BTC still growing faster and steadier than altcoins

PurpleCharger
PurpleCharger

WHAT THE FUCK IS GOING ON

All urls found in this thread:

medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77
veekyforums.com/thread/2173362/business
trustnodes.com/2017/05/21/ethereum-now-secure-public-blockchain-overtaking-bitcoin

Supergrass
Supergrass

is this actually a sign of an economic collapse? could the rich be using this as a safe harbor?

RavySnake
RavySnake

Chinks won the block size debate; BTC is now the high barrier to entry coin, primarily designated for whales. New investors are going with BTC because it's most well-known, and transaction backlogs keep price up by preventing holders from moving away from the coin. Transaction volume is stagnant, transaction logs are growing, it's just a clusterfuck right now and a complete wealth transfer from the stupid to the already-wealthy chink miners.

At some point, the word will get out that you can't actually do anything with your meager amounts of BTC without massive transaction fees, and at that point, profit-taking will be immense and tons of value will be lost by the lay investor.

SCREENCAP THIS; DO NOT BE THE BTC BAG HOLDER

Stupidasole
Stupidasole

all the people just getting into cryptotrading.
it isnt just here. its everywhere as a niche.
people are pouring money into it then trading for alt coins. then putting it back and selling for fiat.

happy_sad
happy_sad

i swear you retards are fucking braindead

if you haven't noticed, then you must know that the altcoin market is exploding in value right now, especially ethereum and ripple, even litecoin

But to buy most altcoins, you need bitcoin first

Bitcoin is the middleman currency of the crypto world, it serves no other purpose, no one actually uses it for actual money transfers

askme
askme

when are you selling your BTC?

iluvmen
iluvmen

bubble
sell while you can

Skullbone
Skullbone

no one uses it for money transfers.
says the poorfag who has never tried to wire/move large sums of money across a border.

VisualMaster
VisualMaster

woah wait a minute

what if.... with high transaction fees.... it turns into the new gold.... for the rich? Like a stable bank. where it is not used as a currency but like an asset? for the uber rich?

Crazy_Nice
Crazy_Nice

its cheaper, faster and easier to just buy something like litecoin or dash and send them that way

unless you want to pay that massive fee that is rival bank transfer fee, day long if not week long transactions and the fact that it could dip anytime while you wait for the cash to come

dont be fucking delusional

Lord_Tryzalot
Lord_Tryzalot

Chinks won the block size debate
wrong. They tried to push sw+2mb as a last resort because they knew they were losing, but it's never going to happen. On the 1st of August UASF will happen

5mileys
5mileys

I don't understand anything about blockchain technology and am speaking out of my ass: the post

Bidwell
Bidwell

This.

Methshot
Methshot

Last time I paid $1 and it took a few minutes.

Is $1 what you mean by a 'massive fee'?

DeathDog
DeathDog

t. delusional buttcoiner

you will get that wake up call soon enought desu

Ignoramus
Ignoramus

compared to a few cents with other coins, yes that fee is absolutely absurd

Nojokur
Nojokur

Literally everybody is talking about bitcoin from bodybuilders to grandmas. People are maxing out their credit cards to buy bitcoins.

Soft_member
Soft_member

Bitcoin is officialy going to the moon,no stopping it now

takes2long
takes2long

I've been posting this for weeks. IT'S LADLING. Hold on it's about to get real crazy.

TreeEater
TreeEater

i am pretty surprised to be honest, figured ETH would have destroyed BTC by now. guess there are millions of chinks trying to get money out of the country

Sharpcharm
Sharpcharm

medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77

This says they have 83% of hashing power in agreement on this "compromise".

How exactly does UASF get implemented without forking and/or killing the current value?

Remember, BTC is no longer the only player in town; if this shit fit damages the inherent value of the currency, it's fucking done as #1 market cap, and then it never recovers, because there is no advantage to BTC over other coins. It will be the MySpace to ETH's Facebook, the Betamax to XRP's VHS.

BinaryMan
BinaryMan

Yes. $1 per transaction is an absurd fee, relative to network fees on other top-5 coins.

Need_TLC
Need_TLC

People are buying bitcoin because they think it is going to make them rich everybody is buying and holding. Literally everybody is talking about it and prices are mooning, normies think bitcoin is like a stock they are investing in for the next google.

Screencap this bitcoin is going to crash extremely hard.

PackManBrainlure
PackManBrainlure

What happens which those fees? Who get it?

Carnalpleasure
Carnalpleasure

transaction backlogs are artificially inflating the value. Chinks are holding the platform back to try to push their "compromise" solution (aka kick the can down the road on a meaningful block size increase so they can continue to make $1 per transaction in network fees).

