Is anyone saw mempool right now? Mempool spam - page 2.

bayu7adi

hero member

Activity: 1358

Merit: 538

paper money is going away

Quote from: Charles-Tim on November 09, 2023, 04:53:07 PM

Although, Ordinals and Inscription have been the reasons the mempool is congested up to this, but bitcoin mempool has been congested like this in the past when there was nothing like Ordinals.

Yep, that's correct. Ordinal has indeed been the cause of the recent transaction backlog. Transaction fees even reached 150+ sats/vbyte at one point. At least, yesterday, there was a backlog of over 200k transactions pending, and I chose to hold off and wait for the difficulty adjustment on November 13, 2023.

i believe that when the difficulty increases, transaction fees are likely to decrease. I've analyzed this mechanism in a previous post: https://bitcointalksearch.org/topic/m.63134767

However, until November 13, fees will gradually become more reasonable. Currently, the transaction fee for high-priority is 51 sats/vB. Maybe it'll go down even further tomorrow, and I can start transacting Bitcoin with lower fees as usual. Just waiting for the network overload to clear, that's not bad for me.

Z390

sr. member

Activity: 714

Merit: 296

Cashback 15%

This nonsense have been happening before Ordinals got here and now that Ordinals are finally here I am thinking that the Network will always be congested unless Ordinals failed woefully in the next bull market which is impossible, for new things in crypto don't always fail at first until they witness a bull market at least once.

I don't like paying high fee for transactions on bitcoin network but there is nothing we can do to get rid of Ordinals now, it's already too late, I used 41sats to make transaction this morning, I think it's cooling off already but I am still concerned about tomorrow, the more Bitcoin grows higher the fatter the transaction fee will become.

For the sake of miners I am less worried about Ordinals now, sooner I will also be a Bitcoin miner myself and the only way to keep miners busy is the reward they are getting while solving blocks, so ordinals will add more confident for them.

Dave1

hero member

Activity: 1330

Merit: 536

Quote from: adaseb on November 11, 2023, 01:41:33 AM

I managed to get a transaction in with 40 sats byte. If I waited I could of gotten perhaps 25-30 sats byte. Seems it’s starting to level off and most likely by Sunday we can get 10-25 sat transactions going.

You need to make sure you get your transaction in by then because during the London open and especially New York open it will get more and more congested and you will be stuck paying 100 sat byte fees.

Yeah, I also get a transaction at 40 sats/vB, I think that's already a great improvement for us. And it just shows that those spamming the network can't sustain what they are doing (if the intention is to clogged and congest the mempool to make it not reusable for us bitcoin enthusiast).

So let's see, it's starting to normalized so maybe we will go back to like less than 10 sats/VB.

We could wait for it if we are not in a hurry to make any transactions.

adaseb

legendary

Activity: 3738

Merit: 1708

I managed to get a transaction in with 40 sats byte. If I waited I could of gotten perhaps 25-30 sats byte. Seems it’s starting to level off and most likely by Sunday we can get 10-25 sat transactions going.

You need to make sure you get your transaction in by then because during the London open and especially New York open it will get more and more congested and you will be stuck paying 100 sat byte fees.

hd49728

legendary

Activity: 2044

Merit: 1018

Quote from: ZAINmalik75 on November 10, 2023, 02:32:37 PM

Besides Ordinals involvement spam transactions are also being made in the BTC blockchain which is creating congestion no doubt this will fade away with time but at the current moment, we should or have only other options like not using BTC, or converting BTC in some other token to make transactions fast, or use Lightning network for better fees.

We will see spikes in the transaction fee frequently now because BTC is going up and the halving is near after which the block reward will be reduced to half.

Time flies so fast and soon people will realize real values of Ordinals tokens that are useless like many altcoins, abundant NFTs from altcoin blockchains. Soon, they will realize fact but when time comes to that point, they already lost money to Ordinals, Inscriptions.

Hypes in altcoins including Ordinals, Inscriptions can not last forever, they will die with time.

Quote

The only way for the miners is to earn from the transaction fees maybe that's why they are doing it on purpose so that people become used to paying huge transaction fees but in my opinion, it will not happen at the current price of BTC. Because paying $10+ for the fee for one transaction meant a lot now.

