Actually that's the least worse of them The fee for the tx might be 201,892 sat/vB , but the effective fee is only 1,909 sat/vB, it a fee with ancestors into the half of kilo size with 40-30satb Fees. Jack the fees up, extract as much value as possible, artificially clog the blockchain, if need be! Urgent transfers will need to pay, services will need to pay...miners claw back.
Yeah , nice conspiracy theory.. Why didn't those miners do that when core went in bankruptcy protection and riot clocked $300 million losses? How are miners clogging the network when this epoch alone the pace is up 5% so this period we had extra 87 blocks than normal, just for the sake of comparing things 60 blocks it's all it takes to drop fees to under 30sat/b. Think about this...
in 2012, 2016, 2020, miners had huge control over the Bitcoin market. They could influence the price to be able to accumulate more cheaper, and they could also influence the price positively to make up for the differences that occurred during halving...
Please do elaborate!! I'm curious how miners as that time were being able to control the market, but please use data for this, not baseless assumption as I never had the feeling i'm in some mastermind group that uses my hashing power to fix the price. |
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My guess is the wallet is under attack from a sweeper bot and it kept replacing the transaction to avoid the owner finding out and spending it. This isn’t a normal human error as the time between Those transaction replacement is just too small.
A bot but not a sweeper malicious bot. For somebody to clean an exposed address he wouldn't have gone though the trouble of increasing the fees worth the other guy bidding on replacement, and no nodes that hold a history of those invalidated tx hold one of a one that would have swept them the other way. Besides the timing is just not a bot behavior, how would that increase of 100sat/b over 5 second even work, the two bots doing the bidding would have to be on the same network. A more down to earth explanation is a bad configured bot for sending next block payments, and the previous block is the actual culprit for it going rogue, the block had some insane top fees 17,864 sat/b which means that fee bots who take the previous block into consideration are thrown of the track, they see a minimum fee for that 10% block space which guarantee next block high as hell and then, while the tx is waiting in the mempool...time passes, and they have to take into account the mempool also, block was late for 20 minutes so the bot kept increasing that to keep the tx at the top, based on previous erroneous information. It's not the first one, or the last: https://mempool.space/rbf |
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You can call someone a moron if you want but not in cases like this.
You call somebody a moron when he is doing or saying stupid things, this is the perfect example of a situation when one needs to do so! I wonder how your friends would feel comfortable around you unless you are not like this in real life.
When my friends do or say stupid things I call them the same, idiot, stupid, retarded, my language has a full book for this, and when I do something stupid they do the same, again we're leaving in a country and a society where you don't need to fake everything and just be lovely dovely with everyone. Look around you and see how this fear of criticizing people and telling them in their face they are fucking morons has led to ! There are times to use the word moron, foolish person or a stupid person, but like I said, it has not gotten up to that.
Yeah, the time is when he is accusing miners of extorting him I'm a miner, how am I supposed to react when a moron tells me I'm extorting him? When somebody calls us miners extortionist what am I suppose to do other than tell him to find and ditch and end it? As I have also learned from people like LoyceV and many other veteran members, I have not seen them call anyone a moron or using an abusive word. People are not the same though but I prefer people like LoyceV approach. They make their word also stand out but without abusive words.
Well, get ready for a surprise. I'm not LoyceV and I can't have his attitude and I don't want to! Also you should rejoice I'm not TMAN because you might have run in the woods if I would have used his language! See, this is the true freedom, something so many of you are afraid of, I can have my own way of thinking, my own way of saying things and my own views, and at the same time I can not give a rat's ass about whose feeling I hurt. You really need to wake up from whatever fake and false impression of society you have, what you think is pinky unicorn chocolate land is in reality a dystopian nightmare. And don't even bother keeping this up as it's already boring the hell out of me, if you think I'm going to change my ways for not hurting some stranger's feeling over the internet on an anonymous forum you're in for the shock of your life! |
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He said that miners are extorting people.
