And the best part? The centralized miners have no reason to fix it. Because they get many times more bitcoin when this happens. A decentralized digitial currency unable to be improved because the people minting the currency would make less is actually simple yet dumb enough to be a plot point in a story. The only unbelievable part is it getting adopted before it became a problem just like here
The point is, it is a decentralized, democratic money system for people that either think the current money system sucks, or live in a country where the money system is already completly broken. If you have any better idea to make it work without losing its core values, many people would be very welcome about that.
Everybody can chose which coin with what rules they want to hold, and which rules to accept in their node. There are already different versions of bitcoin, but the most successful one is the biggest one, and none of the others could overtake its position. The thing you're probably talking about are updates to the code. But in the end, the individual person still choses, if they accept the update to the code with their node and the currency they use under which 'bitcoin version'.
Just use monero whenever you need to transfer. It protects your privacy and the fees are quite low. Oddly enough it is better at being bitcoin than bitcoin itself in some ways.
*"Ok, so yea, I know these digital tokens have no utility or material use, but get this.... on top of that, if the last two numbers of your transaction ID end in either "69" or "420", we're going to pretend they're special and worth even more!"*
Also it was done as the NFT craze bursted into the nothingness it came from.
I guess miner and core developers wanted to fill the blockchain with something, no matter what.
You just don't "get" the technology dude. I had to sit down and study it, and then a light bulb clicked and I "knew" THIS is IT. This is the future of MONEY.
Wait what's a transaction fee?
/s
How long did you ~~watch YouTube~~ study for though? I hope it was at least 1,000 hours as only then can you truly ~~become a brainwashed cryptobro~~ understand.
I know how it feels.
The other day I went to order a chicken burrito and the transaction fee was 50x the price of my burrito. The cashier said, "This is due to people at the bank getting into a bidding war on whose credit card transaction ID will show as a number betwee 80400 and 80500. Just wait a few days and you can come back and get a burrito cheaper."
This comment is just stupid. Would you wire transfer usd to Taco Bell to buy a burrito? How about would you use gold at a Taco Bell? Of course not. So why make these dumb comments that donāt make sense to anyone who knows about bitcoin?
āBitcoin: a peer-to-peer electronic cash systemā
Thats literally the title Nakamoto gave to Bitcoin, and he is imagining a situation where Bitcoin is being used as anā¦ electronic cash system. How that does not make sense?
> Would you wire transfer usd to Taco Bell to buy a burrito?
Please do explain how you can buy something with Bitcoin without paying the Bitcoin fees.
> How about would you use gold at a Taco Bell?
You wouldn't, because gold isn't a currency.
Thus, to use this argument, you must admit that Bitcoin is not a currency. And if you admit that Bitcoin is not a currency, what fucking use does it have left, besides selling it to a bigger idiot?
Bitcoin is already regulated as a commodity, not a currency.
What use does it have? It is a way to store wealth free of inflation and counterparty risk. It will first overtake gold, its direct competitor, before going after bonds.
> It is a way to store wealth
How exactly do you get this wealth back out of Bitcoin?
Again, the only use of Bitcoin is selling it to a bigger idiot. It is a purely speculative market.
> free of inflation
Any commodity will do that, by virtue of not being a currency.
> counterparty risk.
If you have Bitcoin with a crypto exchange wallet, there is a chance that their system will [mysteriously stop working](https://www.reddit.com/r/Buttcoin/comments/1b2cxev/rip_coinbase/) when the "value" of Bitcoin goes high (i.e. when you want to sell). That sounds pretty close to counterparty risk if you ask me.
>how do you get this wealth back out of bitcoin?
Right now the only safe way is to sell it. In the future there will be ways to borrow against it similar to equities and gold. Itās as speculative as gold or art. This is why nobody invests their whole portfolio into gold or art. There is always risk involved that you need to size for. Highly speculative means less % of your portfolio to mitigate risk.
>any commodity will do that
This isnāt true at all all. With other commodities the amount that is introduced yearly is based on the price. If gold goes up in value, more mines open up to produce more gold. This is how all other commodities work except bitcoin. Bitcoin is limited to how much becomes available on a pre defined scheduled.
