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Scnerio there[/b]: People have started to actually use Bitcoin, there are roughly 2 billion credit card transactions per day (no counting every other payment method on planet Earth), 1% of that would be 20,000,000, or 20M transactions, compare that to the current transactions of BTC which are roughly 0.5M transactions, that's 3900% more transactions, even with the assumption that all of these will be "normal transactions" with a single input and two outputs, the fee floor for such volume with probably be the 1k sat/ Vbye range, which is a lot worse than all these Ordis can do.
What is going to be the argument then? what is average Joe going to complain about in scnerio 3? You want adoption -- there you go, but now you have to compete with the rest of the world, so your 2 sat/ Vbyte transactions are something from the past, how are you going to solve it? what are you going to censor?
Well, there is a solution for that, LN! But, we have a problem, for everyone to use that we have to wait till 2040 till everyone in the world will be able to get some coins and open their LN channel, cause, you still need block space to do that, and once we multiply that by even 1 billion it starts being funny! Which brings us back to the current capacity! If BTC becomes a store of value (like gold), then there is no need for big blocks.
I think we have gone past the "if" speculation with BTC, it is indeed a store of value, the percentage of people who use it it for other purposes rounded to the nearest whole number is exactly ZERO, and yes, as it stands right now -- there is no need for big blocks, in fact, big blocks are never going to solve the fundamental issues, they would just reduce the size of the problem, of course, while creating other potential issues. But if we go for the gold scenario, why do we even need 1MB blocks, we should reduce that to 10kb ones so noes could be easily hosted on a Nokia 3310, for the sake of decentralization! That would show those big blockers how things are done!!! You also don't understand that IPv6 provides more (address) space to accommodate more users, just like BSV provides more (block) space to accommodate more users, so no, it's not apples vs oranges.
Yeah it's apple and oranges! Now tell me , do you still have a 56 kbit/s modem? One thing is the number of users that can usa a thing, like IPv4 which is still sufficient as we speak but won't be if we reach 20 billion on this planet and 99% internet adoption, and the other thing is capacity! If the guys in the last century would have thought like some of you they would have never developed speeds over 1kbs since the internet was supposed to be for data, not for sending pictures! So, apple and oranges, taxi licenses and car manufacturing! Try to use a p2p app (Bitcoin node, BitTorrent) and see if you can upload anything to anyone... maybe then you'll understand.
Done!  Btw , this is anime, not porn! Trust me!Now, what Luke is doing with OCEAN as a pool, is to merely offer miners a choise on what transactions they confirm.
And miners have the choice of mining wherever they want, right? What are they doing right now? |
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Well, the first person to give the wrong figure is Max Keiser, according to the news, although it's not the first time I've seen him be a big mouth.
There was a joke when I was young - It is true that Ivan Ivanovici won car at the lottery? - Yes, it's partially true, but it wasn't Ivan Ivanovici but Piotr Petrovici, and it wasn't a car but a bicycle, and he didn't win, it it was stolen from it! But the rest is true! Same here, first the whole fund is $475 billion in total, second they plan to diversify it in a ton of areas, but most are technology investment, aka things that produce other tech things, and the cherry on top of that is that there is actual no plan whatsoever in buying Bitcoins. As for the visits it's pretty simply and again nothin to do with Bitcoin, it's about gas!!!, Salvador has just increased it's LNG import capacity with the new FSRU ship, so guess where it plans to buying the extra gas from? |
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Could this mean that in the next cycle we will have more mining power coming in, to take advantage of this drop in difficulty?
Or does this normally not happen?
I even have the impression that sometimes (I don't know how often, I don't watch it that closely) some miner(s) turn the gears off in the last days/hours before the retargeting to help lowering the difficulty for the following two weeks. Of course, I can't tell for sure it happens for real or it's just a feeling. Well, for sure is not happening no since we have 156 blocks mined in the last 24 hours, so 8% up from normal pace. There are two possibilities: - randomness, as kano mentioned above, some think that just because things repeat in a pattern for a while it can't be simply coincidence, when it for sure can - the stompix effect or the fudge effect, depending on the one that named it We might snatch another positive adjustment, and with the price seemingly unstoppable I don't really know if we're going to hit a negative till the halving.