He's a moron! You are correct but it has not gotten up to this unless you want to prove that you are a moron. Just make correction and let us have a happy discussion. Let me spell this again for you! HE IS A MORON!definition:
moron
/ˈmɔːrɒn/ noun a stupid person When you say stupid things, you're being stupid which makes you a moron! Clear enough for you? Second, this is not tinder so I have to butter up to you and watch my language so I can have a one night stand with you, I tell things as they are! And the more people and sooner they do call your fried a moron the sooner he realizes and stops saying stupid things, but pampering him will just lead to more non-sense! |
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Bumping this as we're seeing some recordshttps://bitinfocharts.com/comparison/bitcoin-fee_to_reward.html#3m The % of fees in reward went above 35%. Remember than in the scenario where fees would need to compensate for the block reward disappearing they would have need to be already at 50%. So despite sky high fees, we're still not generating enough in reward to compensate for the block reward, meaning that right now, you would need to pay TWICE AS MUCH for the same security of the chain. Reward (last 24h) 943.75+418.28 BTC BTC943 being the block reward and BTC418 the fees for the last 24 hours. So everyone who was cheerfully and easygoing as they claimed miners will earn from the fees and they will still keep the chain secure, you might have to re-write your script! |
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He said that miners are extorting people.
He's a moron! Is high transaction fee extortion?
extortion: the practice of obtaining something, especially money, through force or threats
Who did threaten him? Did they take his dog hostage and told him he won't see it unless he will pay up? NOBODY is forcing you to pay something for a tx, nobody is forcing you do make a tx, nobody is forcing you to use bitcoin! Think of it as going to a restaurant, nobody is forcing you to go there, but don't expect the owner to allow you to sit a able for 6 hours with a cola while other customers might pay $300 for a dinner and go out in 30 minutes! Some people will say that the more money miners see the more they will want to increase their hash rate and the stronger the blockchain.
Yeah, that's how bitcoin was supposed to work! Remember how when there will be no block reward you're going to have to pay fees for the security, you're just experiencing it now ! Angry at the high fees? That's what everyone predicted the future will be like!Who is enjoying these fees, the miners and their activities are affecting ordinary people who are trying to use Bitcoin. There has been a call to stop it on the network but currently, miners are already in their peak of 2022 revenue fees and they are enjoying it,
NO, they are not! Income per th/s is 12 cents, it was 20 cents for Q1 2022, and it was 40 cents per th/s much of 2021. So miner's income is actually 3 times lower than the peak! https://bitinfocharts.com/comparison/bitcoin-mining_profitability.html#3y |
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But in your opinion, why this decision?
Because allowing to do a thing doesn't mean they will, and allowing crypto doesn't mean they will go for some meme coin. This is the thing, tier 1 reserves must always meet a % of the bank reserve and bank deposit, if they go under then the bank must balance its account to cover it, by either restricting lending, moving other things from other tiers to T1 or etc etc. No bank will play monopoly with crypto and going for the 2% as a dump can trigger a force sell of other assets , so what they will choose and BIS knows this better than anyone is stable coins, which means filling their T1 with basically $, and instead of having to balance this with fluctuating crypto they will use this a a balance since it's usd nominated. BIS tells banks about risks and losses, but other economists say that banks have long been bankrupt, and their balance sheets contain assets that are worth nothing, so every year governments pour huge liquidity into these banks to avoid financial collapse.
How long have you heard about banks falling and crashing and the banking sector dead? You have a wrong view on those assets, which are much like Bitcoin, so here is an example: - you buy $10k worth of Bitcoin, where are those $10k? They are not in Bitcoin, they are in the pocket of the guy that sold you the coins. For your coins to be worth $10k you don't use the receipt, you need another guy to buy them at $10k and so the circle goes. - bank assets are nothing different, their assets go up and down in value, the only thing that triggers a collapse is when the collateral on the loans is going down and there is no money to be taken from the loaner to prop it up. When does this happen? Well, when there is no more money invested in the said assets, which brings us up to Bitcoin, what will happen when the guys that were supposed to buy your 10k coins with 20k are no more and there is only a guy with a 100 bill? If all the assets a bank holds go down they will go down because the people won't pay a dime for it or don't have a dime to pay for it , which means that before the banks fall we're royally screwed already!  Think of it as Walmart going out of business because they don't have food to sell, don't you think there is a bigger problem already than your stock crashing?  |
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Indeed, which is why I have been always under the impression that eventually, only PPS pools would survive, not because they pay more "actually they pay less due to fees", but because not everyone can handle the variance, I don't want to give you the bad news, but given the size of the pool, it won't be out of the ordinary if you had to wait for a few more months, it could hit 2 blocks tomorrow, you just can't tell.
