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• Replies: 1,869
• Topics: 75
• Likes Received: 1,082

• Re: Bitcoin costs $30-$50 per transaction?

  I brought this up on /r/bitcoin and got it on the front page actually :) http://www.reddit.com/r/Bitcoin/comments/2e9dna/blockchaininfo_should_changerename_the_stat_cost/

  One commenter makes a good analogy. Its like making a stat for drivers called "registration fees per mile". Driver registration fees are more or less fixed, so the only way to optimize this "cost" is by driving more nad more miles. Doesnt really tell you anything meaningful at all

  Posted on August 22, 2014 at 8:01 AM
  Bitcoin & Beyond

• Re: How to verify the address with sign message??

  theres a bug in counterwallet that they still have not fixed where it causes invalid signatures.

  Posted on August 22, 2014 at 1:45 AM
  LTBcoin Talk

• Re: How VAT on bitcoin will be handled in EU?

  @crimsonroze

  @cryptonaut @crimsonroze the suggestions on this link appear to work for separating quotes also: http://stackoverflow.com/a/13066620

  Yes, but how much effort will it take to educate your growing userbase on how to use hacks to get around weaknesses in the markdown platform? (this really aught to be a separate topic, btw)

  very true. We need a much better and more obvious guide that one exists currently. but yes we are way off topic now lol

  Posted on August 22, 2014 at 1:23 AM
  General

• Re: How VAT on bitcoin will be handled in EU?

  @crimsonroze the suggestions on this link appear to work for separating quotes also: http://stackoverflow.com/a/13066620

  Posted on August 22, 2014 at 1:15 AM
  General

• Re: How VAT on bitcoin will be handled in EU?

  @crimsonroze

  @cryptonaut I made it into a bullet list for you, any better?

  Better - yes. Good? - I'll manage, but making a bullet list just to get some spaces so I can qoute properly seems abusive.

  Anyway, thanks for making it readable.

  No worries. The issue seems to be that its seeing it as one big quote because there is no normal text in between. I get what you mean though

  Posted on August 22, 2014 at 1:12 AM
  General

• Re: How VAT on bitcoin will be handled in EU?

  @crimsonroze I now officially hate markdown.

  @cryptonaut

  I made it into a bullet list for you, any better?

  Posted on August 22, 2014 at 1:07 AM
  General

• Re: Bitcoin costs $30-$50 per transaction?

  I see this number thrown around a lot and its actually not only totally inaccurate but also annoying haha.

  It comes from this page: https://blockchain.info/stats

  The calculation is literally this (try it out for yourself even):

  Estimated 24h miner revenue (blocks+fees mined * average price) / number of daily transactions

  not sure how that even makes sense? Wouldnt it be more accurate if you obtained the actual daily electricity & hardware cost and bandwidth used by each mining operation (or at least a decent sample size) and then divide that by daily transaction count? Instead of just "bitcoins mined times average price", as if every new bitcoin mined is turned into $ as soon as possible.. The combined numbers from using the actual costs of running the network might be quite a bit higher than $30... but like you mention its not even really a "cost per transaction". Its the cost for the entire infrastructure. Securing the network, storing and sharing the blockchain, processing transactions, the whole entire thing...

  not to mention that with the current network (or even if it was much smaller), we could process about 10 times more transactions (7 transactions per second.. which is also an artificial limit) per day without changing a thing. With their silly calculation, that puts it at $3 per transaction. If the price of bitcoin drops to $100, then that puts it at around $0.70 at current max network capacity and only $6 / transaction with current transaction rates. wtf, how does that make any sense at all?

  They should honestly just get rid of that stat. It doesnt seem very well thought out. If anything it should be renamed to "estimated miner income per transaction"

  Ok, im calling @tim-swanson out on this :)

  actually, if you wanted to know the per transaction cost from the user/consumer point of view instead of the miners.. you could just do (total transaction fees collected / num daily transactions). Which brings you to a whopping $0.078 cost paid per transaction.

  Posted on August 22, 2014 at 12:28 AM
  Bitcoin & Beyond

• Re: Live "Weekly Distributions" stats for each user?

  @hesham3del

  sooooon! Its on my agenda for this week actually

  Can not wait for this to happen, kudos to you because you are trying.

  Don't worry dear, @Cryptonaut always got a man's word, give time some time to have everything done ;)

  haha yeah.. kind of got backed up a bit on this one actually. Still "soon" though

  Posted on August 21, 2014 at 11:48 PM
  Project Development

• Re: Content Bounties

  @hesham3del @Cryptonaut, how did you missed this ?

  the post is from way back in march and actually from the old forum system. TBH I wasnt on those forums a whole lot, was way too busy building the site :p

  We actually have something similar to what the OP described in planning. The current blog / submission interface is being totally re hauled, and there will be a feature for topic/content suggestions and bounties

  Posted on August 21, 2014 at 11:46 PM
  Project Development

• Re: The next two weeks worth of LTBCOIN

  @jayek Can we trust this @Cryptonaut character, after all he is Canadian ;)

  sorry guys, I cashed it all in for some maple syrup

  Posted on August 21, 2014 at 11:37 PM
  LTBcoin Talk