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Coinbase: All your base, I mean coins are belong to us
- Thread starter Pekelo
- Start date
But this was supposed to be different. Secure. Independent. For rugged individualists who are above that kind of fray.
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Hey John; I've been looking down the rabbit hole, haven't gone down it yet.
If you were to transfer from coin base to your wallet, how long would it take and how much would it cost in fees. (Convert that to fiat so I can understand)
I ask about the time because I'm reading about a reduction in fees if you don't need the transaction done immediately.
Does the type of wallet you have influence the time and fees
"(Important) nuance here: coinbase was not an IPO, it was a direct listing.
In an IPO, the company itself receives the proceeds in exchange for shares, injecting more cash into the company for corporate use.
In a direct listing, no new shares are created, and the company doesn't get new capital. Instead, the existing owners offer up their own shares to the public.
That means that the founders and early investors cashed out and dumped bags onto the public."
History always repeat itself, Do Kwon's previous scam, another failed stable coin:
https://archive.ph/siVbX
"Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, CoinDesk has learned.
Basis Cash (BAC) was a closely watched revival in decentralized finance (DeFi) circles when it launched on Ethereum in late 2020, just before the launch of TerraUSD (UST), Terra’s flagship stablecoin. Like UST, BAC sought to maintain a $1 peg through code, not collateral.
But it failed: The token of this long-abandoned project never achieved its target of dollar parity, sank below $1 in early 2021 and was trading well below a penny on Wednesday. Now history appears to be repeating: Over the last three days, UST sank precipitously below its peg, going as low as 27 cents in early morning U.S. hours Wednesday."
https://archive.ph/siVbX
"Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, CoinDesk has learned.
Basis Cash (BAC) was a closely watched revival in decentralized finance (DeFi) circles when it launched on Ethereum in late 2020, just before the launch of TerraUSD (UST), Terra’s flagship stablecoin. Like UST, BAC sought to maintain a $1 peg through code, not collateral.
But it failed: The token of this long-abandoned project never achieved its target of dollar parity, sank below $1 in early 2021 and was trading well below a penny on Wednesday. Now history appears to be repeating: Over the last three days, UST sank precipitously below its peg, going as low as 27 cents in early morning U.S. hours Wednesday."
Hey deaddog, sorry missed your message
If it's BTC, there's no difference in fees based on the wallet you're using
Ethereum fees are very high right now and that uses a different wallet and blockchain
The answer for BTC at this time is 17 cents (I tried $2,500 and $7500 amount to send) or 611 satoshis or 0.00000611
The estimate from Coinbase is 30 minutes, but it should show up in your wallet pending in about a minute
Blocks are mined every ~10 minutes so it will show up as confirmed on your wallet in about 10 minutes and you can spend it right away if you'd like or send to a different wallet address (person)
Does this make any sense?
8. Transaction fee handling
Each Bitcoin transaction has a transaction fee attached to it. This fee is included in order to incentivize Bitcoin miners to include the transaction in the next block of transactions. The larger the size of your transaction, the higher the fee you’ll need to pay in order to get confirmed in the next block.
Some transactions aren’t as time sensitive as others. For example, if I’m just moving funds from my desktop wallet to my hardware wallet for safekeeping, I don’t really care if it takes the transaction even two days to get confirmed. That’s why I can allow myself to use a lower fee. However, if I’m sending payment for a service or a product I purchased, I might want to use a higher fee so the transaction is confirmed faster.
Fees are also highly dependent on the number of transactions waiting to be confirmed. If a lot of people want to confirm their transactions, they will start bidding up the attached fees. Therefore, a fee that was considered high yesterday might be considered low today. One of the important features to check out in a wallet is fee handling. Here is what you need to find out:
1 Does the wallet allow you to choose your own fee or does it choose it automatically for you?
2 Does the wallet support Segwit? An upgrade issued to the Bitcoin protocol, which—among other things—allows you to shrink your transaction file size (hence reducing your required fee).
3Does the wallet support Replace by Fee (RBF)? If your transaction can’t get confirmed because you didn’t pay a high enough fee, you can easily bump the fee via the RBF option. Your wallet will then rebroadcast the transaction with a fee raised to your required level.
Read more: The 100% Up-to-Date Guide to Choosing the Best Bitcoin Wallet (2022) | 99Bitcoins
Got another question for you!!
Is there a price that bitcoin could fall to which would make it unprofitable for miners to operate. The way I understand it is no miners no transactions. I look for how much it cost to mine bitcoin and the answer I got was it depends. A quick google gives me 7 to 20k but nothing I could hang my hat on.