Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 21. (Read 88277 times)

It has been a while since we last saw the fee rate in the in 20s range... currently some transactions of 23 sats/vbyte have a chance of getting confirmed into the next block. Probably a good time to consolidate before the ordinals mad men wake up and spike it up again 


1 month graph of Mempool by vBytes (sat/vByte)

I want to share with you this "solution" to one of the problems, this idea made by a forum member is really good

IDEA

I think it can release some stress with a rollup operating in L2 instead of the main blockchain. What are your toughts?.

My expectation was that someone is somehow turning a profit from the Ordinal scam, but I can barely believe that produces enough money to spend many millions of dollars per day on Bitcoin dust transactions for months in a row. Then again, ICOs also earned massive amounts of money, so maybe enough people are really still dumb enough to fall for this.

Since their Ordinal crap needs it's own wallet anyway to make any sense, they should have built this whole scam on LN.

It seems to me that if that ends up being true, then it is more likely more difficult to sustain.. and then also the one entity theory (which I had read through your previous post on the topic) would suggest that it is a kind of an attack rather than legitimate (and/or) organic (green turf) kind of usage.


Link or it didn't happen. 


Maybe I am quibbling with you about your word choice, since you cannot ascribe goals for others, yet if you are providing a guideline of trying to keep less than 10% of your whole bitcoin holdings in any third-party or in something like lightning network, then those would not be bad parameters.

If we go back to your earlier example of something like 10 weeks worth of DCA and then withdrawing, then that could take quite a bit of time before that amount is less than 10% of the total BTC holdings that are on private wallets, and also if the DCA amount is $10 per week, I really think that $100 is too small for purposefully creating a UTXO, even though from time to time, you might end up with UTXOs that are less than $100, but I would try to avoid creating such UTXOs, and so that is part of the reason that I used $500 to $1k as my minimum range, but even a relatively poor person who invests $10 per week would take a year before he would be able to reach $500 UTXO, and personally I think that is an acceptable trade-off, even though the first year it would be 100% of his bitcoin, and then the second year it might be 50% and then the third year it might be 33% of his bitcoin and so on and so forth, and even if we might end up experiencing considerable BTC price appreciation in the coming years, it still could take several years to get to the point that no more than 10% of the BTC are kept on third parties and/or with lightning network... so in that sense, I agree with the parameters of the aspiration.
 

Even though you are conceding that LN are risks and potential third parties, you better start to use some kind of self-custodial solution, and Phoenix seems to ba a pretty good one, and there might be some others, but I am too nervous to recommend Breez since I had gotten my channel force closed through them and it cost me around 42k sats, and currently if I want to reopen a channel with Breez it seems to be around 16k sats total, and probably quite a bit more since there is some kind of an additional 0.4% fee.. recently I helped a friend set up a Phoenix channel and it cost less than 10k sats, even though we did have to time it for a dip in the fees..


You are creating some strict parameters.. since if a guy has more than 15 BTC, then he might be willing to tolerate more than 1.5 BTC (10% of his stash) being involved in various kinds of third party type situations...so I am not sure why you switched from percentages and then into absolutes.  I almost feel like lecturing you on my speculation that you should have had been able to accumulate 15 BTC in the past nearly 13 years, and even if I should stop blaming you from 2011 to 2016, then maybe I could at least blame you for between 2017 and now... I gotta blame you for something, otherwise it would not feel right... we could even go through a scenario of how much DCA would be needed to get from zero BTC to 15 BTC from 2017 to now.... and I am also not going to completely blame you for starting out with some lighting custodial services because I do have a couple like that and I had started to play around with the Aqua wallet, but I have not yet transferred any actual funds onto it, yet... and from what I can tell, it is not completely self-custodial, but it is not custodial either.. so maybe it is a bit of a half-pregnant situation, if such a situation is possible to exist.

See this post.

To follow up on JJG.

If all you want to do is stack BTC

find a good exchange. you likely will need to do kyc.

buy 10 dollars a week for dca or
50 dollars a week for dca or
100 dollars a week for dca

let it stack at the exchange for 10 weeks or less

move it to a secure offline wallet.

that is a very simple safe method that does not have a lot of coins in an exchange most end up in a wallet off line.

it is very simple and lets you know what is at risk.  ie 1 to 10 weeks of dca.


if you like spending and collecting btc for business etc.

you will need an ln wallet.

kraken is a kyc exchange do kyc.

put
 100, 200 ,300 usd cash into it.

then buy btc and look for my thread on using krakens LN wallet.


it all cases above when you have coins on an exchange you lose control and co8ns can be stolen or frozen.

an offline wallet with good backups is safer.

