Is anyone else glad Bitcoin is calming down?

larry_vw_1955

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Quote from: Agbe on May 31, 2023, 09:17:17 AM

I think this days even campaign managers are hunting those participants that is using AI ChatGPT in their comments and posts. And this will also reduce the copy and post from internet.

yeah hopefully. hopefully they get their account deleted and their earnings deleted because they are cheating. are you listening cryptodude?

Quote

And concerning the topic of the discussion. When bitcoin price is down, those who want to buy will be very happy while for those who want to sell will not be happy. So in all time bitcoin price is a favour to users.

but figuring out when is the right time to buy and sell is not so easy. are we going up or down from here? no one knows.

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Quote from: larry_vw_1955 on May 30, 2023, 10:05:18 PM

ChatGPT is not perfect. but isn't there a rule about people just spamming using AI? they really should enforce it if so because these AI comments stick out like a sore thumb and add nothing of value. his is a prime example. Shocked

I think this days even campaign managers are hunting those participants that is using AI ChatGPT in their comments and posts. And this will also reduce the copy and post from internet. And concerning the topic of the discussion. When bitcoin price is down, those who want to buy will be very happy while for those who want to sell will not be happy. So in all time bitcoin price is a favour to users.

larry_vw_1955

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Yes, many people are glad that Bitcoin is calming down. The extreme volatility and rapid price fluctuations of Bitcoin have caused uncertainty and unease among investors and the general public. The recent stabilization of Bitcoin's price and decreased volatility provide a sense of relief for those who prefer a more stable and predictable market. This calm period allows for a more rational evaluation of Bitcoin's value and potential, and it can contribute to a healthier and more sustainable growth of the cryptocurrency ecosystem.

so immediately after you join this bounty https://bitcointalksearch.org/topic/m.62303563

you start spamming AI comments using chatgpt. it's so obvious.

Quote from: Z-tight on May 30, 2023, 08:39:53 AM

Quote from: ?? on ??

Yes, many people are glad that Bitcoin is calming down. The extreme volatility and rapid price fluctuations of Bitcoin have caused uncertainty and unease among investors and the general public.

The op is talking about BTC transaction fees and not the price of BTC, read the op.

ChatGPT is not perfect. but isn't there a rule about people just spamming using AI? they really should enforce it if so because these AI comments stick out like a sore thumb and add nothing of value. his is a prime example. Shocked

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Quote from: ?? on ??

Yes, many people are glad that Bitcoin is calming down. The extreme volatility and rapid price fluctuations of Bitcoin have caused uncertainty and unease among investors and the general public.

The op is talking about BTC transaction fees and not the price of BTC, read the op.

Quote from: Z390 on May 29, 2023, 10:45:51 AM

Who told you that Bitcoin is calming down? We can make a transaction using 1$ today

It is not accurate to calculate BTC transaction fees or fee rate in any other currency but in sats/vByte, because it is the size of your transaction that will determine the exact fee you'll pay for a transaction.

Quote from: Z390 on May 29, 2023, 10:45:51 AM

the mess that ordinals and brc20 will create for Bitcoin will be unforgettable, I can bet this with anyone, the negative impact will be talk about for years to come.

The negative impact is only in tx fees, it does not pose any risk to the BTC network, i know that nobody likes to pay high tx fees, but it is certain in the BTC network, because there will be a time that transaction fees would be the only incentive for BTC miners, and the fees won't be cheap at that time.

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Who told you that Bitcoin is calming down? We can make a transaction using 1$ today but that's not the end to the mess, what if in the next bull market those BRC20 tokens do very well? There will be big problem, there chances of ordinals doing well before they face a painful end is very high because this mess was created in a bear market, this is the problem.

Every shits that's created in a bear market still pumps in a bull market unless they rugpull before a bull market happens, the mess that ordinals and brc20 will create for Bitcoin will be unforgettable, I can bet this with anyone, the negative impact will be talk about for years to come.

larry_vw_1955

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Quote from: philipma1957 on May 12, 2023, 07:34:26 PM

Miners cant afford that.

but large pools that do not share fees ie antpool can do it.

in fact they can do zero tx blocks slowing the network.

and not collect fees for others pointed to their pool

then point their own hash at viabtc as viabtc shares fees.

so they lose out on antpool blocks but whale on viabtc blocks.

since i don't know too much about mining pools and such maybe it's a dumb question but why would someone mine with antpool if they don't share fees with them ? what's the benefit of mining with antpool in that case? maybe i'm confused about what it means to "share fees" but i'm sure you know. Shocked

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Quote from: larry_vw_1955 on May 12, 2023, 07:15:46 PM

Quote from: Bitcoin_Arena on May 12, 2023, 06:27:22 PM

How do you suppose this could be done?

