Is this madness or what? | Bitcointalksearch.org

SamReomo

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Quote from: Mia Chloe on April 21, 2024, 02:05:07 PM

For some time now I have been trying to rap my head around the reason why a lot of persons were ready to pay such enormous fees so their transactions would be included in block #840,000.

Some of those paid such amounts so others can remember them and they can proudly say that they made transactions during the halving block. While most of the ones who paid such high fees were interested in gaining more from that approach.

I have already mentioned that Rune creators were willing to pay premium fees to get their runes minted at that block so their runes may gain very high value just because those were minted earlier than other runes.

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Quote from: stompix on April 21, 2024, 10:32:58 AM

Quote from: Sim_card on April 21, 2024, 10:25:10 AM

(....)

And they paid that much to make sure that it gets minted on block 840 000, that's for bragging rights!

This is next-level bragging! Well played. Since it is in the Bitcoin blockchain, and this is a new protocol that is using the Bitcoin blockchain.
What they did is amazing and expensive, there could be some PR on this new protocol.
It seems this is a competitor or Ordinals (BRC20) and I am curious if this could affect the Bitcoin network stability, like high transaction fees.

Darker45

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It's not because the next block after the halving is expensive. It's because the halving block itself is expensive, highly coveted. The preceding and succeeding blocks aren't special. Block 840,000 is special because that's the halving block.

So these tokens are competing for a space within that specific block. We all know competition means paying the higher fee. The mempool is an auction. The bigger fee you pay, the more likely you can mint your worthless Rune in that halving block. Missing that block means missing that special value. So, these fools wouldn't mind paying hundreds of thousands just to have their transaction included in that block.

So, it's not really the amount of transaction. It's what etched on it.

livingfree

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Stompix explained it well and everyone understands now. Thanks stompx!

If I am that damn rich and I have control over my wealth and can do a lot of things such as this but, in no way I'll do this. I hate ordinals, runes, brc20s.

They're making our lives tougher because of what they do with the fees but I am also thinking about the demand that they create but it seems not visible with Bitcoin's price, only the fees. Undecided

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It seems to me that this is just made for bragging rights lol but even then no one really cares.

If that person is an influencer then most likely they did that for interactions and for the sake of his followers. People will do all kinds of crazy things nowadays even if it meant they are going to lose a lot of money. That person must be crazy rich, though because I can’t even think about wasting 5 USD lol

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Quote from: stompix on April 21, 2024, 10:32:58 AM

it's a rune

And they paid that much to make sure that it gets minted on block 840 000, that's for bragging rights!

Ah, that clarifies what was paid for but damned if I can wrap my head around why that person paid that exorbitant fee just to have that on the blockchain (even if it has to do with the halving).

Helena Yu posted something similar in another thread, and I don't think I've ever seen this kind of behavior during any of the halvings I've been aware of. I know people can do whatever the hell they want with their bitcoin but when I read things like this, it just makes me start contemplating where the hell I went wrong in life such that I'm basically a poor hermit and there are crypto whales who can spend as much on a network fee as it would cost to buy a brand-new house in the US. Insanity.

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Quote from: Coin_trader on April 21, 2024, 11:27:31 AM

Quote from: logfiles on April 21, 2024, 11:20:15 AM

The reason someone was spending that much in transaction fees was because they wanted to mint their tokens in the halving block and perhaps hope that people by his tokens and he make way more than he spent on the TX fees.

Which is insane to find another lunatic crypto investor that will buy this garbage token which is priced above half million dollar.

More or less they will buy it themselves to manipulate the belief of people that their minted NFT is hotly sellable. And I think there are still naive people who believe that the trade is genuinely done.

Quote from: Coin_trader on April 21, 2024, 11:27:31 AM

I’m sure they will use another price manipulation like what happened before during the NFT craze which whales create a fake buy just to pump the market price until some gullible whales purchased it thinking that he can made a profit since the item was purchased multiple times that show demand on it.

Yeah, we have seen it ourselves during this past year of witnessing how many newly launched projects are done and how many unsuspecting investors got baited to find out later that they were duped.

This kind of transaction is not madness but carefully planned action for either bragging right or possible profitable action since they minted an NFT at exactly 840000 block to make people think it is the rarest among the NFT and sell at a high price.

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Quote from: acroman08 on April 21, 2024, 06:29:31 PM

Quote from: stompix on April 21, 2024, 10:32:58 AM

They haven't paid to to transfer 70 cents, they've paid to create this:
https://ordiscan.com/inscription/70279589
it's a rune
https://ordiscan.com/rune/DECENTRALIZED

And they paid that much to make sure that it gets minted on block 840 000, that's for bragging rights!

damn, must be fun to be that rich, it looks cool but there is no way I'll ever do that even if I have the capacity to do it, I just don't think it is worth it.

anyway, is rune the same as the ordinals, is it a new trend or something? it's my first time hearing about it?

