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Author Topic: Could invested assets be nullified by progressive gas fee after halving?  (Read 195 times)
Jawhead999
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July 29, 2023, 01:00:44 PM
 #21

Not to offend, you call ordinal madness. the stupidity or greed, let me ask? How does it contradict the idea of Bitcoin or any other asset? And last but not the least: could you please widen your fears for causes that we ordinary people commit from time to time? They are not exactly clear from your post and I really interested in your point of view.
Bitcoin and fiat are work different.

Bitcoin is decentralized, the price will keep rising and it charge you some fee to pay the miner. While fiat is centralized, the value will always declining and it do charge some fee if you broke the limit. Stock and gold also charge some fee when you trade and withdraw it in fiat.

So choose wisely, do you want to get charge some fee when you know in the future the profit you get will cover up the fee or you choose fiat where the value will always declining?

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July 30, 2023, 07:55:16 AM
 #22

Not to offend, you call ordinal madness. the stupidity or greed, let me ask? How does it contradict the idea of Bitcoin or any other asset? And last but not the least: could you please widen your fears for causes that we ordinary people commit from time to time? They are not exactly clear from your post and I really interested in your point of view.
I believe it refers to the hype people have for ordinal that makes them spam the network with ridiculous fees while they don't have any guarantee that their NTF will sell as much as their paid fee. As far as I'm aware, it has died down since people realize that they gamble too much without thinking about the feasibility. Some still try to mint their NFT but fees have become way cheaper. I believe they'll likely move on to layer 2 or other networks if they want to continue doing their thing sooner or later.

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July 30, 2023, 10:31:42 AM
 #23

In any case, it's wise to store the investment in a non-custodial wallet (so, not on a centralized exchange), and that allows avoiding the exchange's own fees and other limitations it might put forth. But as for the Bitcoin fees, stompix is completely right that it's just a network congestion, and that doesn't really correlate with the price. Sometimes it happens when the price is high, sometimes it happens when it's low.
But, also, you can always pay a smaller fee if your transaction isn't of urgent nature and you're willing to wait for it to get confirmed. Of course, you should be careful because paying too little can make a transaction get stuck for days, weeks, perhaps even longer. But if you use websites that estimate the fees, and you pay a fee that's not many times lower than average, you should be fine.
Overall, with a $20 investment in BTC, the fee is a very valid concern.

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July 30, 2023, 12:55:43 PM
 #24

The OP is confusing two things, because the fees he is talking about in relation to CEX are not only fees for miners, but something that can be called a service fee.
Yes, that is exactly true! But nevertheless such screaming header could cause your attention.

Quote
When you withdraw coins from CEX, the usage service is charged, and that's why people always think that the fees are too expensive.
That's what I did recently and the transaction fee for transferring 20$ cost me 4,5$ to finish it. However next transaction way too bigger than first one have cost me twice less!

What do you mean by way bigger?
The size of the tx in which you received your funds?
Unfortunately with CEX that doesn't matter, they will always charge you a flat fee even if they save a ton while batching, it would be far more interesting if you could tell us the fee in sat/b they've paid for each tx to get confirmed!

Also, since I'm revisiting this topic, there is another thing some do tend to overlook, not the fees from the exchanges.

Let's assume you do your daily DCA for small sums from a good exchange that doesn't really fleece you on withdraws so you pay in the cents range, but you end up with a ton of inputs each worth $10-20, you really need to consolidate all those because if a pump happens and the price goes 3x and you want to take advantage of it you're going to look at a flooded mempool in which you're going to have to spend 100$ to move 30 inputs worth $300. Change 30 inputs with a year for daily DCA so 300+ and it gets way worse!


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