I just can't imagine what has happened to mempool, it's about 10K now, but about noon (CET) it was empty. Or, it's only the blockchain.info chart that has a bug?  Anyway, I'm really curious, would you please point me to the right direction, where to search for the answer? Maybe a huge pile of tx's has timed out at the same time? I just can't imagine |
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I've just read at trezor's site, that Trezor will support (or it's support already) SegWit addresses and transactions. https://blog.trezor.io/prepare-get-ready-segwit-segregated-witness-activation-bitcoin-wallet-950bb2196de9It says that I only need to transfer my funds from the 'old' Trezor wallet address to the new Trezor SW wallet address (SW wallet address starts with 3). If I do this, I have to pay the proper fee (nowdays higher), and wait for the transaction to be confirmed, and that's all? So if I understand well, I need to pay the high fee at least now, if I want to pay lower fees in the future. Or does it makes sense to wait a bit more and when everyone will use SW, and the fees will be lower, I can transfer the funds to the new SW wallet for a lower fee? |
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Thanks God, situation is already getting better! Fees are gradually decreasing and there are less and less unconfirmed transactions!  BCH difficulty has been adjusted overnight, but it's still less profitable to mine compared to bitcoin, but the difference is just a little now. (BTC 1.26, BCH 1.0, fork.lol) At midnight it was about 3:1 for BTC. Mempool has sticked to 60k, so we'll see what happens when EU and US gets up and starts to send transactions again in the morning. SW activation has little effect yet, now it's the miners's choice to select the most profitable coin to shrink it's mempool. |
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Thanks God, situation is already getting better! Fees are gradually decreasing and there are less and less unconfirmed transactions! Well, it's not a permanent solution, I'm afraid, and mempool is still over 60k, which is less than the 100k (26th August), but still a huge pile of tx. Our luck is that BCH has raised the difficulty (according to fork.lol) and BTC is more profitable at the moment, compared to BCH. So miners are on the BTC chain now and they're working on the transactions, and it's weekend now, which is another luck for BTC. I'm wondering how many unconfirmed transaction will be confirmed by the time of the next BCH EDA... |
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to answer the OP's question....
no it wont empty the mempool.. infact it will fill the mempool
the only way to utilise the "weight" is to first move funds out of old transaction format (legacy keypairs) and then spend again in new segwit transactions (sw keypairs) then and only then would the segwit transaction utilise the weight area.
the issue with this is if everyone was to move to use segwit keys to even get close to a 2.1mb weight estimate.. everyone has to move their funds out of old legacy keypairs..
there are millions of UTXO's using legacy keypairs, meaning alot of spending needs to occur BEFORE its treated as segwit based funds..
And how does it affect the 'dust'? If I need to move out my balance (gathered up from dust) to a SW compatible address, I still have to pay the high fees first (because of the several inbound transactions of that address), and only after I will enjoy the benefits of segwit? If this is true, despite of switching to sw or not, do I have to pay the high fee at least at the first time? |
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Bitcoin is supposed to be resistant to any attacks, otherwise it wouldn't be able to work properly and won't have any significant value. Mining empty blocks - for whatever reasons, can be considered as "transaction withholding attack", and the network has mechanisms to deal with it - since this causes fees to go higher, honest miners are getting much more profit, and are able to afford more hashpower later, thus decreasing profits of attackers even further and even putting them in loss because of increased difficulty. We shouldn't take any actions like forking, banning Antpool, etc. The system will reach new equilibrium soon.
Interesting, but if there's someone/something that can finance that lost profit for a while, it could really cause some trouble. What if those pools are sharing the loss of the empty blocks, I mean if all pools (mining empty blocks) are agreed (because of greed) for mining the empty blocks and sharing the loss for a period of time, to monopolize the mining? |
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BCH difficulty has just raised.  Mining profitability based on price and mining difficulty shows that it's BTC time for miners. Mempool has reached it's local maximum and started to decrease, it seems.  Seems like the mempool will be cleared in a short time, if miners hop back to BTC. i can see the light at the end of the tunnel |
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have no clue how to use the accelerator people speak of
will pay if someone speeds this up
3b81484220f148c5e59b2a52515c3086605bccfc6fcf72a7e8095fa4b5fb1342
thank you kindly
just put you into ViaBTC at 0:00AM, you should check your transaction in a few hours time, it should get confirmed sooner or later. Attached the printscreen, there are 21 confirmations as of 9:00PM Well, it seems that it's possible to accelerate a transaction with a really low fee like this one  |
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Login everyday,make some posts,you will be member very fast,grow your twitter,look in marketplace for ico bounty,at least you can earn from social media campaigne.Go to http://[Suspicious link removed]/forum/ you can find many giveaways there,do not follow shitcoins,do not follow ico what have only white paper to offer
