[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 16.

Cricktor

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Quote from: LoyceV on April 17, 2024, 08:02:05 AM

...

Indeed, doesn't look very economical to me either. As far as I glimpsed over the transaction, that were 217 legacy address inputs. Why still legacy address use? Anyway, not my cup of tea and the transaction sender might have a reason to shovel an absurd proportion of the transacted amount as fees to miners. At least the fee rate is declared as optimal at the time the transaction was confirmed.

We don't know the purpose of this transaction and I would've done a lot different already upfront. Everyone has the freedom to turn his coins into transaction fees. Is it wise? I don't think so.

LoyceV

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Here's a good example of how not to consolidate your small inputs: 217 inputs, 21 outputs, 0.07247704 BTC sent in total, and 0.04420628 BTC paid in fees. Some of the inputs are literally worth less than the fee paid to include them.

RickDeckard

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Quote from: stompix on April 15, 2024, 07:28:30 AM

Actually even funnier, they aren't even collecting their own inputs via their pool, they have like 50 unconfirmed consolidations sitting there for months.

This is just mind-blowing:

The amount of fees that people are willing to pay just to insert random images into the blockchain amazes me. 204 sat/vB is just an obscenity.

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Quote from: Synchronice on April 14, 2024, 06:18:11 AM

Binance owns pools, so they don't care about fees, high fee situation is very beneficial for them but I didn't know if Bitfinex was paying that much, as far as I can tell, they don't own any pool. It doesn't make any sense to me, why should anyone pay more than recommended. Slightly above recommended is okay but many people pay 30x and 40x over the recommended amount.

Binance isn't forcing its transactions through their pool, for example this was just confined by antpool:
https://mempool.space/tx/44043a606a2d0c8c9513d750bf628bc2b2e17d4b91e39a107c78334d796bcff5
they just paid 148sat/vb, it says optimal but optimal my ass it's all because they've dumped themselves half a block of tx at over 100sat/vb

Actually even funnier, they aren't even collecting their own inputs via their pool, they have like 50 unconfirmed consolidations sitting there for months.

And now to make Switzerland's blood boil again, I present you:
https://mempool.space/block/00000000000000000000581af7f866e530053928e8b0e7c3dfe899923d64a9fc

Quote from: ABCbits on April 14, 2024, 04:19:18 AM

Quote from: LoyceV on April 13, 2024, 09:04:54 AM

I'm not sure, but it looks like it: exactly the same fee, exactly the same transaction, often using the previous outputs as inputs, and broadcasting them in batches.

Or maybe several people use same script/software which create TX with static or poor fee rate choice algorithm.

My bet would be on those services that offer inscription and minting for a fee, you just upload a jpg and they give you a quota on what it will cost you.

Synchronice

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Another ordinals spammer overpaid 255x in transaction fees. How much do people make from ordinals to pay $3,948 in 3 inputs and 2 output transaction?
Transaction: https://mempool.space/tx/9b603cd261483db175f60cdf31f5623300ed5036276919c7331e2a398d8d6fce

Quote from: LoyceV on April 14, 2024, 07:04:37 AM

Quote from: Synchronice on April 14, 2024, 06:18:11 AM

By the way, I just checked Binance's Bitcoin withdrawal fees and I am kinda confused. Withdrawal fee for Bitcoin (legacy) is 0.00025 BTC while the withdrawal fee for SegWit that's supposed to be nearly 40% lower, is 0.00062 BTC. Did I misunderstood something here or doesn't this make any sense?

Binance loves confusing users into accepting their own made-up token as Bitcoin. Charging more for SegWit looks like a way to increase profit from unsuspecting users:
Image loading...

(image source)

Yes, you are right, they love confusing their users. On their website they have published articles that says that SegWit has dropped transaction cost dramatically compared to Legacy and on their withdrawal page, they charge 2.5 times more for SegWit withdrawal. I have seen many cases where their BEP20 and BEP2 withdrawal options caused serious trouble for many people. This is an attempt done intentionally to mislead people. Binance is a very shady exchange. I am really surprised about why so many people invest in BNB. People are buying ordinals, buying BNBs, what a crazy world we live in.

LoyceV

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Quote from: Synchronice on April 14, 2024, 06:18:11 AM

By the way, I just checked Binance's Bitcoin withdrawal fees and I am kinda confused. Withdrawal fee for Bitcoin (legacy) is 0.00025 BTC while the withdrawal fee for SegWit that's supposed to be nearly 40% lower, is 0.00062 BTC. Did I misunderstood something here or doesn't this make any sense?

Binance loves confusing users into accepting their own made-up token as Bitcoin. Charging more for SegWit looks like a way to increase profit from unsuspecting users:
Image loading...

(image source)

Synchronice

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Quote from: stompix on April 12, 2024, 07:56:06 AM

and in this you include people that don't mint ordinals, binance that pays 150sat/vb or Bitfinex that has no second thoughts on 469 sat/vb

So in the end, it takes little effort to clog the network, cause...you know...1MB is enough for everyone Wink

Binance owns pools, so they don't care about fees, high fee situation is very beneficial for them but I didn't know if Bitfinex was paying that much, as far as I can tell, they don't own any pool. It doesn't make any sense to me, why should anyone pay more than recommended. Slightly above recommended is okay but many people pay 30x and 40x over the recommended amount.

