Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 24. (Read 88307 times)

This is really getting insane. I don't know if this transaction is done by an individual on exchange but it's probably done by an individual because exchanges rarely support taproot. So, a person (probably) made a transaction that supports features SegWit, Taproot, RBF. He sent ‎0.09447688 BTC ($3,428) and at first paid 230 sat/vByte, then, after 28 minutes, he increased fee up to 26,790 sat/vByte (Overpaid 82x) and paid 0.03804212 BTC ($1,380).
In what world does it make any sense? I can't believe this is a mistake or a bug.

Here is the transaction: https://mempool.space/tx/dd8a15f6492e3d570053024c743a8571167c415eb3b5ea2b83f18cf06b2f7f3d

A responsible way is always send with a trezor. It has a boost option so problem is solved.

Yup, this does the trick for now, but the day ViaBTC decide to retire their transaction accelerator. It will be terrible for people who are genuinely stuck. I remember there were about 3-4 more transaction accelerators owned by other mining pools like Poolin, Antpool but for some reason, they all stopped them.

That's a ViaBTC block:
https://mempool.space/block/00000000000000000000e02766a71214a38a37f511cc4fe92a0b2617db4a8310

Viabtc includes up to 100 tx per block through its transaction accelerator, that's why it has a few low paying tx, which happens all the time:

Yeah I have seen the pattern repeat over and over and over and over.

Let's say a whale has 100 btc in an addy he is not looking to sell until yesterday. he needs to pay bigly to move the coins to coinbase to convert to cash.  but what the fuck 100 coins is 3.6 or 3.7 mill who cares if the fee is 5,000 usd.  He got in last year at 16k and now sells for 37k big profit.

He does not care if fees are big.

Now take Joe Smoe he broke his balls getting 1 btc last fall at 16k it is in his trezor he sees 37k and says fuck this I am cashing.

he was a bit dumb did not pre consolidate the 1 btc and his fee is 1000 usd to move it. He will feel that.

So this encourages storage in an exchange.

This is but one of many examples of why fees are flooded and Jack and will continue to be Jacked. Not every day but 2 days here 3 days here so on and so forth.

I can illustrate it goes beyond ordinals. Large pools with big players can do it.

A bunch of idiots or malicious people i dont know what to think.

The problem is we can enter in a spiral of BTC and increase in fees, if BTC price goes up they start to think, its ok to pay more because i can cover this in the future with the uprising price of the btc, and this multiplied for thousands of people doing it can push the fee so much.

I feel that definitely somebody is doing things completely wrong, jus look in less than 10 minutes fees were incremented a lot

Fuck those BS Ordinals.

Why not increment from 45 to 46, 47,48... etc they are incrementing to 100, 150, 200.. where is the logic there? if they want to earn money they are doing it wrong.

Wasn't it something like 80 kB before and it's possible to store up to 4MB now. I think it was a mistake that it can be arbitrary although SegWit and what not was the reason for the change. I'm not well versed enough to say if it would even be possible without allowing arbitrary data from anyone.


I fear it's not going to happen unless it's in some what they remain in control i.e. they can revoke your ownership. The authorities won't risk letting us actually own something.


I can't help but feel you are right. I personally am leaning towards using Monero for regular transactions.

Now you get it.

Scrypt algo has a vested interest in spamming the BTC fee system.

I have at least 12 major reasons the BTC fee system will be attacked. One` reason is people will use LTC/DOGE to save money.

This "attack" is not over or close to over. as the fees are bouncing around 0.5 to 2.3 coins per block

0.5 is okay enough  but 2.3 coins per block is big.

If you think this is bad. They are prepping for the 1/2 ing

this attack blocks were 6.25 and some very high fees touched 3 coins so

6.25 to 3.0

if it were next May 2024 rewards of  3.125 and fees of 3.0 = huge issue.

 I have to think the major mines will help to do this again and again and again.  Causing more pressure on btc or more use of scrypt coins.

get ready for quite a show in spring

It's always been possible to store data in the blockchain, and there's always been spam. The main problem now is that someone managed to earn money from spamming, which means they can keep this up for as long as they can convince people to pay them for made-up BS Ordinals.

It's the same as it has always been: altcoins, ICOs, tokens, Forkcoins, Defi, NFT and Ordinals: they're all created because someone felt they were too late to get Bitcoin cheap, and created their own BS coin. It used to be pump & dump, nowadays it's hyping on social media. The creator gets rich, some other people earn a bit too, and many people lose their money. Greed and FOMO are great ways to lose your money.
After cashing in, they move to the next "project". Remember all those tokens that where going to "disrupt the xx industry"? It never happened! But someone got very rich out of it. Once "rinse and repeat" no longer works because everyone knows it's a scam, they come up with something else. That's how we got were we are now.
The list keeps getting longer. Ordinals is just the next phase.

