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10319016 No.10319016 [Reply] [Original]

>someone just moved 300,000,000 USD paying 3 cents for it without asking for permission in an unstoppable transaction within less than an hour

>"b-but bitcoin can't scale for niggers to buy KFC with!! it will fail!!"

>> No.10319040

Someone will dump all that, won't they...

>> No.10319043

that does make me think, actually

>> No.10319062

Mt.Gox next sell-off?

>> No.10319080

XRP has a had a few $1,000,000,000 instant transfers lately but yeah

nice to see BTC working again hopefully companies start accepting it again soon

>> No.10319105

>>10319080
Xrp is not a cryptocurrency. It has no consensus algorithm.

>> No.10319108

What You believe is of no concern to me or other people. Not only is the Bitcoin system fake it as vulnerable to forgery like normal paper money. The only diference lies with needed skills and materials. It is actually way harder to forge fake bills then it would be for skilled hackers to either "create" their own suplly of Bitcoins or simply hack the entire system itself, because it's easier to get top of the line hardware and software then it is to actually get the paper, paint and press to make fake bills. If someone were to ofer enough money the Bitcoin system would be completly trashed in an instant like all data and what is even Bitcoin if not raw data?

>> No.10319113

>>10319080
XRP = Centralized scam where the foundation controls half of total supply. Don't be a nigger faggot.

>> No.10319128

>>10319040
>>10319062
No dummies people who intend to dump BTC are much more careful with buys and wallets

This probably some sort asset transaction

>> No.10319130

>>10319016
It's cheap when nobody uses it and the market is more depressed than your mother figuring out she was pregnant of you. Then the next bull run comes, and we're paying again $20 fee for a $1 burger, and waiting 30 minutes for a single confirmation. Yeah I will have fun contributing for real real world adoption while I eat my shit cold.
Bitcoin is retarded. We need things that can actually be fast.

>> No.10319147
File: 29 KB, 300x162, AbUWe1d[1].png [View same] [iqdb] [saucenao] [google]
10319147

>>10319016
>3 cents transaction costs for 48.500 btc

>> No.10319156

>>10319130
>what are segwit addreses
>what are schnorr signatures
>what are sidechains
>what is the lightning network
Please gas yourself

>> No.10319179

>>10319147
You realize the amount transacted doesn't matter, only the space you take up on the blockchain. Fees are weighted per byte

>> No.10319181

>>10319156
I was actually hoping no one were dumb enough to bring the memes known as Segwit and the even more useless Lightning Network. I'm not suprised to see the lack of intelligence... I'm just disappointed.

>> No.10319208

>>10319181
How are they memes? Segwit transactions are cheaper and lightning is in beta, but functional.

>> No.10319247

>>10319208
https://www.youtube.com/watch?v=0BZoKH-hX_o

Also, not p2p

>> No.10319325

>>10319247
i mean it is p2p. You can open up a channel with anyone. You don't have to route through central hubs. It just might be more convenient.

To compare it's similar to the process of buying bitcoin.
You can buy bitcoin through a central exchange, or you can buy bitcoin peer to peer on local bitcoins. Buying on local bitcoins has its privacy benefits, but it's also a bigger pain in the ass.

I don't have a problem with central hubs, as long as they're optional (they are).

>> No.10319447

>>10319179
Except it's unlikely that it was only one input being transacted due to the large sum. Safe to assume a minimum of 150 inputs(avg. 2mil each), which would mean a larger tx size.
Second problem is bitcoin minimum fees are around 12 cents right now, four times of the 3 cent claim.
More realistic for the fee is 3 dollars, which isn't much but still not 3 cents.

>> No.10319502

>>10319108
how are you this thick??

>> No.10319573
File: 62 KB, 1218x829, fees.png [View same] [iqdb] [saucenao] [google]
10319573

>>10319447
True. For this particular transaction, it was one input though.

Still you do have a valid point.

