500sat/vb for a transaction? Has the world gone mad?

davis196

hero member

Activity: 3150

Merit: 937

Quote

I hate high fees, I hated them since the first jump I feel like getting robbed every time I have to spend more money to spend my money, when I have to wait to get better rates, I am a merchant obviously biased but there are moments like this when it's not about bias, it's rage!

The volatility of the transaction fees is one of the reasons why Bitcoin isn't suitable as a regular currency accepted by merchants and small businesses. Maybe you shouldn't accept BTC payments for your business. Just wait until the fees decrease and sell your BTC.
Bitcoin has turned into "digital gold" and we have to be patient when dealing with Bitcoins(HODL more and sell less). I also hate all the useless sh*t that has been clogging the BTC blockchain, but we have no choice. Maybe one alternative would be sticking to an altcoin, that has lower transaction fees.

CODE200

sr. member

Activity: 1484

Merit: 323

Don't worry too much about it OP, we're going to see that transactions are going to go down in prices eventually and it's just a temporary thing. Another reason why I'm not worried is because I haven't seen my price goal yet and so far I'm doing just fine with all of this, no worries about the transaction fees going up so high. I do hope though that a fix is due for the network because this can't keep going on like this because people will eventually get to their limit and they don't want anything to do with bitcoin if they're so limited whenever the price pumps to the point that they can't get out the bitcoin that they've hodl for a long time because the fees are about half of what they hodl.

adaseb

legendary

Activity: 3808

Merit: 1723

Why would OKX consolidate their UTXO with a variable fee. Say they got thousands of unspent inputs, why not just create a bunch of transactions and set the fee to 5 sats/vbyte and slowly broadcast these transactions as old ones finally confirm.

Doesn’t make sense to create a bunch of transactions and make the fee variable and pay a low fee for the first batch of transactions and a higher fee for the rest. Some dev messed up in their dept. Unless it’s not the exchange creating this congestion.

dkbit98

legendary

Activity: 2212

Merit: 7064

This time it was OKX exchange that created high fees, but there will always be more events to make mempool stuck, unless developers make some changes in bitcoin protocol.
I would recommend to have smaller amount of coins in second layers when mainchain fees are high, maybe Lightning or Liquid Network that has L-BTC would be a good idea.

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: vapourminer on June 08, 2024, 05:44:26 AM

well if thats not a ringing endorsement for btc i dont know what is lol

Sometimes, it's inevitable. What good do all the strengths and benefits of bitcoin do you if you have to pay $25 in fees to send $20 worth of bitcoin? Imagine the same thing with fiat, and that you have to pay a bill with an additional 100% in fees. You would ask the person if they are out of their mind for asking that.

vapourminer

legendary

Activity: 4354

Merit: 3614

what is this "brake pedal" you speak of?

Quote from: Lucius on June 08, 2024, 04:20:09 AM

[high fees] Regardless of the fact that I'm not a fan of altcoins, I always have a small stock of such coins that have cheap and fast transactions if something like this happens on the blockchain.

well if thats not a ringing endorsement for btc i dont know what is lol

but still, its working withing spec. that may not be convenient but security usually isnt.

PrivacyG

hero member

Activity: 882

Merit: 1873

Crypto Swap Exchange

Quote from: The Hidebehinder on June 07, 2024, 11:41:13 AM

So i need to pay over 500sat/vb to get in the next block?
Who the fuck pays 1000sat/vb, who pays 50$ for a simple tx and who is paying this amount for the last 8 fucking hours?

As bad as it looks, if there were no people paying that much then the Fees would be much lower. But as long as there are people paying that much, there will be high Fees.

I kept bringing up this subject in the past about how the Rich still have so much advantage over Bitcoin. But I suppose there is not much we can do about it with out turning Bitcoin from a totally Free Currency to a Censored version of it. Unfortunately, before a big part of the World is in Bitcoin, the Rich will already have a high position because they will find the opportunities much quicker.

