Mempool Observer Topic - page 68. | Bitcointalksearch.org

mindrust

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Quote from: AbuBhakar on December 22, 2023, 12:21:30 PM

I created almost same topic(https://bitcointalksearch.org/topic/m.62810292) like this on our local board during the first wave of high transaction fee during the first Ordinals hype.

The discussion of Bitcoin fee is really popular because it’s vital when someone needs to transfer their coins. We use the thread to notify if there’s a golden opportunity to send transaction during low fee. The price is not that popular anymore to small holder if they can’t transfer their coin without spending huge chunk of it on fee just to spend their profit. Cheesy

Hi fees iz a gud thingg. Since it is so expensive to move yer coinz, ya aint gonna muv yer coinz to an exchange to sell when the price is hi.

Thankz to hi feez, we are hodlerz 4eva becuz we can't sell.

2 da moon

https://bitcoinfees.net/

It actually calmed down a bit today. Next block costs $6 now, yesterday or before it was $12.

Still impossible to send something for 10 sats/b

BlackHatCoiner

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Farewell, Leo

I very much like the sarcasm of that guy.

Quote from: stompix on December 22, 2023, 11:23:02 AM

What really irks me lately on this forum is some sheeple acceptance of everything, hundreds clapping for the rules, obey the rules, we must wait for the others to take a decision, a lot of fake unicorn farts drug induce stance where we should all act like sheep and wait peacefully while grassing out faith, not daring to come out and say: THIS IS F*** UP!

Because, we are all upset. I mean, who could have predicted that a wave of dumbasses would flow the mempool with gigabytes of crap images, deeming the on-chain transactions useless? I'm pretty confident we all expected Ordinals to have ended months now, but hey; it's close to a year and people still buy that nonsense. Unbelievable.

Rising the block size in a regulated manner to make this "confiscation" of block space more expensive sounds like a valid argument, but you were here in 2015-2017. Wanna repeat the era that gave birth to every failed fork of Bitcoin? I would rather not.

satscraper

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Quote from: NotATether on December 24, 2023, 08:25:27 AM

Quote from: ImThour on December 24, 2023, 06:31:17 AM

Currently, the fee is way low as compared to the usual $20+ fee day. It's at $4 max as of now, I like the Bitcoin Network this way however it won't be like this for long.
The Ordinal people are going to attack the network again with their spam transactions.

Come on, let's get the fee down to 50 sats per byte so my tx gets confirmed.

Hm, I think next year the mempool will line-up a new gig for us something like 500 sats per byte or even more and we will fantasy regarding 50 sats kin to 2 sats/vbyte we were dreaming down here.

My laptop perched on desktop reveals around 90 sats/vbyte right now. I have took this as givenness and broadcast my transaction. Already has one confirmation.

stompix

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Blackjack.fun

Quote from: nutildah on December 24, 2023, 04:16:29 AM

I see we're currently back up to almost 100 sat/byte. Boo, who is minting shittokens on Christmas Eve? Cheesy

Santa has gone all NFT!
It was wooden horses, tamagotchi, fortnite skins now it's Bitcoin ordinals! Grin

A rather interesting thing, although we have a bit lower fees (ignoring that as I type it's 132sat/vb for the next block since we had 2 blocks in 75 minutes!!!!) the overall mempool over 10sat/vb has kept growing from 203vMb to 214vMB.
So there is a rush of consolidations happening!
That aside of elf crafting sexy reindeer ordinals.

Quote from: slaman29 on December 23, 2023, 12:29:05 PM

It's still ok though. I pay wire with my bank many issues:
- fill in long form because foreign guy
- Friday send only process Monday. Monday process only arrive Thursday (3 work days + timezone)
- 3% flat fee
- bank rate forex bad

So yes even in high fee, I love sending BTC.

Since you mentioned forex I assume this is an international wire, so yeah this is where Bitcoins till beats banks, but for internal transfers, no , it has been left in the dust, I have instant transactions on all major 7 banks, 24/7 here.
And when it comes to remittance, it's not banks and WU BTC needs to compete, it's Revolut and the others.

LE
2 blocks in 75 minutes, 7 blocks in 3 hours, somebody has been naughty!!!

