Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
brg444
on 04/11/2015, 17:07:59 UTC
Quote from: VeritasSapere on November 04, 2015, 05:03:53 PM
Quote from: tvbcof on November 04, 2015, 04:27:49 PM
Quote from: TooDumbForBitcoin on November 04, 2015, 04:19:09 PM
Quote from: tvbcof on November 04, 2015, 04:02:24 PM

Fine then; go ahead move over to an alt for your latte purchases.  I'll do mine on a sidechain and enjoy the solidity of real Bitcoin backing it without destroying the solution.

Bloating Bitcoin right into the waiting arms of corp/gov so you can have some nebulous benefit of having a record of your piss-ant transaction recorded in every copy of the blockchain and in-perpetuity is beyond retarded.

"My transaction is more important than your transaction"

Soon to be on a bumper sticker in front of you.
Good!  I pay roughly a $10-ish transaction fee when I do a real Bitcoin transaction.  If I am sucking hind teat that means that other user's are compelled to pay more and it means that as a core solution Bitcoin is in a sweet-spot where it is not profitable enough to justify giant datacenters but is interesting enough to keep small and medium sized players around the world providing infrastructure support.

In day-to-day use, I expect to use sidechains and make infrequent and periodic native Bitcoin transactions for the sole purpose of balancing risk.  I can easily afford to pay $10 once in a while to perform such operations.  In fact, it's a steal for a genuinely robust solution!
You do realize that even if you pay a ten dollar transaction fee, or lets say hypothetically even a thousand dollar transaction fee. Then even if everyone pays their thousand dollar transaction fee and the network is for example overloaded by a factor of two then half of those transactions will still not be confirmed even if you have payed your thousand dollar transaction fee. Over the long run you will have to out compete banks and payment processors in order to transact on the bitcoin blockchain directly, for most people this would be impossible, effectively turning Bitcoin into a settlement layer for banks payment processors and other large institutions. At that point what would even be the point of running a full node for the banks if we can not even transact on the Bitcoin blockchain our selves.

Over the long run you won't be transacting directly on the Bitcoin blockchain  Wink

The point is to check your balance without dialing your intention to the NSA as well a having the option to fully validate the more important transactions you participate in.