Bitcoin Transaction Fees - BitcoinWiki

Lets talk about bitcoin and decentralization and some disturbing trends.

Bitcoin was built to be decentralized. It is not meant to be controlled by any one person or any one group. In 2014 this is still the case. However the trend of centralizing is real and very scary for the future of bitcoin: less and less people control the various aspects of bitcoin as time passes.
--------------------------Mining Bitcoin--------------------------
How Centralized?
According to: https://blockchain.info/pools 4 people control over half of all mining.
How Dangerous?
Extremely. Beyond the fear of 51% attacks, having less pools is just inherently less secure. making single points of failure. Making government control and regulation easier, and giving individual pools more potential power over things like code decisions, what transactions get mined and potentially what level of fees are required.
--------------------------Talking About Bitcoin--------------------------
How Centralized?
/bitcoin, bitcoin talk and the bitcoin wiki are all moderated by largely the same people.
How Dangerous?
Meh. It's extremely centralized currently, but seems like the easiest and fastest to fix if it ever became a problem. It feels somewhat uncomfortable though with things like this: http://www.reddit.com/Bitcoin/comments/23jlet/censorship_in_rbitcoin_happening_right_now_all/
--------------------------Developing Bitcoin--------------------------
How Centralized?
Using "number of commits to the reference client" as a metric here is a graph of commits by developer: http://imgur.com/2hSxTdg Despite being well over 100 contributors 4 people have made almost 75% of the changes to bitcoin's core code. (excel just cuts off most of the names and most of the slices are too small to see).
How Dangerous?
Somewhat. It's an open source project, if a rouge developer put in evil code it'd be hopefully caught and removed. So there isn't much danger of outright maliciousness. But at the same time, that is a very small number of people calling the shots. And with so much money on the line it seems like a dangerous situation.
--------------------------Transmitting Bitcoin--------------------------
How Centralized?
https://getaddr.bitnodes.io/dashboard/chart/?days=60 With the creation of light wallets the number of full nodes is constantly decreasing. In the last two months we have gone from 9000+ to less than 8000. With only 2000 being the current version (9.1) and a majority being older versions and not the current protocol.
How Dangerous? No one knows how many nodes is the right amount to be safe. It seems like if there was a major issue it'd be simple for people to set up new nodes. But at the same time it is distressing the number is so small and that it is shirking over time.
--------------------------Owning Bitcoin--------------------------
How Centralized?
according to: http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=295000 only 99 addresses hold more than 10,000 bitcoins. and slightly over 10,000 addresses hold 93% of all bitcoins are held by ~200,000 addresses
How Dangerous? Medium. There is hippie gini index equality nonsense, but really 1 address doesn't equal 1 person due to exchanges and web wallets. However mtgox has shown how dangerous it is for multiple people to hold many people's money in one wallet. Very few people control the vast majority of bitcoins even if many of the large addresses are owed to several people.
--------------------------Buying Bitcoin--------------------------
How Centralized?
http://bitcoincharts.com/charts/volumepie/ This actually could be worse. For a long time mtgox dominated this chart. It actually looks better now than it did in the past. It's not a ton of companies but there is at least some completion among them now.
How Dangerous? Less than it was. If one exchange gets too much of the market it has broad powers to manipulate the price and like mtgox potentially becomes a massive threat of one person stealing all the coins.
--------------------------Conclusion--------------------------
Shit's fucked up yo. It's not so far gone it can't be fixed, but too few people control the important aspects of bitcoin. I didn't even go into the incestuous crossovers. (Developers that are mining pool operators, forum mods that control 10,000+ coins, etc, but that is beyond the scope of this for me to research fully).
Discuss!
submitted by Consoidotion to Bitcoin [link] [comments]

/r/bitcoin in full meltdown.

