When long comfirmations becoming a major and a long term problem, what to do??!!

[teminalibug 309]

If you have been in crypto world for long enough you sure have experienced those times when the fees of bitcoin went very up and also

transactions taking more than 2 days to get confirmed. It was never a big problem because we were sure than miners would finally get to our transaction and confirm it it was just on a long list.

 

But what id that happens then miners get no reason ti mine transaction getting stuck and fees become too high, what worse eventually miners get a reason to quit, maybe it become very unprofitable, especially after the halving or is just banned.

 

Do we ever think about that? by the way is that possible or not?

[Rickso 768]

On 3/9/2020 at 6:20 PM, teminalibug said:

If you have been in crypto world for long enough you sure have experienced those times when the fees of bitcoin went very up and also

transactions taking more than 2 days to get confirmed. It was never a big problem because we were sure than miners would finally get to our transaction and confirm it it was just on a long list.

 

But what id that happens then miners get no reason ti mine transaction getting stuck and fees become too high, what worse eventually miners get a reason to quit, maybe it become very unprofitable, especially after the halving or is just banned.

 

Do we ever think about that? by the way is that possible or not?

that phrase that you wrote has no sense. why miners would leave mining only because there a lot of stucked transactions. they really don't care because they still have the block rewards + all the other fees

[teminalibug 309]

10 hours ago, Rickso said:

that phrase that you wrote has no sense. why miners would leave mining only because there a lot of stucked transactions. they really don't care because they still have the block rewards + all the other fees

When mining becomes unprofitable, would that not be the reason for miners to look for another coin to mine?

[BTC Future 3946]

We might see a situation like this once again after the halving. I think that too many small miners will stop their operations, as mining Bitcoin won't be profitable for them any longer. This can cause an event such as the mempool getting clogged by millions of unconfirmed transactions and hashrate going down, as other miners divert to more profitable mining of Bitcoin forks. Still once again this will only happen for a maximum of 2 weeks, which is the time of difficulty adjustment happening. Difficulty will become lower and profitability will sent miners back to Bitcoin.

[deepown 0]

The possibility of that to happen is huge and like corona virus affect the market now, it would be even bigger effect, if what you say happen.

[Fedor00 74]

In my opinion I think bitcoin mining will always be profitable. The only problem is that mining becomes harder every year meaning you need better equipment in order to make profit from it. 

 

Don't worry, even if some miners will quit their jobs there will be other people that will join mining and replace the old ones. We will always have someone to confirm our transactions 

[kadayakito 765]

I felt quite tired with the long confirmation, I always felt relieved when the confirmation was completed because I didn't know if anything was wrong, I was afraid of many things. But I'm fine because I'm confident that I'm always careful and no matter what happens.

[rekter 8129]

On 3/9/2020 at 7:20 PM, teminalibug said:

If you have been in crypto world for long enough you sure have experienced those times when the fees of bitcoin went very up and also

transactions taking more than 2 days to get confirmed. It was never a big problem because we were sure than miners would finally get to our transaction and confirm it it was just on a long list.

 

But what id that happens then miners get no reason ti mine transaction getting stuck and fees become too high, what worse eventually miners get a reason to quit, maybe it become very unprofitable, especially after the halving or is just banned.

 

Do we ever think about that? by the way is that possible or not?

Miners will never stop mining btc, there will be some people who do but the difficulty adjustment is build in exactly for this purpose. And everyone who were in 2015 remembers that when people are talking about miner capitulation and miners were selling their rigs, that was the exactly perfect time to invest in btc.

[kyoukage01 3181]

On 3/10/2020 at 1:20 AM, teminalibug said:

But what id that happens then miners get no reason ti mine transaction getting stuck and fees become too high, what worse eventually miners get a reason to quit, maybe it become very unprofitable, especially after the halving or is just banned.

 

Do we ever think about that? by the way is that possible or not?

I was also thinking about what will happen if mining Bitcoin blocks after 2020 halving becomes too difficult to sustain profitably and miners simply quit due to mining costs exceeding profits. I am hoping that the developer(s?) of Bitcoin are not simply sitting idly by and already has countermeasures taken in case some severe problems arise.

 

Edited March 19, 2020 by kyoukage01

[GGHIMU 6]

I felt pretty worn-out with the lengthy confirmation, I usually felt relieved when the affirmation used to be carried out due to the fact I did not be aware of if some thing used to be wrong, I was afraid of many things. But I'm excellent due to the fact I'm assured that I'm usually cautious and no depend what happens. 

[teminalibug 309]

12 hours ago, kyoukage01 said:

I was also thinking about what will happen if mining Bitcoin blocks after 2020 halving becomes too difficult to sustain profitably and miners simply quit due to mining costs exceeding profits. I am hoping that the developer(s?) of Bitcoin are not simply sitting idly by and already has countermeasures taken in case some severe problems arise.

 

In your theory combined with mine, there are two theories; first there might be no developers of bitcoin anymore, second cocorn virus could cause more trouble after the halving of bitcoin.

