Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 13. (Read 88277 times)

Maybe they spent their Easter trying to mint a ton of Runes in the hopes to make a lot of money for the party

Only explanation I find plausible is that those new runes can be minted by users, just download a wallet that supports it ( seems like xverse is one) and you can do the mining of an already launched and minable rune but the wallet is giving you an estimator for that, so might now be a surprise that some user decided to mine some and the estimator got it wrong, then the next guy would see the same misleading estimate and you have the rat race going on.


I  seriously don't understand some exchanges, they pay like 5 times for a consolidation that is just pennies while at the same time they have some transactions in the pool sitting there for almost 3 months at 5 sat/vb with each of those being 10 times in size speaking of the funds they get from it, so....god knows why!

There might be some legit cases when a whale deiced to cash out of a gambling site or so and there aren't enough funds in cold storage and you need to grab all inputs from small deposits to not risk pissing off a VIP but I think those cases are one in a hundred thousand.

Anyhow, a bit disappointed about this weekend, we had Labour Day, Eastern Easter a prolonged weekend, and still high fees, I would have anticipated 12-13 sat/vb not that it's consolidation time even with those.

Yes, I saved an image of that moment. To be honest, I check mempool.space like a hyper-obsessed guy.
Here is the image:


Recommended transaction fee is 28 sat/vByte to get transaction confirmed in the next block and as we see on the image, almost everyone follows that pattern but then quickly within minutes, some people started creating transactions with 400-500 sat/vByte fees. I am not 100% sure but I believe that I somewhere heard that people were complaining Ethereum for its gas fees for minting NFTs and for that reason people were looking for alternatives. Now I don't get why ordinals creators are willing to spend unnecessary expenses on transaction fees, I don't really understand it. If they are people who make millions of dollars by scamming others, why the hell would they use misconfigured bots? I mean, it shouldn't be hard to make bot follow mempool.space's fees. I find it hard to understand, why do some people pay unnecessary transaction fees when what they do is for the sake of earning money.
By the way, it's really funny how many people try consolidate inputs when fees are ridiculously high. I don't know whether laugh or cry.

Just like last time, it went from about 20 to 400 sats/vbyte instantly.

Mempool Gogggles are as expected: it's caused by the data spammers selling a scam to gullible people.

Update: fees are back to 25 sats/vbyte again. It was high for about 4 hours. Still, more than 50% of the blocks is filled with data spam, but at least it's not 90% anymore.

Since 4 hours ago, mempools started to be clogged again.

500+ sat/vbyte to have a quick confirmation from Bitcoin miners.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Is it from Ordinals or Runes this time?

Using hard coding or existing (non AI) fee recommendation algorithm is far easier and cheaper than using AI though. And i'm not sure how we can use AI to show fee recommendation? Should we use whole mempool as input of the AI?

I don't believe someone is just burning his money on fees. It must be someone who sells useless made-up tokens to gullible people with FOMO. Even here on Bitcointalk I now see people who are getting curious.

Who could it be? A BCH/BSV fanatic?

Is he a BTC whale?

I thought he only had ETH.

In the age of AI, this is totally unacceptable. Bots can and should be smarter than that...

I vote for Vitalik Buterin.
Some kind of revenge for all the suffering the Ethereum network went through with NFTmania. He certainly has the money for this kind of venture  

Or just some geniuses started uploading resources for their gaming platform.

It's not about fees but since this thread turned into Ordinals discussion, I'll ask here:
1. Does anyone know what are the most popular Bitcoin Ordinals marketplace websites? Or where can I see how many Ordinals are traded daily? I know that I can check mempool and see transactions but I want to know besides creating new ordinals, how many of them are traded (bough and sold).

I had the same question. There is a possibility that it's a bot with bad configuration. I have seen way worse fees than what you shared. Mempool is full of transactions that had recommended fee and then fee was increased up to 100 times with multiple RBFs. That doesn't make sense to me. Imagine, recommended fee is 100 sat/vByte, then someone uses RBF and increases it up to 200 sat/vByte, then up to 1000 sat/vByte, then up to 5000 sat/vByte and so on, within minutes.