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Pace is just under the normal but I blame the really slow start, we had a really unlucky day on the second one, with just 131 blocks in 24 hours, so I'm still thinking 2% is easy doable. Usually when you see me full of myself and claiming that or this for sure, bulletproof bet to bet on the opposite  I don't get it, I got 7 out of 8 winners at racing today but I can't nail this damn difficulty! |
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I experienced this one when i accelerate my transaction on monday it really take how many hours before my transaction got a confirmation. Checking the last few blocks, it looks like Viabtc doesnt get one, a 1:10 ratio is not even possible, its usually the Foundry, Antpool, and others. Actually a 1:10 should be ok, so a block evey two hours. Viabtc got - 50 blocks in th last 3 days (that's 50 in 408) ~12% - 116 blocks in the last week, (116 in 992) ~11% - 20 last 24 hours, again 12% out of 156 A block every two hours would be pretty doable, but with bad luck, there are gaps: Yesterday: 12:47:30 > 19:14:18 Electrum don’t even let me broadcast my transaction telling me that i am a cheapfuck who needs to raise the damn fee because greedy fuck miners say so or else they ain’t broadcasting my shiet.
So what should miners do, let you get confirmation cheaper than some other guy just like you who pays more? As long as somebody is paying you more for the job, why would take the lower bid? Should we make some social score on the chain and give guys how move only $50-$100 priority? Should we make ratios, one tx per capita per day? |
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If there was no oil, do you really think that the NATO would have invaded either Iraq or Libya?
And who is exploring th oil in Iraq an Lybia? Not NATO countries, is mostly China! Weird how you "invade" a county for oil then you leave and let somebody else take the oil. Maybe it wasn't about oil at all? But a lot of attention is being given to Syria at the same time.
Syria has oil? What is going to happen is that the US will take advantage of this situation and will establish their military bases in Guyana, similar to the case with Middle East. The Guyanese government will be forced to sell all of their oil fields to US corporations. In the end, the Guyanese public will lose out.
Unlike Venezuela where the govern has taken over the american companies assets and that has ended...how? With them importing gasoline as they are unable to refine their own oil? As for Guyana itself, it's doing pretty nice: This is the world’s fastest-growing economy, and it could grow an ‘explosive’ 100%It really pisses you off when countries that collaborate with the US are getting wealthier like South Korea and Japan did while other that claim to be independent or opposing the world order are barely able to feed their citizens? You should really be more concern about your own country first https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2022&locations=GY-IN&start=2013 |
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There is no need to advocate for bitcoin mining right now, not for any country, since it is not as profitable as it should be.
In a truly free market there is no "as it should be" thing, the market dictates bot profit and loses, Bitcoin is pure capitalisms and open economy, some succeed some fail, there is no rule for an activity and there should be none. It seems to me that cryptocurrency trade is the most reasonable cryptocurrency strategy in the country,
Trading is not a stable source of income, those money have to come from somewhere, just as in gambling, imagine everyone as making money from trading, where is that coming from? The name "Trojan" itself gives me red flag vibes.  Actually the guy behind that "company" is the subject in my topic: Rate the safety of this mining setup So yeah, commie parade of red flags! |
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Every time something Luke talks about is brought up people will have to remind everyone of his religion.
Why?
Because he keeps shoving it into people's faces? Besides, just so you know m family is catholic (old continent catholic, if you know what I mean), and I still believe this guy is nuts and should juts shut up! The discussion on how inscriptions abuse bugs in Bitcoin code is a very serious discussion
One coulda argue that internet speed and packets that allow you to stream and store porn when computers should be just used for programing and emails are bugs to the system. Have you seen the carbon footprint of porn?  Imagine there would be no more porn downloaded and uploaded, how cheap will the internet be then if we ban that! See the f* slippery slope when you call everything bugs and ask to ban what you don't like? What is going to happen next when those "spammers" start spending the same amount of $ on fees for actual spam transactions, i.e. transactions that are generated for the sole purpose of spam, what are you going to do about them? block any transactions that pay> x sat/vbyte? KYC all Bitcoin users to limit their transactions?