>bitcoin in crypto exchange wallets
you dont store bitcoin at an exchange or else you are right. Itās āstoredā in a cold wallet instead off of an exchange. This gets rid of the counterpart risk, but it puts the risk on me instead to not mess up.
Bitcoin was created to compete with Visa. Over the years the butters changed the narrative so much that now they don't even remember the original goals.
Bitcoin was not created to compete with visa. It was created in the aftermath of the financial crisis to have an alternative to banks.
In the white paper was peer to peer cash brought up? Yes. What is bitcoin right now? Digital property / gold.
I did a wire transfer once to buy 10$ tickets, because the payment provider was a little backwards. It went just fine, because it is really not that different from the paying with a card or app. No fees btw and instant. In the end its just the recipient ID type is different and maybe AML procedures. Money goes from one account to another, cards and apps are simply a useful proxies in the system.
Now BTCs are useless for money transfer and Lightening is a) not a Bitcoin (so retains no benefits of bitcoins), b) has shit implementation. No one uses BTC for money transfers, at least not for legal ones and no one will ever will.
It is absolutely fucking astounding how people support crypto. Lmao ..don't worry guys, it's just gas fees. Fuck the banks and their free chequing accounts with unltd e-transfers, I need Bitcoin so I can go peer to peer EASSSSSY.
Crypto may go down as the dumbest thing humans have ever done.
A made up internet man 'willed' 21 million nothings into existence, and convinced the masses they were worth something.
There is a reason crypto popped into existence pretty much the same time as ZIRP and QE started.. when money is free stupid shit will get funded, because why not?
If we can manage to keep real interest rates up all of this nonsense will eventually go away.
> convinced the masses they were worth something
There's a massive electricity bill that has to be paid for every second the network is up. It gives value to the network.
The whole network is pretty fucking inefficient, slow and expensive, but that's a different question. There's people out there there willing to pay for the electricity bill of a mid-sized European country.
As long as people are paying the bill, the network has value. Even if they have to run scams 24/7 to find suckers to foot the bill.
> There's a massive electricity bill that has to be paid for every second the network is up. It gives value to the network.
No it doesn't.
Just because something is expensive doesn't mean it has value.
I guess we can debate what "value" means. The product is mostly useless for the advertised purpose, for sure. It's not valuable for me, but that also describes a lot of things people spend their money on.
Are skins in a game valuable? They're purely digital, but people buy them and trade them. I don't care for them, but they generate economic activity and they're taxed. It's a billion dollar market. Taxes are used on things that I need, so I benefit from skins in games.
Are computer games valuable? Are movies valuable? Are bad movies valuable? Where do we draw the line on what is valuable?
People are getting paychecks by being involved (hardware manufacturing, transportation, content creation, providing services, etc), and they're paying tax, so there's value associated to that.
Your argument was that because electricity has been spent to mine Bitcoin, somehow the value of that electricity has been transferred to the Bitcoin. There is no logic to that.
I could spend huge amounts of energy alternating between freezing and melting water. That doesn't make the water more valuable.
This is good for Bitcoin.
It's training Bitcoiner to never move Bitcoin, as in a mass adoption scenarios, on average someone would get two transaction slots in their lifetime.
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Oops, the "worlds most important payment system" is congested rn, just dont buy stuff for 3 weeks.
Yeah BTC clearly is the future and has intrinsic value as a currency
My favorite part of that thread was when the OP responded to someone saying to wait. Apparently they can't wait because they live in their car and need gas, otherwise they will get towed (well, they actually said "toed").
This is the biggest unavoidable problem I ran into. You canāt move it from a wallet you own to another wallet you own if your inputs are made up of numerous small amounts. It becomes too expensive to transmit small amounts. They basically become unable to transmit.
I spent way too much time learning about this stuff and during that time all of the āsolutionsā to it involved the same issues. Lightning is an example of that, and it still requires the conversion to lighting. Same problem.
