$ (BTC) The Bitcoin Thread - NO SHITCOINERS ALLOWED

  • 🐕 I am attempting to get the site runnning as fast as possible. If you are experiencing slow page load times, please report it.
What the fuck is going on with the mempool? https://jochen-hoenicke.de/queue/#1,3m
upload_2018-7-13_2-4-5.png
 
CrunkLord420 said:
What the fuck is going on with the mempool? https://jochen-hoenicke.de/queue/#1,3m
View attachment 494699
Click to expand...

Lots of dust transactions with low/no fees?

If you look at this chart, there was a huge spike in the average transaction fee around January, but it's dropped back down to very low levels lately.

(Excerpt from last year.)

bit.png


So maybe people are taking advantage of the relatively low fees to send transactions with lots of tiny inputs that a couple months ago would have cost more than they were worth to send.
 
Last edited:
  • Thunk-Provoking
Reactions: CrunkLord420
AnOminous said:
Lots of dust transactions with low/no fees?

If you look at this chart, there was a huge spike in the average transaction fee around January, but it's dropped back down to very low levels lately.

(Excerpt from last year.)

View attachment 494717

So maybe people are taking advantage of the relatively low fees to send transactions with lots of tiny inputs that a couple months ago would have cost more than they were worth to send.
Click to expand...
In January we we're at 15k and then dropped to below 10k, and this is when it cost like $50 to send a transaction.

It feels like something is about to happen, because there's not a ton of the price chart to justify these transactions. The volatility is so much lower than it was back in January, even at a logarithmic scale.
 
AnOminous said:
Lots of dust transactions with low/no fees?

If you look at this chart, there was a huge spike in the average transaction fee around January, but it's dropped back down to very low levels lately.

(Excerpt from last year.)

View attachment 494717

So maybe people are taking advantage of the relatively low fees to send transactions with lots of tiny inputs that a couple months ago would have cost more than they were worth to send.
Click to expand...
CrunkLord420 said:
In January we we're at 15k and then dropped to below 10k, and this is when it cost like $50 to send a transaction.

It feels like something is about to happen, because there's not a ton of the price chart to justify these transactions. The volatility is so much lower than it was back in January, even at a logarithmic scale.
Click to expand...

My thoughts are that the past decade of Bitcoin has largely been "internet users" and the flow of transactions can be tied to internet use through the year (there's a limited study of how summer results in less transactions each year).

Its difficult to notice because of overall growth but there is definite seasonal changes within Bitcoin which can be quite normal for websites and internet services.

Now things are changing with the promise of Bitcoin ETFs and the amount of corporate/business interest coming into things. A lot of regulatory stuff has happened just in the past year and things are really moving away from it being a typical internet service with typical seasonal fluctuations.

This is partly why I think volatility is much lower and why things are a lot different than previously.

And @AnOminous its probably very true that people are consolidating old addresses. Lots of exchanges/high use sites (like gambling) have thousands of addresses each with multiple small inputs and during January when transaction prices were peaking the price to consolidate those addresses or inputs would've been huge and made for large losses.

So even if an exchange or individual had 10,000 BTC but it wasn't consolidated and only spread out between tens or hundreds of thousands of addresses, it makes it impossible to use that 10,000 BTC unless its consolidated (unless you want to lose a lot through transaction fees)
 
  • Thunk-Provoking
  • Agree
Reactions: AnOminous and CrunkLord420
Skeealator said:
WTF is a Bitcoin ETF? You can just buy Bitcoins.
Click to expand...
It's for institutional investors who want to invest in cryptocurrency without actually holding any cryptocurrency, defeating the entire purpose of cryptocurrency.

I think legally a lot of institutions aren't even allowed to buy BTC, it needs to be in these weird regulated forms.
 
This sounds like the dumbest shit ever if you're paying a fee for someone to buy Bitcoins for you.
 
Nicely played. I'm especially happy I closed a small scalping short on bitmex just before it suspended trading.
upload_2018-8-21_18-7-54.png


Just as the whale planned, he liquidated 102 million USD worth of contracts.
upload_2018-8-21_19-53-47.png

upload_2018-8-21_19-55-32.png
 
Last edited:
Been trading on Deribit recently. They're trying to compete with BitMEX with perpetual and quarterly futures CFDs. They also might be the only place that has a real options market (BitMEX's UP/DOWN contracts are a scam). I like the constant funding as opposed to the 8-hour funding price hump. Since they're new the liquidity isn't great, and it can be hard to get a maker order filled. I'm using them as a place to swing trade, since scalp trading on Deribit seems impractical.

Honestly BitMEX really needs the competition and the system overload issue is beyond bullshit with the amount of money they're making. They have the exact same fee/rebate scheme as BitMEX and the whole reflink fee discount thing. So make sure to reflink to yourself or get one from someone else (like me).
 
  • Informative
Reactions: Ms. Cegination and AnOminous
Can you fuckers find something other than a graphics card to do your mining with? you keep making the prices unreasonably large and it's impossible for me to afford anything decent with rubbles.
 
Dunkirk said:
Can you fuckers find something other than a graphics card to do your mining with? you keep making the prices unreasonably large and it's impossible for me to afford anything decent with rubbles.
Click to expand...
BTC isn't mined with video cards and the GPU miner demand has already subsided as the price has dropped and flat-lined.
 
CrunkLord420 said:
BTC isn't mined with video cards and the GPU miner demand has already subsided as the price has dropped and flat-lined.
Click to expand...
tell that to my fucking wallet, with the bitcoin mining meme and the fucking sanctions it's near impossible to get a decent one.
 
thank god this dead-ass weekend is over, also BitMEX is actually having issues. Good thing I use Deribit :^)
upload_2018-10-8_12-50-2.png

upload_2018-10-8_12-50-58.png
 
Luke just started talking a whole bunch of shit about Samourai Wallet.

Screenshot_20181019_194409.png


Screenshot_20181019_194507.png


https://twitter.com/LukeDashjr/status/1053363042824736768

For what it's worth, he's not wrong, but his second claim is certainly misleading. I actually was surprised that RPC traffic isn't TLS/SSL-protected, but who the hell runs a wallet on bitcoind anymore? If you're running a wallet on Core software, 99 times out of 100 it's through bitcoin-qt, which doesn't accept RPC commands, and cannot be run at the same time as bitcoind, and the security hole only compromises a wallet run through bitcoind, not Samourai.
 
Last edited:
  • Informative
Reactions: CrunkLord420
You must log in or register to reply here.
Back