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lookit dem transaction fees Hope you weren't planning on cashing out, lol
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Dec 22, 2017 22:08
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 Buckle up, motherfuckers.
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Dec 22, 2017 22:49
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I know we were talking about Bitcoin / Soylent synergy some pages back... turns out the people who brought you the Kentucky Fried Chicken VR Escape Room game were also running a brilliant deep-web campaign: https://soylentkxgydn6bz.onion.casa/
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Dec 22, 2017 22:52
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I just made my first bitcoin exchange account today. I plan to buy quite a few BTCs once they hit $1. By the looks of it that could be as early as next week.
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Dec 22, 2017 22:54
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Kazinsal posted:
I might actually put honest to god real American dollars into this poo poo if it crashes. Seven years and nothing has killed this dumb poo poo off yet
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Dec 22, 2017 22:55
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https://www.youtube.com/watch?v=UG7zLhEWanc
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Dec 22, 2017 23:09
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Dr. Fishopolis posted:yeah, I basically agree with all of that, I was just trying to put it in layman's terms. Lightning is amazing. Whenever you tell a bitcoiner "this is poo poo and can't scale" they go "but, Lightning Network!! lol" neglecting the subtle but possibly important point that the LN doesn't loving exist yet, and that it's been "coming next year!" for 2015, 2016 and 2017. They have actual code now!! Its path-finding algorithm is "flood the whole network with every channel and transaction". That's O(n^2) and will scale to literally tens of users. Solving the path-finding problem, btw, is unsolved computer science. And the best bit - if they do solve the path-finding problem, the economics of the LN totally can't work and grind to a halt in any number of really obvious ways. so, it clearly fits in with how bitcoin does absolutely everything else and is the correct path forward
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Dec 22, 2017 23:16
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This is great
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Dec 22, 2017 23:21
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PerrineClostermann posted:This is great lol @ "all my cotton's egypted" edit: holy poo poo it's Reason, this is maybe the first time a libertarian has been intentionally funny Happy_Misanthrope fucked around with this message at 23:52 on Dec 22, 2017 |
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Dec 22, 2017 23:50
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two fans like a chargers game
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Dec 23, 2017 00:06
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divabot posted:Solving the path-finding problem, btw, is unsolved computer science. Can't wait for bang paths to make a triumphant comeback.
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Dec 23, 2017 00:16
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I wonder if these are going out around the "industry"quote:Hello David,
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Dec 23, 2017 02:06
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BitPay? I am the Bit Boy, very good
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Dec 23, 2017 02:14
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$100 minimum value transaction $50 fee ~2 days to clear That's a drat convenient currency right there. It's been said before, but with the network this crippled it's hard to imagine the new-wave of people getting the buzz sticking this dip out.
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Dec 23, 2017 02:21
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I don't understand how bitcoin is surviving with those kind of transaction fees. Why haven't folks jumped ship to other currencies?
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Dec 23, 2017 02:51
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Nitrousoxide posted:I don't understand how bitcoin is surviving with those kind of transaction fees. Why haven't folks jumped ship to other currencies? Bitcoin was initially promoted as a payment network, but it's not really used as a payment network. Those fees don't affect you if you are just trading one coin for another internally on an exchange, or if you are eternally hodling. It's useless for normal people, but normal people were never the target market.
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Dec 23, 2017 02:54
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Paul MaudDib posted:Can't wait for bang paths to make a triumphant comeback. I actually went to Google Plus, which seems to be social networking for old geeks, to ask about this. Yep, nobody has solved this problem better than "everyone gets a complete map of the network", and everyone moved to DNS on a proper Internet as soon as possible. LN seems to be a silly idea someone mooted, and Blockstream, desperate for something anything to make bitcoin scale, latched onto it. It can't possibly work economically even if they make it work technically. As far as I can tell, they literally don't have an economic plan or vision of how the eventual LN will work in real life.
