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Author Topic: -- The Riddle of the Twin Brothers - Who Were, Are and Will Rule the World!  (Read 349182 times)
shanem
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January 14, 2017, 08:03:50 AM
 #2281

Bitcoin transaction fees is outrageous at the moment. I need to pay close to 3 dollars for my transaction to be confirmed within 6 blocks. Is there anywhere else I can send bitcoin without paying such hefty fees.

For small transactions, we need to use another coin as the fee is really too much.


     

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Vlad2Vlad
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January 14, 2017, 08:50:54 AM
 #2282


That's nothing.  What are people gonna do when btc hits $10,000 or more?  Other coins will be used so IXC needs to position itself ASAP.  We're doing our best but other coins have real backers and real money.  We are David against Goliath.  Wouldn't have it any other way.  Smiley

Bitcoin transaction fees is outrageous at the moment. I need to pay close to 3 dollars for my transaction to be confirmed within 6 blocks. Is there anywhere else I can send bitcoin without paying such hefty fees.

For small transactions, we need to use another coin as the fee is really too much.


iXcoin - Welcome to the F U T U R E!
Vlad2Vlad
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January 15, 2017, 12:05:07 AM
 #2283


You know, Litecoin is designed for such an event. It has been much more stable lately, one can easily transact with minimal fees.

Sure, I'll give them that but they're not the ideal test chain for Bitcoin.  Too many different variables.  Litecoin should have a really nice run once segwit goes live.  It will make it that much harder for IXC to get noticed.

That and I despise being second.  We'll see how it takes them to update their wallets.

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January 15, 2017, 01:14:05 AM
 #2284

http://bravenewcoin.com/news/bitcoin-etf-may-attract-300-million-in-the-first-week-says-needham-and-company/

Quote
The Winklevoss twins’ long-awaited ETF is pending approval from the Securities Exchange Commission (SEC). After years of delay and amended filings, a decision is scheduled for 11 March 2017, and marks the end of a final extension period.

Bogart analyzed the ETF as he feels that the listing of a bitcoin ETF, “is a low probability event with very significant upside.” Such a large upside, in fact, that it would greatly affect the price of the GBTC, which is based upon the price of one-tenth of a bitcoin plus a premium. The effect, Bogart believes, of any SEC-approved bitcoin ETF would have on the price of bitcoin, ”is vastly underappreciated.”

However, the Bogart estimates the probability of the SEC approving the Winklevoss ETF in 2017 is, “sub-25%.” While there is no specific reason given for the estimate the report states, “the confluence of fear, uncertainty and doubt coupled with basic incentives at the SEC will make it very difficult to get approval.”

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January 15, 2017, 01:25:41 AM
 #2285


The talking monkeys are finally catching on but still missing the big picture.  The probability of Bitcoin getting the ETF is closer to 99.9% [which I have stated from the beginning].  Only a major [unexpected] war or something similar would delay it. 

Then people will see what a real global asset pump looks like when trillions are force fed into it. 

Apropos, talking about crazy:  You guys gotta watch Mr. Robot.  I'm binge watching it [homework assignent] and I'm on the final episode and it's so parallel to this thread and Bitcoin/Crypto that I forget I'm watching supposed fiction.  Crazy!

http://bravenewcoin.com/news/bitcoin-etf-may-attract-300-million-in-the-first-week-says-needham-and-company/

Quote
The Winklevoss twins’ long-awaited ETF is pending approval from the Securities Exchange Commission (SEC). After years of delay and amended filings, a decision is scheduled for 11 March 2017, and marks the end of a final extension period.

Bogart analyzed the ETF as he feels that the listing of a bitcoin ETF, “is a low probability event with very significant upside.” Such a large upside, in fact, that it would greatly affect the price of the GBTC, which is based upon the price of one-tenth of a bitcoin plus a premium. The effect, Bogart believes, of any SEC-approved bitcoin ETF would have on the price of bitcoin, ”is vastly underappreciated.”

However, the Bogart estimates the probability of the SEC approving the Winklevoss ETF in 2017 is, “sub-25%.” While there is no specific reason given for the estimate the report states, “the confluence of fear, uncertainty and doubt coupled with basic incentives at the SEC will make it very difficult to get approval.”

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January 15, 2017, 01:35:19 AM
 #2286

Thanks for sharing one of my favorite movies, Vlad:

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January 15, 2017, 02:13:36 AM
 #2287


Great, is this another homework assignment?  I hate homework.  lol


Thanks for sharing one of my favorite movies, Vlad:



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January 15, 2017, 03:31:21 AM
 #2288

Bitcoin transaction fees is outrageous at the moment. I need to pay close to 3 dollars for my transaction to be confirmed within 6 blocks. Is there anywhere else I can send bitcoin without paying such hefty fees.