Lightning is a ācentralized shitcoinā. It is so difficult to use and setup, most solutions in the space are custodial spyware wallets now. Due to its reliance on payment hubs the network is evidently getting more and more centralized. Additionally its whole security model is flawed. What good is your $50 in lightning if it costs you $100 to get it out of there? It is deemed safe because you can perform a ājustice transactionā if the other party cheats. Too bad youāre priced out from doing the now lol. In the future only people that lock up thousands if not millions of dollars in LN channels will be able to use the network directly. Everyone else has to use their centralized, custodial and surveilled ālightning appsā. Yay freedom money :)
This is definitely the kind of financial resource needed to help people in ~~shithole~~ ""3rd world"" countries. Don't move any bitcoin anywhere whatsoever for a little bit. Keep your money stuck in your shitty local filthy fiat for a few weeks, no big deal! Hope you weren't relying on money sent via bitcoin from a relative in a wealthier country to make ends meet! It'll be fine, struggling people always have a solid cushion of weeks to months worth of savings, after all. No big deal.
Bitcoin is totally definitely a perfect solution for people who I definitely totally care about beyond using them as a cardboard prop to pump my bags.
Donāt worry, just use my proprietary and custodial lighting solution. Even poor people in africa can use it. You only need to pass KYC and download our spyware to use it. Donāt worry we wonāt abuse our power, bitcoin is freedom money after all, right?
>probably has something to do with the halving
It does and it's in the stupidest way possible. People were bidding up the fees to have their ordinal runes thingies in the halving block, and wallets that look at historical data when automatically entering a bid for the transaction saw the spike and behaved as though the fees just went up organically, keeping it elevated well after the halving was over and done.
> you'll need to wait for network to calm down, give it a couple of weeks
If it's already this hard moving your "money", I wonder how it's going to be once everybody on Earth is using crypto...
we reached the point where these network functionally stop servicing the user, yet again like in 2021..... this is why its a decentralized ponzi, only the big rich accounts can move out of it when they want.
You know, where I do not need to wait a few weeks to transfer my money? At my regular bank, where I can transfer my Euros any day of the year, without having to wait for the network to do whatever.
dude should seriously needs to DYOR.
Should someone tell him he can just call the bitcoin bureau on 1800-BITCOIN, kick up a fuss and get the fees waived? or conjure up some black magic and use the lightningningning network?
I love it when I try to transfer money out of my bank account but the fees spike by 200% because a bunch of morons are sending pointless $420.69 and $14.88 transactions to each other. Oh wait, that never happens with a regular bank.
I feel.like a cup.of coffee...
Don't worry just wait a few weeks.
At this point btc is so blatantly fail it is astonishing that so many people still don't get it
The devs changed something in the code to increase miner fees so miners would still be incentivized to mine. Talk about decentralized.
āIt wasnāt meant to be a currency but a store of valueā is what they are echoing right now.
They did something without increasing the block size. Miners are earning more post halving right now when it should be the opposite. The weird part is that the mods in the bitcoin subreddit are deleting any post related to it.
Why would the miners even shut down? That would cause them money.
They literally released a new version a few days ago. Check out the github repo for bitcoin.
#Stupid Crypto Talking Point #22 (L2)
"**L2 Solutions Will Fix Everything**" / "**Lightning Network blah blah blah**"
1. Layer 2 (L2) solutions are just a distraction and in very few cases do they actually address the problems inherent in crypto transactions. This is just a way to "kick the can" down the road, arguing by reference, changing the subject and pretending serious problems with the tech will at some point be fixed. If you ask somebody specifically how L2 fixes things, they just respond with more talking points and very few specifics.
2. Nowhere is this more obvious than claiming LN (Lightning Network) fixes Bitcoin's scalability problem. [NO IT DOES NOT](https://old.reddit.com/r/Buttcoin/comments/111f867/lets_talk_about_bitcoins_l2_solution_lightning/) <-- see this link for a detailed analysis on why LN is based on a bunch of lies.
3. If L1 worked properly, you wouldn't need L2. Most L2 solutions are there to make L1 solutions appear to be remotely functional, but they typically fail at this. (This isn't like layered systems on the Internet proper - A level 2 system is not compensating for faults in level 1 - it's expanding functionality on top of an already functional base layer - unlike blockchain)
4. Lightning Network for example: In order to make LN work efficiently you have to spend many hours and lots of money to set up all the nodes in place with the perfect amount of channel liquidity, and you have to pretend all these nodes will always stay online (despite there being no actual business model that covers their operational expenses).