>> No.10319711

>>10319502
What You believe is of no concern to me or other people. Not only is the Bitcoin system fake it as vulnerable to forgery like normal paper money. The only diference lies with needed skills and materials. It is actually way harder to forge fake bills then it would be for skilled hackers to either "create" their own suplly of Bitcoins or simply hack the entire system itself, because it's easier to get top of the line hardware and software then it is to actually get the paper, paint and press to make fake bills. If someone were to ofer enough money the Bitcoin system would be completly trashed in an instant like all data and what is even Bitcoin if not raw data?

>> No.10319733
File: 180 KB, 1440x1669, Screenshot_Lightning_20180718-131630_1.png [View same] [iqdb] [saucenao] [google]
10319733

>>10319573
Actually went and found the source inputs, and the fee is near insignificant for the amount sent. $60 to send $300,000,000.

>> No.10319761

>>10319016
you haven't used bitcoin for very long have you?

take a look at transaction times in Dec 2017 and tell me what you think

>> No.10319826

>>10319080
>XRP
Literally kill yourself.

>> No.10320053

>>10319733
Well op isn't referring to that transaction TXID(786b2220f67d56c90aab47d428afe459a707b19a861ce83531ce2ecfdb0b21d8)
where the fee was $80 because the fee market was at an ATH in december (when the transaction was made)

He's referring to TXID(39afcad6c4d0713ed291014315c4dcf2d81334275218c28fd354af45b7395c61)
where the fee is 5 cents because the outputs have already been consolidated and the fee market isn't at an ATH like it was in december 2017.

Also these wallets aren't even segwit wallets, so they will generally have higher fees, as their transactions will take up more space on the blockchain because their signatures aren't being seperated into the witness.

Either way 5 cents or $80 isn't a lot of money for someone with $300,000,000, but $80 could be a lot for someone with less money. Doesn't mean bitcoin is broken by any means, it just means its block space is a highly desired commodity and naturally richer people are going to be able to utilize it more.

>> No.10320150

>>10319733
also just to add,
schnorr signatures will really help minimize block chain space. They will allow you to consolidate multiple inputs into a single output using only one signature, rather than using a signature for each wallet. So realistically, transactions in the future will be more like this 5 cent single input transaction.

>> No.10320233
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10320233

>>10319156

Don't you need to have a node with more Bitcoin than what's moving through in in order that to work.

>> No.10320366

>>10320233
What are you referring to specifically? Lightning?
Yes you need to create an initial transaction larger than the amount your transacting with your merchant in order to allow for future transactions.

The point of lightning is to consolidate on chain transactions. If I go to the same coffee shop regularly, it makes sense for me to allocate some of my funds to open up a lightning channel with them, so that I can just send them near feeless payments when I want to buy stuff from them. It's kind of like buying a giftcard from them desu. However, lightning allows you to also route payments through them to anyone else connected to them. So if your barber, for instance, also shops at the same coffee shop, I can then use some of my money I allocated towards the coffee shop to also pay for my haircut. As the network grows, more people will become connected and your coffee shop giftcard will act more like a refillable debit card, as in it can be used pretty much used everywhere.

>> No.10320671
File: 103 KB, 403x347, boomer.png [View same] [iqdb] [saucenao] [google]
10320671

>>10319108

>> No.10320692

>>10319130
It will still be cheap for the rich.

Solution = stop being poor.

>> No.10320739

>>10319128
lol I guarantee you this is a rich neet looking to unload his bags. Nobody with that amount of wealth keeps it one place let alone the same wallet.

>> No.10320855

>>10320366
Or I could just pay with Nano and not have to understand how any of that bullshit works. Not even fees or blocks or confirmations or on chain vs off chain or whatever the fuck else BTC thinks should be part of the user experience.

