Is anyone else glad Bitcoin is calming down? - page 2.

Coose365

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Quote

then people would just try and upload more monkeys. and bigger ones. Shocked

yes. but being able to push more through a block would just be beneficial for everyone even the monkey tards. Lets be honest the 1MB block limit is holding BTC back, we can store alot more data now for dirt cheap.

larry_vw_1955

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Quote from: Coose365 on May 07, 2023, 05:39:15 PM

Aged like fine wine :>. But anyway if this keeps up into a bull run i wouldn't be surprised if people just eat these fees like how ETHtards just pay $4000 just for the ability to buy a monkey picture.

i bet they wish they had their $4000 back now. no one can be dumb enough to pay $4000 to buy a monkey picture. at least, you would think so. we're not talking about paying $4000 for the monkey. just the ability to be able to buy him. it's like paying a membership at a country club so you can play golf there but you still have to pay greens fees...

Quote

Short term "solution" imo is to reverse taproot or at least mitigate the ability to shove JPEGs into the blockchain.

based on how quiet the developers have been, that seems very doubtful unfortunately. seems like they don't even care. and think it will just work itself out.

Quote

Long term solution would be to increase the 1MB block size.

then people would just try and upload more monkeys. and bigger ones. Shocked

Coose365

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Aged like fine wine :>. But anyway if this keeps up into a bull run i wouldn't be surprised if people just eat these fees like how ETHtards just pay $4000 just for the ability to buy a monkey picture. Short term "solution" imo is to reverse taproot or at least mitigate the ability to shove JPEGs into the blockchain. Long term solution would be to increase the 1MB block size.

Bitcoin_Arena

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Damn, this post aged well Grin

Just a few days ago I said this

Quote from: Bitcoin_Arena on May 02, 2023, 05:58:41 PM

These ordinals and shit are hurting the true users of the Bitcoin blockchain because of insane transaction fees which shouldn't be there in the first place. Imagine what is going to happen in a bull run.

And today, the optimal transaction fees are just super crazy. Where now looking at 500 sats/vbyte as low priority fee rate, and I think things are just going to get worse. Which genuine and average user is going to pay that much for a simple or small payment?

I am thinking of not making a bitcoin transaction for a while.

On the flip side, Miners are smiling

bettercrypto

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Quote from: Accardo on May 06, 2023, 05:04:28 PM

Quote from: tjtonmoy on May 06, 2023, 02:35:02 PM

It's so crowded today as well. It's been like this for maybe 3-4 days now. The transaction fee is very high at this moment. I have made a transaction with 5 sat/B, and it's been over 2 days. It's still stuck there. I don't want to spend more fees on them, so I'll just let that be there until things cools down. I don't know when that will happen, but these spike movements are making it hard.
Well nothing to do rather than waiting for it to cool down.

Last 2 days I paid higher fees $5 for a $20 transaction, I tried to adjust the fees, but considered how long it'll delay for the transaction to get completed. When I try paying with lesser fees the transaction would unexpectedly delay and I wouldn't like that to happen to some urgent transactions, so I don't have any option than to leave it that way. Recently, I think miners pay so much in tax and it could have affected the fees since they need those rewards to run their business. Though, I know that multiple transactions on the blockchain affects fees too, however, if I'm not in a hurry to get a product, I can set a lesser fee then wait till the transactions on the network becomes decongested such that miners can attend to payments with smaller fees.

As for me, last 4 days ago I also made a Bitcoin transaction like you, the charge for what I did was also 5$, I also thought of reducing the fees, but I immediately thought that the transaction I would make might not go well so I let it go the fees are only 5$ instead of bothering me because that's exactly what happens at those times because of the nft ordinals in blockhain.

I also found out that most of the people who tried to reduce the fees did not succeed, but instead waited for a long time before they were able to make a transaction again with high fees. That means there is no use even if the fees are reduced or adjusted.

NotATether

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Quote from: larry_vw_1955 on May 03, 2023, 09:02:48 PM

Quote from: sha420hashcollision on May 03, 2023, 07:26:36 PM

Lmao yes he did and it is funny you would still defend him after all of the despicable and idiotic things including this that he does and promotes.

he might have paid $623,000 for some nft in 2021 but guaranteed it's worth more than $10 even RIGHT NOW. i would pay $10 for that thing all day long and so would you!

people that bought one of his 99 originals they're probably under water but then again, i'll buy theirs for $10 too if they want. Shocked

can you help broker that deal or not?

