Bitcoin Price Thread

Pekelo said:
I quoted from Reddit. But even if it is 45% not 60%, the point still stands. I would say any wallet with less than $100 is unspendable unless the owner wants to give away a 40% cut.

But here is the wallet wealth distribution from last year, knock yourself out:

https://blog.lawnmower.io/the-bitcoin-wealth-distribution-69a92cc4efcc

I am too lazy to do the math, but it is probably more than 60%.
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Pekelo, didn't you buy doge and do you have a wallet for it?

The point is any respectable wallet (I use bitcoin-qt "core" I compiled from github) will let you control the transaction fee, and unless I'm in a big hurry, I usually adjust it until it's around $11-$12 which equates to about 300 satoshis/byte. That is a decent amount and most miners will include it in the block (usually I get included within the next 2 blocks) unless there's congestion or spam attack on the bitcoin network from the bcash crowd.

While on the same subject, your assessment of unspendable bitcoin amounts sitting on addresses is incorrect. It has to do with wallet coin-controls. An HD (Highly-Deterministic) wallet such as bitcoin-qt core will combine all the inputs on different addresses to form a spendable amount. Some of these amounts are "dust" values, but they are part of the inputs to be sent to the destination address. Bitcoin-qt even allows you to select which inputs you wish to use for the particular transaction. If this is too much for you to visualize, you'll have to try it on a wallet. I say respectable wallet because not all coins' wallets are able to do this. Bitcoin having all the developments of thousands of contributors to the open source project does, and I'll bet litecoin does also, but don't know about other shitcoins.
 
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johnarb said:
1.Pekelo, didn't you buy doge and do you have a wallet for it?

2.The point is any respectable wallet
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1. That was just for entertainment purposes and making a point.
2. So not all wallets. This is another extra step (should I say obstacle to jump over?), not making it easier for the public to use crypto.
3. My point still stands, although we can argue about the exact %. A huge % of wallets are unusable right now due to high fees.

The easiest solution is to abandon BTC (until it becomes usable again) and use something much more advanced instead.
 
Pekelo said:
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3. My point still stands, although we can argue about the exact %. A huge % of wallets are unusable right now due to high fees.

The easiest solution is to abandon BTC (until it becomes usable again) and use something much more advanced instead.
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If you say so, but you're ignoring what I said and how bitcoin works. If you have the time, quickly read up about the "change" addresses process. If Bob sends Alice .2btc and the input the wallet selects has .207btc, the "change" after fees would go to a new address part of the HD-wallet chain [a type of security feature]. This would be unspendable by your description, but I can tell you, it is perfectly spendable and you can even choose to spend it on the very next transaction by selecting it as one of the inputs. The fee-adjustment is also part of the wallet such as Electrum. If you don't want to learn this process, it's your choice, but I'm just trying to inform you.
 
johnarb said:
If you say so, but you're ignoring what I said and how bitcoin works. If you have the time, quickly read up about the "change" addresses process. If Bob sends Alice .2btc and the input the wallet selects has .207btc, the "change" after fees would go to a new address part of the HD-wallet chain [a type of security feature]. This would be unspendable by your description, but I can tell you, it is perfectly spendable and you can even choose to spend it on the very next transaction by selecting it as one of the inputs. The fee-adjustment is also part of the wallet such as Electrum. If you don't want to learn this process, it's your choice, but I'm just trying to inform you.
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The fact that you have to "learn the process" for a mundane currency transaction will be a a hindrance to the general acceptance of BTC as an everyday medium of exchange. Although this obstacle pales in comparison to the volatility in this regard.
 
johnarb said:
If you say so, but you're ignoring what I said
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Why go through all these hocus pocus when everyone could just switch to BCH/LTC/ETH/take your pick and be happy with the simple life?

You are trying to patch a leaking bucket instead of finding a new bucket without holes (or less holes).
 
Pekelo said:
Why go through all these hocus pocus when everyone could just switch to BCH/LTC/ETH/take your pick and be happy with the simple life?

You are trying to patch a leaking bucket instead of finding a new bucket without holes (or less holes).
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It's not hocus pocus or a patch, it has always been the way bitcoin works. Let's not beat a dead horse, carry-on with spreading your message :D
 
sss12 said:
The fact that you have to "learn the process" for a mundane currency transaction will be a a hindrance to the general acceptance of BTC as an everyday medium of exchange. Although this obstacle pales in comparison to the volatility in this regard.
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I'm the wrong guy to defend the daily transaction idea for bitcoin as I'm on the digital gold/store of value investment asset camp.

Bitcoin wallet is akin to running a bank, as such, it has to be very secure. Security and convenience are opposite of each other. The easiest way to use bitcoin is by using light wallets such as an android or ios app. I used to have 2-3 btc's on my android wallet back when the price was low just in case I walk into a place where they accept bitcoin as payment. It was a novelty item, an experiment. Nowadays, I would not trust an android wallet with that much btc's and usually have between .2btc to .5btc.

Still, it doesn't make sense to spend $4 for coffee and pay $11 in transaction fees. Bitcoin's success (as measured in the $ price) is a curse if used for small transactions. Personally, I only use bitcoin as payment if the amount is over $100 and I lower the fees to about $8. I used to be a bitcoin miner and the miners have a role in the bitcoin network by securing it and I don't mind paying transaction fees for their service.
 
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