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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.

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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.

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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?

<!-- SC_ON --> submitted by /u/Green-Machine-
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Are we screwing this up?

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Hello everyone. For the past year or so now, I have become extremely concerned with where bitcoin is going, and where it currently is. I have been involved heavily in bitcoin since late 2013 as both an owner of bitcoin and someone who transacts with it hundreds of times per week as the owner of my website Grindabuck.com. I've never really been too involved on the technical side of bitcoin, but in terms of practical use, bitcoin has always had many positives that influenced my decision to use it frequently and hold it long term. Lately however, bitcoin has reached a point where I believe the long-term health of the coin could be in jeopardy. The price increases have been awesome, but I believe this could potentially just be masking a growing trend of altcoins growing to a point where bitcoin may not be the #1 coin for much longer (Note: it is important to note I do not hold any cryptocurrency outside of Bitcoin). I simply am a Bitcoin user concerned with what I see.

As an example, my website offers cashouts starting at $2.50, and bitcoin is the most common method for getting money off our site. A couple years ago, users could cash out $2.50 for only a .0001 fee, or 2-3 cents. Fast forward to today... our users must pay a .0002 fee, which is significantly less than some websites/wallets have to use, which is equivalent to a 60 cent fee. That $2.50 is now $1.90. Where will this end? If we did not have a wallet solution that allowed us to only use a .0002 fee, we would have to completely eliminate bitcoin as an option for our website.

We are slowly but surely eliminating bitcoin as a means of transferring money below certain thresholds. At what point will this stop? I know solutions like segwit are supposed to fix these things, but im staying out of the technical/political side of this discussion and strictly keeping it about practical situations. The fact is, the current system is failing and desperately needs to be fixed before it spirals out of control. The bottom line is there has to be a fine line between rewarding miners what they deserve and keeping bitcoin usable as a means of money transfer for ALL amounts. We have to work together to make bitcoin work for everyone. If bitcoin cannot evolve to the current price/times, it will fail to stay at the top, and that is bad for everyone. Regardless of what happens.. I am personally in bitcoin for the long haul. My business, however, is on the brink of leaving bitcoin like many others. And there are plenty of cryptos out there that can do what bitcoin can't from a money transfer perspective.

We can not screw this up.

<!-- SC_ON --> submitted by /u/chazley
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I'm 22 and I have around 110BTC, but still no girlfriend :(

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Hello guys,

I'm hodling around 110BTC for over 4 years.

Can you give me your suggestions what would you do with that money?

Would you keep hodling or invest somewhere else? Would you retire with that money?

<!-- SC_ON --> submitted by /u/exy53
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Just FYI, bitcoin growing at 0.72% per day so far this year.

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161 days have passed so far this year (http://www.convertunits.com/dates/from/Jan+1,+2017/to/Jun+11,+2017). Price currently sitting at a little over 2900. This is almost exactly in line with many commentators' predictions.

<!-- SC_ON --> submitted by /u/terr547
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