Here's a 0.493 sat/vB TXN I put on mainnet today. You'll have to use the SoChain block explorer to see it though. I give it a 3% chance of getting confirmed, but we'll wait and see. The TXN is a donation to [email protected] since I use their seeder for my network herder.
So last month, I voiced the unpopular opinion that node operators should lower the minrelaytxfee setting to allow low-fee TXNs to propagate more freely throughout the network. Then I asked why miners weren't mining 0.999 sat/vB TXNs during idle periods since it should be more profitable than mining no TXNs at all. Finally I wrote a node herder to walk the network looking for node operators that were running minrelaytxfee below the default (1000 sat). After walking about 26% of the network, turns out about 5% of nodes are allowing low fee TXNs. So in that vein of discussion, I decided to just sign some low-fee TXNs and send them to the 5% of nodes I found and see what happens. To my surprise it showed up on one of the 23 block explorers I tried after broadcasting it. Surprisingly, that comes out to about 5% of explorers accepting low fee TXNs as well. So hopefully 5% or so of the miners will confirm low fee TXNs. We'll see. BTW, to do this, this is what I did.
Pair my HW wallet to Electrum
Use the paytomany Electrum API to craft a TXN below 1 sat/vB
Import the TXN to sign in Electrum
Ran a full node with minrelaytxfee set to 1 sat (0.001 sat/vB)
Walked the network to find a good number of low-fee peers
Use bitcoin addnode API to herd my node to the low-fee peers I discovered.
Use bitcoin sendrawtransaction API to broadcast TXN
Wait and see if it can propagate to a miner and if a miner will accept it. BTW, there is a PR to lower the minrelaytxfee in core, but it's dragged on for years. The setting was lowered about every year or so in the early days, but hasn't been touched for many years now.
I often see Bitcoin users tricking new people into thinking that Bitcoin is a store of value because of it's monitory policy (only a certain number of coins will ever exist). This is a scam because this hard cap is the reason why Bitcoin is guaranteed to fail. We currently have a $29 per transaction subsidy due to block rewards.
~900 BTC mined per day. ~337,000 transactions per day. ~0.0026706231454BTC ($29) subsidy per transaction
What happens when transaction fees are no longer subsidized by block rewards? In order to maintain our current level of network security, users must pay an extra $29 per transaction (assuming BTC price is $11,000 and TPS is 3.9). Scenario 1
99.999% of the world stops using BTC because they can't afford to pay an extra $29 per transaction.
most people stop making on-chain transactions, only transacting on L2. This forces small miners to leave (only leaving huge super efficient mining farms), significantly decreasing network security and increasing centralization. Eventually the only people mining BTC will be those who have literal free electricity (power plant owners, governments etc).
09-28 01:06 - 'INTERESTED IN BUYING BTC / Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms. Roughly every ten minutes a specific number of newl...' by /u/SeniorAgent47 removed from /r/Bitcoin within 387-397min
''' INTERESTED IN BUYING BTC Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms. Roughly every ten minutes a specific number of newly-minted bitcoin is awarded to the person with a mining machine that is quickest to discover the new block. These days, every miner needs to mine through a mining pool. Whether you are mining with one machine, or several thousand, the network of Bitcoin mining machines is so large that your chances of regularly finding a block (and therefore earning the block reward and transaction fees) is very low. INTERESTED IN FLIPPING YOUR COINS AND PROFIT UNBELIEVABLE BUT TRUE IT WORKED FOR ME AND NOW I CAN BRAG OF INVESTMENTS AND CONFIRMED TRADES WITH VARIOUS PEOPLE ON THIS PAGE . INVESTMENT PLS CONTACT : (385) 254-7202 ''' Context Link Go1dfish undelete link unreddit undelete link Author: SeniorAgent47
The number of bitcoin remaining to be mined gets smaller and smaller every day. You will have individuals, corporations, and governments all competing on the world stage to mine the rest. That should give anyone pause as you reflect on how hard it will be to get your hands on them. Stay humble, stack sats my friends. Have a great weekend!
