It happened! (TIME/tech)

[mjsbuddha]

Thank you for your service to the community mr. jerryb. I'm sure there are a few people here that would be eager to tip you if you posted a bitcoin address.

[1714770197]

1714770197

[1714770197]

1714770197

[jerryb]

Let me know what you think.

First: great article! thanks.

There are two common inaccuracies, though:

• "all transactions are completely free"
• "transactions are instantaneous"

I would love if someone came up with something sounding just as positive while being true.

"transactions _can_ be free, but if the amount is small and the transaction's inputs are not old, you might have to pay a small fee to get it through fast enough" just doesn't cut it marketing-wise

If someone could come up with a nice way to put it without being inaccurate I would be happy.

Hi there- I'm not sure I said either of those things in the article. Do you think you may be looking at another article? I can't find those phrases using Google, though. -JB

[Raoul Duke]

"transactions _can_ be free, but if the amount is small and the transaction's inputs are not old, you might have to pay a small fee to get it through fast enough" just doesn't cut it marketing-wise

If someone could come up with a nice way to put it without being inaccurate I would be happy.

"Transactions can be free, but you can also pay a small Priority fee."

Better now?

[grondilu]

"Transactions can be free, but you can also pay a small Priority fee."

Better now?

I would rather to say that transactions fees are determined in a free market way or something.

There is no rule regarding transactions fees, except for offer and demand.

[Raoul Duke]

There is no rule regarding transactions fees, except for offer and demand.

I would swear I saw rules regarding tx fee's someplace, possibly even talking about values, kinda BTC 0,01 per KB(or Kb, not sure) of tx size if i'm not mistaken.

But don't go by my word, just a newbie here.  

[grondilu]

There is no rule regarding transactions fees, except for offer and demand.

I would swear I saw rules regarding tx fee's someplace, possibly even talking about values, kinda BTC 0,01 per KB(or Kb, not sure) of tx size if i'm not mistaken.

But don't go by my word, just a newbie here.  

There is indeed a 'getMinFee' function in the source code but it's easy to modify.   I'm not an expert of this subject either but I'm pretty sure everyone is free to accept or decline any fee anyway.

[FreeMoney]

There is no rule regarding transactions fees, except for offer and demand.

I would swear I saw rules regarding tx fee's someplace, possibly even talking about values, kinda BTC 0,01 per KB(or Kb, not sure) of tx size if i'm not mistaken.

But don't go by my word, just a newbie here.  

There is a default rule set and since most people are using it that's what you need to pay to get in reliably. It is not a hard 'rule' though.

[molecular]

Let me know what you think.

First: great article! thanks.

There are two common inaccuracies, though:

• "all transactions are completely free"
• "transactions are instantaneous"

I would love if someone came up with something sounding just as positive while being true.

"transactions _can_ be free, but if the amount is small and the transaction's inputs are not old, you might have to pay a small fee to get it through fast enough" just doesn't cut it marketing-wise

If someone could come up with a nice way to put it without being inaccurate I would be happy.

Hi there- I'm not sure I said either of those things in the article. Do you think you may be looking at another article? I can't find those phrases using Google, though. -JB

argh, you're totally right and I am sorry.

I was looking at http://www.youtube.com/watch?v=LSLByqTusaQ before (or after?) I read your article and must've gotten confused.

[Herodes]

To the author of the Time magazine article:

Well written, and very informative.

[Anonymous]

Thanks @jerryb for the articcle. What do you say about your colleagues such as @tylercowen who says that bitcoin wont work because he can move his wealth to the cayman islands right now ?

He only seems to talk about the use of bitcoin to sell drugs and that it wont succeed because "the cayman islands has more money right now".


Here is my view for his criticism of bitcoin -Economists tied to the current system criticizing bitcoin is like DuPont family and William Randolph Hearst criticizing hemp http://bit.ly/fhNtGb

Does anyone really want the government to take their store of value as easily as they seize domain names ? Is this really preferential than a system that puts me in control of my own destiny ? Bitcoin didnt cause the recent global economic crash either.

[kiba]

Here is my view for his criticism of bitcoin -Economists tied to the current system criticizing bitcoin is like DuPont family and William Randolph Hearst criticizing hemp http://bit.ly/fhNtGb

Does anyone really want the government to take their store of value as easily as they seize domain names ? Is this really preferential than a system that puts me in control of my own destiny ? Bitcoin didnt cause the recent global economic crash either.

Criticizes their ideas, not their characters.

[Anonymous]

Here is my view for his criticism of bitcoin -Economists tied to the current system criticizing bitcoin is like DuPont family and William Randolph Hearst criticizing hemp http://bit.ly/fhNtGb

Does anyone really want the government to take their store of value as easily as they seize domain names ? Is this really preferential than a system that puts me in control of my own destiny ? Bitcoin didnt cause the recent global economic crash either.

Criticizes their ideas, not their characters.

Where did I mention their character ?

Its about economic  incentives to not accept something that threatens your livelihood.

[radracer]

i find it hard to see how economists have their livelihoods threatened by an increase in the popularity of bitcoin.

[FreeMoney]

i find it hard to see how economists have their livelihoods threatened by an increase in the popularity of bitcoin.

Their tenure contracts are denominated in fiat.

edit: easy enough to hedge I suppose.