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Green dildo
Sorry cant find the Stifler meme
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Bitcoin tx fees are spiking... hopefully the miners aren't trying to artificially lift the fees again.  We really need more competition in Bitcoin mining.
While Bitcoin transaction fees have since fallen by 33.3% to sit at roughly $3.44 as of this writing, fees have increased by 36.5% since the block reward halving on May 11.
The average cost of executing transactions on the Bitcoin network has increased by more than 800% in just one month, with May posting the highest transaction fees since July 2019 so far.
Fees are up by more than one-third since the halving, which precipitated an increase in transaction costs of 105% over three days."source: https://cointelegraph.com/news/bitcoin-transaction-fees-are-up-800-in-one-monthI remember before the halving paying the $0.38 to send over 0.08btc. It was a super fast send too receiving it within 5 minutes! Just now sent 0.0579btc with a 0.000616btc miners fee $5.96 at preev rate and confidence rating is under 29% for the transaction which I sent 33 minutes ago. Not one confirmation yet. And if it just like before the weekend when price of BTC was surging nearer to $10k price, where everyone and their grandmothers are trying to send their bitcoin to their exchange wallets  , then I wont expect it to confirm with 3 hours from now. Where the send I did on friday had a over 94% confidence rating but still took over 3 hours to get 1 confirmation on the blockchain.  Current recommended fee - 158 sat/byte It’s butthurt miners absolutely fuming at the block reward halving so they’re prioritising high fee transactions to try & make some money back. People are paying higher & higher fees to try & get a quick confirmation. Blocks are being solved a lot slower since the halving. This is causing a backlog in the mempool which has been steadily growing. I guess a few miners have switched off which is slowing the chain down until the next difficulty adjustment. That adjustment looks like it will be some time tomorrow evening and is probably in the region of a 5% reduction. Hopefully this will speed the finding of blocks back up and we can work through the backlog and finally get the fees back under control. At least that's how it looks to me. We are currently 100MB worth of backlog or around 75 blocks. Edit:- lol 3 blocks just found in the last 10 mins. |
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so the miners could plan properly
Thanks V8 and jbreher Wasnt trying to stir anyhting up. |
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On the subject of halving and diff changes.
Was there a specific reason Bitcoin was designed to reduce its emission rate in this fashion with these abrupt steps every 4 years or so?
Would it have been better to have designed it in such a way that the reduction was done at a much slower pace, say an almost imperceptible amount per block? So that over the four years the amount is still halved but instead of in one go, over the course of the entire 4 year period?
sounds to me like you are now qualified to start up your own alt coin Just asking a perfectly innocent question. I know there has been a lot of bitching over different alts such as BCH et al but was just curious if there was a deliberate reason for doing it this way. Makes no difference to me as I only HODL BTC. |
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On the subject of halving and diff changes.
Was there a specific reason Bitcoin was designed to reduce its emission rate in this fashion with these abrupt steps every 4 years or so?
Would it have been better to have designed it in such a way that the reduction was done at a much slower pace, say an almost imperceptible amount per block? So that over the four years the amount is still halved but instead of in one go, over the course of the entire 4 year period?
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Organic growth, spam attack, or some processing deficiencies? There have been some arguments, recently, for some kind of preference for the growth of a fee driven model, and this could be part of a movement in that direction (that seems to be preferred by some peeps). Makes it more difficult to consolidate a bunch of small utxos, but how much (nearly free) consolidatings do people need to be doing? Hashrate dropped after the halving with about 30%. Blocks are currently taking an average of 13 minutes instead of 10. Unique about this halving is that we need to wait 1008 blocks (which now might take 9.1 days instead of 7) to get to the next difficulty adjustment. The difficultly will then be adjusted (downwards) based on the average block time over the last 2016 blocks. https://bitinfocharts.com/comparison/bitcoin-confirmationtime.html#3mThis alone explains fees 30% higher than before the halving. From the whitepaper: To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they’re generated too fast, the difficulty increases.