NotATether

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bitcoincleanup.com / bitmixlist.org

Quote from: ImThour on December 24, 2023, 06:31:17 AM

Currently, the fee is way low as compared to the usual $20+ fee day. It's at $4 max as of now, I like the Bitcoin Network this way however it won't be like this for long.
The Ordinal people are going to attack the network again with their spam transactions.

Come on, let's get the fee down to 50 sats per byte so my tx gets confirmed.

ImThour

copper member

Activity: 1442

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Bitcoin Bottom was at $15.4k

Currently, the fee is way low as compared to the usual $20+ fee day. It's at $4 max as of now, I like the Bitcoin Network this way however it won't be like this for long.
The Ordinal people are going to attack the network again with their spam transactions.

I am wondering what will happen if we have 3-5 more Projects like Ordinals on BTC Network?

nutildah

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Quote from: ABCbits on December 24, 2023, 05:45:53 AM

And as i stated on different thread, not many people bother opening LN channel when it costs them several dollars to do so.

If you have a business that depends on making several Bitcoin transactions a day, and you're stuck in a high fee environment that appears to be prolonged, wouldn't it be more cost efficient to pay a really big fee once rather than several big fees for an indeterminate amount of time?

Several major exchanges will swap your BTC for LN or Liquid BTC for a zero % charge.

And I know we're not supposed to talk about it, but yes, using alts to move wealth around is also a decent solution. Although Dogecoin is also suffering from full blocks thanks to Doginals and the like, it handles the surplus of transactions very well. After all, blocks are produced 1 per minute. The average fee still remains less than 1 cent. The only downside is the chain is growing at a rate of close to 500 MB per day.

ABCbits

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Crypto Swap Exchange

Quote from: adaseb on December 24, 2023, 02:02:11 AM

It’s crazy how you can look at Ethereum and see 20 gwei fees but you look at bitcoin and see 200 sat/btye fees. However I think most have adopted after 2017 and rarely use bitcoin for small transactions. Most use l2 these days or altcoins.

Ethereum have some popular sidechain though, especially Polygon which offer lower fees and faster confirmation.

Quote from: nutildah on December 24, 2023, 04:16:29 AM

I see we're currently back up to almost 100 sat/byte. Boo, who is minting shittokens on Christmas Eve? Cheesy

Someone probably think it's good idea to create Christmas themed NFT.

Quote from: nutildah on December 24, 2023, 04:16:29 AM

Here's a good conspiracy theory: Ordinals is actually a trojan horse designed to force people to adopt L2 solutions like Lightning and Liquid. This appears to be where the future is headed. Guess I'm gonna learn how to do Lightning on Electrum.

And as i stated on different thread, not many people bother opening LN channel when it costs them several dollars to do so. And while you can buy Bitcoin located on sidechain,

It requires you to use altcoin or fiat to avoid creating Bitcoin on-chain TX fees.
If sidechain become more popular, someone have to create on-chain TX in order to "move" Bitcoin on-chain to sidechain.

nutildah

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I see we're currently back up to almost 100 sat/byte. Boo, who is minting shittokens on Christmas Eve? Cheesy

Here's a good conspiracy theory: Ordinals is actually a trojan horse designed to force people to adopt L2 solutions like Lightning and Liquid. This appears to be where the future is headed. Guess I'm gonna learn how to do Lightning on Electrum.

Quote from: DaCryptoRaccoon on December 22, 2023, 07:41:36 AM

Miners must be loving it right now!

Indeed, there's no way they're not.

franky1

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Quote from: adaseb on December 24, 2023, 02:02:11 AM

It’s crazy how you can look at Ethereum and see 20 gwei fees but you look at bitcoin and see 200 sat/btye fees. However I think most have adopted after 2017 and rarely use bitcoin for small transactions. Most use l2 these days or altcoins.

most dont..
most the amount of channel users of subnetworks is small.. however if you look at how many members sign up to CEX you see most people leave value locked into CEX. they just avoid the bitcoin network entirely because even moving to subnetworks costs bitcoin fee's of opening channels

adaseb

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The fees are already heading lower. I think 60-70 sat area got filled today. Most likely until the new year the mempool won’t have much pressure and we should get decent fees. But the problem is that after the holidays the fees will keep going higher as long as the ordinals are still bullish.

