-- Bitcoin Transaction Fees to Sky-Rocket - Bank Takeover

[Vlad2Vlad]

I was just reading that currently the Bitcoin network isn't even seeing 1 transaction per second and it is only set up to handle 7 per second.  That's a pretty easy fix but that's not the problem.

Visa is handling up to 10,000 transactions per second [at peak time], so one can imagine Bitcoin (or whatever global digital currency is adopted), once it goes mainstream, will easily do the same amount or more.

Just think about how massive the blockchain has gotten in just the last 6 months and we have, at most, 1 million total global users and not even 1 transaction per second yet.

Now imagine hundreds of millions of users and a mind numbing 10,000-fold jump in transactions per second.  

What would that do to the blockchain?  It would inflate it to the point that you'd need a massive budget just for the storage alone.

So in the next few years who's gonna be able to afford to run the entire blockchain?  That's right, large corporations, banks and governments - who already have massive servers and data centers in place.

So in the end, it will be these entities which will dictate the transaction fees (even though there will be little to no added cost on their part) and not the little miner like everyone is [still] fantasizing.  Say hello to eye gouging fees [again] only this time you can't take your money out and you can't hide it either.  Ha!

Yet again, just one more ugly hole in the decentralized, anti-bank and anti-government theory [which never made sense to me in the first place] and one more huge benefit of crypto currencies for banks, multinational corporations and governments.

Add this sweet news to the global asset tracking and registry system Crypto Money is designed for.

lol, this whole thing was designed and built, from the very beginning, from the ground up - specifically for the benefit of banks, large corporations and governments.

Crypto Money = The wet dream of the Status Quo.  

[bidji29]

Bitcoin can't be a currency. It's a commodity, a storage of value.

Next generation of cryptocurrency are coming (Ripple, Emunie, Nxt, Microcash). We will see which one will takeover

[markm]

Oh congratulations on finally getting to the blockchain size / transaction rates stuff that was argued to death way back when.

Maybe if you can resist posting and just read you could research all that over in the technical section.

-MarkM-

[digitalindustry]

Again Vlad I totally see where you are coming from ...

But it just wont work like that , once transfered there will be a grievous loss of confidence , it wont matter how much BTC is on CNN or what ETF it has , it will stop serving its primary purpose thus its " reason for existence " will shift in the dynamic information environment.

And something will replace it .

 the only way to stop this general effect is to  lobotomize humans .

Flouride and its friends have been effective , but not effective enough as the ratios have shifted, humans want to learn , its unavoidable .

[digitalindustry]

https://bitcointalk.org/index.php?topic=330886.0

^^^^^^^^^^^^^^^^

VLAD

[Vlad2Vlad]

Bitcoin can't be a currency. It's a commodity, a storage of value.

Next generation of cryptocurrency are coming (Ripple, Emunie, Nxt, Microcash). We will see which one will takeover

Lol.  A commodity is an asset.

Bitcoin, by definition is a fiat, and therefore a currency.

This is not up for debate unless you also wanna debate that water isn't really wet.

And by the way, no fiat has ever been a store of value, they have all gone to zero.

So please stop the parroting, Bitcoin and any other digital currency they choose to globalize will eventually go to zero and therefore it is not a store of value.

[bybitcoin]

Bitcoin planned to be a currency, but it is not, as its price and market behavior acts more like a commodity.. wine is not water even if it was planned and named as water from the first, even if vlad2vlad still insists on calling it water again and again  
BTC is behaving more like gold than dollar, very obvious it is!
The only way to avoid those critical scenarios and save btc's ass is by developing adequate efficient offchain transaction models and implement them market-wise, but humans learn slowly experiencing tons of mistakes and failures before getting to the right point. There might come some new cryptos though, that eliminate those concerns, and serve the initial purpose of being a decentralized currency much better, future will let us know!

[Snail21]

Actually firing up a couple of hundred terabytes storage and a few dozen servers across the world isn't something what would be impossible even for a small company today. Hiring a lot of support guys around the world also a relative easy task, and there are plenty of places where you can find skilled support people for peanuts.

[Hazard]

Bitcoin, by definition is a fiat, and therefore a currency.

Fiat, by definition, is any money declared by a government to be legal tender.

What government uses bitcoin as their currency, praytell?

[Vlad2Vlad]

Bitcoin, by definition is a fiat, and therefore a currency.

Fiat, by definition, is any money declared by a government to be legal tender.

What government uses bitcoin as their currency, praytell?

Let me help you.

From Merriam Webster's Dictionary:  Fiat Money - money (as paper currency) not convertible into coin or specie of equivalent value.


One flaw here.  Fiat is not money.  One of the 6 characteristics of money is store of value and since all fiat (100%) has gone to zero then none have been money, they have all been simply, currencies.

