How does it make you feel knowing that over half of the current bitcoin UTXOs are worth 1,000 sats or less?
Discussion
Yikes? 😳 Gonna stay stuck there forever as fees go up?
At what price does the dust limit get adjusted downwards?
Apparently they’re already talking about removing it from core.
CAN THIS NOT BE SOLVED TECHNOLOGICALLY SOMEHOW? EVENTUALLY?
No. There’s limited block space and enough demand for it, that many of these UTXOs will just be abandoned in the future. No way around it.
Solved? This flaw is intentional!
#hijackingbitcoin
🤯
such a bummer
Sad for the poor fuckers if they done consolidate in time
Surprising but Good !
Now assume 1M USD BTC - a 1000 sat UTXO is worth 1/ 100,000 of a million USD = 10 bucks
We want billions of people to have 10 USD (equivalent) - this can only happen if money is more evenly distributed - from the banks and major institutions to the plebs (billions of them)
A low median UTXO value is evidence that Bitcoin is redistributing wealth - it is a good thing !
And a fee rate of 10sat/vb renders all these UTXOs worthless
Correct - It is part of a leaning process - but a reducing median sats ownership is a good sign.
Smaller sat balances belong on L2 - but a claim to 1000 sats is fundamentally good.
It is merely that L1 is not designed to scale - hence need for L2+
This is why the sweet UX of consolidating UTXOs on Bitkey is great for newbs nice work nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m & team
Just use a coin that works. #hijackingbitcoin
Custodians and L2s are the future I guess 🤷🏻
Why would you even entertain this idea?
TX fees will force them to consolidate.
Surprising.. Love your visuals btw
😳
Yeah, it's called dust. 😉
What are the optimal minimum and maximum UTXO sizes in your opinion? TIA
IMO 1,000,000 (0.01 BTC) sats is the lowest I'd have for long term hodling
Que te parece ese dato nostr:nprofile1qqszfcmuredsezagmh382j70l33mtv5elqrylrae9z70x9decjt97wcppemhxue69uhkummn9ekx7mp0qyg8wumn8ghj7mn0wd68ytnddakj7q2fwaen5te0v3hrxc350ymhxcn0xd6nwmrjde3k2ettwvm8jvm4v34xy6npx56hydtnd5mkkvmnxge8zmm4d5ehqdtex5mx7dnfvshx7mnfdahr5dpcxcuj7h946jj?
Sounds like dust. It will cost almost that in fees to move.
Leave while you still can!
Like I've managed my UTXOs 1,000,000% better than a ton of folks lol
The problem starts with the people not knowing about UTXO‘s
Wait long enough, and that dust will become rocks you can move. Sedimentation will happen.
How so?
in the future with dust uxto's unable to move due to tx fees
I wonder if Bitcoin banks will still allow borrowing against them??
nostr:note1qfhtalm64g7l63kf9q6fe62k3aj9frpnfrs9j3ffa4crndcta4hsklxdrd
If energy is free the cost of a transaction could be reduced to an extent that dust becomes spendable. If the dollar hits sat parity +-10 years from now miners would happily accept 50 sats to move a thousand. Many of those wallets might be lost after being emptied and keys discarded in the pre segwit days.
It’s not a function of energy cost, it’s a function of block space demand.
Understood, I happen to think that countries and institutions with large trade deals will use secondary layers to settle back and forth and that there will still be times of the year when the network demand slows down sufficiently to freely move some of those dusty sats.
I doubt it but we’ll see.
You are probably right. I just always want to add ideas to the fray. Contrarian thoughts help improve existing theories.
Check this out.