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RE: What if there was No Bitcoin?
Another interesting piece. I feel like there is no bitcoin today. I have a transaction that has taken forever to process. Still waiting in fact. I hope they fix the issues with transactions soon.
Strangely, in fact I am having the same issue, it is really irritating that the segregated witness is taking so long to come out. It came out just in time after a lot of work, but now it waits approval.
I guess with the amount of unconfirmed TX right now, it should put pressure on miners to approve it faster.
My transaction still has not settled. It almost seems to be orphaned. I agree with you about the segregated witnesses. There is no way that bitcoin can succeed as a live currency if you can't settle transactions in a timely matter. The capacity issue is likely to ultimately be the Achilles heal of the coin. Bitcoin was both revolutionary and evolutionary. So many things were done well. The capacity problems are probably not an example of that. I think in retrospect that point seems obvious. I wonder if this occurred to Satoshi at all. From this vantage point it seems somehow myopic at this time.
I also wonder if this really does put heat on the miners? What percentage do you feel has the forethought to make any adjustments? How many people are pooled and not schooled in such things?
I talked to my wallet maker briefly just to get there perspective. The only thing they said is be patient it will settle. Too little too late. I needed to make a payment now I have money tied up in limbo. When asked about what they thought I should pay in transaction fees to speed things up they had no answer. I am pretty sure it is because right now who really knows on a low value transaction. It is counter productive to the currency to have to pay a transaction fee that is equal to the actual payment. I might as well have used a fiat currency.