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  1. #1
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    Default Online Gambling Sites Adopt LiteCoin Due to BTC's High Fees

    All of the Revenue Network brands just began accepting LiteCoin transactions as of Tuesday.

    This includes Bovada, Bodog.com, Bodog.eu, Ignition Casino, Slots.com, Slots.lv, Joe Fortune, and Cafe Casino.

    Bitcoin transactions are taking hours for $5+ fees. LTC clears in two and a half minutes for fraction of a penny. Hard to argue with that.

    This is yet another instance of BTC's growth in price being a negative for using it transactionally.


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    Bitcoin transactions are taking hours for $5+ fees. LTC clears in two and a half minutes for fraction of a penny. Hard to argue with that.
    Today made 5+USD fee transaction and indeed it was immediate. That is somehow the point of high fees.

    What you say makes no sense really. I get it, fees are high as every 4 years. Soon bitcoin will be dead, fees will be low again and shitcoins like LTC/BCH/BSV will go to sleep. Much bigger problem has ETH with 100+ usd fees for certain smartcontracts.

    If Bovada really had problem with high fees maybe they can start aaaaaehm to use Segwit addresses? Maaaybe they can start to pay in bulk transactions? Ooooor what about not overpaying the fees by order of magnitude? Maybe they fucccccccking can learn about cpfp as I kept writing them during last years? To look just a bit ahead and use LN? No - lets implement another shitcoin and lets make a totally confusing page about deposits like this https://www.bovada.lv/help/bitcoin-f...cryptocurrency
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  4. #3
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    Quote Originally Posted by Sherlock View Post
    What you say makes no sense really. I get it, fees are high as every 4 years. Soon bitcoin will be dead,
    Once again, I said no such thing, nor did I imply it, nor do I believe BTC will die.

    Fees are high more than every 4 years. Every time a new ATH comes around, fees skyrocket and the user experience for online gamblers becomes terrible. This is a PROBLEM, and using other coins for quick transactions SOLVES THAT PROBLEM.

    Nothing more, nothing less.


    Quote Originally Posted by Sherlock View Post
    If Bovada really had problem with high fees maybe they can start aaaaaehm to use Segwit addresses? Maaaybe they can start to pay in bulk transactions? Ooooor what about not overpaying the fees by order of magnitude? Maybe they fucccccccking can learn about cpfp as I kept writing them during last years? To look just a bit ahead and use LN? No - lets implement another shitcoin and lets make a totally confusing page about deposits like this hxxps://www.bovada.lv/help/bitcoin-faq/how-to-deposit-cryptocurrency
    Sherlock, you consistently miss the issues at hand and make assumptions about what I do and do not believe about crypto use.

    1] Bovada overpays for crytpo withdrawals because they NEED to force the customers to be paid quickly. Otherwise, customers get upset. Upset customers do not redeposit as frequently, if at all. Surely you understand this dynamic.

    2] We are dealing with offshore gambling, I have no idea why they don't use Segwit or LN, perhaps they are more traceable methods, perhaps their shell companies can not access such things without greater scrutiny, or perhaps they are just ******* incompetent. I don't know the answer and I lose no sleep over the subject.

    3] Perhaps opening up other cryptos increases market share? New customer venues are great. If I were in an LTC telegram group right now, I would be trumpeting this news to get new users to the sites. Options are good, particularly when the USER enjoys the experience of depositing, which is what we are ALL trying to get the user to do... spend spend spend.

    4] If Bovada's crypto FAQs suck, rewrite them and send them to our mutual friends at RN... they will probably appreciate your expertise in helping them improve the user friendliness of their guides. If it results in a 0.5% increase in conversions, it is a huge win for the operator, the affiliates, and the customers!

    5] I still love you even though you are all up my ass about altcoins lately

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    "Due to BTC's high fees" ? Where did you get this from? RN have not stated this.

    It's just another option with no angles. Plenty of similar sites already accept litecoin and have for a long time, no shade on BTC.

    UPDATE: Sorry, just noticed the purpose of the post was to tie in with a backlink.

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    Of course that the reason for this post is the link, otherwise I would say to the OP that he is a feminised US moron who takes everything personally via instant messenger. But because I try to help him because I like him as well, I am making this thread longer.

    Let's take it simply. Just one topic. Not talking about shitcoins now, not talking about bovada; it is anyways useless because you think that I think something completely different than I think, because people in the USA nowadays live in some collective hallucination or idk.

    Just pure propositional calculus.

    Bitcoin transactions are taking hours for $5+ fees.
    is incorrect
    because
    Yesterday made 5+USD fee transaction and indeed it was immediate.
    Just that.

    I can bet up to thousands of bitcoins (for odds up to -10000). I will make another bitcoin transaction with a fee 5+USD and if it is not added to the first block I lose.

    addendum:
    90%+ of people on this forum have no clue how wallets work. Saying bitcoin is expensive & slow is bullsht misleading them exactly in the same way as Roger Ver did it years ago. And this is not just some theory. There are lot of people who bought bcash instead of bitcoin. And they are pretty much pissed off. Yes, it is their prooblem they are idiots and trust bullsh1t. But I can not bear to read this.