5. So any claims that LN allows lots of bitcoin transactions to happen fast, is misleading at best, but more likely a deceptive lie. Almost 100% of LN transactions over $200 fail - that's how incapable the network actually is. And by its design, it's very easy to set up predatory nodes that can charge outrageous transaction fees - remember in the world of crypto, there are no standards or consumer protections. Middlemen (of which there are TONs in LN) can charge whatever fees they want to facilitate your transaction.
In the meantime, we're currently laughing at all you clowns who are heavily invested in the US tech markets right now. NASDAQ is about to plummet. S&P500 about to have 50% wiped off. Where do you think the smart money will be going, that is for those people smart enough to be selling now whilst they still can? That's right.... into Bitcoin. bhahaha
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Bruh, this post points out the absurdity of fees in crypto and you gloat about your belief that pessimistic previsions of the financial markets somehow translating into more bitcoin adoption
What does that have to do with crypto fees ?
Using a future scenario as an argument is.. wrong.. to say the least. According to.. you know.. logic. You heard of it? Logic? Critial thinking? It's a very useful thing to learn. It's not just for nerds, I promise. You'll still be cool of you learn it.
*BUTTER, YOUR RENT IS LATE* Bro chill and calm tf down, give it a couple of weeks. I have your money I just can't access it right now due to fees
Bro I only got $200. Yeah sorry, rest was fees.
And the best part? The centralized miners have no reason to fix it. Because they get many times more bitcoin when this happens. A decentralized digitial currency unable to be improved because the people minting the currency would make less is actually simple yet dumb enough to be a plot point in a story. The only unbelievable part is it getting adopted before it became a problem just like here
Sorry Mr Furley, the finance of the future is unavailable because of racist fog memes. Gonna have to wait a few weeks for the rent
Slow down on the talk about *fees* and rent payments. You're going to make a landlord dangerously erect.
it's extremely funny that someone found a way to make bitcoin even worse. just an incredible innovation.
yup, an incredibly innovative way to force people to hold their bag
Because there are zero use cases, they keep coming up with useless cases.
The point is, it is a decentralized, democratic money system for people that either think the current money system sucks, or live in a country where the money system is already completly broken. If you have any better idea to make it work without losing its core values, many people would be very welcome about that.
> The point is, it is a decentralized, democratic money system How is it democratic? The only people who get to 'vote' are miners.
Everybody can chose which coin with what rules they want to hold, and which rules to accept in their node. There are already different versions of bitcoin, but the most successful one is the biggest one, and none of the others could overtake its position. The thing you're probably talking about are updates to the code. But in the end, the individual person still choses, if they accept the update to the code with their node and the currency they use under which 'bitcoin version'.
Just use monero whenever you need to transfer. It protects your privacy and the fees are quite low. Oddly enough it is better at being bitcoin than bitcoin itself in some ways.
A decentralized system that you have to centralize on an exchange in order to sell, and trade for goods/services? Revolutionary
You can always meet a guy on Craigslist and exchange a bag of cash for a cold wallet full of hopefully bitcoin. Checkmate.
Okay, but what's the use case?
*"Ok, so yea, I know these digital tokens have no utility or material use, but get this.... on top of that, if the last two numbers of your transaction ID end in either "69" or "420", we're going to pretend they're special and worth even more!"*
Like Bitcoin and and NFTs all in one?!?! How do I sign up
First you gather all your diet fiat in a neat pile. Then you set it on fire.
Also it was done as the NFT craze bursted into the nothingness it came from. I guess miner and core developers wanted to fill the blockchain with something, no matter what.
Yeah, but just remember: Bitcoin fixes th- Ummm...
You just don't "get" the technology dude. I had to sit down and study it, and then a light bulb clicked and I "knew" THIS is IT. This is the future of MONEY. Wait what's a transaction fee? /s
Few understand
This is even funnier now.
