Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 3. (Read 83494 times)

"You can fool all the people some of the time and some of the people all the time, but you cannot fool all the people all the time".

You mean you can't tell?    Big yes.

Because, "halving sats" are more precious than "ordinary sats". Just as the very first Ordinal sat is deemed as rare, I think. It doesn't make any sense, but often times, people don't use their reasoning when buying and selling stuff. Probably why billions of dollars are gambled every month, or coins are thrown on fountains as wishes.

The altcoins market cap is about a trillion dollars. That's what you're looking for.

These transaction fees give me an existential crisis, what a crazy world we live in.

This is the halving block: https://mempool.space/block/0000000000000000000320283a032748cef8227873ff4872689bf23f1cda83a5
Short info: 1 input, 1 output, paid fee - 6.7 BTC ($429,818), overpaid 18024x. Guess who paid this crazy fee? Ordinals guy. Every fee that ViaBTC lost because of their free transaction accelerator service, now is back in one block They collected ‎37.626 BTC fees.

No one is going to remove ordinals, they are making money from it. Bitcoin failed as a P2P transaction method but it successfully send JPEG images. I am out of explanation, I don't understand why it worth for every ordinals users to pay such a ridiculously high transaction fees, is there demand really that high on ordinals? Once fees go down (if they'll ever), I'll try and start inscribing ordinals.

Does anyone know why were ordinals trying to get their inscription in halving block? Does anyone cares about that too? Holy moly


People don't know how to download Electrum wallet, how to create a wallet, how to save seeds, how to send coins, how to set correct fee and so on. Now I am confused, how is there such a high demand on ordinals? If they don't know such a basic things, how are these people able to inscribe ordinals and then buy it on auction. I think this process should be very confusing for many but it's the opposite.
@BlackHatCoiner There can't be so many fools and fools don't have millions of dollars in their pockets. I have never met a fool that is willing to give me a dollar in nothing. Actually, rich guys are too thrifty. I think that someone has to be too fool to pay a single cent in ordinals but at the same time, such a fool shouldn't really be able to buy ordinals because it might be too complicated process for them. I am really confused.

At $100 million per day, I don't think it's a fool. The fools are the people who fall for the Ordinal scam, but since this has been going on for a year, it must be big business. I even heard it on the radio recently, they were explaining that every first satoshi in every block is "special", and the first satoshi after the halving is even more "special". Whoever made this up to get rich is a genius. Evil, but a genius!

Hopefully, "a fool and his money are soon parted".

That's it. I declare Bitcoin broken at the moment
Bitcoin Core recommends 12.04268 mBTC/kvB (12,042 sats per vbyte) to be confirmed within 2 blocks.

You can see the block reward halving reflecting in the transaction fees:


Mempool Goggles shows what caused this:


Blocks now have a 3.125 BTC block reward and 10 BTC transaction fees. And as the above image shows: only a few percent is used by normal Bitcoin users with normal transactions. Spammers literally pay 4 million dollars per hour now to create meaningless Bitcoin dust.

And don't forget that they have been earning much more from transaction fees ever since the Ordinals spam began. And that is going to continue after the halving, plus with the added spam from RUNES. I do agree with NapHappy's logic that some older and unprofitable miners will be shut down. Let's just hope it won't have too big of an impact.

The pre-halving fees have been pretty volatile lately as well. We have had periods where you needed 100 to 150 sat/vByte for a quick confirmation, but right now that's down to 60 sat/vByte.

I guess also the higher fees will mean less miners will turn off after the halving.

Still, I'll bet that the average fees for the 2 weeks post halving will be 50% higher than the average fees for the 2 weeks pre-halving.

Miners must have already calculated in the drop in block reward. Some of them may turn off their older hardware at that point, but I don't expect a significant impact. Besides, it's less than 50% they're "losing". Earlier drops in Bitcoin price (around 80%) had a much larger effect on their earnings. Blocks will be fine.

My logic is that
1. We will see a drop in the hash rate once the halving occurs due to mining being unprofitable for inefficient miners, this will lead to longer block times until the difficulty is adjusted 4 days later. Longer block times means people paying higher fees to get into the next block.

2. At the same time, Runes come into play, also driving up the fees.

3. We are already in a high fee environment, this is just adding to it.

"Brutal" is a subjective term, I just see things getting even worse for a while due to the above.

I haven't been around long enough to understand the nuances of what will drive the difficulty up or down, but if BTC stays above $60k I agree that the difficulty drop won't be drastic.

Why?
First, the difficulty has nothing to do with the amount of spam those guys throw at the chain.
If you think that there will be a massive block slowdown that won't happen in 5 days either, because 2/3 of the period has passed, so even if we are going to see something like 20% down instantly it will only last 6 days out of which 4 are doing the weekend.
Costly, a big clog, maybe, but in no way brutal.

Plus I'm not even convinced about that 20%, we just had 4% up previously, and even right now we're 2% in the green with faster blocks,  as I said in the speculation topic, my bet is on at max 10% during the first adjustment.


Did the same, 14 out of 15 were funded 2 days prior and the only activity on those addresses was one funding tx.
So maybe a casino/cex/something collecting user deposits?

The days after the halving tomorrow and before the difficulty adjustment in about 5 days will be brutal for fees with the Runes added in. It will likely take some weeks after the difficulty adjustment for fees to settle out to a new normal.

The monkey boys have calmed down a bit and the transaction fees are more than twice as cheap right now. But I am not optimistic for the near future. The halving is coming and with it a new monkey protocol on the day of the halving. Bananas will again raise the fees to make Bitcoin unusable for normal people. We will have to wait a long time I am afraid for the perfect opportunities to carry out proper consolidations.

I think that many people don't know about transaction inputs and outputs and when they make a transaction from their wallet, instead of using a coins control feature, they click on max button and send all the coins together.

Probably he needed money, didn't have enough patience to wait for fees to fall down and put all the inputs to send money (I have done that only once when I was super upset about fees and was forced to use Bitcoin).
To be honest, it makes me curious, why people pay so much fees to create ordinals inscriptions. Are thousands of ordinals sold each day? And are they sold so expensively that it worth to pay hundreds and thousands in transaction fees? I have seen ordinals pay x100 and more than its recommended to pay to get transaction confirmed.

Maybe there is a secret sauce that we miss here.

My first assumption was that it's someone who doesn't know what he's doing. It happens: someone has been collecting dust inputs for years, and when he finally decides to spend it, his wallet automatically decides to add a very large transaction fee.

However, in this case, I checked some of the inputs, and all of them were funded earlier this month. It makes me curious why someone would waste so much money this way.

Financial reasons perhaps (ironically), as infrastructure for creating Segwit wallets and transactions is still severely lacking even in 2024 and most companies can't be arsed to hire more engineers to update their systems.

It's one of the things that ZPyWallet tries to solve, but admittedly it's going to take much more than a Python library to create a framework where people can easily use Segwit addresses.

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.

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.

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.

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


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.

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

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.