Ordinal blockchain irking me, causing almost $40 median fee now... - page 4.

Lucius

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Quote from: OROBTC on December 16, 2023, 01:39:53 PM

I don't want to spend $40 to consolidate here. I guess I'll just have to wait. And wait & wait & wait???

Some would easily tell you that you should consider other options when it comes to payment, whether it's using altcoins or even paying through a bank. Given that we have more and more ordinal nonsense on the blockchain, it seems that we are heading towards a situation where on-chain transactions will become so expensive that most people will not want to pay for them. But don't worry, guys who invest through BlackRock & Fidelity won't have those problems.

Quote from: LogitechMouse on December 17, 2023, 04:53:23 AM

As of this moment, the "Low Priority" transaction is at 475 sat/vB which is around $27.
TBH, this is the highest transaction that I've seen ever since. The largest that I saw was way back in 2017 when it was around $23.

It was much more than that, even more than $50 in 2017 and more than $60 in April 2021. Of course there were other reasons then, but who cares about reasons when they see such fees - Bitcoin is dead, again Shocked

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

CODE200

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Quote from: alexforneus on December 17, 2023, 04:01:26 AM

All what BRC20 story made BTC blockchain much worse. Everyone hated ETH for its fees but now even BTC have that 40USD fees. And this story may be for months or even years if devs will not do anything (they will not). Sad. There are not so much crypto merchants and even less of them accepts anything that is not btc.

I think it's obvious already that these inscriptions are just a pain in the ass for many of us that's using bitcoin to do some sort of transactions because the tx fees that we could've used for other stuff, we have to spend it on tx fees. The reason that these ordinal shit is still existing is that the miners will be the one that's affected because this is a gold mine for them, the higher the tx fees, the bigger they're getting out of this so unless they don't mind the developers putting a stop to this ordinals, we won't see any changes anytime soon.

boyptc

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It sucks, ordi, sats, etc. all of these are causing the pain. I thought that we will see some light this weekend with the fees but no, we do not.

I am not also willing to pay such fees with small transactions. I might just pay that fee if I have got hundred thousand transactions to a millions.

Roll Eyes

LogitechMouse

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As of this moment, the "Low Priority" transaction is at 475 sat/vB which is around $27.
TBH, this is the highest transaction that I've seen ever since. The largest that I saw was way back in 2017 when it was around $23.

Right now, Bitcoin is unusable for small transactions because of these high transaction fees. Maybe if you send huge amounts of Bitcoin then you don't care about the fees, but for the average investors who are using the DCA strategy, it's kind of nonsense to do it because of what's happening. The only option that I see is to use another altcoin, send it to an exchange, convert it into Bitcoin then STORE it there. That's if you want to risk your assets.

I wonder how the signature campaigns that are paying their participants through Bitcoin will react to this one. Nevertheless, this ordinal thing causes trouble to us average investors. TBH, I might opt to invest in other top altcoins then will just convert it into Bitcoin once transaction fees go back to normal.

P.S. It's already at $34 per transaction. Cheesy

It's just a bit surprising that there are still many people who are still transferring their Bitcoins despite it's high fees.

alexforneus

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All what BRC20 story made BTC blockchain much worse. Everyone hated ETH for its fees but now even BTC have that 40USD fees. And this story may be for months or even years if devs will not do anything (they will not). Sad. There are not so much crypto merchants and even less of them accepts anything that is not btc.

icalical

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Quote from: OROBTC on December 16, 2023, 01:39:53 PM

Maybe only a much higher BTC price will stop those ords from infesting the mempool....

Or maybe until people stop buying ordinals and the hype ends. This shouldn't last long, could be just another trend. Currently the only solution is, as stated by many other are using accelerator.
To be honest I never expect that the day will come when Bitcoin blockchain are popularly used to issuing nonsense like NFT. We got enough smart-contract platform to issue NFT, people doesn't seem to feel enough of everything.

jrrsparkles

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Its possible to stop BRC20 spams from congesting the network and the fix is expected to be with v27.0 in May so until that these attack will remain on the network but we don't know that these spams can be cleared away forever so let's hope the stupid investors don't invest their money on shitcoins that is congesting the BTC network anymore.

pooya87

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Quote from: OROBTC on December 16, 2023, 01:39:53 PM

Maybe only a much higher BTC price will stop those ords from infesting the mempool....

That's unlikely because we already know that with each bull market there is a large number of newcomers who buy bitcoin. We also know that a considerable percentage of these newbies tend to go to the shitcoin market and start buying shitcoins for the first time not knowing what kind of garbage they are wasting their money on.

This means that this time these newbies would also go to this new but fake market called Ordinals Market and try to pay for that garbage hence making the scam spam attack even worse and shoot the fees even higher.

As I've said many times before the severity of this attack is only increasing with time and possibly with price rise.

SquirrelJulietGarden

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Quote from: nutildah on December 17, 2023, 12:00:46 AM

Its indeed a giant pain in the B. But it appears to come in waves, and I'm also of the opinion that it won't last forever. Its no longer just Ordinals / BRC-20 that is congesting the mempool, however. Regular BTC users are now competing with Bitcoin Stamps, SRC-20, and now also BTNS (Broadcast Token Naming system), of which tens of thousands of transactions have been made for within the last couple months. Certainly renders making normal transactions out the window for the time being.

It actually comes in waves and so far in 2023 that is around its corner of ending, there are three waves of mempool congestions and crazy fees. Those waves are in May, November and December.