More crying and arguing on a forum or social media? Total reward from fees was 136.93 BTC last day, so this include "legit" transactions but let's ignore that, so for some malevolent entity to spam the network into making it almost unusable it needs around 5 million a day, Manchester City alone spent close to 3 million a day on running cost , wage plus whatever the others thigs are. We're still day dreaming (some of us) of a system to replace banks and Visa and other non-sense when it could be bought down to its knees by some jpg monkeys and a the budget of a football team. And yeah, some think we could win a war with a f** country! |
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So the timing of this is just a super bizarre coincidence? I'm really confused now. Seems like Knots reduced the limit from 83 to 42 ages ago, but it never made any difference to anything since no miners were using Knots and any transactions the few Knots nodes ignored simply routed around those nodes between Core nodes. I don't understand why everyone is surprised about this? Luke developed Knots, he randomly put 42 in there ages ago based only on his way of thinking how the world should function, why is such a big surprise his new work is based on his previous one and keeps the same limits and numbers? if btc doesn't double in price or double in fees , in the next halving problems for miners group will start to emerge .
miners were fine at $17k/btc.. Were you mining at those prices? What was the income per kwh spent? What was the ROI for $100 invested? What were the operational loses the biggest companies had last year? |
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if I have to choose between paying the bank or the miner, I will still choose Bitcoin. Math time  We (the family) now pay around €15 per month for bank accounts. That includes credit cards, debit cards, and internet banking. I estimate we make about 100 transactions per month. Since it's math time: In the whole underwater Switzerland we have 8 million households according to google, but let's kick the single ones out of this so there are 5 million families, let's assume everyone would want to do like you 100tx a months, that would mean 500 million tx a month just for one country, 16.6 million tx a day, ~100k tx per block to keep it simple. Just one country! So LN is the obvious choice ...till.. Let's suppose every European would want to open LN channel...how long it will take? Not to mention that first they have to all get their own Bitcoins, so we need at least 600 million outputs and a few million inputs to fund those! 2030 at best! |
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I have btc on Electrum mobile wallet.
I want to buy a hat using crypto from an online vendor.
Vendor accepts several crypto currencies.
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What are my options?
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So...what can I do?
1) Just how you bought your bitcoins, you buy doge or ltc or usdt or whatever that shops accepts and you're paying with it. 2) You wait till the fees are down, but maybe the hat will be out of stock Other than that it's the option mocacinno advised, try to make a tx was small as possible so best use one input with coin control, pay over 10sat/b so double it for sat/vb to be safe, and try to get it into Viabtc accelerator , there are 66 spots left as I speak so no rush to be in the first minute after xx:00. Theoretically ViaBtc should mine a block every two hours so it matches your other condition. You can't avoid paying transaction fees. It's already part of the technology. What you can only do is to wait for the right time. Timing your transaction and wait for off-peak hours. This way, you will have a lower fee compared to having transactions during peak hours and editing the transaction fee to the lowest fee which will take longer.
Now imagine everyone would take this advice, how will things end? If you really needed to avoid making high transaction fees then try and follow these few steps and advise to spend less on your transactions.
1. Make weekend transactions often
2. Always check the mempool congestion and the transaction fee for each category of priority.
3. Make use of a wallet like electrum which support RBF in case you need to pump your fee.
None of these works if there is a wave of high paying incoming transactions, none! Using RBF doesn't make you pay less money, it helps you pay the minimum required, but if that is 300sat/b what's the point of calling it cheaper? |
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These are the facts and there is no doubt about it, but even though I don't want to pay for fees more than what the bank or some money transfer service would charge me, if I have to choose between paying the bank or the miner, I will still choose Bitcoin. I've always thought of Bitcoin as a currency, and unless the fees get crazy I'll continue to look for ways to use it that way.
There is another disadvantage, this is if you send this way money to somebody else, not yourself. He will also have to pay a fee to use those coins, so the whole sage some claimed to be cheaper than WU when sending fiat to an exchange, buy coins, send coins to the other guy he send them to an exchange he cashes out is on hold right now for obvious reasons. But the thing that made me reply to you: I have to choose between paying the bank or the miner even if that miner is Mara for example ? Or some other pol that censor transactions? We're starting to run out of options for the lesser evil! |
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Apparently, the funds are self-funded and designed to safeguard users' assets against hacks, harsh market conditions, etc.
