Mempool Observer Topic - page 92. | Bitcointalksearch.org

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Me and difficulty adjustments. I should really quit, I've won 6 times at Kempton today on horses but this adjustments.. Cry

Quote from: BlackHatCoiner on December 24, 2023, 10:02:30 AM

Wanna repeat the era that gave birth to every failed fork of Bitcoin? I would rather not.

You know, depending on how you look at it and how biased you are , one might think of this like:
Do you really want to let people chose again what they want, like in a 4 years cycle elections? Roll Eyes

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: FinePoine0 on December 25, 2023, 10:41:48 AM

But I am currently under a lot of stress because pursuing investment in DCA method incurs huge transaction fees. I spent a day between the highest transaction fees.

You should absolutely avoid buying bitcoin with DCA at the moment, unless you're buying using lightning. I recommend you pay a visit to Robosats for buying and selling with lightning. Best non-KYC CEX for that purpose.

Quote from: ABCbits on December 26, 2023, 05:14:23 AM

But aside from BCH, most other fork only join hype ride where people got excited from obtaining "free" forked coin.

I wasn't into bitcoin when the Bitcoin Cash split occurred, but I had heard about Roger Ver promoting it as if he was the main entity. Was he hyping it similarly to Craig and BSV?

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

Quote from: nutildah on December 24, 2023, 05:29:12 AM

Quote from: ABCbits on December 24, 2023, 04:45:53 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.

That's true, but i also expect not many Bitcoiner create lots of Bitcoin transaction. Aside from business, i expect only daily trader would take benefit from using LN.

Quote from: BlackHatCoiner on December 24, 2023, 10:02:30 AM

I very much like the sarcasm of that guy.

Quote from: stompix on December 22, 2023, 10:23:02 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.

But aside from BCH, most other fork only join hype ride where people got excited from obtaining "free" forked coin.

FinePoine0

full member

Activity: 560

Merit: 147

Date: 23/12/2023

Bitcoin transaction fees are currently so high. I have noticed that when the price of Bitcoin increases, transaction fees increase very quickly because the demand for transactions increases. But I am currently under a lot of stress because pursuing investment in DCA method incurs huge transaction fees. I spent a day between the highest transaction fees.

tjtonmoy

sr. member

Activity: 1008

Merit: 366

Quote from: franky1 on December 24, 2023, 03:16:37 PM

they dont need the extra fee..
its just used as a scapegoat to try to blame the miners when the inception of this junk spam was due to core dev exploit they refuse to fix and instead want to blame someone else

I know that they are getting more money by mining than confirming transactions. But it is what it is. If we are in a hurry, we can simply use an alternative solution for this and if not then we can easily hold it for as long as we want if it's in a personal wallet. In case of exchange holding, we can easily convert it into something else which is faster and cheaper than Bitcoin right now.
Price to fee ratio doesn't matter as we are facing congestion in the mempool. I have no insight on the dev team so I cannot point finger at anyone. If not this, then something else. People will always find alternative ways for dealing with this kind of situations.

adaseb

legendary

Activity: 3808

Merit: 1723

Yeah I assumed we would be at the 40-50 sat area right now during Christmas slowdown however its not the case. Looking in the past 24 hours, the lowest fee that got accepted was maybe 70-80 sat/byte. And then it reversed and started to head back up. Right now you are looking at 150 sat/btye to get a confirmation.

Since its Christmas Day in most places, I don't think this will improve. I think fees of 100+ will be the regular unless these ORDINALS all of a sudden start to lose popularity and market cap. However there doesn't seem to be much relief. You go on the Ethereum Fees and right now you can get a transaction done for only 12 Gwei which makes sense, but Bitcoins transactions don't during Christmas.

franky1

legendary

Activity: 4424

Merit: 4794

Quote from: tjtonmoy on December 24, 2023, 01:25:21 PM

Made a transaction with 7 sats/vByte 2 weeks ago Grin

. It is still pending and haven't returned to my wallet or haven't been canceled yet. And now the difficulty adjustment. Well we have enjoyed the privilege of lower fees over the year. Now I think it is time to give something to the miners from our pocket as a holiday reward. They need to get something in return too. And hopefully everything will become normal again.
Meanwhile all we can do is use some alternative to face this situation if we don't want to pay the higher fee.

