Post
Topic
Board Bitcoin Discussion
Re: Bitcoin mining is not efficient & other problems
by
AgentofCoin
on 06/01/2017, 21:43:33 UTC
Everyone knows that there is a problem with Bitcoin that needs to be fixed before there's mass adoption. What's one of the main problems? Miners. If you don't pay a fee or if your fee is too low they make you wait, sometimes for hours.
You are paying a miner's fee for priority for a FINAL SETTLEMENT.
When you pay with a credit card or debt, your tx is REVERSABLE up to 6 to 9 months.
Bitcoin allows for a near immediate SETTLEMENT in a P2P way.

Whether the future use is as a CURRENCY or ASSET, is currently debatable.


Another thing is the block size. I believe that replacing miners with another system will make it so Bitcoin can actually function as an efficient system, instead of miners ignoring your transaction, it will go through quickly and painlessly.
This statement doesn't really mean anything.


Another thing is the block size and fixing Bitcoin. The average person needs to understand what's going on behind the scenes, people who are involved in alt coins are voting against fixing Bitcoin. In other words: keeping Bitcoin broken and UNFIXABLE, due to corrupt voting practices is considered a viable business practice.
This statement doesn't really mean anything.
The average person doesn't care nor will ever understand what is going on behind the "scenes".
Do the average people know what is occurring behind the scenes in world financial exchanges?

Do you have any evidence or source material for altcoin people preventing Bitcoin from being "fixed"?


What's going on behind the scenes? Bribes. People are paying well known people within the Bitcoin community to keep Bitcoin broken, they bribe them to say "There's no problems with Bitcoin! No need for an upgrade! Smiley". What I think should be done is the community should vote in people to work on Bitcoin software design to fix Bitcoin or it will remain broken for many years.
Do you have any evidence or source material for people bribing others to argue not to "upgrade"?

The community can not vote for people to work on Bitcoin because most work is purely voluntary.
Most of your understanding as to Bitcoin and how it work or why it works, is incorrect.




"You are paying a miner's fee for priority for a FINAL SETTLEMENT.
When you pay with a credit card or debt, your tx is REVERSABLE up to 6 to 9 months.
Bitcoin allows for a near immediate SETTLEMENT in a P2P way."

My problem is obviously not about the fee, it's the efficiency, they may take hours if you don't pay them enough. There is no set price. Meaning, if you went out to buy something with Bitcoin is waiting hours reasonable?

"The community can not vote for people to work on Bitcoin because most work is purely voluntary.
Most of your understanding as to Bitcoin and how it work or why it works, is incorrect."

You are obviously incorrect, much of what happens to change Bitcoin happens through the community voting to change something, there is a consensus. Not anyone can go change the code of Bitcoin, for example, if you have any coding experience go try to make your own changes and see what happens.

1. What you don't understand is that bitcoins are technically an electronic cash or some say electronic gold.
In order for these electronic payment types to work, there needs to be a verification to prevent doublespends.
To solve this, Satoshi "created" the blockchain system, so there can never be true instantaneous settlement.
Instantaneous settlement is an illusion for laypeople in electronic forms of payment.
The truth is that the more confirmations your tx has, the more non-reversable it becomes.
That is how the blockchain system works.

Your concern is buying something in a store in real time.
You are requesting an illusionary aspect, so that the buyer and seller "feels" better about
releasing the product in real time.


2. The community does not vote for changes in the Bitcoin protocol.
Only the node and mining community has any voting/signaling ability.

Average Bitcoin users have no means to vote for who they want to code for Bitcoin.
You have no voting ability to decide what you yourself are suggesting, unless you run a node.

I think this thread proves my original point. I don't think much will get done because there's more money in creating alt coins, saying bad things about Bitcoin and keeping Bitcoin software primitive and less attractive than alt coins. Also, DASH has instant send and doesn't have any issues with double spending, Bitcoin does, seen here:

https://www.youtube.com/watch?v=RtGzV_-agcI&feature=youtu.be

https://www.glasshunt.co/

You are coming at this the wrong way.
If you feel that an altcoin will overtake Bitcoin as the leader, you can invest in another coin.
DASH is known for having problems that Bitcoin does not. DASH's instant send is an illusion.
As I have stated prior, there can not be "instantaneous settlement" in a blockchain.
If DASH claims to have it, it is likely a misunderstanding of how that coin functions.

In the meantime, Bitcoin is doing what it was designed to do and will continue to do.
When a change is needed and the community wants it, the change will come.
Because changes are not constant or revolutionary at each new version,
does not mean there is something wrong, that just means we have nothing to prove.

The video you have provided shows someone doublespending in an online casino.
That type of doublespending is not what the blockchain was designed to stop.
That only occurred because the casino did not wait for a single confirm, before crediting the account.

Your understanding of Bitcoin is not correct, but an opinion on what you think it should do.