Thank you. I see I need a lot of Twitter followers to be admitted in social media campaigns. If you want to use twitter account only for campaigns dont waste your time with new followers. It is better to buy twitter account from someone and join to bounty campaigns with bought account. That's just my two cents That's true, in social media campaings you'd better not to start from scratch. People are farming accounts both in Twitter and here also on the forum in order to sell those accounts to the people who are not patient enough to do that on their own. But it's not enough to start earning bitcoins, still. Imagine if you buy a Senior Member or Hero account with 0 bitcoin knowledge. Imagine, that you manage to get into a signature campaign with your new Senior account. You need to post regurarly, you need to maintain the post quality, but without the knowledge and the experience, campaign managers will kick you out sooner or later, because of post quality issues. If you get on the SMAS blacklist, with the bought account, the price of the account was a waste of money, because most of the campaigns won't accept that account in the future, so always read first, it won't hurt |
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Yup that's right, it is going to happen for sure. The fork starts in the first week of November and everyone is waiting for this fork because they think that there will be another dip for bitcoin and everyone might just start investing more into bitcoin. NYA might just create third currency or clone of bitcoin leading to crazy market movements. Let's hope everything happens the same way as it happened with hard fork in august. Fingers crossed and ready to welcome the next fork. Hope it brings us fortune, and a lot of it. I've read a lot of comments like: gimme more forks, comeon', free coins, etc.. People just don't think it over from a different perspective, because of the fork of August 1st. It was just an easy fork, but price was still volatile. If a new fork comes in November, where 50% will support the old bitcoin, 50% the new coin, what will happen with the price of the real bitcoin? We need to think it over again in October, at last, to get prepared. Not all forks are so smooth and easy, but we'll see. |
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I'm waiting for the time when we will talk about the number of transactions getting closer and closer to Paypal (at least, not VISA and MasterCard). Japan could be a key point in this, if the merchants and the people in that country test out the possible solutions to get bitcoin videly accepted as a currency.
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Yea, it finally confirmed, I think it took 4 days. But, that's fine. I'm just thinking, fees would be lower if everyone paid lower fees.  I think I agree with you but it will be difficult to build a consensus on this to have everyone opt for the lower fees but if that was possible I bet we could have changed the status quo. With bitcoin at $4200 USD, paying the current 150 sat per byte is pretty expensive. I'm surprised fees haven't creeped down as btc has gone up against fiat. Probably due to wallets having defaults... and also having it denominated in BTC. I wonder if people say their fees in their fiat value, people would start lowering the fees. Wasn't that one of the "promises" (benefits) of bitcoin, 10 cent ish fee for transaction thousands or even millions? Perhaps when Segwit happens and people start moving to SegWit txs blocks would all be 100% full and fees will creep back down. Anyone knows a mobile wallet that lets me input the desired fee? (and not only I can choose from a drop down list, or similar e.g. priority, low prio, economy, etc.) Last time I moved some gathered dust with Mycellium mobile wallet, I've paid like 50% of the amount for lowest prio fee and I don't want this again. What happens when I move a lot of dust in 1 transaction, and after, I want to move forward that sum again to a different address? Does it still counts the original inputs, or it counts only the last transaction's input (which is 1). It affects the fee, this is why I'm wondering. |
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Bitcoin price increase and it's already over 3k usd. That means bitcoin is still the best. People still trust it as before. Yes, bitcoin still strong despite the fork!
Still strong, OK, but as I have noticed, mempool starts to get filled up again, it's over 50k now, and it's rising continously. At the end of July, it was nearly empty, and after the fork (from the 7th August) it rapidly grow up over 50k again. I'm wondering what it will cause to the mining fees again. I thought that after the fork the mempool will be empty more or less again, but it's not done yet. |
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Bankers already see bitcoin as their rival.They already feared that bitcoin would cause them to lose their revenues which they got from transactions.Today,it has come true.Bankers tried their best to destroy bitcoins in its early stage itself.but despite all of their efforts,bitcoin successfully overcome all such obstacles and has survived.
Revenues on transactions are peanuts compared to revenues on credit card and other loans with relatively large interest rates. Problem is the transaction itself, if the customer start to send his/her incomes to a 3rd party financial provider, they (banks) will lose the opportunity and the benefit of the financial data and history. If you have income and you actively use your bank account, bank can review your activity per month (paying bills, paying for dairy products, food, clothes, etc) and bank can decide if it wants to offer you specialized service (credit card, insurance, etc.) which generates the higher income. If there's no data to rely on, every offer will be only a shot in the dark, and it costs money, and it's really unefficient. Banks needs to involve themselves into crypto world, or at least try to do it, otherwise the will quickly lose a part of their customers. (EEA has a few banks already in the team). |
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The point OP raises renders Cryptosteel useless, and is actually very dangerous since it gives false sense of security.
If you store only the first four letters of a word, it doesn't matter if the word list doesn't have multiple words starting with the same four letters if you don't remember what the rest of the letters are! When you recover your wallet, you don't get to pick from a list of words, you have to type the entire word in.
For example, if your Cryptosteel has "mate" as a word, you would not know if the word you need to enter into the recovery query is indeed just "mate", or a longer one like "material", "maternal" or "materiel". unless you remember it. But if you remember it, there's no point to Cryptosteel. Such uncertainty would be OK if it was just one word and you could try all iterations, but if you have twenty words which all may have different endings, you're screwed.
