Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 30. (Read 88535 times)

I didn't say that it isn't working as advertised. I am looking at my post again, and I wrote it in a silly way which seems to have confused you. The point is, the network and the miners do what they are supposed to do. They fill the blocks with transactions that pay the biggest fees. I don't like having to pay 300 sat/vByte, especially for multiple input/output transactions, but it is what it is. Bitcoin's bottleneck, which is the 10-min block time and block size is paying the price right now whether we like it or not.   

I would have no problem with the first example, but the second one isn't good enough. People in some countries would be happy if they earned $200 in a full month of work, and paying $20 in fees would be a small fortune for them. Unacceptable, unless the future of Bitcoin is to be used by the rich and those in the Western nations. 

Categorizing what is spam and what is not is pretty subjective, i am sure those who paid 500 sats for a BRC-20 transaction do not think it was spam.

I have not found a way to check the size of those transactions but they are not much different from normal transaction judging by the blocksize in the recent wave, i has not gone up, still in the range of 1.6, those BRC-20 transaction are rather small unlike the normal ordinals that are pretty large in size, but given the FOMO they outbid each other pretty badly.

One more thing worth mentioning is that the pace of finding blocks has been 6% slower than average, today it picked up to 2% which means more blocks are found per day, this should greatly reduce the fee base.

Your data shows a large reduction in "normal" Bitcoin transactions. You can't expect everyone to stop using Bitcoin because of this spam wave, but in my opinion >50% spam is huge already!
Any idea what the percentage is measured in bytes instead of transactions?

or switch to scrypt. as merged mined ltc+doge do 2+10 = 12 blocks

while btc does 1 block

and even if you have to pay 100 doge  for the tx it is  7 or 8 dollars

Why do you think it's not working as "advertised", you can still transfer on permissionless bases despite the high fees, BTC was never advertised for being both cheap and permissionless, so practically, the network still works in the same manner it was on day 1, blocksize is limited, people outbid each other to get transactions confirmed, nothing has changed except for the fact that people are now willing to pay more.

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Is this a bad thing for many people? it is, but that doesn't mean BTC has changed. no, we can blame Ordinals and BRC-20, but if we look at the numbers


May 08 > 41.4% of transactions were non-Ordinals
May 07 > 34.2% of transactions were non-Ordinals
May 06>  46%    of transactions were non-Ordinals
May 05>  64.9% of transactions were non-Ordinals 

There is no doubt that these Oridnals caused the initial spike, but the data shows that there are many people willing to pay high fees to move their BTC around, they are okay with paying 1 sat if they could get away with that, but when it's 500 sats/Vbyte that doesn't seem to stop them.

Which why I strongly agree with your following statement:



Even without Ordinals, at some point in the future, we will have people transacting millions of dollars whereby paying $20 fees to have a final settlement of 10M on the most secured blockchain on the planet earth is considered dirt cheap, where the plebs like us who want to send $200 worth of BTC find it stupid to pay 10% in fees.

eventually, the "weaker" hands will have to move to L2 solutions, the only reason why the usage of LN has not been increasing drastically is that people could still transact with 1-2 sats, when they can no longer do that, they will be forced to use things like LN.

Well...! It is disconcerting and not because you mentioned it, it's because in a certain way one can intuit it and any common sense user realizes that.

There are not many technicalities to know that there is the freedom to send a transaction with the fee that you want, stupid in this case but it happens, there is always a market (...  to stupid), but for how long.

That is to say that the price of this moment, for  Now 615sat/vb is not "abnormal" or it is an "abnormality", it is simply very high rate, which turns out to be floating now. So, we only have resignation!?

Finally I know that in this particular thread the idea is to consolidate as long as we have rates at one figure/sat/vb, but now we will have the opposite side, that is to say that 100 sat/vb becomes a not so bad standard for a fee for the next days, weeks...

Yep. Big fees, low price (because the reward has just doubled, right?), plus the prospect of artificially high difficulty when this money turns into more gears.
So... what's next? Disable Taproot with the message "sorry folks, this was a bad idea"?

Which is why I have stated time and time again that scrypt algo with LTC and Doge mining is the superior method.

  2x the LTC blocks per day
10x the Doge blocks per day

and since doge does not do ½ ings rewards to fees will never be terribly fucked.

BTC rewards 6.25btc  fees 7btc  during this stretch.  a bad ratio that can not continue.

Remember if the 2 biggest pools are doing this now they are reaping the fees back.

