Topic: Mempool Observer Topic - page 67. (Read 16543 times)

Bch is not a serious project. It is somebody’s toy. It has way less real world adoption than the major alts. Ltc, doge and xmr are viable alternatives to btc imo and I am raising my positions in these alts lately. Btc sadly became an exchange stock which lost its transaction ability. It is only good for buying and selling on the exchanges… If they somehow find a way to lower them fees, I will gladly go back to btc but right now it is not a matter of choice, it is a necessity. Some people here say that we should defend bitcoin at all costs and why should we exactly? To get ripped of by the miner fees? Nty I haven’t signed up for a religion.

Come on, man. Seriously, that is your counter argument?

Here are a few reasons why you are not as free to go as you are in Bitcoin:

- You have a family. Opting out of the Bitcoin network can be done without even your family noticing a difference.
- You have a job. Opting out of the Bitcoin network does not mean you need to find a job outside your country.
- You don't have enough money to migrate. I don't think there is anything needed to be said here.
- Legal barriers like visa etc.

These are just from the top of my head. You can't really compare me the completely straightforward and feasible option of installing a client with other rules, with leaving the borders of your country for good. It's apples and oranges.

What's the problem with migrating to Bitcoin Cash? Or Litecoin? Or Monero? The only obstacle, as I perceive it, is the limited number of merchants accepting them.

Nope, no difference. It's the same in a country with free election and especially in one not locked like NK!

You don't like the government, you're free to go, sell your house (coins) move to a different country (blockchain), buy a house and get job there (use a different coins and a different blockchain). See how easy it is? Just how you tell people that don't like the fees and speed of BTC to use BSV somebody seeing you angry at your government could tell you to pack your bags and go to **** Somalia if you don't like the policies!
And no it's not superior because in a normal country you can elect  the government every 4 years, good luck trying to that with Foundry or Mara and the lead developers, put it simply in Bitcoin you have the freedom of packing your bags and go away if you don't want to obey the rules but no chance of you and your finds even with a majority managing to change them  
Yeah, hard to swallow pill, but think about it twice, it's the actual reality!


The quote on mempool is also misleading, that is for one tx with 1 input one output, after juggling for almost 6 months with coin control, most of the actual users are out of options, there are moment when you need to increase the number of inputs, and from $6 that might turn to $20.

Also, despite 4 blocks in a row in 10 minutes, we're still at 142sat/vb, and I just got a refusal to relay a tx due to low fee at 21sat/vb...

Many people funds are stuck in the Christmas because what they wanted to transfer is lower than the transaction fee  so instead they have to keep it till the transaction fee comes back to normalcy but as it is now, nobody knows when the transaction fee will even come down again.  But one thing we have to know is that, Bitcoin investment is not for immediate withdrawal but it is a long term goal or investment. So patient is also part of the investment. This hike of TX is higher than the previous one in July/August of this year and it even longer.

IIRC it's not as bad as faketoshi/BSV does. Although at that time you frequently see claim BCH is true Bitcoin, misleading newcomers to buy BCH when they actually want to buy BTC and use abbreviation "Bitcoin Core (BTC)" which is ridiculous. And FWIW BSV is BCH fork.


Some people isn't patient either, so it's not surprising they pay high for fast confirmation. Meanwhile some wallet or service simply set high fees since they'd rather see people complain about high fees rather than their TX unconfirmed for some time.

core and their sponsors done mandates.. and now 99.9% of nodes are core. and any brand not core are treated as the enemy that should fork to an altcoin to see who follows (you know this, even you read your forum wife's mantra)

we are no longer in the era where different brands openly operated on the same network and can openly offer their own proposals
all proposals have to go through core moderation and are dismissed before even becoming code to then allow users the option of individual autonomy

cores prefered proposal gets coded and nodes just upgrade to stay compliant to core, without there being a proper vote of if a proposal should activate or not

learn how consensus has changed and the activations of proposals have changed. make your 2024 mindset different to the shadow echos of your forum wife of previous years

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as for the mempool stuff about fee increments.. well the funny thing is the feebump is not 10sat/kb to allow small increments
its actually 5000sat/kb
and thats how the fee jumps so quick because it jump is by 5sat/byte instead of smaller increments

if we moved 10sat per kb as default fee bump, the fee's wont jump as much

Depending on how you look at it, exactly. In my opinion, Bitcoin is more important than elections in democratic systems. If Bitcoin was democratic, we'd not only have to agree to a particular set of rules but also be forced to use what the majority deems as right. "Screw majority", says bitcoin. You can opt-out anytime you want, and join another community, which is more oriented to your perspective on how the network should operate.

The people do choose what they want, just not in the manner of traditional elections. It surpasses that system. Unlike in elections where a government mandates voting for one of the presented options and obliges compliance with the outcome, Bitcoin allows greater individual autonomy.

The current fees aren't as high as many believe them to be. If you look at Mempool, that's one picture, whereas websites tracking average transaction fees report significantly higher figures, and some people simply follow what they see as average from those websites, overpaying for transactions. Then there are fee recommendations by wallets, and Electrum tends to recommend me around $10 as a minimum (ETA), whereas people often pay the maximum.
The fee situation isn't great, but it's perceived to be worse than it really is because of such things.

Me and difficulty adjustments. I should really quit, I've won 6 times at Kempton today on horses but this adjustments..


