Bitcoin Blackout - No transactions on Christmas Eve!

[aleksej996]

Hello author! I understand you very much! But you really think that you can just ask and people will stop make any transaction? It will be paradise if all people here will be like big family and stop make it but I don't believe in it!

It is not impossible. People are known to do even more amazing things when they come together on something.
Perhaps organizing an event of sorts is in order. Like the Earth Hour when people turn their lights off, just for Bitcoin, or something like that.

Sorry but I don't believe in solidarity here in this community but maybe it's only now such situation! About Earth hour...come on...people kill people, starts wars, make deforestation maybe they think that money make oxygen? I don't believe in big full of solidarity crypto family especially when we are talk about money. Hope I am wrong..

People still do Earth hour. There is no reason for this not working in Bitcoin. It is money, yes, but people donate money all the time for a better cause.
Andreas Antonopoulos received millions of dollars recently with BTC donations by community for his hard work in promoting Bitcoin over the years.
This isn't even asking people to give away money, just stop using it for a short amount of time.

Why are you all trying to use bitcoin like money? Bitcoin is for profit, like an investment. If you make a few thousand on your investment you pay a “brokerage” fee (exchange fee, transaction fee) to sell it. Big fucking deal! Stop trying to use bitcoin to buy shit! Hold it until you’re ready to sell and make your profit.

Stop bitching about transaction fees and delays. Google wallet is free and fast. Go use that to buy shit instead of bitcoin.

Bitcoin is still better as a currency then anything else invented so far. For you it might be for profit, but for some this is a new way that we use money.
After all, that is the whole point why the price goes up, because some think that one day it will be more useful then any currency we have today.

[Kalatas]

No problemfor the blockout atleast you have internet into your mobile youcan transact bitcoin. Yes its the mosteasy way to have your bitcoin check every minutes.

[olubams]

People won't stop sending transaction mostly due to decreasing Bitcoin value. After a while of thinking, I decided not to sell my BTC because of expensive and slow transactions. Bitcoin price should be back to normal soon. As far as I remember, Bitcoin value vastly decreased in September. It took 2 weeks before Bitcoin price was back to normal. What a shame that many exchanges still don't support SegWit, it could help a little. I hope that Lightning Network will be introduced soon, I have used in on the testnet and it worked great.

If this is implemented, its going to do a whole lot of good at this time where a lot of people are beginning to lose faith in the whole bitcoin while jumping to the next available coin. I can't imagine someone sending an amount in which the transaction fee is even higher than the amount sent. I have a feeling op is only making jest of the current situation to have said bitcoin needs to catch up and if the core developers wants to still save what we have left, now is the time to do that.

[likeBTC]

To the ones who are hoping to see the lightning network soon, please, dont make false promises because we all know that it is not going to  get implemented soon.

And i doubt that there are not going to be transactions, remember that we are on christmas right now, everybody wants to cashout

[paolo099]

well, without this initiative i'm kinda doing it already, this year christmas is for my parents, my wife and my family.
I will put BTC and crypto world aside and enjoy my well deserved vacation (it has been a hell of year at work), i'll check it every now and then but no transaction from me.
This is a nice initiative but it will not solve the issue we have at the moment, let's hope 2018 will be a succesfull year, especially solving this issue!

[dreamer81]

Im not sending anything. This makes me pissed off. New currencies deffinently have a place in this market. And the more decentralized the better. Which is the most decentralized crypto ever?

[Anti-Cen]

Im not sending anything. This makes me pissed off. New currencies deffinently have a place in this market. And the more decentralized the better. Which is the most decentralized crypto ever?

Yes decentralized and you can still have that without ending up with some monolithic 200gb block-chain
held by 20,000 servers because it does not scale as you are stating to see and really any two bid programmer
would understand this and this is why it cost 72-90KWH of electric just to process one transaction.

decentralized coordinators and hierarchical breakdown of data will work just fine but you will need more than just one machine
running in a student bedroom to get it working and don't even get me started on this PoW crap

I mean, come on we don't price data in bytes, we price data in megabytes or gigabytes or am i the only one
here that can see the king has no clothes on.

[Qunenin]

Update________________

Bitcoin Blackout - No transactions for 24 hours.

Christmas Eve this Sunday December 24th. 00:01 Eastern Standard Time.

Facebook Event: https://business.facebook.com/events/2035024043411449/
Facebook Post: https://www.facebook.com/HelpMyWallet/posts/922006654617992

Like and Share! No transactions on Christmas Eve. Bitcoins confirmed by Christmas Day!

Take back our Network!