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Dec 23, 2017 02:55
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divabot posted:I actually went to Google Plus, which seems to be social networking for old geeks, to ask about this. Yep, nobody has solved this problem better than "everyone gets a complete map of the network", and everyone moved to DNS on a proper Internet as soon as possible. I wasn't joking. The best solution is to give a known-good path from you to some well-known backbone node. This is also basically what BGP does - the backbone providers all tell each other who they can talk with and what IPs are on their network. This is definitely not a trustless model and broadcasting a bad BGP route has been known to gently caress up the internet hard on occasion. Failure modes like "a couple terabits of traffic do a loop-de-loop and a chunk of a country drops offline". A lot of the internet infrastructure is actually ad-hoc solutions that have been quasi-formalized and very much depend on everyone (or at least key nodes) not to poo poo everything up for each other. For that matter so is bitcoin, I think at one point (and possibly still) the nodes advertise their existence to each other in an IRC channel. Wouldn't be surprised to see that approach replicated here. Paul MaudDib fucked around with this message at 07:13 on Dec 23, 2017 |
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Dec 23, 2017 02:59
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Merry Cryptsmas and Happy HODLidays
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Dec 23, 2017 03:44
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Facebook Aunt posted:Bitcoin was initially promoted as a payment network, but it's not really used as a payment network. Those fees don't affect you if you are just trading one coin for another internally on an exchange, or if you are eternally hodling. Do exchanges just not write their transactions to the blockchain unless people cash in or out of them entirely? Otherwise they couldn't avoid the fees either.
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Dec 23, 2017 11:35
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Nitrousoxide posted:Do exchanges just not write their transactions to the blockchain unless people cash in or out of them entirely? Otherwise they couldn't avoid the fees either. Correct, they do everything off the blockchain until you cash out, and they can amortize transaction costs a bit by using one transaction to send to a lot of addresses. It still costs a lot of money, but less than sending N individual transaction. (which is why you're not supposed to keep money in exchanges, they're not your butts until they're in your wallet instead of the exchange's wallet)
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Dec 23, 2017 11:43
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Nicehash added 50% more hashing power into ETN, payouts are down 
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Dec 23, 2017 15:10
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Clearly this is a great time to get in on mining, so I set the 1080 to 65% TDP limit and installed Winminer with the idea to let it do what it wanted with the computer while I'm at my parents' place over christmas, but alas, it says there's a waiting time to get in. Ah well. I left it and see if it gets going. I looked into other alternatives including more ordinary pools but winminer still seems like the best option because as far as I can tell you can use it without actually touching the poop directly - they claim you can cash out directly from winminer to PayPal, so I don't have to gently caress around with wallets or bitcoin transaction fees or crypto exchange transfers that will cause my bank to flag my account for suspicious behaviour. Getting my paypal account closed is no huge deal, if it comes to that.
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Dec 23, 2017 16:05
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I’ve got 3 1070s now; NiceHash is showing $12.94 daily. Long as they don’t get hacked more than every 12 days (about how long it will take to hit 0.01BTC to get a payout) I’ll be good.
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Dec 23, 2017 20:55
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I ended up switching from Winminer back to Nicehash because it's making a lot more, other than with my RX580 rig which for some reason isn't recognized by Nicehash even after reinstalling the driver. EDIT: I guess there are some issues with the latest AMD driver and Nicehash, rolled back to 17.10.1 and now it works. MaxxBot fucked around with this message at 23:49 on Dec 23, 2017 |
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Dec 23, 2017 22:49
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MaxxBot posted:I'm not sure what you're referring to with the waiting time, try going to settings -> mode and change it to manual and then hit the start button if it's not starting up for you. 
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Dec 23, 2017 22:56
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Nicehash consistently shows higher values, but don’t the transaction fees eat up that and more? I used it for a day and figured I wasted my time and should use Winminer instead.