Testnet Staking Launched with testnet SXP on Ropsten
12% APY for SXP Staking
DeFi coming to Binance Chain with BTC, ETH, BNB, SXP, BUSD, and TUSD collateral for borrowing/supplying
Swipe Governance Token airdrop to SXP Holders
Liquidity Mining on Binance Chain
New announcements weekly
The Swipe Network (swipe.org) is the payment protocol that enables real-time crypto-to-fiat conversions for all of Swipe’s products and services (Wallet, Card, & Issuing). With the launch of the Swipe Network testnet, users can use the Swipe Faucet to grab testnet-SXP to use on the decentralized finance application. Users will be able to bond SXP to the Swipe Network smart contract as collateral to ensure the guarantee of conversions for these exchanges. Since Swipe facilitates real-time conversions on-demand, there is a reserve system in place to lock SXP and guarantee that the merchant and payment networks receive the exact fiat amount that it processes. Most of these processes occur off-chain and are guaranteed by Swipe at the moment, but now can be bonded by the community and on-chain. Users will receive 12% APY on their staked SXP within the Swipe Network. Swipe plans to enable staked SXP to earn the processing fees it charges in the future as well on top of the collateral rewards from staking. The main network for swipe.org will be launched in two weeks. Users can access the testnet from: https://testnet.swipe.org with a public faucet being released in the next few days. To promote the usage of Swipe Network, Swipe will be partnering with exchanges that will offer staking and enhanced initial rewards and will be announced soon.
Swipe Finance (SwipeFi) & SGV — Lending/Earning DeFi App built on Binance Smart Chain controlled by the community by the Swipe Governance Token (SGV) and Liquidity Mining.
Swipe is proud to announce its plans to launch a DeFi App on Binance Chain called SwipeFi which will enable Binance Chain tokens to be used to earn interest on their supply of collateral to the protocol and borrow against their collateral directly on the Binance blockchain. Swipe has been working with the core developers of Binance Smart Chain through the acquisition and partnerships between Swipe and Binance, to launch SwipeFi. Users have witnessed historical highs in transaction fees, gas costs, and delays using the Ethereum blockchain for Decentralized Finance (DeFi). Bringing a complete lending/earn protocol using the battle-tested open-source protocols, such as Compound, to Binance chain gives users an immense value proposition. Bitcoin, Ethereum, and other assets are already wrapped and issued on Binance Chain and are verifiable on their native blockchains for cross-compatibility, which will give exposure to use these assets for supplying and borrowing from SwipeFi. There are stablecoins such as BUSD, TUSD, and others that are also guaranteed on their native chains, which are wrapped and issued on Binance Chain already. Therefore, the base layer of the collateral needed to start a project of this magnitude already exists. Binance.com offers simple on and off-ramps for converting the Binance chain version to the native version (example: BTCB to BTC and vice versa) as well as SwipeFi plans to open up decentralized bridges for this wrapping. Transactions on Binance Chain are considered one block finality, take less than ~5 seconds to complete, and cost a fraction of the price that it would cost on Ethereum. This will make DeFi transactions seamless and efficient. SwipeFi will initially support BTC, BNB, ETH, BUSD, TUSD, and SXP to supply or borrow. The protocol will be governed by a new Binance Chain BEP2 token: Swipe Governance Token (SGV). SGV will be used on the protocol to vote on proposals and governance decisions while earned through liquidity mining so that the supplier and borrowers of the protocol can be incentivized to participate in governance as well. There will be a total supply of 10,000,000 SGV ever in existence. On August 17, 2020, at 00:00 UTC, there will be a snapshot of SXP balances. There will be a distribution of 1 SGV per 100 SXP. This will give an initial supply of approximately 2,999,700 SGV with the remaining SGV to be mined via Liquidity Mining by supplying and borrowing on the protocol over a 5 year period. There will be no SGV sold or allocated to the team aside from what they already hold in SXP. This will enable users to mine over 70% of the total SGV supply over a five year period. Swipe will release the SwipeFi white paper and governance details by August 10, 2020, with plans to launch a testnet in September. --- Stay up-to-date with all the latest news from Swipe Website: https://swipe.io Twitter: https://twitter.com/SwipeWallet Facebook: https://facebook.com/Swipe Instagram: https://instagram.com/Swipe Medium: https://medium.com/Swipe Telegram: https://t.me/SwipeWallet & https://t.me/Swipe LinkedIn: https://www.linkedin.com/company/swipewallet YouTube: https://youtube.com/SwipeWallet
