The halving has nothing to do with the change in transaction fees. What happened was something called Runes protocol was activated on the same halving block.

Similar to Ordinals people wanted to get their transaction in and they spammed the blockchain and the fees spiked to like 1500 sats/vbyte. It was bad, basically $150 for a simple transaction.

It’s come down since then, now it’s at like 150 sats and the cost is around $10-15 or so.

I am pretty sure most people here already own bitcoin. Telling them to buy some is not going to make a difference.

And yes the supply is scarse when you consider the large population of the earth. Also factor in that many bitcoins weren’t mined yet and almost double or triple that amount is lost forever due to people deleting their private keys or just losing their bitcoins somehow.

One thing you are forgetting is the increasing difficulty. So a higher price but halved block reward might be more profitable but don’t forget that with a higher price, the difficulty will keep increasing.

Eventually you will need to switch over your miners to the next generation which is more efficient. There is also your cost of electricity and area to host the miners. It’s not an easy calculation to make. Most miners made this calculation probably 6-12 months ago when they knew of the upcoming halving.

Yeah these Runes reminds me of NFTs back in 2017. I first heard about it and assumed it was a joke. Then I saw those bored apes sell for like $50K and I assumed it must be some money laundering scam because who would pay that much for a picture you can just copy yourself.

Then i saw how crazy high some of those bored apes sold for. It was same with meme coins like Doge, Pepe, SHIb, they all should be useless but aren’t. Who knows which path Runes will take. It’ll either be a huge success to the early investors or a huge disappointment. Time will tell.

Yeah I am surprised it already came down. Because the last time those ordinals were dominating the bitcoin blockchain it lasted for months. The fees now are more reasonable, still high but if you need to send 3-4 figures they don’t seem that bad.

After the halving it was crazy high like 1000 sats which were like $150 for a simple transaction. Even Ethereum during those crazy 2017 ICO days was never this bad. Hopefully we have seen the worse for these Rune transaction spams.

Ethereum fees now are low. The price for swapping isn’t as high as before. Do it on a weekend like now and the fees are like 10 gwei.

I used Uniswap before and agree the fees are way too high. Maybe try 1inch they have that no gas swap method which I used in the past and didn’t have any issues.

I don’t think it would have an effect because he sold those shares and someone else took over so it should be balanced just as before.

The shares aren’t destroyed when he sells the ownership is just transferred. So I am assuming there would be no effect on the price of bitcoin. However I am not an expert when it comes to equities so I might be wrong here. Maybe someone else can chime in and explain.

At the moment I am not increasing it but I am also holding. I increased it when Ftx went belly up and people were calling for $10K bitcoin and I bought some at $16-17K.

Back then I knew the halving was coming in a few years and supply would be more scarse. Right now is not really the best time to buy since we are pretty much under ATH. This is the time to maybe take some partial profits just in case.

If you want to earn the most in fees from stablecoins the best way is to do a cash and carry type of trade.

You need to how much of a premium Bitcoin or Ethereum future is trading at. What you do is then you use your stablecoins and you buy BTC on spot, and you send that spot BTC to a futures exchange and you use it as collateral to enter a futures short. So you are perfectly hedged and you can't get liquidated.

Right now the December 2024 futures for Bitcoin is about 8% which is like 12% APR. This way you make the highest amount with your stablecoins but there is counterparty risk because you need to keep it on an exchange but if you want to earn yield you got no choice anyways, you can't earn yield by keeping it on cold storage.

Yeah there is always a chance that he just threw that piece of paper which was seen on TV in the garbage a few days after and then 7 years later had an idea that he can auction it off. So he just bought the same paper pad and same pen and write it out again. And there is no way to tell if its real or not unless somehow some expert can study the paper and see how old it can possibly be.

Its like buying a signed autograph of some celebrity, you need to get it certified because anyone can look at a signature and sign it themselves and make it seem like its authentic.

The reward from the miners is less. Which means overall there will be less selling, less selling means less buying required to keep price at the same levels. Some miners will be completely cut off due to the huge fees required to buy the equipment and keep it running with extreme low electricity costs.