It’s crazy how you can look at Ethereum and see 20 gwei fees but you look at bitcoin and see 200 sat/btye fees. However I think most have adopted after 2017 and rarely use bitcoin for small transactions. Most use l2 these days or altcoins.

franky1

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Quote from: slaman29 on December 23, 2023, 12:29:05 PM

Quote from: stompix on December 22, 2023, 07:56:56 AM

Quote from: slaman29 on December 22, 2023, 07:47:12 AM

Just yesterday I needed to send, but I have an "exchange" hot wallet. Paid only 15k sats so still under a dollar. Bring high fees on!

For you unfortunately I have some bad news:

Quote

15,000 SATS = 6.57 USD

Oops hehe I can't believe my math is so bad, all this while I'm thinking of mbtc and satoshi and for some reason I know mbtc = x40, but satoshi I forgot to x4. So I paid almost $7 for $300+ (7 mbtc yesterday).

It's still ok though. I pay wire with my bank many issues:
- fill in long form because foreign guy
- Friday send only process Monday. Monday process only arrive Thursday (3 work days + timezone)
- 3% flat fee
- bank rate forex bad

So yes even in high fee, I love sending BTC.

and yet banks invented debit cards to save on filling in forms and excess fee's
whenever i go abroad and use debit card i dont have your fiat experience..

and yet bitcoin is becoming worse than fiat.
natively im british so my bank wire transfers of fiat are free. but now bitcoin has been the thing with huge fee's

i remember the days when bitcoin was advertised as the remittance system for international currency exchange that was cheaper the using WU.. now western union is cheaper then bitcoin..

core devs love the fee mania and congestion. it helps advertise their corporate sponsors ROI via alternate payment networks that use middlemen

slaman29

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Livecasino, 20% cashback, no fuss payouts.

Quote from: salad daging on December 22, 2023, 11:36:18 AM

Quote from: slaman29 on December 22, 2023, 07:47:12 AM

More, more, more! I admit it hurts a little but at the end of the day I seldom send as a DCA guy, I usually receive and yes, that means I don't really need to worry much.

What we need to do mempool is still quite high! I also did DCA and now my BTC is stuck on the exchange because I don't want to withdraw with high fees so I left it there first even though there is a little concern.

Ya right. I have seen your posts in past. You do nothing you claim lol.

If you DCA a lot, exchange fee should not be a problem because you saved on input size anyway accumulating all this time. And if you DCA on exchange but only concerned now, well, you are unwise not to have been concerned before.

Quote from: stompix on December 22, 2023, 07:56:56 AM

Quote from: slaman29 on December 22, 2023, 07:47:12 AM

Just yesterday I needed to send, but I have an "exchange" hot wallet. Paid only 15k sats so still under a dollar. Bring high fees on!

For you unfortunately I have some bad news:

Quote

15,000 SATS = 6.57 USD

Oops hehe I can't believe my math is so bad, all this while I'm thinking of mbtc and satoshi and for some reason I know mbtc = x40, but satoshi I forgot to x4. So I paid almost $7 for $300+ (7 mbtc yesterday).

It's still ok though. I pay wire with my bank many issues:
- fill in long form because foreign guy
- Friday send only process Monday. Monday process only arrive Thursday (3 work days + timezone)
- 3% flat fee
- bank rate forex bad

So yes even in high fee, I love sending BTC.

stompix

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Blackjack.fun

Christmas miracle:

Probably till some late Thursday feels will keep going down, not only it's weekend but also prolonged holiday for like half of the world during which I doubt people are that eager to smack around coins, so better consolidate whatever outputs you've got during those months and be prepared for the next year!

DaCryptoRaccoon

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OGRaccoon

Quote from: franky1 on December 22, 2023, 07:53:32 AM

Quote from: SamReomo on December 22, 2023, 07:46:24 AM

Quote from: DaCryptoRaccoon on December 22, 2023, 07:41:36 AM

Miners must be loving it right now!

