I have a wallet that has several hundred small amounts residing at multiple addresses. I noticed yesterday that, when sending a relatively small amount to a third party that the bitcoind „swept” about 47 of those small amounts together as
vin amounts and generated two
vout destinations; 1 is the third party, the second is a new address in the wallet (a change address).
What surprised me is that, rather than assembling only the number of fragments necessary for the transfer (plus fee), it swept many of the fragments together to generate a much larger than necessary change transfer.
To give some specifics but to keep it simple:
- I initiated a
sendtoaddressvia the cli. The amount transferred was 0.004 BTC
- Bitcoind used some 47 existing fragments as vin, generating a total value of 0.08+ BTC
Is there any way, aside from manually generating a raw transaction (which I can do, but I prefer not to when I can avoid it since a simple error can result in inadvertently generating a large fee amount… 🙂 ) to force
sendtoaddress to assemble only the minimal pieces needed?
Bitcoin would „surprise” the stock-to-flow creator if it fails to return to its forecast trajectory, with three years still to go until crunch time.
Bitcoin (BTC) can still hit an average price of $288,000 in the next three years, confident analyst PlanB has said after BTC/USD shed 7% on June 12.
In a tweet on Saturday, the creator of the popular stock-to-flow Bitcoin price models cast aside doubts over the Bitcoin bull run continuing.
PlanB: Business as usual for BTC
Alongside a chart describing Bitcoin as „going for gold,” PlanB was characteristically cool about Bitcoin’s recent progress despite a failure to break out above $40,000.
As Cointelegraph reported, concerns from traders and external sources alike have been mounting over the past week, these centering on a possible deeper BTC price correction.
„$288K still in play,” PlanB retorted.
„It would really surprise me if bitcoin would not touch the black S2FX model line this phase. Regardless of current volatility, yellow green and blue dots will be (much) higher than red orange dots.”
Such „surprise” would provide a serious test for the model, which has so far charted Bitcoin’s growth with unique precision.
The $288,000 price tag refers to an average value called for by the Stock-to-Flow Cross-Asset (S2FX) iteration, while a previous version requires a more modest $100,000 average. Both are based on the current halving cycle, a four-year period between block subsidy halvings due to end in April 2024.
Earlier, Cointelegraph noted that spot price deviation from S2F readings has reached levels which normally see a rebound and a new all-time high.
In additional comments, PlanB noted that 2021 really did fit with behavior from other all-time high years — 2013 and 2017 — further quashing suggestions that Bitcoin is facing serious problems.
„Deviation is not much different from 2013 (S2F ~10) or 2017 (S2F ~25), just the usual inertia after a halving,” he told Twitter users.
Bitcoin has a „bullish ace up its sleeve”
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has added to the upbeat mood over the power of the halvings.
On Saturday, he described Bitcoin’s declining supply as a „bullish ace” for the largest cryptocurrency which can naturally boost price.
„Bitcoin $100,000 Has Bullish Ace Up Its Sleeve: Declining Supply — This year follows a cut in Bitcoin supply, making the price more likely to appreciate if past patterns hold,” he summarized.
His bullishness comes as Taproot, described as the most important Bitcoin network upgrade in four years, is locked in for activation by nodes.
Due in November, Taproot provides a host of improvements which will, among other things, make it cheaper to use some key features such as multisignature transactions.
Exploring the world of crypto can be an exciting journey. Aside from the thrill that price and value changes bring, there is also one noticeable aspect of the ecosystem that many users come across. It’s called mining – an activity that embodies the full potential of the crypto industry. In this article, you will get
The financial situation for Banks that have their eye on crypto may have just taken a sharp turn, as the Swiss financial committee says banks should set aside money to protect investors from losses incurred in cryptocurrency holdings. Banks ‘Under Siege’ A committee centered in Basel, made up of a group of financial watchdogs globally,
As if MicroStrategy did not already own a ton of bitcoin, the software firm with stock shares trading for nearly $500 at the time of writing has announced it is looking to sell approximately $400 million worth of company debt so it can purchase more BTC units. MicroStrategy Is Looking to Buy More BTC At…
The post MicroStrategy Plans Another BTC Purchase Nearing $500 Million appeared first on Live Bitcoin News.
Do you feel like it’s been a while since something big happened? In our latest report, we’ll be recapping some things that occurred recently and are worthy of your attention. But first and foremost, the numbers.
Total May 2021 revenue: €1,635,016
May 2021 Revenue share: €163,502
Share per 100 CPAY: €0.181
Distribution date: June 10th, 2021
May 2021 Revenue share in ETH: 78.7845 ETH
The last month has been… interesting.
First of all, Bitcoin is down 41% in comparison with early May, which might not have entirely escaped you, even if you don’t have any stake in the business whatsoever (who knows, maybe you’re more of a Doge person). The coin currently trades at just above $34k.
The fall from grace can finally be attributed to 2 very specific reasons. One of them being the Chinese government cracking down on crypto, and the other, unexpectedly, Elon Musk — the very catalyst behind the newfound crypto boom. Well, at least up until recently.
At the moment, some 75% of the world’s bitcoin mining happens in China due to its cheap electricity, which, of course, can’t be good for the environment. Purely political aspects aside, this goes against the ambition of the government to make China carbon-neutral by 2060, and so it’s “clamping down on bitcoin mining and trading activity”.
As regards Mr Musk, he seems to be flip-flopping all over the place as Tesla will no longer accept Bitcoin as payment for its cars, citing, again, climate change concerns as the reason. Fair enough, but still, a nasty shock for a casual investor engaging in some cheeky momentum trading. So much so that some investors actually plead with Mr Musk to stop tweeting.
Amidst the kerfuffle, Ethereum is getting ready for a transition to a Proof-Of-Stake consensus mechanism, which promises a more scalable, secure and sustainable future. According to some estimates, a PoS Ethereum will consume at least 99.5% less energy.
‘At the beginning, I thought we might do a blockchain in three months… but we found out that it takes 18 months to finish,’ shares Ethereum’s creator and co-founder Vitalik Buterin. ‘We thought it would take one year to do the Proof-of-Stake, but it actually takes six years.’ Boy, can we relate.
Despite a significant increase in revenue in May 2021, most products showed similar results comparing with April. However, both Exchange operations (Wallet) and the EEA card programme managed to outperform themselves. The Wallet owes its success to an increased volume of transactions made by several large retail customers, while the card programme is continuing with its organic growth.
The B2B, card deposits and bank transfers remained practically at the same level, with the latter showing moderate organic growth as well, which can also be said about B2C as a whole: at this stage, it’s still largely organic and spontaneous.
We’ve just started applying major changes to the product and our marketing approach and thus should reap what we sow towards the end of the summer. Have a lovely end of the week!