Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Look above^^^^^^^^... exhibit A ^^^^^^^^
Look above^^^^^^^^... exhibit B ^^^^^^^^
So... bigger blocks mean 'common use of bitcoin everywhere'. But that means the overall price of bitcoin will be lower! So if the advocates of bigger blocks want bigger blocks, they will have to give up high prices!
@Save the RF: You have a tendency to devolve into a kind of non-comprehension. Look in the mirror to confirm whether you are bot, or no?
Surely, bigger blocks are not seeming to be in the cards for bitcoin.... so BIG block nutjobs can whine all that they want about what they believe to be in bitcoin's future - when something like BIG blocks seems to amount to a kind of distracting and not justifiable fantasy. Segwit and lightning, is likely going to be bitcoin's short term (perhaps several years into the future path forward, and is going to be built upon, and seems to be little to no need for BIGGER blocks at the time being or even in the foreseeable future.). Bitcoin's price will do whatever it is going to do... which is likely going to continue to go up.
So... bitcoin tends to become a vault stored asset, so... smaller unheard coins will be used for buying coffee from the corner shop or beer from a bar.
Perhaps, there will be some other coins used for smaller transactions, but there no real reason that bitcoin will not evolve in that direction..... We also still have fiat and credit cards, and I don't mind spending my fiat or using my credit cards for some of those purposes, for the time being. Of course, bitcoin's use and adoption is likely to take quite a few years, so you may be correct that at least in the shorter term, there may be more of a tendency to use bitcoin as a form of store of value... especially when we still seem to have less than about .5% or world adoption, even if there may be some community pockets that have higher adoption - maybe 1-5% in some areas that are more in the crypto space (maybe tech geeks or something?).
Bitcoin will be important just because the miners will be motivated to maintain the network for high fees.
What time frame are you talking about? Currently miners seem to be incentivized to reap some of the mining reward, but maybe after a few more halvenings, the incentives will move more in the direction of fees... but it seems that currently the 12.5 coins per block seem to be a decent incentive for a lot of them.
So... if noobs want bigger blocks, they will have to go somewhere else.
What makes you think noobs want bigger blocks? Noobs don't know what the fuck they want, except perhaps an investment that holds value, appreciates in value and maybe provides some various other kinds of control over your money utility.
Because for now the miners seem to decide the fees. And they will pick higher fees as long as someone pays for the security of their assets.
What the fuck you talking about? Did you fall down and bump your head in bcash landia? This is bitcoin, helrow? Have you noticed in the past couple of months that fees have been dropping to nearly nothing and you can get transactions processed for nearly free? There are miners, who are apparently processing a large number of low fee transactions, especially in recent couple of months. In recent weeks (and maybe even more than a month now), I have sent several transactions in the 1 satoshi per byte territory and less than 10 satoshis per byte, and those transactions processed quickly... less than an hour in almost all cases... many of my transactions had three confirmations in less than 30 minutes... So yeah, there may be some questions about whether those fast processing times and low fees can keep up during spamming attacks, which likely are going to come again, at some point or another, no?