Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 907. (Read 26713928 times)

OT alert... because that's what I do....

You can now all sing along bros. Track released...

https://bitcointalksearch.org/topic/m.63942210

https://soundcloud.com/sirazimuth/totality6

GO BITCOIN

etf’s seem to have caused a lot of volatility.

Sorry, but it is irrelevant as you don't know the future trajectory of mini.
Example: it could trade at a premium and since GBTC trades with no discount, you still come out ahead. For example, ibit trades between 0.84% discount and 0.98% premium. Same for FBTC.
That's almost 2% range. I know...the snickering must continue regardless of the facts, lol.
However, ask yourself: how relevant is this when we go up/down 5% a day?

Lol going from 1,5% fee to 0,15% on a mini


and

Ummm GBTC currently holds about BTC304k so 63.204 would represent 20% of existing assets. Thus for GBTC holders 80% @ 1,5%fee, and 20% @ 0,15%fee would still put them at 1,23% fee overall

Edit: Or to look at it from another angle, they would still have BTC241k (BTC304k - BTC63k) waiting to be liquidated...

Explanation
Chartbuddy thanks talkimg.com

Finally

"Grayscale Reveals 0.15% Fees For Its Bitcoin Mini Trust ETF"

https://www.coindesk.com/business/2024/04/20/grayscale-reveals-015-fees-for-its-bitcoin-mini-trust-etf/

My opinion is that the decentralized system is operating as intended. There's are fundamental trade offs between decentralization/security and scarcity. Nothing is fundamentally broken just short term spam, for smaller transactions move to L2. Expecting your coffee purchase to be replicated around the world and take up resources on tens of thousands of computers is like going after a fly with a bazooka. That's why L2 was created for smaller transactions, you sacrifice some security for more availability.

With ~5.000 transaction per block, it'll take theoretical maximum of just 5BTC/block to completely keep your 0,001 UTXO unviable, in practice with multiplication effect, and other users on the network it takes much much less to spam bitcoin blockchain.

Yeah, you are right (in some way) but i personally think this is a reminder for BTC 2nd level solutions, i am not sure if crypto diversity, which i think we have way too much nowadays, may service as good for longer - or broader use.


Funny aviation insights
As i tried to say, if you plan ahead for the halving(s) and difficulty rise as a miner, preferably in a rather pessimistic way, you should be safe. If one runs his business optimistically in a high-risk manner, well who would he want to blame?
I also share your opinion on the media, they also don't care what they are starting off sometimes, too. Carelessness was undermining quality journalism, but if you ask me, the whole world is slowly going stupid (know the movie "Idiocracy?" - that's what i'm talking about). A tiny percentage of "black sheep" media outlets do try to manipulate for whatever reason, in fact. If you look at how Russia manipulated EU politics, and also the US votes... Bit scary, in the face of coming (de?)generations, imo.

Explanation
Chartbuddy thanks talkimg.com

Explanation
Chartbuddy thanks talkimg.com

But essentially once btc cracks 💯 k cheapest fee of 1 sat ends up with a small transaction fee of 16 cents

which compared to handing a dunkin donuts clerk a few bucks is not cost effective.


part of the high fees is btc is 64k and a sat is not cheap anymore.

so if btc goes to 640k  all fees are at least one dollar which is okay for a $10,000 worth of btc to bitmain but not okay for buying a two dollar coffee.

ltc and doge are solid pow and fill in for small purchases pretty much perfectly.

I bought miners back in 2017 and BTC crashed and it didn't make sense to even start them so I offloaded them at a huge loss, so I understand the possible difficulties. But I mean if you were mining 6 months ago I don't see what is worse now.

Yeah you're right about the media, well about subjects like this I don't even think it's malice, they just don't care enough to know what they're talking about. I'm knowledgeable in aviation, as an amateur but talking to professionals etc., and it's always funny to hear about the Boeing 787 MAX (doesn't exist) or the Airbus 747...

I was wondering about the fees, this explains it. Interesting how they need to run it as a lottery for the multiplication attack to work. i.e. bunch of idiots waste a ton of their money for a chance where a few might benefit, but PR of some idiot "winning the lottery" might be enough to draw more idiots in. High fees should take care of this problem soon enough, when enough idiots loose their BTC and the rest realize how economically unviable this is.

I'm surely fine with that, but what the fee/tx RUNE (iirc) madness does (aside from being a stupid game), is:

1. slowing adoption (even if companies offer LN, when they regularly sync to the main chain, the fees are more of a loss)
2. degrading performance (from a use-case-of view, not a nonsense-case-like-RUNE-of view)
3. bring bad news about BTC, which is not always bad, as we know, but makes new investors overthink their planned investments.

Look at it like that: Cars are made for bringing you from A to B in a convenient, fast and personal way. Now, someone propagates a stupid trend (remember one or the other challenge hype)to attach your household waste to random cars, to get it away. Would you feel good if your and every other's car is driving around with litter bags tied to their back several times a day? You'd have to get rid of the stuff at your own cost, effort and time.
I would be annoyed as fuck, honestly. But this is just what is happening, Gen-Z-ers are encouraged to tie their waste to Bitcoin blocks by someone exploiting that stupid Ordinals concept, just because it hasn't got any other valuable use.
This is what happens if developers don't overthink the consequences of their solutions. You know the old saying "the solution became the problem"? (or something like that)

I may sound angry, but i am just feeling a bit surprised, but not in a positive way.
Opportunism, like using shitcoins, including fiat money, seems to help to get by, but who really wants that compromise?
Not me, for sure  


Hellow, fellow  
I didn't stay awake, either...

The miners who did not take periodic halving effects into account in their business calculations (some won't even have had a clear vision of how long they plan to profitably run this), they may well be concerned in the face of rising hashing difficulty. Then there was the rise of energy prices, inflation and so on, which set back some newer mining companies in their profits to extend their business. It's always those unforseen events (black swans) that cause a lot of unfavorable side-effects. If you don't think about such, you remain with "the pants pulled down" in such situations (while all the others are able to run away)  

Aaand, you know the media. They put up their (horror) stories, and then they are looking for ways to sell them to the public. What's really going on behind the media narratives might be very different.

Explanation
Chartbuddy thanks talkimg.com

Happy halving day !

I thought I could stay awake for it but there was no way, I'm getting old. I see it happened at about 4am local time.

These last days many articles were written, Bitcoin got talked about on radio etc. (well, the business radio I'm listening to already has a crypto program so not a big difference), and I heard several times about miners being concerned, some quitting etc.

I don't understand how the situation is now worse for them than a few months ago when they earned twice the BTC, but its fiat price was half what it is now. Can someone explain ?

Source

 Thank you.  I feel as though people didn't see the difference... I know it's pretty subtle and if you've seen the original, on seeing the revised halvening version your mind might play tricks but I posted this one for the last 10 blocks.  They will get out of synch with one another because I changed the timing on a couple of frames - apologies in advance.

Spend $, hoard BTC. It's the best way.

 My local coffee shop doesn't accept Bitcoin yet but I just sit outside of it with a sign that reads "The Bitcoin tx fee is too damn high today!  A little help please." and eventually someone buys my coffee.