Backstory: Recently, one of the largest Bitcoin exchanges said they weren't letting people withdraw Bitcoins due to technical issues (a process called "transaction malleability," which I can't really explain but has been known for awhile). This caused much consternation and a precipitous drop in the value of BTCs. This exchange also released a statement blaming Greg Maxwell, one of the original Bitcoin developers for the "technical issues" they were having.
This has caused much drama.
Keep calm, transaction malleability is not double spending. One of the big "selling points" of Bitcoin is that you can't double spend. As the name suggests, double spending is when you spend the same money twice. It's bad for business and good for thieves.
So Gox decided to take the Bitcoin ship down with them blaming their shortcomings on well known and documented protocol limitations. Shame!
so gox can buy cheat coins to make up for the loss.
That's right, folks, this exchange is crippling their business and reputation...so they can sink the cost of Bitcoins so they can buy them more on the cheap.
Mt Gox's incompetence once again puts BTC on sale? I'm not complaining.
Yep, my buttcoins just dropped in value 20%, but IDGAF because I'm gonna buy more.
You make it sound a lot less apocalyptic than the MT Gox press release did. To the top with you!
TO THE MOON!
Wow, fuck Mt Gox
They just purposefully spread FUD throughout the bitcoin world for the sole purpose of diverting attention while they fix their shit. This transaction malleability thing has been known for a long time and has plenty of easy ways to work around it, like just look and see if there's a double spend attempt on outputs before auto-crediting your internal books. The fact that Gox's shitty coding didn't do that is entirely their fault, and instead of owning up to it, they're trying to cause an earthquake of FUD to divert attention and buy themselves time. That's not just sneaky, that's truly evil. Fuck them. Fuck them so much.
/rant
FUCK THEM THIS PR MOVE IS LITERALLY EVIL. Now, I tend to save concepts of "good" and "evil" for actions that have a considerable moral weight, like when some piece of shit steals my parking spot, but this takes the cake. I speculated invested in a volatile commodity and my speculation investment has tanked, so I'm totes raging about it on Reddit.
Tin foil hat time.
What if a bunch of BTC got stolen and MtGox knows this. So they make FUD that blames bitcoin protocol knowing it will crash the price. They then take USD and buy up cheap bitcoin to cover the BTC that got stolen. What if this new USD will actually drive the price to new HIGHS!
What the hell. I couldn't even satirize this properly. (TO THE MOON)
What the f$#% is the BTC Foundation doing? Kick Mark Kerpopples off the board. Mark Karpeles is the CEO of Mt. Gox.
If your going to claim to be the representative entity for Bitcoin then act like it. Otherwise you are just as big of a joke as that incompitent twit Mr Krabapple bouncing around on his blue ball. I mean, Jesus H. tap dancing on a crispy truiscuit Christ, do something, anything, or gtfo.
*Edit: Help us Obi-Wan Antonopoulos, you're our only hope.
He's literally tanking Bitcoin! Let's take a rash action in response to a rash action!
Karppoopels is on the BTC foundation board? fuuuuuuck thats bad.
Karppoopels. Heh.
Anyone else from The Bitcoin Foundation want to shit on Bitcoin some with more negative PR?. Drugs, money laundering, "bugs"…c'mon guys…gun running could be next? or something worse?????. I'm sure you've got plenty more from where Shrem and Krapeles came from.
Krapeles. Lmao!
Oh, btw, turns out that you should do a little background check on anyone you're doing business with before you do business with him.
Andreas: Unanticipated bugs don’t come with year-old wiki pages fully documenting them. Gox is full of shit. Some guy tweets a thing.
Andreas keeping it real, as always.
Bravo, sir!
And:
I fucking love Andreas.
And now to the conspiracy:
Perfectly timed manipulation on the part of MTGox, this news comes as the 3 day MACD happens, (exponential average crosses the average bitcoin price), it hadn't crossed since early 2013, so big movement was to be expected.
You can see it on the 3day chart on bitcoinwisdom, the blue line and brown line crossing, this is a BIG sign for automated trading bots to make a move, in this case the exponential average (indicating the latest movement trend) went below the average, this means the trend is downwards.
So MTgox preps up their sells, sets a weekend climate of "some big news is about to come out on monday, everyone keep an eye on your coins"
Then DROPS the bad news, and BOOM goes the dynamite. we have an epic crash.
Meanwhile MTgox sets up its orders on BTC-E around 200.
Yep, makes perfect sense. Destroying your credibility as a business so you can get them sweet, sweet Bitcoins.
MtGox - Your new cold storage solution
Setup:
>Create MtGox account >Enable 2FA >Send BTC to MtGox 
And you are finished, no one will able to get to your coins, they are perfectly safe. /s
Haha, get it, because you can't withdraw your coins? And this is front page material.
At this point you can even call it cryogenic storage
So cold it's frozen.
Ho-ho, such wit, much funny.
The Bitcoin Foundation, Coinbase, Bitstamp and Blockchain.info need to issue a statement debunking Gox's "bitcoin bug" argument
Most people trust MtGox. It's the oldest exchange, was the most mentioned in the media. Their press release is pure bullshit but it's a subject that's way too technical anyway for most people to grasp. We need other big players to step up and reassure people, or this could be the death of Bitcoin.
And what will happen now?
Go on, sell your bitcoin, and bang your head into the wall when the price goes back up.
In the mean time, I'm enjoying the cheap coins.
Hmmm. If one were a Gox insider, today would've been a good day to buy bitcoins. Either for a personal account or for the company's, in order to cover past fuckups.
Are you concerned about the price of your holdings? I appreciate that we just got cheap coins.
Plus the general hatejerk:
How I look forward to the day bitcoin won't be goxed anymore.
Even those outside of gox managed to get goxxed today.
Gox has done the greatest service & disservice to Bitcoin.
Sounds like Mark is trying to raise more fear. He needs to step down from the Bitcoin Foundation.
I guess most of the other players fear legal problems if they say anything bad about Gox...
And the final jerk:
I'm fed up with Gox's incompetence and purposely damaging language to the Bitcoin community: I'm saying it here, I'm willing to invest $50,000 in a legit U.S. in exchange for 5% of the business. Somebody get ahold of me!
This press release from Gox was incredibly shady and deceitful. The majority of Bitcoin market crashes are because of them. We need to step up. I'm willing to step up. Get ahold of me on here!
I'm willing to invest $50,000 in a LEGIT U.S. Bitcoin exchange for 5% of the business.
We can't stand for this, people. We can't let lies like this affect the Bitcoin community this much
submitted by Slutlord-Fascist to circlebroke [link] [comments]

