Bitcoin user spends $3.1M on txn fee, Wallet of Satoshi vanishes, Jim Cramer wrong about BTC

One Bitcoin user was anything but Thankful yesterday after they managed to Pay a $3.1 million fee for one Transaction good morning you're Listening to the ryzen crypto podcast by Coin Telegraph with me Robert bags Steering you through the crypto Cosmos With daily dispatches from the digital Frontier if you want to stay ahead of The curving crypto you better make sure You click that follow button okay grab Yourself a coffee let's get into It I hope you folks in the US had a lovely Thanksgiving and I hope you aren't Emptying your coffers on Black Friday Here is a rundown of everything we're Going to discuss today a Bitcoin user Spends $3.1 million on a single Transaction fee stable coins will remain Indispensable under Argentina's new President South Korea plans a pilot for Its cbdc next year the wallet of Satoshi App vanishes for us users and Jim Kramer Admits he's wrong on Bitcoin I tell you what there is Certainly one Bitcoin user who won't Feel like going on a spending spree this Black Friday so yesterday a Bitcoin user Paid 83.7 Bitcoin in a transaction fee For the transfer of 139.26 one million on a Bitcoin Transaction and somehow that's only the Eighth highest in bitcoin's 14-year

History the user tried to transfer 139.26 point7 Bitcoin transaction fee The recipient netted only only 55.77 Bitcoin that's the first and last time I Will refer to 55 Bitcoin as only there Were rumors as to what happened here With one Theory garnering the most Support an error involving replace by Fee known as RBF okay so what's RBF when The Bitcoin network is busy transaction Fees are higher yes but it's also slower To process these transactions RBF is a Way of jumping the queue and announcing That you're willing to pay more for the Transaction if it can be prioritized the Network will then r replace your Original transaction fee with a higher One as the miners get the transaction Fee naturally they will try to grab the Transactions with the highest fee and so You get processed quicker so the theory Is this the user put in the transfer for [Music] 139.26 the fee was essentially Snowballing every time they replaced it The RBF history shows that the last Replacement added 12.5 Bitcoin about $500,000 in fees something similar to This has happened in the past with one Instance as recent as this September the Bitcoin exchange paos accidentally sent $500,000 as the transaction fee for just A $2,000 Bitcoin transfer on that Occasion paxos got very lucky indeed as

The F2 pool Miner who verified the Transaction ction and got the cool half A million as a thank you returned it to Paxos so you might wonder if ant Paul The processor of this 3.1 million Transaction might return it to the Likely distraught user well we don't Know yet but I would love to have heard That user's answer to what they are Thankful for Yesterday next up we are on our way back To Argentina on Monday's episode I took A look at Javier M winning the Presidency and why it might be important To crypto the long and short of it is That inflation has gone out of control With an over 140% increase in annual Inflation in the last 12 months in case You missed Monday's episode I will Reiterate what Alfonso Martell seard Head of compliance and AML at the Argentinian crypto exchange lemon cash Said you can walk up to any Argentinian Person and ask how many pesos to a Dollar and they'll know as crypto Adoption has grown lots of people here Will now get their paycheck and Immediately put it into usdt or usdc so This story is about stable coins in Argentina again and the faith in these Stable coins has been echoed by the CEO Of Argentinian crypto exchange ripio the CEO Sebastian Serrano a former economics Professor said that the Argentinian

Crypto Community has responded Enthusiastically to mle's election I Suspect because of M's appreciation of Bitcoin and likely stable coins ripio Saw a 180% rise in new users in October And 110% week on- week increase in new Users up to the 19th of November and It's stable coins that appear to be Driving this adoption Serrano said with The difficulties in accessing both Bank Notes and Bank dollars stable coins have Become indispensable for many companies And individuals if we move towards Dollarization or B monetarism but with Less accessibility to Dollars stable Coins will continue to become more and More important mle has suggested in the Past that he will eliminate the Central Bank of Argentina though Serrano would Prefer it fixed or replaced whatever the Case stable coins have become an Integral part of daily life in Argent Container and the adoption levels are Just going up and up it was our writer Derek Anderson who wrote this pace up And so I wanted to get his thoughts on The situation with melee and Krypto the Argentine president-elect is a colorful Guy he has that demagogic hair and Dramatic way of speaking and when he was Running he had lots of loud opinions he Was critical of China and bricks and the Argentine Central Bank and plenty more Now he's answerable for what he said

China is a major trading partner of Argentina and Malay would prefer for it To remain that way so he's been Backpedaling Mr Serrano was talking About how crypto especially stable coin Is becoming ingrained in Argentina's Economic life and it will only be Getting stronger at this point but we're Still glad Malay is pro Crypto okay speaking of countes leaning More into crypto David Atley wrote an Article yesterday on South Korea's cbdc Central Bank digital currency pilot the Bank of Korea South Korea's Central Bank Has said it will invite a 100,000 Korean Citizens into the digital currency pilot Program the testing phase will begin Around September to October 2024 and Then it will last for 3 months during This pilot Korean citizens will be asked To purchase Goods with the tokens but Will not be able to store them exchange Them or send them to other users the Beta phase of the cbdc is primarily to Evaluate the feasibility and Effectiveness of a digital currency Interestingly the pilot will include Private Banks and public institutions While the bank for international Settlements known as bis will provide Technical support B is helping to push Cbdc adoption globally as Atley writes In this piece it is helping the Swiss National Bank to develop a wholesale

