From a DNM vendor around since Silk Road 1 days, let me tell you all a little secret that none of you seem to talk about here regarding the cause of fee’s lately.

Drugs. Drugs drugs drugs and more drugs.

I have been watching this bitcoin industry for just a smidge shy of 5 years. I have seen the ups and the downs the scares and the joys. I have watched several phony developers try to hijack the bitcoin client.

But none of you are recognizing that most of the fee pressure comes from darknet markets; most especially from DNMs like AlphaBay that has a built in mixer and causes 20-50 + transactions …….

……….FOR A SINGLE WITHDRAWAL.

Now you may think that these markets are smart, and they would use good fee estimation to not create unneccessary artifical fee pressure since they are responsible for the lions share of bitcoin transactions daily….

No. No they do not. I just went through a 35+ incoming transaction single withdrawal for under 2 BTC and checked each and every tx to see how many satoshis per byte they are paying.

Fucking;700;satoshis;per;byte

Not every tx, but a lot of them. Some of them were as low (low my arse) as 450 satoshis per byte.

These fucking admins are paying 10 times as much satoshis per byte as is neccessary right now. Im watching fee's under 40 satoshis per byte confirm in 1-4 blocks.

I did a test transaction through blockchain.info earlier today, recommended fee was 49 cents. I would like to congratulate /u/blockchainwallet for finally adding sanity to their fee estimation.

Great job BC team. You guys are helping ganja vendors save big bucks on transactions! Shoot me a address and i will mail you free weed. Seriously…..

So im not so sure its this Roger Ver assclown wasting his money on fee shit. I know he has before, and maybe he is now, but there's other stuff you all are not thinking about…..and you should be.

You have 100s of thousands of transactions every single day coming out of DNM's that are being rated around 550-600 satoshis per byte. All so fucking drug addicts can get their shit as fast as possible.

Bitcoin needs SEGWIT now so we can stop this ridiculous donkey show where us weed venors are getting fisted by fucking mexican donkeys.

Jefferson said do not sacrifice security for expediency. So all you uneducated fucks who are trying to force a hardfork on the network and stalling the network from fixing the goddamn problem the solution was designed to fix, fuck you. You created this mess.

Its your dirty fault fee's are high, supporting these chinese miners who are the poorest of poor having spare 100's of millions of dollas to throw away at a POW change. Poor poor miners! And what about the bitcoin quadrillionares like Roger ver? Who will cry over fee's when the person who is the last motherfucking idiot on the planet who needs to worry about it cries we need to get rid of the software developers who offered a open source fix for a problem!

How dare they try to solve the issue! Lets block them and make things worse so poor green-machine has to pay goddamn $ 200 for a single withdrawal from alphabay.

In summary; SW now, ya'll are dumb for not realizing that the totally way off the fucking radar fee shit-estimation is caused by darknet markets catering to opiate addicts who need their fix or they will sweat balls and piss their assholes.

Want to make a change? Ask these fucking markets to fix their stupid assfuck mixers. Im tired of paying for 50 transactions at 10 times the cost it needs to be because your fucking cousin larry likes to snort oxycotin.

—–BEGIN PGP SIGNED MESSAGE—– Hash: SHA512

FUCKING DICKS ARG. —–BEGIN PGP SIGNATURE—– Version: GnuPG v2

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….I tried to sign a message so you all know its the real me and not a fake. Though if you look at my post history you can see my flair or posts on the alphabay sub so that should tell you im really me. Looks like my signature gets fucked up on reddit. Looks like reddit sucks for pgp?

submitted by /u/Green-Machine-
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Bitcoin

sw2mb is yet another attempt to set the agenda and make it seem like politics matter in Bitcoin. Please ignore every post and poster that mentions this alt like it’s something reasonable. Compromise has its place but not when it comes to changing who can change the rules.

This is a new front in the power struggle and deserves to be met with an overwhelming early rejection. Let's see what's next on their agenda that we can also ignore.

Honey badger don't care.

submitted by /u/firstfoundation
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Bitcoin

sw2mb is yet another attempt to set the agenda and make it seem like politics matter in Bitcoin. Please ignore every post and poster that mentions this alt like it's something reasonable. Compromise has its place but not when it comes to changing who can

This is a new front in the power struggle and deserves to be met with an overwhelming early rejection. Let’s see what’s next on their agenda that we can also ignore. Honey badger don’t care.

Bitcoin

Many BU supporters seem completely unaware that BU requires eventually removing the 21 million supply cap.

Peter Rizun (head BU dev):

"To have a fee market with no block size limit you need Bitcoin's inflation rate to be nonzero"

http://np.reddit.com/r/btc/comments/61a4uk/to_have_a_fee_market_with_no_block_size_limite/

"I don't believe a fixed supply is a central property of Bitcoin."

https://i.supload.com/r1pdI_mDg.jpg

Roger Ver has also said that he is okay with the risk of bitcoin becoming paypal 2.0

I think if this was more widely known there would be much less support.

submitted by /u/Belfrey
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Bitcoin

Jihan Wu’s messages after the announcement seem to imply he controls the majority of hashing

http://i.imgur.com/sYzHBxG.png

Source: https://twitter.com/007LongShao/status/842796442250952705 ( http://m.weibo.cn/u/2083258595 )

"All the exchanges who signed are not world class level. They think they're clever, but didn't figure out the most basic logic. The situation is more complex but the result is clear. The big pools will win and the rest can't survive".

"These stupid cunts are going to be caught unprepared for the complex circumstances in which the fork is going to occur."

[EDIT: /u/oakpacific provides this corrected translation of that last sentence: "These stupid cunts create such a complex arrangement (implying that it's created by the exchanges), they will be caught by surprise by the complex situations during a fork."]

Other than that, expletives and edgy teenager talk.

Obviously, we're already used to his childish bluster, but it wouldn't be completely out of the question that there is a coalition of miners with 50%+ of the hashing.

IMO, regardless of SegWit, the PoW change option needs to be considered because the underlying problem of total mining centralisation remains there. At least the plan needs to be in place just in case. Even with the support of the exchanges, the situation could be quite precarious.

submitted by /u/muyuu
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Bitcoin

Unconfirmed transaction, fees paid, seem to be two payments

Transaction id: 601536cadb0055cee97b4ff7969c707bea18745168fe6fedae95f854b2168b11

I made this transaction several hours ago. It seems like it is stuck at being unconfirmed even though I paid a transaction fee of 0.000129 BTC.

I can see the transaction details at: https://blockchain.info/tx/601536cadb0055cee97b4ff7969c707bea18745168fe6fedae95f854b2168b11

I don’t understand why there are two payments. Really confused as to what is going on and what the outcome will be. Will this transaction ever get confirmed? Will it eventually time out if it doesn’t enter the blockchain and the BTC transfer back to the originating wallet?

Really appreciate any help here. Thank you.

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