Quote from: npl on November 25, 2013, 07:11:19 AM

Quote from: Ibian on November 25, 2013, 05:06:31 AM

What makes bitcoin unsustainable? The fact that it will some day stop rising in value?

No. Reread Impaler's post. What is unsustainable is that transaction fees are rising rapidly, but that at the same time they are unable to cover network costs.

But - the second graph doesn't mean a lot by itself, we need to see transaction fees as a percentage, not as a dollar figure- and even then what's interesting is the median, not the average.

https://blockchain.info/charts/cost-per-transaction

I don't understand that chart. Is it saying that it costs $50+ in transaction fees per transaction or per block?

Btw, I predicted Spiraling Transaction Fees Destruction of Bitcoin.

Also Bitcoin appears to be broken already. Sending medium size (e.g. $50) transactions from localbitcoins to Bitpay invoice is not working. These were working at 1 BTC = $350. I suppose the system has frozen because all the transactions are going to those buying and selling BTC for dollars in mania speculation fever, thus willing to pay much higher transaction fees.

This sort of thing if true, may be the end folks. If I owned BTC, I would get out while I still could before the greed turns to fear and a stampede towards 0.

Here is what Bitpay did in the past, yet I don't expect that localbitcoins is delaying broadcasting the transaction:

http://blog.bitpay.com/2013/03/applying-late-transactions-to.html

Disclaimer: I am not giving investment advice. Consult your own professional. I am merely sharing my unprofessional thoughts. I have no position long nor short in BTC, nor do I plan to obtain one.