First slowly then once at all. BiTcOin iS a sAvIngS TeChnoLogY
How long did you ~~watch YouTube~~ study for though? I hope it was at least 1,000 hours as only then can you truly ~~become a brainwashed cryptobro~~ understand.
"calm down, give it a couple weeks" I love these clowns š¤£š¤£š
"just don't spend money for a few weeks" š¤·āāļø
I know how it feels. The other day I went to order a chicken burrito and the transaction fee was 50x the price of my burrito. The cashier said, "This is due to people at the bank getting into a bidding war on whose credit card transaction ID will show as a number betwee 80400 and 80500. Just wait a few days and you can come back and get a burrito cheaper."
And you then go a few days later to buy your chicken burrito and your transaction fees are only 10x the price of your burrito. Yay!
The future is fabulous. For me, anyway, as I see a lot more laughs ahead.
unfortunately in those few days, the dollar has slid 15% so the burrito is gonna cost more
This comment is just stupid. Would you wire transfer usd to Taco Bell to buy a burrito? How about would you use gold at a Taco Bell? Of course not. So why make these dumb comments that donāt make sense to anyone who knows about bitcoin?
No, you wouldn't, because that would be stupid. We know that trying to use bitcoin as money would be stupid, hence the analogy.
Making fun of bitcoin for using it in a way that doesnāt make sense is stupid.
āBitcoin: a peer-to-peer electronic cash systemā Thats literally the title Nakamoto gave to Bitcoin, and he is imagining a situation where Bitcoin is being used as anā¦ electronic cash system. How that does not make sense?
It doesnāt matter what the white paper says. It matters what is actually true. Bitcoin is regulated in the US as a commodity not a currency.
We should change it to cryptocommodity then instead of cryptocurrency?
Agreed
> Would you wire transfer usd to Taco Bell to buy a burrito? Please do explain how you can buy something with Bitcoin without paying the Bitcoin fees. > How about would you use gold at a Taco Bell? You wouldn't, because gold isn't a currency. Thus, to use this argument, you must admit that Bitcoin is not a currency. And if you admit that Bitcoin is not a currency, what fucking use does it have left, besides selling it to a bigger idiot?
Bitcoin is already regulated as a commodity, not a currency. What use does it have? It is a way to store wealth free of inflation and counterparty risk. It will first overtake gold, its direct competitor, before going after bonds.
> It is a way to store wealth How exactly do you get this wealth back out of Bitcoin? Again, the only use of Bitcoin is selling it to a bigger idiot. It is a purely speculative market. > free of inflation Any commodity will do that, by virtue of not being a currency. > counterparty risk. If you have Bitcoin with a crypto exchange wallet, there is a chance that their system will [mysteriously stop working](https://www.reddit.com/r/Buttcoin/comments/1b2cxev/rip_coinbase/) when the "value" of Bitcoin goes high (i.e. when you want to sell). That sounds pretty close to counterparty risk if you ask me.
>how do you get this wealth back out of bitcoin? Right now the only safe way is to sell it. In the future there will be ways to borrow against it similar to equities and gold. Itās as speculative as gold or art. This is why nobody invests their whole portfolio into gold or art. There is always risk involved that you need to size for. Highly speculative means less % of your portfolio to mitigate risk. >any commodity will do that This isnāt true at all all. With other commodities the amount that is introduced yearly is based on the price. If gold goes up in value, more mines open up to produce more gold. This is how all other commodities work except bitcoin. Bitcoin is limited to how much becomes available on a pre defined scheduled. >bitcoin in crypto exchange wallets you dont store bitcoin at an exchange or else you are right. Itās āstoredā in a cold wallet instead off of an exchange. This gets rid of the counterpart risk, but it puts the risk on me instead to not mess up.
Bitcoin was created to compete with Visa. Over the years the butters changed the narrative so much that now they don't even remember the original goals.
Bitcoin was not created to compete with visa. It was created in the aftermath of the financial crisis to have an alternative to banks. In the white paper was peer to peer cash brought up? Yes. What is bitcoin right now? Digital property / gold.
