Although i would wait for few weeks since i'd rather perform UTXO consolidation at about 1 sat/vB.
I can't imagine any soon to see transactions of such low fee rate again. Something tells me, not likely to happen with this ongoing blockchain spam by Runes, Ordinals or whatever name the spammers attach to their fermented monkey shit.
I'm mildly optimistic that this madness may slowly fade out, though I'm not yet too positive. Too much incentive for the next hyped bullshit, unless by some striking magic people come to reason. OTOH, I very much doubt it.
We're currently in bear market, so such spammer or scammer would have harder time making people add or buy arbitrary data on Bitcoin blockchain.
Oh gawd....
I really get triggered when members describe consolidation periods as bear markets... To me, it seems like such a dumb statement, and fails to appreciate bitcoin, and surely maybe even the four year cyclical nature of bitcoin, to the extent that the four year cycle continues to apply, even when members try to put it into different categories.. so I consider that largely we have been in a bull market since November 2022, but we might not have had realized that we were in such bull market until either around mid-July 2023 when we started to mostly get back above the 200-WMA or perhaps not confirming being back into a bull market until after more convincingly returning above the 200-WMA in October/November 2023... and I am not even really claiming that the 200-WMA would have had been any kind of magical threshold to define entering bullmarket or not, but instead our experiencing enough BTC price appreciation to have a fairly high level of certainty (and I am not even sure about what that level of certainty would need to be) to sense that the $15,479 bottom from November 2022 was "in."
Accordingly, since either mid-2023 or even October/November 2023, there really have not been any meaningful and/or significant downward BTC price moves to take us back out of the bull market to either suggest that the November 2022 bottom WAS NOT "in" or some kind of a otherwise movement into a relatively long period of BTC price downity that might signal to us that the odds for further down had become greater than the odds for up... yeah, we might argue about some of these kinds of definitions or maybe even we might be just arguing about semantics yet my own opinion remains that bitcoin does not flip flop around between bull market and bull market and back and forth, and it seems a bit retarded to me to describe corrections as bear markets, when they likely would be described as either a correction or a kind of consolidation.. but from my own perspective (and back to my pet peeve), we are not getting taken out of the overall bull market.
Regarding your other point about whether a bear or bull market affects spammers and scammers, sure there could be some truth to those kinds of liquidity dynamics, even though personally, I am not going to latch too much upon whether the various entities might have successful pumps of their baloney - and maybe it just seems like any kind of attempts to predict the noise of various kinds of shitcoins, we can never really know when they might have scattered pumpamentals or if the pumpamentals might become more enduring when they are able to latch upon bitcoin's price moves and then perhaps even have magnified pumpamentals merely due to a lot of excess money coming into the space looking for anywhere they might be able to take advantage of momentum that may or may not end up having staying power of more than a few weeks.
I suppose that there are quite a few of us (perhaps except some miners) who appreciate where transaction fees have been for the past month or so.. .. which surely seems more reasonable for a lot of us, even if some of us might develop some false sense of security and get sloppy with our UTXO management with some anticipation that there might be some reasonable range for BTC transaction fees in the coming months or even years.. since some of us might be planning to hold our UTXOs for several years, yet we may well don't want to get surprises in terms of how economical those UTXOs might be to transact, especially if some of them might have relatively lower values (whether we are measuring them in satoshis or dollars or both)... Of course, we likely continue to expect the satoshi value to continue to go up relative to dollars, so there can also be a bit of a moving target in terms of attempting to anticipate (predict or prepare) for how economical some of our UTXOs might be in the future... and yeah including if we have some currently existing UTXOs that might be 100,000 to 200,000 satoshis or even less than that... and surely there are folks who have some UTXOs that are maintained in 20k to 50k territory, and I am not completely going to proclaim if those might not be spendable in the future, even though it does not seem safe to be holding UTXOs of those 20k to 50k levels, and I am even reluctant to hold them in the 100k to 200k levels...
That's good news. mempool.space now recommend 2 sat/vB for no priority and 5 sat/vB for low priority. Although i would wait for few weeks since i'd rather perform UTXO consolidation at about 1 sat/vB.
I planned to wait for 3 sat/vB, but you are quite optimistic about this waiting for 1 sat/vB.
4.1 sat/vbyte sounds pretty good after all over the past months.
It's more about patience rather than optimistic.
We're currently in bear market
I think that there's a difference in views here.
I'd say that although there was a temporary selloff period, we are in an overall bull market. And that can cause at any time the tx fees skyrocket.
Ditto. Regarding these bear versus bull market ideas, you said it before me.
That is pretty twisted logic.
This guy larry_vw_1955 is just
trolling. I've removed his posts, he's on my Ignore list, and he's no longer welcome in my topics.
Thanks for explanation.
I did not do a full reply as I was busy.
My full reply is unless you are holding your btc until you die. Consolidating when prices are cheap is smart choice.
To be a bit more specific.
Have 1 or 2 large wallets fully consolidated.
Have 2 or 3 small wallets full consolidated
Have a small piece on a clean exchange that does LN such as kraken
So
5 coin guy would have
1.6 btc in 1st wallet
1.6 btc in 2nd wallet
0.5 btc in third wallet
0.5 btc in fourth wallet
0.5 btc in fifth wallet
0.3 btc in the legit exchange with LN
In fact I am going to consolidate some today.
I have nothing against your ideas of having coins in different places. .and I even think that is a good way of thinking about coin (UTXO) management, yet frequently (unless we are holding with third parties, like exchanges, and are those really our UTXOs?), we are likely going to have various BTC addresses within the same wallet, so frequently we might need to describe what we are doing or striving to do in terms of BTC addresses rather than wallets (and maybe to some extent addresses might have had been what you meant?).
As I mentioned in my other response (above), there may well be some BTC addresses that end up having quite small UTXOs and still be feasible that they will be economical to spend in the future, even though there could be risks involved in keeping some smaller sized UTXOs.. and surely, I am not even against your smallest sized one that is described as 0.3 BTC, since that is 30 million satoshis, and I personally believe that we can get away with quite smaller sizes of UTXOs and still being economical, especially if we might have various options from where (from which addresses) we might spend our BTC in the future, so if I am purposefully creating a couple of UTXOs (send and change) by engaging in a transaction, then maybe I will be reluctant to purposefully create UTXOs that are less than 100k or 200k satoshis, and maybe I would allow some of my smaller UTXOs to stay in place without concerning myself about consolidating them (especially if there might only be a few of them), but it well could be economical to consolidate UTXOs less than 100k satoshis.. even though surely there are likely a lot of UTXOs that exist out there and they are quite a bit less than 100k satoshis... (which as I type this post, 100k satoshis is currently $64.70-ish).