This is quite a thing, didn't seem pretty important at first as obviously in the end, 10 years from now ocean is going to mine close to the numbers of blocks it is supposed to do but, even ignoring the payout scheme adn going for the straight model of reward plus tx fee minus pool fees, isn't there high chance nowadays for Ocean miners to get really screwed? We know there were blocks these days with fees exceeding the reward, of course not all pools mined one but with a ten in one chance you at least get one of those, now with a small pool, you might end with a block that was mined exactly at low tide..lols, in some Sunday morning or x-mas days, and bag only half a bitcoin in fees at most. Of course, they could also hit a big block with 500sat/vb but excluding ordinals they are already taking a chuck out so.. Why would a miner looking for $ and not for the beliefs behind the movement risk this? You're looking at missing out on that and taking even a 40% hit, not really the brightest thing, right? |
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Lol...started..In other news vegans have stopped eating meat! Malaysia has blocked ships going to Israel one decade then let them pas then block them again, and so one this is not even news. First Malaysia isn't even recognizing Israel, their passports carry a note "Valid for all countries except Israel.", they don't allow Israeli citizen to set foot in the country, so again, a useless ban, much like North Korea banning shipments to and from the United States. As for oil, which is the topic at hand: https://www.investing.com/commodities/crude-oilWTI still stands at $73.5, it was at $83 right after October 7th so where is the crisis? Gas prices in Europe were at 39.287 before that , now they are at 32.384! This might be not yet happening, but if the middle-east crisis is expanding, the possibility for oil crisis will increase. The middle-east itself is divided on their political view towards Israel-Palestine conflict, Especially Saudi Arabia and Yemen, if they start blockading oil supplies it's not impossible for an energy crisis.
Block what? This is a think some don't understand about the whole Yemen conflict Frist the US doesn't need oil from there at all! Second, Europe doesn't either, the main route of imports are from the US, Norway, Kazastan , Lybia and UK, Andgola and Brazil. The only Arabian country there is Iraq with less then 8%! So, again who are the houthi going to stop trading oil? China, India and Egypt. Good luck with that! |
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Here's where the difference was made: I did fall victim to Temu's advertising practices
God!!!, there is so much garbage on Temu that probably hurts everything in the world not just local economies - first that thing needs to travel a lot to reach you, pollution - those things are made without any concern for the environment out of the cheapest and toxic plastics, again pollution - sweatshops with the cheapest unqualified labor, near slavery - they break so easily you will need to buy again a better on, repeat the whole thing - more garbage in the dump as you throw it out a month after buying it, again polution I and a lot of my older friends , talking about 40+, we've learned out lesson first with Turkish products that were so cheap in the 90's then with cheap Chinese things, the moment you don't buy from a westerns brand that makes things in China then you're going to buy something that breaks the next day. And before somebody says a thing about how good chinese phones like Huawei were, the thing is none of the component were actually produced in China, even when claiming to go full domestic, only 53% of the phone is made in China , up by 17% 3 years ago. https://www.vietnam.vn/en/huawei-mate-60-pro-su-dung-47-linh-kien-trung-quoc/Buy quality, even if it's made in China buy some made under western quality rules. As for exactly your thing, when the backpack breaks, buy a brand one, go for Osprey for example, I have one for 14 years, yeah it will cost you 4 times more but It will never let you down, stuffing it to the max that you think it will blow like a pinata and still keeping up. |
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The irony is that biggest jump in EV adoption is happening in some of the developing countries such as India and China, where EVs are competitively priced against the gasoline and diesel run vehicles. In the developed nations, EVs are a lot more costlier and therefore the adoption is much slower.
What a load of crap: https://www.autocarpro.in/analysis-sales/ev-sales-soar-to-139000-units-in-october-and-123-million-in-first-10-months-of-2023-117640While electric two-wheelers (691,536 units) account for 56 % of the total EV sales in the January-October 2023 period, three-wheelers (471,153 units) have a 38.17% share of the India EV pie. A total of 67,151 electric cars and SUVs and also vans were also sold, which gives them a 5.44% share, with commercial vehicles comprising goods carriers and buses (1,579 units) getting a 0.12% share (see EV segment-wise retail sales data table above). Norway alone beats India in terms of electric car registrations: https://www.electromaps.com/en/blog/electric-car-sales-third-quarter-2023-europeOf the 95,499 cars registered in the first nine months of 2023, 83,617 were electric or plug-in hybrids, representing 90.4% of the Norwegian market.
Also, in the normal world, a scooter is not a car! |
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The policy will start from January 2025 and it is an improvement of the earlier 1% benchmark for banks. This is a piece of good news considering that BIS is made up of 63 central banks which includes some of the top economies in the world. Projecting to increase crypto reserve in 2025 also indicates that the crypto sector is here to stay and is also considered an important part of the global financial system just as gold. Although this policy promotes centralization it is also leading to crypto awareness and adoption.