Runes and Ordinals aside, Bitcoin will still have issues every now and then. The higher the usage of Bitcoin is, the more people are waiting for Mempool to clear so they can consolidate. And when that happens, it only clogs it back up. The worst part of this is that we will be forced to do what Lucius said and find other Cryptocurrencies just in case we need to use the Money while the Mempool clears up. But I guess there will be a solution some day to it all.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: The Hidebehinder on June 07, 2024, 11:41:13 AM

~snip~
So i need to pay over 500sat/vb to get in the next block?
Who the fuck pays 1000sat/vb, who pays 50$ for a simple tx and who is paying this amount for the last 8 fucking hours?

They say that in life you have no choice in only two things, the first is that you have to die, and the second is that you have to pay taxes - everything else is a matter of choice. Regardless of the fact that I'm not a fan of altcoins, I always have a small stock of such coins that have cheap and fast transactions if something like this happens on the blockchain.

Quote from: The Hidebehinder on June 07, 2024, 11:41:13 AM

It was ordinals, it was runes, now what it is?
Will we get some breather this year?

For days, the fees were below 10 sat/vB, wasn't that enough for you to breathe easier? Currently, they are even x10 less than they were at the moment when you wrote the post - so my advice to you is not to get too upset if at some point everything looks bad - because the old proverb says that after the rain there is always sunshine Wink

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: taufik123 on June 07, 2024, 01:51:47 PM

is it possible that someday it will not interfere with the main network, or will this continue to happen?

Both Runes and Ordinals are protocols and so-called "tokens" present on the main Bitcoin blockchain. As long as they are and remain on layer 1, and I haven't heard about migration plans to L2, it will continue to be a problem for the main network. Since they are looking for rare and valuable sats on L1, I don't see them going away.

nutildah

legendary

Activity: 3010

Merit: 8114

Miners are slowly crunching through these big ass consolidation transactions. We now see some from 19 hours ago that are ripe for pickup in the next couple blocks as fees have fallen to ~$7.

TL;DR: bitcoin is doing what it is supposed to do just fine.

Quote from: pooya87 on June 07, 2024, 11:18:28 PM

This is why Ordinals and its metastasis including Runes is categorized as an exploit and an attack.

*according to you and you only

Poker Player

legendary

Activity: 1372

Merit: 2017

Better to keep calm. Fees have already dropped to about 100 sats/vByte, and it looks like they will continue to do so. I understand the desperation of the OP, to go to make a transaction and see that it is impossible due to the fees, but we have experienced this before and things are back to normal because fees of 500sats/vB are not sustainable even in the medium term.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: bnbstorm on June 07, 2024, 09:22:36 PM

Rage of NFTs and Tokens on Ethereum blockchain has increased capacity and willingness of users to pay extremely high fee which is now visible on other chains including bitcoin.

The main difference is that what you see on Ethereum which is a token creation platform are indeed tokens but what we see happening in Bitcoin is not. Bitcoin is a payment system and not a token creation platform which means they are not part of the protocol and instead what they call "token" is just arbitrary data.

This is why Ordinals and its metastasis including Runes is categorized as an exploit and an attack.

nutildah

legendary

Activity: 3010

Merit: 8114

Its not Ordinals or Runes. As has been pointed out already, its (still) these poorly-executed consolidation transactions that for whatever reason miners are refusing to pick up, even after 16 hours. Look, these are the current "data" transactions in orange:

They include all Ordinals, Runes & other transaction that make use of SegWit or OP_RETURN.

The big, dark blocks are the consolidation transactions, which all have fees of 106-107 sat/vByte. So in theory they should be picked up shortly, but for whatever reason they are not.

yhiaali3

legendary

Activity: 1848

Merit: 1982

Fully Regulated Crypto Casino

It was ordinals, then runes and then I don't know what, people will never stop inventing such things as long as there are beneficiaries, even if they are a minority and they affect the majority of users they will not care.

