I believe they should drop down to where they were a few years back. Those upset with the situation seem to be thinking “will it happen soon enough such that some other crypto doesn’t take over first”. I’m of the thought that Bitcoin won’t be easily outdone. Dash is apparently working on a POS (point of sale app), but even once that is out (assuming it is out before the problem with Bitcoin is resolved) it’ll still take years to see it reach the general adoption of Bitcoin. Call me skeptical, but I don’t think we’re going to be seeing the end to Bitcoin any time soon. I do want to see an anonymous crypto currency succeed (like Z.Cash). Sadly it seems FUD is winning on that front. It already has a huge barrier of entry to overcome. It lacks a POS app and I’m not even sure there are any wallets that really properly support it across platforms and operating systems.
won’t we all just have another panic whenever 2mb limit is reached or has this problem been solved? also wouldn’t it be optimal to have left it dynamic anyway? it seems the original plans would have worked best
I don’t know. I think the argument against it being dynamic was a security concern although I think I recall the issue not being a realistic attack in practice so it could theoretically work. Not sure if this makes it dynamic. I understand it has been up’d to 2MB. But I have not read any articles or details on it at all.
I do wonder how much headroom 2MB will give us? Or are we going to immediately be at 90% capacity of 2MB? I have no idea and don’t know how one would calculate that.
You can’t calculate that, any more than you can calculate the proper price of bread. It’s all up to how people trust and use bitcoin. A 2 mb cap would certainly increase use, and lower fees, but how much is something that can only be seen as it happens. Could be more room will lead to lower fees and thus higher rates of use, but it could also be that enough people are leery of the fee/slow transaction issue that they might avoid it.
What’s really important is that raising the size will get people used to the idea of raising the size in the future. Kind of like how people don’t even pay attention any more to the fact that the government hasn’t had an actual budget for the last however many years, because that’s just how it is now.
Median fee just went over 100,000 satoshis, that’s over $2.50.
I’m intrigued by what you said about the push to move it beyond everyday spending. I was thinking of all the benefits of having a currency JUST for everyday spending - like basic needs only. Or all the things that don’t have an economic ROI… human maintenance fees… whatever you want to call it. If we separated “store of value” from other uses, would it be a very different picture… what would it impact?
Whoa - fees are down big time. This is great news. Will work something up about it and post details.
It’s not necessarily good news. In fact, absent the new block protocols, it indicates that there’s been a sufficient drop in btc traffic to allow the rates to fall, that is, a drop in demand for transactions, thus a lowering of the cost of those transactions.
It’s also possible some of the mixing has been moved from btc to other chains such as dash, resulting in less volume.
Also, Alphabay (a dark market site) went down this week I heard; maybe related.
I was able to send a couple transactions yesterday for less than $0.60. Still high, but I had a $6.50 fee on a normal tx a couple weeks ago.
Yeah, fees are definitely down. I’m fairly sure it’s mostly due to people moving their transactions elsewhere, and finally the backlog cleared. We’ll see what happens once some block size stuff gets fully implemented.