mining pools were not crying when 6.25btc was ($106k($17k/btc)) last year
mining pools were not crying when 6.25btc was ($212k($34k/btc)) in summer

they dont need the extra fee..
its just used as a scapegoat to try to blame the miners when the inception of this junk spam was due to core dev exploit they refuse to fix and instead want to blame someone else

also asic owners dont even get to choose transactions. so dont try saying they choose it

miners are not poor. thats what the spot market economics is for.
pretending an exploit shouldnt be fixed by pretending the miners need it. is a LIE. its a scape-goat trick to shift the pointy fingers away from core devs

tjtonmoy

sr. member

Activity: 1008

Merit: 366

Made a transaction with 7 sats/vByte 2 weeks ago Grin

. It is still pending and haven't returned to my wallet or haven't been canceled yet. And now the difficulty adjustment. Well we have enjoyed the privilege of lower fees over the year. Now I think it is time to give something to the miners from our pocket as a holiday reward. They need to get something in return too. And hopefully everything will become normal again.
Meanwhile all we can do is use some alternative to face this situation if we don't want to pay the higher fee.

mrust_mobile

full member

Activity: 134

Merit: 94

The Alliance of Bitcointalk Translators - ENG > TR

Quote from: philipma1957 on December 24, 2023, 10:59:33 AM

nicehash
kraken

both give access to LN

do a kyc at kraken. add cash buy btc. use LN

cost next to nothing.

but kyc and you can lose the coin or have the coin frozen.

do I like this no.

but I already have a kyc for nicehash

and I have a kyc for kraken.

i have electrum and it offers LN

I will play with it and do more on my LN thread. on how to use it.

LN is cool but unless you run your own node, it is a centralized/custodial solution. People here can’t even move their coins from their wallets to an exchange, if they could, maybe they would switch to LN. I simply don’t want to pay $10 to move $200. ($1 is my limit for me per tx)

I don’t know if I can move my funds from electrum to kraken with LN right away. Even if that’s true, well, I don’t want to use kraken because i already did kyc with binance.

Damn binance don’t even use segwit…

franky1

legendary

Activity: 4424

Merit: 4794

Quote from: slaman29 on December 24, 2023, 10:33:11 AM

Quote from: franky1 on December 23, 2023, 03:14:47 PM

Quote from: slaman29 on December 23, 2023, 11:29:05 AM

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

When you send money overseas like I do, you always fill froms. You have now 'convenient' option of Vis payment but guess what you still have online form to fill, plus Reason of sending, Relation of receiver and Source of funds AND higher fee of 5%.

Most of us asians send money abroad, remittance through companies is the cheaper option but still days of waiting and forms.

WU? My WU is flat fee almost 4-5% (it gets smaller with big amount) plus worse exchange rate. Its the fastest (instant collection) but MOST expensive.

You'reBritish so maybe you don't feel thirdworld daily occurrence Sad

visa debit cards can be taken out easily. i use one all over the world. never have i needed to fill in paperwork per transaction/per country visited

as for WU compared to bitcoin
when bitcoin fee's are $30. sending $100 is 30% fee
when bitcoin fee's are $30. sending $200 is 15% fee
when bitcoin fee's are $30. sending $600 is 5% fee

i see many people seeing bitcoin as the annoyance in regards to remittance these days compared to <2016

philipma1957

legendary

Activity: 4382

Merit: 9330

'The right to privacy matters'

nicehash
kraken

both give access to LN

do a kyc at kraken. add cash buy btc. use LN

cost next to nothing.

but kyc and you can lose the coin or have the coin frozen.

do I like this no.

but I already have a kyc for nicehash

and I have a kyc for kraken.

i have electrum and it offers LN

I will play with it and do more on my LN thread. on how to use it.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

Quote from: franky1 on December 23, 2023, 03:14:47 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.

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
[/quote]

When you send money overseas like I do, you always fill froms. You have now 'convenient' option of Vis payment but guess what you still have online form to fill, plus Reason of sending, Relation of receiver and Source of funds AND higher fee of 5%.

Most of us asians send money abroad, remittance through companies is the cheaper option but still days of waiting and forms.

WU? My WU is flat fee almost 4-5% (it gets smaller with big amount) plus worse exchange rate. Its the fastest (instant collection) but MOST expensive.

You'reBritish so maybe you don't feel thirdworld daily occurrence Sad

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: AbuBhakar on December 22, 2023, 11:21:30 AM

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

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

I very much like the sarcasm of that guy.

Quote from: stompix on December 22, 2023, 10:23:02 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

hero member

Activity: 714

Merit: 1298

Quote from: NotATether on December 24, 2023, 07:25:27 AM

Quote from: ImThour on December 24, 2023, 05:31:17 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

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: nutildah on December 24, 2023, 03:16:29 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, 11:29:05 AM

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

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Quote from: ImThour on December 24, 2023, 05:31:17 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: 1512

Merit: 1651

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

legendary

Activity: 3010

Merit: 8114

Quote from: ABCbits on December 24, 2023, 04:45:53 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

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

Quote from: adaseb on December 24, 2023, 01:02:11 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, 03:16:29 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, 03:16:29 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.

Topic: Mempool Observer Topic - page 92. (Read 23819 times)