and it has begun
all the LN affiliate marketers promoting LN promising fees below 1sat "coz LN does balance in non bitcoin accepting msat"
are now showing their real end goal. force bitcoin fee's up so they can push LN fee's up
gone are the days of 0.0000000000001 fee's and already LN users are being charged multiple sats per payment
soon enough they will become 1% of payment amount
all for the simple fact that corporations couldnt take middlemen fee's from bitcoin., they did try "nodes should be paid for being nodes"
so they made another network to take middlemen fee's using the bait and switch game of "cheaper then bitcoin"
if you care to wonder why fee's on bitcoin are high, look at the corporations and their idiot advertisers that dont own asics or mining pools but keep shouting that bitcoin needs to pay higher fee's. look how they try to promote that people should give up using bitcoin and try their other network locking them into staying live on another network for months but having bitcoin fee's to expensive to ever settle up and actually never own btc
Actually
I can list 5 groups that want the high fees.
and I can list 5 ways to drive fees to 1-3 btc a block
1) Scrypt merge mined LTC and Doge have a vested interest in high fees for BTC why because they have low fees and should get more business from high BTC fees.
2) Major miners and pools like foundry are looking at 6.25 reward dropping to 3.125 reward. And they clearly want fees to be over 2 coins per block.
3) people running LN nodes Nicehash is an example as I have shown
4) kraken gains by this as they are a bit harder to use but not so bad.
5) all taxing governments want you to do what I am showing as it is all KYC
1) scrypt whales/miners can toss low price tx's at no cost why is that they never clear. So send 0.00000200 btc with a 3 sat fee true cost zero and the mempool stays fully clogged at the 1 to 3 sat level.
2) major btc miner /pool foundry which is a hidden pool as you need over 20ph to join it. make 48 blocks a day. So down clock from 48 to 40 for 5 days at beginning of a 14 day diff period. you lose 5 x 8 = 40 blocks right now that is 40 x 6.25 = 250 coins but in 4 months that is 125 coins
so pay 250 coins for 5 days. fees go to 3btc due to less blocks getting made up 2 coins a block next 9 days overclock and make 50 blocks a day so 2 x 50 x 9 = 900 extra fees in coins. if you pay 250 coins to make 900 seems good but the risk is you do not raise fees enough with the 5 days of under clocking.
but when the ½ ing happens you pay 125 coins to raise the fees 900 coins same profit ½ the risk.
your way to combat it is LN or LTC+ DOGE sends for small amounts.
Look If I send 1 btc to Tesla to buy a truck I do not care if I pay 100 dollars in fees. so big sends are okay
Now all of the above post is off topic. It is the under lying set of reasons to push people into LN and or LTC/DOGE
my thread here is for miners and traders and spenders of BTC.
if you buy and hodl it is also good for you.
here is why.
take kraken for a DCA GUY that wants to get coins off and into a wallet.
Send cash to kraken buy BTC and send it whenever you want to your own wallet that does LN like electrum. That will be covered in another post when I show what wallets will give you LN without a ton of insane work.
So for me having nicehash and kraken has a money value but causes risk for that value.
I can mine all the gear to nicehash send it to kraken often at next to no cost then send it to myself and partners electrum ln wallets.
It is work to do it daily or even weekly but it is too much mining earnings too do it monthly.
I do it every 10 days. which is still a lot of work.
I do see a side effect here for a guy that wants to mine and is willing to do KYC he can mine to nicehash and have a working LN service. which if fees are high and he does a lot of sends has quite a value. So an s19 is earning about 130% of a block that is a reflection of the high fees.