Topic: Mempool fees and Solutions (Read 1128 times)

Ordinals are just Bitcoin NFTs

You answered your own question in the bold keyword. When they call it NFT, token, BRC-20, etc. and claim that it is a "smart contract in Bitcoin", it becomes a scam because there is no such thing defined or enforced in Bitcoin protocol. What they're selling newbies is simply bitcoin transactions; not tokens, not NFTs and not even the JPGs.

So yes, if for example someone sells you 10000 satoshi for anything other than 10000 satoshi they are scamming you.

This spam attack has always had its ups and downs.

It's not a scam when you know exactly what you are buying. Does anyone promise you to get 1000% ROI when you buy NFT? No, you just buy a simple JPEG file that you can download via right click on mouse and then save. But instead, they prefer to pay and hope they'll sell it for millions of dollars. It's not a scam, it just shows the level of stupidity that exists.

However those who want to consolidate the UTXO, they can still wait for lower fees, if it is not an urgent requirement. Let's hope the fee can come back to 11-15sat/vbyte in the coming weekend.

I have been watching the mempool space site recently more frequently and noticed the low priority never goes below 31sat/vbyte, and even more weird.. sometimes I saw 31sat/vb for low,medium and high priority simultaneously... can someone explain?

I have to do move my funds from ledger to coldcard and look for as low fees as possible

Like any other market (eg. the altcoin pump and dumping market) it has ups and downs meaning times where more newbies are falling for the scam and try to buy that garbage in hopes of making a profit hence increasing the "volume" and the number of on-chain spam.
But after being scammed, losing money, etc. they go away and the "volume" comes down which means less Ordinals Attack on Bitcoin therefore the small drop in fee rate.

However, just like the pump and dump altcoin market, this scam market is not going to die as long as there are newbies and gamblers who would buy the junk hoping to make a profit.
This is why as long as the exploit in the Bitcoin protocol is not fixed, this attack will continue and fees will spike.

The Ordinal hype is still there but somehow the mempool fee is considerably down now. You may get the low to medium priority in 27-28sat/byte and this number looked like a dream few weeks/days before. Although it is not so low but still now we can make the transactions if we were waiting for the low mempool fees and those pending transactions now can be executed.

Yeah, currently, transactions related to ordinals take a significant part of the block space. Below is visualization of 827146 candidate block (according to mempool.space) with  all inscription-relevant-transactions   inside at the moment. Similar picture  can be obtain for any candidate block behind.

That's because of this prolonged spam attack against Bitcoin that is taking place under the codename Ordinals.

All done in prep for the 1/2 ing big changes are on the way come April.

Just study last  years fee charts as compared to any other year's

That's because there are many transactions paying 30 sat/vbyte.

At the time I am writing this post, you can get fast confirmation with 31 sat/vbyte. If you pay only 1 sat/vbyte less and use the fee rate of 30 sat/vbyte, your transaction would be around 9 vMB from the tip of the the mempool.

I have been watching the mempool space site recently more frequently and noticed the low priority never goes below 31sat/vbyte, and even more weird.. sometimes I saw 31sat/vb for low,medium and high priority simultaneously... can someone explain?

If you are or are not a btc max guy. you need to get into the LN network. Use the LN network.

These p2p also suports LN withdrawals? I only use Paxful which is KYC p2p still it only has LN deposit festure not the withdrawal.

It's not only Kraken, there are several other big exchanges that support LN including Binance, Bitfinex, Okex, etc.
But you don't need those exchanges to buy and sell Bitcoin, when there is p2p alternatives, Bisq exchange, AgoraDesk, and Robosats also works with Lightning Network and they don't have any kyc.

Kraken allows use of its LN network.

I don't see a contradiction here. Money by definition is a store of value and Bitcoin has the potential to become Money. If some people see Bitcoin as a store of value today, that is not contradicting what Bitcoin was meant to be.

There is a difference between traditional spam attacks and this latest one called Ordinals.

In traditional spam attacks like the one we endured during 2017 the fee market eventually puts an stop to the attack as it keeps increasing the cost of the attack and the attacker has to cover that cost out of their own pockets.
Also in traditional attacks, the attacker can not get regular people to participate in their attacks.

However, in case of Ordinals this is not a traditional spam attack. It is a spam attack where attackers are going to have the possibility of making a profit if they participate in the attack! You see Ordinals is arbitrary data and is NOT a token, however they've made a fake market selling basically the transaction calling them "tokens" and they pump these things in their scam market.
This means unlike traditional spam attacks, the attackers could successfully get regular people to participate in that attack because the scam market gives them an incentive. That "incentive" also means this attack is not going to be a temporary phase that fades away.

Can't there be a way found to this spam attack? The developers can increase the block size and thus the congestion and high transaction fee can be solved. Is this something that can be done or it is not possible?

Actually, Satoshi did consider the development of second layer solutions.

I don't see a contradiction here. Money by definition is a store of value and Bitcoin has the potential to become Money. If some people see Bitcoin as a store of value today, that is not contradicting what Bitcoin was meant to be.

It's a spam attack by the supporters of bigger blocks. In that group, you can put anyone from the people connected to Bitcoin Cash to all the other knock-offs that came after it. It's their way of 'punishing' Bitcoin. It's also an attempt to show the world that Bitcoin is no longer a useful P2P electronic money because it has become too expensive. I never cared to check, but do we have these inscriptions on Bitcoin Cash and the newer forks and derivations from it? My guess is no.