It’s crazy bad this week because Coinbase pulled their surprise announcement of adding Bcash during a BTC difficulty adjustment and immediately following a huge bull run. Jihan and his posse did the same as usual and spammed the hell out of BTC when the announcement was made.
The problem could be alleviated massively if exchanges would just implement segwit and bcashers stopped spamming the mempool.
Blocks clearly need to go to 2mb in the short term, but BTC is suffering under the weight of division and politics as much as technical constraints atm.
Spam at the cost of 20 to 30 dollars per transaction? Come on… That’s just ridiculous… You are reading some seriously silly propaganda…
The increased traffic came because people where diversifying… Lots of Bitcoin moving to BCH, and Lots of sales of BTC to buy BCH Probably a lot of BCH money moving back to bitcoin too… It only makes sense that there would be a lot of traffic on an event like this.
Moving to Segwit for a company like Coinbase would be Very expensive. Can you imagine how many wallets they have? Each wallet would need to be moved to a Segwit compliant wallet at a cost of 30-35 bucks in fees. Can you imagine how much strain that would put on the already overburdened blocks? And it would make the transactions slightly smaller, but not a ton smaller… Think these things through, run the numbers in your head. Remember that many of coiinbases wallets may not even have 30 bucks in them to pay the fees…
This bitcoin debate is toxic. People need to stop, and think about what they are hearing from both sides and do the math in their head. If you are only getting your news from /r/bitcoin or /r/btc you are not getting the whole story…
So you think this is purely natural txs and it starting minutes before the announcement is not at all suspicious? Nor the fact that the same thing happened last time bcash pumped?
Txs don’t cost much if pay minimal fees, use segwit, or if you’re the miner processing a lot of the txs and charging those fees on the other end. I’ll bet Jihan ‘could’ have made a lot more from the increase in Bcash than he ‘might’ have spent on the electricity to process his own txs.
The vast majority of crypto-users store their coins on exchanges, since they are all settled off-chain there should not have been anything like this relative increase in on-chain txs this suddenly…
Ok. Firstly, every tx after the first move is cheaper, so it is obviously worth it for anyone doing more than 1 transaction, can you imagine how much money it would save users if coinbase helped facilitate cheaper txs for their users instead of encouraging them to keep them on exchange by not enabling it? Secondly, they can easily do like trezor and others did in the first week… enable segwit and allow users the option to send their coins to the updated wallet if/when they want cheaper fees. Those that don’t intend to ever move them off exchange can just leave them as is. For people who do ‘use’ their coins it is clearly worth it. I’ve never paid more than 5-10 bucks in fees and had segwit on my trezor since the day they released it. I send BTC somewhere at least a couple of times a week.
Indeed, I would never use either. The only reddit I have ever looked at is r/maidsafe. I think you’d have to be pretty blinkered to deny the evidence of a spam attack and claim all those txs are caused by people diversifying into Bcash on-chain suddenly?! It didn’t happen when everyone was suddenly ‘diversifying’ into IOTA or Cardano or any of the other recent pumps did it?
I’m no maximalist of any kind. I just say what I see. Core need to upgrade to 2mb blocks… other folks need to stop spamming and harming the ecosystem with the kind of lies and misinformation I’ve seen the likes of Roger Ver propagating. The power of Bitcoin comes from it’s decentralisation and censor resistance, the bigger blocks get the more centralised a blockchain gets. Bcash is not a scaling solution, it’s just an assault on the core value of bitcoin… divide and conquer sadly.
The problem isn’t future fees – Its the fees right now that nobody can afford. Proposing everybody move their coin to new wallets requires transactions, and many of us have wallets that barely have balances to cover fees at current rates…
You can say they don’t cost much… But my transaction has been stuck for a couple weeks now. So I have a lot of trouble buying the rhetoric… I tried to move my transaction out of my paper wallets an into the exchange so it could be settled off chain once this fiasco played out how I see it playing out…
Miners have to pay the same fee as anybody else. they just pay in opportunity cost, not their own money… If they include their own transaction they don’t pay, but they also don’t get fees they would have otherwise earned…
Good chance many of the exchanges are not even solvent… Even if they have enough bitcoin in the bank, they cannot afford to move it. When you build your business model based on fees in the cents, and it turns out that fees are 30 or 40 bucks, nobody can expect solvency…
As far as the spamming goes - You are definitely using the wrong word for that. 20 bucks a transaction is way too expensive for spam. There may have been some insider trading, but I doubt it was significant. Coinbase had clearly announce BCH support by year end. They hadn’t announce they where going to support trading, but can anyone really believe they were going to give all of their customers BCH and tell them they needed to sign up with a competitor to cash it out? Quite a few of my friends where diversifying into BCH that morning expecting a coinbase announcement. “I timed it right for once” nearly everyone said…
The main reason why we are in the mess is that 2X was vetoed by those in power – Now they are spewing excuses blaming everyone for not using 'Optional features" that where installed as optional.
