6 ms·

On the other hand, if the payments weren't internal he would have also paid about $5 in fees with current bitcoin network fee rates.

Phlarp 9y ago
Which is part of why Ether is quickly catching up to bitcoins market cap. Indeed, I would be amazed if at least part of the recent price movement of bitcoin wasn't due to people moving fiat -> BTC -> ETH
- ktta 9y ago
  That's a huge reason. Look into the declining total % of bitcoin and increasing % of all the other altcoins.
  - cdrark 9y ago
    And look at how much of that is occurring on Poloniex. And then try and find out who runs or owns Poloniex, or how they are licensed, or how they store customer funds.
  - Jach 9y ago
    Market cap is kind of a BS indicator though. If I release a new altcoin and "pre-mine" a billion coins, and start selling small amounts of these for a penny, the market cap of my new coin is around $10m.
    - revmoo 9y ago
      That isn't what market cap means...
- mercer 9y ago
  Anecdata: more than five people in my network bought bitcoin only so they could then buy ether.
  - joering2 9y ago
    Weird. Coinbase allows you to use your debit card, credit card, direct wire of USD from your account (at least in USA). No idea why would they do that -- am I missing something?
    - robinhoodexe 9y ago
      Maybe they would rather use another exchange like Kraken or poloniex in order to also trade pairs like BTC/XRP or BTC/VTC.
    - mercer 9y ago
      Maybe it's because we're outside the USA, but it's much easier to buy bitcoin directly using other services than Coinbase, and we haven't found one yet that does ethereum.
- joering2 9y ago
  > Indeed, I would be amazed if at least part of the recent price movement of bitcoin wasn't due to people moving fiat -> BTC -> ETH Can't be the case because of simple laws of supply and demand. You would see BTC being hammered; meanwhile all 3 main currency out there right now - BTC ETC LTC are on a huge over 100% rise in last 45 days or so. ETH is not singled out but its the youngest so IMHO get the most potential to shoot into $2,5K of BTC level (obviously don't take my advice, blah blah not a lawyer on analytical specialist) I think as this currency is getting more squared away in terms of laws and regulations all around the world, many big fish are jumping aboard, including some hedge funds and other investment powerhouses. Remember they make money even if coins go down to $0.000001. I can imagine even if they see huge risk of a swing +50%/-80% on crypto, if they got clients keep calling them all the time about "that cool online currency that i can make killing off of", then they just follow market and offer wallets/investment in crypt, of course not taking any risk themselves :) Bottom line... with all 3 major currencies not seeing the hill yet, most likely buckle up for a huge ride up, as most of the world still needs to "catch up" and get some of virtual currency in their own portfolios as well. *not an investment advice.
curiousgal 9y ago
> $5 If you want the transaction to be confirmed within 25 blocks the fees are at around $7. About $20 if you want it within the next block. Bitcoin's fees are killing it.
- nullc 9y ago
  https://bitcoinfees.21.co/ https://bitcoinfees.21.co/ shows a median size transaction would pay $3 for the very next block, $1.40 for within 25 blocks (which is also what my local Bitcoin node estimates). You are naming figures 7x higher than reality.
  - curiousgal 9y ago
    My figures are per Kb.
someSven 9y ago
I'm paying cents or even fractions of cents for every transaction. I think confirmations are overated anyway, since you could check e.g. on blockchain.info if double spending happend.
- hudon 9y ago
  > I think confirmations are overated anyway First they defend the crazy high fees, then they say that miners aren't important, then they say that confirmations are not really important... what's next, they'll try to rewrite Satoshi's white paper? Oh wait... https://github.com/bitcoin-dot-org/bitcoin.org/issues/1325 https://github.com/bitcoin-dot-org/bitcoin.org/issues/1325

Phlarp 9y ago

Which is part of why Ether is quickly catching up to bitcoins market cap. Indeed, I would be amazed if at least part of the recent price movement of bitcoin wasn't due to people moving fiat -> BTC -> ETH

ktta 9y ago
That's a huge reason. Look into the declining total % of bitcoin and increasing % of all the other altcoins.
- cdrark 9y ago
  And look at how much of that is occurring on Poloniex. And then try and find out who runs or owns Poloniex, or how they are licensed, or how they store customer funds.
- Jach 9y ago
  Market cap is kind of a BS indicator though. If I release a new altcoin and "pre-mine" a billion coins, and start selling small amounts of these for a penny, the market cap of my new coin is around $10m.
  - revmoo 9y ago
    That isn't what market cap means...
mercer 9y ago
Anecdata: more than five people in my network bought bitcoin only so they could then buy ether.
- joering2 9y ago
  Weird. Coinbase allows you to use your debit card, credit card, direct wire of USD from your account (at least in USA). No idea why would they do that -- am I missing something?
  - robinhoodexe 9y ago
    Maybe they would rather use another exchange like Kraken or poloniex in order to also trade pairs like BTC/XRP or BTC/VTC.
  - mercer 9y ago
    Maybe it's because we're outside the USA, but it's much easier to buy bitcoin directly using other services than Coinbase, and we haven't found one yet that does ethereum.
joering2 9y ago
> Indeed, I would be amazed if at least part of the recent price movement of bitcoin wasn't due to people moving fiat -> BTC -> ETH Can't be the case because of simple laws of supply and demand. You would see BTC being hammered; meanwhile all 3 main currency out there right now - BTC ETC LTC are on a huge over 100% rise in last 45 days or so. ETH is not singled out but its the youngest so IMHO get the most potential to shoot into $2,5K of BTC level (obviously don't take my advice, blah blah not a lawyer on analytical specialist) I think as this currency is getting more squared away in terms of laws and regulations all around the world, many big fish are jumping aboard, including some hedge funds and other investment powerhouses. Remember they make money even if coins go down to $0.000001. I can imagine even if they see huge risk of a swing +50%/-80% on crypto, if they got clients keep calling them all the time about "that cool online currency that i can make killing off of", then they just follow market and offer wallets/investment in crypt, of course not taking any risk themselves :) Bottom line... with all 3 major currencies not seeing the hill yet, most likely buckle up for a huge ride up, as most of the world still needs to "catch up" and get some of virtual currency in their own portfolios as well. *not an investment advice.

curiousgal 9y ago

> $5 If you want the transaction to be confirmed within 25 blocks the fees are at around $7. About $20 if you want it within the next block. Bitcoin's fees are killing it.

nullc 9y ago
https://bitcoinfees.21.co/ https://bitcoinfees.21.co/ shows a median size transaction would pay $3 for the very next block, $1.40 for within 25 blocks (which is also what my local Bitcoin node estimates). You are naming figures 7x higher than reality.
- curiousgal 9y ago
  My figures are per Kb.

someSven 9y ago

I'm paying cents or even fractions of cents for every transaction. I think confirmations are overated anyway, since you could check e.g. on blockchain.info if double spending happend.

hudon 9y ago
> I think confirmations are overated anyway First they defend the crazy high fees, then they say that miners aren't important, then they say that confirmations are not really important... what's next, they'll try to rewrite Satoshi's white paper? Oh wait... https://github.com/bitcoin-dot-org/bitcoin.org/issues/1325 https://github.com/bitcoin-dot-org/bitcoin.org/issues/1325