Currently there will be $30M in less BTC added daily at the current prices. If bitcoin doubles that will be able $60M, so it will make a difference overall. The less people that are selling means that there is less resistance. But you get caught up in the hype and expect it to pump right after the halving. Could take months and months. Right now BTC and most risk-on markets have too much geopolitcal risks like we saw twice in the last 7 days.

Look at the past halvings and you will see that the increase wasn't sudden. It started to increase weeks/months later gradually and then all of a sudden there was a huge pump. It wasn't meant to be a instant pump, it doesnt work like that.

The block reward that miners get is cut in half, which means there is going to be less sell pressure. So about 3.125 BTC is added to the supply less than before. Thats about 450 BTC in less sell pressure which is about $30,000,000. Overtime this will make a difference but it won't be sudden. You need to be patient.

The current pending transaction has a size of 5987 btyes and looking now the lowest fee to get confirmed (being a weekend) is 600 sats/vbyte which is going to cost $2334 at the lowest. From time to time and during the busy week, I suspect the min fee will be 1000 sats/vbyte which will bring the fee to $3891.

Currently ETH network seems to have the most fair fees. Right now its 9 Gwei and during the week it has an average of maybe 15-20 Gwei which would make the transaction cost about $0.50. The reason I choose ETH network is because most people here have used it at least once. The other networks such as Arbitrium, Lightning network, Solana, Tron, I suspect not everyone has used it here.

God reading this thread was driving me nuts.

At first I was looking at the software that I never heard off. Then I saw the guy post a few links which are for threads which were created back in 2010.

Then there is discussions about graphic cards which are extremely old. Then a few usernames that I’ve seen post in years and the finally reading my own post from 2017, I just realized it’s a thread started almost a decade ago.

People need to stop pumping these old threads for no reason.

Yeah I was watching mem pool website also, and listening in to that live broadcast on twitter. Didn’t go to any big parties or anything. Same with the last halving, it was right during Covid and you couldn’t go anywhere. And the one before I just looked at blockchain explorer and saw the reward reduction and that’s about it.

This halving is also the introduction of Runes which is clogging the network. If you look now you got at least 1000 sat / vbyte in fees. So over $100 for a transaction. A lot of people aren’t going to be happy.

This is not ordinal but it’s the Runes protocol which launched during the halving block. I was watching mem pool and noticed the high fees and assumed people just wanted to get their transaction in the halving block, however it still persisted and upon reason I discovered this Runes protocol.

So far it’s pretty bad, you need to spend at least 1000 sats per vbyte which is just crazy. This is coming out to be over $100 for a transaction, much worse than Ethereum during its peak congestion days. Hoping it improves overtime.

So as the bitcoin halving went live, the Runes network was launched which uses the op_return option and we currently have $150 transactions fees. As soon as the halving went live we ramped up to 1000 vbyte/sat. Most likely this will cause congestion for the foreseeable future. We might have to turn to an alternative payment method.

I hope I am wrong and this Runes hype dies off but people are paying crazy money now to transact with this network.

It’s difficult picking these meme coins. Last week, I heard about Ore, only because it was slowing down the network. I looked more into it and it seemed interesting. Basically a way to mine on the Solana blockchain. Seems backwards but it lets you mine some ore from your cell phone or laptop and get some crypto.

Market cap was like $5M so I figured if it gets a Binance listing it might go to $1B market cap. Price was $1000 for an ore and it’s like $250 now. So who knows if it will succeed but it looks more promising than those biden meme coins.

I’ve tried mining it last week when it came out. It was profitable for a few days, especially if you had some CPUs laying around or some AWS credits.

Later they increased the difficulty and made it very unprofitable. Then they increased it 32x and all of a sudden shut down mining altogether because it was congesting the network too much and they needed to rewrite the code from scratch.

So now you can’t mine it anymore.

Yes I have stopped making $20 transaction on the bitcoin network since 2017. I’ve moved on to ETH for micro transactions but that also got conjested. Then I moved on to altcoins like Litecoin.

However for the last few years I’ve mostly used L2 networks like ARB. And recently started to use Solana. Fees are super cheap and it’s super fast. There is also Tron network which is pretty quick and cheap to interact with.