According to https://bitcoin.clarkmoody.com/dashboard/ there is only 341 blocks to go. We should be there in a couple of days. |
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I did not want to mention it but, yes, what a lady I've been told Friday night is drinking night for her so she was probably pissed out of her head throughout. She admitted on that feed that she had had a few already. I do have to agree that it was rather rude though after peeps went through the trouble of trying to answer her question. V8 on it again. Made me chuckle. Here have a merit. |
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Don’t trash talk the ZX Spectrum. I have good memories of this machine. Probably a much better device than Kraken’s trading engine  That was the height of luxury, it had colour graphics! Two of us had to share one of these in the times before we got a ZX Spectrum for Christmas one year. Thousands of happy hours though  rebranded as the timex sinclair 1000 in the USA. yeah and that 16k ram expansion pack.. breath at it and insta-crash. i double sided taped my whole setup (with the sparky printer) to a block of wood to keep it more or less stable when bumping anything.. and i played the coolest flight sim ever (well kinda) on it among other stuff. That was the machine I cut my teeth on and yeah that 16k expansion pack was a f**king mare. The amount of times you would spend tediously typing in BASIC only for it to glitch and lose everything. Who remembers trying to back up to cassette tape and trying different volume levels on the mic before it would work (if ever). Ah those were the days. |
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Us boomers got to stick together.
I never liked the term "boomer" as if everyone born between 1945 and 1963 was a member of the same cohort just because they were all products of the postwar economic boom. Yeah, our parents may have all decided to have a zillion kids at the same time (after the Great Depression and WW2 could you blame them?) but really it was 2 distinct groups: _____ I was a member of the first group, those born in the 1940s and very early 1950s. When I was a kid we still had horse-drawn daily delivery wagons in the city, bringing us our milk, bread, ice, and coal. More people still had iceboxes than refrigerators and more people shoveled coal into their furnaces than had thermostatically-controlled gas or oil. A wringer washing machine was a modern labor-saving device. Many people still used washboards. Public transit was mostly streetcars. We had no running hot water. On bath night my father would light a gas water heater to warm our bathwater. When my mother did dishes or laundry, she heated water in a big kettle on the kitchen stove. She dissolved ends of bar soap in the dish pan with a metal cage thingy with a handle because they didn't sell liquid dish soap yet. After dinner, we'd sit around the floor-model vacuum tube radio (no permanent-magnet speakers: a speaker had a voice coil and a field coil) and listen to radio shows like Amos and Andy or The Lone Ranger. Phonograph records were 78 RPM and made of shellac. Most people who had record players had wind-up acoustic phonographs. My father was a classical music collector so he had a electric turntable with a piezoelectric cartridge that you mounted metal needles into with a thumbscrew. It connected to the radio. When the first TV arrived on our block it was quite the novelty. All the neighbors came around to look at the tiny round screen reflected in a mirror because the CRT was mounted vertically. Music was still mostly crooners and big bands. We bought our meat at a butcher shop, our produce from a greengrocer, and what baked goods that weren't homemade came from a bakery. Cheese was cut and weighed by the piece, also by the butcher. _____ By the mid-1950s everything seemed to change. Everybody had a fridge, hot water, an automatic washing machine (and dryer) and a thermostat. All the horses and many of the streetcars were replaced by internal combustion engines. Supermarkets replaced specialized food shops. Foods were pre-wrapped and packaged. Television ruled. Radios were relegated to music and to a small degree, talk. TV commercials effected how people shopped, ate, clothed themselves and went about their daily lives. The propaganda was relentless. McCarthyism gave us a new enemy to hate and fear. It wasn't the Gerrys and Japs anymore. It was the Commies. As the decade went on, transistors started replacing vacuum tubes and vinyl replaced shellac. Rock&roll replaced swing and new attitudes arose. It was OK to have fun and be sexy again, just like during the roaring '20s before the Depression and the war made everybody miserable and security-conscious. Anyone who wanted a job could get one and everyone seemed to have lots of money. A guy with an average job could afford to own a home, a cottage, a stay-at-home wife, 3 or 4 kids, a new car every 3 years, and still be able to save enough to send his kids to college. The "boomers" born in these times were a completely different cohort from the "boomers" of the 1940s. _____ Modern generational divisions are usually based on technological or social differences. GenXers are those who came