Yeah, the miners are getting huge rewards in the form of those high fees

miners dont see transactions
miners dont choose transactions
miners are just given whatever cut of reward the POOL decides.

dont point fingers at miners.
realise who is making transaction decisions
look at the devs that refuse to fix the exploits they create

asic owners were not in poverty when the bitcoin price was $17k so dont even pretend miners deserve fee's now..
also the spot market will take care of miners when the reward halves
so fees are not essential

realise its all about dev politics thats causing the issues we see.
it has absolutely nothing to do with asic economics

whomever is telling you to look at miners is the guy that doesnt want you to scrutinise the core devs indecision and sponsored deals

Relax.. Was a simple comment on the block fees atm. wow.

letteredhub

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Hire Bitcointalk Camp. Manager @ r7promotions.com

My people says where you work is where you eat, so I guess that's what miners are enjoying at this time with the bitcoin transaction fee hike, nothing anyone will tell me if you were in those miners shoe you will love it too, the sad part is about those of us trying to invest in the small ways we can, transfer is eating almost a 45% of each little transfer of our DCAing and it's becoming discouraging, high investor will not feel it but we do and we hope something is done about it ASAP.

AbuBhakar

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🇵🇭

I created almost same topic(https://bitcointalksearch.org/topic/m.62810292) like this on our local board during the first wave of high transaction fee during the first Ordinals hype.

The discussion of Bitcoin fee is really popular because it’s vital when someone needs to transfer their coins. We use the thread to notify if there’s a golden opportunity to send transaction during low fee. The price is not that popular anymore to small holder if they can’t transfer their coin without spending huge chunk of it on fee just to spend their profit. Cheesy

Litzki1990

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Additional transaction fees are by no means coming down. Mempool minimum is now showing 150 and if you try to do your own foreign transfer to 100 Mempool then the transaction fee will go up to $25 and there is no guarantee when the transfer will be confirmed. A few days ago the transaction fee was high but in the middle but Mempool changed and came down a lot but now we don't see the same. Mempool is limited to 150 to 300 which is too much. Transferring BTC is now almost impossible for those who are small investors. Every Bitcoin user now wants Mempool to return to normal.

stompix

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Blackjack.fun

Quote from: jrrsparkles on December 22, 2023, 11:33:32 AM

Yep, something needs to be done, and as I said in another thread the fix may be released with v27.0 will eliminate the spam token transactions from the network

Let me ask you something, let's suppose we kill ordinals. Good!

Going by the bitcoin press and blogs:

Quote

The survey was conducted in May 2023 and found that found that 52% of Turkish adults aged 18 to 60 have invested in cryptocurrencies, a 12% increase from 40% in November 2021

Quote

47% of Nigerians Engaged in Crypto-Related Activities

I'll spare you the math and say that just two should account for close to 100 million users, now assuming by user you mean a guy who makes a tx at least a month, right, then we need 3 million tx a day for these guys alone!!!!!
When we will truly reach those levels of acceptance, whom do we fix and eliminate?

For half of the Europeans to withdraw their bitcoins to their own cold wallet and do nothing with them after, we need at perfect batching solutions, so 1 input 1000 outputs, segwit only nothing else, 90 days of blockspace. For the whole of India to do this we need, you guess it, one year!!

Who do we eliminate or tell to fuck off and not do a on chain tx then? Wink

First is ordinals, then it's consolidating inputs cause you can just use coin control, then mixers, then it's casinos, next a restriction for coins to be spent under 72 hours, then...what? We start culling people who own less than 0.0001 as it's considered dust?

To lighten the mood a bit:

salad daging

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Bitcoin To The Moon 📈📈📈

Quote from: slaman29 on December 22, 2023, 07:47:12 AM

More, more, more! I admit it hurts a little but at the end of the day I seldom send as a DCA guy, I usually receive and yes, that means I don't really need to worry much.

What we need to do mempool is still quite high! I also did DCA and now my BTC is stuck on the exchange because I don't want to withdraw with high fees so I left it there first even though there is a little concern.

Quote from: Oshosondy on December 22, 2023, 11:07:55 AM

But I can see the mempool becoming less congested for now. I think soon it will be below 100 sat/vbyte which is still high though.

About 100 sat/vB but the little guy is still too high and of course the expectation is lower but when it will be ready for the bullrun the mempool will be stuck again.
100 sat/vB now, see tomorrow back to 300 sat/vB. Grin

Topic: Mempool Observer Topic - page 68. (Read 16543 times)