/r/bitcoin in full on meltdown mode

Backstory: Recently, one of the largest Bitcoin exchanges said they weren't letting people withdraw Bitcoins due to technical issues (a process called "transaction malleability," which I can't really explain but has been known for awhile). This caused much consternation and a precipitous drop in the value of BTCs. This exchange also released a statement blaming Greg Maxwell, one of the original Bitcoin developers for the "technical issues" they were having.
This has caused much drama.
Keep calm, transaction malleability is not double spending. One of the big "selling points" of Bitcoin is that you can't double spend. As the name suggests, double spending is when you spend the same money twice. It's bad for business and good for thieves.
So Gox decided to take the Bitcoin ship down with them blaming their shortcomings on well known and documented protocol limitations. Shame!
so gox can buy cheat coins to make up for the loss.
That's right, folks, this exchange is crippling their business and reputation...so they can sink the cost of Bitcoins so they can buy them more on the cheap.
Mt Gox's incompetence once again puts BTC on sale? I'm not complaining.
Yep, my buttcoins just dropped in value 20%, but IDGAF because I'm gonna buy more.
You make it sound a lot less apocalyptic than the MT Gox press release did. To the top with you!
TO THE MOON!
Wow, fuck Mt Gox
They just purposefully spread FUD throughout the bitcoin world for the sole purpose of diverting attention while they fix their shit. This transaction malleability thing has been known for a long time and has plenty of easy ways to work around it, like just look and see if there's a double spend attempt on outputs before auto-crediting your internal books. The fact that Gox's shitty coding didn't do that is entirely their fault, and instead of owning up to it, they're trying to cause an earthquake of FUD to divert attention and buy themselves time. That's not just sneaky, that's truly evil. Fuck them. Fuck them so much.
/rant
FUCK THEM THIS PR MOVE IS LITERALLY EVIL. Now, I tend to save concepts of "good" and "evil" for actions that have a considerable moral weight, like when some piece of shit steals my parking spot, but this takes the cake. I speculated invested in a volatile commodity and my speculation investment has tanked, so I'm totes raging about it on Reddit.
Tin foil hat time.
What if a bunch of BTC got stolen and MtGox knows this. So they make FUD that blames bitcoin protocol knowing it will crash the price. They then take USD and buy up cheap bitcoin to cover the BTC that got stolen. What if this new USD will actually drive the price to new HIGHS!
What the hell. I couldn't even satirize this properly. (TO THE MOON)
What the f$#% is the BTC Foundation doing? Kick Mark Kerpopples off the board. Mark Karpeles is the CEO of Mt. Gox.
If your going to claim to be the representative entity for Bitcoin then act like it. Otherwise you are just as big of a joke as that incompitent twit Mr Krabapple bouncing around on his blue ball. I mean, Jesus H. tap dancing on a crispy truiscuit Christ, do something, anything, or gtfo.
*Edit: Help us Obi-Wan Antonopoulos, you're our only hope.
He's literally tanking Bitcoin! Let's take a rash action in response to a rash action!
Karppoopels is on the BTC foundation board? fuuuuuuck thats bad.
Karppoopels. Heh.
Anyone else from The Bitcoin Foundation want to shit on Bitcoin some with more negative PR?. Drugs, money laundering, "bugs"…c'mon guys…gun running could be next? or something worse?????. I'm sure you've got plenty more from where Shrem and Krapeles came from.
Krapeles. Lmao!
