Better ASICs means lower cost per mined coin, increased profitability for the miners, and buying of more ASICs.
It's like switching from S9 to S19, 3 times more efficient but we had the equivalent of 2 million at 1300W of the former at the end of 2017 and now 3 million of the latter at 3000W.


Yeah, that is only one way to cut energy costs without changing to some crappy algorithm, and it comes with the same problem, security, miners will consume less energy if the revenue is smaller, so a drop in price will for sure kill a lot of electricity consumption, but it will also degrade the security of the whole chain.


 

From my point of view, no, right now we don't have a problem at all, and all those claims, including that this is "a terrorist attack" and that these fees will somehow deter, well,  transactions that were not even made first place as we had empty blocks are just exaggeration at this point. Yeah, fees have been around 400sat/b for first block inclusion before, not something I want to see again but still an order of magnitude from what we have now, so all the current panic over ordinals is, at least from my point of view, just fearmongering.


That's the effect of Silvergate Bank closing down, not the Planet of the Apes jpegs taking over the blockchain.

This is really weird, why is he suing Coinbase and not his telecom provider?
It was T-Mobile that allowed a stranger to gain access to his sim and telephone number, how could Coinbase verify every time it's the actual owner of the sim and not an attacker doing so?

His claims are based on old cases rulings that if a bank accepts an un-authorized transfer they must refund the account in question, but this was not an unauthorized transfer, if this passes on then I can simply tell all my relatives my login details and then claim every single penny back from the exchange as it was an unauthorized access since I'm not the one doing it.


Because most likely they used that smartphone with the cloned IP to log in, so it would still shave a T-Mobile-owned IP address.
I don't know how things work in the US but here with both operators as I travel a lot I see my Ip changing on my smartphone every day so you can't put that much trust in it and it would only lead to thousands of accounts being frozen every day and customers just quitting. And furthermore, even if they would have frozen that account, the unlocking happens via 2FA wit an sms code, it's not like they are going to ask you for a full KYC again.

They are using mempool.space API, so of course they have the same information as them, just shown differently.


And you could still use an old HDD while you're at it, but I'm not sure the time wasted screaming at it while doing a sync is worth the saved $. 
If building a decentralized currency aimed at toppling all world finances and revolutionizing every this and that is threatened by the price of a 100$ SSD and a bunch of monkey jpgs probably something is wrong somewhere.

Build a nuclear fusion plant, sell that electricity to the grid, profit!

There is no way to ensure! profit, you either have the conditions in which most likely you will make a profit, which means nearly free energy, zero or low tax and vat on imports, hefty state deductions, you own the space you're going to mine in, or, you start without one or two of those and you go up the ladder of risking to not make a profit at all.
Mining is one of those businesses where no matter your skills or your knowledge if the cheap resources are not there in your country there is nothing you can do.


Most of it is on credit.
Compute North went bankrupt, Greenridge sold off $74 mils of equipment, Core Scientific needed life support cash injection to stay afloat, Iris Energy went into debt 100 million to avoid bankruptcy, the spike from 16k to 24k  saved half of those companies that have not learned a thing and keep expanding on credit and debt. Popcorn grabbing time!

To date, they are using way less than the average fee users pay, and I really doubt it will go higher, the cost must be reflected by demand on the market and there isn't one yet that would cover millions in daily fees.


Depends, I've seen them consolidating at 1sat/b and at 10sat/ even with an empty mempool so quite hard to track.
There is another thing that is messing with the fees right now,  some really bad luck happening right now, we just had blocks with 5sat/b, then this:

Block 780016 Timestamp   ‎2023-03-09 16:05 (2 hours ago)
Block 780017 Timestamp   ‎2023-03-09 16:27 (1 hour ago)
Block 780018 Timestamp   ‎2023-03-09 17:57 (14 minutes ago)

and fees jumped to 40sat/b , of course after one and a half hours of no blocks mined...

I'm also a miner, less than before but still clinging there so please don't use this "elitist" thingy.


Sorry but this is just daydreaming!
You guys always look at the hashrate and fail to understand that a bigger hashrate doesn't mean the network is more secure with the same increase it might not even be like that at all.
Back in 2021 the hashrate was 150Exa, a 100TH/s miner was selling for 10k, now the hashrate is at 300exa, and Bitmain is selling 190th/s at 3500$. When was the network more secure? Back then when you needed $10 billion in gear or now when you need $5 billion worth of them?

Make mining unprofitable now and bankrupt all miners, you will see S19 selling at scrap metal value and the hashrate at 5 Exash, you would feel safe knowing a farm that goes though bankruptcy would have enough power in its dusty warehouse to single-handle attack a chain over a month period?


