Vlog 168: Two days ago Bitcoin miner fees total were higher than the blockreward of 12.5 BTC.

in #dtube4 years ago


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

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

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'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.

It's nice to see my friend that the markets are starting to recover according to a little and, as you correctly noted, this happens in full expectation. As for the increased award for the block, this may have been due to jumps in the prices for bitcoin, although it is not known for certain. Thank you @exyle and keep in touch with what's happening!

glad to see the recovery. In last few weeks cyrpto world behave strangely and your are correct, it is now the perfect time to get some year end profit.
I am a newbies to Cyrpto and still learning so not invested much so far. But learned a lot from Steemit community and I would like to thank each and everyone who supported me so far.
special appreciation goes to @exyle for providing us with up to date info and developments in this field.
Cheers!

Excellent post my friend, i agree with your thoughts such dips are always horrible but experience candidates are always kept their cool and you did a wise decision to keep your cool in this dip and man it's just a matter of time and today we again see nice pump in bitcoin and in steem too, it's true the bitcoin fee's are sky high and they are also at 100% of their scaling so it looks impossible for bitcoin network to overcome this problem and i hope this will become the cause of bitcoin's downfall soon but on the other hand steem is growing thick and fast and their is huge open space in front of steem, i hope we soon see at least 10$ steem, thanks for sharing your nice thoughts with us, Stay blessed

Still need to decide were to invest in.. as my first investments of juni are still not that Good i only have Some liquid steem to play with. But i love steem So much that it is hard to do it.. So in dubio..

I have focused all my effort on reaching my target goal of STEEMpower. After I reached it Ihave made new plans. Have you reached yours?

No, my goal of making Money to go to the us in 2019 with gf and kids is not reached yet.. but Didnt expect my result So quickly So Maybe in 2 months i Can think of a new goal. The hard thing would be is to really taking the money to fiat for my us dream..

And your new goal. Financial independent for the rest of your life?

Hi @exyle!

I haven't been around for a while and I decided to pop back in and see how you are doing. I hope steemfat is still going strong. It seems like the green egg doesn't come out as much anymore which is pretty sad haha

A lot of my friends that I got into steemit or cryptocurrency started freaking out so much yesterday. The were asking me if the bubble has popped and some were saying they pulled everything out.

To be honest I probably would've done the same when I first got into crypto but hopefully, this experience will help people learn to hold and that price correction like this happen all the time.

Steem seems like it is going through this great honeymoon period where it keeps ramping upwards everyday. Let's see how much more it will climb since I'm thinking about taking some out if it gets to $5 to pay off some student debt that I still have left to cover.

It is crazy how high the miner fees are currently and I hope something is done to resolve it before more fluctuations occur with people or more people start supporting the bitcoin cash movement. A huge backlog is being created and I agree that it is a shame.

Well I hope you have a great day bud! :)

Hi man! good to see you. I hope you are ok. Steemfat is on hold until after the holidays. And yes, paying off debts is very wise of you!

I like the green egg posts too. I expected exyle to have a green egg sponsorship by now.

Merry Christmas exyle! Thanks for the great information you've provided these last weeks.

Hopefully the lightning networks will solve the bitcoin problem and things will be back to normal soon.This market dip was a well needed correction considering how high and fast bitcoin rose in the past few weeks. Thanks for sharing your thoughts :)

Great vlog dear @exyle

  •  Yeah seems like Market recovered quite well after the great downfall of 30-40%
Dont sell and wait until it gets up 

That's the approach i too like to follow as we can never sell at the top of the profit we will only get how much we deserve and having greediness will take all the profits down 

The star war's movie is really amazing i hope you had an amazing time after watching the movie and the prices of steem coming back to the $3 mark :) its always good to keep the mind away from cryptos when such correction occurs.

 Bitcoin miner fees total was higher than the block reward of 12.5 BTC two days ago.

Wohaa that's totally nuts at the moment the transactions are not getting confirmed and this is becoming a worse problem $100 max as a fees mindblowing

Well anyways this will continue to happen we can't do much i hope you enjoy your Brazilian first ever Christmas with friends with all the joy and happiness in their style and attack the food hahah no starters :D 

Have an amazing day 

Merry Christmas ( i think it is may be when you will see this comment ;p) haha

Cheers :D

Merry Christmas to you too!

The figures are really crazy. Most of my money was invested in ripple o i missed the profit making moment. :)

Diversifying would be the best strategy to handle the uncertain situations.. At the moment things look little unpredictable.

Again I missed that dip.
Lack of fiat, always my problem.
Such sadness. Me dumb.

-btc haiku

Do you think that the big miner groups could manipulate with this changing?

Its good to see bitcoin rebounding. This market crash was a good opportunity to buy. :)

Mark, in a world of changes, we also have to make changes. act and react. I do believe today should be the day to clear up the mind and make a choice, as I post yesterday; the choice is easy, but just make it, is another topic :-)

I'll say, it just happen to be like that because of the season. But it might later change, just as you said. Thanks for sharing

I certainly agree with everyone. After the accident, I think it was like these comments in general. And the lite sailor will set my life more. Now the world will invest in bitumen instead of precious stones. For the big investors this decline and rise was a great opportunity.

crazy -- I read that the estimated cost of production of one bitcoin is about 1500 dollar

Thank you for the friend tips @exyle According to my estimates, btc in 2018 will be at least $ 50,000 @exyle what do you think about it?

that's good news
But
the e-currency market has entered large whales that have billions of dollars. These whales play in the market
For example, they buy currencies with their huge money
after that a big rise in the currency,
We, as investors, buy these currencies, believing they will explode more
Whales withdraw their money after making big profits
There is a significant drop in the currency and losses for us as investors
As happened on the previous Friday
@exyle

You don't lose if you don't sell!

yes i agree with you ;)

These analyzes will really helpful for the community.Thank you very much for sharing such useful information

Merry Christmas!!!! thnks

You need d to keep in mind that we actually have a temporary solution until lighting network is fully operational. It's called segwit. However despite this solution the majority of 3rd party service providers still refuse to implement it. That's where the problem lies.