My first time hearing about them. They seem to be doing some NFT stuff on bitcoin network. We've seen what the height of NFT hype were and where it is heading but still being associated with a rare occurrence of halving on bitcoin network might age better. For that person it might be a risk worth taking. There are not many halving anyway.
The person that paid a huge fee to mint the rare NFT might feel good at the moment and might even get a buyer to get a profit on his work (if it's tradeable) but in the long run, it is going to be hard to predict if the NFT holds any significance.
It sure is rare but by a third party. If I understand what it is, there would be 100 of different projects issuing similar NFTs for next halving decreasing it's legitimacy and value.

acroman08

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Quote from: stompix on April 21, 2024, 10:32:58 AM

They haven't paid to to transfer 70 cents, they've paid to create this:
https://ordiscan.com/inscription/70279589
it's a rune
https://ordiscan.com/rune/DECENTRALIZED

And they paid that much to make sure that it gets minted on block 840 000, that's for bragging rights!

damn, must be fun to be that rich, it looks cool but there is no way I'll ever do that even if I have the capacity to do it, I just don't think it is worth it.

anyway, is rune the same as the ordinals, is it a new trend or something? it's my first time hearing about it?

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Quote from: logfiles on April 21, 2024, 11:20:15 AM

Quote from: Sim_card on April 21, 2024, 10:25:10 AM

Can someone tell me why he/she will want to do this.

In case you had forgotten a little about ordinals, now we have Runes where someone is able to mint tokens (shitcoins) on the bitcoin blockchain. These tokens or shitcoins are later sold off to gullible newbies or memecoin hunters.

The reason someone was spending that much in transaction fees was because they wanted to mint their tokens in the halving block and perhaps hope that people by his tokens and he make way more than he spent on the TX fees.

I have heard a lot of crazy stories of people who made such silly last minute moves and later got lucky. I don't think I can call this madness, unless the person who made such a transaction, just to be on the block chain during the halving comes out to say otherwise.
It could turn out to be the best decision he ever made later, who knows?

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Quote from: Sim_card on April 21, 2024, 10:25:10 AM

I saw this on X, and I decided to bring it down here for discussion, because when there is high fee in bitcoin transaction due to spamming on the blockchain, a lot of silly things are done just to get their transaction confirmed.

I know that due to the halving a lot of people are paying high fee so that their transaction will be included in the halving block for some reasons best known to them. Some believes that the next block after the halving will be expensive, which I can understand that. But what I don't understand is someone sending a dust transaction and used 507,109usd to pay for transaction fee so that his $0.70 amount will be included in the bitcoin halving block. Why will one do such, is it madness or he wants to make history or pride. I ask this because this is the time that people are holding tight to their bitcoin, and some careless about the amount of coins that they have.

~

Can someone tell me why he/she will want to do this.

Not all Whales are knowledgeable about how Bitcoin transaction works. Lets say inputting up numbers on a wallet and setting out that sat/byte but he/she doesnt know on what it is all about. loool

This isnt the first time we've seen that someone paid up a massive fee for a peanut amount of transfer. For sure it is really something that in exchange between values which it would
really be bringing out that kind of question in mind that how the heck they do make out such transfer without even trying out to read on where that amount to be transferred should really be putted on?

This is why knowledge isnt something that could really be able to buy no matter how rich you are. Grin

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Quote from: Hamza2424 on April 21, 2024, 03:38:04 PM

Hmm, such fat finger events are not rare, we've seen many reported cases like that where people paid crazy transaction fees and in some cases, there was an announced recovery for those guys who paid such accidental transaction fees.

The point to notice is that the guy was making a transaction of 0.7$, haha in the expensive network days, this is really crazy, or he' just performing some kind of publicity stunt as he already know somehow he'll get the amount back.

And he did, everyone is know talking notice of it, and it's obvious that he wants to digital collectible asset in that block 840,000.

The thing as well is that there are also a lot of this whales or whatever you call them to pay such a huge fees but didn't get their inscriptions on that block. Some goes to 840,001 and 840,002 so definitely it didn't make sense that they attempted, pay high fees and then failed, dumb money?

Unfortunately, it trickled down and the effect is that after 48 hours, fees are still insanely high.

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Quote from: Mia Chloe on April 21, 2024, 02:05:07 PM

Not just ordinals even FOMO.

Just to add stompix has already stated the main reason behind this tx fee, its basically done because some lunatic or crazy rich dude wants to include his/her BTC NFT made on RUNES in the Halving Block. But yeah we can also say the spike in tx fee is affected by FOMO as well. But the main reason is this that stompix has stated. Well, I have a question as well, that its also possible that the dude is some kind of miner and might have a lot of source like farm of mining that he could somehow got that fee he paid back.