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Dec 23, 2017 23:26
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The ability to cash out directly in gift cards sounds pretty nice. Right now transaction fees are a big issue, MiningPoolHub just jumped their withdraw fees a whole bunch to deal with it and I'm sure other pools are going to follow suit (and/or increase minimum withdrawals as well). I cashed out from them yesterday so I timed it right, lol. A withdrawal I did from another pool yesterday cost them 0.002 BTC in fees... so roughly $28 to process my withdrawal. And that wasn't even one of those mega-transactions with a billion addresses, that was a transaction for just me, one input and two outputs. Currency of the future. Bitpay (the payment processor behind most sites that accept BTC including those gift-card sites) is adding the ability to pay in altcoins early next year, so hopefully in the future you can withdraw in LTC or something. I pulled my money out of the pools I've been using and I'm thinking pretty heavily about cashing out in case this thing dead-cat bounces and dives again. Bitcoin is poo poo and it seems like the transaction issues are coming to a head. Too bad transaction fees are going to eat a huge chunk of it anyway though. Paul MaudDib fucked around with this message at 00:21 on Dec 24, 2017 |
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Dec 24, 2017 00:09
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The fees will go down once the backlog is cleared imo. The transactions per second has doubled twice in the last two days, and this has happened before. I have no way of knowing if this one is too much to handle but one way or another that transaction count will go down
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Dec 24, 2017 00:29
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I pay 1-2% miner fees, 1-2% pool fees, 0.2% to convert to btc on an exchange, 0.2% to convert to eth, and then a transaction to cold storage so probably $1, then again to an exchange I convert into cash to withdraw. It ends up being under 4% cumulative
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Dec 24, 2017 01:10
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Risky Bisquick posted:I pay 1-2% miner fees, 1-2% pool fees, 0.2% to convert to btc on an exchange, 0.2% to convert to eth, and then a transaction to cold storage so probably $1, then again to an exchange I convert into cash to withdraw. It ends up being under 4% cumulative Sure but at least you’re helping create the currency of the future, instead of acquiescing to VISA’s oppressive regime Fight the good fight, good fellow
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Dec 24, 2017 01:16
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1gnoirents posted:The fees will go down once the backlog is cleared imo. The transactions per second has doubled twice in the last two days, and this has happened before. I have no way of knowing if this one is too much to handle but one way or another that transaction count will go down Transactions per second is a function of block size, it's roughly 3-8 transactions per second depending on how big the transactions are. Unless you change the block size, it's a simple function of how fast blocks are getting found on average. Yeah, I guess it's dropping somewhat. Down from 290K over the last couple days to 220k right now. There is a sharp gradient you hit when the block fills up, as people start competing on fees to get their transactions processed. That's another obstacle to cashing out in an emergency - transaction fees are going to go through the roof.
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Dec 24, 2017 02:36
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Cryptocurrency doesn't make sense in both theory and practice? 
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Dec 24, 2017 02:40
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Currency of the future https://www.reddit.com/r/Bitcoin/comments/7lrpcq/my_low_fee_transaction_was_rejected_by_the/ Just delete your mempool grandma and redownload the thing
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Dec 24, 2017 03:55
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Also, anyone running back to Nicehash should read their payment schedule veeeery carefully: they're only paying out to external wallets at 0.1 BTC right now: https://www.nicehash.com/help/when-and-how-do-you-get-paid In true bitcoin fashion, this is of course buried at the bottom and was 100% not mentioned at all anywhere in their re-launch messaging, because lol at setting the minimum payout to like $1500 (or $1200 or $1600 or...) cstine fucked around with this message at 05:26 on Dec 24, 2017 |
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Dec 24, 2017 05:20
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cstine posted:Also, anyone running back to Nicehash should read their payment schedule veeeery carefully: they're only paying out to external wallets at 0.1 BTC right now: https://www.nicehash.com/help/when-and-how-do-you-get-paid Hahaha what
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Dec 24, 2017 05:46
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cstine posted:Also, anyone running back to Nicehash should read their payment schedule veeeery carefully: they're only paying out to external wallets at 0.1 BTC right now: https://www.nicehash.com/help/when-and-how-do-you-get-paid
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Dec 24, 2017 06:18
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Well... that’s not very nice!
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Dec 24, 2017 06:50
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Thats daily. Weekly is still the same. All those numbers are the same I believe
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Dec 24, 2017 06:54
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It does say they are working on implementing cashing out in other coins to be fair. And with 50 dollar transaction fees it's not like they can let people cash out at 15 dollars.
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Dec 24, 2017 06:55
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