Oddbean new post about | logout
 OKX spent $18,000,000 in transaction fees consolidating UTXOs yesterday and they likely could have accomplished their goal for under $1,000,000 if they had been more prudent. 😬 
 wow 
 Soon we'll have consolidation firms for UTXOs in the same way we do for debt 
 How would that work? 
 It was mostly a joke, but, I can imagine an agency that fronts consolidated capital (at a discount) in exchange for directly taking possession of the private keys. 

Fully trusted of course. This would probably only be in the realm of large corporations 
 Or, "why was time of the essence to this particular exchange"? 
 That sounds like the good start to a pitch. 
 Do I get a prize for guessing $21M ? 😂  
 While this case seems exceedingly stupid, I'm still fascinated by the idea that bitcoin creates its own demand for block space through the need for consolidation. Rational consolidators are buyers of last resort, ensuring miners will always have a reward to compete for. 
 While this case seems exceedingly stupid, I'm still fascinated by the idea that bitcoin creates its own demand for block space through the need for consolidation. Rational consolidators are buyers of last resort, ensuring miners will always have a reward to compete for. 
 Why? 😳 
 They said their engineers were testing a new script. Apparently they didn't test their fee estimation to prevent bidding against themselves. 
 😅 
 Bitcoin: making the dumb tax great again 
 FAFO 😂 
 and now we can imagine how the other decisions are made at this company... 
 254 BTC in fees