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

[Vlad2Vlad]

Why you lose so much time and energy creating a non-existent, purely theoretical conflict and arguing about it?

Theoretical?


The blockchain is not quickly [and FACTUALLY] growing out of reach of the large majority of individuals and miners, the very same people this decentralized coin was supposedly created for?

Baha baha baha baha

[jjtech]

Bitcoin is perfectly divisible, another 10M or 200 quadrillion coins wouldn't improve liquidity.  Liquidity is the able to exchange with minimal friction.  Liquidity is deeper markets which damp volatility.  Liquidity is there being a buyer when you want to sell or a seller when you want to buy.   All that will come from a larger valuation to the money supply, better infrastructure, and deeper exchanges with more transparency and security.

Exactly.

[jjtech]

Why you lose so much time and energy creating a non-existent, purely theoretical conflict and arguing about it?

Theoretical?

Yes - to me you seem to be obsessed with theoretical concept of costs of exchange going up and big banks/govts overtaking bitcoin. You also argue about definitions bringing up Webster dictionary etc. What is the practical objective of your speculation? Maybe use your creative energies and intelligence to come up with a solution to a practical problem. Like for example ending 3rd world hunger by growing genetically modified rise of the size of a balloon. Or changing your avatar.

[Vlad2Vlad]

Why you lose so much time and energy creating a non-existent, purely theoretical conflict and arguing about it?

Theoretical?

Yes - to me you seem to be obsessed with theoretical concept of costs of exchange going up and big banks/govts overtaking bitcoin. You also argue about definitions bringing up Webster dictionary etc. What is the practical objective of your speculation? Maybe use your creative energies and intelligence to come up with a solution to a practical problem. Like for example ending 3rd world hunger by growing genetically modified rise of the size of a balloon. Or changing your avatar.

I've tried to change my avatar for 2 months now and I can't.  They won't let me.  I even wrote an admin and nothing.

I know how to do it csuse I've changed it 7 times in 4 months prior but now all of a sudden I can't change it to even a crappy brad Pitt pic.

As for my theories, they're all based on some facts.  You can dimiss the theories but not the facts.

Friendly advice:  buy some ixCoins and forget you own them.  Don't sell at $.25, or $.75 or even $7.50.  Wait, cause if ixCoin goes to 25 cents then I was right which will mean it will go to $100 and higher.

Put $10 of you think I'm totally crazy, what have you go to lose?

I don't think we have more than a few months before something major, something huge and unexpected by anyone will happens and the probability is high Bitcoin will get killed and replaced by something else and I think that will be ixCoin.

Good luck!

[PumpkinCoin]

marked

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

Tulips have too long of a shelf life and are an inherently inferior monetary plant.  The beauty of a monetary vegetable such as a pumpkin beyond pumpkin pie and jack-o-lanterns is that the shelf life is limited to a few months before they start rotting or get smashed.  A pumpkin coin could be a deflationary coin like BTC with an incentive to spend it as it would rot eventually.  A "hot potato" coin might work as well. 

Imagine the glee one day of finding a pumpkin coin in the punkin patch.

[milly6]

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.  

Not sure why you post on a cryptocurrency forum Vlad

[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.  

Not sure why you post on a cryptocurrency forum Vlad

Hmmmm, maybe because the theories I have come up with revolve around and have much to do with Bitcoin and digital money?

Crazy idea but it's like right there, I even even put it in bold letters for the "slow children at play".

[Vlad2Vlad]

marked

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

Tulips have too long of a shelf life and are an inherently inferior monetary plant.  The beauty of a monetary vegetable such as a pumpkin beyond pumpkin pie and jack-o-lanterns is that the shelf life is limited to a few months before they start rotting or get smashed.  A pumpkin coin could be a deflationary coin like BTC with an incentive to spend it as it would rot eventually.  A "hot potato" coin might work as well. 

Imagine the glee one day of finding a pumpkin coin in the punkin patch.

Hahahaaaa.  Shit man, that's funny.

Don't give me any ideas, I've already launched 2 ShitCoins and there's more I wanna launch but it's too hard to get a hold of Bitcoins.

[jjtech]

Friendly advice:  buy some ixCoins and forget you own them.  Don't sell at $.25, or $.75 or even $7.50.  Wait, cause if ixCoin goes to 25 cents then I was right which will mean it will go to $100 and higher.

Put $10 of you think I'm totally crazy, what have you go to lose?

Thanks for an advise. Where do you exchange them and what kind of wallet are you using mate?

[Vlad2Vlad]

Friendly advice:  buy some ixCoins and forget you own them.  Don't sell at $.25, or $.75 or even $7.50.  Wait, cause if ixCoin goes to 25 cents then I was right which will mean it will go to $100 and higher.

Put $10 of you think I'm totally crazy, what have you go to lose?

Thanks for an advise. Where do you exchange them and what kind of wallet are you using mate?

You can buy ixCoin on just about any exchange, including Cryptsy.

I use cold wallets since the ixCoin wallet doesn't have encryption.  Odd but that's the way it is for now.

[LiteMine]

So just an excuse to plug ixcoin, then? 

[Vlad2Vlad]

So just an excuse to plug ixcoin, then? 

Excuse?

No.  Facts and speculation.

Nobody is forcing you to agree or buy ixCoin.

[opticalcarrier]

So just an excuse to plug ixcoin, then? 

Excuse?

No.  Facts and speculation.

Nobody is forcing you to agree or buy ixCoin.

Vlad, Ive been considering your exact sentiments here for some time.  IMO there is a big chance that some vulnerability in BTC will eventually be implemented and the markets will rush to some other altcoin.  Ive been doing lots of reading into altcoins to invest in in that event.  ixcoin hadnt entered my mind at all.  Can you go into more detail on why you think thats the one?  It cant be the liquidity thing - also my concern is how closely based ixcoin is to BTC.

