Fees are up around $15 now, I wonder how much this dimwit is willing to donate to the miners before he stops.

I'm sure Phil is enjoying the increased fees

How would they keep it constant when they need to plug in extra exahash of machines?
Let's assume they are responsible for 3%, at 400 exa that's 12exahash, so 40 000 S21, 5kw so 200MW of power, half a nuclear reactor!  
Not even going to go into the details of adding an extra power line for 10MW but 200MW?


200MW! To give you an example the nearby BMW factory has a 45MW peak power consumption, they've made an entire show of how the new cogen engines will provide 10MW of green power.  And here we're talking about 200MW going undiscovered in China!

Meanwhile:
goign to turn positive again
Also, last block:

Some juicy fees for the weekend. Fudgeeeeee!

Protip: The four of you should get a room.

meaning:  You and exp, billy no coiner and exp's grandma.


Sure, I already understand that there could be angels that relate to taxes, yet capital gains would ONLY apply to purchases and sells that are made in the same year, and surely there could be some other matters that relate to taxes and reporting, but launching a new product prior to the new year rather than after the new year gives more options rather than fewer options, and so would justify wanting to launch earlier rather than later (in order to have more options), yet the SEC may likely be somewhat neutral on the calendar year matter, I would think that investing companies would rather give their customers more options rather than fewer options, even though launching in 2023 could well put some clients at a disadvantage if they were planning to ONLY be ready to transition into an ETF after the beginning of the year, but there ended up being a price run up because the product launched in 2023 rather than in 2024 when they were planning to get in.

Yeah, I am writing a lot, and even accounting for some possible tax ramifications of one year versus another, I still don't feel like I have much of any clue why it would be preferable (from Phillip's perspective or from anyone else's except maybe officials merely just wanting to delay as long as feasible) that the Spot ETF product launch in January 2024 as opposed to December 2023.  Edit:  Maybe this part sort-of answered by Philip in the below post.


Sure there could be shenanigan's either way, but it all seems a kind of wash. in the whole scheme of things in terms of potential preferability of whether a Spot ETF is launched later rather than sooner, or January 2024 as opposed to December 2023.

And yeah, I am presuming a pump on the news of an actual BTC Spot ETF approval, but I am not really sure how much of a pump and/or how it might play out and if that would be creating any major buys and sells within the 2023 calendar year (even if the approval were to occur sometimes in December.. yeah, some of the BIGGER players play those kinds of games, but it may or may not work as expected for some of them, even some of the are BIGGER players).

 I don't know the US tax code (and from what I understand, nobody does) but up north, capital gains taxes are paid in the year they are realized.  There could be advantages to waiting until the new year.

That's a good idea. I did not give it a thought, but in my opinion, you should. It is not that the fees are going to touch the sky soon; they are just temporary spikes due to the ordinals and other manipulation by the bad actors of the market, which will be solved soon, but it is best for you and all of us to follow this idea.

Because to setup the lighting network, we do have to pay the current fee, so if we want to avoid that, we should setup one when the fee comes down. Actually, in my opinion, I don't think fees are going to come back at the normal rate anytime because the ordinal problems are increasing day by day. Today I just checked the volume of Ordinals transactions, and it was ATH since its inception.

I was stunned for a moment, but if it keeps increasing, then it will be best for all of us to move to LN nodes before the halving because, after the halving, the price might become double what it is now.

I've been reading posts in this forum from ppl who aren't experts in cryptos or finances but they're asking ppl to buy because the price's going high. They shouldn't spread FOMO but they're doing it because they've already bought their own bitcoin so they're trying to get other ppl to fall in to FOMO.

It's impossible to know what the exact fee will be, but we can more or less predict it by using common sense.
Currently the average fee is $18 according to bitinfocharts. The historical top is $60 at the 2021 price peak when people were trying to exchange money fast, taking advantage of the premium. The price at the time was $60k, so the fee they were willing to pay was 1000 times lower than the price per bitcoin. If we were to estimate that people are ready to pay the price/1000 that would put us somewhere at $35 in fees and this is actually forming a resistance on the chart, because in May 2023 when the price went to $30k for the first time this year, people were paying $30 in fees and that was the top that lasted less than 2 days.



