UTXO now 75,000---Wait time about 6 hours-----great,just great! I will come back another day!
Does anybody out there wait like I do?
Posted Feb 7, 2017, 2:47 AM UTC
5731
the name "block"stream is so prophetic. Gets me all the time.
13
Really accurate naming inded..
2
silly goose, you just need to include more feeeeeeeez
8
oh that gives me an idea, I am going to clone Bitcoin, but LOWER the max blocksize, and ima gunna call it Feeeeezcoin. Watch me beat Blockstream at their own game!
7
my feeeeeezcoin is gunna have the capability for so few transactions per second, its gunna be more expensive to transact than physical gold! That will make it worth more than gold right guys!!?
7
I've been in the business of gold trading and physical gold is extremely non-efficient because you have to test purity and weights for fake gold bar. We abandon our project (https://www.igolder.com/) for bitcoin in 2013.
3
This proposed feeeeezcoin project could simulate that property by making the checking of utxos extremely computationally expensive. I'll write up a FIP!
5
What is the user who finally gets priced out of Bitcoin supposed to do per the wishes of the Core / Blockstream / wizards social engineers / manipulators? Just abandon their outputs? Clog the mempool with even more tx's sending to exchanges to dump?
5
Congrats, you've been Blockstreamed!
Ensure you handily "outbid" other transactions next time if you don't want to wait...
3
If the price continue climbing, we will see an ever increasing mempool which will at one point (500k, 1M transactions?, $2 fees...) kill the rally and cause the crash.
2
[deleted]
-2†
Oh yeah that's so predictable for a payment system. You must be really stupid if you can't even understand the basics of bitcoin!?
6
[deleted]
1
You need to use /s when you impersonate Greg... you are too good at it.
6
Yup. Spike in the mempool. http://bitcointicker.co/networkstats/
Just like last time, pay a suitable fee and everyone else is behind you. Currenlty 160 satoshi/byte to get you into the next block. So that's about $0.43 for a typical transaction -- less than the cost of a first class mail postage stamp.
If you are waiting on a transaction, you can try the ViaBTC Tx Accelerator: https://www.viabtc.com/tools/txaccelerator
Otherwise, there are other options available to you .. such as "child-pays-for-parent" (CPFP), and more described here: https://np.reddit.com/r/Bitcoin/comments/5ru9u2
-9
So it costs about as much to send 250 bytes of data through the internet as it does to send a physical parcel across an entire country?
I see nothing wrong with this picture /s
11
A lot of folks in r bitcoin seem to think this is a true cost.
I think they need to work with infrastructure more to realize how tiny 250 (well, really 500) bytes is. It's about 1 cent to store and transmit a transaction for 10k nodes.
6
For the worlds most censorship resistant payment network, $0.43 is cheap.
-4
For a person you're a cheap whore.
-1
So that's about $0.43 for a typical transaction -- less than the cost of a first class mail postage stamp.
I'm so glad that you small blockers were not around when email was invented and adopted. Imagine if it would cost "only $0.43 for a typical email", because ISPs decided that every Internet connection would be limited to 1 Mbps so that small ISPs would survive without the need of server rooms bigger than a small garage (decentralization of ISPs). We would still be using paper mail instead of email because of the centrally controlled artificially high email fees. (The ISP has been compared to the Bitcoin node in this comparison.)
The cheaper it is to send a Bitcoin transaction, the more users will want to use Bitcoin, and the more users Bitcoin gets, the more nodes will Bitcoin get. Imagine if every person and organization / company that today have their own web server would also have their own Bitcoin node, would that not be enough nodes and enough decentralization? I'm convinced that it would be enough.
So make Bitcoin as cheap to use as possible without a centrally controlled blocksize limit. The size of the blocksize limit is for the market to decide, not Blockstream / Bitcoin Core. Bitcoin Unlimited lets the miners and the market decide the limit without the interference from developers who think they are also expert economists.
Allowing Blockstream / Bitcoin Core to set the global blocksize limit is like having only one ISP in the whole world, and then allowing that ISP to set the global email fee limit. We need more than one ISP and we need more than one Bitcoin protocol development team. The Blockstream / Bitcoin Core protocol development team is abusing its influence and power. (The ISP has been compared to the Blockstream / Bitcoin Core protocol development team in this comparison.)
10
So that's about $0.43 for a typical transaction -- less than the cost of a first class mail postage stamp.
rButtcoin authors can't write comedy gold this well!
3
I understand that price affects demand.
I also understand what is Bitcoin's reason for existence. Bitcoin exists to be the digital currency that is the most resistant to censorship.
How does it do this? By having decentralized network of peer nodes, and a decentralized mining network.
The blocksize is already over 100GB. That's with 1MB blocksize limit, and only recently has the average block size risen to even being close to that limit.
I am convinced that a larger block size will cause fewer peer nodes, which harms decentralization.
Bitcoin can survive with 1MB blocks. Bitcoin can scale using off-chain solutions.
That doesn't mean there can't be any blockchain that supports scaling on-chain. It just means that Bitcoin itself won't be it.
-5
Pruned nodes still around 2gb
2
If everyone pays a higher fees we are right back where we started. The only thing you can hope for is someone giving up on Bitcoin completely.
So why not persuade as many people to give up? If that is indirectly what you are doing anyway.
7
- Constrain the network
- Invest in miners and mining tech to reap fees
- Sell your services as "experts" to the fintech industry
- Try to move some people onto sidechains and offchain solutions (mostly failed)
- Profit!!
- Exit the scam (only Austin Hill has achieved this)
- Don't give a fuck what happens later
This plan does not include giving a shit about the people who don't / can't use Bitcoin because of step 1.
3
You mean that if everybody stopped being stingy and paid 160 sat/byte of fee, there would be no backlog?
4
Mempool and transaction backlog != UTXO. UTXO stands for unspent transaction output. This is the part of the Blockchain that is retained by pruning nodes. Has nothing to do with the mempool or the current transaction backlog.