Why bitcoin is surging again
- Thread starter ajacobson
- Start date
Another record bitcoin transaction fee!
https://finance.yahoo.com/news/bitcoin-sender-mistakenly-overpays-record-053338335.html
https://mempool.space/tx/b5a2af5845a8d3796308ff9840e567b14cf6bb158ff26c999e6f9a1f5448f9aaBitcoin Sender Mistakenly Overpays Record $3M in Transaction Fees
14
Hope C
Thu, November 23, 2023 at 11:33 PM CST·1 min read
Bitcoin Sender Mistakenly Overpays Record $3M in Transaction Fees
A Bitcoin (BTC) sender made a costly error by paying an unprecedented $3 million in transaction fees for a single transaction. The sender intended to send 139.42 BTC, valued at around $5.1 million, but mistakenly lost 83.64 BTC in fees, leaving the recipient with only 55.77 BTC, approximately $2 million. This transaction fee sets a new record in Bitcoin's history.
According to blockchain data from Bitinfocharts, the transaction was processed by Bitcoin miner AntPool in block 818087. While Bitcoin transactions can be expensive during busy periods, data from Bitinfocharts indicates that the average transaction fee on the Bitcoin network is currently $14.1.
In September, stablecoin issuer Paxos paid a $500,000 fee for processing a transaction worth just $2,000. Fortunately, Bitcoin miner F2Pool agreed to refund the excessive payment in that instance.
While this is a costly mistake, Bitcoin transaction fees have been surging lately due to growing interest in Bitcoin Ordinals. Ordinals are digital assets inscribed on the smallest unit of Bitcoin, called a satoshi. The inclusion of Ordinals on the Bitcoin blockchain has increased network activity, resulting in higher transaction costs.
I ain't even surprised that BlackRock is embroiled in BTC surges.
The company has been an object of conspiracy theories for kinda long time.
Today BTC shows some interesting things, but I don't think it may continue rising high. There must be a pullback soon.
But if guys will continue pushing it to the top, then maybe it can get back to the positions of 2021.
It's super dependable, but the fact it started to recover is a good sign for cryptotraders, I imagine.
The company has been an object of conspiracy theories for kinda long time.
Today BTC shows some interesting things, but I don't think it may continue rising high. There must be a pullback soon.
But if guys will continue pushing it to the top, then maybe it can get back to the positions of 2021.
It's super dependable, but the fact it started to recover is a good sign for cryptotraders, I imagine.
You guys really need to start learning ew if you want to start understanding what is happening. Ewf has been forecasting the retracenment down to 16k and the extension back up to 40k since the ath's. For the retracenment down to 16k the ftx scandal broke to facilitate the final capitulation. I keep telling you all the wave is the catalyst to the news not the other way around. Once you understand the waves you basically have a crystal ball.
The correlation between BItcoin and QQQ and bitcoin and SPY is zero over the last three months, six months, nine months, 12 months, and 18 months. You just say this shit and don’t even look at the numbers it’s literal math go look at the numbers before just spouting off.
Yup, I see both bitcoin and gold are correlated to nothing, they march to there own beat.
Any correlations you happen to see are random chance.
Gold is a great case study into correlations, sometimes its USD, sometimes bonds, Rupee, SPX, Silver, Metals Index, Baltic Dry Index.... but it doesn't last long.
Bitcoin for example will trend to a pattern but it's not to do with anything else.
Bitcoin might trend to other crypto but who is leading, which is following?
agreed. Here is the funny thing about correlation - an asset that has generally 0 correlations to say stocks over time will still show periods of very high and very low correlations through history. It’s just when you average it all out it’s close to 0.
so, of course, you can anchor on to a time period where bitcoin was very correlated to stocks, such as 18 months ago, and act like this is the static correlation. Those people either are misleading you, have their mind made up already, haven’t looked, or can’t do math.
so what correlation matters? The short term correlation or the longer-term average correlation? The answer to that really depends on the kind of trader you are but I would say for the vast majority of people it’s the long-term correlation. You would care about the short term correlation if you are running a very leveraged book and worried about being margin called if all of your positions go against you at the same time. But if you’re just a semi regular retail investors who’s going to allocate capital two different asset classes it is the long-term correlation that will increase your sharp ratio and give you the good performance through time.
Another thought - this conversation will really show someone’s bias. Because we can all disagree on bitcoin’s utility/future/potential use cases and all that stuff and look maybe I’m wrong about to … time will tell we all have opinions. But correlation is not an opinion it’s math do the fucking math.