At this point, any solution necessarily includes potentially months of development/testing to ensure a proper transition to ensure transaction volume doesn't kill BTC. In that time, XRP, LTC and ETH will eclipse BTC as it becomes more and more clear that Chinks are money-grubbing assholes worse than kikes, and BTC is essentially held hostage by a majority of miners who are only in it for the money, not for the long term vision of the platform.

BTC's block size debate will be a case study in how to fuck yourself out of market dominance by being too greedy.

Lunatick
Lunatick

this. make some short term gains on BTC

Boy_vs_Girl
Boy_vs_Girl

Chink miners have optimized their mining to prioritize high-fee transactions over low-fee transactions. So if you bump your network fee allowance when you send your BTC, your transaction will process faster.

Thus, the transactions are no longer processed in order of receipt, but rather in order of network fees received. So large transactions are fine, and people like who are happy to pay $1 for their $10 transfer will be happily processed; anyone who want to pay a reasonable network fee will land in the transaction backlog and eventually kicked off the network like veekyforums.com/thread/2173362/business.

askme
askme

i agree with everything you say, which is again why i'm surprised bitcoin is mooning even in the short term. is the network effect that powerful? I WANT BTC'S MARKET CAP TO TRANSFORM TO ETH RIGHT NOW GOD DAMMNIT

iluvmen
iluvmen

I honestly hope it takes those stupid chinks a long time to figure out they're getting screwed; more time for me to accumulate the alts.

I currently consider LTC to be the undervalued coin of the bunch; it's the most similar to BTC at surface level, already has scaling solved, and has a legit dev team that is actively courting the BTC market as a cheap, efficient solution with all of the benefits of BTC and none of the downside (e.g. costs).

People tend to go with what's familiar, and right now LTC is most similar to BTC, while being better in every way that matters (scalability being the main one for people who only want to use crypto to export funds).

TreeEater
TreeEater

The miners: if you complete a block, you get the reward + all the transaction fees from transactions in that block.

So the miners have incentives pulling them two ways. Short term, they want a small block size, so that they get higher transaction fees because everyone is trying to cram their transaction into blocks which can't fit them all.

Long term, they want a larger block size, because small block sizes hurts the price of Bitcoin.

Correct if wrong frendos.

Stupidasole
Stupidasole

Thanks, never knew how the fees worked.
I have a better idea for fees. But I can't make my own Blockchain.. Sad

kizzmybutt
kizzmybutt

he even predicted those slight price variations @~$2500

teach me your ways user-sama

Methshot
Methshot

This is my favourite TA meme.

TurtleCat
TurtleCat

Altcoin growth is in reality funded strictly by the growth of BTC.

Anyone assuming shitcoins are a hedge against a decline in BTC are in for a rude shock.

StrangeWizard
StrangeWizard

you thinking its time to go fiat for a while?

Lunatick
Lunatick

you guys don't get it

btc has the most hashing power, making it the most secure chain. doesn't matter how many cool features other coins add, btc will always be king. small transactions can be done with other layers and then recorded periodically on btc chain. turing-completeness is a meme that compromises security.

haveahappyday
haveahappyday

I dunno, I've heard it's not actually backed by anything.

StrangeWizard
StrangeWizard

I waited a week for a peasant level transfer in EUR (~1000). They send money only on workdays, 9 to 5. They won't send your money on weekends. With *coins it's just faster and easier.

Nojokur
Nojokur

your a meme

Burnblaze
Burnblaze

btc the most secure chain
WRONG

trustnodes.com/2017/05/21/ethereum-now-secure-public-blockchain-overtaking-bitcoin

Harmless_Venom
Harmless_Venom

turing completeness weakens security

Sir_Gallonhead
Sir_Gallonhead

it's an obvious bubble but i think it's a bubble that has a metric fuck ton to go

idontknow
idontknow

I think this is what inflation looks like without Government intervention. Nice to be in so early :)

SniperWish
SniperWish

Also, China's economy is blowing up. As the Shanghai stock market is going down BTC is going up. Thank the Chinamen for your new Lambo

CouchChiller
CouchChiller

Chinks won the block size debate
False info, fuck off retard.

StrangeWizard
StrangeWizard

Altcoins are not managed by the One World Government. Bitcoin is. It can't fail.

Stupidasole
Stupidasole

Deflation, dumbass.

girlDog
girlDog

told all my friends to put money into btc

likme
likme

Is $1 what you mean by a 'massive fee'?
yes

TreeEater
TreeEater

there is no advantage to BTC over other coins. It will be the MySpace to ETH's Facebook, the Betamax to XRP's VHS

XRP is trash beyond reasoning.

Fuck you.

Nojokur
Nojokur

Bitcoin fees are going up because people realize Bitcoin is digital gold, not digital cash.

If you want to buy coffee with low fees, use an alt coin. If you want to store wealth, Bitcoin is where it is at.

RumChicken
RumChicken

scamming your friends

happy_sad
happy_sad

implying BTC is the only other option

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