For small transactions, we need to use another coin as the fee is really too much.



This is really a big concern, if they really want BTC to be used by the unbanked the transaction fee is too high, for me the idea of transaction fee initially was ridiculous because human by nature are greedy will always ask for more and that is happening now.

I think that is why miners are blocking the activation of SegWit because it is going to reduce the transaction fee significantly
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January 15, 2017, 09:48:30 AM
 #2289


I was talking exactly about this a couple years ago and the BTC fees have indeed increased and will continue to do so, significantly.  Bitcoin will NOT be used as a daily transaction currency.  Like I've been saying for nearly 4 years:  Find the Crypto that will be and you'll be rich [and a champion of the people]. 




A little math since even now most "experts" don't seem to get it.  This is a real life example someone recently had which was posted on reddit which clearly shows what I've been saying.


"With a .0001 BTC required transaction fee for all transactions under .01 BTC, that amounts to a 6% transaction fee (at today's exchange rates) for a $1 USD transaction. And that equates to a 12% fee for a $.50 USD transaction. These fees are significantly higher than credit card fees, Paypal fees, Western Union fees, and even foreign exchange rate fees."

"A few days ago, I didn't realize any of this information (i.e. the required fees), so I tried to send $1 worth of BTC to a friend WITHOUT a transaction fee to show him how "amazing" this new technology is. Turns out to be not very amazing at all, because the transaction never confirmed because of the lack of the transaction fee. Worst of all, there seems to be nothing I can do about it... I can't even add the 6% fee to it now, in order to get it confirmed!"


At $1,200 per Bitcoin these fees will double. At $10,000 [which should come next year] these fees will go up by nearly 20 fold.  They cannot lower these fees anymore and they have actually been raising them to help get the blocks confirmed.

What this means is that in the next 12 months Bitcoin will not be usable for any transactions under ~$20 which are probably ~90% of the transactions in the world.  

Add to this the transactions per second limit/problem Bitcoin cannot overcome and you can see Bitcoin is in serious trouble and will need a "helper" very very soon - like in the next few months.

Short term they'll add multiple currencies, like LTC, Doge [and a few others] to payment processors [like BitPay and Coinbase] to help pick up the extra (cheaper) volume.

But those currencies are lacking in many ways, especially when it comes to security.

So it's amazing to me that not even now can these so called experts see what's really going on with Bitcoin and iXcoin.

Should be a very interesting 2nd half of the year this year.

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January 15, 2017, 09:54:54 AM
 #2290

Bitcoin transaction fees is outrageous at the moment. I need to pay close to 3 dollars for my transaction to be confirmed within 6 blocks. Is there anywhere else I can send bitcoin without paying such hefty fees.

For small transactions, we need to use another coin as the fee is really too much.
lol


I find it interesting that you show this information here, but it is misleading since you did not provide all the information about what you were sending. If sending over a bitcoin, $3 is cheap.


$830 is not a small transaction.  Most purchases are well under $100 and I'm willing to guess, on a global level, under $20.  Using Bitcoin for such purchases will simply not work.  

Bitcoin will explode in price after the ETF, $10,000 will be seen as a cheap price that got away.  So Bitcoin will be used as a *cough* store of value and for large ticket items.

I would break myself to buy BTC here at $800, even if there's some war coming and the price crashes sub $200 again.  Small risk, MASSIVE reward potential.  Stop being pussies and pull the trigger.


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January 15, 2017, 10:05:44 AM
 #2291

Quote from: PoolMinor link=topic=317658.msg17510530#msg17510530 date= to me that not even now can these

Isn't the transaction fee based on how much data is being transmitted?
[/quote

Maybe in theory but in practice if I buy a candy bar or a car how much more data are those few extra zeroes?  And another factor - when you see the transactions aren't getting through and you wanna make sure yours gets pushed out ASAP, are you gonna take a chance on the lowest fee or are you gonna bump it up?  I think many will choose to pay the higher fees which will lead to even higher fees as the blocks get full and people compete.

Regardless, if the price of Bitcoin soars, and I'm certain it will, it won't be used as a daily currency.  And if you look at how segwit has stalled, it's clear that this is now accepted by most of the eco system.  The few "rebels" that won't accept this reality, will most likely fork/split Bitcoin creating mass chaos but Bitcoin will still not be used as a daily currency.

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January 15, 2017, 10:09:40 AM
 #2292


Whoa there Pilgrim....

