Topic: Bitcoin Runes push fees as high as 900/vbyte or $196 US (Read 428 times)

BTC> My opinion at the moment aligns with Maximalist like Matthew Kratter.

https://www.youtube.com/watch?v=ZwSN5lKeNEY

Youtube Gemini summarise:

“ This video is about Bitcoin Runes and its negative impacts on Bitcoin.

The speaker of the video, Matthew Crder, argues that Bitcoin Runes is a scam and will likely cause financial loss for people. He mentions that some tokens issued on Bitcoin Runes have dropped over 90% in value within just 24 hours. [1:02]

The creator of Bitcoin Runes, Casey Rmore, is also criticized for his involvement with ordinals and inscriptions, which are other supposedly scammy protocols. The speaker finds Rmore's blog disturbing because it contains content related to bestiality. [1:12]

Bitcoin transaction fees have skyrocketed because of the minting of Bitcoin Runes. The speaker claims that this spam is causing denial-of-service attack on the Bitcoin network, making it expensive to conduct financial transactions. [1:20]

The speaker believes that this spam is a result of unethical crypto VCs trying to profit from Bitcoin. He argues that companies and individuals who promote Bitcoin Runes or similar protocols should be called out. [1:30]

The speaker mentions a few ways to fight against Bitcoin Runes and similar scams. One way is to boycott Bitcoin mining pools that include a lot of Bitcoin Runes transactions in their blocks. The speaker recommends using Ocean, a non-KYC mining pool that allows users to choose block templates that filter out garbage transactions. [1:40]

Another way is to run Bitcoin knots, an alternate version of Bitcoin Core that has better filters for spam transactions. The speaker mentions a few people to follow on Twitter to learn more about this topic, including Bitcoin mechanic, Luke Dasher, Jock Muko, and Leo Half. [1:50]”

BTC>

Pretty simple, buy your own ASICs, join a censorship pool, mine blocked that don't contain ordinals or runes.
But yeah, this involves doing something that might make you lose money, be highly uncomfortable if you live in a flat, need maintenance, and need some upfront cash, so no wonder everyone is screaming for others to do it.

I love the bitching about miners, nobody showed mercy when we were barely paying the bills, and nobody was thinking of the ones that would need to shut down at the halving, it was all business, well...now you have a business 

You want to do something, go here:
https://shop.bitmain.com/product/detail?pid=00020240402210032893O1Et7keX0682
grab one of those and mine to ocean.xyz that's luke's pool..

I'm pretty sure if bitcoin's price rose the way it did over the years but fees stayed low and no changes were made, the assholes would have barged their way into the market anyway but I say fuck 'em anyhow.

And yes, bitcoin was intended to be a p2p form of cash, but:

1) That was a solution in search of a problem, i.e., there was never a public outcry for an alternative to fiat.  Even in countries that experienced hyperinflation, people just used another stable fiat currency.  Hell, even in 2015 or so most people hadn't even heard of bitcoin.

2) Right from the get-go (at least from what I've read in threads from the early years here) people were focusing on bitcoin's price, though there was discussion about merchant adoption and sales of things on the forum and, of course, on the dark web.  But as time went on and bitcoin kept rising, all that talk about companies accepting bitcoin fell off a cliff and it basically became an investment.  And I might add that nobody forced anyone to think of it that way.  It just happened.


LOL.  I've been here long enough such that I should know things like that, but I swear every time I start reading anything technical about crypto my eyes glaze over.  Not out of boredom or disinterest, mind you, but because I don't speak the language of the technical wizards who wrote the code, did the math, the cryptography, whatever.  I studied the wrong thing in college.

Well it can't be helped that is the network we can only use for bitcoin transactions, right now the network is congested caused by many factors and because the halving event just finished added by runes who pushes to make the network congested but do mind that this is only temporary, over the time the fees will gradually decrease and will be back into single digit so what we can only do is wait, we dont have any other choices there is light network but if you will only use it into single transaction with a certain address then it is not recommended, anyway if the transaction can be hold or not that urgent then its better to wait for the fees to calm down before committing into a transaction or else you will really need to pay the high transaction fee but it will be a waste. Even now, we still don't know how long this kind of transaction fee will last, but if it takes too much longer, then there will be a negative effect on the bitcoin market.

     When things like this happen, users may change their minds to hold bitcoin in the long run. Because the things that happen over and over again in reality. Especially in these times, there are more opportunities to invest in the top altcoins that appear in the market that have the potential to provide greater profits than bitcoin.

     These are the facts that other investors have gradually realized. Yes, bitcoin is proven and tested, but as its value increases, the chances of investors making a large profit from this asset also decrease. Whereas in other top altcoins, your profit is higher, not insignificantly, you can repeat more than 20x your capital, while in bitcoin, the capital you will use here will not reach 10x.

just remember its not a physics/technical limit. its a dev politics limit. which can be fixed by code once we sort out whos governing the code

one of bitcoins native solutions that made it great was a solution to the byzantine generals problem of governing code.
it used to be able to have multiple "reference client" brands(generals(plural)) on the same network all proposing paths forward where the majority would agree on a path which all generals would agree on to move forward

but got turned into a singular major-general(monarchy/federation) of one brand/controller..
its like united states removing the state senators/govorners/congress and only relying now on executive orders of federal government..

we need to get back to a system without a federal system [singular ruling class with one idealism that counters its peoples needs]
and open it up again to democracy of multiple states(representatives/repositories) that unite/vote on a common good of the people

This is a much bigger issue than high fees.  We have to stand up for Bitcoin as it was intended. This is about "purely peer-to-peer transactions" and personal freedom.

