Vlog 168: Two days ago Bitcoin miner fees total were higher than the blockreward of 12.5 BTC.
After the big dip of yesterday markets have recovered a bit.
As expected.
If you missed the profit taking moment before. This is now the time to do it.
I took some profit today myself. I'm still carrying out my plan to diversify my assets.
It can go either way from here fast. I have seen it many times before.
Remember diversification mitigates risk.
Bitcoin miner fees total was higher than the block reward of 12.5 BTC two days ago.
I was listening to David Pakman's interview with Roger Ver this morning.
Roger Ver stated in the interview that Bitcoin Miner fees for the first time in history were more than the actual block reward of 12.5BTC.
I almost couldn't believe it so I did some quick calculations.
An average of 2000 transactions here in a BTC block x the average fee $55 here.
fees per block: $110.000
block reward: $175.000 (12.5 x $14.000)
It's not correct anymore but it was correct a couple of days ago when he said it. Bitcoin was a little lower and there was 1 block with 2700 transactions in it.
For me, that's just nuts.
I talk about it more in my vlog
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This is really crazy. But in all we learn the lessons
always learning!
I totally agree on your point about the fees, I've been waiting 2-3 days for a couple of transactions. That is totally unsustainable and causing lasting damage to the image of Bitcoin. I'm now going to try to find that Roger Ver interview you mentioned
https://steemit.com/dtube/@davidpakman/zp9x9utr
Cheers!
The sad and exasperating thing is that this situation can be rectified easily enough. By those in control of the core development. But those with the power to do something are caught up in analysis-paralysis. Mumbling about "consensus" and repeating "Lightning network will solve everything".
It might. But what of NOW??
They should just increase the block size in my opinion, even if up to just 2mb, surely it wouldn't really do that much damage!?
can you please put the tx id on here so I can have a look? honestly, I have never experenced more than an 8-9 hour transaction time, which still is better than any antiquated fiat banking system. But I want to see the 2-3 day transaction time on the ledger with my own eyes please
07658aee214cdd5d2f7adcfd61bac343c05ded3bb55ff8400e17e4e1850b90d4
That's one, definitely took at least 2 days to be confirmed according to the exchange I sent it to. How do you see how long it took using the tx id?
blockchain.info. here is your transaction. So you sacrificed time for a low fee. You did pay a low fee:
https://blockchain.info/tx/07658aee214cdd5d2f7adcfd61bac343c05ded3bb55ff8400e17e4e1850b90d4
Yes relatively, although that "low" fee was £10. If fees continue to be over 2-3 cents Bitcoin will become obsolete in my opinion.
How is it that I gave you some helpful information and you get more rewards just for replying without the same significance or relevance hahaha, it would really be nice to also keep in the spirit to steemit and upvote me for providing you with some useful relevant information and for opening your eyes about the blockchain. If you understand the proof of work and the mining rewards, and the mem pool,you will understand the fees a little better. The Blockchain is for us BY us, so we don’t have to rely on and get even more screwed over by the fiat system. Bitcoin is not a business that needs to impress anyone, it doesn’t care how much you complain about it. I've just proven to you how transparent it is also. A lot of people don’t realise this, but, you can actually assist this proof of work open sourced consensus system just by getting your gpu to mine a little bit, not for your gain to earn bitcoins, but to assist the system to help you and everyone, your contribution to the mempool helps every single bit. This is more productive in comparison to criticism regarding slowness. You can also ways use another currency to transfer funds to save you time and fees. The other currencies have far less empty blocks and are very happy to help you move your fundas across much cheaper. Just a little bit of research goes a long way. All that being said, even while in this "primitive state" it is still more reliable and more secure than the pre historic bum fluff fiat banking monetary transfer system. Now based on your response, I know you have learnt even more. Doesn’t make steemit better also? I will have to upvote this response also. But I will have to make some posts to help people understand some basic concepts to really earn some rewards.
To be honest you didn't show me anything I didn't already know, though I do appreciate your effort. I searched my transaction on several block explorers before I posted the tx id here, I just wasn't sure exactly how long the transaction took because the block explorers didn't appear to clearly show that particular information, though I already had an idea because they were my transactions. Also I would argue that Bitcoin is NOT better than fiat from a user experience point of view. Here in the UK we can send near instant and free domestic bank transfers to anyone else with a UK bank account. The same cannot be said for BTC unfortunately.
I have some points to share with you in relation to your comments. But first, as I like to learn as well, so where were you trying to look up your transaction details extactly? And have you had a chance to see how the mem pool works, another thing that could help you and everyone is a full node wallet. As this is decentralised, it is in our interest to do what we can if we all want the benefits. Some food for thought, but I will respond to you comments with some more helpful points.
or it will be only used for very high value transactions only. Anyway, there are discussions on how to reduce this.
thanks for information market crash is a good opportunity to buy bitcoin.
Those fees are just crazy but for many they are nothing compared to the huge returns they have received this year! Keep Calm And Steem On!
If any one has diversified before this correction it would have been a good strategy. Before last 3 weeks we have only seen price rise in BTC from $7-8K to $17-18K. But Altcoin were almost unmoved. But in these 3 weeks we have seen a lot of action in the ALTCOIN. Some of them have even double or triple in value. I also follow the same strategy as and when i get some profit i book 10% of it and invest in other coins.
@exyle I have heard to many things about Bitcoin Vs. Bitcoin Cash. I own neither one but if you were buying any right now @exyle would you place your money in one of them or some money in both ??
I bought some BCH this morning. Transfering it was nice. Not as good as STEEM of course. But with a fee of 5 cents and 10 minutes block time it was not bad.
did you know about the segway fork on 28 ? block 501451 ? it says : " I promise that all BTC holders will receive not only B2X in the ratio of 1 to 1, but also a proportional number of Satoshi Nakamoto`s Bitcoins as a reward for their commitment to progress. "
Been doing a little research, but how about using segwit for btc? thoughts? would be nice to see you thoughts.
It's a good idea to diversify in general. The markets seem stable right now but I am sure we might be trading sideways for a bit with crypto prices going up and down for the next couple weeks.
Actually I sold bitcoin at 15,800 and then I had somebody suggest that I should repurchase it due to the upcoming multiple hardforks. I haven't done this yet. What are your thoughts do you think this is a good suggestion?
EDIT: Also I really appreciate what you do here and I'd like to know how to vote for you, I see the little animated gif Blockbrothers and I guess I just click vote for witnesses and do what the gif is doing?
It seems Hard forking Bitcoin is a fun hobby at the moment. Cash, Gold, Diamond probably much more soon. But I would not buy Bitcoin on that fact.
At the moment I don't want to buy BTC at all. I can't do anything with it and I can't even transfer it anywhere (fees, slow).
Thanks for your witness vote. If you follow the instruction at the bottom it will be fine! Or watch this video by @eqko here.
Yeah I was noticing that becoming a relatively common thing myself. Particularly odd when you consider not long ago that I was partially sold on bitcoin simply based on the idea that there were only 21 million and that's all that could ever be created, now it's like constantly making new ones. I really like the efficiency of the steem network its so fast! Also I cast my vote it was pretty straightforward. Thanks for your work!
Just curious as to what you can do with bitcoin cash? can you please link me to some current uses and accepted vendors? I really want to do my research here. Thank again.
I’m going to try your strategy of going to a cinema when the price is down to distract myself
it works!
It's crazy to think how much money is in coins that don't actually work as advertised. At some point people will want a fully functioning coin and there will be massive shifts in the market.