How much do you actually spend in Bitcoin?

Edit:
I think people still fail to see that the tx fee is satoshis per kB, not per tx. Therefore not every transaction has that full amount tacked on unless it is a withdrawal fee from an exchange, etc.

I see your point but it won't change much.  I don't spend much - any BTC I buy is to HODL, but it's not hard to see how the fees have spiked and how they will go much higher for small ticket items if BTC goes over $10,000.

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January 15, 2017, 10:17:08 AM
 #2293



It sounds to me like you have no idea how fees are calculated at all do you?

Ok.  What's the difference in txs size, in kb if I buy a $.50 candy bar vs a $50,000 car?  I'm willing to bet it's not 100,000 times larger in which case it will get increasingly and prohibitively expensive to buy small ticket items using Bitcoin as the price of Bitcoin greatly increases.

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January 15, 2017, 10:31:39 AM
 #2294


http://bitzuma.com/posts/making-sense-of-bitcoin-transaction-fees/

Like I said, you were not seemingly grasping the dynamics of tx fees.

Thanks for the link.  I know there are other variables involved but in my mind the main ones are the price of Bitcoin and lack of scalibility.  People don't calculate txs costs using full blocks and a $10,000+ Bitcoin price.  At that price [and actually much higher] the fees will simply be too high for normal daily txs. 

I don't think the best core coders in the world are working on things like Segwit, Lightening Network, SideChains, etc just for fun.  I think they understand Bitcoin won't scale as required and fees for daily txs will be too high.

I think in 6-12 months this will become very clear. 

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January 15, 2017, 12:33:45 PM
 #2295


I think the root of this problem, is that you misunderstand the point of the blockchain and the point of the reward. The blockchain is the most important aspect, the coins transacted are just the lubrication. The value of the coin is not what is important, at least not the way you think it is.
Until you fully understand which of the "chicken" or the "egg" is the most important asset in the equation the conclusions you have will forever be tainted.


https://bitcointalk.org/index.php?topic=551513.msg6012178#msg6012178

I agree that my conclusions have always been contrary to the common beliefs here and that is in fact because my premises were always different. 

Whether my conclusions are tainted or the large majority here remains to be seen.  What I have witnessed again and again is that in cryptoworld NOTHING and NO-ONE is what it seems.  To have accurate conclusions you must first understand what's really happening and why, and what will be the end result down the road. 

Right or wrong, it should be exciting to see what happens in the coming months and years.  Thx for your input, you're a smart, well informed guy. 

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January 15, 2017, 03:02:46 PM
 #2296


I was talking exactly about this a couple years ago and the BTC fees have indeed increased and will continue to do so, significantly.  Bitcoin will NOT be used as a daily transaction currency.  Like I've been saying for nearly 4 years:  Find the Crypto that will be and you'll be rich [and a champion of the people]. 




A little math since even now most "experts" don't seem to get it.  This is a real life example someone recently had which was posted on reddit which clearly shows what I've been saying.


"With a .0001 BTC required transaction fee for all transactions under .01 BTC, that amounts to a 6% transaction fee (at today's exchange rates) for a $1 USD transaction. And that equates to a 12% fee for a $.50 USD transaction. These fees are significantly higher than credit card fees, Paypal fees, Western Union fees, and even foreign exchange rate fees."

"A few days ago, I didn't realize any of this information (i.e. the required fees), so I tried to send $1 worth of BTC to a friend WITHOUT a transaction fee to show him how "amazing" this new technology is. Turns out to be not very amazing at all, because the transaction never confirmed because of the lack of the transaction fee. Worst of all, there seems to be nothing I can do about it... I can't even add the 6% fee to it now, in order to get it confirmed!"


At $1,200 per Bitcoin these fees will double. At $10,000 [which should come next year] these fees will go up by nearly 20 fold.  They cannot lower these fees anymore and they have actually been raising them to help get the blocks confirmed.

What this means is that in the next 12 months Bitcoin will not be usable for any transactions under ~$20 which are probably ~90% of the transactions in the world.  

Add to this the transactions per second limit/problem Bitcoin cannot overcome and you can see Bitcoin is in serious trouble and will need a "helper" very very soon - like in the next few months.

Short term they'll add multiple currencies, like LTC, Doge [and a few others] to payment processors [like BitPay and Coinbase] to help pick up the extra (cheaper) volume.

But those currencies are lacking in many ways, especially when it comes to security.

So it's amazing to me that not even now can these so called experts see what's really going on with Bitcoin and iXcoin.

Should be a very interesting 2nd half of the year this year.

