I'm not referring to buying it on an exchange. I am talking about the people minting Ordinals right now. Basically if they are paying $500 for a single transaction to mint, they obviously are making money somehow. This is what I don't understand.

It seems you can mine these somewhat by minting them, but you need to use extremely large fees. Obviously the fees still make it worth it. I am just trying to figure out how it works exactly. There isnt much online regarding these.

I still think this program is ridiculous. When I first heard about it in March I assumed it was some joke. Basically they are giving back their UST at pare value while the market value is much much lower due to the duration risk. I guess it makes sense but I think it would of been better to have a different approach to this.

The main reason this happened is because banks didn’t hedge properly. Yields were at records low and they didn’t think with all the massive inflation going on that they would eventually raise rates and the bonds would drop in value. No rocket science really. Banks should of had economists to predict this.

The fees are already heading lower. I think 60-70 sat area got filled today. Most likely until the new year the mempool won’t have much pressure and we should get decent fees. But the problem is that after the holidays the fees will keep going higher as long as the ordinals are still bullish.

It’s crazy how you can look at Ethereum and see 20 gwei fees but you look at bitcoin and see 200 sat/btye fees. However I think most have adopted after 2017 and rarely use bitcoin for small transactions. Most use l2 these days or altcoins.

Yeah I was reading this half way and I am pretty sure if Gensler was going it would of been all over twitter or coindesk.

It’s also highly unlikely it would happen on a Saturday which is right before Christmas. I think if they were to get rid of Gensler they would of done it a year ago but he is still there. Hence this is proof he will never be replaced, even with all the mistakes he makes.

When bitcoin had little or no value. Many of it was lost. And it’s unrecoverable pretty much. Many threw out their hard drives or they just deleted the wallet.dat because it wasn’t worth anything and it’s gone forever.

I think that something like 2-3 million is lost and not recoverable. There is also satoshis stash which most likely will never be spent. It’s good because it keeps the supply lower.

SOL is just broke $100

Right before the Ftx collapse it was like $30.

Seems that they technically should be solvent by now, especially since most of the SOL is locked and they haven’t sold all of it.

Last week they sold like $1B worth of BTC. And the claims market is I think almost 70%. So if we are patient we might get back 100% however it will be in fiat terms not in crypto terms.

You can’t arbitrage anymore in 2023, you could in 2015 if you had some decent programming skills but in 2023 you are up against many fast bots and firms which have tons and tons of money and experience compared to you.

Sometimes you might get lucky with some low liquidity coin or on some dex, but you will be working for peanuts pretty much. This is no different than arbitrating on stocks. Same thing. Most professionals do it and there if no arb left for you.

I think since 2018 it’s been difficult using a credit card to actually buy crypto. There are 2 reasons for this.

First is that a credit card is very easy to reverse. So it’s a risk for the exchange because they sell you the coins and you withdraw and then they reverse the transaction.

Second is that even if the exchange allows it, most likely your credit card provider will reject the transaction because it’s coming from a bitcoin exchange. This has been around since 2018 or so.

Try and fund with a bank transfer if you can instead.

I am still confused. Can someone explain like I am 5.

Why is the blockchain so full right now. If people are paying $500 for a transaction to confirm they obviously want to make a profit of more than $500. How do they do this?

Is minting like mining the ordinal tokens? If I mint ORDI can I sell it if I get the block successfully mined? This is the part I don’t understand yet.

Yes this is similar to how people were buying dogecoin like crazy because they assumed it could go to $1 or even $10. However they had no idea how high the supply is and not only that, it’s miner supply was also high.

If it reached $1 and all miners sold, then they would need like $250M a month worth of buys so the coin would stay in the same price. It wasn’t possible. Hence why it had a huge crash and it’s the same with BTT, the price is low but the supply is extremely high.