[Lauda]

By the time that this happens the HDDs will reach double digits TB's, where is the issue even if we just roll with this model?
Most likely something new will be implemented such as mini blockchain, and voile.

[Vlad2Vlad]

So just an excuse to plug ixcoin, then?  

Excuse?

No.  Facts and speculation.

Nobody is forcing you to agree or buy ixCoin.

Vlad, Ive been considering your exact sentiments here for some time.  IMO there is a big chance that some vulnerability in BTC will eventually be implemented and the markets will rush to some other altcoin.  Ive been doing lots of reading into altcoins to invest in in that event.  ixcoin hadnt entered my mind at all.  Can you go into more detail on why you think thats the one?  It cant be the liquidity thing - also my concern is how closely based ixcoin is to BTC.

There's too much to write, just read through my prior posts.

But basically, it is the very similarity to Bitcoin that will be the biggest advantage.  

ixCoin is literally Bitcoin with more liquidity.  More liquidity is always a plus.  There's also no stigma about drug dealing and money laundering.

Another huge plus is the fact there's no dev and no foundation so banks and govts more easily control the open source to their needs.

People are in love with Bitcoin so the best thing will be another Bitcoin-like coin.  And ixCoin fits rhe mold better than any other coin, by far. Even the name of the dev was thought out ahead of time, an anagram of Satoshi.  

So in a way it looks almost planned out - either way, once the masses realize it then ixCoin will become the next big thing and if the masses don't get it then bankers, venture capitalists and wallstreet will see what an easy sell ixCoin will be.  

Then there's billions to made in an ETF so if Bitcoin gets the ETF then what better coin to improve your odds at getting your own license than an older coin which is identical to Bitcoin and has more liquidity.  They cannot say yes to Bitcoin and no to ixCoin while they can site various reasons to not give a license to other alt coins, such as they have died in the past, or they're too new and unproven, Etc.

[INCAWARRIOR]

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

Microcash is a dead coin (SolidCoin), Ripple is 100% pre mined, Emunie is too fucking complicated, and NXT whatever the fuck that is..

  No, people like to stick with what they know. Which is the Bitcoin style of CryptoCurrency. Most people have Bitcoin wallets in the cloud such as Electrum. Bitcoin is here to stay. I fully support Bitcoin and its mission statement but, I also support IncaKoin because it could see regulation way before Bitcoin could. Bitcoin may be a way of measuring wealth but, IncaKoin is set up for daily transactions. Even IFC for that matter. All 3 coins which I see great potential and a promising future.


http://s8.postimg.org/d65h327it/bpbpb.png

http://s24.postimg.org/ftdievsn5/qrcode_18450172.png

NKA:NYsEjyTqyyAgR8MCCSJGLQiMzzFwhyxojc

[jjtech]

Friendly advice:  buy some ixCoins and forget you own them.  Don't sell at $.25, or $.75 or even $7.50.  Wait, cause if ixCoin goes to 25 cents then I was right which will mean it will go to $100 and higher.

Put $10 of you think I'm totally crazy, what have you go to lose?

Thanks for an advise. Where do you exchange them and what kind of wallet are you using mate?

You can buy ixCoin on just about any exchange, including Cryptsy.

I use cold wallets since the ixCoin wallet doesn't have encryption.  Odd but that's the way it is for now.

Thanks Vlad

[opticalcarrier]

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

Microcash is a dead coin (SolidCoin), Ripple is 100% pre mined, Emunie is too fucking complicated, and NXT whatever the fuck that is..

  No, people like to stick with what they know. Which is the Bitcoin style of CryptoCurrency. Most people have Bitcoin wallets in the cloud such as Electrum. Bitcoin is here to stay. I fully support Bitcoin and its mission statement but, I also support IncaKoin because it could see regulation way before Bitcoin could. Bitcoin may be a way of measuring wealth but, IncaKoin is set up for daily transactions. Even IFC for that matter. All 3 coins which I see great potential and a promising future.




NKA:NYsEjyTqyyAgR8MCCSJGLQiMzzFwhyxojc

wait wat?  what is so groundbreaking about incakoin that would make it see ETF before bitcoin?

[digitalindustry]

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!

ha ha Vlad in other words we all knew this for a long time - but did you ever think that on the BITCOINTALK.org forum most people would be hold onto BITCOIN , and thus probably were not too overly forthcoming in  saying so - but this centralization effect has really been done to death -

but you are adding a "government" and "bank" conspiracy to it , well as i said , even if you were right , you will be wrong because :

1. As i stated it won't work the way you think .

2. its not as fully traceable as you think.

[digitalindustry]

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

  No, people like to stick with what they know. Which is the Bitcoin style of CryptoCurrency.

I nearly agree with this -

people like to stick to what they inherently believe and have confidence in - and at the moment that is some sort of "Block-chain" and it has to be decentralized -

or to be clearer a "Decentralized Ledger" - that is also open source -

so with that in mind let me lay down something that you will be able to come back and look at later :


People even if subconsciously will have faith and confidence only if a Currency meets these minimum requirements : 

(no particular order)

1. A Decentralized Ledger .
2. Open source (both client and miners)
3. 1 : 1 ratio of Decentralized Ledger  - Sorry Bitshares , Sorry Ripple -

then after that :

A - Centralization and community effect
B - type of distribution method and mining principals


I am able to sell a currency like to Quark (despite its strange name ) to outsiders of Cryptocurrency and i can do it with confidence because it ticks all the boxes - probably better than most of any other currency .

in it has had this special distribution method where by  any one entity can have a chance at getting Quark.

it has has a rapid distribution which has meant that no one entity can control a significant % share -

its literally impossible at this point for that to happen .