>> No.10321191

>>10320855
I mean you could, but you wouldn't have the security the bitcoin network has. Regardless of what people these people market to you, there are physical limitations when developing block chain based software (yes nano uses blockchains as well as DAG). Nano does not offer nearly the same level of decentralization that bitcoin offers. Even though it offers faster transactions, you are giving up the security and stability bitcoin offers. There are always physical limitations when it comes to implementing these types of systems, and unfortunately marketing makes it seem like bitcoin is old in slow, when in reality it offers a much better service than instant transactions. It offers decentralized transactions. If you want the highest TPS, just use paypal.

>> No.10321309

>>10321191
It's good enough decentralization. There are fallbacks but for everyday use, nano has BTC beat for normies. People don't want to understand blocks and confirmations, just like they don't want to understand HTTPS protocol.
Paypal will freeze your account if they don't approve of your service. Nano won't, just like BTC won't.

>> No.10321337

>>10319156
no u

>> No.10321401

>>10319016
Imagine they would fuck up the address and all the BTC landed in your wallet. What would you do?

>> No.10321430
File: 77 KB, 256x256, Salut.jpg [View same] [iqdb] [saucenao] [google]
10321430

>>10319108
Do people actually just spew retarded bullshit like this and believe it? Or do they say it in hopes that other people believe it

What the fuck is wrong with you, you dumb piece of shit, where do you gather this info from? How are you so confident in your own negligence

Fucking Americans, it has to be

>> No.10321737

>>10321309
I'm not totally against altcoins. But it is to be understood there are tradeoffs. If you think it's secure, then use it. I just would prefer to use the gold standard of crypto, because I believe it's taking the most conservative approach. I honestly believe the bitcoin protocol will be around for 100+ years because of the modular way it scales.

>>10321401
buy bitcoin

>> No.10321830
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10321830

>>10319105
xrp uses consensus algorithm and its name is literally consensus algorithm, invented by this genius

>> No.10321949

>>10321737
You mean buy bitcoin as in bitcoin cash. The true satoshis vision with 32 blocks aka 32 lanes of data traffic than core. More secure than segwit and cheaper transactions.

>> No.10323053

>>10319016
how can you transfer that much at once? id be sweating my balls off

>> No.10323108
File: 76 KB, 1185x815, 0005XRP.png [View same] [iqdb] [saucenao] [google]
10323108

>>10319016
>within less than an hour
lol

>> No.10323134

>>10321830
>consensus algorithm
function consensusAlgorithm() {
return true;
}

>> No.10323172
File: 3 KB, 125x120, 1509749882008.jpg [View same] [iqdb] [saucenao] [google]
10323172

>within an hour
>man loses half his money on a bart mid transaction

>> No.10323194

>>10323108
At its current stage XRP is just an overhyped sql server

>> No.10323231

>>10319016
is there any non-crypto alternative that can facilitate a financial movement that large, and a settlement period of <1hour without costing tens of thousands?

>> No.10323262

>>10320739
You just contradicted yourself and proved >>10319128 right

>> No.10323307
File: 36 KB, 297x365, Joobus_j_jew.jpg [View same] [iqdb] [saucenao] [google]
10323307

>>10319016
>without asking for permission in an unstoppable transaction

>> No.10323330

>>10319108
This is still peoples perception of bitcoin in 2018 btw.

But people still claim we are not in the early adopters stage.

>> No.10323349

>>10319128
This.

>> No.10324305

>>10319108
Jesus dude you really went full retard

>> No.10324719

>>10319016
Less than an hour? Lol that would be instant on Bitcoin (Cash) for much less than 3 cent

>> No.10324727

>>10319016
it's cheap because people literally stopped using bitcoin. if people start to use it again fees will skyrocket.

>> No.10324753

>>10324719
yes we all understand that. but since you're so fucking stupid and poor you don't realize how this would be done in the real fucking world CURRENTLY. What's the largest wire transaction you've ever sent to international country? Take your time i'll wait...

>> No.10324874

>>10319108
Include me in this new pasta

>> No.10324905

>>10319108
10/10 bait. lol@all these brainlets falling for it.