It seems that the community does not have an idea what coins to use for small transactions. They are focusing on anonymous feature and decentralized coin which is not focusing at the real problem.
I am looking at the next daily transaction currency but there is no other alternative.

     

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Vlad2Vlad
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January 15, 2017, 03:07:10 PM
 #2297


It seems that the community does not have an idea what coins to use for small transactions. They are focusing on anonymous feature and decentralized coin which is not focusing at the real problem.
I am looking at the next daily transaction currency but there is no other alternative.

Yeah, they follow each other like sheep into coins that cannot possibly have a future, politically. 

Multiple coins will update to segwit and work towards lightening network [i.e. Viacoin and Litecoin] but I still think IXC is the ideal choice and we're doing our best to make it happen. 

iXcoin - Welcome to the F U T U R E!
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January 15, 2017, 11:20:20 PM
 #2298


Trump!!!

I think president Trump is gonna pass some huge unexpected laws that will massively accelerate Bitcoin/crypto adoption.  And he's gonna do it early in his first term.

The Treasury is a department of the Executive Branch; thus, the President controls it.  People think this won't happen since that's what Kennedy tried and he went home early. 

But this time it's different.  Very different and I think this will be the route to mass adoption - to bypass the fed.  There should be a *cough* in there somewhere.  I'll let you figure that part out.

This is gonna get really really exciting when it finally happens.  ETF then Trump-time. 

Unworldly price run, which, BTW, is the real reason the Chinese exchanges just removed the margin leverage.

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January 16, 2017, 04:21:41 AM
Last edit: January 16, 2017, 05:00:40 AM by Gleb Gamow
 #2299


Trump!!!

I think president Trump is gonna pass some huge unexpected laws that will massively accelerate Bitcoin/crypto adoption.  And he's gonna do it early in his first term.

The Treasury is a department of the Executive Branch; thus, the President controls it.  People think this won't happen since that's what Kennedy tried and he went home early.  

But this time it's different.  Very different and I think this will be the route to mass adoption - to bypass the fed.  There should be a *cough* in there somewhere.  I'll let you figure that part out.

This is gonna get really really exciting when it finally happens.  ETF then Trump-time.  

Unworldly price run, which, BTW, is the real reason the Chinese exchanges just removed the margin leverage.

<with apologies for being on-topic  Cry>

The following timeline is not beyond the realm of possibility:

October 2008: Satoshi pens Bitcoin white paper during Bush administration:
Next 8 years: Obama in office while Bitcoin gets its legs.
January 2017: Trump takes office.
Forward: NSA et al. is very, very, very happy now that ...

The data center is alleged to be able to process "all forms of communication, including the complete contents of private emails, cell phone calls, and Internet searches, as well as all types of personal data trails—parking receipts, travel itineraries, bookstore purchases, and other digital 'pocket litter' [not to mention Bitcoin and other current and future blockchain-based currencies]."

Emphasized content within brackets mine. Think about it. The general consensus is that the world's financial sector is on the verge of collapse, so enter Bitcoin et al. to save the day under the watch of a clown operated by strings. (TBC, me's no Hilary et al. fan)

Oh, and if you think [or known] that I'm crazy, consider the following:

https://cointelegraph.com/news/homeland-security-to-use-blockchain-in-tracking-goods-people-globally

Quote
Several financial institutions and banks that are looking into the implementation of Blockchain-based platforms are attempting to lay their Blockchain technologies on top of existing systems. The goal behind launching a Blockchain project on a pre-existing system is to have two core networks co-exist and thus provide more security and efficiency to their consumers.

Kevin McAleenan, deputy commissioner of Customs and Border Protection, believes that either way, Blockchain technology will be applied to a wide range of applications and platforms that are operated by the DHS in the near future.


"Then we got Trump elected president and blamed it on the Russians, backing up our pseudo claims with our very own leaked dossier."
sportis
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January 16, 2017, 07:38:21 PM
 #2300


--snip--

Bitcoin transaction fees is outrageous at the moment. I need to pay close to 3 dollars for my transaction to be confirmed within 6 blocks. Is there anywhere else I can send bitcoin without paying such hefty fees.

For small transactions, we need to use another coin as the fee is really too much.


Correct me if I am wrong but I believe your transaction size is big enough; that is spending from many outputs. Besides that, it is well known that for small value transactions bitcoin is not the most appropriate way. Some people may disagree with me, but after Segwit activation only Lightning Networks will solve these kind of problems i.e micropayment transactions and quick network confirmations, even though there is an  increased debate about it https://bitcointalk.org/index.php?topic=1746583.0
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