And how will mining be profitable if the price didn't double after the halving? What do you think is going to happen?

Casey Rodarmor introduced ordinals and recently unveiled Runes. These two hilarious updates have congested the already slow as hell Bitcoin “layer 1”. This has driven up transaction fees, disabusing the world of the argument that bitcoin was good for everyone, especially the poorest among us.

In addition, Casey’s work has created slapfights between bitcoin purists, who feel that the network should only facilitate transactions, and code lawyers, who feel that as long as tx fees are paid, people are free to do as they please.

Mr Rodarmors tireless efforts bring great honor upon himself, this buttcoin subreddit, and all those with brainworms bidding for a rune (whatever the fuck that is).

I have read “Number go up” and i think bitcoin (and tether) is to stay with us for a while.

No because “digital gold”. Not because “future of finance”.

Because crime and money laundering.

$2 trillion is big enough use-case to keep it alive.

https://www.reuters.com/article/idUSBRE83M12Q/#:~:text=VIENNA%20(Reuters)%20%2D%20Crime%20generates,Nations%20official%20said%20on%20Monday.

Blockchain was promised to revolutionize...

our money system

super fast payments around the world

NFTs

Internet Gaming

Web3

Metaverse

Supply-Chain Tracking

Medical Records

Event Tickets

Members Only Clubs

Australian Stock Exchange

DAOs and "Consensus"

"Smart Contracts"

"Tokenized Assets"

"Digital Gold"

Domains That Last Forever

Internet Computer

Hedge Against Inflation

"Censorship Proof"

Crypto Cruise Boat "Satoshi"

Crypto Volcano Power

Staking and Interest Generation

"World's Hardest Money"

Can't Be Seized

Will Fix Third World Currency Problems

CryptoLand

Be Your Own Bank

ConstitutionDAO

Moving Items From One Game To Another

Best Performing Asset Of All Time

P2P "Money"

End All Wars

Solve Climate Change

Bring About A New Wave Of Renewable Energy

Lambos For Everybody

A.I.

ETFs

Runes!

What do you guys think happened here? I expected atleast some buy orders automatically filled before 0USDT.

Is this just a bug of the website or what do you guys think happened there?

I’m neutral on whether it’s a good or bad thing. But seems like up until now it’s been a reasonably good proxy for risk on/off (seen signs this correlation is weakening though)

Well, after all this time, it turns out we were wrong. Tether has finally provided proof of their reserves, total and definitive proof that each Tether is indeed backed 1 to 1 by actual U.S. dollars. You can count them, they're all there, all $110 billion of them. No one can ever doubt them now. See below:

https://imgur.com/a/lf8P8S2

Imagine not being able to transfer money because your bank just got baked up by some arbitrary event, and everyone sayin “yeah, cool, just wait”

Instead of the "halving" can we now all it the "quadrupling"? 🤣

Here's a visual that shows the Bitcoin subsidy (6.25btc to 3.125btc) blue bars, and the Bitcoin fees, orange bars. Before and after the halving, block number 840,000.

You can see fees have exploded such that the reward and halving is so insignificant to the now very expensive fees, even still now that we're over a day out post halving.

Description

Rare Sat 1,543,080,000,000,000

Satoshi 1,543,080,000,000,000

Sat Name: cxnwglocbyv

SAT Creation Date: April 14, 2016

Sat Percentile: 73.48000008082803%

Blockchain: Bitcoin

Satributes: Rare; Alpha

https://magisat.io/utxo/d23c72b5875fb9ee8888c58b4cb4617c8c43ac9709bf12f75a004fe7a8c234ad:1

Want to know more? Click that URL.... 404 ERROR

I actually think there's a very good chance that Bitcoin is a very good long-term investment. Historically it's demonstrated that it has been. And I think we are still early into mainstream adoption so I think there's money to be made. And I've invested on that basis.

But I do think it can be a bit of a culty circle jerk and I'm more than open to alternative ideas about the risk. I recognise I'm still taking a gamble. Someone asked if it was like a ponzi scheme and I said yeah it is quite similar and I got banned for saying that.

I really don't like subreddits where you can't have an alternative point of view I think that's a bad thing.

Bitcoin fees are determined by market competition for block space. But how does the software you're using to make a Bitcoin transaction know what fee to request, say, if you want your transaction to get into the next block, or if you want it to be processed in the next six or so blocks?

A simple method to almost guarantee your transaction will get into the next block is to just be the highest bidder, which is what some Bitcoin wallets will do if you say you want your transaction to go through as a priority and don't care about the fee. If you don't want to get into the next block, but want your transaction to happen, say, in approximately an hour, or within approximately a day, one method is to look at the last x number of blocks to work out what the going rate is for medium-priority transactions right now.