Yeah I remember how the year ended last year after Ftx went belly up. It was brutal. So many people had funds stuck on that exchange. So many people trusted SBF for some reason. For some it was that he drove the Toyota and said that he will donate all his money. Many fell for his lies.

Even those who didn’t have any funds on his exchange were hurt due to the horrible crypto prices at the time. Look at SOL price or BTC last year. It looked like we would crash below the $15k and head down to 4 digit bitcoins.

The last 24 hours and prior have been brutal. If you were patient and used a fee of 175sat/byte then you might of got a block confirmed but it’s expensive and very long. If you needed it filled right away depending on the time you might of had to pay up to 500sat/byte. Even using a large fee of 250sat/byte would take a few hours. It’s getting pretty crazy out there.

And those transactions accelerators are all quickly filled up. Seconds after the hour starts. A week ago you could of easily got a few blocks in but now it seems impossible. I think with the Christmas break maybe we will see lower fees.

Besides his old email address holding some value,  because it was once owned by a famous person, there really isn't anything to gain when you got access to his emails.

He was very privacy oriented, I don't think he would leave any clues or private keys in his emails. Those in my opinion I think were long purged when the account went inactive after 5-10 years of satoshi never logging in.

Most likely that email address gets nothing but scams or people begging for bitcoin. I am sure every day there are people emailing Satoshi and asking him to spare a bitcoin or two. Its not really worth anything however.

I looked into this and see why it didnt fill yet even at 1000 sat/btye. The issue is there are 5 unconfirmed parents.

The total size of all 5 transactions are 22119 btyes. So if you combine all the fees in total 0.01684 BTC. It works out to 76 sats/byte.

So maybe all these will confirm on the weekend. Most likely there will be little activity during Christmas and should confirm then.

So did you buy the domain name or was the entire site and all the emails and everything for sale?

From what I understand he didn’t use his email address and it was reregisteted by someone else. And bitcointalk admin had to freeze satoshis account because that user could easily reset the password and pretend to be satoshi.

However when the user made a new account, he most likely didn’t get access to satoshis emails prior to the account being reregistered.

So I don’t think there is anything of value there. 

At the moment we all have this problem. I think today you needed at least 200 sat/byte and you would get the transaction approved in 12 hours or so. It’s crazy.

My advice just convert to another coin and withdraw that way. Or buy some stablecoin like tether and withdrew on ARB or Poly which is the l2 for Ethereum. Fees are very low for those networks compared to ETH or BTC.

Rumors are circulating that it will be approved before Jan 10th or so. I don’t think it will be approved in December unless it’s actually approved tomorrow, I don’t even think it would get approved on a Friday because it’s right before the holidays.

And usually nothing gets done between the week of Christmas and New Years. Markets are flat, because people are with family.

So if it doesn’t get approved tomorrow then most likely Jan 10Th or so.

Yeah I noticed its a very high fee, however I think its because there are unconfirmed parents, as BestChange said there are 4 other unconfirmed transactions. I think the easiest way to deal with this would be to just make the payments monthly instead of weekly until this congestion goes away.

However not everyone would agree to this so maybe there should be a vote. If the majority agree then perhaps make it biweekly or monthly payment frequencies.

Honestly in 60 days it can either go to $31K if the etfs are rejected or it can go to $50K if they are approved. It’s hard what will happen in the short term though.

During the NY session we got tons and tons of etf news and yesterday we had that bitcoin etf commercial. So it’s hard to be bearish at this time. However you know how it is. All it takes is a rejection of the etf, mt gox coins moving, ust moving, etc and the trend can change.

They actually were discussing this like 5 years ago. But instead of water it was coffee. They want bitcoin to be used to be able to buy a cup of coffee. And you basically can’t do that with the main net. Even if fees were low, you would still have to wait 10-30 mins for confirmation.

That’s why all these layer 2 solutions are happening. Basically keep a small amount of bitcoin in a l2 and you can spend all you want with little or no fees. When you are done, just bridge back.