[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 31.

LoyceV

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Quote from: buwaytress on May 03, 2023, 12:33:19 PM

Ok, yeah I just read about these BRC-20 thingies. A fungible token... who would have thought?

The more I think about it, the less I get it. It just doesn't make sense! Those "tokens" have nothing to do with Bitcoin:

Quote from: LoyceV on May 03, 2023, 02:52:21 AM

think they have this, in reality they have only Bitcoin dust!

And if it's meaningless to Bitcoin, why do this on an expensive blockchain? Couldn't they make up some shitcoin to use, like they've been doing in the past? It makes me think they're only using Bitcoin to profit off it's popularity. And the people who are throwing their money at it have no idea what they're buying.

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Quote from: GR Sasa on May 03, 2023, 04:31:01 AM

wtf... Block reward is 6.25BTC and i saw a block that almost got 2BTC just from fees...

Can anyone explain what's going on? Whats that high insanely demand on the Bitcoin Network??

Who is causing this? A lot of people are selling BTC??

This might be a cause for a crash

I wonder where have you spent the last several months? On another planet? Have you heard about ordinals? Google it. And stop spreading FUD, nobody is selling Bitcoin. It's amazing when people see something they can explain and panic starts immediately ("we're all gonna die" mode kicks in) without even doing research first... Cool

buwaytress

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Ok, yeah I just read about these BRC-20 thingies. A fungible token... who would have thought? haha. I'm even looking now at some of the prices for these ... text inscriptions... some are going for over 1 BTC, only buyable with taproot addresses. I was wondering when Electrum would support it but it's been a year and I've lost interest.

Who would have though this was going to be taproot's adoption, huh?

On another note, I failed to be patient yesterday and spent 151 sat/byte on my RBF... and that was even RBF'd up from 120 because it didn't confirm in 3 blocks.

Don't recall even spending more than 20 for years.

LoyceV

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Quote from: GR Sasa on May 03, 2023, 04:31:01 AM

wtf... Block reward is 6.25BTC and i saw a block that almost got 2BTC just from fees...

I've seen fees around the same level as the total block reward when it was double that amount. It all depends on how many people are willing to pay.

Quote

Can anyone explain what's going on? Whats that high insanely demand on the Bitcoin Network??

Read the 2 posts above yours.

Quote

This might be a cause for a crash

Everything "might be a cause for a crash". This isn't the place for FUD.

GR Sasa

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wtf... Block reward is 6.25BTC and i saw a block that almost got 2BTC just from fees...

Can anyone explain what's going on? Whats that high insanely demand on the Bitcoin Network??

Who is causing this? A lot of people are selling BTC??

This might be a cause for a crash

LoyceV

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Quote from: stompix on May 03, 2023, 02:12:05 AM

brc-20 tokens
~
Last 24 hours:
92,159 minted
+14,405,820 JAKE, +18,708,000 fuck, +89,760 subC, +430,100,000,000 sats, +9,552 data, 36,112 other
https://brc-20.io/

Crazy! I have no other word for it.
I've been wondering for a while what would be next after altcoins, ICOs, Forkcoins, DeFi and NFTs. I guess the next pyramid scheme is making up BS on the Bitcoin blockchain. As usual, a few people will get very rich out of this, and many people will lose money. All I can do is warn against it.
Do people not understand they need some centralized service to "use" their made-up tokens, which goes against everything Bitcoin stands for? So, when they think they have this, in reality they have only Bitcoin dust!

Hey miners, I have an idea: to profit off this madness, how about you only include Taproot transactions if they pay 10 times more than other transactions? Make them pay for it!

stompix

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Quote from: LoyceV on May 03, 2023, 01:53:28 AM

I didn't follow the ordinals ponzi hype, but are they really paying that much for their huge transactions? If it's 100kb at 100 sat/b, they're paying a thousands of dollars per transaction. Is that madness profitable enough for that kind of money?

