possible the fees become extremely high. They win on this two times:

Partly because the BTC investors have to pay astronomical fees

Partly - and more importantly - all the small BTC investors simply cannot pay these fees without losing their whole investment.

Small BTC investors are therefore now becoming "locked" and cannot get out while the miners try to get their profits up as much as possible before the collapse.

Think about it - if the miners truly believed this would continue, they would not destroy the system by increasing fees so much. But they know the collapse is coming, and are now cashing out while trapping the smaller investors.

GTHO

It makes a little bit of a difference to me now that I see the transaction fee, I just want to keep the coins somewhere instead of selling them.

[ConfusedPenguin]

Look at it with clear and open eyes.

We now have people in here paying 60-88USD transaction fees, and are still not sure to get the transactions confirmed.

This is because the miners now know that the collapse is close. Therefore for them to make as much money as possible the fees become extremely high. They win on this two times:

Partly because the BTC investors have to pay astronomical fees

Partly - and more importantly - all the small BTC investors simply cannot pay these fees without losing their whole investment.

Small BTC investors are therefore now becoming "locked" and cannot get out while the miners try to get their profits up as much as possible before the collapse.

Think about it - if the miners truly believed this would continue, they would not destroy the system by increasing fees so much. But they know the collapse is coming, and are now cashing out while trapping the smaller investors.

GTHO

Miners have absolutely no control over the fees. It's natural market behavior. Lots of people need confirmations, and miners can only give a limited amount. Hence, the price for confirmations go up. It turns into a bidding war.

There is no conspiracy here. If anything, this tells us there's more demand than the network can handle, but that's also bad. This has been expected, which is why Bitcoin Cash was born, and why Segwit2x was planned. The scaling problem was bound to materialize eventually, and it already has, but fixes are already on the way. Hopefully sooner rather than later.

What ? they are surely making the congestion doing zero fee transactions, were have you been  the last month ?

[GloriousDonkey52]

Is it possible that more miners are needed right now to ease the transaction process and lower the transaction fees? The fees right now is really high. LOL

[ipanks]

I think it is normal if the fees getting higher because the price of bitcoin now increases higher and if we don't pay the fee, how the transaction can get confirmed? but the problem is the time to get confirmed that will wait too long if the fee is small. I think the big fee is to cover the confirming of the transaction so the transaction can deliver without waiting too long. maybe we can decrease the fee but bitcoin price will be decreased too.

[Anti-Cen]

Something is going on and the OP could well be right but I also think this might have something
to do with the ten big wig miners who now control 90% of all transactions and the Segwit fork
that is now going ahead on the 28th of December 2017 and has been blocked by the mejia or
it too is just part of a scam to stop people selling BTC so they get in on the fork that might never
happen. Clearly people are upset and something is going to give, you can feel it

Sorry. Miners don't set the fees. Users do.

Yes and we are going to jump ship because we don't like being held by the balls and our money being kept in limbo
land by these miners for days on end.

Happy to know you like a free market and the users you speak about are often whales like Coinbase who dont give real
users the option of setting the price

[Anti-Cen]

They always decide to choose the transactions with the highest fees first - that's how the fee market works.  Even when zero-fee transactions were plausible, they always prioritised the transactions with the highest fees.  They still can't control the fees.

No Mr Police officer sir, i just pointed a gun in his face and he started to thrown money from his pockets at me
and i didn't even need to tell him to do so because it's Christmas time, he felt so generous that he got carried away
and threw the money with such force that it hit me in the eye and I want charges pressed for assault please.

$0.06 at the beginning of the year to $50.00+ is daylight robbery and I can assure you there will be a cost

[nullius]

Its shows clearly you didn't well-understood the subject and have a limited knowledge. The miners have a zero control over the fees.

They are the ones choosing to process the highest fees first

What, do you suggest that you expect them to choose the lowest fees first?  Or do you expect them to ignore fees?  Do you have any idea how stupid that sounds?

Each block has a certain capacity, calculated by block weight.  Only 4000000 bytes of weight will fit in a block, pursuant to the equation set forth in BIP 141 and the static const unsigned int MAX_BLOCK_WEIGHT declared in src/consensus/consensus.h.  If there are too many transactions to fit, then miners have only one sensible way to choose:  Pick the transactions which offer higher fees per weight unit.  From the miner’s perspective, anything else would be throwing money away.  What do you really expect them to do?

They always decide to choose the transactions with the highest fees first - that's how the fee market works.  Even when zero-fee transactions were plausible, they always prioritised the transactions with the highest fees.  They still can't control the fees.

No Mr Police officer sir, i just pointed a gun in his face and he started to thrown money from his pockets at me
and i didn't even need to tell him to do so because it's Christmas time, he felt so generous that he got carried away
and threw the money with such force that it hit me in the eye and I want charges pressed for assault please.

Graded F- in the analogies section.