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

[OutOfMemory]

The fees are very high, I read that it is because of the launch of something called RUNE, (I don't know what it is about)... but I will probably have to accumulate some BTC from DCA on an exchange before withdrawing... unfortunately. I hope things get back to normal soon.

Does anyone have any alternative to this, of keeping some BTC in an exchange for a while? before withdrawing to the wallet? I don't think there's much to do except wait

I LMGTFY'ed for y'all:

https://cointelegraph.com/news/runes-protocol-ignite-new-season-bitcoin-after-halving

The Runes token protocol is set to activate when the halving occurs. A battle for block space will begin where players will compete with each other to see who can issue the first tokens and the best token names, followed by a battle to see who can be the first to buy these tokens.

OMFG, hordes of apes competing over block space.
Ordinals must be stopped ASAP  

Additionally, in anticipation of Bitcoin network congestion, some projects are creating solutions to scale trading on the Runes protocol. In the past, a bridge that enabled the exchange of Bitcoin assets on Solana was successful. Now, platforms more aligned with Bitcoin are emerging — such as RuneChain, a Bitcoin layer-2 focused on Runes.

Chain my ass!
*SMH*

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[El duderino_]

[philipma1957]

hodl

[somac.]

fees will stay high from now on.

That's been said many times over the years and has not come true yet. We will see.

[philipma1957]

fees will stay high from now on.

That's been said many times over the years and has not come true yet. We will see.

have you looked at the mempool from Jan 2023 to april 2024

look  at it again.

do you realize that a 1 sat fee minimum would be 16 cents if btc is 💯 K

btc main chain is dead for small coin moves.

so LN

or ltc/doge for small value moves is what will take over.

it is simply a matter of math.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[somac.]

fees will stay high from now on.

That's been said many times over the years and has not come true yet. We will see.

have you looked at the mempool from Jan 2023 to april 2024

look  at it again.

do you realize that a 1 sat fee minimum would be 16 cents if btc is 💯 K

btc main chain is dead for small coin moves.

so LN

or ltc/doge for small value moves is what will take over.

it is simply a matter of math.

Despite the mempool, and prior to this latest increase coming into the halving, fees were around 10 sats. I don't consider that to be expensive. Buying a coffee was always unrealistic, LN is fine for that.

[Lidger]

This is best one.

[philipma1957]

and if you are in USA zelle is fine up to $1000 usd.

frankly sending btc on the main chain for any thing under 1000 is dumb..

LN may get better eventually,but btc is much more a buy and hodl store of wealth than anyother thing.

I use zelle for nocoiner people
I use doge and ltc for small sends as it is easier than LN

I use main chain for large purchases of mining gear.

[xhomerx10]

fees will stay high from now on.

That's been said many times over the years and has not come true yet. We will see.

have you looked at the mempool from Jan 2023 to april 2024

look  at it again.

do you realize that a 1 sat fee minimum would be 16 cents if btc is 💯 K

btc main chain is dead for small coin moves.

so LN

or ltc/doge for small value moves is what will take over.

it is simply a matter of math.

Despite the mempool, and prior to this latest increase coming into the halving, fees were around 10 sats. I don't consider that to be expensive. Buying a coffee was always unrealistic, LN is fine for that.

 My local coffee shop doesn't accept Bitcoin yet but I just sit outside of it with a sign that reads "The Bitcoin tx fee is too damn high today!  A little help please." and eventually someone buys my coffee.

[somac.]

and if you are in USA zelle is fine up to $1000 usd.

frankly sending btc on the main chain for any thing under 1000 is dumb..

LN may get better eventually,but btc is much more a buy and hodl store of wealth than anyother thing.

I use zelle for nocoiner people
I use doge and ltc for small sends as it is easier than LN

I use main chain for large purchases of mining gear.

Spend $, hoard BTC. It's the best way.

[xhomerx10]

This is best one.

 Thank you.  I feel as though people didn't see the difference... I know it's pretty subtle and if you've seen the original, on seeing the revised halvening version your mind might play tricks but I posted this one for the last 10 blocks.  They will get out of synch with one another because I changed the timing on a couple of frames - apologies in advance.

[bitcoin_mining]

Source

[aesma]

Happy halving day !