But it doesn’t really matter if it is spam or not. There are no rules in Bitcoin. If you can make a legal transaction and the network crumbles because of it – Bitcoin is broken. Unfortunately that makes MAID broken too…
Ok, it’s xmas eve and I’m having a lovely time with friends and enjoying a drink . I’ll just have to point out how wildly inaccurate your assumption here is and then get on with my evening rather than waste another half hour picking through each point that you’ve made.
I’m astounded anyone could think exchanges were barely solvent? I was fortunate enough to be an early investor (through BttF) in a few of the big exchanges (Bitfinex, Bitstamp, Bitso, Kraken). I can assure you that they are making an eye-watering amount of money. Most exchanges are rolling around in so much money they literally don’t know what to do with it! I spat my drink across the room when I read that bit so I had to comment.
Anyway, each to their own. Happy Xmas to all, big blocker or small!
The exchanges transaction cost has gone from pennies to thirty bucks a transaction. And their core business involves transacting. It is what it is. It doesn’t matter how much money they made in the past – Their costs right now are massive. And they don’t have any choice but to just eat it, if they want to stay in business.
I suspect the huge run up in Bticoin price is in large part because companies that must transact need to buy more bitcoin to be able to transact, and there is less and less bitcoin that is spendable because of the low balance wallet problem… Everyone is cheering the price increase, but It’s a deflationalry cycle that is self perptuating with little hope for a resolution.
Time will tell. I am not optomistic… The writing has been on the wall for years… Everyone assumes that because Bitcoin has so many obituaries, it is immortal, But math is math, and it doesn’t care much about politcs…
Standard practice has always been no address reuse though… That means any deposit is likely in it’s own wallet… How many deposits would be largely eaten away by high fees?
I think it’s probably ugly… How ugly? We won’t find out until the dominos start toppling…
I’m sorry we saw spamming last time and now this time. You can spam the btc network with zero or near zero fees with it taking only 0.00000546 btc per transaction. Eventually these return to the spammer because it will not be mined.
I have to agree with the spamming. Some of these people have millions to play with and try and manipulate the market.
Yesterday I did a BCH transfer with recommended fee and it took ages (most of one day). Yet My BTC with small fess and using an accelerator costing 5$ went through much quicker.
The BTC network is not as bad (yet) as people are imagining or claiming out there.
If you spam the mempool by not paying fees, that is harmless. The miners ignore you… You just lock up your funds for a few weeks.
That isn’t the case now… The are millions of dollars of fees waiting to be claimed – There just isn’t the capacity for them to be claimed.
I am certainly not imagining my troubles. You can even look on the highly moderated /r/bitcoin and see complaints galore… Even the core guys are admitting the problem is out of hand…
The question of MAID coins still seems rather unaddressed… Is there a contingency for Fees making the investments unredeemable? Or are we just burying our head in the sand and assuming that Bitcoin will figure out how to navitage it’s woes?
People can simply sign a message to prove they control an address so then the exchange can be done without moving any coins. And any coins on exchanges can be handled by the exchange.
A date (block#) is set for the snapshot and any further transactions are useless. So your MAID at that block# is the MAID you deemed to have. Exchanges did this sort of thing with crediting BCH using the time of the fork block#
Way and above the burn address is the best way.
Mind you the snapshot method allows real easy restart of the transfer process if safecoin failed for some reason (bug/hack)
Could you elaborate ?
I understand that I can prove that I have the private key. From here, how can the exchange “be done without moving any coins” ?
ty !
