Topic: Mempool Observer Topic - page 79. (Read 22034 times)

Hello guys.

I made this temporary string post while FeeBuddy  is a newbie and doesn't have the required rank to post  images or a Copper membership.

Code is ready, however I am fixing some issues on the server side to set up the cron job! I think it will be working soon!

• fastestFee: 32
• halfHourFee: 32
• hourFee: 32
• economyFee: 32
• minimumFee: 24 sat/vB

I believe if it stays on-chain, Ordinals as a "protocol" for inscribing NFTs in the Bitcoin blockchain will stay with us for a long time. It will "die", then "come back" again, "die", then "come back" again, with the best collections valued highly by a community of collectors of digital artifacts.

But BRC-20, not for a very long time when its users/developers see its inefficiencies if compared to token issuance and trading in other blockchains like Ethereum and its alternatives.

NFTs are the new altcoin, which are the new bitcoin... A lot of people still believe bitcoin is a ponzi scheme. But the truth is, the situation is a lot more complex than that, for all 3 entities.

A lot (the vast majority) of NFTs are produced for the sole purpose of making their creator money -- no doubt about that. Same thing with altcoins. Yet there are still some NFTs that have real-world utility, just like with altcoins... even if that utility is just being a collectible.

I've been going on about it for close to 2 years here now: there is a legitimate demand for some NFTs as collector's items. There are also flippers looking to sell them to other flippers and collectors at a higher price than which they bought them. This is true in every area of collectibles.

Like Bitcoin did for money, NFTs are an attempt to recreate a physical good in the digital realm. They are ownable, transferrable, and often immutable (though not always).

A lot of it is very silly with valuations driven purely by well-oiled hype machines. But sometimes they are just endearing to collectors, who want to own one simply because it makes them feel good to know that its in their wallet.

Case in point, I'm about to make a trade for one of these Bitcoin NFTs... Its my second and I have no plans to sell one, I just like knowing that I'll have 2 of them:



Is it silly and stupid? Perhaps to a lot of people. But the point is, there is a legit market for a lot of this stuff, driven by legit demand from collectors. These collectors could care less what the non-believers think. As Bitcoin grows more popular, so will the collector base for such items (including at least some Ordinals).

BBIIITTCONNEECCCTTTT

You know that Chinese people were one of the first to fall for the OneCoin scam, right? And it wasn't even called that back then, this was way back over 10 years ago when it was still "BigCoin".

A lot of people in China live in severe poverty so any, and I repeat, any beacon of hope that might make them rich and prosperous is something they cling on to fast.

I still do not expect Ordinals to last for a long time, but it will crash like NFTs. (and we will have James Jani probably make another video documentary about that - crazy how people have not learned their lessons with NFTs).

remember images can be messed with/host lost etc

you may want to also api a ascii result that a daily bot can include as text in posts aswell as image format

250k transactions in the fee range 1-30 to be confirmed.

It will take some time to confirm all those transactions, even when Ordinals drama stop.


https://mempool.space/mempool-block/7

ofcourse they are. there are many many github conversations where they admit they do it on purpose sayingcrap like
and reason it as

they literally say they increased it from 1sat/vb to 5sat/vb to be "less annoying" "desirable" pfft (opposite occured)

end result people using GUI (softwares graphical user interface) they are defaulted to paying more to get priority in higher increments

many other wallets use other numbers.
many devs think fees should not go below a certain level again, so no point counting in single sats/vb

Although it's good to finally see the fees start going down, don't expect it to stay low that long because in China,



 

They are organizing conferences behind BRC-20, and that picture shows that the room is full of investors who come from a wide demographic. It's not merely "crypto-bros", but there's men, women, old, young, fat, thin. ANYONE in China who has money to invest, will invest in BRC-20.

I believe that picture was taken months ago, last year. Therefore if a BRC-20 conference was announced today, it would attract a lot more people.

I noticed the same thing. Right now on electrum, The fee is going from 1 to 2, 2 to 5, 5 to 10, 10 to 20, 20 to 30, 30 to 50, 50 to 70, 70 to 100 sats... If I remember right, It used to be 1 to 2, 2 to 3 and so on. It feels like they did intentionally to increase the fees even more.

