Does the number of pending transactions impact Bitcoin in any way? If so, what happens if users create large numbers of transactions with low/0 fees attached?
There are now more than 200k pending Bitcoin transactions
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Re: There are now more than 200k pending Bitcoin transactions
#82If bitcoin is becoming even more successful (in the sense of high transactions number) and if blocksize remains at ~1 MB, what will be the impact on fees? And could we imagine unsustainable fees?
The utility of bitcoin depends on your perspective. As a means of value exchange, high fees make it less useful. But as a store of value, high fees matter little.
Why cant something be both a store of value and be medium of transaction?
Re: There are now more than 200k pending Bitcoin transactions
#83You'll notice the entire Bitcoin community has changed tone. It used to be "this is the currency of the future, down with cash/Visa!" but now you hear "Bitcoin is not a currency, it's a store of value". The wild price swings, slow transactions, high fees, and loq merchant acceptance make it complete garbage as a currency. But as a store of value, none of those arguments apply. It only has to compete with gold bars, w…
I don't see it as a store of value. It's just a very reliable network for sending very big transactions. If you send 1 million dollars in Bitcoin, a $20 fee is negligible - The reliability of the Bitcoin network makes it worth it. For smaller transactions you should just use a different coin.
The volatility affects all sizes of transactions in the same way. So sure, transactions with Bitcoin may be reliable. But converting them is not.
Re: There are now more than 200k pending Bitcoin transactions
#84Earlier quoted context omitted.
I think something that consistently deflates is already an absurdly flawed currency. It's not exactly an exchange medium if it's better to hold on to it than do something meaningful with it.
It’s not a currency. It’s digital gold. Gold isn’t easy to exchange and it’s deflationary but it’s a good place to store your money for the long term, especially if you live in an unstable country. What makes bitcoin valuable is that it’s gold without any of the downsides of gold. Hop in an airplane with the equivalent of millions of dollars in your pocket without having to trust or ask permission from anyone.
As a store of value, Bitcoin is 100% a play on trust. Bitcoin's scarcity is based on consensus-- in an entirely decentralized network no less! Gold's scarcity is based on physical laws. I don't agree with Jamie Dimon much, but if folks think Bitcoin or any other cryptocurrency is digital "gold," well there are a lot of people buying on a mistaken premise.
Re: There are now more than 200k pending Bitcoin transactions
#85You'll notice the entire Bitcoin community has changed tone. It used to be "this is the currency of the future, down with cash/Visa!" but now you hear "Bitcoin is not a currency, it's a store of value". The wild price swings, slow transactions, high fees, and loq merchant acceptance make it complete garbage as a currency. But as a store of value, none of those arguments apply. It only has to compete with gold bars, w…
Thanks. But no thanks. Even as a store of value it's crappy because of the public ledger. I would rather have some semblance of privacy in terms of my wealth.
It has become a store of value, and there is nothing wrong to see it as a new asset class because of the attention it has been getting. IMO, bitcoin will rise till it finds an equivalent place like gold. Because of the limit, the value of bitcoin can technically reach anywhere between 400K to a million dollars. If they really wanted to see this as a currency, you would never design this to have an upper bound. You cannot realistically support or even augment the world exonomy with just 21 million bitcoins.
Re: There are now more than 200k pending Bitcoin transactions
#86Earlier quoted context omitted.
Thanks. But no thanks. Even as a store of value it's crappy because of the public ledger. I would rather have some semblance of privacy in terms of my wealth.
It has become a store of value, and there is nothing wrong to see it as a new asset class because of the attention it has been getting. IMO, bitcoin will rise till it finds an equivalent place like gold. Because of the limit, the value of bitcoin can technically reach anywhere between 400K to a million dollars. If they really wanted to see this as a currency, you would never design this to have an upper bound. You ca…
100,000,000 * 21,000,000
If bitcoin became the "world's currency" or whatever, you'd be using it at the satoshi level. Of course, at some point people would need a unit smaller than a satoshi.
Re: There are now more than 200k pending Bitcoin transactions
#87Earlier quoted context omitted.
It’s not a currency. It’s digital gold. Gold isn’t easy to exchange and it’s deflationary but it’s a good place to store your money for the long term, especially if you live in an unstable country. What makes bitcoin valuable is that it’s gold without any of the downsides of gold. Hop in an airplane with the equivalent of millions of dollars in your pocket without having to trust or ask permission from anyone.
As a store of value, Bitcoin is 100% a play on trust. Bitcoin's scarcity is based on consensus-- in an entirely decentralized network no less! Gold's scarcity is based on physical laws. I don't agree with Jamie Dimon much, but if folks think Bitcoin or any other cryptocurrency is digital "gold," well there are a lot of people buying on a mistaken premise.
Meh, this is essentially a consensus argument which falls flat because gold’s value is ultimately based on consensus.
Re: There are now more than 200k pending Bitcoin transactions
#88You'll notice the entire Bitcoin community has changed tone. It used to be "this is the currency of the future, down with cash/Visa!" but now you hear "Bitcoin is not a currency, it's a store of value". The wild price swings, slow transactions, high fees, and loq merchant acceptance make it complete garbage as a currency. But as a store of value, none of those arguments apply. It only has to compete with gold bars, w…
>Bitcoin community has changed tone.
> It used to be "this is the currency of the future, down with cash/Visa!"
> but now you hear "Bitcoin is not a currency, it's a store of value".
Re: There are now more than 200k pending Bitcoin transactions
#89Earlier quoted context omitted.
In fact gold does not compare favorably to US equity markets as far as saving your money goes. An investment in an S&P500 index fund in late 2007 (right before the crash) would be worth more today than an investment in gold. An investment in the Dow Jones index in 1900 would be worth about six times as much as an equivalent investment in gold (assuming you held for 117 years, and not counting dividends). Granted, peo…
> Granted, people in unstable countries may have difficulty investing in the US stock market. People in unstable countries may have trouble safeguarding gold stockpiles, as well.
> People in unstable countries may have trouble safeguarding gold stockpiles, as well.
Hence Bitcoin. cf. Zimbabwe
Re: There are now more than 200k pending Bitcoin transactions
#90Earlier quoted context omitted.
It’s not a currency. It’s digital gold. Gold isn’t easy to exchange and it’s deflationary but it’s a good place to store your money for the long term, especially if you live in an unstable country. What makes bitcoin valuable is that it’s gold without any of the downsides of gold. Hop in an airplane with the equivalent of millions of dollars in your pocket without having to trust or ask permission from anyone.
In fact gold does not compare favorably to US equity markets as far as saving your money goes. An investment in an S&P500 index fund in late 2007 (right before the crash) would be worth more today than an investment in gold. An investment in the Dow Jones index in 1900 would be worth about six times as much as an equivalent investment in gold (assuming you held for 117 years, and not counting dividends). Granted, peo…
The fact that you can buy a similar amount of gold now for the same price as 2007 would indicate that it is currently at a better entry point. That this reasoning must be explained underlines a flaw in current investment sentiment. A 10-year horizon also is too short. A 100- or 500-year horizon is more typical for gold investment.