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

Using hard coding or existing (non AI) fee recommendation algorithm is far easier and cheaper than using AI though. And i'm not sure how we can use AI to show fee recommendation? Should we use whole mempool as input of the AI?

I don't believe someone is just burning his money on fees. It must be someone who sells useless made-up tokens to gullible people with FOMO. Even here on Bitcointalk I now see people who are getting curious.

Who could it be? A BCH/BSV fanatic?

Is he a BTC whale?

I thought he only had ETH.

In the age of AI, this is totally unacceptable. Bots can and should be smarter than that...

I vote for Vitalik Buterin.
Some kind of revenge for all the suffering the Ethereum network went through with NFTmania. He certainly has the money for this kind of venture  

Or just some geniuses started uploading resources for their gaming platform.

It's not about fees but since this thread turned into Ordinals discussion, I'll ask here:
1. Does anyone know what are the most popular Bitcoin Ordinals marketplace websites? Or where can I see how many Ordinals are traded daily? I know that I can check mempool and see transactions but I want to know besides creating new ordinals, how many of them are traded (bough and sold).

I had the same question. There is a possibility that it's a bot with bad configuration. I have seen way worse fees than what you shared. Mempool is full of transactions that had recommended fee and then fee was increased up to 100 times with multiple RBFs. That doesn't make sense to me. Imagine, recommended fee is 100 sat/vByte, then someone uses RBF and increases it up to 200 sat/vByte, then up to 1000 sat/vByte, then up to 5000 sat/vByte and so on, within minutes.

Current blocks: about 90% spam:


This graph (also from mempool.space) shows the inflow of new transactions (in vbyte/second):

This strengthens my theory that it's one person behind it. If different people would be doing this many transactions, I'd expect a more even inflow without high peaks.

Nobody said Bitcoin is going to fix IQ issues!

I wouldn’t call that “flawless” since being able to make cheap transactions was one of bitcoin’s core features for years and now it is not here anymore.

Do bitcoin execute the code flawlessly? Yes it does. But eth did execute its code flawlessly too and then vitalik didn’t like it so it was forked.

What I am trying to tell you is that executing the code flawlessly doesn’t mean it is working perfectly or more importantly, properly. They are not the same concepts.

Don't be like this guy: he paid 0.15351 BTC to send 0.06574732 BTC. Be smart with Coin Control!

And if the fees are high there will be no more usage since nobody will be interested in adjusting or adapting to a costly payment solution, again the usual dilemma, we don't scale because it would be costly for nodes, if we don't scale is bad for traffic, and probably another decade will pass and the same discussion will be with every major hype of something building on the chain.


Yeah, banks have adapted everywhere, the myth of banking transactions being expensive as hell is so 1999.
The only advantage I don't see any other payment type beating Bitcoin on is international payments completely outside trading zones like the EEU for example, but it won't be long till even that is beaten, I can already pay via a card a WU pick in minutes transfer that with pretty cheap fees, so the clock is ticking for it too.

We might have to consider Bitcoin will mainly an investment or a hedge against inflation and that's it!


Bitcoins still works flawlessly, as I said attack or whatever you call this the protocol is not affected, transactions happen, confirmation happens, blocks are getting mined, Bitcoin can't be brought down by this thing and it will never be! The moment trust starts to go away so will the transactions, so will high fees, and everything will be back as it was and trust will be back again!


No wonder we're most likely going to have a positive difficulty adjustment. Fees...Yummmyyyy!

Sometimes these fee rate adjustments do not make sense at all, and what is even more funny is that the adjustments are done just a few minutes apart. Like, who does this kind of stupid thing?
The fee rate is already high enough for the TX to be confirmed in the next block, but then someone goes ahead and keeps bumping it  
https://mempool.space/tx/2ce96a9c96a26c548bd4b3f97cfe70ebe447cfedf2d0d44b9fdb01365a3e500b



Runes Ruining the Bitcoin Network

I guess I was wrong. The spam from the ordinals/runes garbage is way bigger than I've expected (I thought others eg miners are also heavily involved).
I didn't know the numbers and I've read this thing today:

Here are some important reminders for the lot of us: https://bitcointalksearch.org/topic/--5493652.

---

There is no revenge, and even if there was any, it is simply not worth the money. It is just greater fool's theory 101. People risk millions of dollars for more in return. Not idealistic reasons, not BS. Just human greed.

Why do people throw coins in fountains and make wishes? Why do they send coins to Satoshi's address? Why do they pay outrageous amounts of money for baseball cards? Because it's not reasoning that drives the market. It's emotions.

C'mon man, don't be so fast, don't be so rough. I can't draw stupid paintings and I don't have any dumb JPEG images in my computer, so, you know, it was a joke, don't worry, I am too anti-ordinals to do that.

Why does someone care about whether their ordinals transaction will be N1 in 840000's block or not? Yes, it's a halving block and has a gold color on mempool.space but does it really matter? Does it bring any value?
By the way, I don't understand the point of this transaction: https://mempool.space/tx/152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489
He or she sent 0.00001100 BTC but paid 7.99 BTC as transaction fee. I mean, why? Are ordinals worth much if they pay high transaction fees? Does TX fee value increases their value? Or why are they so crazy to pay so much in fees when there is absolutely no need of that and they can include their transaction with paying way less.

It also feeds on Bitcoin's name. That's the problem.

And does not need it. This HYIP feeds of hype, like a hit and grab. They make it look all very attractive to investors, easy money, real use case of bitcoin or any other bs they are selling. People catch on after a while and they lose the market.

Bitcoin has survived this far and thrived this much without ads. The real ones find their way around.

- Jay -

Not in this quantity. Only time will tell. The Ordinals attack has been going on for 1.5 years already. People have gotten tired of it, and now we have something else those good-for-nothings are throwing their money on which is obviously attracting the wrong type of people to Bitcoin.

It's both.

You know the saying: "Never underestimate the power of stupid people in large groups". I think it was George Carlin who said that.

What truely amazes me is that people are willing to pay the spammers for this. It must be profitable, which means the tens of millions of dollars they pay per day are paid by their victims. Who are those people who'd rather "invest" in a made-up story about unique satoshis than just buy real Bitcoin?
The reason must be marketing. Spammers who spend and earn millions have a huge budget to advertise their BS, while real Bitcoin doesn't get ads.

Just for fun, if anyone wants to see the "records" in fees (I don't know why, but I was curious to see it), you can run bitcoin-cli getblockstats .

For instance, for the halving block (840,000):


The "maxfeerate": 3604819 indicates the fee record on this block which was 3604819 just like BlackHatCoiner mentioned above in the discussion.

But do you think this madness is sustainable over time? Those who overpay for putting images of bananas in the blockhain can do it for two reasons, for the revenge of not having increased the size of the blocks or because you hope that someone more retarded than you will pay you much more money in the future for the bananas (or both).

Few people are going to make money with this, rather their banana images will tend to be worth 0 and those who put images in the blockchain for that reason will stop doing it. The question is when, because they have been doing it for a while now. And if someone is doing it as revenge they can already be a billionaire because it can get very expensive. If you have a more modest net worth, not billions, at some point you will have to stop.

Another thing is that regardless of this, bitcoin is not going to be a cash p2p as it was conceived, for many reasons, the main one being that you tend to save what is valuable, not to spend it.