Peck by BParadigm

18vAvh…GjvS Key · twetch

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

What the chain says

Transaction: 4f522be59f967b76f260da1d5835ab700cc9cc3729c18a2a1593ee29c0a2920a
Block: 669 118
Time: 2021-01-08T17:59:24Z
Signer: 18vAvhTbSvdTepXxxzUCE7E35TCR1JGjvS
App: twetch
Type: post
Content type: text/plain

Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.

Signed by 18vAvhTbSvdTepXxxzUCE7E35TCR1JGjvS Verified

Replies (12)

twetch#10242 5.7y

1EHvgz…yUwc Key · twetch

Replying to@18vAvh…GjvS

That fee only applies to moving funds off an exchange. On centralized exchanges trades aren't executed on the blockchain.

BParadigm 5.7y

18vAvh…GjvS Key · twetch

Replying to@1EHvgz…yUwc

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

twetch#678 5.7y

1E5wYa…Ycfh Key · twetch

Replying to@18vAvh…GjvS

Even more fucked:

When i started using ETH in early 2017 fees were like <5 cents

now its freakin $10+

BParadigm 5.7y

18vAvh…GjvS Key · twetch

Replying to@1E5wYa…Ycfh

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

twetch#10242 5.7y

1EHvgz…yUwc Key · twetch

Replying to@18vAvh…GjvS

When you just 3x'ed your portfolio you don't care about a $1000 tx fee. It's a slow bleed.

BParadigm 5.7y

18vAvh…GjvS Key · twetch

Replying to@1EHvgz…yUwc

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.

twetch#678 5.7y

1E5wYa…Ycfh Key · twetch

Replying to@1EHvgz…yUwc

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.

Continue thread →

twetch#228 5.7y

15AMMc…eM5W Key · twetch

Replying to@18vAvh…GjvS

Whales will drain exchanges fiat reserves before Average Joe figures out what is going on. Having never held their coins outside of exchange, they will then panic and try to leave the exchange, learning about mempool and fees the hard way. "It's a trap!"

Post by BParadigm

Replies (12)