By the way, I just checked Binance's Bitcoin withdrawal fees and I am kinda confused. Withdrawal fee for Bitcoin (legacy) is 0.00025 BTC while the withdrawal fee for SegWit that's supposed to be nearly 40% lower, is 0.00062 BTC. Did I misunderstood something here or doesn't this make any sense?

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Quote from: LoyceV on April 13, 2024, 09:04:54 AM

Maybe it's time to significantly raise the dust limit. This transaction creates more than 1000 dust inputs.

No. After reading the part I'll quote below (and I'll make some text bold to stand out), I think the correct approach (or at least one step in that direction) would be to make the P2TR output size be counted and limited to a reasonably small size.
The small detail about P2TR output size tells that Ordinals actually exploit a missing rule in Bitcoin.

Quote from: NotATether on April 04, 2024, 05:57:52 AM

As you can see in the script opcode, the push instructions are never evaluated. If they were, then all of these gigantic ordinals transactions would fail because they would overflow the stack. The manner in which the Ordinals transactions are spent is by using the conventional Schnorr signature directly, not any of the leaf evaluations. And also P2TR outputs do not count any sigops so its effectively limited only by block size, i.e. it's possible to fill an entire block with a large enough Ordinal.

Of course, we should also keep an eye on who is also spamming the blockchain. Maybe some service actively tracking and sorting all possible spam sources could get a good feedback from the community. (Yes, I know, it's easy to say/dream...)

ABCbits

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Quote from: LoyceV on April 13, 2024, 09:04:54 AM

Quote from: NeuroticFish on April 13, 2024, 08:57:41 AM

is it indeed only one entity doing all the spam?!

I'm not sure, but it looks like it: exactly the same fee, exactly the same transaction, often using the previous outputs as inputs, and broadcasting them in batches.

Maybe it's time to significantly raise the dust limit. This transaction creates more than 1000 dust inputs.

Or maybe several people use same script/software which create TX with static or poor fee rate choice algorithm.

Quote from: LoyceV on April 13, 2024, 09:04:54 AM

Maybe it's time to significantly raise the dust limit. This transaction creates more than 1000 dust inputs.

I recall the dust limit was lowered from about 5460 satoshi to 546 satoshi some years ago, partially due to rising Bitcoin price. Unless Bitcoin price decline significantly, i don't expect dust limit will be raised.

LoyceV

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Quote from: NeuroticFish on April 13, 2024, 08:57:41 AM

is it indeed only one entity doing all the spam?!

I'm not sure, but it looks like it: exactly the same fee, exactly the same transaction, often using the previous outputs as inputs, and broadcasting them in batches.

Maybe it's time to significantly raise the dust limit. This transaction creates more than 1000 dust inputs.

stompix

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Quote from: bitmover on April 13, 2024, 08:51:54 AM

I checked and I saw no rare satoshi in this address
https://magiceden.io/ordinals/discover-raresats?walletAddress=bc1pj54z06qh9pxhae09xw3mvrupzfppfgstfxvuhtt52t4fpgrvhs2qkmzqct

strange, he even overpaid fees.

It's minting brc-20 tokens
https://ordiscan.com/address/bc1pj54z06qh9pxhae09xw3mvrupzfppfgstfxvuhtt52t4fpgrvhs2qkmzqct
and it's related to these
https://ordiscan.com/address/bc1pvu6qnzpuyl6w3vmpuy79d6slplr7fyhan9wd476npjnf070wgn9s3uyjr2

Normally I wouldn't mention them since, well, just some addresses with inscriptions, there are thousands, but speaking of weird transactions, this one really made me curious, I mean, what the f is it actually doing?
https://mempool.space/tx/634a89b727cda93ddd10ea68dc08e7f17163444ee018881b4bf3fa98900bca02

Quote from: NeuroticFish on April 13, 2024, 08:37:22 AM

Afaik Bitcoin Knots (Luke-Jr's fork of Bitcoin Core?) already filters them. But I guess that it's "market share" is far too small to matter.

Just how his pool filters them but, money is what it counts, so 6 months and it's still just getting one exahash per day.
https://ocean.xyz/dashboard

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Quote from: LoyceV on April 13, 2024, 08:44:38 AM

I wouldn't call it "arbitrary" if it's one person spamming the blockchain for so long. The reason I still think it's one person is because of the massive numbers of similar transactions that keep flooding the blockchain. If fees aren't enough to deter spammers, I'd like to bring back the "coin days destroyed" priority mechanism. But it's going to be difficult to get miners on board if it means less profit.

As I said, I don't know "all the data", is it indeed only one entity doing all the spam?!
But at the end, it goes to miners (and, as you said, let's not count on them because they're in only for the money) and maybe to community too.