Wat?

With the title of this topic becoming something of an oxymoron (in the past 12 hours since I was rampaging about BRC20, fees have increased by 50 sats/byte), I don't think anyone with a remotely higher IQ than the Paul brothers is going to empty pockets now and buy some "^ ^ ^ ^ To the moon ^ ^ ^ ^" collectible, because pretty much almost all of them are like that at this time.

Ironically the miners, and not the meme traders, are getting rich right now: "During a gold rush, sell shovels" as they say.

larry_vw_1955

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Quote from: Accardo on May 06, 2023, 05:04:28 PM

Last 2 days I paid higher fees $5 for a $20 transaction, I tried to adjust the fees, but considered how long it'll delay for the transaction to get completed.

You got hit with a 20% surcharge. That must have been an important $20. Like an emergency. That's always sad when someone has an urgent need to send money and bitcoin makes them fork over 20% of their balance in fees...if bitcoin was working correctly you could have/should have been able to send about $24.99 and pay $0.01. Shocked

Accardo

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Quote from: tjtonmoy on May 06, 2023, 02:35:02 PM

It's so crowded today as well. It's been like this for maybe 3-4 days now. The transaction fee is very high at this moment. I have made a transaction with 5 sat/B, and it's been over 2 days. It's still stuck there. I don't want to spend more fees on them, so I'll just let that be there until things cools down. I don't know when that will happen, but these spike movements are making it hard.
Well nothing to do rather than waiting for it to cool down.

Last 2 days I paid higher fees $5 for a $20 transaction, I tried to adjust the fees, but considered how long it'll delay for the transaction to get completed. When I try paying with lesser fees the transaction would unexpectedly delay and I wouldn't like that to happen to some urgent transactions, so I don't have any option than to leave it that way. Recently, I think miners pay so much in tax and it could have affected the fees since they need those rewards to run their business. Though, I know that multiple transactions on the blockchain affects fees too, however, if I'm not in a hurry to get a product, I can set a lesser fee then wait till the transactions on the network becomes decongested such that miners can attend to payments with smaller fees.

tjtonmoy

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It's so crowded today as well. It's been like this for maybe 3-4 days now. The transaction fee is very high at this moment. I have made a transaction with 5 sat/B, and it's been over 2 days. It's still stuck there. I don't want to spend more fees on them, so I'll just let that be there until things cools down. I don't know when that will happen, but these spike movements are making it hard.
Well nothing to do rather than waiting for it to cool down.

mindrust

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This is the best time to consolidate your inputs or make or make small transactions. When bitcoin goes crazy (higher or lower) people rush to/from the exchanges and the blockchain gets too crowded. That’s why we occasionally experience them high fees. I personally don’t pay more than 2-3 sats and if that can’t make my funds move, it is not enough for the miners, I wait till the things calm down.

sha420hashcollision

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Quote from: larry_vw_1955 on May 03, 2023, 09:02:48 PM

Quote from: sha420hashcollision on May 03, 2023, 07:26:36 PM

Lmao yes he did and it is funny you would still defend him after all of the despicable and idiotic things including this that he does and promotes.

he might have paid $623,000 for some nft in 2021 but guaranteed it's worth more than $10 even RIGHT NOW. i would pay $10 for that thing all day long and so would you!

people that bought one of his 99 originals they're probably under water but then again, i'll buy theirs for $10 too if they want. Shocked

can you help broker that deal or not?

You would have to pay me atleast 1 bitcoin whole to do anything related to Logan Paul lol, offer is on the table.

larry_vw_1955

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Quote from: sha420hashcollision on May 03, 2023, 07:26:36 PM

Lmao yes he did and it is funny you would still defend him after all of the despicable and idiotic things including this that he does and promotes.

he might have paid $623,000 for some nft in 2021 but guaranteed it's worth more than $10 even RIGHT NOW. i would pay $10 for that thing all day long and so would you!

people that bought one of his 99 originals they're probably under water but then again, i'll buy theirs for $10 too if they want. Shocked

can you help broker that deal or not?

sha420hashcollision

member

Activity: 126

Merit: 30

Quote from: larry_vw_1955 on May 03, 2023, 07:03:09 PM

Quote from: sha420hashcollision on May 02, 2023, 06:38:16 PM

.