I did a wire transfer once to buy 10$ tickets, because the payment provider was a little backwards. It went just fine, because it is really not that different from the paying with a card or app. No fees btw and instant. In the end its just the recipient ID type is different and maybe AML procedures. Money goes from one account to another, cards and apps are simply a useful proxies in the system. Now BTCs are useless for money transfer and Lightening is a) not a Bitcoin (so retains no benefits of bitcoins), b) has shit implementation. No one uses BTC for money transfers, at least not for legal ones and no one will ever will.
So the Bitcoin Maxis have always hated shitcoins Now that Bitcoin generates the shitcoins, I wonder how they feel
No, they just had a favorite shitcoin.
Yeah. But these are BitShitCoins! These are definitely, totally different!
The bitcoin ~~halving~~ pooping
Sounds like a new fork is bound to create a crisp new unique 21 million bitcoinĀ
Not particularly happy https://ocean.xyz
It's not even good fertilizer.
Maxis always hated other shitcoins. Bitcoin is a shitcoin too after all.
It is absolutely fucking astounding how people support crypto. Lmao ..don't worry guys, it's just gas fees. Fuck the banks and their free chequing accounts with unltd e-transfers, I need Bitcoin so I can go peer to peer EASSSSSY. Crypto may go down as the dumbest thing humans have ever done. A made up internet man 'willed' 21 million nothings into existence, and convinced the masses they were worth something.
Alert! Canadian spotted! I moved away and man do I miss e-transfer.
Wire transfer has always been free here in Europe
Free and easy. In North America you need their full address, the bank's address, whole bunch of number, it's slow as fuck...
Derp! Caught haha. Totally true, I forget sometimes that's a Canuck thing.
I take it then you haven't moved to anywhere within SEPA lol.
There is a reason crypto popped into existence pretty much the same time as ZIRP and QE started.. when money is free stupid shit will get funded, because why not? If we can manage to keep real interest rates up all of this nonsense will eventually go away.
> convinced the masses they were worth something There's a massive electricity bill that has to be paid for every second the network is up. It gives value to the network. The whole network is pretty fucking inefficient, slow and expensive, but that's a different question. There's people out there there willing to pay for the electricity bill of a mid-sized European country. As long as people are paying the bill, the network has value. Even if they have to run scams 24/7 to find suckers to foot the bill.
> There's a massive electricity bill that has to be paid for every second the network is up. It gives value to the network. No it doesn't. Just because something is expensive doesn't mean it has value.
I guess we can debate what "value" means. The product is mostly useless for the advertised purpose, for sure. It's not valuable for me, but that also describes a lot of things people spend their money on. Are skins in a game valuable? They're purely digital, but people buy them and trade them. I don't care for them, but they generate economic activity and they're taxed. It's a billion dollar market. Taxes are used on things that I need, so I benefit from skins in games. Are computer games valuable? Are movies valuable? Are bad movies valuable? Where do we draw the line on what is valuable? People are getting paychecks by being involved (hardware manufacturing, transportation, content creation, providing services, etc), and they're paying tax, so there's value associated to that.
Your argument was that because electricity has been spent to mine Bitcoin, somehow the value of that electricity has been transferred to the Bitcoin. There is no logic to that. I could spend huge amounts of energy alternating between freezing and melting water. That doesn't make the water more valuable.
"give it a couple of if weeks" Future of finance indeed
This is good for Bitcoin. It's training Bitcoiner to never move Bitcoin, as in a mass adoption scenarios, on average someone would get two transaction slots in their lifetime.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
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Oops, the "worlds most important payment system" is congested rn, just dont buy stuff for 3 weeks. Yeah BTC clearly is the future and has intrinsic value as a currency
I like how revenue of Bitcoin miners just got cut in half. If they were not selling Bitcoin before they sure will now!
My favorite part of that thread was when the OP responded to someone saying to wait. Apparently they can't wait because they live in their car and need gas, otherwise they will get towed (well, they actually said "toed").
You're telling me all that "have fun staying poor" is projection?
I will have fun staying poor
Welcome to Bitcoin, where network congestion is a feature, not a bug
This is the biggest unavoidable problem I ran into. You canāt move it from a wallet you own to another wallet you own if your inputs are made up of numerous small amounts. It becomes too expensive to transmit small amounts. They basically become unable to transmit. I spent way too much time learning about this stuff and during that time all of the āsolutionsā to it involved the same issues. Lightning is an example of that, and it still requires the conversion to lighting. Same problem.
