group-tokenization VS mempool

I think BCH has potential to bring me way more than x2 x3 BTC can, which is why my BCH bags are bigger and I'm working hard on actually doing something to help move the needle. I expect the gains from BCH to be worth all my time and energy spent on this. BCH is also an instance of Bitcoin, the invention, one that may live up to the P2P potential, but as we have seen in 2017, that's not been enough to claim THE "Bitcoin" title, not as the invention, but a particular implementation of the invention that got the most market cap. Nothing is forever, and success of one doesn't preclude success of the other. If we grow big, the name won't matter. I like cash, and when I say cash I mean Bitcoin Cash :) Anyway, both blockchains are viable, they exist, they are used in one way or another, and compete with all the other blockchains to take the market cap.

I took over Andrew Stone's work and have been working on Group Tokens for about a year now, and then Jason joined in and now we're gonna push this together!

Thanks to everyone who's interacted with me since then I learned A LOT, and had my mind changed many times, in a good way, about what Group needs to be, not whether it's a good idea or not. I like to believe I did my part in opening people's eyes that it IS a great idea, one that will bring a lot of value to BCH, and through this process we've gotten really close to the idea's final shape! That's how the Group CHIP got to v6.0 and is now titled "Unforgeable Groups", because it's all about enabling something more abstract, generic blockchain "primitives" that can let builders create amazing things, at no additional cost to our network, and allow users easy access to those products through easy "P2PKH" tokens, those that can interact with contracts and be moved around as easy and cheap as BCH!

Hey man, thanks! I think we'll end up merging the 2 proposals, here's a first step in that direction: https://gitlab.com/0353F40E/group-tokenization/-/commit/bf37f2db09d0c2e0e0287d70d8741b1d495d2428

Unforgeable Groups CHIP scope

The latest "Group" proposal (v4.2) is more than just "tokenization". It got simpler and more powerful at the same time. It now enables generic BCH output groups that can be used to create persistent Script covenant contracts that can prove their genuineness. This is something that current contracts cannot do, even with the new Introspection opcodes. Group would make it possible because the groupID is a commitment to the whole genesis transaction, but this is not a post about that.

Will you soon shut up about BCH being shit against "superior chains" when I point you to the CHIPs such as Native Introspection Opcodes, Bigger Script Integers which allows better smart contract functionality coming in 2022, and PMv3 and Group Tokens which allow better token and transaction formats that are coming in 2023?

MAJOR UPDATE - 4.0 Unforgeable Groups for Bitcoin Cash

Here's the latest version of the CHIP: https://gitlab.com/0353F40E/group-tokenization/-/blob/6cc8488e145007f2c34b1a5e39368986430dcfdc/CHIP-2021-02_Group_Tokenization_for_Bitcoin_Cash.md

The submission is a page from r/Buttcoin, a Bitcoin-hater subreddit, with a random screenshot making the $188 for $4.09 complaint.

For those who don't know, Bitcoin on-chain transactions fees are not proportional to the amount sent, and it is common knowledge that $5 on-chain transactions are not practical. There are other solutions for sending smaller amounts.

Fees are currently spiking, but according to mempool.space (as I post this) an average on-chain transaction with ~$10.50 in fees will be confirmed within 30 minutes. See: https://mempool.space for details.

So this is not a very accurate, informative or helpful submission.

That's about 50$? I don't blame them https://mempool.space/

get some theory of mind. you are a person who is willing to pay onchain fees to use your trezor or open a channel. there are people in the world who are not willing to pay these fees and they probably outnumber you. and the plan has been spelled out in plain english a million times. the fees are supposed to go up by design. this means that most people will not self-custody, whether it is legal or not, and even if they would like to.

I’m not an expert so someone smarter than me can clarify, but the high/priority rate is the going rate (estimate) to get confirmed on the next block. Medium is the average rate for those transactions to be confirmed next. You can see current and historical rates at mempool.space.

The current fee to get into next block is about 40 sats/vB.

Check mempool.space for a better idea of how big a fee you need to offer to get into the next block.

The mempool is a bit crowed now. A few weeks ago it was only around 5 - 10 cents, and now it is between 3 and 13 dollars. (yesterday even 25 dollar) If you have a lot of UTXO's it can be very expensive to consolidate them all. In that case I would wait till the mempool is less crowed for lower transaction fees. it is important to understand that whirlpool or wasabi wallet will take many UTXO's (transaction fees) to mix your coins and maybe in the future exchanges don't want to touch your mixed coins. I mixed all my KYC coins as I'm not planning to exchange my bitcoin for fiat via a exchange in the future.