Bitcoin was intended to solve one of the biggest problems we face as a race and if we don't make sure it survives as "Purely peer-to-peer electronic cash" everyone loses!  The high fees and slow network are a huge problem!   

It will be hard to do so, yes but it is possible. Many people are constantly trying to look for other improvements and upgrades so I am pretty sure that one way or another we can get one to reverse the impact of ordinals.

Your passion is amazing and you can definitely do that. Just make sure that you have a clear and detailed points to present to the community. I am sure many share the same sentiment as you, me included.

I think the reason behind about this is many people wants to be part of the blockhalving history and there is a runes currently minting on the Bitcoin blockchain which is I think the reason why the transaction fee keeps increasing it almost 2 weeks when the transaction fee is high before block halving and now after block halving the fees is pretty expensive retailers or smallholders can't able to make a transaction due to fees which is higher than the amount they want to send.

There's no choice but to wait or if I'm lucky enough to see a free submission on ViaBTC I will include it right away before it becomes 0.



It is more likely a plan or a manipulation to me which is why there are runes or inscription minting nowadays is to keep the Bitcoin price at the current level this is just my prediction they use it to congest the network so that people can't sell their BTC while block halving remember the recent bearish last week that keeps all crypto collapse during that week and suddenly transaction fees gradually increasing before block halving? People panic to sell so they use runes and inscriptions to keep the network congested and to avoid retailers and holders selling their coins. What do you think?

It had to be an 200 IQ plan because they launched something useless, hoping that people will get interested and throw money at them, driving the fees up and making them earn more from every block, despite halving. I don't blame the ones that launched it, but the flock of sheep who outbid one another to be in the first block after the halving and continuing to pay insane amounts of money per transaction.]

Someone opened a shop selling dog poo and you bought it. Who's to blame, you or him?

Fees are back to being manageable if you're willing to wait a few hours then you can pay less than 150 sats.

You said it yourself, the support is too large from parties, like miners, who profit off of huge fees. As long as the incentive is there, nobody wants to do anything against it. Which is backwards, short-term thinking and will set Bitcoin back and ruin its image. What else are we to do but improve already working solutions? (even if they are merely half-baked)

It looks like Runes and inscriptions are being supported by miners in order to push the fees up.  It is no accident Runes were launched on the day of the halving.

Bitcoin is a peer-to-peer, decentralized network.  Lightning is not peer-to-peer and not decentralized.

The solution is to remove ordinals(Inscriptions and Runes) and make the full 4MB blocks available to transactions which will make the network more efficient.

This is not complicated.  It is common sense if you believe that Bitcoin is "electronic cash".

Totally sucks right? Which you do know that you cant really be able to make out some transaction due to high transaction fees. Yes, it might not be that much of an issue for those people who do have tons of
money but for those who are just that average then it would really be something that would make you hesitate on doing so. This is really indeed the first time in history on seeing Bitcoins fee price did reach almost $200 which it is really that too much for a certain transaction. The fee did reduce but it is really that still playing around $20 on the fee on which it is really just that too much. Im already that missing that $0.1-0.3 Fee.
For sure it would really be that taking up some a couple of days or might be a week before everything would be normalizing. We dont know on whats the reason with this kind of spam transactions
in the network whether those are legit tx or something that talks about spam or whatsoever.

So long as scaling continues to be done in the light of what will be most beneficial to the developers coding it and not what will work best (which at this point is very obviously merged mining like satoshi was steering Bitcoin towards), then new users during peak periods will immediately be funneled to using altcoins. Lightning is dead, Ordinals/Runes killed it. We need to move on from that failure.

The network is very congested every few hours the transactions increase it seems I can't make any transactions today with Bitcoin.

It seems there's no chance to make a transaction today with less fee or a transaction with enough fee that we can submit on Viabtc but the problem is I've waited for almost 6 hours but no available free submissions on ViaBTC it seems there are many users are waiting for free submission? or they temporarily remove the available free submission what do you think?

This is what I doubt, is there any group interest behind increasing transaction fees and they don't want transaction fees to decrease? I will not rule out the possibility that miners are behind brc, rune games because they are clearly the ones who benefit the most and the group of miners is also considered a large group of whales in the market.

Before that we had BRC-20 and so far there haven't been any proposals to improve bitcoin's congestion. It's true that everything will pass and transaction fees will return to normal, but there is also no guarantee that spam similar to rune, brc will never be created again.

I agree that with Bitcoin, a longer holding time, a better chance for a holder to get more profit but I really dislike situation when we have to hold our bitcoins while we don't want to hold it with a funny reason behind. We have no other choices because of very expensive transaction fee.

It is not a good advertisement for Bitcoin because we have keys (private keys), we have coins and we have need to move our bitcoins whenever we want. Can not do it because of expensive transaction fee, is a big barrier to bring more new people to Bitcoin community. It's big fear that you have bitcoin but can not do it, because if you do it, when transaction fee is unrealistic expensive, you will convert your bitcoins to satoshi dust.

There are periods of time when it becomes very expensive to send small amounts of Bitcoin. It does impose a kind of 'mandatory HODL time period' for small-scale Bitcoiners. I wonder about the implications on the Bitcoin ecosystem and price.
 
The devs have not implemented anything to counter the blockchain spam.

It is a huge problem. So what is the solution here? Further Lightning development?


source: https://ycharts.com/indicators/bitcoin_average_transaction_fee

I don't agree with runes and ordinals on the bitcoin blockchain, but as bitcoin is a free network, it is difficult to prohibit people from putting things there, the free market is what will say whether this will evolve or not, unfortunately in the meantime we have to pay huge amounts of transaction fees, it's a shame, I also wish this would end soon.

Thanks for that! Too many spam transactions.