High Bitcoin Transation!!

[fortunecrypto]

Not the ideal time to buy stuff now, you'll have to add more fee to confirm it fast or wait for hours to get it confirm, I minimize my Bitcoin transaction now because of the very high fee, when I need fiat badly I just go for Ethereum and Doge two coins that you can easily liquidate in real time, it's really worth to keep coins like these.

[Febo]

Halving caused it with more interest for Bitcoin and with instability with block times because of hash rate drop.  I dont understand why developers dont make difficulty adjustment more often then once every two weeks.

Difficulty adjustment happens every 2016 blocks, it's not at 2 weeks and if the things will continue like now it may very well take more than 2 weeks this time.

6*24*14= 2 weeks  or 14 days or 336 hours or 2016 ten minutes. It should happen more often than it is right now.

[NeuroticFish]

or 2016 ten minutes

It's not 10 minutes, hence it's better to tell by number of blocks, especially if you talk about devs.

It should happen more often than it is right now.

Maybe. I don't deny it. And also maybe it should be changed to be based on something else than number of blocks, to cover any case of sudden huge leave of the miners (although, debatable, the chance for that is small).

[stompix]

~

6*24*14= 2 weeks  or 14 days or 336 hours or 2016 ten minutes. It should happen more often than it is right now.

That's what he was saying, you should have used a block number, not a period, as bitcoin doesn't care about that.
Like 1008 blocks or 505 or 666.

Right now, even if we are already two days in this period at its worse the retarget will happen in 16 days and 19h.
It should have been split in half at least...but...I have a feeling nothing is going to change and the next halving we're going to have the same discussion.

The good news is that 10sat/b have been confirmed for a while last night and weekend is coming so most likely the mempool will be drained by Monday.

People are to worried about getting a quick confirmation and go into panic mode if their transaction hasn't confirmed fast enough. Only a small part of the people actually need that fast confirmation, the rest can just use lower fees and wait 3-4 days. It's not the ideal solution but why the hurry if you are just moving the coins to one of you private wallets meant for storage?!  

What happened to the bitcoin is faster and cheaper than banks?  
Just a few weeks ago everyone was overjoyed how you can move 1 million with 10 cents and look where we are now, forget the cup of coffee, a 1st block transaction fee went over the cost of Big Mac menu.

[gentlemand]

Maybe. I don't deny it. And also maybe it should be changed to be based on something else than number of blocks, to cover any case of sudden huge leave of the miners (although, debatable, the chance for that is small).

One of the beauties of shitforks is that we can see the effect of their pisspoor tweaks. The emergency difficulty adjustment thing has massively warped Bcash at times and mining on it is basically a strategy game these days, if anyone can be bothered at all.

As ever there's a balance to be found and Bitcoin errs on the side of caution and sustainability. The way it's set up can foster short term grind sometimes but at least it remains dependable.

[NeuroticFish]

Maybe. I don't deny it. And also maybe it should be changed to be based on something else than number of blocks, to cover any case of sudden huge leave of the miners (although, debatable, the chance for that is small).

One of the beauties of shitforks is that we can see the effect of their pisspoor tweaks. The emergency difficulty adjustment thing has massively warped Bcash at times and mining on it is basically a strategy game these days, if anyone can be bothered at all.

As ever there's a balance to be found and Bitcoin errs on the side of caution and sustainability. The way it's set up can foster short term grind sometimes but at least it remains dependable.

I clearly don't want a derailed shitfork I am aware that the perfect balance is difficult to find, hence my wording with maybe.
Also I know how difficult is any change to get accepted, so I don't expect ... anything. The devs did a great job so far keeping the right balance and so far I trust them.
Still, I think it never hurts to give them ideas now and then. They have a better overview and they can make their decision.

[pooya87]

One of the beauties of shitforks is that we can see the effect of their pisspoor tweaks. The emergency difficulty adjustment thing has massively warped Bcash at times and mining on it is basically a strategy game these days, if anyone can be bothered at all.

the purpose of each characteristic in a cryptocurrency always justifies the results.
for example in bitcoin we use the current design because it is the safest and that is the goal of bitcoin. but in an altcoin like bcash the purpose of its difficulty design was merely survival and manipulation. specifically during the early days to give miners a huge amount of reward to incentivize them into mining a chain they were sure is going to die or at the very least be 51% attacked easily.

1000+ blocks/day * 12.5 bcash reward/block = 12,500 bcash *   $450 = $5,625,000
 144  blocks/day * 12.5 btc   reward/block =  1,800 btc   *  $2600 = $4,680,000

[gentlemand]

for example in bitcoin we use the current design because it is the safest and that is the goal of bitcoin. but in an altcoin like bcash the purpose of its difficulty design was merely survival and manipulation. specifically during the early days to give miners a huge amount of reward to incentivize them into mining a chain they were sure is going to die or at the very least be 51% attacked easily.

I'll bet that they thought they were ever so clever introducing that and this was the first step in proving that they were making a superior Bitcoin. Then good old unintended consequences took hold and never let go because they couldn't look past the next few weeks and were in a hurry to get one over on the supposed dinosaur they were leaving behind.

Ego, desperation and hubris pushed sense and foresight to the side.

That's the perfect encapsulation of Bitcoin's development vs most others.

[boyptc]

I've been using the viabtc accelerator for a long time and it's always been effective and quick. Just remember whenever you send bitcoin, pay always the average fee.

Because viabtc won't accept low fee txs to accelerate.

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