Except that the opposite is happening in reality:


And I'm willing to bet that a search on the forum between "I'm not stupid to spend my coins like that pizza guy when I can be a millionaire tomorrow by holding" and "I'm using bitcoin for my daily expenses" would have a  100:1 ratio.

It's really that bad? The tweet that led me to this was far more alarming than the article looks at first impression.
So, they thought that it wasn't enough they've made outrageous profits selling gear at 5x the prices for a year, so it's time to milk it more, how about we cut costs with this and that and save 10$? Or something like that?

I don't know the implications of that aluminum board, they say that Whatsminer is already using the same design but the PIC thing seems tricky, again seems to encourage larger farms over small miners.

Hmm, and a lot of free power from that lighting strike also, might try my luck!

Silvergate threw in the towel so no wonder the price is down, diff estimate is still up by 2.7%, mempool if clogged but fees are stil low so no offset here, so it's all set for a dive under 6 cents per th/s, really brutal times as Phil said. I just checked the prices per MW over EPEX next day and even at those rates, not a reseller and not VAT-added rates I would be at around 4 and a half dollars per day loss per miner, damn!!!

And speaking of dying hashboards, have you guys seen this?
https://education.compassmining.io/education/bitmain-changed-its-asic-design-miners-need-to-be-ready/
Another s17 episode?

I see a bit of extortion happening here Mikey, should I power back (of wait, first buy back) a few of my miners to try to offset this? 
Not going to quote the entire passage but since the discussion brought up fees and a number of transactions this is a telling graph:


For those that tell miners to survive on fees but at the same time want only 1sat/b fees in the chain this is how the reward from block and fee ratio looks like, a flat line closer a lot of time to 0 more than to 1%. If you want to secure the network you can't expect miners to pay the bills for 300 exahash with 200k a day.


Yeah, history repeats itself:
Do you think SatoshiDice is blockchain spam? Drop their TX's - Solution inside

Neah, it's not crazy! Or better saying it, not yet!
And the fees are not that bad either, the last block that was mined, 779946, confirmed 15sat/b transactions, that's way cheaper than what we had in 2018 when you couldn't get in the next block even at 10 times that

Just look at this:
https://mempool.space/block/0000000000000000000e9fbc462c2e196f19da54eec678e701a0648cce63d29b

The difference here is that ordinals can't afford to pay those fees, not when you're inscribing crap that will not get you more than 10$, so there won't be any fee race that will drive the prices to such levels.

Make that 4.91 at closing time and 2.87 !!! after hours.

Also, no, there won't be any recovery plans, this just hit the news a few hours ago:
https://ir.silvergate.com/news/news-details/2023/Silvergate-Capital-Corporation-Announces-Intent-to-Wind-Down-Operations-and-Voluntarily-Liquidate-Silvergate-Bank/default.aspx

As long as you're not making any of the four things mentioned on behalf of another person or while you're running your own business this law is not affecting you, the moment you act like a broker or trader and play with user funds over these platforms it's getting complicated, normally you would have to keep track of the payments this way also, with full details of the recipient.


The law is not aimed at individuals, as long as you report your income and pay your taxes it doesn't really matter where that exchange is registered.


If India and Japan have an agreement on mutual assistance over FATF then it's more complicated, without one such request could go unanswered but if a protocol is in place the Japanese branch could determine it's their job to choose to assist the Indian one and the exchange will then be forced to provide all the data for Indian customers, no matter what they are trading on that platform.
Besides a lot of exchanges have a LERS system or equivalent in place, designed especially to take requests from government agencies.

The classic story of only wanting the good parts of everything.
Cryptolovers want the government to accept crypto, they want the governments to invest in it, and they want to be allowed to spend it everywhere but god forbid they should pay sales tax or VAT or have to disclose like other assets their profits from it and get taxed upon it.
Exchanges are business, it's normal for a business dealing with any kind of financial transaction to follow the same rules as the other, funny again, people want protection like FDIC insurance to be protected against crappy exchanges but no way in hell I'm doing KYC or am I reporting this in my tax form or anything else.

You have to choose, nobody is doing anything against your freedom, and you can send and receive coins as you see fit, but once you're a licensed business you have to follow the same rules as everyone else, crypto or no crypto.


Exchanges are not law enforcement agencies nor have they judicial powers.