The dollar is not money.  Bitcoin is not and will never be money, unless it's convertible into gold or some other form of asset.  These are fiats and fiats are not money, but merely currencies.

And BTW, the US courts and Germany have already declared Bitcoin money.  So there's the government approval you're looking for, although it's not necessary as gold and silver have an international currency symbol (XAU & XAG) even though no government uses them as an official form of legal tender the way you imply.

[Vlad2Vlad]

And here, for the noobs, the 6 [all absolutely necessary] characteristics of money.  If it doesn't have all 6 then the best it can ever be is a currency which is what the dollar has been as well as all the fiats of the world up until today.



There are six characteristics of money:  These include: durability, portability, divisibility, acceptability, fungible and store of value.

[bybitcoin]

You bring those definitions and read them, like they are from bible and therefore signed by god!?
There is a historical experience and attitude of what we name as modern money, currency and whatsoever that looks too tangible to us now.
You bring Webster's definition,  , even famous economists still have disagreements about so many of these commonly used, already placed in dictionaries terms that you bring from the ironic bible!
Our experience of US dollar which has been the dominant global currency for more than 60 years give us a good approximate picture of what a currency looks like. The main problem of USD is not its general properties as a currency but its centralization, which has been the main reason for creation of bitcoin.. but BTC has been behaving more like gold than dollar so far.
Who's the self confident noob, I am not going to argue

[Spoetnik]

use Multibit and let someone else worry about it lol

pro tip: it's the recommend download on the official bitcoin page

hmm maybe they thought of this already ? lol

Next topic: Most choosey puppies choose Puppy Chow lol

edit:
sorry forgot to add my expert market analysis expertise (i'll copy and paste something out of the Speculation sub forum later)

[Vlad2Vlad]

You bring those definitions and read them, like they are from bible and therefore signed by god!?
There is a historical experience and attitude of what we name as modern money, currency and whatsoever that looks too tangible to us now.
You bring Webster's definition,  , even famous economists still have disagreements about so many of these commonly used, already placed in dictionaries terms that you bring from the ironic bible!
Our experience of US dollar which has been the dominant global currency for more than 60 years give us a good approximate picture of what a currency looks like. The main problem of USD is not its general properties as a currency but its centralization, which has been the main reason for creation of bitcoin.. but BTC has been behaving more like gold than dollar so far.
Who's the self confident noob, I am not going to argue

Tulips once behaved like money, store of value and a valuable commodity, does that make tulips money or a rare valuable commodity today?  

The definition of money I gave you wasn't just from Websters, it's the history of money since the Greek times and store of value is one of the must haves and no fiat has ever had it and therefore Bitcoin will never be a store of value since it too is a fiat.

In a few years you'll come to realize the gravity of the error, you and the majority of the crypto lovers, are making.

[BitcoinFX]

https://bitcointalk.org/index.php?topic=172664.0

..."The crypto model adopted by bitcoin is inherently 'unfair' and 'flawed' imho, just like in capitalism where the already rich and powerful become increasingly richer and more powerful at the expense of others. We are already seeing this with bitcoin. Soon, (if not already) only established and large corporations, big banks, already very wealthy individuals, governments and nation states, with access to super computers will be the only people able to generate any bitcoins. This 'free market' will be totally monopolized, this has already started to happen." - Myself ...

This entire post makes for an uncomfortable read, I wrote it around the time of the bubble crash not long after returning to this forum. I didn't even include the effects of protocol failure, I just described the entire model over time. At that time I don't think many really appreciated what I actually ment by a very long time.

There's a youtube video where Gavin describes the certainty of centralization and that us 'home' bitcoin miners and the community at large are not really going to like it very much when it happens. If bitcoin does gain mass adoption with said transaction volume then its really a given - very similar to what Vlad2Vlad is saying.

financialcryptography.com "Where the crypto rubber meets the Road of Finance..." Its fun to be part of the experiment though, right ?  

[Vlad2Vlad]

https://bitcointalk.org/index.php?topic=172664.0

..."The crypto model adopted by bitcoin is inherently 'unfair' and 'flawed' imho, just like in capitalism where the already rich and powerful become increasingly richer and more powerful at the expense of others. We are already seeing this with bitcoin. Soon, (if not already) only established and large corporations, big banks, already very wealthy individuals, governments and nation states, with access to super computers will be the only people able to generate any bitcoins. This 'free market' will be totally monopolized, this has already started to happen." - Myself ...

This entire post makes for an uncomfortable read, I wrote it around the time of the bubble crash not long after returning to this forum. I didn't even include the effects of protocol failure, I just described the entire model over time. At that time I don't think many really appreciated what I actually ment by a very long time.