There is  huge difference between 30 sats/b and 50 sats/b fee. Why can't I fine tune it?

This is becoming ridiculous.

That's 30 posts and 1 merit. But that won't be a problem.

All I know is that there are currently two opinions circulating regarding the Ordinal issue on the Bitcoin network that makes transfer fees expensive. Refuse and support. Refusing because it is considered that the Ordinal network that rides on the BTC blockchain adds to the burden of network congestion and tries to eliminate Bitcoin's original functionality.
Support because the bitcoin system with an open network does provide facilities that are used ordinally. In addition, they do benefit because of trust in the BTC Blockchain. As for me, I don't like the density of the mempool which makes the fee higher. It is proven that when there are improvements to the Ordinal network, fees become quite cheap. CMIIW

the main OP has your API so people can see its live-data by just reading first post
many people in say X years time wanting to look back at historic data would prefer static data on a daily bump or yes even 4 hours as long as this forum doesnt think of its as bump spam

suggestion:
might even be worth the api allowing a cleartext ascii version so the bot bumping the topic can coopy/paste ascii to also write it out as a forum post message incase the image host server goes down..

note:
you may end up having this topic moved to different category (outside of 'bitcoin discussion') if its bumped too much by an obvious bot
so check with forum moderators about 'bitcoin discussion' rules of bot bumping topics

Hello guys! My bot is nearly done!! It is working, but I need to do one more step to complete it.

I have to automatically send the image to talkimg. I will have a chat with joker_josue to figure it out how to use his API!

Then I will make the bot post the data here. Maybe 2 or 4 times a day?  I think once an hour like ChartBuddy is too much!

Thanks for suggestion to create this NotATether and stompix and Learn Bitcoin.

A learn new stuffs in the process!

Edit: FeeBuddy just need to level up a bit so he can post images. 30 activity for Jr Member (30 days), right? We can quote him while we wait lol

dont auto give core the ass kissery of god like devotion. you should actually be reviewing scrutinising and criticising them when they make mistakes, instead of pretending mistakes cant be made or things cant happen..

many core devs are sponsored to add code that doesnt benefit the general community but does benefit corporations that want to take advantage of users(promoting that everyone should move over to middlemen managed subnetworks due to annoyances of bitcoin transacting due to changes they paid for to make it annoying)

mistakes have happened, exploits do exist, core could fix them..  core devs have done things and they need to be scrutinised so that it helps reduce chances of them repeating mistakes/exploits/sponsored upgrades
(though they gatekeep moderation to control the flow of information and remove criticism by deleting/banning user access to all discussion platforms THEY control, its still worth challenging them and highlighting their mistakes)

dont go full cult leader admiration.. cults dont end well

maintainers have the keys to create a release candidate and push in code as they please
lead maintainer(singular) has all powers
other devs have keys to "force push" code they created without review, without team 'ack' into the active candidate protocol

also achowe has "transitioned" SHE likes to be called ava now. though il always think of HIM as a wall-e(andrew), because he hasnt changed that much at all

Did you just insult Bitcoin developers? 
Who has constantly been developing the entire network for decades? As you may know, a single developer or a small group of developers cannot make a change if they want. All they can do is propose the development, and most others have to agree with that idea. That's all I know about it. If I am not wrong, Moderator achow101 is one of the developers who have been working for Bitcoin for a while now. I don't criticize what I do not understand. Developers aren't so called.

hmmm, interesting point there although I know the fact or base to what you are trying to say might be wild but I think a fraction of believe can still be associated to this thought of yours, well atleast that's from my angle. But this issue is really getting out of hand and I think in no time we will see another wave of this nonsense again and yet nothing has been done by the so called Bitcoin developers because I believe the issue has been deliberated and an open discussion has going on for these said developers to actually come up with a way to actually trash the issue at core point.

I don't think miner are taking advantage of the higher fees, I believe the fees are getting higher because of the boom of the miners, then everyone should get paid. So I believe next two years fees must stop increasing and will be stable with a less rate % of increase per year