Now we come to that 'historic' halving event: block 840,000.

Some Bitcoin aficionados were very keen to get ordinals inscriptions into this block, either for sentimental reasons or in an attempt to create a digital collectible asset. They were so keen that they weren't going to leave it up to an algorithm reacting to the mempool - the block could pop out at any moment, so they just offered a massive transaction fee.

As a result, the total fees in block 840,000 were 36x higher than in block 839,999. One lucky mining pool made 37.626 BTC in fees thanks to the ordinals enjoyers trying to get into that block.

(Some of them just missed the boat and ended up in block 840,001 and 840,002 including someone who paid "$36k" in Bitcoin for their inscription mint.)

Once we get to block 840,003 the run on blockspace for inscriptions was over; all the pending transactions with inscriptions had been picked up from the mempool. So that's it, fee spike over, things go back to 'normal', right?

Well, except not. The algorithms in Bitcoin wallets that try to calculate an 'average' fee from the last x number of blocks were confused by that sudden 36x spike. They were written under the assumption that the only market force that would ever cause a fee spike like that is sudden congestion - so they responded as if the network had suddenly become more congested, and started raising the fees on their transactions.

Some of them raised their fees so high, that their fees were higher than the wallets using the strategy of trying to get into the next block by simply paying higher than the next person. This initiated a bidding war between wallets that use that strategy, pushing fees higher and higher.

Block 840,004 is one of the most normal-looking Bitcoin blocks since the whole ordinals fad started, only five small inscriptions. Blocks from seven weeks ago (when there was a similar amount of pending transactions in the mempool) were taking total fees of around 1 BTC. If people were basing their fee payments on the actual level of congestion on the Bitcoin network, block 840,004 would be similar. Instead it had total fees of ‎27.133 BTC. The following block? 32.946 BTC. One mining pool made more in total fees from the people overpaying due to this anomalous bidding war than the pool that mined the block full of halvening inscriptions!

As of now, people are still paying many times more for their transactions than they would be paying if their Bitcoin wallet software was just setting fees based on an indicator of congestion like mempool size.

Few understand - including many Bitcoin users themselves, apparently. Given how easy it appears to be to manipulate these wallets into a fee bidding war, I'm surprised that the mining cartels themselves don't do it. Maybe they do and they're just good at hiding it.

NPR has an interesting epsiode of Planet Money up that's talking about the FTX Bankruptcy

On today's show, we do a deep dive into the anatomy of the FTX bankruptcy. We meet the vulture investors who make markets out of risky debt, and hear how customers fare in the secretive world of bankruptcy claims trading.

I am facepalming on the guy who sold his FTX rights so he could take the money and jump back in.

You can have your opinion of course but this entire sub is just confusing, why dont u just accept bitcoin is shit and shut up about it? Why whine about it over and over and over, live your life.

I agree with the opinions on this sub but I don't see the point of letting bitcoin stay rent free in your head.

we all know btc runs on narrative cycles, so what took BTC from 15.5k to 73k?

• 40 Billion Tether injection

• ETF hype and launch

• The Halving

we all could tell this 4 year cycle was "different this time" because it was...

so what's next?

Wasn't the whole point of 1 BTC = 1 BTC that it doesn't matter if its "price" goes up (or down)? If that's the case, when why the excitement when BTC's price goes up? Especially after the whole ETF thing and claiming that it contributed to the "latest bull run".

I'm genuinely interested to know: are "1 BTC = 1 BTC" and "seeing the value of BTC going up" not contradictory? If it isn't, how?

Note: I want to hear mainly from the perspective of actual Bitcoiners, not crypto skeptics.

I was told repeatedly on the subreddit we all know that the whole point of bitcoin was that it is so much cheaper to ‘send value’ around the world than traditional finance (because there’s no annoying middlemen doing those boring, old world KYC/AML checks).

Finally I decided to have a look myself at the fees people are paying and…wow. This guy (or gal) spent $20,000 to transfer….$63,000. I cannot think of any transfer method that would cost more than a fraction of this, even for international payments with extra KYC fees.

So I guess I’m now back to wondering what the use case of bitcoin is (other than hoping to dump it off on someone else for a higher price than you bought it).

Someone posted in a comment that tx fees were $200 and I thought they were joking, but thought I'd check....

And I thought that wire transfer fee the bank charged me was a bit high.

The future of finance, folks.

https://preview.redd.it/g2zl0jvd6kvc1.png?width=917&format=png&auto=webp&s=88094aa381de3bf09e14d15f421c3d8dbd4ddfd2

https://preview.redd.it/9hnjvtsd7kvc1.png?width=2100&format=png&auto=webp&s=8f86460a7eeabb7a96203e35ed2c3e04c15d583e