I hope I'm missing something. I've looked at Cryptosteel before and love the concept and the dedication to quality, but it sounds like a disaster waiting to happen when you think about it in detail.
@ Bramen....this is what I thought exactly, but Pooya above wrote and tested a script to prove that it actually works. I had the same exact thinking as you, which is why I raised the question, but there are only a certain number of words in the BIP39 wallet seeds. So all the different variations that you are talking about wouldn't be on that list. My initial thought was that the words in the seed could be any word from the English language, but that isn't the case So If "material" is one of the words in the list, "maternal" is not on the BIP39 list of eligible seed words. Ok, so in my example, if I don't remember which version of "mate" I should use, I can just download the word list and check which version to use as there's only one word on the list which starts with "mate"? That makes sense. But this means users would need to know that such a word list exists in the first place. As others, I thought the word list was vastly larger than mere 2048 words. How many people using Cryptosteel know of such word lists, and where to find them? In any case, it is quite a big PITA - but probably something you'll do if you have dozens of BTC in your wallet to be recovered But if I download the word list in ten years, will it be the same as today? Will different versions of software have different word lists? Or do I need to print out the 2048 words storing it with Cryptosteel along with a USB stick of the software, again defeating at least part of the purpose of Cryptosteel (indestructible). So if you use only the first 4 letters to determine a word, you need to know the list of the possible words too. If you use it for bitcoin, it's fine, because you can search for that 2048 words in the future as well, but what if someone tries to use it for different crypto, which has less popularity, and uses different words... It seems Cryptosteel works only with bitcoin... I was thinking about to get the words engraved into a little piece of steel, but if you bring it to someone to have it engraved, and that someone knows that it could be a possible seed word list, your bitcoins are over... So you need to buy a cheap hand engraving tool and get the job done by yourself to be 100% secure, it seems... |
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and BIP 141 (Segregated Witness) has locked in with 100% support What does this mean on short term? I have just checked on blockchain.info that mempool has jumped over 40k on 7th Aug. and it's still there. I thought that this will solve the mempool problem (which is much better compared to May-June), or it just needs time? |
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Who is all expecting a price pump on that day?
On August 8,the segwit will be locked in and block chain will be upgraded to larger blocks.So,more investors would start buying bitcoins which would increase demand and price would increase more,may even cross $3500.So we could expect a hike in bitcoin price. Now it's 8th of August, and the price is around $3400. We now should only wait and see what will be the way forward. As the whole crypto world is slowly coming out of the shades, the prices should rise continously, with some smaller-bigger dumps, but that's life. As biggest banks and a lot of other companies (Microsoft, Dell, etc) are investing in crypto, sooner or later we should reach the point when the crypto world will be big enough to fail, but it needs time. Short term goal is now $4000 |
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Gold standard is over for centuries now. Today banks calculate the possible amount of money they can create (from thin air via lending out new money with credit lines, etc) with a really difficult calculation, based on their country's foreign currency reserve and based on their own loan to deposit ratio.
Gold somehow counted in the formula, still, but based on the value of a country's foreign currency reserve. The more valuable the currency of the country the more gold has it in it's safe sotrage. But it's not an 1:1 ratio, it's just a part of the calculation.
Bitcoin has it's own gold, miners are digging it. There's no need to link the virtual gold to the physical gold. As long as bitcoin is too risky for the banks, they won't use their gold just to create something that stores value, because gold stores value on it's own.
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Hereby applying for the 1 open spot:
Username: bitart
Post Count: 571 (including this)
BTC Address: 13V3Bj2vHsQYesm633KVgFtQ2zA8NmCJpM
Waiting for the feedback, thanks in advance!
Bitart
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Those possible limitations are concerning not the main bank account, but a saving account and others similar. You don't use your saving account to pay bills. In my country, we can't even if we want. As if you use it to pay the regular bills you misuse the account and can lead to some problem with your bank. It's like if you run your company with a standard bank account
AFAIK the transaction freeze doesn't apply exclusively to savings accounts. It applies to all accounts. Whatever type of account you use to pay your bills will be affected. This is why you need to have a plan B for the case if all hell broke loose, like: To have your savings in different banks (some additional cost occures but it's the price of the security) To have at least two bank accounts (with debit cards), for daily purposes (also has additional costs) To have an amount available "offline", if ATMs stop To check news if it's about banks that has problems, and act if neccessary In the EU, 100.000 EUR is the limit of the insurance, when the dedicated fund helps people (and only people, not companies, nor municipalities) to get back their funds if a bank fails. But as it was mentioned, this insurance applies for each bank, so it's a rule of the thumb to have only 100.000 EUR in each bank if you want to be on the safe side, if you have your savings in banks and you're not investing it into something else (property, etc.) And if all banks fail in a country, bills, insurances and rental fees will be the last things you care about, when the rush is for food and drinking water... |
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