I thought I could stay awake for it but there was no way, I'm getting old. I see it happened at about 4am local time.

These last days many articles were written, Bitcoin got talked about on radio etc. (well, the business radio I'm listening to already has a crypto program so not a big difference), and I heard several times about miners being concerned, some quitting etc.

I don't understand how the situation is now worse for them than a few months ago when they earned twice the BTC, but its fiat price was half what it is now. Can someone explain ?

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[OutOfMemory]

and if you are in USA zelle is fine up to $1000 usd.

frankly sending btc on the main chain for any thing under 1000 is dumb..

LN may get better eventually,but btc is much more a buy and hodl store of wealth than anyother thing.

I use zelle for nocoiner people
I use doge and ltc for small sends as it is easier than LN

I use main chain for large purchases of mining gear.

Spend $, hoard BTC. It's the best way.

I'm surely fine with that, but what the fee/tx RUNE (iirc) madness does (aside from being a stupid game), is:

1. slowing adoption (even if companies offer LN, when they regularly sync to the main chain, the fees are more of a loss)
2. degrading performance (from a use-case-of view, not a nonsense-case-like-RUNE-of view)
3. bring bad news about BTC, which is not always bad, as we know, but makes new investors overthink their planned investments.

Look at it like that: Cars are made for bringing you from A to B in a convenient, fast and personal way. Now, someone propagates a stupid trend (remember one or the other challenge hype)to attach your household waste to random cars, to get it away. Would you feel good if your and every other's car is driving around with litter bags tied to their back several times a day? You'd have to get rid of the stuff at your own cost, effort and time.
I would be annoyed as fuck, honestly. But this is just what is happening, Gen-Z-ers are encouraged to tie their waste to Bitcoin blocks by someone exploiting that stupid Ordinals concept, just because it hasn't got any other valuable use.
This is what happens if developers don't overthink the consequences of their solutions. You know the old saying "the solution became the problem"? (or something like that)

I may sound angry, but i am just feeling a bit surprised, but not in a positive way.
Opportunism, like using shitcoins, including fiat money, seems to help to get by, but who really wants that compromise?
Not me, for sure  

Happy halving day !

I thought I could stay awake for it but there was no way, I'm getting old. I see it happened at about 4am local time.

These last days many articles were written, Bitcoin got talked about on radio etc. (well, the business radio I'm listening to already has a crypto program so not a big difference), and I heard several times about miners being concerned, some quitting etc.

I don't understand how the situation is now worse for them than a few months ago when they earned twice the BTC, but its fiat price was half what it is now. Can someone explain ?

Hellow, fellow  
I didn't stay awake, either...

The miners who did not take periodic halving effects into account in their business calculations (some won't even have had a clear vision of how long they plan to profitably run this), they may well be concerned in the face of rising hashing difficulty. Then there was the rise of energy prices, inflation and so on, which set back some newer mining companies in their profits to extend their business. It's always those unforseen events (black swans) that cause a lot of unfavorable side-effects. If you don't think about such, you remain with "the pants pulled down" in such situations (while all the others are able to run away)  

Aaand, you know the media. They put up their (horror) stories, and then they are looking for ways to sell them to the public. What's really going on behind the media narratives might be very different.

[DaRude]

The fees are very high, I read that it is because of the launch of something called RUNE, (I don't know what it is about)... but I will probably have to accumulate some BTC from DCA on an exchange before withdrawing... unfortunately. I hope things get back to normal soon.

Does anyone have any alternative to this, of keeping some BTC in an exchange for a while? before withdrawing to the wallet? I don't think there's much to do except wait

I LMGTFY'ed for y'all:

https://cointelegraph.com/news/runes-protocol-ignite-new-season-bitcoin-after-halving

The Runes token protocol is set to activate when the halving occurs. A battle for block space will begin where players will compete with each other to see who can issue the first tokens and the best token names, followed by a battle to see who can be the first to buy these tokens.

OMFG, hordes of apes competing over block space.
Ordinals must be stopped ASAP  

Additionally, in anticipation of Bitcoin network congestion, some projects are creating solutions to scale trading on the Runes protocol. In the past, a bridge that enabled the exchange of Bitcoin assets on Solana was successful. Now, platforms more aligned with Bitcoin are emerging — such as RuneChain, a Bitcoin layer-2 focused on Runes.

