News for hackers. Stuff that matters.

A comment on MicroStrategy Adopts Bitcoin as Primary Treasury Reserve Asset. Parent comment

Re:MicroStrategy Adopts Bitcoin as Primary Treasury Reserve ... by drcode on Tuesday August 11, 2020 @10:58AM (#24120959)
The counterargument to this is that IF people are willing to pay for something, they must care about it. For both Bitcoin and Ethereum, the amount of money people are willing to pay in fees to propagate on the network are extremely high at the moment... so in theory at least, somebody thinks these networks are "worth" using, or they wouldn't spend this money.
[ Parent | on HN ]
Re:MicroStrategy Adopts Bitcoin as Primary Treasury Reserve ... by gruez on Tuesday August 11, 2020 @11:59AM (#24121811)
>For both Bitcoin and Ethereum, the amount of money people are willing to pay in fees to propagate on the network are extremely high at the moment

Just to add here, the transaction fees you have to pay are highly variable, see chart fee chart for the last 30 days[1]. As of this posting the market clearing rate for a typical transaction is about 0.000325 BTC[2], or around $3.73. However, a few hours ago it was as low as 0.000005 BTC for a typical transaction, or around ($0.058).

[1] https://i.imgur.com/FYpGpES.png

[2] a random google search says a typical bitcoin transaction 250 bytes. this is a different unit than the one in the linked chart, which uses satoshis (0.00000001 BTC) per byte.

[ Parent | on HN ]
Re:MicroStrategy Adopts Bitcoin as Primary Treasury Reserve ... by cdiddy2 on Tuesday August 11, 2020 @12:47PM (#24122436)
Ethereum is the one that is generating more fees right now. 3.6M just in fees yesterday

https://coinmetrics.io/charts/#assets=btc,eth_left=FeeTotUSD...

[ Parent | on HN ]
Re:MicroStrategy Adopts Bitcoin as Primary Treasury Reserve ... by cortesoft on Tuesday August 11, 2020 @11:33AM (#24121424)
That isn’t necessarily true... people also buy things if they think OTHER people care about it.... they think someone else will buy it from them later for a higher price.

https://en.wikipedia.org/wiki/Greater_fool_theory

[ Parent | on HN ]