Mixing in whirlpool and how bullish are you for the future of bitcoin
752 sats \ 7 comments \ @wingalt 1 Oct 2023 bitcoin
While the Mempool seems to finally clear the topic of high transaction fee is always in the mind of long-term bitcoin users. Combining UTXOs makes transactions even more expensive so UTXO consolidation and storing coins in decent sizes would make sense.
Whirlpool cost can add up so when trying to mix your coins and minimise cost, what is your favourite whirlpool size, are you very bullish on bitcoin and think the 100k pool will provide an adequate purchasing power in the future? Are you fans of the biggest pools or is the 1M pool the sweet spot?
Happy to hear about your views and thought process
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442 sats \ 3 replies \ @2bithits 1 Oct 2023
I think the 100k should be increased or shut down. Some of us are mixing into cold storage that won't be touched for many years. Fees will eat a large chunk of a 100k UTXO in a decade or so.
I also think they should use join market with the "toxic change". But I hear they are doing something about that. Should be out by the end of the year.
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0 sats \ 2 replies \ @shyfire 1 Oct 2023
Yeah in the bull scenario the 100k pool will be shut down. It has its uses for now though.
Min cold storage UTXO size of 1M sats is a pretty robust heuristic I think
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0 sats \ 1 reply \ @wingalt OP 1 Oct 2023
Sometimes the 1M feels a bit small while the 5 M is kind of big so yeah the sweet spot in that 1-3 M range
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1 sat \ 0 replies \ @2bithits 1 Oct 2023
Yes
& a BIG difference between 5m sats & 50m!
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442 sats \ 1 reply \ @nullcount 1 Oct 2023
Consolidate UTXOs by opening large LN channels with them :)
It will makes your future spending largely unaffected by mempool fees.
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0 sats \ 0 replies \ @wingalt OP 1 Oct 2023
Excellent idea with LN channels, killing two birds with one stone!
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0 sats \ 0 replies \ @fred 1 Oct 2023
I don't know more on mempool and would appreciate a link or video to learn from
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