Miners are also very happy with such inventions and encourage them and encourage more new inventions which cause congestion and high fees, so this simply won't stop anytime soon.

Perhaps this is the tax of decentralization. You cannot stop people from doing things they want to do, such as paying high fees or inventing tokens, memes, and other things that harm the network as a whole.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: Rruchi man on June 07, 2024, 06:32:28 PM

500sat/VB is a lot, and I will certainly wait it out, but if you are wondering who pays those fees?

By waiting a little hours, there are better fee rates to use.

Now, it is about 116 sat/vbyte. OP can get mempools information from the telegram bot, type fees to get suggested fee rates.
@BitcoinFeesAlert_bot

https://mempool.space/
https://jochen-hoenicke.de/queue/#BTC,1w,weight

After about 9 to 10 hours since the latest peak, mempools give us better fee rates to use but it is still very expensive. I will not move my bitcoin with fee rates about 100 sat/vbyte, that is too expensive and can convert my small bitcoin fund to dust.

bnbstorm

copper member

Activity: 126

Merit: 35

Rage of NFTs and Tokens on Ethereum blockchain has increased capacity and willingness of users to pay extremely high fee which is now visible on other chains including bitcoin.

blckhawk

sr. member

Activity: 1554

Merit: 334

I guess you can always just wait it out, this isn't a big deal anyway and it's a temporary thing, just wait it out and make sure that the next time that the transaction fees goes down, if you want to avoid this kind of thing, maybe you'd benefit from transferring your bitcoins to an exchange like Binance or OKX or KuCoin or any DEX out there because that way, you can just convert your bitcoin quickly to USDT whenever you need to do it or when the prices are up the roof and you don't want to miss out. It's not a good idea to do it but it's not a bad idea as long as you're not putting all of your bitcoin in a centralized exchange and you're just putting there the amount that you're sure you don't want to hold and just sell it for the profit.

Rruchi man

legendary

Activity: 1456

Merit: 1108

Use chips.gg

Quote from: The Hidebehinder on June 07, 2024, 11:41:13 AM

So i need to pay over 500sat/vb to get in the next block?
Who the fuck pays 1000sat/vb, who pays 50$ for a simple tx and who is paying this amount for the last 8 fucking hours?

500sat/VB is a lot, and I will certainly wait it out, but if you are wondering who pays those fees?
Remember that there are noobs who would pay those fees simply because they do not know how to check for the current required fees for Tx.
Then there are others who can afford to pay those fees because of the emergency nature of the transaction that they are doing.
Then there can also be very impatient people.

thecodebear

hero member

Activity: 2240

Merit: 848

The current news is that it's the exchange OKX which has been making thousands of transactions today to consolidate their utxo's. Obviously someone is going wrong since there is no reason for them to be doing this with such high fees, they are blowing hundreds of thousands of dollars worth of bitcoin doing it this way.

I don't know if it has been confirmed that they are consolidating utxo's, but given the absurd fees it seems suspicious. Makes me think someone hacked OKX and are bleeding them dry, as in that case it would make sense for the attacker to just be trying to do this as quickly as possible regardless of fees, but that's just me guessing at what would make the absurd fees make sense.

un_rank

hero member

Activity: 644

Merit: 661

- Jay -

Quote from: The Hidebehinder on June 07, 2024, 12:27:00 PM

You consolidate inputs so that you can make your tx smaller with just one input so you save fees, what's the point of spending x10 times on the normal fees on the consolidation...

It will not make sense to any of us here, but some how someone with large amounts of bitcoins do not know how to properly estimate the feerate of the network and there are some who are deliberately spamming the network by throwing money at the wheel to slow it down.
This has happened too often and we should be expecting it from time to time.

- Jay -

Topic: 500sat/vb for a transaction? Has the world gone mad? (Read 398 times)