BTC still growing faster and steadier than altcoins

WHAT THE FUCK IS GOING ON

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

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

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

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.

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

when are you selling your BTC?

bubble
sell while you can

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

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?

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

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

>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.

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

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.

What happens which those fees? Who get it?

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.

this. make some short term gains on BTC

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 .

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

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).

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.

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

>he even predicted those slight price variations @~$2500

teach me your ways user-sama

This is my favourite TA meme.

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.

you thinking its time to go fiat for a while?

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.

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

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.

your a meme

>btc the most secure chain
WRONG

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

turing completeness weakens security

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

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

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

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

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

Deflation, dumbass.

told all my friends to put money into btc

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

>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.

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.

>scamming your friends

>implying BTC is the only other option