Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[serveria.com]

There seems to be a fuckload of 1.sat/byte transactions on the network. My tx from yesterday was stuck like 35mb from the top (crazy huh) increasing the fee to just 2.sat/byte propelled it to ~1mb from the top. What could be the reason for such congestion? 

[ChartBuddy]

Explanation

[Blue King]

I hate you so much, ChartBuddy.

I will not abuse anyone in this forum.If someone makes a mistake, I will try to forgive him.

[vroom]

There seems to be a fuckload of 1.sat/byte transactions on the network. My tx from yesterday was stuck like 35mb from the top (crazy huh) increasing the fee to just 2.sat/byte propelled it to ~1mb from the top. What could be the reason for such congestion?  

it's cleaning up fast

[ChartBuddy]

Explanation

[Lucius]

There seems to be a fuckload of 1.sat/byte transactions on the network. My tx from yesterday was stuck like 35mb from the top (crazy huh) increasing the fee to just 2.sat/byte propelled it to ~1mb from the top. What could be the reason for such congestion? 

We can thank Binance for that, although they could have chosen a better time for it - that crazy Korean started a shit show, and his Chinese friend just caused even more panic by adding so many transactions to mempool.

https://twitter.com/softsimon_/status/1524443439231864834

[ChartBuddy]

Explanation

[Copetech]

One reason I'm a fan of Elon regardless of his shilling for shitcoins, and shenanigans in general, is that his goal is to reach Mars.

Why tho? Dead planet. Nothing there but rock and more rock.

If we are in fact slowly circling the drain getting incrementally closer to the sun with each orbit, then Mars would be the next eligible rock within that sweet zone of close enough but not too close. So by the time we figure out how to get beyond that whole light years vs. limited fuel weight issue... it should be about right to support us and maintain an atmosphere.

Mars has no protective magnetic field like earth, the solar wind stripped away most of its atmosphere and continues to do so.
We got quite good living space here for another few billion years if we clean up and look after it.

Meanwhile Bitcoin putting up a solid performance during last weeks shit(coin) show.
$29k at midway between halvenings is not bad, not bad at all.

Yup! I think we're pretty much in agreement here!

[ChartBuddy]

Explanation

[aysg76]

Ooops!

Having multiple copies for that NFT but can't prove the ownership 

[cAPSLOCK]

There seems to be a fuckload of 1.sat/byte transactions on the network. My tx from yesterday was stuck like 35mb from the top (crazy huh) increasing the fee to just 2.sat/byte propelled it to ~1mb from the top. What could be the reason for such congestion? 

We can thank Binance for that, although they could have chosen a better time for it - that crazy Korean started a shit show, and his Chinese friend just caused even more panic by adding so many transactions to mempool.

https://twitter.com/softsimon_/status/1524443439231864834

I did a few transactions over the weekend.  I payed 3s/b for them all.  I think they were all in the next block or 2 max.

If there is a a strategic reason for Binance to do this other than the just consolidate utxos then it is to make it difficult for unsavvy users to move bitcoin during a price panic.  But I am not sure what good that would do either...

[empowering]

[Gachapin]

Ok, so now PlanB declared the bear market.

I wonder if he is wrong again. That would be funny 


"Dec 2021 I was still hoping for a 2nd leg of the bull market. But in Q1 2022 it became clear that this bitcoin bull market was over. We entered a bear market since Apr 2021 peak (yes ATH was Nov 2021). Now we are creating a bottom. Then a new bull market will start. BTC cycles."

https://twitter.com/100trillionUSD/status/1526129846723698688?cxt=HHwWgICzsdDA860qAAAA

[ChartBuddy]

Explanation

[Torque]

The next 48 hours are critical....for the stonk market.

Watch the S&P 500, must stay above and bounce away from 3837 this week. If not and that level is breached, more DOWNity for stonks.

I don't think Bitcoin will be affected much tho. Don't see much more down for bitcoin. The scammers forced selling of tens of thousands of btc from weak hands to strong, and they don't have that much supply left below this price level.

[Hamza2424]

Lightning Network a thread to BTC.

Well Lightning network aims to cheap and faster transactions on the BTC blockchain... This is a big thread.

As BTC is a store of value for that BTC is more than Gold and if you consider it as a medium of exchange that will be a disaster.

Learn how it works BTC is POW Chain Minners Mine blocks and approve transactions nd get rewarded in two ways 1st is Mining Block rewards BTC which reduces after a specific time period and then 2nd is Transaction fee reward.

Mining will end someday and then Minners left over a single way to earn transaction cost if we want BTC as a medium of exchange then we need low transactions and low transactions mean Minners will refuse to support the network and Chain collapse. If

The massive adoption of the lightning networks as El Selva will cost the massive destruction in the market, a side chains are good way of exchange but remember BTC is the only store of value other then that will directly affect the system.

DYOR  its my personal thinking after anlysising the facts through recources

BTC is a Store of Value not a Medium of exchange

[Lucius]

If there is a a strategic reason for Binance to do this other than the just consolidate utxos then it is to make it difficult for unsavvy users to move bitcoin during a price panic.  But I am not sure what good that would do either...

The news says that Binance announced that they would work on consolidation before the scandal with Korean shitcoins, so all speculations about the possible connection between the two events would be just a conspiracy theory. How much the mempool blockade really affected the impossibility of quick transactions from non-custody wallets to CEXs and prevented even bigger sell-offs remains an unanswered question.

[ChartBuddy]

Explanation

[BobLawblaw]

Lightning Network a thread to BTC.

Cleanup on Aisle 30756 please.

[BitcoinBunny]

Lightning Network a thread to BTC.

Well Lightning network aims to cheap and faster transactions on the BTC blockchain... This is a big thread.

As BTC is a store of value for that BTC is more than Gold and if you consider it as a medium of exchange that will be a disaster.

Learn how it works BTC is POW Chain Minners Mine blocks and approve transactions nd get rewarded in two ways 1st is Mining Block rewards BTC which reduces after a specific time period and then 2nd is Transaction fee reward.

Mining will end someday and then Minners left over a single way to earn transaction cost if we want BTC as a medium of exchange then we need low transactions and low transactions mean Minners will refuse to support the network and Chain collapse. If

The massive adoption of the lightning networks as El Selva will cost the massive destruction in the market, a side chains are good way of exchange but remember BTC is the only store of value other then that will directly affect the system.

DYOR  its my personal thinking after anlysising the facts through recources

BTC is a Store of Value not a Medium of exchange

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