[teminalibug 309]

12 hours ago, Joy1212 said:

I do not understand your question correctly. Explain your question correctly. So that we can answer your question. You benefit Thanks

The question is clear, but to understand it more try to read what people say about it, you will get some ideas.

[kyoukage01 3181]

9 hours ago, teminalibug said:

In your theory combined with mine, there are two theories; first there might be no developers of bitcoin anymore, second cocorn virus could cause more trouble after the halving of bitcoin.

No developers of Bitcoin anymore!? No way! Because if it does, then whatever issues (bug exploits, etc.) that may arise with it, then Bitcoins and crypto as a whole is screwed. Hope this is not the case.

 

No wonder some Bitcoin forks like Bitcoin Cash were made, to address some of the issues that the original Bitcoin can't handle effectively like faster transaction speeds. One would almost think that the hard forks might be able to take over the original after all, if the ideas in the thread topic becomes real.

 

[deepown 0]

2 hours ago, kyoukage01 said:

No developers of Bitcoin anymore!? No way! Because if it does, then whatever issues (bug exploits, etc.) that may arise with it, then Bitcoins and crypto as a whole is screwed. Hope this is not the case.

 

No wonder some Bitcoin forks like Bitcoin Cash were made, to address some of the issues that the original Bitcoin can't handle effectively like faster transaction speeds. One would almost think that the hard forks might be able to take over the original after all, if the ideas in the thread topic becomes real.

 

Bitcoin core was lastly updated on 2020-03-09, seems like the only developer was satoshi nakamoto so who updates it now.

[teminalibug 309]

3 hours ago, kyoukage01 said:

No developers of Bitcoin anymore!? No way! Because if it does, then whatever issues (bug exploits, etc.) that may arise with it, then Bitcoins and crypto as a whole is screwed. Hope this is not the case.

 

No wonder some Bitcoin forks like Bitcoin Cash were made, to address some of the issues that the original Bitcoin can't handle effectively like faster transaction speeds. One would almost think that the hard forks might be able to take over the original after all, if the ideas in the thread topic becomes real.

 

I mean considering the disappearance of satoshi nakamoto who do you think develop updates of bitcoin now?

[kyoukage01 3181]

23 hours ago, teminalibug said:

I mean considering the disappearance of satoshi nakamoto who do you think develop updates of bitcoin now?

I haven't checked much on the Bitcointalk forum, but it is possible that Nakamoto-san has granted control of the programming to some unknown entity. Who knows? Maybe I should take a quick look into the other forum if I have the time for it.

 

And is there a way to find out when was the last time Bitcoin's programming code was updated? Maybe this will give us an indication of whether Bitcoins is still being monitored for possible bugs or hacks, and a way of finding out whether updating Bitcoins to improve transaction speeds is possible.

 

Edited March 21, 2020 by kyoukage01

[teminalibug 309]

Just now, kyoukage01 said:

I haven't checked much on the Bitcointalk forum, but it is possible that Nakamoto-san has granted control of the programming to some unknown entity. Who knows? Maybe I should take a quick look into the other forum if I have the time for it.

 

And is there a way to find out when was the last time BItcoin's programming code was updated? Maybe this will give us an indication of whether Bitcoins is still being monitored for possible bugs or hacks, and a way of finding out whether updating Bitcoins to improve transaction speeds is possible.

 

All updates are used to be given on the btcointalk forum, so that is where to look.

[teminalibug 309]

Just now, UT2001 said:

I did read in a news outlet somewhere recently that more and more coins and not just bitcoin are starting to go over to the lightning network due to congestion of their own block chains.

 

I thought it is lighting network that choose a coin nit a count choose to got into lighting network??!!

[MCSGlegend 2210]

I think this is possible when my transaction is not confirmed for a long time I use paid sites to speed up transactions

[ComeBackIsrael 185]

Just stop using this coin that has a transaction confirmation for 2-3 days until the situation normalizes, this is the only way out.

[Rendra808 92]

No surprise a few Bitcoin forks like Bitcoin coins have been made, to cope with a number of the troubles that the unique Bitcoin can't deal with efficiently like faster transaction speeds. One would almost think that the tough forks might be capable of take over the original after all, if the thoughts inside the thread subject matter turns into real.

[Adrian Adkins 11]

If mining activities are cut in half, I think that many small miners will stop their activities, as Bitcoin mining will no longer be profitable for them. Of course, if bitcoin prices rise to very high prices, this is not necessary.

[jacker 1095]

Long validation issues I have not encountered much. I had to wait for a long time, until it was completed, I could feel secure, the waiting time was not the same and I waited a lot. I don't know if there is a solution but I'm working hard and I just wait.

[IamLeader12 682]

I manage this with paid access to the site that speeds up transactions, access costs only 5 dollars, but in 10-20 minutes the transaction will be confirmed, even if you wait more than 12 hours for it to be confirmed. 

[Jeet Narayan 1940]

I don't think that could be happen will be in future . Miners can mine Everytime , they can get rewards when they mine Crypto . So every transaction can be done with it very simply.