I guess that the community can do wonders - from switching to a "filter on" wallet/node to actually putting pressure/convince the devs to this direction. But... is the community convinced? Imho it's not. Imho if we want to go on this direction we may need to start with properly exposing the wallets (and hopefully entities too) that are responsible for all this spammy mess.

It feels soooo like in the winter of 2017/2018...

Quote from: bitmover on April 13, 2024, 08:51:54 AM

I checked and I saw no rare satoshi in this address

So it's not Ordinals related after all? Interesting...

bitmover

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Quote from: NeuroticFish on April 13, 2024, 03:42:58 AM

Quote from: LoyceV on April 13, 2024, 02:35:30 AM

Who are those people who spend $33 to turn their 0.0005 BTC into dust?

I was told that those dust inputs carry Ordinals/NFT so I'd say... those making and selling that ~~crap~~ ~~scam~~ art.
Maybe somebody else can read/make more sense in that particular tx.

And if you ~~hope~~ expect to get 1000s of $ for that tx, spending 33$ is not a bad investment (in your dreams).

I checked and I saw no rare satoshi in this address
https://magiceden.io/ordinals/discover-raresats?walletAddress=bc1pj54z06qh9pxhae09xw3mvrupzfppfgstfxvuhtt52t4fpgrvhs2qkmzqct

strange, he even overpaid fees.

LoyceV

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Quote from: NeuroticFish on April 13, 2024, 08:37:22 AM

I also had my proposals to block them (as spam), but some said that Bitcoin network should not start censoring arbitrarily (which is also something I agree with). I have a feeling the truth is somewhere in between.

I wouldn't call it "arbitrary" if it's one person spamming the blockchain for so long. The reason I still think it's one person is because of the massive numbers of similar transactions that keep flooding the blockchain. If fees aren't enough to deter spammers, I'd like to bring back the "coin days destroyed" priority mechanism. But it's going to be difficult to get miners on board if it means less profit.

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Quote from: LoyceV on April 13, 2024, 07:48:53 AM

Quote

And if you ~~hope~~ expect to get 1000s of $ for that tx, spending 33$ is not a bad investment (in your dreams).

I'd understand that if there's a few of them. But since someone is creating tens of millions of them, it doesn't make sense. It's not rare, it's not scarse, it's just BS.

I don't have a good overview / chart on how many are Ordinal related (is P2TR a good enough identifier? I don't know) and how many are just plain spam made by somebody who knows what is he doing (eg somebody related to mining).

But don't take me wrong, I do agree that those ordinals are useless garbage more related to some hopes of scamming the next one than anything of real use.
I also had my proposals to block them (as spam), but some said that Bitcoin network should not start censoring arbitrarily (which is also something I agree with). I have a feeling the truth is somewhere in between.
Afaik Bitcoin Knots (Luke-Jr's fork of Bitcoin Core?) already filters them. But I guess that it's "market share" is far too small to matter.

LoyceV

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Quote from: NeuroticFish on April 13, 2024, 03:42:58 AM

I was told that those dust inputs carry Ordinals/NFT

I don't care about some "deeper meaning" that someone external from Bitcoin made up for something. All I see is fungible on-chain Bitcoin dust.

Quote

And if you ~~hope~~ expect to get 1000s of $ for that tx, spending 33$ is not a bad investment (in your dreams).

I'd understand that if there's a few of them. But since someone is creating tens of millions of them, it doesn't make sense. It's not rare, it's not scarse, it's just BS.

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Quote from: LoyceV on April 13, 2024, 02:35:30 AM

Who are those people who spend $33 to turn their 0.0005 BTC into dust?

I was told that those dust inputs carry Ordinals/NFT so I'd say... those making and selling that ~~crap~~ ~~scam~~ art.
Maybe somebody else can read/make more sense in that particular tx.

And if you ~~hope~~ expect to get 1000s of $ for that tx, spending 33$ is not a bad investment (in your dreams).

LoyceV

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Who are those people who spend $33 to turn their 0.0005 BTC into dust?

OcTradism

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Quote from: bitmover on April 12, 2024, 08:27:04 AM

I think they are trying to mint all the nft they can before the halving.

If they are doing this (minting) NFTs because of halving and they want to do this before the halving, the spam will reduce a lot after the halving. I can hope so because we can not know their reasons to mint a lot of NFTs like this. I doubt that they will stop after halving because in a bull run, there will be a lot of speculation and gamblers in this market.

Quote from: LoyceV on April 12, 2024, 08:30:53 AM

NFTs make no sense, so "minting them" makes no sense either. It really looks like one guy came up with this, and is now holding the most of them. Or something.

NFTs are useless, make no sense but in a bull market, many people believe in chance of get rich through NFTs. They will realize that they are wrong in a bear market.

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Quote from: bitmover on April 12, 2024, 08:27:04 AM

I think they are trying to mint all the nft they can before the halving.

NFTs make no sense, so "minting them" makes no sense either. It really looks like one guy came up with this, and is now holding the most of them. Or something.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 16. (Read 88277 times)