Current blocks: about 90% spam:


This graph (also from mempool.space) shows the inflow of new transactions (in vbyte/second):

This strengthens my theory that it's one person behind it. If different people would be doing this many transactions, I'd expect a more even inflow without high peaks.

Nobody said Bitcoin is going to fix IQ issues!

I wouldn’t call that “flawless” since being able to make cheap transactions was one of bitcoin’s core features for years and now it is not here anymore.

Do bitcoin execute the code flawlessly? Yes it does. But eth did execute its code flawlessly too and then vitalik didn’t like it so it was forked.

What I am trying to tell you is that executing the code flawlessly doesn’t mean it is working perfectly or more importantly, properly. They are not the same concepts.

Don't be like this guy: he paid 0.15351 BTC to send 0.06574732 BTC. Be smart with Coin Control!

And if the fees are high there will be no more usage since nobody will be interested in adjusting or adapting to a costly payment solution, again the usual dilemma, we don't scale because it would be costly for nodes, if we don't scale is bad for traffic, and probably another decade will pass and the same discussion will be with every major hype of something building on the chain.


Yeah, banks have adapted everywhere, the myth of banking transactions being expensive as hell is so 1999.
The only advantage I don't see any other payment type beating Bitcoin on is international payments completely outside trading zones like the EEU for example, but it won't be long till even that is beaten, I can already pay via a card a WU pick in minutes transfer that with pretty cheap fees, so the clock is ticking for it too.

We might have to consider Bitcoin will mainly an investment or a hedge against inflation and that's it!


Bitcoins still works flawlessly, as I said attack or whatever you call this the protocol is not affected, transactions happen, confirmation happens, blocks are getting mined, Bitcoin can't be brought down by this thing and it will never be! The moment trust starts to go away so will the transactions, so will high fees, and everything will be back as it was and trust will be back again!


No wonder we're most likely going to have a positive difficulty adjustment. Fees...Yummmyyyy!

Sometimes these fee rate adjustments do not make sense at all, and what is even more funny is that the adjustments are done just a few minutes apart. Like, who does this kind of stupid thing?
The fee rate is already high enough for the TX to be confirmed in the next block, but then someone goes ahead and keeps bumping it  
https://mempool.space/tx/2ce96a9c96a26c548bd4b3f97cfe70ebe447cfedf2d0d44b9fdb01365a3e500b



Runes Ruining the Bitcoin Network

I guess I was wrong. The spam from the ordinals/runes garbage is way bigger than I've expected (I thought others eg miners are also heavily involved).
I didn't know the numbers and I've read this thing today:

Here are some important reminders for the lot of us: https://bitcointalksearch.org/topic/--5493652.

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There is no revenge, and even if there was any, it is simply not worth the money. It is just greater fool's theory 101. People risk millions of dollars for more in return. Not idealistic reasons, not BS. Just human greed.

Why do people throw coins in fountains and make wishes? Why do they send coins to Satoshi's address? Why do they pay outrageous amounts of money for baseball cards? Because it's not reasoning that drives the market. It's emotions.

C'mon man, don't be so fast, don't be so rough. I can't draw stupid paintings and I don't have any dumb JPEG images in my computer, so, you know, it was a joke, don't worry, I am too anti-ordinals to do that.

Why does someone care about whether their ordinals transaction will be N1 in 840000's block or not? Yes, it's a halving block and has a gold color on mempool.space but does it really matter? Does it bring any value?
By the way, I don't understand the point of this transaction: https://mempool.space/tx/152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489
He or she sent 0.00001100 BTC but paid 7.99 BTC as transaction fee. I mean, why? Are ordinals worth much if they pay high transaction fees? Does TX fee value increases their value? Or why are they so crazy to pay so much in fees when there is absolutely no need of that and they can include their transaction with paying way less.

It also feeds on Bitcoin's name. That's the problem.