I wouldn't expect much noise from the miners. They are having the time of their life right now. At least those who weren't around during Bitcoin's last great bull run in 2017/2018.
To be completely fair, is the network not working as advertised? Yes, it is.
Do we like the current state of it? No, we don't.
Would it be pro-censorship to censor and restrict what we don't like? Yes, it would.

This is actually a good real-life example that Bitcoin's 1st layer in its current form isn't nearly ready to be a day-to-day payment method. Just imagine if there were no Ordinals and you substitute those transactions for normal BTC transactions of millions of new people who have started using BTC for everyday payments. That's how it would look on the mainnet. Half a million of unconfirmed transactions.

It's always been known that someone with enough money can increase transaction fees. The last block paid more than $200k in fees. At 10 minutes between blocks, that's $28M per day.
What really surprises me is that some people are willing to pay $50 to create Bitcoin dust, and that this happens hundreds of thousands of times per day. How much longer are they willing to burn their money at this rate?

Then again, if this current dust-ponzi-scam is created by the same people who profited billions of earliers scams (I'm thinking of the crazy ICO times), they have very deep pockets to pump and dump this thing.

Screw it. I might as well use Zap or make my own LN wallet at this point - Electrum keeps erroring out when I try to create channels, and it is an unpleasant surprise that there are almost no desktop Lightning wallets.

Nope this is good. You all can now see that the fee structure is easy to manipulate.

Yes, you have 100% of reason here.


Well, so lets take the "good side" of this, its a good time for the miners after some "hard" time for them. About the censoring, yes you cant make a change without side effects, and that its a main problem, we are in a cul de sac.

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Well, after this i have a good question for both of you (you ahve much more experience,knowledge and contacs than me), what its the possition of BTC maximalist about this?.

Because i think maybe some of them  think something like:

- Well yes this can be good because we are showing the BTC blockchain its again the king and you can make whatever you want and more efficient than ETH, we are again back on top......

Let me explain again, maybe for us its a really bad take, but for some maybe its a good think.

Yeah well the "community" of bitcoin appears to be on vacation right now or completely drowned out by BRC20 "To the moon" posts, because besides us, and people asking occasionally why are fees so high, I haven't seen any strong reaction or uproar from most of the factions of Bitcoin (developers, miners, and in particular users I'm expecting them to not have it, but perhaps they're not making enough noise and/or not doing so in the right places).

Up to now: radio silence from the mailing list and the news apart from the regular doomsaying about "fees going up, not much to see here".

Short-term, they'd lose out on profit from fees. Long-term, if this madness continues, they may end up running at a loss when competing miners can afford more hardware (because they make more profit) and push the difficulty higher.

From Bitcoin's perspective, nothing is wrong. Fees are an open market and it's working "fine". Just not for normal Bitcoin users

I've deleted your post. Read more, post less.

The community and the developers of Bitcoin needs to move fast agains this shit.

We cant give them this freedom to do this so easily.


Maybe we can put a more higher fee if weight more than XXXX but i dont really know how to implement this.

I also think they are exploting the "non censoring" politics of the BTC. they use this in their favour.

So they are giving a bad use not only at the BTC blockchain itself, but also they are making a really shit in community.

Its like BTC blockchain/community give you a opportunity to make something good and you use that to make the worst.

You already have an obscene amount of merit  but this is so freaking on the point that I decided to drop you +20.

An alternative would be to set up a mining pool that only mines Bitcoin transactions.

No Ordinals, no BRC-20, counterparty, RGB, nothing. No way to force the pool to accept these transactions as they should just be mined by some greedy pool instead.

Said pool will miss out tons on transaction fees will will be able to take pride in knowing that they are not screwing over the entire network that their business has been set up to serve.

LoyceV is talking about custodial services where it's possible to use the channels those wallets created, instead of creating and operating your own. I think he used Blue Wallet which had a custodial LN service in the past. But that's no longer the case, and if you want to continue using Blue Wallet, you'll have to run your own node now. The custodial service is or has already shut down.

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Looking at the mempool as we speak. This is awful. 400.000 unconfirmed transactions, and you need to pay around 200 sat/vByte to get into the next block.   

You mean not necessary to open channels on your own? This is true, but in general, channels are mandatory in LN as far as I know

Well, precisely thanks to you and others in a thread I opened (with my main account) about LN I learned that it is not necessary to open channels.



LMAO, yes, it was around that time that I registered on the forum.