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Topic: Mempool Observer Topic - page 13. (Read 11593 times)

legendary
Activity: 2912
Merit: 6403
Blackjack.fun
April 20, 2024, 09:16:56 AM
TXID:  152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489

Why would someone spend 8BTC just to put an Ordinal onto the blockchain?

Cause it's beautiful on explorers:
https://ordiscan.com/inscription/70279589
You don't get art bro /s  Grin

Pardon me, but did the halving return the block reward back to where it was?  Grin

Nope, it has actually f*** up the counter at bitinfocharts  Grin Grin

Reward Per Block   3.13+6.94 BTC ($642,310.23) next halving @ block 1050000 (in 209927 blocks ~ 1427 days)
Reward (last 24h)   684.38+1014 BTC ($108,328,460.18)
Fee in Reward
(Average Fee Percentage in Total Block Reward)   11.03%

Don't know how that thing still shows 11%  Cheesy

legendary
Activity: 4214
Merit: 4458
April 20, 2024, 08:52:25 AM
Agreed, it is very headshaking. However, small minnows will never understand why whales would spend this much for an NFT. We can only be quite certain this is a presentation of their onchain status and to show everyone that they are rich.

I actually understand this well.

All those who spend these "absurd" amounts do so because they obtained BTC at a very low cost, or through mining in the first 4 years of BTC's existence. Or through purchases made in the same period of time. For those who earned all of this, and didn't sell it at the first ATH that occurred, today you could have hundreds of BTC that allows you to spend without much impact on your financial accounts.

Anyway, in all markets we always have extravagant ones, and Bitcoin is no exception.

nope and nope to both of you

majority of the case these published market rates of junk sales are FAKE

analogy
much like when you see ebay sell a 50pence piece for £500. that advert and subsequent sell is the scammer selling to itself to set a market rate for a junk item. they then con idiots into thinking its worth £500 so might get 1 idiot buying it but most people just pay £1.50 in a secondary market of people buying multiple 50pences for multiple £1.50 thinking they wont a jackpot they can resell for much higher..  and then the conned victims try advertising on ebay for £500 which no one buys.. then the scammer takes all those people that paid multiples of £1.50 for multiple 50p which total more then £500 'profit' and the scammer then does the same for a new coin like a 20pence

also because they scammed many multiples of £1.50 for a cost of £0.50 each they are 'in profit' of many multiples of £1 which they dont mind wasting many £1 on ebay advert fee (on chain tx fee) just to promote the next round of their scam, because to them its free money from little effort
sr. member
Activity: 1666
Merit: 310
April 20, 2024, 07:08:37 AM

No matter how much someone paid for this piece of shit to be on the block, it is certainly a waste of money

I also consider physical paintings (even Mona Lisa) a waste of money, but that's merely my personal, subjective opinion.

Obviously art connoisseurs will disagree, since there seems to be a market for both physical and digital art.

Who am I to argue with them...
legendary
Activity: 3248
Merit: 3098
April 20, 2024, 04:20:52 AM

No matter how much someone paid for this piece of shit to be on the block, it is certainly a waste of money
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
April 20, 2024, 04:08:17 AM
Pardon me, but did the halving return the block reward back to where it was?  Grin
legendary
Activity: 1638
Merit: 4508
**In BTC since 2013**
April 20, 2024, 03:43:55 AM
Agreed, it is very headshaking. However, small minnows will never understand why whales would spend this much for an NFT. We can only be quite certain this is a presentation of their onchain status and to show everyone that they are rich.

I actually understand this well.

All those who spend these "absurd" amounts do so because they obtained BTC at a very low cost, or through mining in the first 4 years of BTC's existence. Or through purchases made in the same period of time. For those who earned all of this, and didn't sell it at the first ATH that occurred, today you could have hundreds of BTC that allows you to spend without much impact on your financial accounts.

Anyway, in all markets we always have extravagant ones, and Bitcoin is no exception.
legendary
Activity: 2926
Merit: 1440
April 20, 2024, 02:19:25 AM
TXID:  152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489

Why would someone spend 8BTC just to put an Ordinal onto the blockchain?

Its not even the data for the mp4. Its just a link to it. The person could have spent much less to put it in that block.

Agreed, it is very headshaking. However, small minnows will never understand why whales would spend this much for an NFT. We can only be quite certain this is a presentation of their onchain status and to show everyone that they are rich.



Also, according to onchain analysis expert @ErgonBTC, this payer of a 6.7 BTC fee to inscribe in block 840,000 is a Thorchain user and an Ethereum whale.

https://twitter.com/ergobtc/status/1781485156815004006
legendary
Activity: 2954
Merit: 1159
April 20, 2024, 02:13:38 AM

To be honest, i never seen such high fees at mempool before, over a 1000Sats/vbyte  Huh
At first thought that after the halving some miners may be shut down, resulting in the backlog of the transaction but later i found out it was because of Runes, this fee spike.



Miners must be enjoying this while the rest of us are just waiting for the dust to settle.  Sad

member
Activity: 159
Merit: 11
April 19, 2024, 11:49:11 PM
it's been 3.5 hours and 22 blocks later and the last block was still worth over 20BTC
legendary
Activity: 4214
Merit: 4458
April 19, 2024, 11:34:42 PM
alot of people wanted to get their UTXO in block 840,000 so paid stupid fee's to outbid competition, not everyone could get in so some are getting their tx added in later blocks so expect the fee's to be high, out of stupid milestone notoriety hopes

we will see this wave of idiocy of 840k notoriety bidding war die down and then go back to the idiocy of the newest junk/scam spam of runes that replaced the brc ordinals scam spam

What madness if that is really the reason.

many mining pools in favour of the spam/scam are part of the funding of it.