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Please kindly stop making Bitcoin Transactions for a day or two...The Blockchain needs to catchup!

Let's do a blackout for Bitcoin Transactions.

288000+ Unconfirmed Transactions.

https://blockchain.info/unconfirmed-transactions

HelpMyWallet.com

This is my cry for help... 

I think that's the main reason why the price of bitcoin went down and the fees got increase.There's no way to stop sending bitcoin , because if we stop the mining process would also stop. Many people are running there mining machine they're using their power  and money to run it all power will be lost. Bitcoins tx can't be stopped for a day as well buz millions of people using it.

[aleksej996]

I think that's the main reason why the price of bitcoin went down and the fees got increase.There's no way to stop sending bitcoin , because if we stop the mining process would also stop. Many people are running there mining machine they're using their power  and money to run it all power will be lost. Bitcoins tx can't be stopped for a day as well buz millions of people using it.

Most of the block reward comes simply from newly minted coins. In future this will not be the case, but we are not there yet.
Lack of transactions will not significantly impact the mining industry, it will just readjust the balance.

[QuestionAuthority]

I think that's the main reason why the price of bitcoin went down and the fees got increase.There's no way to stop sending bitcoin , because if we stop the mining process would also stop. Many people are running there mining machine they're using their power  and money to run it all power will be lost. Bitcoins tx can't be stopped for a day as well buz millions of people using it.

Most of the block reward comes simply from newly minted coins. In future this will not be the case, but we are not there yet.
Lack of transactions will not significantly impact the mining industry, it will just readjust the balance.

You understand that’s not really true, right? ALL of the block reward and fees come from newly minted coins. Miners get their payments from fees and block reward. Both fees and block reward are awarded when a miner finds a block. It’s true that eventually the block reward subsidy will end (or become insignificant).

The number and size of transactions determine how much transaction fee money comes from mining. Sometimes stupid people put way too high a fee and others put way too low a fee on a transaction but they are usually balanced in amount. Increasing fees (readjust the balance as you say) harms the mining industry because fewer people are willing to use bitcoin. The more data a transaction carries, the more fees you need to attach. A larger block size will lead to more confirmed transactions, which means the cumulative fee will be high, even though each transaction charge will be low.

Mining fees (and currently the block reward) are necessary to keep the miners willing to secure the network (mining is bitcoins security system). Without miners, the network would be attacked because it would create an opportunity for a successful 51% attack.

[aleksej996]

ALL of the block reward and fees come from newly minted coins.

Uh...Would you care to explain please? Mining fees are payed from the inputs of the transaction. I am not that certain about the details of the protocol, but I do assume that these coins are funded to the miner's address with only one coinbase transaction that doesn't reference these inputs. So in a way, I would understand if that was what you meant, but the coins still practically from those old inputs.

Increasing fees (readjust the balance as you say) harms the mining industry because fewer people are willing to use bitcoin.

When I said "readjust the balance", I was referring to decrease of hashpower, not increase in fees, so I am not sure what you mean by this.
The balance I was referring to is the amount of hashpower that will be there in Bitcoin. If there are no transactions mining would go on, as miner's would still get the block reward, it is just that the hashpower will decrease.
And about the amount of people using Bitcoin and that harming miner's. well of course, this is the indirect factor I wasn't referring to.
If you have less transactions, it means you likely have less users, which means price of BTC goes down, which means the block reward is smaller.
But this is obvious and not something on a technical level that I was discussing.

[Deepiefface10]

miners take control of  bitcoin fees for more than month.
fee is so high and price keep stable make every things is so bad

[QuestionAuthority]

ALL of the block reward and fees come from newly minted coins.

Uh...Would you care to explain please? Mining fees are payed from the inputs of the transaction. I am not that certain about the details of the protocol, but I do assume that these coins are funded to the miner's address with only one coinbase transaction that doesn't reference these inputs. So in a way, I would understand if that was what you meant, but the coins still practically from those old inputs.

Increasing fees (readjust the balance as you say) harms the mining industry because fewer people are willing to use bitcoin.

When I said "readjust the balance", I was referring to decrease of hashpower, not increase in fees, so I am not sure what you mean by this.
The balance I was referring to is the amount of hashpower that will be there in Bitcoin. If there are no transactions mining would go on, as miner's would still get the block reward, it is just that the hashpower will decrease.
And about the amount of people using Bitcoin and that harming miner's. well of course, this is the indirect factor I wasn't referring to.
If you have less transactions, it means you likely have less users, which means price of BTC goes down, which means the block reward is smaller.
But this is obvious and not something on a technical level that I was discussing.