What happens if the safe funds are hacked? Because if you safe guard your safe fund with the same tech your guarding your customers funds then they are just as easily to hack, right? According to Coinmarketcap's data on December 7, Bitget's total reserves exceeded $1.7 billion,~reaffirming its dedication to comprehensive transparency through a total reserve ratio of 171%~Established in 2018, Bitget is the world's leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions
So 20 million users, that makes and average of $70 per user in reserves, and since those are ~171% of user funds means the average users there has $50 deposited.LoL...how did they even manage to get that? One user putting in $1000 means 20 need to have 1 cent! The SEC crackdown and compliance issues only apply to CEXs that want to establish business in the US, but outside the US CEX is free and will not be pressured by the SEC as experienced by Binance and other exchanges. Oh yeah, the evil SEC and regulations, you know what regulations the SEC wants to impose? The same as Japan! And speaking of Japan, you know which FTX clients have their funds safe? The ones in Japan! You know which exchange fled Japan because they didn't want to separate the clients funds from their other business? Yeah, Binance! Yeah, keep cheering for exchnges that are free to do as they please, we know how this ends! The SEC's action will not affect the Exchange for the whole, they have a limited working area only in the US and see how currently, there is no major impact after the SEC sued Binance, instead Bitcoin today reached $40k++.
That's because CZ and Binance are like cancer cells of course things are better with them turning to nothingness! |
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Seems like Luke was very specific on the type of arbitrary data, he wants Catholic data on blockchain , so, it is okay to put your own religion prayers on the blockchain but no for things that people view as an "art" of some nature? No, you've got it all wrong. It's ok to put your religion prayers in the blockchain as long as you're catholic, if you're not you're free to not put them! I don't remember to well as I never really bothered with such a thing but I was living under the impression Arabic and Chinese characters are larger in size, so you're going to have to pay extra for your faith! Free market capitalism!!! But they are not even censoring OFAC addresses, they are not allowing coinjoins in general.
Simple explanation, starts with derange* and ends with *eranged individual with an ego the size of Olympus Mons. I remember how he was angry at everyone when he got "hacked" and everything was flawed and to blame other than this won setup. But there are good arguments towards pointing that inscriptions are actually a valid exploit of bitcoin's protocol and should be patched or at least filtered to the maximum extent.
Oh yeah here we go again, how many times am I going to post this in a row today? Repeat after me: My censorship is good, yours is bad! |
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It is spam because block space is being used for things that are not related to "A Peer-to-Peer Electronic Cash System". Which is your opinion. People who use ordinals are of the opinion it is not spam. I happen to agree with you - ordinals are completely worthless spam - but I don't for a second believe that my opinion is the objective truth and everyone should do what I say. Remember: My censorship is good, your is bad! My opinion is good, the other's is flawed. Ironically, decentralization both work with censorship and fails with it, as everyone is free to censor if they want as Luke does and at the same time they can ignore it, but again it's a play of numbers if Luke gets most of the hashrate on his pool the whole decentralization turns into quasi centralization. Really fun times to watch this, I wonder what's the plan to clean the mempool once 1 millions "legit" users will try to use the chain, ar we going to have health check on the tx or credit score attached? What is he going to ban next? Even when we're already seeing cases of collateral damage? Purely financial transactions are currently being impacted on the Bitcoin network because LukeJr is trying to create a hostile environment for non-financial transactions.
Wait till he is going to put a limit on the amount of tx that are generated from a single address, more than one loaf a bread two transactions a day is immoral. |
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So just make yourself that you are using a wallet that supports RBF and CPFP then you won't end up paying $50 or $500 more than what it used to be.
Unless you're the receiving guy and it's a 5 inputs 40 output tractions that will cost you more to CPFP than what you're receiving Neither RBF nor CPFP are magically cures, they will only allow you some movement buy not always, and if we look right now what's happening, most of those tractions stuck that need help around are not made by users but by them claiming their coins from a service, and good luck doing something with those. I noticed recently that ViaBTC accelerator free submission is no more congested all of a sudden, but transaction that has been submitted successfully may not get confirmed in the next block that ViaBTC mine. It is taking longer but it will still later be confirmed.
First is the limits that have killed the demand, Viabtc has really half closed to gate, so you have to pay 20sat/vb to be sure and keep your tx under 0.5kb, plus of course no unconfirmed parents, so there are times when there are simply no tx out there that match the requirements, as for the next block issue, it happens when ViaBTC has really bad luck and is not getting enough blocks spread across the day, they offer 100tx every hour but sometimes they don't mine a block for 6-7 hours, so not to fill the whole block with cheap tx they postpone a few of them to the next one, I read once something about a 500 cap but don't know how accurate that claim was, probably it's more about size than raw numbers. |
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If this is true, it leaves only one question: why would anyone buy such a high-profile account?