Miners always can earn money from block subsidy and transaction fee but with hypes of Ordinals, Inscriptions, they are receving more money from transaction fees than months ago especially before February 2023.

If you understand mempools and the market as well as have plans and patience, you can enjoy cheaper fee rates. Like today, you can have a quick confirmation with fee rate like 30-40 sat/byte that is 3 times lower than yesterday.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: Faisal2202 on November 10, 2023, 01:47:41 PM

Quote from: ArthurY on November 09, 2023, 04:38:55 PM

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

High priority tx fee will cost 182 sat/vB Huh

What further steps will look like if this spam continues?
I don't remember this happening before in history

Miners are having a blast right now he he Grin

You are right transactions are really shooting up and in my opinion, that's due to the listing of BRC-20 tokens on big centralized exchanges like the listing of ORDI on Binance. As we know when the transaction of these tokens is taken out the load on the BTC blockchain will increase and the network will be more congested than before.

Oh ok, so that is one reason why the price suddenly shoots up because it is being listed on top tier exchanges, make sense.

Quote from: Faisal2202 on November 10, 2023, 01:47:41 PM

Resulting in a high fee, but overall I would say what we can do for know, as those who have no other options might have to pay $14 in fee (maximum as the current fee is) and if you have the option to delay the transactions then you can go for no priority TX which will cost around 0.5$ Overall, I would say the increment in BTC TX was written before in our luck but it will come that fast was not in my expectations.

Yes, that's the only thing we can do now, sit and just relax and let this whole craze go down a bit and for sure the fees are going to go back to the normal fees again. And it's true that before they also congested the network and then after a few weeks the fees is back to like 1-3 sat/vB.

Quote from: Faisal2202 on November 10, 2023, 01:47:41 PM

Overall, we should find ways to reduce it like using the LN or making payments in different time zones when the TX fee is lower than before. Talking about spams, this is not something new, as BTC blockchain is trained for it as it has limit of it and when the spam transaction limit will meet then network will not take anymore spam TX in it.

I think it's a good for others who don't have experience with LN to try it out for the first time. And if you are going to transact with others, it should be in LN until the network congestion is gone.

ZAINmalik75

hero member

Activity: 1218

Merit: 595

Quote from: Fundamentals Of on November 09, 2023, 09:52:19 PM

The Ordinals are still probably to blame? I think they are still playing a big role in this latest spike in transaction fees. But I think it's not just them that caused this. We notice how the price of Bitcoin has been rising for several days now. There's an increase in the volume of transactions. Many of them are probably legit transactions and not just related to Ordinals. Or are there bad actors at play also? Like those who are just trying to spam the network to make it congested?

Besides Ordinals involvement spam transactions are also being made in the BTC blockchain which is creating congestion no doubt this will fade away with time but at the current moment, we should or have only other options like not using BTC, or converting BTC in some other token to make transactions fast, or use Lightning network for better fees.

We will see spikes in the transaction fee frequently now because BTC is going up and the halving is near after which the block reward will be reduced to half.

The only way for the miners is to earn from the transaction fees maybe that's why they are doing it on purpose so that people become used to paying huge transaction fees but in my opinion, it will not happen at the current price of BTC. Because paying $10+ for the fee for one transaction meant a lot now.

Faisal2202

sr. member

Activity: 1204

Merit: 466

Instant cryptocurrency exchange with own reserves!

Quote from: ArthurY on November 09, 2023, 04:38:55 PM

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

High priority tx fee will cost 182 sat/vB Huh

What further steps will look like if this spam continues?
I don't remember this happening before in history

Miners are having a blast right now he he Grin

You are right transactions are really shooting up and in my opinion, that's due to the listing of BRC-20 tokens on big centralized exchanges like the listing of ORDI on Binance. As we know when the transaction of these tokens is taken out the load on the BTC blockchain will increase and the network will be more congested than before.

Resulting in a high fee, but overall I would say what we can do for know, as those who have no other options might have to pay $14 in fee (maximum as the current fee is) and if you have the option to delay the transactions then you can go for no priority TX which will cost around 0.5$ Overall, I would say the increment in BTC TX was written before in our luck but it will come that fast was not in my expectations.