For the record yes Logan Paul is generally irrelevant even when he is mentioned in something and he certainly is not a blockchain wizard or educated in anything useful. However it goes to show that even a guy with a billion blind young rich followers cannot sell this absolute crap to anyone. It will die slowly or fast depending on how much money the buyers have and how many drug addictions the sellers have.

there's no way that logan paul bought an nft for $623,000 in 2021 and then today it's only worth $10, as that site claims. i'm sure people would buy it for 3 figures just based on how much it sold for in the past. but if you're just going to sit there and complain about how it's not worth anything but not actually put it up for sale to the highest bidder then you can't say it's only worth $10. i'll buy his dumb nft for more than $10. so i'ts worth more than $10

Quote from: bettercrypto

I also noticed that the other day, the transaction fee is quite high now if I compare it to last week. I even read that the transaction reached 38$ something out of his 180$ withdrawal.

time to sign up for western union if that's the case...i'm sure their fees for sending $180 are much reasonable than that. need a website link? Wink

Lmao yes he did and it is funny you would still defend him after all of the despicable and idiotic things including this that he does and promotes.

larry_vw_1955

sr. member

Activity: 1190

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Quote from: sha420hashcollision on May 02, 2023, 06:38:16 PM

.

For the record yes Logan Paul is generally irrelevant even when he is mentioned in something and he certainly is not a blockchain wizard or educated in anything useful. However it goes to show that even a guy with a billion blind young rich followers cannot sell this absolute crap to anyone. It will die slowly or fast depending on how much money the buyers have and how many drug addictions the sellers have.

there's no way that logan paul bought an nft for $623,000 in 2021 and then today it's only worth $10, as that site claims. i'm sure people would buy it for 3 figures just based on how much it sold for in the past. but if you're just going to sit there and complain about how it's not worth anything but not actually put it up for sale to the highest bidder then you can't say it's only worth $10. i'll buy his dumb nft for more than $10. so i'ts worth more than $10

Quote from: bettercrypto

I also noticed that the other day, the transaction fee is quite high now if I compare it to last week. I even read that the transaction reached 38$ something out of his 180$ withdrawal.

time to sign up for western union if that's the case...i'm sure their fees for sending $180 are much reasonable than that. need a website link? Wink

sha420hashcollision

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Activity: 126

Merit: 30

Quote from: bettercrypto on May 03, 2023, 01:44:50 AM

Quote from: MythicalPikachu on April 21, 2023, 07:20:08 PM

Recently, if you've been on Mempool, Bitcoin has had many transactions going through the blocks, causing high fees, I was paying about $3-5 per transaction a week ago and now I'm down to $0.2.-0.5 per transaction. Is anyone else effected by this? Miners are great and have made the 108 block backup into a 7 block backup in a week, keep going miners!

I also noticed that the other day, the transaction fee is quite high now if I compare it to last week. I even read that the transaction reached 38$ something out of his 180$ withdrawal.

I don't really understand why the fee is so high now in bitcoin when you make a transaction that once we check in the mempool,
the fee is so expensive. I hope it goes well somehow.

There was a fee spike caused deliberately by Udi, Taproot Wizards, and their sheep followers who send them real bitcoin to get some fake ponzi token that they paid for with REALLY HIGH SAT PER BYTE FOR 1 of 2 Reasons:

1. They are using some custodial wallet participating in the coordinated spam attack on the Bitcoin base layer.

2. They are people like Udi who enjoy wasting money on fees to brag about making others pay more for casual payments.

They have also been enlisting Bots of the shiba and dogecoin pump n dump type that spam twitter everyday causing tons of newbs to get scammed as well.

Only way to avoid this is to be VOCALLY AGAINST SCAMMERS LIKE UDI AND THE TAPROOT WIZARDS

bettercrypto

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Quote from: MythicalPikachu on April 21, 2023, 07:20:08 PM

Recently, if you've been on Mempool, Bitcoin has had many transactions going through the blocks, causing high fees, I was paying about $3-5 per transaction a week ago and now I'm down to $0.2.-0.5 per transaction. Is anyone else effected by this? Miners are great and have made the 108 block backup into a 7 block backup in a week, keep going miners!

