Post
Topic
Board Bitcoin Discussion
Re: (RE: Flippening) bitcoin has worked perfectly for 8 years 24/7/365
by
jaysabi
on 21/06/2017, 16:18:34 UTC
bitcoin has worked perfectly fine for over 8 years
it has processes 233,647,631 transactions [1]
it is now processing ~300,000 transactions per day [2]
about 200-600 million dollar is being transfered using bitcoin on daily basis [3]
there has been a spam attack on the network for some time. some people say it has been a couple of years. but it is still functioning as it should.
bitcoin has never failed, the blockchain has always been working, nodes are up and running and spread across the globe, no exchange has ever suspended bitcoin wallet to investigate!


ethereum got some attention for a couple of months this is the result:
average transaction fees surpasses $1 in 2 months [4]
blockchain is congested and caused ethereum and all the others relying on it to fail. all exchanges have already disabled all these wallets.


[1] https://blockchain.info/charts/n-transactions-total?timespan=all
[2] https://blockchain.info/charts/n-transactions
[3] https://blockchain.info/charts/estimated-transaction-volume-usd
[4] https://bitinfocharts.com/comparison/ethereum-transactionfees.html


I wouldn't take an overly simplistic fact like "Bitcoin has never failed" as proof of anything conclusive. First, "failed" is overly vague. If you mean it has never gone to zero, it's true but misleading in the sense that Bitcoin has not been without hiccups or controversies, not to mention crises. And don't forget all the exchanges that HAVE failed. Mt. Gox and Cryptsy are just two of them. There are others.

The spam attack has absolutely degraded the network. Most transactions are not affected, but many hundreds of thousands of transactions have been, and the result has been to push transaction fees through the roof. The average Bitcoin transaction fee is now over $5, where it used to be just pennies or fractions of a penny. Bitcoin is not nearly the perfect system your post seems to suggest. It's an interesting alternative to traditional banking transactions, but inferior in almost every way.