Overall, we should find ways to reduce it like using the LN or making payments in different time zones when the TX fee is lower than before. Talking about spams, this is not something new, as BTC blockchain is trained for it as it has limit of it and when the spam transaction limit will meet then network will not take anymore spam TX in it.

btc_angela

hero member

Activity: 2632

Merit: 544

Quote from: adaseb on November 10, 2023, 12:54:06 AM

Seems to be coming down fast now, you might get a 50sat byte transactions confirmed if this trend holds. However tomorrow morning during NY time I am guessing these transactions will keep heading upwards. Today was very nasty if you wanted to get anything confirmed quick.

Looks like the high fees caused some people to rethink their transaction fees and either not do any ordinal transactions or just postpone their transaction until the weekend.

Yes, it's no longer at the 100++ digit sat/vB, its down to 20 sat/vB-30 sat/vB so that is a good improvement already. So I do believed that this ordinals thingy will have to lie down a bit just like in the previous months and then we go back to the normal.

I don't think though that bitcoin enthusiast will re-think everything, I mean just like I said, this ordinal transactions will have to slow down.

And this is a good sign right now, maybe in the next 24-48 hours, the fees will slide around <20 sat/vB.

joniboini

legendary

Activity: 2170

Merit: 1789

Quote from: Kakmakr on November 10, 2023, 01:26:42 AM

Why can there not be some way to shift these Ordinals to a side-chain, like they did with the Lightning Network?

I think someone will definitely develop that if the network is continuously unsuitable for them. I'm pretty sure past discussions also discuss this. At the end of the day, it is an open-source project and anyone can develop a side-chain to fit their needs. Altcoins already do this with their layer 2 or whatever they want to call it.

Kakmakr

legendary

Activity: 3458

Merit: 1960

Leading Crypto Sports Betting & Casino Platform

Well, someone thought it was a good idea to develop Ordinals and for that to spam the Blockchain. Roll Eyes

The "enemies" or competition of Bitcoin might have seen this as an opportunity to "spam" the network with more useless transactions to create congestion.

We will just have to ride this out and hopefully the developers will find a way to counter this. Roll Eyes

Why can there not be some way to shift these Ordinals to a side-chain, like they did with the Lightning Network?

FinneysTrueVision

sr. member

Activity: 1680

Merit: 379

Top Crypto Casino

The fees have come down to more reasonable levels. It's late in the day and also a holiday weekend in the United States so this might cause fewer on-chain activity for a brief period. Most of the spam is related to minting BRC-20 tokens. There is not much actual usage of these tokens once they are minted so eventually the shitcoin spam will subside.

adaseb

legendary

Activity: 3738

Merit: 1708

Seems to be coming down fast now, you might get a 50sat byte transactions confirmed if this trend holds. However tomorrow morning during NY time I am guessing these transactions will keep heading upwards. Today was very nasty if you wanted to get anything confirmed quick.

Looks like the high fees caused some people to rethink their transaction fees and either not do any ordinal transactions or just postpone their transaction until the weekend.

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

This isn’t really a problem because very few people actually transact using BTC anymore. The store of value narrative has to be what carries Bitcoin into the future because it is not as useful as a p2p currency as most other options. Maybe this is a feature and the cost of transacting in Bitcoin is worth it, but the shit will have to hit the fan first so we can see.

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: SamReomo on November 09, 2023, 06:22:20 PM

The transaction fees are getting crazy and the network is getting highly congested. Fee for low priority transactions is at 146 sat/VB which's crazy and there are more than 210,579 unconfirmed transactions as of time of writing this post. I think the useless ordinals are causing harm to Bitcoin network once again and the dam ordinals problem isn't solved yet.

Quote from: $crypto$ on November 09, 2023, 11:23:08 PM

Wait!!! it will return to normal...

Well, in fact, at the moment the fees are already down to a quarter of the mentioned, according to mempool.space they are between 38-40 sats/vByte depending on the priority you want. I would expect that during the weekend there will be calm too, so people can make transactions without paying crazy fees. Personally when I see fees going through the roof I prefer to wait.

$crypto$

legendary

Activity: 2394

Merit: 1049

Smart is not enough, there must be skills

Wait!!! it will return to normal, some time ago it experienced the same thing even twice as high as now, this is really hard and indeed the miners feel the pleasure of high mempool, so we have to wait when we want to send btc better wait for normal again.