But still, he could make more money by utilizing this NFT but I wonder how? I am not into oridnals or BRC-20 tokens but still they are good source of income, and if this NFT gets a M.Cap of 1 million only, the person who pad the funds will be able to recover what he has spent. I know its not so logical but yeah if he wants to rug pull then he can recover what he spent.

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Hmm, such fat finger events are not rare, we've seen many reported cases like that where people paid crazy transaction fees and in some cases, there was an announced recovery for those guys who paid such accidental transaction fees.

The point to notice is that the guy was making a transaction of 0.7$, haha in the expensive network days, this is really crazy, or he' just performing some kind of publicity stunt as he already know somehow he'll get the amount back.

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Quote from: BABY SHOES on April 21, 2024, 02:02:20 PM

I don't understand why people do this with dust transactions but dare to pay quite expensive fees, previously I have never interacted with any ordinals but many people can buy shitcoin there.

Is he a rich man? Or is it true that stompix is just bragging because it was minted in block 840,000. Cheesy

It is not stompix who made that transaction, he just explained the nature of dust transactions on ordinals. These are tiny amounts of bitcoin sent with an inscription on the Ordinals protocol. The fees can be high because they are competing for block space just like any other inscription.

As for Ordinals, you can think of them as rare collectibles of the digital era. Some people invest in them for two reasons: either they believe they will achieve much higher prices in the future, or, in some cases, simply because they can afford it (a.k.a. bragging rights).

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Quote from: SamReomo on April 21, 2024, 01:42:12 PM

Ordinals were the first one to pollute Bitcoin network and now the rest is done by those runes. The runes basically allow developers to create fungible tokens on Bitcoin blockchain. They are another weapon by those haters who want to pollute the Bitcoin network, but we know that their main intention is to make money out of it and that's why they don't really care about Bitcoin users.

It's somewhat an attempt to make more money out of that rune because the one who paid such transaction fees already knew that he makes way more money than what he spent on minting of that rune. The developers who mint such runes often have pre made plans, they simply wait for the right time to execute those plans. And, right time for that guy was halving event.

Not just ordinals even FOMO. The truth is Bitcoin is usually affected in terms of fees anytime there is an event. You will notice that even when there is a nice increase in Bitcoin price in just a short space of time, fees tend to rise all of a sudden. This is usually because a majority of people begin to move their coins to exchanges so they can make profits off it. As for that which occurred in this year's halving, it was just too enormous and uneconomical. Since I joined the crypto space I have never experienced Bitcoin fees up to 100 sats / byte however unfortunately fees were over 2000 sats /bytes during the halving block.

For some time now I have been trying to rap my head around the reason why a lot of persons were ready to pay such enormous fees so their transactions would be included in block #840,000.

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I don't understand why people do this with dust transactions but dare to pay quite expensive fees, previously I have never interacted with any ordinals but many people can buy shitcoin there.

Is he a rich man? Or is it true that stompix is just bragging because it was minted in block 840,000. Cheesy

SamReomo

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Ordinals were the first one to pollute Bitcoin network and now the rest is done by those runes. The runes basically allow developers to create fungible tokens on Bitcoin blockchain. They are another weapon by those haters who want to pollute the Bitcoin network, but we know that their main intention is to make money out of it and that's why they don't really care about Bitcoin users.

It's somewhat an attempt to make more money out of that rune because the one who paid such transaction fees already knew that he makes way more money than what he spent on minting of that rune. The developers who mint such runes often have pre made plans, they simply wait for the right time to execute those plans. And, right time for that guy was halving event.

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Quote from: stompix on April 21, 2024, 10:32:58 AM

They haven't paid to to transfer 70 cents, they've paid to create this:
https://ordiscan.com/inscription/70279589
it's a rune
https://ordiscan.com/rune/DECENTRALIZED

And they paid that much to make sure that it gets minted on block 840 000, that's for bragging rights!

It looks like the very high transaction fee paid for it is not from a mistake or a wallet software bug.

In the past, if it is an individual mistake when making a transaction, a wallet bug, mining pools can allow that sender some days to reclaim their paid fee back. It will be refunded after the mining pool get agreement from their miners.

With this intentional expensive-fee-paid transaction, there will be no refund in my guess.

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It's the same story as with NFT, ICO and other hype - there's a lot of early adopters who have many millions worth of coins, so they are able to spend them on vanity because they still hold a lot more. Just like in real world people buy fine art or collectibles for millions of dollars. So I'm not really surprised when something like that happens.

Topic: Is this madness or what? (Read 242 times)