Bitcoin Miner's Fees will kill the BTC platform quicker than anything else...

in btc •  7 years ago  (edited)

I saw a $30 Fee WARNING on Blocktrades earlier tonight, Here's a screenshot...
BTC fees 30 USD.png

Plus I did capture a $16.72 fee, on moving $128 U$D with the BTC system on coinbase. SLOW is one thing, it hampers BTC transactions a lot. I am a patient man, so that is not a deal breaker for me. A couple of hours is no biggie, maybe a day as long as I'm getting confirmations. OVER 10% for smaller moves is down right stupid, I know these miners are "fleecing the sheep" as mining returns were only about 50% over electricity costs. BTC was supposed to be so cheap it was darn near FREE, as compared to the ACH and credit card companies charging 3%. I mean 3% would be a right awesome fee if we had maybe 2 hour completed transactions, but SLOWER and MORE EXPENSIVE will not cut the mustard! It is far better to sell BTC, pay a fee and buy LTC then transfer. Do it all the time now! ;) Screw the BTC miners, they were so dumb that Bitcoin Ca$h arose from a hardfork. The BCH people even "cloned" your BTC if you had any at that time, but stupid me, I listened to the "experts" and sold all my BTC and missed out on the BCH freebies. I do stupid sh!t all the time, just ask my friends :P But that one was calculated, good common sense. Or so I thought. Here's my screenshot proof of the almost $17 fees they are charging RIGHT NOW. Greedy Ba$tard$ anyway.

BTC fees over 10%.png

I hope they choke on it, and soon, I am going to keep a little in BTC as a store of value until it appears something else can supplant it. I have made almost all good moves in 2017, let's keep that rolling all the way thru 2018, one year at a time, Baby! ONE TRADE AT A TIME! Just like Hillary in the commodities, 7 consecutive trades, All WINNERS, Turned $1,000 or so into $100,000. She also "won" 6 consecutive coin flips in the 2016 Iowa Caucuses, which is only a 1.6% chance of happening. She took Iowa over "The BERN", but just barely. Losing just one coin flip, TOAST. I oughta be able to do that too! 6 or 7 or EIGHT Consecutive Winning Trades! Voila!

Thanks for reading, I really needed to vent on BTC. Sorry, Old Hill, you were just a relevant reference, hope I can mirror your success, but not like the general election. ;)

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on BlockTrades right now.

Cool, found it and inserted to article!

Actually the fees are lower https://www.reddit.com/r/Bitcoin/comments/7n8bk4/this_is_getting_ridiculous_70_satb_and_1000_satb/?st=jbv02rin&sh=b0efb210
It believed to be spam attack form miner clogging the meempool and miner accept their spam transaction hence why you can get away with cheap transactions. Schoor signature should fix that. MIners are too greedy. :(

Still, it's very bad PR for BTC and will affect investor sentiment!
I believe it is getting to the point where the miners will have to develop a consensus SOON, or risk being overtaken by newer coins and technology. STEEM Comes to Mind! ;)

Core is experimenting on ways to scale bitcoin while keeping POW/without Miners and they accomplished a lot actually

good post, check my story about BTC and BCH
https://medium.com/@mahyardean/john-buys-bitcoin-9d2aab3aaabf
of course you know I'm more on altcoins hers is why:
https://medium.com/@mahyardean/is-bitcoin-loosing-its-dominance-43a40c1ad2f2

Please don't post off-site links, I don't really appreciate even steemit links, I just hate flagging people. Now if the links had been on steemit I prolly would not have even warned you... Also, the word "LOOSING" is "LOSING", in this context. Even native English speakers have trouble with that, however LOL!!!

Yeah, I agree with you... the fees are getting out of hand with Bitcoin transactions. I prefer to use Litecoin for exchange to fiat and transfers. Using Bitcoin is a last resort for me. Good post, thx!

I used ltc to transfer some last night. So cheap it is almost FREE.

Indeed! :-) Yeah, less fees equals more fiat or crypto... WooHoo :-) Well we do have to eat, and fiat is a requirement, at least for the time being. One can hope for that to change. Have a great day!

I agree totally and I think I will be moving the little I still have in Bitcoin into Ripple and Steem or only one if the fee is crazy. Appreciate that you have expressed what most of us out here are feeling!

I need to do that, I did see where Ripple surpassed ETH but what is the immediate outlook for XRP? More growth in the future, but short term, it may have exhausted itself?

Aaaah the wonderful impact of technology limitations.
Glad to see Bitcoin struggle. It is high time the favorite shifts.

It almost happened last summer, big correction prevented that:
Ethereum to take over as Dominant Crypto SOON.png

ETH almost overtook the BTC market cap.

Lol...yes those fees seem ridiculous to me. I don't blame you for venting. I don't use my bitcoin wallet much anymore. It just hangs out there with a little bitcoin in it, in case I need it.

yeah that sucks while i am a bitcoin fan i been moving to altcoins.

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