The Verge : Bitcoin's nightmare scenario has come to pass

[kpitcher]

http://www.theverge.com/2016/3/2/11146584/bitcoin-core-classic-debate-transaction-limit-crisis

Last week I had a transaction take over an hour from blockchain.info

Over the last year and a half a number of prominent voices in the Bitcoin community have been warning that the system needed to make fundamental changes to its core software code to avoid being overwhelmed by the continued growth of Bitcoin transactions. There was strong disagreement within the community, however, about how to solve this problem, or if the problem would ever materialize.

This week the dire predictions came to pass, as the network reached its capacity, causing transactions around the world to be massively delayed, and in some cases to fail completely. The average time to confirm a transaction has ballooned from 10 minutes to 43 minutes. Users are left confused and shops that once accepted Bitcoin are dropping out.

 

[dannno]

I just bought some gold and had a transaction go through in less than 5 seconds on blackchain.info through bitpay

 

[jmdrake]

I just bought some gold and had a transaction go through in less than 5 seconds on blackchain.info through bitpay

Smart man...regardless of what's going on with Bitcoin.

 

[NoOneButPaul]

lol... I tried to warn everyone. This shit was never to be trusted... the fact people willingly spent massive amounts on bitcoin with Silver under $20 was just silly. There's so many flaws with bitcoin itself. People confuse blockchain with bitcoin and think it's incredible. It's not. It's Version 1 in crypto...

 

[muh_roads]

http://www.theverge.com/2016/3/2/11146584/bitcoin-core-classic-debate-transaction-limit-crisis

Last week I had a transaction take over an hour from blockchain.info

I'm not sure why people say this. The only time I've had a transaction take that long is if it came from an exchange.

When moving from personal wallet to personal wallet the signal is instant to the recipient. I guess I've never encountered someone that needed to move funds the moment I send to them. Maybe you are being too cheap with fees? I always choose the most generous...7 cents I think...

How spoiled are we? We can't wait more than an hour or so when the competition, SWIFT wire, can take multiple days...lol

 

[muh_roads]

Smart man...regardless of what's going on with Bitcoin.

Bitcoin is far more rare than gold.

 

[muh_roads]

lol... I tried to warn everyone. This shit was never to be trusted... the fact people willingly spent massive amounts on bitcoin with Silver under $20 was just silly. There's so many flaws with bitcoin itself. People confuse blockchain with bitcoin and think it's incredible. It's not. It's Version 1 in crypto...

Bitcoin continues to work just fine for me. You've been telling people to not buy bitcoin since it was in the very low double-digits. I'm glad I didn't listen to your "warning".

 

[dannno]

The price has dropped $2 since this article was posted, down to $418.. real nightmare

 

[NoOneButPaul]

Bitcoin continues to work just fine for me. You've been telling people to not buy bitcoin since it was in the very low double-digits. I'm glad I didn't listen to your "warning".

You're correct and I still wouldn't be buying it at $30. The entire thing is an implosion waiting to happen. Bitcoin is not blockchain. My entire argument from the beginning remains unchanged - it will literally take 1 new cryptocurrency to make bitcoin obsolete. There's nothing unique about bitcoin vs litecoin or any of the other 100+ crypto currencies in existence. The difference is bitcoin was first.

You're going all-in on myspace with facebook only a few years out... when the dust settles the money i've spent on silver and gold instead will end up much more lucrative because just like with currency markets precious metals will hold up vs crypto currencies that can be created out of thin air.

 

[NoOneButPaul]

Bitcoin is far more rare than gold.

lol... hilarious... you can create crypto currencies out of thin air - even lift the supposed limit on how many bitcoins can be mined - yet you think that's more rare than something that requires a SUPERNOVA to be created? LOL the bitcoiners are too funny...

Make your money while you can because it's these types of delusions that are going to be your downfall.

 

[dannno]

You're correct and I still wouldn't be buying it at $30. The entire thing is an implosion waiting to happen. Bitcoin is not blockchain. My entire argument from the beginning remains unchanged - it will literally take 1 new cryptocurrency to make bitcoin obsolete. There's nothing unique about bitcoin vs litecoin or any of the other 100+ crypto currencies in existence. The difference is bitcoin was first.

You're going all-in on myspace with facebook only a few years out... when the dust settles the money i've spent on silver and gold instead will end up much more lucrative because just like with currency markets precious metals will hold up vs crypto currencies that can be created out of thin air.

Ya see you aren't very educated about cryptos..

It takes more than somebody writing some new code for a new crypto and releasing it to defeat bitcoin.. It will take a lot of promotion and a lot of time to convince hardware operators who operate the bitcoin network to switch over so that the computing power necessary for the new currency is available and active.

If that happens, there will be time for people to sell their bitcoin and buy into the new crypto currency - as with bitcoin, the early adopters will receive more of the benefit.

 

[dannno]

lol... hilarious... you can create crypto currencies out of thin air - even lift the supposed limit on how many bitcoins can be mined - yet you think that's more rare than something that requires a SUPERNOVA to be created? LOL the bitcoiners are too funny...

Make your money while you can because it's these types of delusions that are going to be your downfall.

Bitcoin is more rare than gold, creating a new cryptocurrency out of thin air does not do anything to diminish the value of bitcoin.

Everything you post is wrong, you hang onto and proclaim bullshit articles to be the truth, where is your credibility?

 

[kpitcher]

The price has dropped $2 since this article was posted, down to $418.. real nightmare

I know damnit, couldn't it do a nice low spike until tax returns come back so I could pick some up cheap...

 

[The Free Hornet]

If that happens, there will be time for people to sell their bitcoin and buy into the new crypto currency -

That's a delusion. If the market perceives a shift to another currency, the floor is going to drop before you have time to sell. Possibly a few - a literal few - with stop loss orders might catch a break with matching limit orders to buy on dips. Once sellers overwhelm buyers, you're fucked. There is no bankruptcy re-organization or book value or cash or anything like that to bring those bitcoins back up in value.

The change will happen so fast that likely bitcoin will just swap charts with some lit/dodge-whatever coin in a matter of minutes, possibly hours. Time is not a luxury you will have. Seriously, what buyers do you have lined up in the event a new crypto currency gains favor?


Edit: I am *NOT* saying bitcoin will collapse or that another crypto currency will gain enough to replace it. My contention is that if YOUR vision of "the new crypto currency" comes to pass, then there will NOT be time to sell at anything close to recent value. The floor drops. If you didn't already own "the new crypto currency" you lose out.

 

[muh_roads]

lol... hilarious... you can create crypto currencies out of thin air

Bitcoin-Testnet coins for development purposes are also limited with the same supply cap but are worth nothing. As dannno said, you really don't know what you are talking about.