Cbdc as well as assisting in building a Joint platform with the Sentry monetary Authorities of China Hong Kong Thailand And the United Arab Emirates it's also Developing a proof of concept for a Transactions tracker with the European Central Bank among numerous other Projects cbdcs are a contentious subject In crypto and I'm generally one of the People that are suspicious of them Although cbdcs gain the benefits of Digital money they lose one of the Largest USPS decentralization among a Multitude of other drawbacks but I'll Leave it to the financial experts to Dismantle that Concept on Tuesday I went through a new Class action lawsuit that's been filed Against apple and claims Apple has Restricted peer-to-peer cryptotech and Payments on iOS devices affecting apps Such as PayPal's venmo and blocks cash App it was said that Apple entered into An anti-competitive agreement with PayPal and block Apple has been Infamously difficult for crypto and Blockchain apps on its App Store and Ones that managed to get past the Gatekeepers were met with the 30% Apple Tax on inapp payments now the most Popular lightning payments app and one Of the most popular crypto apps on Apple Wallet of Satoshi has disappeared from Both Apple and Google Us app stores

Sparking more speculation yesterday Martin Young wrote a piece about the Influx of wallet of Satoshi users that Had taken to X to complain that the app Had banished from App Stores with the Rumor being that it had been banned in The US so although it had been removed From the Apple App Store it had also Been removed from Google Play but in Both instances it was only in the US Users in Australia and other countries Were still able to see it and download It it's pretty uncomfortable timing for This too because wallet of Satoshi has Had a billboard month and has been on Pace to process over 1.1 million Lightning payments in November alone According to Kevin Rook so it's Undoubtedly a real hit for the app but Was it banned well wallet of Satoshi has Finally tweeted about the situation and Although the app isn't banned they said We've made the difficult decision to Remove our app from the US Apple and Google App Stores and will not serve us Customers going forward the implication From this tweet is a familiar one the US Is not a safe or stable place to build a Crypto business well if Satoshi did say That we're hopeful that future Developments will allow us to revisit And possibly resume our operations in The US if you are a US user with funds On the app do not panic you have full

Access to your crypto and can transfer It to another wallet but that's it more Or less it's a shame that the US isn't The Hub it could be for crypto Innovation and that so many promising And successful companies have to move Abroad to function so what do you make Of this tweet @ cointelegraph or me on Arc bags with your Thoughts Jim Kramer has admitted he was Wrong about Bitcoin last year and I'm as Pleased as Michael was when Kramer Upgraded the Bluth company to don't buy This week Kramer's CNBC show Mad Money Received a call about buying shares in The Bitcoin mining firm cleanspark which Prompted Kramer to discuss Bitcoin Kramer gets a bit of a bad RP when it Comes to crypto but he has made some Spectacularly poor calls in July 2022 Kramer said of crypto there's no real Value there this came after Kramer said He was a believer in ethereum and Predicted eth could see a 35 to 40% Return in the near future when he said This ethereum was at $3,000 these Predictions spawned several parody Twi Accounts that essentially recommend Doing the opposite of whatever Kramer Recommends still on the show this week He did admit fault kind of on advising People to empty their crypto coffers Last year he said look if you like Bitcoin buy Bitcoin that has always been

My view and for a while I liked it and I Decided that money had been made but I Was premature so what was he premature About which suggests he'll be right Eventually by the way well on the 5th of December 20122 on a now Infamous episode Of his show Kramer made headlines and Irked vast sedes of the crypto Community By saying that investors in Bitcoin and Crypto in general should sell no matter The loss you make because it's and I Quote never too late to sell an awful Position I needn't highlight the issue Here but for the sake of clarity since That 5th of December show last year Bitcoin has well over doubled in price So the real fear here is that Kramer Goes on to recommend Bitcoin okay it's time for the speed Round there is a brilliant long read Feature by Michael toone called Bitcoin Super cycle 2024 is this the cycle to End them all this piece is way too long For me to do justice to in this podcast And so you should definitely give it a Read the insightful article discusses Crypto Cycles the markets and Predictions for the future including That of Bitcoin educator Dan held who in 2020 predicted a Bitcoin super cycle due To network adoption and scarcity from Harving so if you want to feel good About 2024 I have linked this article in The show

Notes I'm loving those speed rounds okay That is it for today consider yourself Informed thank you for listening to the Ryzen crypto podcast by cointelegraph if You're enjoying these daily updates Please make sure you let us know by Following subscribing or leaving a Review have a great great Black Friday Let's do this again [Music] Monday