There's a youtube video where Gavin describes the certainty of centralization and that us 'home' bitcoin miners and the community at large are not really going to like it very much when it happens. If bitcoin does gain mass adoption with said transaction volume then its really a given - very similar to what Vlad2Vlad is saying.

financialcryptography.com "Where the crypto rubber meets the Road of Finance..." Its fun to be part of the experiment though, right ?  

Finally, a man who thinks for himself.  I wasn't around in April but I'm glad to see you had the vision to see the flaws way back then.  99% can't even see it now which is why crypto money will succeed and it will enslave the masses.

Basically, people are stupid sheep and I'm starting to agree with the elite that we need to be prodded and herded like dumb animals.

BTW, I'd hate to see a smart guy miss the next Bitcoin 2.0.

Brother, buy yourself just $50 of ixCoin as soon as you can but don't chase it.  You should get at least 5,000 ixCoin for that.

If I, right, and ixCoin breaks out next year [alongside or in place of Bitcoin] then you'll make a million bucks, or more, off just that $50.

I don't wanna put up any walls of texts here so either read up on my alleged crazy theories or just trust me since it's only $50.

Bitcoin is either flawed or it's a head fake for the Russians and Chinese, but either way, Bitcoin will not be the global currency everyone thinks it will be and will most likely die [unexpectedly] next year.

I know how impossible this seems right now with Bitcoin crashing through $400 on its way to $500, with all the support of the entire planet and massive momentum behind it, but that's what I see and it makes so much sense.

Godspeed!

[BitcoinFX]

I think its going to run longer than you expect Vlad2Vlad. To many people are now heavily invested in BTC to watch it fail. It will be 'centralized', before the possibility of total collapse.

Yes. I've been around Bitcoin pretty much since the outset, although I did miss a fair bit in the middle. Unlucky for some.

ixcoin as in http://www.ixcoin.org/ - Really ?

I already merge mine a few of those. Going to read the official thread. Please point me to one of your posts regarding your theories on ixcoin.

[PumpkinCoin]

https://bitcointalk.org/index.php?topic=172664.0

..."The crypto model adopted by bitcoin is inherently 'unfair' and 'flawed' imho, just like in capitalism where the already rich and powerful become increasingly richer and more powerful at the expense of others. We are already seeing this with bitcoin. Soon, (if not already) only established and large corporations, big banks, already very wealthy individuals, governments and nation states, with access to super computers will be the only people able to generate any bitcoins. This 'free market' will be totally monopolized, this has already started to happen." - Myself ...

This entire post makes for an uncomfortable read, I wrote it around the time of the bubble crash not long after returning to this forum. I didn't even include the effects of protocol failure, I just described the entire model over time. At that time I don't think many really appreciated what I actually ment by a very long time.

There's a youtube video where Gavin describes the certainty of centralization and that us 'home' bitcoin miners and the community at large are not really going to like it very much when it happens. If bitcoin does gain mass adoption with said transaction volume then its really a given - very similar to what Vlad2Vlad is saying.

financialcryptography.com "Where the crypto rubber meets the Road of Finance..." Its fun to be part of the experiment though, right ?  

Finally, a man who thinks for himself.  I wasn't around in April but I'm glad to see you had the vision to see the flaws way back then.  99% can't even see it now which is why crypto money will succeed and it will enslave the masses.

Basically, people are stupid sheep and I'm starting to agree with the elite that we need to be prodded and herded like dumb animals.

BTW, I'd hate to see a smart guy miss the next Bitcoin 2.0.

Brother, buy yourself just $50 of ixCoin as soon as you can but don't chase it.  You should get at least 5,000 ixCoin for that.

If I, right, and ixCoin breaks out next year [alongside or in place of Bitcoin] then you'll make a million bucks, or more, off just that $50.

I don't wanna put up any walls of texts here so either read up on my alleged crazy theories or just trust me since it's only $50.

Bitcoin is either flawed or it's a head fake for the Russians and Chinese, but either way, Bitcoin will not be the global currency everyone thinks it will be and will most likely die [unexpectedly] next year.

I know how impossible this seems right now with Bitcoin crashing through $400 on its way to $500, with all the support of the entire planet and massive momentum behind it, but that's what I see and it makes so much sense.

Godspeed!

the future is an altcoin infinitely interchangeable with and fully backed by a vegetable like a pumpkin... mark it!

[Spoetnik]

marked

ps: I'm selling Tulips now and also "shares" in tulips also

[Vlad2Vlad]

marked

ps: I'm selling Tulips now and also "shares" in tulips also

Lol.

What about futures and options or maybe options on futures for tulips?

I do love me some leverage. 

And what's more leverage than a derivative on a derivative of a vegetable which is really a flower which everyone already knows has been played out of the "get rich quick market"?