A good goal is

90% of your btc offline.
0-5%  for  LN
0-5%  for dca

I have tested two LN wallets

nicehash
kraken

they do work and fees are 0.00000014 btc per move max move of 1.5 btc

I would never keep 1.5 btc on an exchange
I stay under 0.1 btc on

all the exchanges I use.

I am USA based.

Hi and thanks for the reply. Could you please explain what you mean by this? I don't understand (my English is not so good or BTC knowledge) is it one person or one company or some group that consciously doing this spam to destroy for the rest of us?  
If so... why? and for what reason... I hope it will get and end ASAP if this is the case.



Thanks LoyceV for helping me find the explanation, I have read it and it make sense and now I start to understand it more. Have a good evening.

Since the massive blockchain spam seems to be caused by just one entity, it's impossible to predict anything about this.

When situations are not very certain, there is an expression, prepare for the worst and hope for the best, and I doubt that any of us can really know where fees are going to go or if this might be the new normal. 

Many of us are likely looking for various ways to save fees, which also inspires developments that could end up attracting members to new solutions that are going to come to light, and surely many of the longer term forum members are preferring ways to use self-custodial solutions rather than custodial solutions, even though some folks get sucked into performing their transactions on custodial solutions because they want to reduce the fees that they are paying.. which is kind of a sad outcome, even though we know that some members go down this road. 

Even I have been suggesting that members who might be buying BTC on exchanges (that might only be $10 to $100 at a time) build up their balances to somewhere between $500 to $1k before sending that BTC to some kind of private wallet - since with these higher fees, we can see that there are risks to creating a bunch of UTXOs with smaller levels of balances, even balances between $10 and $100.

I wanted to ask a question and instead of creating a new topic I tried to find a topic where the question could be answered so I take a chance here.
I understand nobody can know for 100% but do you guys and girls think we will see fee's go down to example 15 sat/vB for Medium Priority again anytime soon?
I haven't been active with bitcoin so long so I lack to much exp to understand and read about this. but you guys and girls here know quite a lot so I hope you can answer my question.

Is this the new normal we been seeing lately?


The fee's when the post is created and I see this as "low" if comparing with last months, but if i compare with maybe one year ago it's still very high. Maybe it was high a year ago also.. But I want to remind myself that fee's was much lower in the past. It's maybe some obvious reason for this that I don't know about. If you have time and feel for helping me I really be thankful.




Thank you  JayJuanGee for your reply and answer, very much appreciate it.

You guys need a break

Seriously though, I doubt fees will increase because of the ETFs. They will inevitably increase as long as people use bitcoin more and more. (and yes dkbit98 said this already  )

I never said you said that But you never said that I said that you said that. Never mind, I'm going to get a drink

I never said they need them 

ETF users don't need on-chain fees

Quiet times before the storm.
I think we can all agree that bitcoin on-chain fees are going to increase constantly if more people use it, with or without this hypothetical entity.
ETF finally got approved, so in 5 or 10 years low fees are going to be a rear occasion, unless we see some major protocol changes, and more people will use second layer solutions and/or lightning.
And let's not forget that halving is coming in ETA 100 days.

Have a look at the 30 day mempool fees:


This supports my theory that only one entity is responsible for the massive Ordinal spam. Recently, they had changed their "tactics" from paying $40 per dust transaction to abusing ViaBTC's free transaction accelerator. That lead to a very stable flood of transactions paying 23 sat/vbyte. That stopped after ViaBTC reduced the availability from 100 to 20 transactions per hour, and the spammer switched to paying around 30 sat/vbyte instead. That's no longer enough to make fees go up higher, but it created a "floor" under the fees for anyone who wants his transaction to be confirmed.
There are now so many transactions waiting at 23 sat/vbyte, that the purging fee is not much lower than that.
I can't tell how this will continue, but for now mempool is no longer increasing.

About 10 hours ago, it flatlined, and at the same time, the lighter green area started to grow.
If I'd have to guess, that's because ViaBTC reduced their free accelerators from 100 to 20 per hour. So the spammers changed strategy.

It's not getting confirmed at all though, is it? Since I can see nothing but growth there.

Shutting down the free transaction accelerator won't help. They just need to make their captcha challenge harder for the bots. Let's say ViaBTC shuts down their free TX accelerator. Most of the network spammers still won't care spending a lot in fees since they are still making a ton of sats off their scam jpegs. It's the normal users like me and you that will feel the pinch in the end.

A visible example is Ethereum network that never even had any TX accelerators and the spammers made it unusable to normal users for a very long time. I am afraid the same is likely going to happen to the Bitcoin network if nothing is done at all. Those spammers won't just give up overnight, especially now that we haven't even reached the bull run level of hype.

It would be much better if ViaBTC only rejects Ordinal transactions from their free accelerator.