patrick.net

In brief:
Average Bitcoin transaction fees increased 2,213% since January 1.
Since the date of Bitcoin's block reward halving, fees continued to increase by 144%.
Over 94MB Pending transactions in the Bitcoin mempool means the network is now as clogged as it was in January 2018.
The average cost of sending transactions on the Bitcoin network has increased by 2,213% since the turn of the year.

That’s according to data from Bitinfocharts, which shows that average Bitcoin transaction fees climbed as high as $6.64 on May 20. That’s the highest average cost of a Bitoin transaction since July 2018—almost two years ago.

At the turn of the year, average fees were as low as $0.28—marking a 2,213% spike since January 1.

https://decrypt.co/29949/crypto-blockchain-bitcoin-transaction-fees

HODL- Hold On for Dear Life!

"Crypto naysays who think Bitcoin is “the ultimate bubble” love to point at so-called HODLers and laugh.

HODLers are crypto investors who buy and hold their positions regardless of price. Whether the market is up, down or sideways, these folks stay invested, confident in the long-term value of crypto. The term was created in 2013 in a Bitcoin chat forum by an investor who was watching Bitcoin’s price fall sharply but decided not to sell. He wrote a post titled, “I am HODLing,” meaning to write “HOLDing.”

The misspelling caught on with the Bitcoin community. Eventually, working backward, they turned it into an evocative acronym: Hold On for Dear Life. Anyone who has watched Bitcoin’s recent volatility knows that the acronym can sometimes feel spot-on.

To the mainstream investment community, however, it’s the epitome of crypto insanity. You can almost hear them tut-tutting from behind their mahoganied desks:

Look at these fools, holding their imaginary money with no regard to price. They just sit there and watch while their portfolios fall by 50% or more. Insanity!

But HODLing is actually the only valid strategy for most crypto investors. After all, it’s just “buy and hold” in an updated wrapper."

"HODLers incur profits/losses based on when they entered the market cycle, however, the ones who entered the market less than a year ago having unrealized losses are piling up. The percentage of HODLers with unrealized positive gains has dropped and a higher percentage of them are currently running losses."

It's like real gold only better.

Onvacation says

It's like real gold only better.

Cant argue with that.

I don't know about fungible. I was in a Barcelona coin shop trying to buy some old 100 peseta token with Franco's image on it. I offered the proprietor US dollars but he would only take Euros. The coin would be worthless but it was made of silver.

Try giving him bitcoin.

I think "100 peseta token" are the last thing I would want to buy. Why would I?

So you collect silver/gold coins?

Onvacation says

I was in a Barcelona coin shop trying to buy some old 100 peseta token with Franco's image on it. The coin would be worthless but it was made of silver.

So you collect silver coins?

Onvacation, is that a hard question to answer? ;)

G36 says

So you collect silver coins?

and copper, nickel, zinc, at one point I had the goal of collecting every US coin made in the 20th century, but some of those Barber coins are way too expensive.

Yes I collect coins. But I don't invest in them.

Onvacation says

G36 says

So you collect silver coins?

and copper, nickel, zinc, at one opoint I had the goal of collecting every US coin made in the 20th century, but some of those Barber coins are way too expensive.

Yes I collect coins. But I don't invest in them.

Nice! What about gold coins? I imagine you also collect some gold coins?

Hi OV, no gold coins in your portfolio?

No gold in my portfolio. I don't consider my coin collection an investment, though it has appreciated over the years. It's just a hobby.

Onvacation says

No gold in my portfolio. I don't consider my coin collection an investment, though it has appreciated over the years. It's just a hobby.

Nice, yeah, understand. What's the age on your oldest coins?

Care to share how much is in the collection as a percentage of your net worth?
For instance, roughly 5% of my net worth is in crypto, the rest is stocks and RE.

G36 says

Care to share how much is in the collection as a percentage of your net worth?

No.

I'm a saver and dollar cost average kind of guy.

I do occasionally gamble. I won a silver token (1 oz of 99.9) at the Vegas airport during a stopover.

If you had invested $20,000 in bitcoin 3 years ago you would only be down $2,000.

I meant gambled. If you had speculated $20,000 in bitcoin 3 years ago you would only be down $2,000.

Onvacation says

I meant gambled. If you had speculated $20,000 in bitcoin 3 years ago you would only be down $2,000.

Which is the situation most of the current enthusiastic pumpers are in.

Onvacation says

I'm a saver and dollar cost average kind of guy.

.

Nice! How do you save? Do you keep cash in the savings account? And what do you dollar cast avg into? You said you invest in food/entertainment and mutual funds. Is that what you dollar cost avg into or do you invest in anything else?

I usually buy when things are on sale. Often I just go to Costco and buy in bulk.

I've always got a three month supply of toilet paper.

I spend very little time investing. I just accumulate stuff and experiences. I automatically dollar cost average into funds. It's amazing how paper wealth accumulates but that is a small part of your actual wealth. What good is it that you gain the world if you lose your soul?