Eh, it's not really ordinals as the previous ones but brc-20 tokens, and everyone is still calling them ordinals so I did the same.
Those are really small in size, almost like any other transaction
https://blockstream.info/tx/bc7d958993ee372c307364db37cd01ba572c67c4db3182c7438c0c16128e5543

We even have services for minting your own tokens, pretty cheap at current rates
Total: ~39221 sats ~$11.23, for a batch of inscribing 10 000 sat at a 137sats/vB fee.

Last 24 hours:
92,159 minted
+14,405,820 JAKE, +18,708,000 fuck, +89,760 subC, +430,100,000,000 sats, +9,552 data, 36,112 other
https://brc-20.io/

Is starting to look like coinmarketcap with that many! Only 9054 right now!

LoyceV

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I've updated the title Sad

Quote from: stompix on May 02, 2023, 11:02:11 AM

112!!!! sat/b in the last block, this is a new one.

Quote from: buwaytress on May 02, 2023, 09:21:09 AM

I was wondering what happened to ordinals, is that possibly part of the cause?

yeah, 100% caused by them.

I didn't follow the ordinals ponzi hype, but are they really paying that much for their huge transactions? If it's 100kb at 100 sat/b, they're paying a thousands of dollars per transaction. Is that madness profitable enough for that kind of money?

stompix

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Quote from: buwaytress on May 02, 2023, 09:21:09 AM

Wow, I hadn't needed to send Bitcoin out for a while and today took me by complete surprise. No way I would be paying the suggested 66 sats or so, so I thought, yeah, let me just send 1 sat/byte and see how long it takes. I can always RBF.

That 66sat/b took me by surprise and I watched the mempool daily, it was around 10-15 sat/b for days and it just went up since morning, but holly*** 112!!!! sat/b in the last block, this is a new one. Anyhow, if the fomo on tokens doesn't go down yours will probably going to be dropped from the mempool at 1sat/b, the purging data on mempool.space might not be completely accurate but most nodes will soon start dumping a ton of transactions if this goes on like this.

Quote from: buwaytress on May 02, 2023, 09:21:09 AM

Funnily enough, just this morning I was wondering what happened to ordinals, is that possibly part of the cause?

yeah, 100% caused by them.

buwaytress

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Wow, I hadn't needed to send Bitcoin out for a while and today took me by complete surprise. No way I would be paying the suggested 66 sats or so, so I thought, yeah, let me just send 1 sat/byte and see how long it takes. I can always RBF.

Then I saw a new icon I'd never seen before on Electrum next to my tx, clicked it and it told me mempool rejected my fee as there are hundreds of thousands of other txs with much higher fee (I'm not quoting, just paraphrasing from memory as I didn't take a screenshot).

RBF'd it. I did badly want to experiment with this non-urgent consolidation though...

P.S. Funnily enough, just this morning I was wondering what happened to ordinals, is that possibly part of the cause?

stompix

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Quote from: LoyceV on April 30, 2023, 11:46:11 AM

It's rare for fees to go up in the weekend though. It looks like many people started consolidating after mempool was empty for the first time in months.

That's definitely not what's happening right now, only exchanges are doing a bit of consolidation as they anyhow pass the fees to the customers, with only a brief moment of 6sat/b confirmations normal users probably are not planning on doing it for weeks.

Besides, if it were for consolidations we wouldn't have a record in Bitcoin transactions, as consolidations would be bigger in size and thus less possible individual transactions in a block. The culprit is brc20 tokens, which unlike the previous ordinals are no longer constrained by a huge fee based on their size, back then when they were minting they were keeping it under 3-4 sat at max, now, it's different.
Until this new hype dies down I assume we're going to have another weekend with mempool going up rather than down.

LoyceV

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Quote from: Poker Player on May 01, 2023, 03:15:36 AM

although it was written on January 30, 2018.

Reading it back is fun:

Quote from: LoyceV on January 30, 2018, 05:34:05 AM

If he would make the same transaction now with 20 Satoshis/byte fee

We now think of that as a high fee!

Poker Player

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Quote from: LoyceV on April 30, 2023, 11:46:11 AM

That poor sap will learn the cheapest lesson possible: don't act on headlines but actually read and understand before doing

If he learns this lesson here instead of in "invest your pension in cloud mining", I call that a win.