You are a master with cryptocoins, inpired

Thank you brother!!, can that generally mean that Bitcoin has to rise, otherwise there will be a shortage, which in turn, means bitcoin has to rise????? food for thought.

novice investors were sad about the decline in their bitcoin shares, but this was expected.
now is the exact time to invest in an increase

Why is there so much decline? Things are not going well for us....

Good post advance marry crismus sir.
M still new here .
Like your support follow @indiatourism

@exyle oh, that is good news for bitcoin miner that their fee increases Unfortunately I am not one of those I just hold this steemit account.

It's a smart thought to expand by and large. The business sectors appear to be steady right now yet I am certain we may exchange sideways for a bit with crypto costs going all over for the following couple weeks.
Upvoted and resteemed

very important post for me. thanks for sharing

Thanks for good informations mate! What are u thinking? Is it profitable now to buy some bitcoin? I have some fear about bitcoin

@exyle As expected! Yesterday's drop was a huge gift for everyone of us to invest some more and regain lost ground! Hope you took advantage of it!

Best!

  • Is Mining, worth it,
  MikQuote™

your post is very good, very useful, your post is so inspiration for me and all users of steemit, I am proud of you ... I am amazed to you, you are very fantastic in making a post, hopefully triumph in the work .. Thank you 💏😘

My mentor,now that the bitcoin miners fee total is a little bit higher than the block reward of 12.5 BTC two days ago.what then the resultant effect it wiil going to create assuming such change persist? Will it going to affect us positively or negatively?am.Am very happy to be online and then you drop this wonderful and informative post.thanks very much ,i must appreciate.merry christmas

Great man.thank you for post.
https://steemit.com/@vordexus

we are hoping the raising of bitcoin.

wow bitcoin miners are be like they are the BAWSE at the moment hahah everyone's time come its there going on right now :D

Thanks for sharing please upvote me & my post i am new herr

The @OriginalWorks bot has determined this post by @exyle to be original material and upvoted it!

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To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!

From the post you made, I learned or learned something new that I did not know before. I'm a very good fan of you, I read all your posts. Your posts are very good to me, and so I hope we will be happy to post you for us. The information that you have on this post is very useful for many of us. So I hope your post will be very helpful for us.

Bitcoin is more like dancing up and down

this is craziness going on with bitcoin huge back logs they don't even had time to fix that and keep forking lol hahah

ye thats mining fee was total nuts, 3 days waiting transaction and fee of 50$ , and people said to transfer money fast and with less fee :D

i had no clue on this one but you explained it to me well but looks like market is somehow coming back

I will attempt your procedure of heading off to a silver screen when the cost is down to divert myself
Upvoted and resteemed

the ups and downs are now a part of life the block fees is so high can't even imagine to do a transaction now as it is taking too much time to get confirmed glad that you shared all the details

For me, that's just nuts.

It's nuts that fees are that expensive.

...but on another hand, I don't mind waiting for cheaper fees, as long as the miners are happy, the system continues to work.

miners make more money in fees than mining. they are not called miners anymore, they are banks.

I think this is temporary,until the new year the exchange rate of bitcoin will rise.;)

awasume your bitcoin.i like your post

bitcoin mining fees has really become unbearable its not looking like they will fix it soon really huge problem

I like this man's video

thanks for sharing! I'm excited to watch your blog!

What could it mean for the future of Bitcoin if miner fees are exceeding block rewards?

The bad thing about bitcoin is that in India we do not have any exchange that accepts steem and transfer the money into our bank accounts, they only accpet bitcoin and ehtereum so what do you say about this thing? We are forced to convert the steem into bitcoin and sell them.

Hello, great work, i liked your post and reward it with upvote.

I'm running budget proposal campaign on Steemit for funding my future STEEM Windows and Android app - STEEMER. If you would like to contribute, please visit my post for details: https://steemit.com/utopian-io/@cryptomonitor/steemer-your-future-steem-blockchain-transactor-windows-android-app-funding-update-23-12-2017

And you know what solution the bitcointalk forum and bitcoin sub-reddit have come up with? Use Litecoin if you want to transfer your money.
The so-called electronic cash Bitcoin does not exist anymore. We need a new team of devs or at least decentralized contributors to the development of Bitcoin.

I want to buy bitcoins but nobody is selling me.

beautifully said diversification "Remember diversification mitigates risk."
i always love to diversify my portfolio its the best thing to avoid high risk

@exyle,
I am not following this guy! Roger Ver, coz I feel he is crazy about BTC! So, he do whatever to bring it down! Great calc you did friend!
Merry X'mas!

Cheers~

@exyle thanks for the post!! Yours post always guide us :)

Nice Video and Well Explained

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