Oh, btw, turns out that you should do a little background check on anyone you're doing business with before you do business with him.
Andreas: Unanticipated bugs don’t come with year-old wiki pages fully documenting them. Gox is full of shit. Some guy tweets a thing.
Andreas keeping it real, as always.
Bravo, sir!
And:
I fucking love Andreas.
And now to the conspiracy:
Perfectly timed manipulation on the part of MTGox, this news comes as the 3 day MACD happens, (exponential average crosses the average bitcoin price), it hadn't crossed since early 2013, so big movement was to be expected.
You can see it on the 3day chart on bitcoinwisdom, the blue line and brown line crossing, this is a BIG sign for automated trading bots to make a move, in this case the exponential average (indicating the latest movement trend) went below the average, this means the trend is downwards.
So MTgox preps up their sells, sets a weekend climate of "some big news is about to come out on monday, everyone keep an eye on your coins"
Then DROPS the bad news, and BOOM goes the dynamite. we have an epic crash.
Meanwhile MTgox sets up its orders on BTC-E around 200.
Yep, makes perfect sense. Destroying your credibility as a business so you can get them sweet, sweet Bitcoins.
MtGox - Your new cold storage solution
Setup:
>Create MtGox account >Enable 2FA >Send BTC to MtGox 
And you are finished, no one will able to get to your coins, they are perfectly safe. /s
Haha, get it, because you can't withdraw your coins? And this is front page material.
At this point you can even call it cryogenic storage
So cold it's frozen.
Ho-ho, such wit, much funny.
The Bitcoin Foundation, Coinbase, Bitstamp and Blockchain.info need to issue a statement debunking Gox's "bitcoin bug" argument
Most people trust MtGox. It's the oldest exchange, was the most mentioned in the media. Their press release is pure bullshit but it's a subject that's way too technical anyway for most people to grasp. We need other big players to step up and reassure people, or this could be the death of Bitcoin.
And what will happen now?
Go on, sell your bitcoin, and bang your head into the wall when the price goes back up.
In the mean time, I'm enjoying the cheap coins.
Hmmm. If one were a Gox insider, today would've been a good day to buy bitcoins. Either for a personal account or for the company's, in order to cover past fuckups.
Are you concerned about the price of your holdings? I appreciate that we just got cheap coins.
Plus the general hatejerk:
How I look forward to the day bitcoin won't be goxed anymore.
Even those outside of gox managed to get goxxed today.
Gox has done the greatest service & disservice to Bitcoin.
Sounds like Mark is trying to raise more fear. He needs to step down from the Bitcoin Foundation.
I guess most of the other players fear legal problems if they say anything bad about Gox...
And the final jerk:
I'm fed up with Gox's incompetence and purposely damaging language to the Bitcoin community: I'm saying it here, I'm willing to invest $50,000 in a legit U.S. in exchange for 5% of the business. Somebody get ahold of me!
This press release from Gox was incredibly shady and deceitful. The majority of Bitcoin market crashes are because of them. We need to step up. I'm willing to step up. Get ahold of me on here!
I'm willing to invest $50,000 in a LEGIT U.S. Bitcoin exchange for 5% of the business.
We can't stand for this, people. We can't let lies like this affect the Bitcoin community this much
submitted by Creep_The_Night to ThePopcornStand [link] [comments]

3 pieces of unsolicited financial advice I offer to anyone that bought bitcoin since the last bubble.