I think too many focus on the buying thing, and that doesn't makes sense, he could have earned enough for signatures or private deals, far more than someone would offer to an account that would immediately fall under suspicion. So let's say this is not Ratimov posting, that doesn't imply he has sold his account, he could have simply give it to a fried or a relative, and for me this would be the best course of action to someone who wants to cut ties with the forum, plus with this move he muddies the waters for everyone following him while still keeping the account over some sort of control. OR! even better, he acts like he is not the same guy! Then Ratimov will have every right to open a counter-charge of libel.
Internet court of libel opens up on X at 4pm, don't forget to bring all the memes and tiktok clips as well as the sign petition from 4chan staff. |
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This topic seems to be more political, rather than related to economics. Unfortunately, global politics is really dominating the oil markets.
It's abut economics, but unfortunately economics are also influenced by some political decision's. Funny as it might seems, ironically at the same time politics alone can't influence economics in the exact way you want. I agree that the speculations about an energy crisis are just lies and propaganda, but a 80 USD oil price is still pretty high.
Brent was below $80 by the time I opened the topic already, and just yesterday WTI dropped below $70 for the fist time in 6 months. https://www.cnbc.com/2023/12/06/us-crude-drops-below-70-per-barrel-gas-prices-fall-to-11-month-low.htmlChina imports slumped last month, US is hitting records in production, the driving season is over, the OPCE hopes of keeping it at $90 is just wishful thinking right now. But let's get back to the topic. Especially OPEC+. The fact is that today, unlike past decades, OPEC+ members are not monopolists in the oil products market. Yes, they play an important role, but not an exclusive one. This is a nuance once. Nuance two. As you remember, past attempts to terrorize the oil market did not end very well. The problem is that by reducing oil production, and, accordingly, supplies to the foreign market, it is not always possible to reduce the price for a long period. What we are seeing now. This means that oil producing countries are losing not only from shortfalls but also from falling prices for the remaining sales volume. Considering that many OPEC+ countries are heavily dependent on oil sales, this results in a classic “shooting yourself in the foot.”
If they go on like this they end up cutting production to one barrel a day while earning $40 for it. They've always underestimated what others can produce and always thought that everyone is going to obey the cuts while everyone was instead making efforts to not do it in reality and just pump more, thy fail to understand that to keep prices up and keep other countries production low at the same time is impossible. |
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Pretty bold to admit connecting exchange accounts to a mixer publicly 😅 I wouldn't do that based how cases for accused darknet market users (that the use of a mixer makes you adjacent to) have been tried in court.
Why is that a bold move? Do you know my name, my account on that exchange, the amount I sent and from where, and even if you where to find out that, why would the exchange do anything about it? Are the 4 guys that sent their coins from Sinbad directly to Binance on death row awaiting their execution or am I missing something? Seriously though, let's not for a second pretend that mixers are actually untraceable. With pretty simple checks they can be identified and many have had their accounts limited on platforms for depositing with a mixer.
Why call it pretending when there are numerous cases proving the opposite, it's not just me doing this, there are a few others of my CM colleagues that have done the same, I won't quote them here but a simple search would show you enough examples. |
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I can't be the only one.
Yes you are! Instead, an illusion of privacy was promoted to clearnet users (that's us here in bitcointalk), while in fact our "cleaner" funds were used to bail out real criminals and terrorists. Because to a mixer, a clean bitcoin, is worth more than market value, so they were willing to overpay for it in the form of advertising. Come to think of it, the recent bust of Sinbad served as a reminder that mixers are in fact very traceable.
No illusion, I've sent by mistake and then just out of pure curiosity coins mixed from CM directly to two exchanges, it's been two years thousands in and out and not even one email or anything, and one of those exchnges is probably the most draconian one when it comes to KYC. Same for my currently advertised mixer, sent a batch to Binance, 3 months and nothing.. What's the point then, of using a mixer, when your funds can be traced so easily? Do its methods of mixing really work, or could it be that this is intended functionality for someone to get the short end of the stick?
First, the funds weren't mixed! The authorities traced Sinbad to this forum and labeled the two addresses mentioned in the topic as being owned by Sinbad when in fact they were the campaign payment addresses. Some used for payments not their own wallet but Binance direct address, so ...like how hard was to trace that? So again, there was no mixing whatsoever involved at any step!! |
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