None of the new BTC boosters seem to understand if BTC crashes, the transaction fee to sell would skyrocket. Perhaps over $1000 for a time.
Whether that is sufficient incentive for those who earn fee revenue to create a panic is worth considering
Post by twetch#10242
That fee only applies to moving funds off an exchange. On centralized exchanges trades aren't executed on the blockchain.
What the chain says
- Block
- 669 161
- Time
- 2021-01-09T00:00:24Z
- Signer
- 1EHvgzRwLh2kQZfv3oxnYre6i4GYw2yUwc
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#10242
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1EHvgzRwLh2kQZfv3oxnYre6i4GYw2yUwc VerifiedReplies (10)
0.50 to $12 during orderly market
"Settlement layer" lol
People misunderstand liquidity.
The only time BTC's liquidity was lightly tested was 12/17 and it failed.
Wait for next test
BitInfoCharts Bitcoin Avg. Transaction Fee Chart Bitcoin Average transaction fee, USD Chart Even more fucked:
When i started using ETH in early 2017 fees were like <5 cents
now its freakin $10+
Another thing is, about on-exchange,
If there is a panic, first will be the house book cleaned up, then any institutions will be allowed to front-run, then the whales, then the regular folks.
These aren't the Nasdaq. no rules
When you just 3x'ed your portfolio you don't care about a $1000 tx fee. It's a slow bleed.
It's a matter of expectations and opinion, I suppose.
With this rally, I think we shall see a real test of BTC's liquidity within months if not weeks.
how about when you withdraw but the network is congested and your magic beans get stuck in cyberspace until the exchange can bother to rebroadcast?
Happened to me. Took like 2 months. 21 ETH. Not fun.
yeah that's rough. I tinkered with the exchanges and networks a bit a while back. I never used enough $ that to worry about.
In the past, I've spent years messing in the wildest markets I could find. That's my frame of reference. I've lived bad stuff