after the cultural upheaval of the early 1960s with the Kennedy assassination and the emergence of the counterculture. The Millennials are defined by growing up with the internet. GenZ by life-long internet access and post 9/11 oppression. Gen Alpha by social media. The early and late Boomers, however, get lumped together despite major societal and technological changes in the 1950s simply because of their numbers, which has more to do with their parents than them. Well I was born on the other end of the scale in 1963 and had my early years in London where my parents were still living with my grandmother. I remember having baths which were filled using a kettle boiled on the stove in a freezing iron large bowl in a single glass paned washroom. Though my pre teen years we moved to a suburb of Melbourne in Aus and things were pretty rustic there too with a chemical toilet in the "dunny" out in the back yard which needed emptying by some poor bloke who came round once a week to replace it with an empty one. Admittedly we did have the luxury of a black and white TV but since there were only a couple of channels with hardly anything a kid would want to watch I spent a lot of my time outside exploring the outback. I had a whale of a time! Felt great to be left alone and be truly free to muck about with my mates catching lizards, going fishing or just riding our bikes till we were exhausted. So maybe it was different to your experience but I wouldn't change it for the world. |
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Still a year before the real fireworks. Still an ATH before year's end would be nice. Oops. Didn't mean to sound like a boomer. I'm not just an okay boomer though. I'm a special one-of-a-kind boomer, a snowflake boomer.  I wouldn't put it past the honey Badger to deliver a new ATH this year Jimbo. We know just how unpredictable he can be. Us boomers got to stick together. |
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That is sad but a reminder to us all. If, sorry when, we get to "fuck you" money status, make sure we don't fuck ourselves! |
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41 minutes later...630001 goes through.
Fees up, (some) miners giving up until hashrate drops or the price goes up? I'm very curious to see how many miners continue. Wow, yeah 102 sats/byte Good Start for miners  If you slow down mining, the supply side crunch is dramatically accelerated, driving up the price... With 13 blocks in the past hour, it doesn't look like many miners pulled the plug. Was thinking the same. Blocks still look to be mined at a similar rate then before the halving. I was watching one of the live streams hosted by Tone Vays last night and he had a guest on who runs genesis mining and he was saying that miners of large mining groups plan for many scenarios including the halving way in advance. So I was never really worried about the so-called "death spiral". As long as interest in Bitcoin stays high I can't see it failing. |
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Happy Halvening guys.
Love you all #NOHOMO
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Dont want to sound like a prty pooper but whats with all the Red?
I thought this was going to be a fun party?
That livestream with ver et al is all anti BTC too.
I switched off.
Anything with ver showing up on it is instant flatline.  They are pretty upbeat at the one I have been mentioning for the past hour about. They are trying to match the number of viewers to the price of bitcoin and with it dropping they are just about there. Much better stream thanks. |
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Dont want to sound like a prty pooper but whats with all the Red?
I thought this was going to be a fun party?
That livestream with ver et al is all anti BTC too.
I switched off.
Anything with ver showing up on it is instant flatline. They are pretty upbeat at the one I have been mentioning for the past hour about. They are trying to match the number of viewers to the price of bitcoin and with it dropping they are just about there. Missed the link. Can you repost? I could do with a bit more cheer. NVM found it thanks. |
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Dont want to sound like a prty pooper but whats with all the Red?
I thought this was going to be a fun party?
That livestream with ver et al is all anti BTC too.
I switched off.
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14 blocks to go and 16 blocks in the queue.
not long now guys.
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This has got to be miners selling up before the halving surely?
Let them dump and we can move on to new highs.
Looking forward to the 100k party hatters.
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Tried to buy some, coinbase says bitcoin not supported, lol. More shenanigans. Off to another exchange.
I had some buy orders in around the $9000 mark on Kraken. Seems I could have gotten them a lot cheaper! Still, must not grumble as for a while, I thought I had missed the train. |
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Just bought me some lovely dip.
It can go back up now.
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