Having a block maxed out with a lot more transactions is an incentive to the miners, as they will earn some more Bitcoins from the transaction fees on top of block rewards.

i guess if a miner had a large share of the network and they wanted to cause damage to it they could refuse to include transactions and just fill up blocks with whatever they wanted to, if anything. but as you point out, it wouldnt be in their financial best interest it doesn't seem like. but say they had 30% of the hash rate then i guess they could mine 30% of the blocks so they could slow down the network by 30% if they just mined empty blocks.

Miners cant afford that.

but large pools that do not share fees ie antpool can do it.

in fact they can do zero tx blocks slowing the network.

and not collect fees for others pointed to their pool

then point their own hash at viabtc as viabtc shares fees.

so they lose out on antpool blocks but whale on viabtc blocks.

larry_vw_1955

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Quote from: Bitcoin_Arena on May 12, 2023, 06:27:22 PM

How do you suppose this could be done?

Having a block maxed out with a lot more transactions is an incentive to the miners, as they will earn some more Bitcoins from the transaction fees on top of block rewards.

i guess if a miner had a large share of the network and they wanted to cause damage to it they could refuse to include transactions and just fill up blocks with whatever they wanted to, if anything. but as you point out, it wouldnt be in their financial best interest it doesn't seem like. but say they had 30% of the hash rate then i guess they could mine 30% of the blocks so they could slow down the network by 30% if they just mined empty blocks.

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Quote from: larry_vw_1955 on May 08, 2023, 06:38:41 PM

couldn't a mining pool just create a block with only say 10 transactions which represented the highest fees of all the transactions in the mempool?

How do you suppose this could be done?

Having a block maxed out with a lot more transactions is an incentive to the miners, as they will earn some more Bitcoins from the transaction fees on top of block rewards.

Quote from: larry_vw_1955 on May 08, 2023, 06:38:41 PM

if they really wanted to mess bitcoin up just mine empty blocks then no one could get a transaction through... Shocked

With the current network hashrate? I believe empty blocks are rather something of luck and randomness?

Quote from: philipma1957 on May 08, 2023, 08:50:15 AM

Cause the fee system is flawed and they are attacking the flaws.

2 big pools that do not pay fees to miners is all you need to this attack.

And how long before those Big pools become small because different miners decided to move elsewhere, where they get paid? Grin

larry_vw_1955

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Quote from: bettercrypto on May 09, 2023, 06:28:33 PM

All the high fees that are happening now in bitcoin are actually due to ordinals. I just hope that everything will be fixed and back to normal soon, because if this is not remedied, the adoption of bitcoin will also be affected for sure.

https://www.forbes.com/sites/digital-assets/2023/05/08/bitcoin-nft-hype-creates-high-fees-as-unconfirmed-transactions-skyrocket/

with headlines like this, it's already being affected in the sense that no one in their right mind would become involved with bitcoin because they were looking for a way to "send money". they'll be saying " wow what a disaster ". Shocked

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Quote from: OgNasty on April 29, 2023, 03:58:17 PM

I think the mempool was mostly getting full because of Ordinals, right? I suspect the initial excitement has died down and people trading Ordinals aren’t consuming as much block space as they were when it was new and exciting. That leaves more space for other transactions which allows the mempool to clear and the cost of transacting to go down.

All the high fees that are happening now in bitcoin are actually due to ordinals. I just hope that everything will be fixed and back to normal soon, because if this is not remedied, the adoption of bitcoin will also be affected for sure.

And with each passing day, each fee that is deducted from its bitcoin transaction becomes more and more inhumane and unfair.
Hopefully the time will come when bitcoin holders will also be reduced just because of this matter which is only a problem with high fees.

larry_vw_1955

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Quote from: philipma1957 on May 08, 2023, 08:50:15 AM

Cause the fee system is flawed and they are attacking the flaws.

2 big pools that do not pay fees to miners is all you need to this attack. They do not need the ordinals BRC20 shit to do it.

Simply send 0.0000050 enough and pay 1 sat per byte since you control your pool take those first you can
greenlight 1 sat per byte. Fill 60% of every block. The remain 20% people pay big fees

500sats 400 sats 300sats.