I'd love to see it on the stock market, or for instance car registration. But that requires a central authority to connect crypto to the real world, and they're not ready for it.

If you consolidated your funds on time, you may be able to use ViaBTC's transaction accelerator now. But only for transactions up to half a kB, with at least 10 sat/byte (not vbyte, so about double for Segwit).

I believe there's a place for cryptographically proven ownership but not of something that is to be viewed on a screen such as an image.


Of course it is. I'm in the same boat but I've got some transactions waiting for confirmations. I refuse to waste money on paying more fees even though I could.

Who is buying NFTs? These ordinals? What's the point of minting them? What's the point of buying NFTs, I don't really get it, people are losing their mind. What's the point of paying hundreds, thousands and millions of dollars in something that can be copy/pasted and be viewed exactly as the original one? But here I talk about tens of thousands of people or even more. Oh my god, who buys this shit?

Loyce, I hate to say that, but I believe this is a massive attack on the network. I want to send a tx 3 days now, but I don't do it because of the high. I am glad I have opened channels in LN when it was cheap and now I can use it.

I can't help but see this as a threat to Bitcoin. Am I correct to worry? It may be correct that storage space is cheap nowadays but I don't see any sense in that the Blockchain can be used to store arbitrary (non-neglible sized) garbage data at the cost of literally anyone using the network.

There's Lightning Network, sure, but high transaction fees aren't entirely unproblematic with regards to LN either.

Things like signature campaigns are becoming problematic. Being forced to use altcoins.

The sender didn't even sent $6k in Bitcoin, he created 100 dust inputs and the rest was change. It's just Ordinal spam, and considering someone paid $1900 for it, that can only mean they expect someone else to pay much more.

Agreed.

This is getting ridiculous, yesterday, fees were 250 sat/vByte. Bitcoin's price is increasing and people are willing to pay more as price goes up. But here is the thing:
Look at this transaction: https://mempool.space/tx/416f3ebd1dab2ad43f481fbd9108573fa940818ad5dc77f9b552195e7a8ddb3b
I don't know if it looks like someone is testing a mixer but look, sender sent transaction with 110 sat/vByte and two hours later increased fee up to 1,188 sat/vByte while it was absolutely enough to pay 250 sat/vByte to get it included in the next block. At the same time, the sender sent $6205 worth Bitcoins and paid $1906 worth Bitcoins in fees. 1/3 of transaction was paid in fees, this is ridiculous.

Isn't Testnet specifically there to test any stuff you need to test? It's free and coins have no value on Testnet. Perfect to do any testing. Why would anyone be so crazy to test and debug a mixer or whatever on Mainnet with costly transaction at current fee rates. That doesn't make any sense to me.

Bugs? Still? I don't think there are bugs, especially when this is not a new thing and as far as I understand, this problem exists since 2017. But I can be wrong, who knows. Usually bugs that drain your wallet, and especially as simple bug as bitcoin transaction fee is, is hard for me to imagine unfixed.

That's why centralized exchanges don't lose popularity despite the FTX case and many other cases where customers money was stolen.

That's correct!

Probably, you are right but isn't it better to test mixer when transaction fees are low instead of testing it when fees are very high? I don't know what to think.

I think you wanted to say artificially, not manually!
Makes little sense, the block fees for the last block were ‎0.3 BTC, I can see some in the 0.6 but nothing more, one week ago we had 0.1 -02, if half of that is made out of your own transactions you're simply wasting money, plus nobody wanting to spam the mempool would have done it in the weekend.

Rather than a planned attack, I would put my money on some badly configured bots, probably somebody testing a mixer and ending up with really bad results, shit like this over here:
https://mempool.space/address/bc1qa384fp33tyhv2g38g8g7w72c5knd2lhe8m00tl
instead of breaking the sums to multiple addresses, it kept sending to the same one then again and again, now it seems like they fixed it and it starts breaking inputs properly.
Besides there aren't even that many of them, the peak was at 230k, down to 170k, and compared to 600k in September it's nothing!

It could be anything, from funding hundreds of collectible coins to a bug in an automated system. This transaction paid $700 in fees, while just 2 days ago $12 would have been enough.
Being your own bank means you can make your own mistakes.