When the mempool is rising, the ordinal token is hype again, it's like there is a problem with the ordinal crowding the transaction network, so I will wait, for other purposes use crypto options with cheaper networks, the mempool fee is now unfriendly.

Fundamentals Of

sr. member

Activity: 2310

Merit: 366

Quote from: Eternad on November 09, 2023, 09:57:32 PM

Quote from: Fundamentals Of on November 09, 2023, 09:52:19 PM

The Ordinals are still probably to blame? I think they are still playing a big role in this latest spike in transaction fees. But I think it's not just them that caused this. We notice how the price of Bitcoin has been rising for several days now. There's an increase in the volume of transactions. Many of them are probably legit transactions and not just related to Ordinals. Or are there bad actors at play also? Like those who are just trying to spam the network to make it congested?

I’m not really sure if Ordinals is really need to blame here since the stuck transaction volume is much lower when Ordinals spam network which around 500K Tx compared to current one that is just a 200K+ yet the transaction fee is much higher compared when the pending Tx is around 500K. Ordinals use dust transactions to flood the network while the current abnormality is just many transactions is purposely use insane transaction fee that makes other transaction with lower fee become pending.

I believe this a pure manipulation which I don’t know who to blame because mempool will be clear if everybody will calm down on using higher transaction fee and just wait for the mempool to clear this transaction with higher fee.

Partly the Ordinal inscriptions probably, but not mainly. There might also be certain manipulations intentionally done to earn more fees. Philipma1957, on another thread similarly discussing about the sudden spike in transaction fees, suspected this could be done by large mining pools. He suspects that Binance mining pool is most probably behind this manipulation.

We don't know for sure. But I think many factors are contributing to this. We also don't discount the growing transaction volume especially during these moments when the price is fast rising.

hd49728

legendary

Activity: 2044

Merit: 1018

Quote from: dansus021 on November 09, 2023, 10:14:47 PM

Some member said it is because the ordinal + I do believe bitcoin turn into bull that make some user might want to take profit if they buy the bitcoin at 19K level and send it to exchange

It is doubling effect from a Bitcoin bull run with many good news for Bitcoin Spot ETFs and Ordinals Inscription attack. Since February 2023, there are some waves of Ordinals attacks on Bitcoin mempools.

Inscriptions, Mempools and Miners

Some charts taken from the report of Glassnode Insights about Ordinals, Inscriptions. Those useless inscriptions account too much for Bitcoin transaction count, fee, block size in last 9 months.

dansus021

copper member

Activity: 1988

Merit: 905

Part of AOBT - English Translator to Indonesia

I also creating a similar thread in Techincal Support you guys should check it out

Question about Bitcoin network spammer - https://bitcointalksearch.org/topic/question-about-bitcoin-network-spammer-5473421

Some member said it is because the ordinal + I do believe bitcoin turn into bull that make some user might want to take profit if they buy the bitcoin at 19K level and send it to exchange

Eternad

hero member

Activity: 1204

Merit: 596

When life gets hard BUY Bitcoin!

Quote from: Fundamentals Of on November 09, 2023, 09:52:19 PM

The Ordinals are still probably to blame? I think they are still playing a big role in this latest spike in transaction fees. But I think it's not just them that caused this. We notice how the price of Bitcoin has been rising for several days now. There's an increase in the volume of transactions. Many of them are probably legit transactions and not just related to Ordinals. Or are there bad actors at play also? Like those who are just trying to spam the network to make it congested?

I’m not really sure if Ordinals is really need to blame here since the stuck transaction volume is much lower when Ordinals spam network which around 500K Tx compared to current one that is just a 200K+ yet the transaction fee is much higher compared when the pending Tx is around 500K. Ordinals use dust transactions to flood the network while the current abnormality is just many transactions is purposely use insane transaction fee that makes other transaction with lower fee become pending.

I believe this a pure manipulation which I don’t know who to blame because mempool will be clear if everybody will calm down on using higher transaction fee and just wait for the mempool to clear this transaction with higher fee.

Topic: Is anyone saw mempool right now? Mempool spam - page 2. (Read 442 times)