So 40% of 500 = 200 sats.

60 percent of 1 = .6 sats

the block averages to 200.6 sat fee

you and the other big pool earn 50% of the blocks

you get ½ your fees you paid back

but you get ½ of the high fees back

= big money manipulation and profits.

also it will drive btc price downwards as who wants to pay 500 sats a byte.

couldn't a mining pool just create a block with only say 10 transactions which represented the highest fees of all the transactions in the mempool? thus having an effect of slowing down the network. why would they need to include any of their own transactions? or if they really wanted to mess bitcoin up just mine empty blocks then no one could get a transaction through... Shocked

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Quote from: philipma1957 on May 08, 2023, 09:55:45 AM

Quote from: tjtonmoy on May 08, 2023, 08:54:18 AM

Quote from: bettercrypto on May 07, 2023, 04:55:58 PM

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.

It also took me 4 days to be able to make another transaction with higher fees. I don't use a wallet, which supports RBF service. So I had to wait till the transaction was dropped out from the mempool. Then I was in need of some money, so I had to use the high priority at that moment. Cost me more than $6.
It is getting crazy day by day. Does anyone know when this will cool down? Today's high priority transactions will cost more than 618 sat/vB.

Well it is driving price of btc downwards. we are under 28k

I have to think they want to see how far they can drive price downwards. So this will last at least a week or 2.

Do you mean that the more the value of Bitcoin decreases, the more the fees that will be charged to us will increase if we make a transaction using Bitcoin? is that right? And when its value increases, is there a chance that its fees will decrease?

Because in what is happening now, what I see the most that will lose here are those who make a transaction that is only a small amount, it seems that even if you withdraw a large amount, there will still be some left over, but if the amount is only about 40$ the amount will be deducted then a little can only be obtained or reach your wallet.

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Quote from: philipma1957 on May 08, 2023, 09:55:45 AM

Quote from: tjtonmoy on May 08, 2023, 08:54:18 AM

Quote from: bettercrypto on May 07, 2023, 04:55:58 PM

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.

It also took me 4 days to be able to make another transaction with higher fees. I don't use a wallet, which supports RBF service. So I had to wait till the transaction was dropped out from the mempool. Then I was in need of some money, so I had to use the high priority at that moment. Cost me more than $6.
It is getting crazy day by day. Does anyone know when this will cool down? Today's high priority transactions will cost more than 618 sat/vB.

Well it is driving price of btc downwards. we are under 28k

I have to think they want to see how far they can drive price downwards. So this will last at least a week or 2.

As a small fish I will be apeing any paper handed selling into the attack, however i want to again implore people to disrespect the inscription spam with ordisrespector https://minibolt.info/guide/bonus/bitcoin/ordisrespector.html#build-it-from-the-source-code

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Quote from: tjtonmoy on May 08, 2023, 08:54:18 AM

Quote from: bettercrypto on May 07, 2023, 04:55:58 PM

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.

It also took me 4 days to be able to make another transaction with higher fees. I don't use a wallet, which supports RBF service. So I had to wait till the transaction was dropped out from the mempool. Then I was in need of some money, so I had to use the high priority at that moment. Cost me more than $6.
It is getting crazy day by day. Does anyone know when this will cool down? Today's high priority transactions will cost more than 618 sat/vB.

Well it is driving price of btc downwards. we are under 28k

I have to think they want to see how far they can drive price downwards. So this will last at least a week or 2.

tjtonmoy

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Quote from: bettercrypto on May 07, 2023, 04:55:58 PM

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.

It also took me 4 days to be able to make another transaction with higher fees. I don't use a wallet, which supports RBF service. So I had to wait till the transaction was dropped out from the mempool. Then I was in need of some money, so I had to use the high priority at that moment. Cost me more than $6.
It is getting crazy day by day. Does anyone know when this will cool down? Today's high priority transactions will cost more than 618 sat/vB.

philipma1957

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Quote from: NotFuzzyWarm on May 08, 2023, 08:26:32 AM

Quote from: Coose365 on May 07, 2023, 10:31:50 PM

...
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.

And folks will be bitching even more about the storage required for a full node to hold the entire chain... BTC was never intended to be used for general storage of data. I've no idea why the hoards of idjits are doing it but increasing block size just to accommodate them is a horrible idea.

Cause the fee system is flawed and they are attacking the flaws.

