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We know. Hell, Bitcoin Core developers have known for years, that's why they never endorsed a base block increase. That's why they've put all their energy into
by kmeisthax 6y ago
We know. Hell, Bitcoin Core developers have known for years, that's why they never endorsed a base block increase. That's why they've put all their energy into adding upper layers with transactions secured by flimsy game theory rather than flimsy hashcash. That's why they pushed for SegWit, purely because it would make the complicated transactions necessary to run those upper layers not more expensive than direct transfers. That's why they added a bunch of ways to tack on fees to unconfirmed transactions, and talked a bunch about a "fee market" (even though that's not how Bitcoin transactions work) because it was obvious someone had to pay for all this stolen electricity.
I'd also argue that Bitcoin hasn't just failed to meet it's goals, but that it's goals aren't something the average person should want. The explicit goal of Bitcoin was untraceable payments you can't cancel. In practice this means fraudulent payments cannot be reversed, and stealing Bitcoin is so cheap and easy to do we've literally caught Ruby packages designed to slip into developers' computers and steal Bitcoin. Cryptominers have also plagued the web to the point where browser vendors have to actively restrict what you can do in JavaScript.
(I'd also ALSO argue that anonymous payments are bad for society, and that financial privacy shouldn't be a thing.)
- cyphertruck 6y agoThe SegWit project quadrupled the max block size in 2016. Since then there’s never been significant backlogs. Even with record high prices, one hour transactions are less than a dollar. Maybe even a $0.10 fee will clear in that time. I don’t know why this claim it never happened persists, except certain people who wanted to tule over bitcoin have spent millions employing an army if bots to spread the lie.
- zhoujianfu 6y agoIf a transaction will clear in less than an hour for less than a dollar (or even ten cents), why is the average fee currently $9.10?
- ric2b 6y agoBecause lots of businesses don't care that much when they're moving much higher amounts, so they use really basic/dumb algorithms to choose their fees.