09-15 16:36 - 'Came here to say that $MARA (marathon patent group) will rocket. They are #1 biggest US crypto mining co. They are also a venture capital & private equity firm as subsidiaries. The QUANTITATIVE EASING will devalue the USD...' by /u/kpchicken2 removed from /r/Bitcoin within 0-10min
''' Came here to say that $MARA (marathon patent group) will rocket. They are #1 biggest US crypto mining co. They are also a venture capital & private equity firm as subsidiaries. The QUANTITATIVE EASING will devalue the USD$ and thus all these bankers are looking else where to part their money before devalue hits. BTC is the future. Furthermore, Fed. Res. Is trying to make all USD digital so that they can better control your life. In August, they partnered up with MIT attempting to create digital currency infrastructure. BTC is the future. ''' Context Link Go1dfish undelete link unreddit undelete link Author: kpchicken2
08-31 08:38 - 'Lightning is great for smaller transactions but it probably doesn't have the liquidity right now to handle a 1 BTC, aka 100,000,000 sat payment - very few nodes would have that much liquidity in a channel to route it. / B...' by /u/NimbleBodhi removed from /r/Bitcoin within 668-678min
''' Lightning is great for smaller transactions but it probably doesn't have the liquidity right now to handle a 1 BTC, aka 100,000,000 sat payment - very few nodes would have that much liquidity in a channel to route it. Besides, for that large amount you'd probably want it on-chain anyways and wouldn't be much paying the 20 cents or so mining fee. ''' Context Link Go1dfish undelete link unreddit undelete link Author: NimbleBodhi
08-31 07:38 - 'I would appreciate if you explained how I'm wrong. I once wrote a Bitcoin miner (which connects to a stratum mining pool), and have dived quite deep into the math, data structures and algorithms behind Bitcoin, so I think I kn...' by /u/mort96 removed from /r/Bitcoin within 475-485min
''' I would appreciate if you explained how I'm wrong. I once wrote a Bitcoin miner (which connects to a stratum mining pool), and have dived quite deep into the math, data structures and algorithms behind Bitcoin, so I think I know what I'm talking about, but I'm always receptive to a well-reasoned explanation of how I'm wrong so that I can learn something new. ''' Context Link Go1dfish undelete link unreddit undelete link Author: mort96
08-31 08:29 - 'You could argue that the trust is not absolutely zero because there is still a tiny possibility that miners which are naturally competing against each other cooperate and reach 50%+ *stable* mining power for long period of...' by /u/fkee31e70c removed from /r/Bitcoin within 649-659min
''' You could argue that the trust is not absolutely zero because there is still a tiny possibility that miners which are naturally competing against each other cooperate and reach 50%+ stable mining power for long period of time .... and be the biggest loser after devaluing bitcoin by double spending while being one of the biggest stake holders in bitcoin (I can't even imagine the investment to maintain stable 50%+ mining power of long period of time). And it's the same with developers, if you don trust them and they do something controversial, bitcoin forks and you use the forked blockchain if you prefer (and sell the coins on the fork you dont like for sweet profit). ''' Context Link Go1dfish undelete link unreddit undelete link Author: fkee31e70c
09-27 14:25 - 'Well I have also mine a lot of coins and never lost my coins, I got a secured and standard method to flip your coins and make double I’m sure you’ve heard about it. Yes It’s more like forex but even easier. Interested pe...' by /u/SeniorAgent47 removed from /r/Bitcoin within 97-107min
''' Well I have also mine a lot of coins and never lost my coins, I got a secured and standard method to flip your coins and make double I’m sure you’ve heard about it. Yes It’s more like forex but even easier. Interested people only, please no games. And it would be. I’ve doing business with me. contact : (385) 254-7202 Or write me on my mail. [email protected] ''' Context Link Go1dfish undelete link unreddit undelete link Author: SeniorAgent47
08-15 15:15 - 'ETH and monero but ETH mining ends soon so your better to just buy and hold at this point you will never recoup your $5 grand mining just but Bitcoin or chainlink and hold on to it' by /u/Bloodsport121 removed from /r/Bitcoin within 21-31min
09-20 16:25 - 'dumb idea to pay 4 usd in fees for a 2 usd drink... use monero, im sorry, but its just superior. 1-5 cents fee per transaction, fully private, softcapped so it wont die after last one is mined' by /u/cerpadlo removed from /r/Bitcoin within 37-47min
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What is Bitcoin Mining? (In Plain English) - YouTube
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