EG if a mining pool can get a utxo pertaining to be part of 'rare block 840k' and costing 40btc to create reward. then they can resell portions of that reward utxo for higher amount to continue the scam

its like many things
if you can fake that Xyear minted 50pence UK coin is worth £500  and you manage to sell 2000 coins for £500each but actual cost is £0.50each
then you can have a money pot of £1m scammed money to then go acquire 2024 minted first batch 50pence pieces and get 2,000,000 new mint coins which you can then try to sell each for £5000+ pretending it cost you even more thus have higher pretend cost. due to rarity and other sill notions

in short if reward block840k is worth 37btc then they can pretend rarest sat in transactions of block 840k is worth alot more so they can continue scam of their utxo spends to be worth more. pretending it cost them alot to get into block 840k

..
but its all nonsense gesturing and scamming, so dont buy into it. let them bankrupt themselves
legendary
Activity: 3738
Merit: 10374
Self-Custody is a right. Say no to"Non-custodial"
April 19, 2024, 11:31:09 PM
Are ordinals the reason for the extreme tx fees now?  Is this the new normal or just related to people trying to get into block 840.00?

A new thing was launched at the halvening .. called runes.. so maybe there is some high fee connection to that.  Agreed that the fees are pretty outrageous and seeming to persist over several blocks... so some other guys probably have better explanations for what might happen.. and by the way, I had heard predictions that the first block after the halving might have more than 10 BTC, and it ended up having nearly 40 BTC, so even the earlier high predictions likely ended up under-predicting how much fees would be going into some of these seemingly fad like ways of making money.
member
Activity: 159
Merit: 11
April 19, 2024, 10:54:44 PM
Are ordinals the reason for the extreme tx fees now?  Is this the new normal or just related to people trying to get into block 840.00?
newbie
Activity: 22
Merit: 4
April 19, 2024, 10:41:39 PM
TXID:  152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489

Why would someone spend 8BTC just to put an Ordinal onto the blockchain?

Its not even the data for the mp4. Its just a link to it. The person could have spent much less to put it in that block.
member
Activity: 159
Merit: 11
April 19, 2024, 10:17:30 PM
so does that answer my question as ----



Activity: 155
Merit: 10
Posts: 155


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Re: Happy 4th Bitcoin Halving
Today at 02:11:45 AM
   
Reply with quote Edit message Delete message  +Merit  #11
Can someone tell me WTF is going on with TX fees since the having block, 840,000

Typical blocks are .4 - 2BTC

Blocks since 840,000 have been
37BTC
4 BTC
7 BTC
16 BTC
24 BTC
30 BTC
23 BTC
17 BTC
12 BTC
9 BTC
17 BTC
19 BTC
17 BTC
23 BTC
21 BTC

Transactions seem higher too.  So at this point the mining reward has gone up, by 3-5 fold.
hero member
Activity: 1428
Merit: 836
Top Crypto Casino
April 19, 2024, 09:48:48 PM
alot of people wanted to get their UTXO in block 840,000 so paid stupid fee's to outbid competition, not everyone could get in so some are getting their tx added in later blocks so expect the fee's to be high, out of stupid milestone notoriety hopes

we will see this wave of idiocy of 840k notoriety bidding war die down and then go back to the idiocy of the newest junk/scam spam of runes that replaced the brc ordinals scam spam
This is the worst thing i can saw in all the history if bitcoin transaction fees lmao. Based in mempool.space bitcoin fees will got 4sat/vB after an estimate of 240 blocks, if my calculation is right it will happen in 2 days which is not long but lot will happen in those days which might increase the logs and will expand the duration before the fees get too low or back at least 20sat/vB.
legendary
Activity: 3010
Merit: 8114
April 19, 2024, 09:47:28 PM
Simply stunning.



I'm sure the whole Runes thing has something to do with it as well, but that will die down in a month or two. Hard to really assess the impact in drop in hash rate yet, need another day to let things unfold before coming to any conclusions.

Halving Day... the same day my Bitcointalk account turns 10 years old 🎉
legendary
Activity: 3290
Merit: 3011
BTC price road to $80k
April 19, 2024, 09:37:59 PM
OMG whats happening on the recommended fee on mempool.space its too expensive I was waiting for the fee to drop below 50sat/vbyte but after block halving and check the mempool.space again I saw this look at the image below.



What do you think about the fee will the old fees will come back?
I don't think its a good idea to make a new transaction today too expensive.
newbie
Activity: 9
Merit: 0
April 19, 2024, 09:17:08 PM
Yes, a bit worrisome if some entities get together to keep Bitcoin fees high for a period of time. Expensive, but possible.
sr. member
Activity: 1666
Merit: 310
April 19, 2024, 09:15:13 PM
Fees started dropping again... I guess it's not really sustainable to burn your huge BTC stash forever. Roll Eyes

In essence all this NFT hype is a self-regulating market.

A few BTC whales burn their stash, they enrich miners and this distributes BTC on a wider basis (thousands of miners).

Theoretically even Satoshi could do this with his huge 1.1m BTC stash and it would last quite a bit before he would ran out of fuel...
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