2 big pools that do not pay fees to miners is all you need to this attack. They do not need the ordinals BRC20 shit to do it.

Simply send 0.0000050 enough and pay 1 sat per byte since you control your pool take those first you can
greenlight 1 sat per byte. Fill 60% of every block. The remain 20% people pay big fees

500sats 400 sats 300sats.

So 40% of 500 = 200 sats.

60 percent of 1 = .6 sats

the block averages to 200.6 sat fee

you and the other big pool earn 50% of the blocks

you get ½ your fees you paid back

but you get ½ of the high fees back

= big money manipulation and profits.

also it will drive btc price downwards as who wants to pay 500 sats a byte.

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Quote from: Coose365 on May 07, 2023, 10:31:50 PM

...
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.

And folks will be bitching even more about the storage required for a full node to hold the entire chain... BTC was never intended to be used for general storage of data. I've no idea why the hoards of idjits are doing it but increasing block size just to accommodate them is a horrible idea.

larry_vw_1955

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Quote from: Coose365 on May 07, 2023, 10:31:50 PM

yes. but being able to push more through a block would just be beneficial for everyone even the monkey tards.

all other things being equal it would lower transaction fees somewhat you would expect. but it wouldn't affect miners income since there would be more transaction volume.

Quote

Lets be honest the 1MB block limit is holding BTC back, we can store alot more data now for dirt cheap.

so what's the argument against having a larger block size. if storage is dirt cheap then why not bump it up to 10MB or even 100?

let me guess, people with tiny 1TB hard drives would complain that they don't want that because they're not good for another 5 years now? Shocked

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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

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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.

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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

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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

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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

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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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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

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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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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

Mate2237

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Whether bitcoin price is going down or up people are always happy. Because when it comes down, people that want join the blockchain will be happy to join it easily without the fear of spend high money again. And when it goes up, those how have saved enough will be happy to sell at that time so the price is good at all time.

Like today being the 2nd of May, the Mempool is full and I have not seen such fee in any of my transactions before.

The few is very high that I canceled the transaction.

panganib999

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Pretty much a pattern if you'll ask me. Whenever there's high volatility you'd find that the fees surge upwards, soon as it stabilizes fees go down with it. Not really sure bout the nitty-gritty but I guess it has something to do with congestion of transaction within the network as it's expected that more and more people will buy and sell during these crunch times (correct me if I'm wrong with this). 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.

Bitcoin_Arena

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Depends on which side you are;

If you are a person using the Bitcoin network for transactions, then obviously you would be glad. However, if you are a miner. then you are sure why they wouldn't be so glad.

By the way, the fee was much lower than it is even right now before the emergence of ordinals into the Bitcoin space. I would have 1 sat/vbyte transactions get confirmed in the next block almost any time of the day, the fee would be worth $0.02 in fiat.

dansus021

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You can take a look site like mempool.space to see how much the transaction that occur one time, on this case you pay high fee because the network is congestion bitcoin had 1 MB block so it can only carry a few transaction and it happen quite sometimes.'

if you pay less fee your transaction still can be approved by miner but it takes times

OgNasty

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I think the mempool was mostly getting full because of Ordinals, right? I suspect the initial excitement has died down and people trading Ordinals aren’t consuming as much block space as they were when it was new and exciting. That leaves more space for other transactions which allows the mempool to clear and the cost of transacting to go down.

FP91G

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Quote from: joniboini on April 29, 2023, 08:05:33 AM

It is not new. If you're around for a while you'll realize that mempool always gets busy when there is high volatility. People don't really have the patience to wait and that's why they'll keep increasing their fee, which in turn increases the average fee for the next blocks. CMMIW, but miners would still make a decent profit as of right now as long as they can find a block even if the fee does not increase since the majority of their profits come from the block rewards and not fees.

In bitcoin blocks, there is really a small commission of 0.3-0.5 bitcoin. In ethereum, it was fun when the block reward was 2 coins, and the commission was 50-200 coins, and this went on for weeks. These were golden times for miners.

joniboini

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It is not new. If you're around for a while you'll realize that mempool always gets busy when there is high volatility. People don't really have the patience to wait and that's why they'll keep increasing their fee, which in turn increases the average fee for the next blocks. CMMIW, but miners would still make a decent profit as of right now as long as they can find a block even if the fee does not increase since the majority of their profits come from the block rewards and not fees.

MythicalPikachu

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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!

Topic: Is anyone else glad Bitcoin is calming down? (Read 482 times)