Exchange can't seize funds they can only freeze them and report them to a law enforcement agency in the country they reside in, they can't judge on themselves that those funds are clean and they are not, suspicious activity is reported and it's the authorities after an investigation that will decide if those are clean funds or involved in money laundering schemes.
To give an example, if in my shop you want to pay with a 500E euro bill and I think it's suspicious I don't have the right to put it in my pocket and then tell you to come in two weeks to as I find out if it's fake or not, I either report to the police and let them deal with it or I refuse it and tell you to go to another store.

Nodes that will try to attack the chain by reversing previously confirmed transactions are ones that could be called dishonest.

Please note that in this case, Satoshi was talking about nodes with computational power, which now represent mining nodes, not every single node out there. So in short any node that would collaborate with others, mine in secret a longer (and valid!) chain, and then broadcast it and thus invalidating transactions that were confirmed previously by the now shorter block are dishonest miners (or nodes).


You don't determine which is a malicious chain and which is not, the chain with more work even if mined by malicious actors would always be the right one according to the protocol, if the reptilians or Illuminati have the capabilities to mine in a split second a chain with more accumulated proof-of-work than the one we have right now that will become the valid one.

On-chain are traditional transactions, fully recorded into the main blockchain, they are limited by the amount of data each block can hold and the time between blocks.
From there you have two splits:
Side chains are blockchains that are tied to the bitcoin blockchain but have their own protocol rules, so they can offer more transacting capacity on their own but still require a deposit lock from the main chain. Two of them that really matter, Liquid and RSK
LN (Lighting Network) is off-chain, all the transactions inside it are happening off the main chain but it also doesn't have its own blockchain like the others.


Most of the time because you have less than 300k transactions a day even when they can get confirmed as cheaply as possible.
This basically means there is little usage considering we are 8 billion on this planet, so what do you think will happen if 1 million users a day will choose to actively transact Bitcoin, would there still be low fees and not a problem?

A company with a shitty token that has 10 houses for rent since 2020 after burning 10 million of "investor" money in an ICO is your example of global adoption? Cooomon at this point is not even funny anymore, it's a cringe-fest!


Again, seems like you're not capable of understanding basic words.
Is JP Morgan using Ethereum for their business or have they conducted a test and that's it?
Anyhow, good luck with your shitcoin portfolio, after all, I just realized it makes no sense for me to talk sense into you, what's the point and who the hell am I trying to save from losing his money in shitcoins.


Impossible because? Oh forget it, as I said, no point concerning when it's just obvious, as JJJ said, if you believe and bullshit pie in the sky thing, probably it's better for us to let you taste it on your own.

Not exactly 3 cents as that transaction not only would need to be set at 1sat/b but also to have just one input and one output with no change.
But transactions at 2sat/b or 5cents in case of simple tx are getting confirmed even now, I just picked some random ones :

https://mempool.space/tx/c24fea79350b0773f4a238dfcf9d8368f12f1bc7cca135e1f5d9c4224778f80c
Fee   292 sat $0.06
https://mempool.space/tx/1e69f38f18a6f8ed3d8f6e192ab05c56eb1b0a1575ac200a15d2492b0495f319
Fee   222 sat$0.05

Anyhow, the thing is that most wallets won't let you choose a fee that is under 1 sat/b, that's the minimum relay fee set for most, so for the average Joe is impossible to even send a 1 cent fee transaction or 0.3sat/b at current rates, not speaking of it getting confirmed unless a miner makes a special case.

The owner of the node decides if he's honest on not honest.

The thing with the whitepaper is a bit more complicated since Satoshi referred there to the early stages of mining and how it was when he designed it, so it's a bit different than the 51% explanation now. Back then the mining was done with normal computers and when he started there were no pools, each miner had its own node with the client, nowadays most nodes are not miners at all, and miners are already joining their hashrate in pools, plus there is no trace of the mentioned CPU mining anymoe.

So, right now, paraphrasing and simplifying the above, the network is secure as long as honest miners control more hashing power than any cooperating group of attacker miners.

A test is not actively using something!


LOOOOOOOOOOOOOOOOOOOOOL:

Again, probably it's too hard for you to understand simple things so let me be as clear as possible:

What 1) Financial companies 2) Government agencies 3) Banks are using Ethereum for daily activities and are not just conducting tests, accepting payments in Ethereum and one hundred other currencies or just playing around with projects?
You said there are many using it and yet you failed to show me one example of one actually using Ethereum!


Exactly, and truth was a casualty when you accepted the orders from your sponsors to not talk about things, funny how people preaching decentralization will simpy shut down and throw away their freedom for a bunch of $. No surprise you're and ETH fan, you love to have someone ordering you around how they see fit!