4 ms·
The miners are greedy bastards. They will be the ones to run this thing into the ground and Kill the Goose that Laid the Golden Egg. ShapeShift.io is charging
by Glendoe 9y ago
The miners are greedy bastards. They will be the ones to run this thing into the ground and Kill the Goose that Laid the Golden Egg.
ShapeShift.io is charging an unprecedented 0.003 per transaction. The Coinomi Android wallet is listing their minimum transaction fee (the "LOW" fee) at 0.002 as of last week. The Mycelium Android wallet is trying to scavenge about 0.0025 per transaction at the high end.
And the reason for the high fees IS NOT because of the network congestion: It's because so far the greedy bastard miners are finding where they can get away with it. Probably in fact they purposely slowing down the network to cause the congestion as a ruse in claiming it for an excuse to charge exorbitant fees. This is also an age-old trick that union workers use to get more money for doing nothing on the job by just purposely slowing down the work pace.
Right now anyway, I've seen where the average Bitcoin ATM machines are quite busy with greenhorns who are shoving their cash bills into the machines for a little dab of Bitcoin here and there. Most of those people are buying it to hold it for awhile with the idea in mind of selling it back to the same ATM machine they bought it from and turn a profit. So about the time more and more and more people begin to understand that they are being fleeced for exorbitant transaction fees that dramatically cut into any gains they would have made off of typically small investments, then they will STOP buying Bitcoin from the ATM machines.
Bitcoin will be all washed up within a couple years if for no other reason than these greedy bastard miners who are going to find out that although they made more money in a shorter period of time with their greed, they WOULD have ended up making more money over the long term if they hadn't been the greedy bastards that they are.
Greedy bastards. All of them. Greedy bastards.