Well, it's true that it looks clickbait and if the poor sap reads the OP he will see that you are talking about a good time to consolidate there, although it was written on January 30, 2018. Let's hope that he also reads the last page of the thread.

LoyceV

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Quote from: serveria.com on April 30, 2023, 12:47:46 PM

I suspect mempool grows at the end of each month and today is the last day of the month. Maybe just a coincidence, but I send coins on 30th or 31th of each month on a regular basis and mempool is almost always congested. Need to check the graphs to make sure though.

Here's the graph:
Image loading...

I don't see a clear increase in fees at the end of each month. At the end of November and January it went up a bit, but nothing more than what happens in other parts of the months too.

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Quote from: LoyceV on April 30, 2023, 11:46:11 AM

Quote from: NotATether on April 30, 2023, 08:39:33 AM

You should probably change the title from ~~[Apr 2023] Fees quite low! Use this opportunity to Consolidate your small inputs~~ to something else before some poor sap decides to consolidate their inputs Tongue

.

That poor sap will learn the cheapest lesson possible: don't act on headlines but actually read and understand before doing

If he learns this lesson here instead of in "invest your pension in cloud mining", I call that a win.

It's rare for fees to go up in the weekend though. It looks like many people started consolidating after mempool was empty for the first time in months.

In fact, I suspect mempool grows at the end of each month and today is the last day of the month. Maybe just a coincidence, but I send coins on 30th or 31th of each month on a regular basis and mempool is almost always congested. Need to check the graphs to make sure though.

LoyceV

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Quote from: NotATether on April 30, 2023, 08:39:33 AM

You should probably change the title from ~~[Apr 2023] Fees quite low! Use this opportunity to Consolidate your small inputs~~ to something else before some poor sap decides to consolidate their inputs Tongue

.

That poor sap will learn the cheapest lesson possible: don't act on headlines but actually read and understand before doing

If he learns this lesson here instead of in "invest your pension in cloud mining", I call that a win.

It's rare for fees to go up in the weekend though. It looks like many people started consolidating after mempool was empty for the first time in months.

NeuroticFish

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Quote from: NotATether on April 30, 2023, 08:39:33 AM

Maybe someone's mining farm got hit with an outage or other electrical failure.

[...]

Anyways, transactions are taking days to confirm, I see. Bad news for folks who tried to pay for something to payment gateways with an expiration date.

If one sets a high enough fee, it still takes 10-20 minutes to get mined.
But I think that you've visited mempool.space in one of the (rather often lately) moments its data is off and it shows like there was nothing mined for a day. In such cases it's healthy to double check with another explorer...

NotATether

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Quote from: LoyceV on April 26, 2023, 10:21:38 AM

Quote from: Poker Player on April 26, 2023, 10:15:48 AM

A bit curious what is happening in the mempool, right? I see like a large dumping of transactions but also most recent block taking a while to mine, resulting in 127k pending transactions. I guess it's not a good time to consolidate inputs.

Bitcoin went up 8% today, I guess that's the reason for more transactions. The Bitcoin Difficulty Estimator indeed confirms less blocks than expected are being mined.

Maybe someone's mining farm got hit with an outage or other electrical failure.

You should probably change the title from ~~[Apr 2023] Fees quite low! Use this opportunity to Consolidate your small inputs~~ to something else before some poor sap decides to consolidate their inputs Tongue

.

Anyways, transactions are taking days to confirm, I see. Bad news for folks who tried to pay for something to payment gateways with an expiration date.

LoyceV

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Quote from: Poker Player on April 26, 2023, 10:15:48 AM

A bit curious what is happening in the mempool, right? I see like a large dumping of transactions but also most recent block taking a while to mine, resulting in 127k pending transactions. I guess it's not a good time to consolidate inputs.

Bitcoin went up 8% today, I guess that's the reason for more transactions. The Bitcoin Difficulty Estimator indeed confirms less blocks than expected are being mined.

Poker Player

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A bit curious what is happening in the mempool, right? I see like a large dumping of transactions but also most recent block taking a while to mine, resulting in 127k pending transactions. I guess it's not a good time to consolidate inputs.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 31. (Read 88281 times)