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Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 17. (Read 88497 times)

legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
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.

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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.
legendary
Activity: 3668
Merit: 6382
Looking for campaign manager? Contact icopress!
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).
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
Who are those people who spend $33 to turn their 0.0005 BTC into dust?
hero member
Activity: 1722
Merit: 801
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.

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.
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
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.
legendary
Activity: 2352
Merit: 6089
bitcoindata.science
I really don't get it: tens of millions of spam transactions, paying hundreds of millions if not billions of dollars in transaction fees. Madness!

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

After the halving the price there is a chance that the price  will skyrocket anytime and fees will get even higher (usd value)
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
that's 154tx a day
It's 15k per day.

56 000 000/365 is 153 424, nobody would have cared for an extra 14k a day when the blocks were mostly empty!

I really don't get it: tens of millions of spam transactions, paying hundreds of millions if not billions of dollars in transaction fees. Madness!

Not really billions!
First, we had a very bad day in terms of blocks, only 117 blooks in the last 24 hours so by bye early 25% of the capacity, then the total fees are not that bad either, only 7.9 millions, 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





legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
Spam is still getting worse:

Image loading...
From this screenshot, I estimate a "spam score" of 85%.
I really don't get it: tens of millions of spam transactions, paying hundreds of millions if not billions of dollars in transaction fees. Madness!
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
Spam is getting worse again:
Image loading...

How can one guy be allowed to fuck up Bitcoin transactions for a year with automated spam transactions? This guy alone must have added about 50 GB to the blockchain, and that data will have to be kept forever. He must have paid hundreds of millions up to billions of dollars for this too.
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
To be honest I don't know how you can count them
I just saw the number, and the few lower numbers I checked all existed.

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that's 154tx a day
It's 15k 154k per day.

Every chance of lower fees during the weekend is gone when automated spammers fill most of the blocks:
Image loading...
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
66035317
There are 66 million of those spam things?

To be honest I don't know how you can count them
At first I was no way in hell are 60 million possible in such short time, there is no capacity, ut looking at the ones before this

https://ordiscan.com/inscription/66035316
https://ordiscan.com/inscription/66035315
they exist, they are very small, and they got from 10 million to 66 million in a year, that's 154tx a day, with bitcoin averaging 500k , yup, possible..

But most are probably this kind of shit and not the ones I linked first, so 50bytes not 153kb.
Oh, and worth mentioning:
https://ordiscan.com/inscription/1
yup, such art, much taste, impressive design, much veneer of refinement.
hero member
Activity: 714
Merit: 1010
Crypto Swap Exchange
Maybe this entity uses those 1000sat "dust inputs" on address 3Dc6zoToYwxxmBY9kcoLUrCMRjFx7ZpLky as some kind of status indication? I would assume that the consolidating transactions are prepared programmatically.

I tried to have a look into what happens with those 1000sat "dust" UTXOs for above address, but my own Electrum server (Fulcrum on a Raspi 4B 8GB RAM) struggles to deliver the transaction history for a watch-only wallet.

The coin traffic of involved addresses, looking past consolidation target address, is somewhat substantial.
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
I noticed this address: someone is consolidating many transactions with 1088 inputs (I guess to reach the maximum transaction size of 99.9 kB). Many of the inputs are very close to the same amount (0.00047477, 0.00047478, 0.00047479, 0.00047480, 0.00047481, ....). It looks like they're consolidating them starting from the largest inputs, and working their way down. At 11,549 transactions, it may have been millions of inputs already. They all have one large bc1-output, and all transactions send 1000 sats to an address starting with 3. I first thought that may be so they can use CPFP later, but RBF makes more sense. Why create dust while consolidating?
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Spam intensifies:
People Someone still pays 0.007 BTC to turn their precious Bitcoin into dust. I still think it's just one person doing this madness. They used to pay much higher fees for this, so it looks like they backed it down a bit to stop fees from going up much more.

You don't get art bruh:
https://ordiscan.com/inscription/66035317
It's not dust, it a black and white picture of a man looking at dust... Cheesy

These things are again getting way too cheap for some to not do something really stupid and inscribe some huge ass pics, this way I doubt we're going to see 1 sat/vb, at 2 sat/vb it will take just $1000 to try and squeezer one of those huge ass runes that occupy a whole block or somebody wafting to live it's name in whole block in the blockchain forever, so probably 4-5 satoshi will be the best we can hope for the next months.

And as I type this, Friday evening and we have a spike to 35 sat, if somebody seeks consolidations maybe postpone it for late Sunday.


legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
Spam intensifies:
Image loading...
People Someone still pays 0.007 BTC to turn their precious Bitcoin into dust. I still think it's just one person doing this madness. They used to pay much higher fees for this, so it looks like they backed it down a bit to stop fees from going up much more.
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
Why not all at once? Is doing smaller chunks more likely to be accepted? or is it just not having all your eggs in one basket?
I've recently seen many consolidation transactions with 1000+ transactions, so it looks like my caution isn't needed.
jr. member
Activity: 44
Merit: 19
...

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1. In the first post off this thread it says this "If you have many different inputs, I suggest to consolidate them in multiple steps. Don't create a 100,000 bytes transaction with 500 inputs, but instead create many transactions with 20-ish inputs." Is this still a recommended plan?
It doesn't need to be 20, I'd probably go up to 50 now. It's not a hard limit.



Why not all at once? Is doing smaller chunks more likely to be accepted? or is it just not having all your eggs in one basket?
sr. member
Activity: 1666
Merit: 310
Many companies overcharge their customers, but wasting money still costs them money.
You assume that companies are always rational entities. I'm afraid they're not...
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
Looking at my situation, I have a bunch of UTXOs that are .0004 BTC and up, so my fears of everything turning to dust are not as dire as I thought.
Before I opened this topic, it would have been dust:
Not so long ago, more than 600 Satoshis/byte was needed to have any chance at a fast confirmation.
If that happens again, you'll just have to wait it out.

I am thinking of holding out waiting for something like a fee rate of 6 sats and just get it done. There are 3 UTXOs that are below .0004, one is .00008, I'll make sure I don't burn it.
As long as you're not in a hurry, that works. I'm still waiting for lower transaction fees myself.

Exchanges tend to overcharge their customers, so it's not like they care about being thrifty.
Many companies overcharge their customers, but wasting money still costs them money.



Consolidations are going to take a while. I noticed bc1qwkpdjeatdwrpv4vu4mj84ee6vkn96vdz2drfsn is filling many blocks consolidating 0.000049999 BTC inputs at 7.28 sat/vbyte. The transactions all have >1000 inputs, weigh about 75 kvbytes, and send 0.05 BTC. The address received 8.6 BTC in total, so that makes about 170 large consolidation transactions (assuming all inputs are the same size, it's hard to see that many inputs on a block explorer).
How did this address get all those inputs? It came from transactions like this one, which paid $20 at 199 sat/vbyte for something that looks like Ordinal dust spam. Maybe the 4999 sats were a payment for some "service" related to the Ordinals? I don't know, but someone no doubt earned a lot of money from this.
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