Bitcoin Blockchain showing its weakness?

[donkeypong]

I agree we need to focus on things other than just the currency. It is a medium and if people come here for other functions, they'll gain some comfort with the currency. There are a lot of countries in the world where people cannot buy something as stable as a USD so they watch as their own currencies inflate and reduce the value of their own hard work and savings. Add in remittances and the market is there for a good currency that's stable, instant, and easy to use.

As for micropayments, there is a great deal of potential, though it may not be a lucrative business as much as a way to help the world and bring in a broad base of users. If someone can develop a service akin to a tipbot, maybe a browser plug in that can send micro-tips whenever the user reads an article he or she likes, etc., then that could give news sites a new source of revenue. We could see entire business models spring up from micropayments, which I think could be a natural tie-in with any reputation-based system online as well. And charities certainly would benefit from micropayments.

[luckybit]

Yes, we need to get the exchange and its GUI operating at a level where everyday people can use it. And then focus on bells and whistles. Micropayments will be huge someday, and I really look forward to what they can do for charity, but we need to get this ship in order first.

Honestly I think currency is really over rated at this point. There will be many currencies out there for "cyber cash". Some will be totally anonymous transfers while others more transparent, but I don't see micropayments as a big deal.

I do think BitUSD is interesting but I also think you could probably get the same sort of effect of stability in commodity backed currencies, such as backed by storage space or computation. So I would say that the currency ship is sailing and Bitshares will just have it's own micropayments but ultimately people can earn money in any currency.

What matters is how they spend and how that money flows.

[donkeypong]

Yes, we need to get the exchange and its GUI operating at a level where everyday people can use it. And then focus on bells and whistles. Micropayments will be huge someday, and I really look forward to what they can do for charity, but we need to get this ship in order first.

[luckybit]

The network is a settlement chain.. There will be micropayment channels for these things going fwd, unless bm can prove that these arent secure enough and justifies creating faster settlement confirmations.

Micropayments are not part of bts yet because of profitablility and business reasons (referral program) .. not because of "security concerns" .. for instance, microtxs are possible and cheap in MUSE

Micropayments will be possible in BTS so it's not a big deal but for now UI/UX are a bigger concern. Get the exchange working first, and then get micropayments working.

The exchange brings much more sustainable and immediate value to Bitshares. Liquidity is necessary for smart coins / bit assets. It's also better for the price to have a nice functioning exchange. As a sustainable ecosystem is built around BTS then it will be a lot easier to do micropayments or anything else.

Muse can do micropayments, but Muse isn't BTS.

[triox]

https://localbitcoins.com/forums/#!/general-discussion

Seems the blockchain cannot handle the traffic with this big rally and we're on a go slow, that is the interpretation anyway (I don't really know), but it must be good for BTS as I understand we will not have this problem? We just need people looking at BTS as an better alternative.

This post by a pool operator confirms it. They are seeing a shift to altcoins as a transfer layer for Bitcoin IOUs.

[jsidhu]

The network is a settlement chain.. There will be micropayment channels for these things going fwd, unless bm can prove that these arent secure enough and justifies creating faster settlement confirmations.

Micropayments are not part of bts yet because of profitablility and business reasons (referral program) .. not because of "security concerns" .. for instance, microtxs are possible and cheap in MUSE

In btc micro txs happen offline use something like checktimelockverify... muse does this?

Microtxs are expensive for the blockchain but if an offline one is secure it is better.

[xeroc]

The network is a settlement chain.. There will be micropayment channels for these things going fwd, unless bm can prove that these arent secure enough and justifies creating faster settlement confirmations.

Micropayments are not part of bts yet because of profitablility and business reasons (referral program) .. not because of "security concerns" .. for instance, microtxs are possible and cheap in MUSE

[jsidhu]

The network is a settlement chain.. There will be micropayment channels for these things going fwd, unless bm can prove that these arent secure enough and justifies creating faster settlement confirmations.

[Samupaha]

Yeah, I have seen complaints too. I hope at least somebody realizes how shitty Bitcoin network really is and starts to look other blockchains.

Another good point is that cost per transaction is still very high with Bitcoin.

https://blockchain.info/charts/cost-per-transaction

If it's expensive and slow, how long people are really going to use it?

[KD]

I've recently purchased BTC with the intention of sending to my Bitshares 2.0 account and converting to BTS, I used LocalBitcoins for the service and I am stuck in a "pending" status, and I'm not the only one.

https://localbitcoins.com/forums/#!/general-discussion

Seems the blockchain cannot handle the traffic with this big rally and we're on a go slow, that is the interpretation anyway (I don't really know), but it must be good for BTS as I understand we will not have this problem? We just need people looking at BTS as an better alternative.