First, you probably have noticed that bitcoin is exhibiting bubble-like characteristics, and it might seem time to take profits with the plan of buying back in when it pops. I want to advise caution and suggest that the bubble still may have a ways to go. I think the best strategy for most people who own bitcoin and aren't active traders is to buy-and hold, and simply forget about it. The latest climb is being fuelled by Chinese speculation and American/European speculation on what might come of that, so I think it still has a ways to go before the third (and first truly global) bitcoin bubble pops. When I want to get a sense of the bitcoin situation now, I look at the charts in China as well as the US and Canada. It is now truly a global phenomenon and there is no way to know how it will go. Myself, I plan to sell a small portion at around $800 with the hope (but not the certainty) that I can buy back in later at around $500 or so.. that sounds crazy, but we will see.
Second (and as a "bitcoin believer", I cannot emphasize this one enough): Never sell all of your bitcoin. The only reason why bitcoin is doing as well as it is, and why it will continue to (and why it was invented in the first place) is because the dollar is dying, and it is going to take most other major currencies with it. There is no way to know what is going to replace them. Bitcoin will within a few years (months?) become a force on the global foreign exchange markets, and an incredibly innovative one. Nothing like it has ever existed before. It offers easy convertibility into almost any currency. It is like gold, but it can be divided into a 10 millionth of a part while retaining uniform value, it can be traded at the speed of electricity, and it can be stored securely for nothing. I actually expect there will come a time when bitcoins are worth in the $100,000s range... So always hold onto a sizable portion of your initial investment. A lot of people are selling during this bubble, and they will never be able to buy back in at the same price.
My third piece of unsolicited financial advice - what I have been telling anyone that is willing to listen since 2007 - and for the same reasons that bitcoin is rising right now (the death of the dollar around the world): physical gold and silver are historic opportunities.
There is a good reason that China is buying gold at the rate they are they are quietly liquidating their US treasuries and preparing for a post-US dollar world. Major US banks are manipulating the price of gold and silver to artificial lows for reasons tied to their derivative scams, meanwhile demand for physical gold is surging throughout the world. By doing so they are going to bury themselves and their currency. Personally, I believe that silver will offer a higher rate of return than gold, but both are good ideas right now. This website is the one of the best places on the Internet to buy precious metals. There are also many companies that will sell precious metals for bitcoin.
*edit hyperlink mistake
submitted by robblse to Bitcoin [link] [comments]

Mt. Gox Bitcoin manipulation over for good? Will Bitcoin see support at $6K? bitcoin price Mt Gox site disappears, Bitcoin future in doubt Bitcoin Crash Price Prediction June 22 2018 Mt Gox Bitcoin Sell off (May 2018) BITCOIN PRICE CRASH TO 2000

On June 2013 TradingView added Bitcoin data from MtGox for all instruments. Charting tools • Chart types (with customizable resolutions): - time based: bars, candles, hollow candles, Heiken Ashi, area and line (ranging from 1 minute to 1 month) - non-time based: Renko, Kagi, PnF and Price Break • Scales - standard - percentage - logarithmic • Indicators (57) ranging from (i) simple ... Bitcoin's price rose to $755 on 19 November and crashed by 50% to $378 the same day. On 30 November 2013 the price reached $1,163 before starting a long-term crash, declining by 87% to $152 in January 2015. [38] On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins. [56] After the announcement, the value of bitcoins dropped, [57] and Baidu ... Das CoinDesk BPI wird jetzt von der Bitcoin Foundation, dem Bitcoin Insider und verschiedenen Chart-Plattformen verwendet. Für Entwickler steht eine kostenlose API zur Verfügung. AppStore . Im April 2014 veröffentlichte CoinDesk eine iOS-App. Die App enthält Nachrichten und Leitartikel sowie den 'Bitcoin Price Index'. Diese in London ansässige Ressource und Nachrichtenagentur soll laut ... Bitcoin history for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019. Bitcoin price chart since 2009 to 2019. The historical data and rates of BTC ... The price of block space is set by supply and demand, although in the real world the supply of space for transactions is extremely noisy, because more becomes available (and has to be immediately consumed or it’s lost forever) every time a block is mined, and block mined is an intentionally random process, that randomness being essential for bitcoin's operation. Demand is random and cyclical ...

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Mt. Gox Bitcoin manipulation over for good? Will Bitcoin see support at $6K?

The infamous Mt Gox Bitcoin Exchange has had another sell off in May of 2018. This time, 24,000 Bitcoin (Approx $225M) has been sold sending the price of Bitcoin plummeting under $9,000 USD. Bybit $110 Bonus: https://www.bybit.com/a/themoon (Deposit 0.2 BTC) Bybit Tutorial: https://www.youtube.com/watch?v=4dnIDz1NLuw Bitcoin price prediction by... BITCOIN PRICE TECHNICAL ANALYSIS. Bitcoin price to 2000, Bitcoin is going to crash. Disclosure: Anything I say is not intended as Financial Advice. This is merely for educational purposes only and ... Bitcoin Crash Bitcoin Bubble Bitcoin price prediction. Bitcoin price technical analysis Bitcoin Price Trading Technical Analysis. Verge coin price analysis. Verge price prediction. Verge technical ... Bitcoin price prediction. Bitcoin price technical analysis Bitcoin Price Trading Technical Analysis. Verge coin price analysis. Verge price prediction. Verge...

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