Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 4. (Read 88438 times)

to be specific .3 is  1/16  or 1/17 of the holders wealth.  If you don't ever buy or pay in BTC maybe that is too much.

I guess I do a lot more purchasing in BTC than many others do. Always having .3 or 19,500 on an exchange may be too much for most people.

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...


Ditto.  Regarding these bear versus bull market ideas, you said it before me.


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).

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 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.

It's more about patience rather than optimistic.


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.

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.

The Lowest or minimum fee rate on mempool.space right now is 1 sat/vbyte which I think it’s their own purging fee rate. So transactions with fee rates like that can stay in the mempool for future confirmation. But the purging fee rate is usually base on nodes settings so maybe some nodes might still purge those transactions with such low fee rate. But right now is the perfect time to actually execute a 1sats/vbyte transaction and it could possibly get confirmed if rates stays like this throughout the week days base one the believe that fees are lower during weekends

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.

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.

I assume this means it's enough to stay in a default mempool without being dropped, but it could still take months to confirm.

I recently caved, and consolidated at 7+ sat/vbyte. Just my luck for fees to drop right after that

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.

Blocks are now including 4.1 sat/vbyte transactions. Time to update the title to "July"!

Yeah I was talking any and all including merchants.

I don't know about other countries but free safe sends of cash in amounts under $1000 in the USA

are really really real easy using Zelle.

Go to your online banking click send via Zelle and put in a phone number or email  the cash arrives fast.

I no longer see a need for BTC to do any sends of wealth in small amounts of 1-999 usd.

Zelle for free
Paypal Friends and family for free

Now what is happening in the states are companies are trying to charge the cc fees of 3%

Which I sometimes do or I pay with a cc that gives me back 5% so I net 2%

This is a huge inflationary driver if you think about it.

But I also lower my tips if they charge the 3%

I usually tip 20-25% at a sit down restaurant meal but if they charge me the 3% for a cc I lower the tip.

Not very correct and i expect it miss some coinjoin transaction. I also found this piece of code on mempool source code, https://github.com/mempool/mempool/blob/v3.0.0-dev8/backend/src/api/common.ts#L507-L512.




LN already designed for small payment though.

LN isn't hard to use (as a user, I'm not talking for merchants), especially custodial LN. But I don't use it anymore, simply because I can't use it where I make payments.

Centralized services and exchanges worsen this by inflating the Bitcoin withdrawal fees and then trying to promote their chains by making users to withdraw fake BTC on Chain X or Z for way much lower fees.

Honestly, in my 6-7 stay in this sphere, I have wanted to learn and use LN but every time I try to do so. I hit a hiccup and find myself giving up already. LN adoption may never get so big, as it lacks the simplicity to use that the cheap altcoins have.

If they redesign LN to make it easier btc could be used for small payments.

At the moment both Doge and LTC are cheap and easy to use which sets back LN as LN Is Far harder to do.

Today was a good day for consolidations and moving bitcoin between wallets if you were waiting for a decent opportunity to do that. All transactions of 6 sat/vByte were confirmed almost always in the next block. Even transactions of 5 sat/vByte found their way in Bitcoin blocks.

The window still hasn't passed, so if you can, take advantage of the opportunity. There are many unconfirmed transactions in the 4-5 sat/vByte range. Don't use round numbers. Remember, 5.1 sat/vByte or a bit more gives you an advantage over everyone paying exactly 5 sat/vByte and the difference in the total fee you will pay won't be a big one.

My observation is that people are tired with on-chain transactions. These transactions can be slow, especially compared to some altcoins, and their costs can be arbitrarily high, depending on the timing. This environment of prevailing uncertainty regarding transaction fees and confirmation times has discouraged people from using Bitcoin, at least as a medium of exchange.

It's reasonable to avoid adopting a medium of exchange with variable transaction fees, which are dictated by strict supply and demand rules. In my view, this suggests that the blockchain (L1) is inherently unsuitable for comfortable, large-scale retail adoption.

Better days are coming. Do not be discouraged.

It means less people use Bitcoin as a payment system.

There would be more space for more cheaper transactions, and Bitcoin users wouldn't have to move to shitcoins or even banks for small payments.