This is by no means a rule, but if we were to hit $100k next year, you could expect people to be ready to pay close to $100 for their transaction.

According to BBG gang most probable date is January. Last deadline is Jan 10th. So probably before that date.

The problem isn't only that, but they will start to trust this real-fake money.

Increase the interest rate, price control, adjust the tax rate etc that make people to give the money to banks/governments. It's a never ends problem, when the inflation rate drop, they will decrease the interest rate etc. They just switch a new policy and hold, then switch back to the old policy, repeat.

Not sure it would be fair to call someone crazy because  the stuff they share around here. I do not personally know him, but would rather lean myself on believing he is just into very conspiratorial subjects and also very conspiratorial medicine theories. Regardless of it,  the quantity of merits he has received sounds about right keeping in mind the amount of time he has posted here, if I would even bet most of his earned merits were either gotten during Trump campaigns or when he did not discuss completely about politics and more about conspiracies, from some old participations I have seen in the Politics and society section, it would seem to be that place was more appealed by conspiracies than it is now.

The mining algorithm has nothing to do with transaction fees.

I use Trezor one cold wallet.
The old segwit address had very low BTC.
We supposedly sent the remaining BTC to the new segwit address.
Mining fees are still very low.
We made the transaction on 11-11-2023.
I think it's at the bottom of the list because the mining fee is so low.
Will this transaction be confirmed in 1-2 years?
If you write your ideas, we will be informed.
Best  regards.

https://explorer.viawallet.com/btc/address/bc1q2jrecvg8u80rsymugyy3z945dph87m86n5k8jz


https://bitaps.com/bc1q2jrecvg8u80rsymugyy3z945dph87m86n5k8jz

I don't know if this an American initiative. I haven't read about any gases powering bitcoin miners before what the OP's saying about Utah. I'd say it's a gimmick if they can't power plants specifically to power mining farms. If they're putting turbine power in the grid it's going to be used for commercial and domestic use not only for mining.

Methane, hydrogen, solar, hydro electric they've all been used in the past as options but did the power plants use them?

The fees are already too high. The best time to open a lightning channel is when fees are low because it requires an on-chain transaction. Lightning is meant for smaller payments so perhaps you shouldn't move your entire cold storage to lightning. I would just open a channel big enough for a few payments and occasionally top it off.

He should let ViaBTC mine a block and the transaction would be confirmed.

I was unable to check it from blockchair.com, but I saw it on https://www.blockchain.com/explorer and https://blockstream.info.

https://blockstream.info/tx/3fc2ebf7dd2ce21a8b7a68545942c0d1b8f0f141f8a4c91865031eb65a5e4209
https://www.blockchain.com/explorer/transactions/btc/3fc2ebf7dd2ce21a8b7a68545942c0d1b8f0f141f8a4c91865031eb65a5e4209

Which means it has not been dropped from nodes of some mempool and also not displayed to be invalid on ViaBTC accelerator and can still be confirmed and it will not take up to 4 to 5 hours before ViaBTC will mine the next block.

The mempool is over 170 sat/vbyte and not worth to rebroadcast the coins. Also the sender's wallet is not his, although I doubt if it is from a custodial wallet as it is of low fee and also supporting replace-by-fee.

Edit:
ViaBTC mined block 817095 and the transaction has been confirmed.

It could be, but I don't know, I think the cost for such a setup would be pretty high, especially with the new hash boards that use busbars that need to click-tight to obtain proper voltage, the hash boards can't be just hanging in free air, so the rack/mount that holds them needs to carefully designed, but ya, Bitmain folks are smart, am sure they would have figure a way to safely abused new gears and still sell them as brand new, I just highly doubt it's as simple as many people think, as in, they don't just put the whole miner as is and then dust it off and send it, they would have been caught a long time ago if they did that.

The Bitcoin monthly and weekly charts are still looking incredibly bullish. I just see higher and higher lows. Someone is snatching up all the BTC… I think we gap back up to test $38K in the next couple of days. Must resist the urge to take profits…