Sure, I can explain that for you. Most things about bitcoin are not self explanatory or obvious. Fees incentivize miners to include transactions in a block. Once a transaction has been included in a block it is confirmed. Unconfirmed transactions sit in something called the mempool until they are confirmed. When you hit send on your client your transaction is sent to a bitcoin network “node” (a full client with a complete copy of the blockchain) and transmitted throughout the network (all of the full clients connected together). Miners can select (from the memory pool, ie. the nodes holding area) which transactions are included in blocks that they mine. Since miners want to maximize income, they will include transactions from the mempool that include higher fees.

I misunderstood what you meant by “readjust the balance”. Now I get you. In mining, there’s something called the difficulty adjustment. The Bitcoin network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. A “decrease in hash power” simply means the difficulty adjusts to maintain the 2016-10 minute yield which has nothing to do with price.

“If you have less transactions, it means you likely have less users, which means price of BTC goes down, which means the block reward is smaller.”  Let me address each part of that statement because there are a lot of components at play there.

The block reward is a fixed amount paid to a miner every block. By design, it cuts in half every 210,000 blocks or roughly every four years. It has nothing to do with fees.

Less transactions can simply mean people are sitting on their btc and not transmitting them to the network. It doesn’t really have anything to do with the number of users. 10 users could send 100 transactions a day or 1000 users could send one and it would have the same outcome on the network.

Speculators are controlling the price of bitcoin. They buy and sell against each other in a really costly game of “tug of war”. The bitcoin price can be manipulated by thousands of dollars without necessarily needing very many transactions.

The size of a bitcoin block is fixed at 1mb. Our beloved Satoshi snuck a limit on the blocksize to 1mb and after he did it he said it was to control spam blocks on the network. Because Satoshi screwed us, only a limited amount of data (and so a limited number of transactions) can be added to a block at a time. With more and more people sending more and more transactions, the cost for getting into the next "block" of bitcoin transactions is getting higher and higher. Fees are going up because of Satoshi’s unilaterial decision to fix the blocksize. With so many people using bitcoin worldwide it would be almost impossible for the “fee” to reduce because some users stopped making transactions.

I know that’s a lot of info that could possibly use a more in-depth explanation. I will be happy to do that for you if you tell me what part is unclear.

[aleksej996]

  QuestionAuthority, you are amazing man, I love you. You gave me the whole Bitcoin 101 thing. You should post this on a new topic for some new users.

I am sorry man, I didn't mean to get you to write everything from the start, I already know everything that you said, I know transaction scripts, mathematical proof of public key cryptography, all of that as well. I just wanted to know why you say that fees come from newly minted coins, but I guess I can understand that in a way as well

As for the price manipulation thing, yeah, I agree with that as well, but you know, I said most likely the price would decrease if there were less users and I still think that is the case, but I don't want to get off-topic here.

The point was that the user named Qunenin showed concern that if we stop making transactions, miners would not be able to turn profit anymore so they will all leave. I just wanted to explain that miners don't just earn bitcoins by getting mining fees, but that they are earning them mostly with the inflation of Bitcoin.

[QuestionAuthority]

QuestionAuthority, you are amazing man, I love you. You gave me the whole Bitcoin 101 thing. You should post this on a new topic for some new users.

I am sorry man, I didn't mean to get you to write everything from the start, I already know everything that you said, I know transaction scripts, mathematical proof of public key cryptography, all of that as well. I just wanted to know why you say that fees come from newly minted coins, but I guess I can understand that in a way as well

As for the price manipulation thing, yeah, I agree with that as well, but you know, I said most likely the price would decrease if there were less users and I still think that is the case, but I don't want to get off-topic here.

The point was that the user named Qunenin showed concern that if we stop making transactions, miners would not be able to turn profit anymore so they will all leave. I just wanted to explain that miners don't just earn bitcoins by getting mining fees, but that they are earning them mostly with the inflation of Bitcoin.

LOL

Oh ok, I understand you now and I agree with you. Stopping transactions would likely have no effect on miners anyway. If enough people did it long enough then I suppose it would reduce the fee cost but that’s not likely going to happen. What most people don’t understand about miners (and I was one for years) is that they also make transactions. I used to exchange and spend a portion of my mined btc every month on electricity, equipment upgrades, loan payback for the equipment I bought, space rent and repairs. Mining pools also send btc to their pool members (thousands of people) sometimes daily as payment for their share of the work they perform for the pool. Even if every non-miner stopped making transactions there would still be transactions happening.