This is the main problem. If a citizen has used some kind of crypto service from a bank, he will no longer be able to hide his assets. This has nothing to do with customers. BIS is only institution that centralizes member's CB decisions, and it only coordinates monetary policies. Those 2% will not be user's cryptocurrency but private banks own reserves, just as bank can under the current rules user 15% of their Tier 1 before Basel 3 for non-redeemable preferred stock they can now fill up to 2% on cryptos, it changes nothing for the user. Before you deposited $100, under the rules the bank was forced to use 6$ for Tier 1, so that's $6, and now it can use 2% of that, so 12 cents of its mandatory reserve to buy crypto coins, even if the depositor is a crypto hater. But being able to doesn't mean they will. |
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He was caught by @BitMaxz violating one of the forum rules by "Posting multiple posts in a row ".. So it's obvious that he didn't read the forum rules. That's my suggestion for all newbies, read the forum rules before posting, whether you want to ask questions or suggest something.
Oh for god's sake! You know something, f** the rules! You've got hundreds of spammers doing quote pyramids of 20 levels with gibberish quota posting garbage, you got scammers opening hundreds censored topics, the forum is already losing users and now, the majestic rule, ban and tag a newbie for not using quote and post two times in a row. And some wonder why don't we have any organic new users other that merit fishing alts! But no, be my guest, keep imposing those, so we can have 100 people in a topic replying the same non-sense about following the rules and making their quota while banning some newbie for not knowing it's a act of defiance to the god of the universe to post two times in a row. BS! |
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The best way to say thank you is to merit the person's post, and that's it.
If you keep spamming the comment section, you can either get tagged or get your account banned, and then you might no longer be allowed to do anything.
Sorry but this is stupid. We have an newbie who comes here for the first time and want only an answer, he gets it and has no merit to send obviously, what can he do, just make a new post thanking the guys who answered his question and go away, a thank you button would solve the extra messages as well as the bumping since a lot will reply seeing the topic is bumped and not checking it was actually solved. As for the ban and tag, common, be serious, you haven't tagged a single account on this forum, so how did you get to this conclusion? Do you have an example of a guy being banned and tagged for replying ten times in his own topics for thank you post? @Op, you are a newbie, first you need to read the forum rules so you'll not violate it, then you can make suggestions.
Oh no, don't we also need a birth certificate, a sperm sample and a fully KYC account here to make suggestion or ask questions? |
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Counter-Argument: This is B.S. Storage drives are pretty cheap. If someone can afford $50 a year for a node, they could afford $60. Storage is only getting cheaper as we move forward.
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Counter-Argument: This is B.S. 99% of blocks are found by mining pools that spend thousands of dollars a month on operating nodes across the globe, running on a gigabit fast internet connection. They could handle a 40MB block just as easily as they handle the 4MB block.
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Counter-Argument: This is B.S. Just because you build a small road for a highly populated city doesn't mean you increase toll revenue; you are just forcing poor people to stay off the road. The argument suggests that if blocks were 8MB, there would be 2x more transactions paying 50% the fee, which means cheaper transactions for everyone but the same profit for miners.
Savage!!! Let me add a thing to the first. So bitcoin node owners were supposed to be bitcoin users too, and by this I mean at least one tx a week, but let's d it one tx a month! If you're a a master on coin control and you magically can only use one output for all your expenses all year , at the current fees you're going to pay only $30 for a tx, that means $360 a month, which is the price of a 8TB drive. Let's assume 16MB blocks, 2.3GB a day and you have enough space for 9 years! As for node propagation and the poor guys living at the end of the remotest village in a fourth word country, how many of those did had internet in 2009? I got a downlaod Mbps 247.29 upload Mbps 183.21 in a winter resort in the mountains right now to Darwin Australia on a hotel network and people still talk about 4MB propagations in 10 minutes? How the FUCK (YEAH CAPS) is Doge being able to do this fucking shit in 1 minute? Sad fact? Indeed. Will it change anything? Hell no.
Yeah, we should start get used to this. Another point that was not mentioned, but increasing the size of blocks leads to the centralization of the network. If the block sizes are larger than 16 megabytes, then those who can manage full nodes will be limited, and thus the entire network is distributed and not decentralized.