Chain my ass!
*SMH*

I was wondering about the fees, this explains it. Interesting how they need to run it as a lottery for the multiplication attack to work. i.e. bunch of idiots waste a ton of their money for a chance where a few might benefit, but PR of some idiot "winning the lottery" might be enough to draw more idiots in. High fees should take care of this problem soon enough, when enough idiots loose their BTC and the rest realize how economically unviable this is.

[aesma]

I bought miners back in 2017 and BTC crashed and it didn't make sense to even start them so I offloaded them at a huge loss, so I understand the possible difficulties. But I mean if you were mining 6 months ago I don't see what is worse now.

Yeah you're right about the media, well about subjects like this I don't even think it's malice, they just don't care enough to know what they're talking about. I'm knowledgeable in aviation, as an amateur but talking to professionals etc., and it's always funny to hear about the Boeing 787 MAX (doesn't exist) or the Airbus 747...

[philipma1957]

and if you are in USA zelle is fine up to $1000 usd.

frankly sending btc on the main chain for any thing under 1000 is dumb..

LN may get better eventually,but btc is much more a buy and hodl store of wealth than anyother thing.

I use zelle for nocoiner people
I use doge and ltc for small sends as it is easier than LN

I use main chain for large purchases of mining gear.

Spend $, hoard BTC. It's the best way.

I'm surely fine with that, but what the fee/tx RUNE (iirc) madness does (aside from being a stupid game), is:

1. slowing adoption (even if companies offer LN, when they regularly sync to the main chain, the fees are more of a loss)
2. degrading performance (from a use-case-of view, not a nonsense-case-like-RUNE-of view)
3. bring bad news about BTC, which is not always bad, as we know, but makes new investors overthink their planned investments.

Look at it like that: Cars are made for bringing you from A to B in a convenient, fast and personal way. Now, someone propagates a stupid trend (remember one or the other challenge hype)to attach your household waste to random cars, to get it away. Would you feel good if your and every other's car is driving around with litter bags tied to their back several times a day? You'd have to get rid of the stuff at your own cost, effort and time.
I would be annoyed as fuck, honestly. But this is just what is happening, Gen-Z-ers are encouraged to tie their waste to Bitcoin blocks by someone exploiting that stupid Ordinals concept, just because it hasn't got any other valuable use.
This is what happens if developers don't overthink the consequences of their solutions. You know the old saying "the solution became the problem"? (or something like that)

I may sound angry, but i am just feeling a bit surprised, but not in a positive way.
Opportunism, like using shitcoins, including fiat money, seems to help to get by, but who really wants that compromise?
Not me, for sure  

Happy halving day !

I thought I could stay awake for it but there was no way, I'm getting old. I see it happened at about 4am local time.

These last days many articles were written, Bitcoin got talked about on radio etc. (well, the business radio I'm listening to already has a crypto program so not a big difference), and I heard several times about miners being concerned, some quitting etc.

I don't understand how the situation is now worse for them than a few months ago when they earned twice the BTC, but its fiat price was half what it is now. Can someone explain ?

Hellow, fellow  
I didn't stay awake, either...

The miners who did not take periodic halving effects into account in their business calculations (some won't even have had a clear vision of how long they plan to profitably run this), they may well be concerned in the face of rising hashing difficulty. Then there was the rise of energy prices, inflation and so on, which set back some newer mining companies in their profits to extend their business. It's always those unforseen events (black swans) that cause a lot of unfavorable side-effects. If you don't think about such, you remain with "the pants pulled down" in such situations (while all the others are able to run away)  

Aaand, you know the media. They put up their (horror) stories, and then they are looking for ways to sell them to the public. What's really going on behind the media narratives might be very different.

But essentially once btc cracks 💯 k cheapest fee of 1 sat ends up with a small transaction fee of 16 cents

which compared to handing a dunkin donuts clerk a few bucks is not cost effective.


part of the high fees is btc is 64k and a sat is not cheap anymore.

so if btc goes to 640k  all fees are at least one dollar which is okay for a $10,000 worth of btc to bitmain but not okay for buying a two dollar coffee.

ltc and doge are solid pow and fill in for small purchases pretty much perfectly.