You know, depending on how you look at it and how biased you are , one might think of this like:
Do you really want to let people chose again what they want, like in a 4 years cycle elections? 

You should absolutely avoid buying bitcoin with DCA at the moment, unless you're buying using lightning. I recommend you pay a visit to Robosats for buying and selling with lightning. Best non-KYC CEX for that purpose.

I wasn't into bitcoin when the Bitcoin Cash split occurred, but I had heard about Roger Ver promoting it as if he was the main entity. Was he hyping it similarly to Craig and BSV?

That's true, but i also expect not many Bitcoiner create lots of Bitcoin transaction. Aside from business, i expect only daily trader would take benefit from using LN.


But aside from BCH, most other fork only join hype ride where people got excited from obtaining "free" forked coin.

Date: 23/12/2023

Bitcoin transaction fees are currently so high. I have noticed that when the price of Bitcoin increases, transaction fees increase very quickly because the demand for transactions increases. But I am currently under a lot of stress because pursuing investment in DCA method incurs huge transaction fees. I spent a day between the highest transaction fees.

I know that they are getting more money by mining than confirming transactions. But it is what it is. If we are in a hurry, we can simply use an alternative solution for this and if not then we can easily hold it for as long as we want if it's in a personal wallet. In case of exchange holding, we can easily convert it into something else which is faster and cheaper than Bitcoin right now.
Price to fee ratio doesn't matter as we are facing congestion in the mempool. I have no insight on the dev team so I cannot point finger at anyone. If not this, then something else. People will always find alternative ways for dealing with this kind of situations.

Yeah I assumed we would be at the 40-50 sat area right now during Christmas slowdown however its not the case. Looking in the past 24 hours, the lowest fee that got accepted was maybe 70-80 sat/byte. And then it reversed and started to head back up. Right now you are looking at 150 sat/btye to get a confirmation.

Since its Christmas Day in most places, I don't think this will improve. I think fees of 100+ will be the regular unless these ORDINALS all of a sudden start to lose popularity and market cap. However there doesn't seem to be much relief. You go on the Ethereum Fees and right now you can get a transaction done for only 12 Gwei which makes sense, but Bitcoins transactions don't during Christmas.

mining pools were not crying when 6.25btc was ($106k($17k/btc)) last year
mining pools were not crying when 6.25btc was ($212k($34k/btc)) in summer

they dont need the extra fee..
its just used as a scapegoat to try to blame the miners when the inception of this junk spam was due to core dev exploit they refuse to fix and instead want to blame someone else

also asic owners dont even get to choose transactions. so dont try saying they choose it

miners are not poor. thats what the spot market economics is for.
pretending an exploit shouldnt be fixed by pretending the miners need it. is a LIE. its a scape-goat trick to shift the pointy fingers away from core devs

Made a transaction with 7 sats/vByte 2 weeks ago  . It is still pending and haven't returned to my wallet or haven't been canceled yet. And now the difficulty adjustment. Well we have enjoyed the privilege of lower fees over the year. Now I think it is time to give something to the miners from our pocket as a holiday reward. They need to get something in return too. And hopefully everything will become normal again.
Meanwhile all we can do is use some alternative to face this situation if we don't want to pay the higher fee.  

LN is cool but unless you run your own node, it is a centralized/custodial solution. People here can’t even move their coins from their wallets to an exchange, if they could, maybe they would switch to LN. I simply don’t want to pay $10 to move $200. ($1 is my limit for me per tx)

I don’t know if I can move my funds from electrum to kraken with LN right away. Even if that’s true, well, I don’t want to use kraken because i already did kyc with binance.

Damn binance don’t even use segwit…

visa debit cards can be taken out easily. i use one all over the world. never have i needed to fill in paperwork per transaction/per country visited

as for WU compared to bitcoin
when bitcoin fee's are $30. sending $100 is 30% fee
when bitcoin fee's are $30. sending $200 is 15% fee
when bitcoin fee's are $30. sending $600 is 5% fee

i see many people seeing bitcoin as the annoyance in regards to remittance these days compared to <2016

nicehash
kraken

both give access to LN

do a kyc at kraken. add cash buy btc. use LN

cost next to nothing.

but kyc and you can lose the coin or have the coin frozen.


do I like this no.

but I already have a kyc for nicehash

and I have a kyc for kraken.

i have electrum and it offers LN

I will play with it and do more on my LN thread. on how to use it.

and yet banks invented debit cards to save on filling in forms and excess fee's
whenever i go abroad and use debit card i dont have your fiat experience..

and yet bitcoin is becoming worse than fiat.
natively im british so my bank wire transfers of fiat are free. but now bitcoin has been the thing with huge fee's

i remember the days when bitcoin was advertised as the remittance system for international currency exchange that was cheaper the using WU.. now western union is cheaper then bitcoin..

core devs love the fee mania and congestion. it helps advertise their corporate sponsors ROI via alternate payment networks that use middlemen
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When you send money overseas like I do, you always fill froms. You have now 'convenient' option of Vis payment but guess what you still have online form to fill, plus Reason of sending, Relation of receiver and Source of funds AND higher fee of 5%.

Most of us asians send money abroad, remittance through companies is the cheaper option but still days of waiting and forms.

WU? My WU is flat fee almost 4-5% (it gets smaller with big amount) plus worse exchange rate. Its the fastest (instant collection) but MOST expensive.

You'reBritish so maybe you don't feel thirdworld daily occurrence