I do invest quite a bit of time into exercise. I also believe in preventative maintenance and oral hygiene.

And bitcoin is a scam.

great. And when you say funds, you mean 401k or mutual funds besides your 401k?

Eric Holder says

Onvacation says

I meant gambled. If you had speculated $20,000 in bitcoin 3 years ago you would only be down $2,000.

Which is the situation most of the current enthusiastic pumpers are in.

people wish they would have bought at 20k soon. It will just be a blip on the log scale...
The next bull cycle has started.

G36 says

It will just be a blip on the log scale...
The next bull cycle has started.

Moonshot?

Onvacation says

G36 says

It will just be a blip on the log scale...
The next bull cycle has started.

Moonshot?

The next months/year should be a fun, profitable, enjoyable ride

BREAKING NEWS!

Bankers are pouring huge amounts of cash into bitcoin in an attempt to get it out of the country before the Kraken is released!

Onvacation says

BREAKING NEWS!

Bankers are pouring huge amounts of cash into bitcoin in an attempt to get it out of the country before the Kraken is released!

close!

Bankers {+ hedge funds and Nasdaq listed companies} are pouring huge amounts of cash into bitcoin since its the best performing asset available due to its traits (scarcity, decentralization and security). Retail will follow later.

Exciting times!!

G36 says

Retail will follow later.

"Here's your latte, that will be 12 satoshis plus a 10 satoshi transaction fee, 20 if you want it on the next block 10 minutes from now otherwise you will have to wait a couple of hours for a miner to accept your lower fee and verify your transaction. "

Onvacation says

G36 says

Retail will follow later.

"Here's your latte, that will be 12 satoshis plus a 10 satoshi transaction fee, 20 if you want it on the next block 10 minutes from now otherwise you will have to wait a couple of hours for a miner to accept your lower fee and verify your transaction. "

I don't know enough about any of this to weigh-in but PayPal is now offering to facilitate Bitcoin transactions. This would seem to be a huge step toward making retail inroads.

Robert Sproul says

PayPal is now offering to facilitate Bitcoin transactions.

Does that mean they will access your "wallet" (flash drive) like they do your credit card account? What will determine bitcoin's value during the transaction? The current price? The end of day price? As we know these two values can be hundreds of dollars apart.

Does anyone buy coffee with bitcoin? Or is it just the "currency of the future"?

Robert Sproul says

Onvacation says

G36 says

Retail will follow later.

"Here's your latte, that will be 12 satoshis plus a 10 satoshi transaction fee, 20 if you want it on the next block 10 minutes from now otherwise you will have to wait a couple of hours for a miner to accept your lower fee and verify your transaction. "

I don't know enough about any of this to weigh-in but PayPal is now offering to facilitate Bitcoin transactions. This would seem to be a huge step toward making retail inroads.

Robert, yes, and Square also invested 50M in Bitcoin.
https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bitcoin-says-cryptocurrency-aligns-with-companys-purpose.html

Mass adoption has started. Bitcoin is seen as a store of value/digital gold. Institutional money is pouring in. Retail investors will follow once Bitcoin is all over the news due to all time highs.

G36 says

Bitcoin is seen as a store of value/digital gold.

Onvacation says

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G36 says

Nice pic!! see Bitcoin has intrinsic value! All you need is a hardware wallet painted in gold color and it becomes "shiny" (shiny=intrinsic value). On the wallet you can store millions of dollars in BTC. I gotta save this pic. thanks!

G36 says

. I gotta save this pic

You'll just have bits on your hard drive.

Or you could buy a real gold colored hard drive.

G36 says

Bitcoin is seen as a store of value/digital gold

Hopefully their servers aren't managed by Dominion.

Onvacation says

G36 says

. I gotta save this pic

You'll just have bits on your hard drive.

Or you could buy a real gold colored hard drive.

exactly! Extremely valuable bits!
Bitcoin is currently trading above 17k! It's programmable money: Its scarce (only a certain amount of Bitcoin can be mined) and its decentralized!

"or you could buy a real gold colored hard drive"
Thats funny. I dont want "real" gold. I want digital gold. I dont care about shininess but I care about increasing my net worth.

NoCoupForYou says

G36 says

Bitcoin is seen as a store of value/digital gold

Hopefully their servers aren't managed by Dominion.

luckily, one of the key traits of Bitcoin is that its decentralized. You cant call someone and order them to shut down the network. In fact you are not able to shut down the network at all. You can - as a government - shut down exchanges and issue a tax frame for Bitcoin but you cant shut down the network.

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

Onvacation says

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

with the recovery key of course. I am seriously concerned about your alleged Bitcoin research. You are missing the basics.
You thought the last Bitcoin will be mined in 2040. Its actually 2140.
On your comparison to Gold and FIAT you missed key traits like scarcity and decentralization.
And now you dont know how to recover a lost password? May I ask what kind of software engineer you are?

G36 says

Onvacation says

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

with the recovery key of course

How do you recover your recovery key when you lose it?