Sorry but this is just ridiculous. Decentralization will be compromised because hobby node owners can't afford a 2tb dive but at the same time you expect decentralization to happen with our average mining gear being over 3 median wages in like 80% of the countries and with a power draw that would blow most fuses the moment your turn in on in your average Joe apartment? |
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@stompix, you see now why we celebrate any negative adjustments? it's because when they don't show, you are likely to be slapped with an increase like this one.  But that would end with a life full of no celebration in fear of the inevitable  Gonna say it and nothing is going to change my mind, the last negative was a fluke, it never supposed to happen. But this new jump, well, I guess it puts a fork in other theories also, sorry phillip - we're at the end of the epoch and we're seeing 158 blocks per 24h, so there is no back throttling in the last days, there is no throttling down to increase the fees either, we have 14 extra blocks, that's 10% increase in capacity for the last 24h and we're still looking at 512sat/vb last block fee as I type. Again, this is just my opinion but all those schemes pools might try are nothing compared to FOMO. There are less than 20vMB till under 100sat/vb, no major fee wall, weekend in sight , xmas period close, the ones paying up are clearly not looking at the money, those are not manipulated by a few blocks missing (which is not happening) or by walls, it's FOMO. Less of a tech explanation but unfortunately I think closer to reality. |
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So prove me wrong (if you think I am), what am I missing?
Bro!!, I have to screen your name 3 times because like do you gamble that much?  Alright! I fail to understand the purpose of this into So, this day, I have been seeing the trend of X NG anytime they win bets because they appreciate these Punters when the street win bets and I was compelled to follow the crowd. In my first 1 week, nothing was won but I don't feel anything because what I stake in a week sometimes is not up to a dollar if you do the conversion because I wanted to test. After the struggle of having like 35 games, we did win 30 and lose 4-5 but we were about to win one bet of 31 of 30 in one faithful Saturday. It was under 3.5 game selection, this game was almost done in 90 minutes with 3 total, everyone including me has anticipated what to use the money for only for them to add an additional goal at the last minute. I was so mad man, it was not the money I stake that pained me but the unrealized money I was expecting to win.
Moral of this story, trading has a way you can opt out and the use of trailing profit and stop loss can help avoid losses and take profits but in gambling,
Yes you could, but you wanted that big return too much. The moment your game was already at 3 you could have taken an insurance bet for half of the money by betting against your fist bet. So if you had a 100 stake in it at 3:1 you stand to win 300, but you could have easily at this point bet 100 on the result not happening. You either lose the first bet but you win the second one and you're still on zero no win no loss or you win the first one and lose obviously the insurance with the cost being that you don't win 300 but only half of it. Pretty simple! Whatever brings thrill to the player is also causing a bit of stress, therefore inhibiting the exact opposite bodily me mechanisms of getting relaxed. Both gambling and trading will probably have better results if you remain vigilant instead of relaxing.
Neah, I'm actually quite relaxed on the outcome of the bet. I find it indeed thrilling as I watch the race for the race itself but I've stopped being concerned about the actual bet years ago, my horse could have felt 5 hurdles away but if the race is tight to the line between the ones left I'm still on the edge of the sofa grasping the pillow, despite the result not meaning a thing. For the bet, I stooped caring, looking at my bet account in the last 3 years only 4 months I've ended in red, I know that if I'm keeping my budget tight and I don't make stupid mistakes I'm not going to lose enough to get me anxious. |
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So, hibernating like bears already?  Wake up!!!! Everything is positive! Hashrate growth is Current Pace: 103.9475% (1136 / 1092.86 expected, 43.14 ahead)
Fees are skyrocketing https://mempool.space/block/000000000000000000008ed27e5d18709c450b78367df4bfbf37dd7b9a1fb6ecTotal fees 7.861 BTC $329,417 Christmas spirit!! Or somethin like that for the 80% of the rest of the globe who doesn't have Christmas! Imagine we wouldn't have a positive adjustment and so 40 less blocks, how would the fees look like tomorrow afternoon/ night? Yummmy yummy!!! |
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Also for small amount of coins, you can still use those altcoins pegged to bitcoin price. There are many of them like those on Binance Smart Chain.
So why not just use fiat and a Visa card if you're going for a centralized not regulated shitcoin not FDIC insured crap that can be shut down tomorrow or that can seize your funds depending what CZ ate yesterday and how much time he has spent on the toilet afterwards? For little amount of bitcoin, lightning network can be used. Wallet of Satoshi and Mini wallet can be used if you can not open channel. If channel is not opened, no on chain transaction fee that eiuld be paid.
What's mini wallet? Never heard of it! |
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