Inscriptions, Mempools and Miners. This Glassnode Insight report is in September so it does not have information about what happened in November and December.

This mempool link has more information https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),1y,weight

This wave of Ordinals caused more congestion in mempools and fee rates jump to highest range in 2023. It is even worse than in December 2017 https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight

Haunebu

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Jesus! It's messed up seeing BTC TX fees actually competing with ETH TX fees these days. Blasted ordinals are clearly the primary culprit and they aren't slowing down since their popularity continues to surge.

The word 'NFT' irks me personally these days. Heard about this one dude who paid over 3 freaking million bucks for a BTC transaction recently. Absolute insanity!

https://cointelegraph.com/news/bitcoin-user-pays-3-1m-in-transition-fee-for-one-139-btc-transfer

Despairo

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Yesterday someone celebrated Ordinal inscriptions hit 48 Millions mark Cheesy

I don't think the higher BTC price will stop them, there are many transactions I see they don't mind to spend 3 times more than the current fees. We can only warn other people to not jump into this scam tokens and NFTs, although most of them won't listen.

nutildah

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Its indeed a giant pain in the B. But it appears to come in waves, and I'm also of the opinion that it won't last forever. Its no longer just Ordinals / BRC-20 that is congesting the mempool, however. Regular BTC users are now competing with Bitcoin Stamps, SRC-20, and now also BTNS (Broadcast Token Naming system), of which tens of thousands of transactions have been made for within the last couple months. Certainly renders making normal transactions out the window for the time being.

Poker Player

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What a crazy thing out there. Luckily I haven't had small inputs for a while thanks to having consolidated with the minimum fee when I could and thanks also to having read LoyceV's useful thread about it. The best thing to do now is to wait. Paying $15 per transaction is not going to last forever.

Luzin

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Quote from: OROBTC on December 16, 2023, 01:39:53 PM

...

mempool.space

I don't want to spend $40 to consolidate here. I guess I'll just have to wait. And wait & wait & wait???

Angry

Maybe only a much higher BTC price will stop those ords from infesting the mempool....

Even I was very scared, when the price of BItcoin reached ATH and the transaction price was very expensive when I wanted to sell BTC that I kept in a personal wallet. Currently, transactions and fees are rising because some tokens are created using the BTC blockchain. If I'm not mistaken, it's BRC-20. Like Ordi, they crowded the Bitcoin network because of the large number of transactions. There are currently 24,677 tokens created on the Bitcoin network.

CMIIW

naira

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Quote from: OROBTC on December 16, 2023, 01:39:53 PM

I don't want to spend $40 to consolidate here. I guess I'll just have to wait. And wait & wait & wait???
Angry

I also feel the same frustration as you, but there is nothing we can do other than just setting sat/vb. Even if the total cost is greater than the amount sent the solution is for me personally to wait. Because this is a bullrun phase where speculators are very aggressive in the market and we cannot control that. OOT, I even received news from a friend who attended the Taipei Blockchain event where one of the developers had plans to build a large project on Bitcoin Layer 1 and this project has now received massive support from Bitcoin maximalists. I was quite surprised because this will also result in even higher transaction costs in the future.

MusaMohamed

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Quote from: PX-Z on December 16, 2023, 06:47:38 PM

That wouldn't happen anytime soon, higher btc price means higher fees too in terms of USD value.

I agree that the congestion in mempools won't be cleared soon.

It is seriously congested and hours ago, some impatient people even were ready to spend 600+ satoshi/vbyte to have a quick confirmation. Now, it is about 400 satoshi/vbyte.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

I care more about the fee and fee rate in BTC, satoshi when I move my bitcoins. Transaction fee value in USD is not what I care because I can not control it but I can control what satoshi/vbyte I use for my transaction.

Any satoshi I can save from transaction fee now might help me in future when Bitcoin has higher price.

PX-Z

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Quote from: OROBTC on December 16, 2023, 01:39:53 PM

I don't want to spend $40 to consolidate here. I guess I'll just have to wait. And wait & wait & wait???

A good wallet to use like electrum then ignore the high fees, inout a smaller fee which sat/vb then use viabtc free accelerator, or use a small fee then just wait. That's the thing you can do.

Quote from: OROBTC on December 16, 2023, 01:39:53 PM

Maybe only a much higher BTC price will stop those ords from infesting the mempool....

That wouldn't happen anytime soon, higher btc price means higher fees too in terms of USD value.

hatshepsut93

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Quote from: OROBTC on December 16, 2023, 01:39:53 PM

Maybe only a much higher BTC price will stop those ords from infesting the mempool....

Why would that happen? We all know that during bull run alts get pumped too, so ordinals would likely skyrocket together with Bitcoin and speculators will be able to afford higher fees.

Bitcoin's main use case is investment and speculative trading and the fees are a result of that - those who make trades with thousands of dollars in profits can easily afford to pay $40 fees.

Upgrade00

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It's a pain, but the only option is to wait. Consolidating multiple small inputs have been ~~impossible~~ impractical since October and looms to remain so for sometime more. It's ridiculous the amount of fees paid on regular transactions, much less one with lots of inputs.

If you're in a hurry, try using a transaction accelerator and a lower fee (above the minimum for the mempool now).

OROBTC

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...

mempool.space

I don't want to spend $40 to consolidate here. I guess I'll just have to wait. And wait & wait & wait???

Angry

Maybe only a much higher BTC price will stop those ords from infesting the mempool....

Topic: Ordinal blockchain irking me, causing almost $40 median fee now... - page 4. (Read 762 times)