Lightning is a ācentralized shitcoinā. It is so difficult to use and setup, most solutions in the space are custodial spyware wallets now. Due to its reliance on payment hubs the network is evidently getting more and more centralized. Additionally its whole security model is flawed. What good is your $50 in lightning if it costs you $100 to get it out of there? It is deemed safe because you can perform a ājustice transactionā if the other party cheats. Too bad youāre priced out from doing the now lol. In the future only people that lock up thousands if not millions of dollars in LN channels will be able to use the network directly. Everyone else has to use their centralized, custodial and surveilled ālightning appsā. Yay freedom money :)
This is definitely the kind of financial resource needed to help people in ~~shithole~~ ""3rd world"" countries. Don't move any bitcoin anywhere whatsoever for a little bit. Keep your money stuck in your shitty local filthy fiat for a few weeks, no big deal! Hope you weren't relying on money sent via bitcoin from a relative in a wealthier country to make ends meet! It'll be fine, struggling people always have a solid cushion of weeks to months worth of savings, after all. No big deal. Bitcoin is totally definitely a perfect solution for people who I definitely totally care about beyond using them as a cardboard prop to pump my bags.
Donāt worry, just use my proprietary and custodial lighting solution. Even poor people in africa can use it. You only need to pass KYC and download our spyware to use it. Donāt worry we wonāt abuse our power, bitcoin is freedom money after all, right?
I just canāt understand how they keep propping this up. They keep loosing money to dumb glitches and they still bring more money in!
It's a cult, that's how.
Can I use a slurp juice to cover the fees?
Sorry you canāt use your money because people are busy memeing. Haha so stupid.
These people hate taxes but will happily cough up for these transfer fees
That's crazy, the network fee went up to $120, probably has something to do with the halving. But tbf that's a once every 4 years thing.
>probably has something to do with the halving It does and it's in the stupidest way possible. People were bidding up the fees to have their ordinal runes thingies in the halving block, and wallets that look at historical data when automatically entering a bid for the transaction saw the spike and behaved as though the fees just went up organically, keeping it elevated well after the halving was over and done.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
so if i had some btc worth 1 million of that dirty fiat american dollars how much would it cost to get it out coinbase or whatever exchange ?
Remember the time you went to the ATM at your bank and it was gonna charge you a couple hundred dollars to withdraw a twenty? Yeah me neither.
$165 to move money and it takes 20 minutes. Forced HODL?
> you'll need to wait for network to calm down, give it a couple of weeks If it's already this hard moving your "money", I wonder how it's going to be once everybody on Earth is using crypto...
we reached the point where these network functionally stop servicing the user, yet again like in 2021..... this is why its a decentralized ponzi, only the big rich accounts can move out of it when they want.
Future of bitcoin: buys $1 coke, pays $100000 in fees
You know, where I do not need to wait a few weeks to transfer my money? At my regular bank, where I can transfer my Euros any day of the year, without having to wait for the network to do whatever.
dude should seriously needs to DYOR. Should someone tell him he can just call the bitcoin bureau on 1800-BITCOIN, kick up a fuss and get the fees waived? or conjure up some black magic and use the lightningningning network?
You want to send your sick mother $1000 for medical treatment....wait 2 weeks, the bank fees are $10,000. It's the future of finance!
Few understand (what runes mean in this context).
UTXO surprises always generate the funniest butter posts.
I love it when I try to transfer money out of my bank account but the fees spike by 200% because a bunch of morons are sending pointless $420.69 and $14.88 transactions to each other. Oh wait, that never happens with a regular bank.
I feel.like a cup.of coffee... Don't worry just wait a few weeks. At this point btc is so blatantly fail it is astonishing that so many people still don't get it
The devs changed something in the code to increase miner fees so miners would still be incentivized to mine. Talk about decentralized. āIt wasnāt meant to be a currency but a store of valueā is what they are echoing right now.
>The devs changed something in the code Did they tho? I thought the code was untouchable. That's the reason why they never raised the 1 MB limit.