    The truth is:
    Bitcoin transactions are relatively expensive. And bitcoin is pretty slow under certain conditions. But bitcoin absolutely is not expensive and slow at the same time. There is a simple tradeoff between the price and speed. No one is forced to pay high fees and wait long time for BTC confirmations at the same time. Just during full bull market everyone is either forced to pay few USD fee or he has to wait few hours/days/weeks.

    At the same time the payments are not stuck if the people are not idiots. The sending party can always use RBF and raise the fee if the payment is needed that badly. The receiving party also can speed up the payment by using CPFP.
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  7. #6
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    Quote Originally Posted by tufty View Post
    "Due to BTC's high fees" ? Where did you get this from?
    Not much to debate about BTC fees being high whenever it approaches ATH (i.e. all of 2021).

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    Quote Originally Posted by PROFRBcom View Post
    Not much to debate about BTC fees being high whenever it approaches ATH (i.e. all of 2021).
    The level of fees is purely subjective and irrelevant to the point I am making, which is that this thread title: "Online Gambling Sites Adopt LiteCoin Due to BTC's High Fees" is 100% false.

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    Many players are disgusted by the high fees of BTC and ETH. There are one and xrp for tokens with low fees, but they are not suitable because of their high volatility.

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    And I am disgusted by shtposts shilling shtcoins via bullsht. XRP is the worst shtcoin for gambling purposes, because it is totally centralised with freeze function, that was already used if I am not mistaken.

    On the top BTC - as always after the 4 year peak - has fees 1sat/byte => to send BTC cost few cents.
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    Quote Originally Posted by Sherlock View Post
    On the top BTC - as always after the 4 year peak - has fees 1sat/byte => to send BTC cost few cents.
    Which is great to see. I was pleasantly surprised to see sending BTC for pennies again.

    However, most wallets still recommend something like $1 (why do they overpay so much by default?) and do not have adjustable miner's fees. Whether you or I know how to get around that is immaterial, most users do NOT know they have other options to set their own fees, which is bad for BTC.

    Next up, yeah, the fees are down again, but when they start getting $10, $20, $100+ to make transactions during Bitcoin Mania phases, it also deters the **** out of people using BTC for commerce or newbies buying in. It is a problem. The bottleneck speed of BTC is a problem.

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    I did not see a wallet that can not adjust fees yet. But I am no wallet expert.

    Yes, people are simply lazy&stupid, so they do not know how to adjust fees. Wallets can not estimate fees when even a retard can estimate the fees much better just observing the chart. Also wallets try to make nearly 100% transaction to go through, while a sane person would set up fees somewhere between 1%-99% during next block. This behavior of wallets make a bidding war. Even more horrible it is by ETH, which is trying to solve it by EIP 1559, but I am afraid it will never be resolved.

    Again my story: I paid 1500 USD fee for one ETH transaction that was returned, so I had to do it again (and I did a lot of those transactions). With BTC I paid lifetime less than 10% of the one ETH fee and I was claiming forks with many addresses, so I have made many hundreds of BTC transactions.

    Whichever coin will be used will be also expensive. One way or another. Decentralisation is expensive. Coins that are run on blockchain and supposedly have a "free space", would run into troubles even if they were used. They would need typically more decentralisation. Many years ago, before the block wars, there was an excellent article about all the tradeoffs. I thought it is obvious: price x decentralisation x capacity.

    In 2023/4, when the next ATH will occur, I bet the market will be different. Taproot is going to be activated this year, so 2022 already will be a year of layer2 solution. People who claim that blockchains can work for end user as L1 are either dogmatics (Ver style) or manipulators (CSW style).
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  13. #12
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    Quote Originally Posted by Sherlock View Post
    I did not see a wallet that can not adjust fees yet. But I am no wallet expert.
    You are correct. I misstated.

    Most wallets I have seen allow fee adjusting. BUT, only insofar as a "fast, regular, slow" type of fee. And those fees are insanely high.

    For example, I saw one wallet's LOW fee was pushing a cost of $50 per transaction during the last BTC run up. Meanwhile, another wallet that actually allowed fee adjustment by the user, i.e. deciding how many Satoshis per transaction manually, could easily push transactions through with an $8 fee (within a couple hours).

    So my point is that wallet price algos are stupidly ****** and overpriced.

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    Yes, all wallet etimators I have seen have the low fee insanely high and just that is causing the BTC troubles. But the wallets have also 4th option - manual fees, and that is the option that people should always use. Ofc they do not do it, so the wallets should have UX where the people are in fact urged to use this option. Nowadays when BTC allows RBF should be 1sat/B the default option in fact, because the fee can be always adjusted upwards without problems. It is painful to see, how no one sees this.

    I am sceptical towards ETH, but at least they see the problem hence EIP 1559. However ETH has much bigger problem with fees. I am not sure if it is clear, so: ETH contracts are often set that they expire withing minutes (tipically defi transacations), also the smartcontract values change (e.g prices of sh1tcoins), so by ETH the bidding wars are much more fierce. Therefore ETH fees needed to be fixed unlike by BTC, where it is still just a nuisance and nothing more. So all eyes on EIP 1559 now. It will be proclaimed as success, but since it is after peak, the real test will come in few months or years and I do not believe they resolved anything.
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    When I saw Bitcoin being used in online gambling, I noticed that the world is evolving very rapidly, but I am a little surprised to hear that I will use Altcoin further

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