I also noticed that the other day, the transaction fee is quite high now if I compare it to last week. I even read that the transaction reached 38$ something out of his 180$ withdrawal.

I don't really understand why the fee is so high now in bitcoin when you make a transaction that once we check in the mempool,
the fee is so expensive. I hope it goes well somehow.

sha420hashcollision

member

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Quote from: Bitcoin_Arena on May 02, 2023, 05:58:41 PM

Quote from: panganib999 on May 02, 2023, 01:55:48 PM

Add to this the expected surge of activity within the network courtesy of Ordinals and their shenanigans (which I am not really against since it's about time bitcoin gets its own NFT), and expect a pretty nasty increase in fees in the next months or so.

There's nothing totally good about the scammy ordinals anyway. Bitcoin was never built for the purpose of storing some shitty JPEGs or GIFs of lousy monkeys and frogs onchain to scam newbies. The purpose of Bitcoin is very clear in the whitepaper.

These ordinals and shit are hurting the true users of the Bitcoin blockchain because of insane transaction fees which shouldn't be there in the first place. Imagine what is going to happen in a bull run.

Agree but unless you get the law involved you cannot do anything about people scamming newbs.

Most of the energy going into it is like "look I can waste my money and also spend way too much on fee per bytes even though no one is forcing me to by any means necessary". Kind of like spending a fuck ton of money on food with gold on it so you can post it on instagram to like 200~ followers or something. That kind of shit is clogging up society in many ways not just Bitcoin but ultimately theres no magic trick behind it. Pretty much all these things they are paying for will become worthless just like all other NFTs even ones collected by Celebrity Douchebags https://www.sportskeeda.com/esports/news-logan-paul-s-623k-2021-nft-now-worth-10-here-s .

For the record yes Logan Paul is generally irrelevant even when he is mentioned in something and he certainly is not a blockchain wizard or educated in anything useful. However it goes to show that even a guy with a billion blind young rich followers cannot sell this absolute crap to anyone. It will die slowly or fast depending on how much money the buyers have and how many drug addictions the sellers have.

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Quote from: panganib999 on May 02, 2023, 01:55:48 PM

Add to this the expected surge of activity within the network courtesy of Ordinals and their shenanigans (which I am not really against since it's about time bitcoin gets its own NFT), and expect a pretty nasty increase in fees in the next months or so.

There's nothing totally good about the scammy ordinals anyway. Bitcoin was never built for the purpose of storing some shitty JPEGs or GIFs of lousy monkeys and frogs onchain to scam newbies. The purpose of Bitcoin is very clear in the whitepaper.

These ordinals and shit are hurting the true users of the Bitcoin blockchain because of insane transaction fees which shouldn't be there in the first place. Imagine what is going to happen in a bull run.

duckalis

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In addition to the fact that a fee depends on the number of transactions in the mempool, it also depends on the transaction weight in bytes.

NotFuzzyWarm

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Quote from: panganib999 on May 02, 2023, 01:55:48 PM

...
Add to this the expected surge of activity within the network courtesy of Ordinals and their shenanigans (which I am not really against since it's about time bitcoin gets its own NFT), and expect a pretty nasty increase in fees in the next months or so.

No, BTC does not need its own NFT... Folks already bitch about the local storage needed to run a full node and BTC was intended as a means for having an immutable open ledger for storing/transferring the chain of a currency, in this case BTC,from its creation to current ownership, if desired, also including a short bit of text that can be used as 'notes'. For pure efficiency it should remain so. It was never intended to be a ledger/storage method for any form of data such as contracts, images, etc.

There are numerous side-chains (ran by companies...) that can be used for NFT crap and smart contracts etc but of course records documenting the chain of ownership can be stored on the BTC blockchain much like Ordinals do. Only difference is that Ordinals actually store their crappy 32kb 'artwork' on the main chain as well as just track its movement from wallet to wallet using actual - but very tiny, like BTC0.0001 btc - transactions holding the full 32k of possible data to go with it.

Yay Taproot that allowed this mess... Angry

The only good part is they usually pay very hefty fees for that 32vkb tx.

That said today has seen mempool showing some insane fees - many are well over 1BTC of fees being rewarded Grin

Topic: Is anyone else glad Bitcoin is calming down? - page 2. (Read 483 times)