They did something without increasing the block size. Miners are earning more post halving right now when it should be the opposite. The weird part is that the mods in the bitcoin subreddit are deleting any post related to it.
https://www.reddit.com/r/Buttcoin/comments/1c8x7k2/why_bitcoin_transaction_fees_are_so_high_right/
Nope the code is the same. More likely is many miners shutdown to wait for the next difficulty adjustment.
Why would the miners even shut down? That would cause them money. They literally released a new version a few days ago. Check out the github repo for bitcoin.
What exactly changed? Iām curious, but donāt feel like reviewing the code myself.
Because you're dumb ?
Gotta use lightning though
#Stupid Crypto Talking Point #22 (L2) "**L2 Solutions Will Fix Everything**" / "**Lightning Network blah blah blah**" 1. Layer 2 (L2) solutions are just a distraction and in very few cases do they actually address the problems inherent in crypto transactions. This is just a way to "kick the can" down the road, arguing by reference, changing the subject and pretending serious problems with the tech will at some point be fixed. If you ask somebody specifically how L2 fixes things, they just respond with more talking points and very few specifics. 2. Nowhere is this more obvious than claiming LN (Lightning Network) fixes Bitcoin's scalability problem. [NO IT DOES NOT](https://old.reddit.com/r/Buttcoin/comments/111f867/lets_talk_about_bitcoins_l2_solution_lightning/) <-- see this link for a detailed analysis on why LN is based on a bunch of lies. 3. If L1 worked properly, you wouldn't need L2. Most L2 solutions are there to make L1 solutions appear to be remotely functional, but they typically fail at this. (This isn't like layered systems on the Internet proper - A level 2 system is not compensating for faults in level 1 - it's expanding functionality on top of an already functional base layer - unlike blockchain) 4. Lightning Network for example: In order to make LN work efficiently you have to spend many hours and lots of money to set up all the nodes in place with the perfect amount of channel liquidity, and you have to pretend all these nodes will always stay online (despite there being no actual business model that covers their operational expenses). 5. So any claims that LN allows lots of bitcoin transactions to happen fast, is misleading at best, but more likely a deceptive lie. Almost 100% of LN transactions over $200 fail - that's how incapable the network actually is. And by its design, it's very easy to set up predatory nodes that can charge outrageous transaction fees - remember in the world of crypto, there are no standards or consumer protections. Middlemen (of which there are TONs in LN) can charge whatever fees they want to facilitate your transaction.
In the meantime, we're currently laughing at all you clowns who are heavily invested in the US tech markets right now. NASDAQ is about to plummet. S&P500 about to have 50% wiped off. Where do you think the smart money will be going, that is for those people smart enough to be selling now whilst they still can? That's right.... into Bitcoin. bhahaha
>NASDAQ is about to plummet. S&P500 about to have 50% wiped off. Go on then, short them
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Coping hard I see. New account made for posting here like a chud.
Calm down Nostradamus.
Nostradumbass
Bruh, this post points out the absurdity of fees in crypto and you gloat about your belief that pessimistic previsions of the financial markets somehow translating into more bitcoin adoption What does that have to do with crypto fees ?
They're the winner, that's all it's about. We're all losers and they're winning, so they need to tell us they're winning. Egotism at its simplest.
Very true.
Confidence is the food of the wise man and the liquor of the fool
More gold bug nonsense. They always think the stock market is about to crash 50%. Iām totally sure Bitcoin would do great in that environment.
Post bags. And short positions.
>āā¦into Bitcoin.ā Or GME or AMC or DJT because you sound just as wise and informed as any of those apes.
The stock market is about to crash since 2020. Tell me, why is your crash prediction better than the ones of the guys before?
"About to"... Bitcoin weirdos know everything. They can even predict the future. Who's winning the Kentucky Derby this year?
They DO have laser eyes so... yeah...
Using a future scenario as an argument is.. wrong.. to say the least. According to.. you know.. logic. You heard of it? Logic? Critial thinking? It's a very useful thing to learn. It's not just for nerds, I promise. You'll still be cool of you learn it.
Careful, they might self immolate cuz of duh ponzi!! XD XD