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RE: EXIT LONG STEEM POSITION / STEEM TRADING SYSTEM # 5

in #bitcoin7 years ago

here are four interlinked issues. (1) Any spike in demand will cause an unpredictable spike in fees. (2) There is no such thing as a perfect fee guessing algorithm -- so if your wallet seems to keep fees low and always get transactions processed, that's because other peoples' wallets are doing a really bad job and their transactions are getting stuck. (3) Ironically, the only impact of improving fee guessing algos in all wallets is to share the pain! (4) It's 10x or even 100x worse for people who actually use Bitcoin a lot, especially those who try to make Bitcoin useful (e.g. businesses or services that accept Bitcoin). Invariably, they receive lots of smaller payments and pay out bigger payments -- that necessarily means bigger sized transactions which necessarily require higher fees to be paid. It is not unusual for businesses to pay tens of $ per transaction just because they are effectively consolidating many inputs. Future tech may help but none of that future tech is available yet.

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