How many spam emails are spammers willing to create? Answer: billions. As long as it's profitable, it won't stop.
But sending an email is free. Inscribing ordinals isn't. Am I wrong?
Topic: Question about Bitcoin network spammer - page 2. (Read 642 times)
But sending an email is free. Inscribing ordinals isn't. Am I wrong?
So don't you think it is going to stop? I mean, how many ordinals are those few people willing to create?
How many spam emails are spammers willing to create? Answer: billions. As long as it's profitable, it won't stop.Ok, but if people want to buy NFTs, for any reason (even if I don't understand it), why would they choose ordinals against other chains?
Because "Bitcoin" sounds a lot better than any shitcoin they can use. Why does this madness continue? With such hype, it can be easily described with one word: GREED
The great weakness of many people is that at a certain point, greed wins over reason. This is no longer a secret and is being shamelessly exploited.
Cant wait for the next bullrun, Can't wait for the next bullrun, where every second post is about FOMO.
(Fear of missing out)
The great weakness of many people is that at a certain point, greed wins over reason. This is no longer a secret and is being shamelessly exploited.
Cant wait for the next bullrun, Can't wait for the next bullrun, where every second post is about FOMO.
(Fear of missing out)Ok, but if people want to buy NFTs, for any reason (even if I don't understand it), why would they choose ordinals against other chains? This is why I believe it is somewhat of an organised attack.
But Bitcoin has a huge advantage against this. It is finite. So it may last long, but it is deterministic that at some point it must end. Am I wrong? My question is genuine, I don't mean to cause impressions. But I sincerely fail to realise why this madness keeps going on.
Thats right. But let's not hope it doesn't take too long.
Why does this madness continue? With such hype, it can be easily described with one word: GREED
The great weakness of many people is that at a certain point, greed wins over reason. This is no longer a secret and is being shamelessly exploited.
Cant wait for the next bullrun, Can't wait for the next bullrun, where every second post is about FOMO.
(Fear of missing out) As long as there are people who fall for this crap and give away their sats for it, there will probably be no end to it.
But Bitcoin has a huge advantage against this. It is finite. So it may last long, but it is deterministic that at some point it must end. Am I wrong? My question is genuine, I don't mean to cause impressions. But I sincerely fail to realise why this madness keeps going on.
The fact that fees suddenly dropped to the minimum and a month later suddenly went up again makes me think there are only a few who create millions of "Ordinals".
So don't you think it is going to stop? I mean, how many ordinals are those few people willing to create?
It has always been the case that demand determines supply. I don't know why so many people get involved in such a gamble. Some of these ordinal NFTs have really amazing floor prices.
I just hope that this “emerging market” goes away quickly. Firstly because of the fees but mainly to protect unsuspecting soldiers of fortune.
The fact that fees suddenly dropped to the minimum and a month later suddenly went up again makes me think there are only a few who create millions of "Ordinals".
So don't you think it is going to stop? I mean, how many ordinals are those few people willing to create?
At some point people will realise they keep losing money in fees and things will go back to normal. This is my estimation.
I thought we reached that point at the start of last month. The fact that fees suddenly dropped to the minimum and a month later suddenly went up again makes me think there are only a few who create millions of "Ordinals". So the conclusion is this not gonna stop right guys? till we can solve the ordinal problem? 
I don't think it is not gonna stop. Over-paying fees is a problem for all of us. At some point people will realise they keep losing money in fees and things will go back to normal. This is my estimation.
You think NFTs will gain popularity again?
Yes
just look at the the transaction of ordinal there is bunch of transaction back and forth meaning the NFT still alivveeeee guysss hahaha but seriously recent news said that open sea laid off his employee https://fortune.com/crypto/2023/11/07/opensea-layoffs-50-percent-mansion-katy-perry-russell-brand-hollywood-9-million/Ordinals are just a scam to convince people to pay much more money for Bitcoin dust.
It is not a scam it is actually a tool so the miner gets a lot of money from it hahah but who knows? Quote
I can sell you a can of expired Unox chicken soup for $500 right now 
That doesn't make it art.
That chicken soup is pure art Loycev That doesn't make it art. especially if you sell it on ordinal it can even be worth more than 100K usd So the conclusion is this not gonna stop right guys? till we can solve the ordinal problem?
Its sad that you accept BTC as a new form of wealth but that you can't accept the value of a new art form
There's a reason the NFT market crashed so hard. It's not art, and it's not rare. It's a scam created to convince gullible people to hand over their money hoping to get rich quick.Ordinals are just a scam to convince people to pay much more money for Bitcoin dust.
Some things just don't work when digitalized.
The thing that makes physical art fetch so much money at auctions is the fact that you can't just draw it from scratch (or use a 100 megapixel camera to try to replicate it on an A0 sheet of paper).
But an NFT can just be screenshoted, byte-copied, ... etc. and while people will (correctly) argue that this does not make a genuine copy of the NFT, the average person who knows nothing about crypto couldn't care less because they can't tell the difference anyway.
Unlike for example a real Louis Vuitton handbag and a fake one. Or two pairs of Nike shoes.
And at time of writing this post, statoshi.info report there's about 128.3 million UTXO. Although i have no idea how much UTXO growth impact RAM and I/O usage.
Isn't the size of chainstate caused by all those UTXOs? It's currently 7.8 GB. Ideally, that should all fit in RAM, but my Bitcoin Core uses much less. Except for the IBD, looking up about 2000 transactions on disk every 10 minutes isn't much of a problem.Quote
NFT already possible on LN and various Bitcoin sidechain, it's just almost nobody use it.
Ordinal spammers (or should I say scammers?) need to use Bitcoin's name to get people's money. "LN" isn't familiar enough, I guess. It would be so much better if they promote LN while spamming LN. Unlike Bitcoin, LN has no problem with millions of dust transactions. 
So yes, it is keeping the miners afloat,
More like it is giving miners an undeserved additional reward. Otherwise miners were doing fine before the spam attack began and will do fine even if it ends right now.I agree disk space is really minor concern. But i'd like to point out UTXO growth which demands more RAM or I/O speed.
Every resources that is wasted is bad for those who actually run a full node. More so when they run it on their PC (as opposed to renting some remote server with much larger free space than your PC). Its sad that you accept BTC as a new form of wealth but that you can't accept the value of a new art form
Obviously you have yet to understand their value.
you likely think the art below is worthless.
Obviously you have yet to understand their value.
you likely think the art below is worthless.
I realise that art in general is important, I love art. Until NFTs were invented, people would go to auctions to observe physical art and would try to acquire it. They still do, I guess.
Digital art is important nowadays. It can be used in websites, digital marketing etc. However, I think digital art can't be valued properly through NFTs and it can't be properly protected using them.
Digital art is convenient. Mistakes can be easily erased. But, the purpose of digital art in my opinion can't be the same as this of the physical art.
In general, I think digital art can't be equal to physical art because they have a different purpose.
Physical art has flaws that can't be easily undone. Physical art can be portrayed in your living room easily. It has a smell. It is actual art. The way you maneuver your pen or brush can lead to something unique.
You think NFTs will gain popularity again?
I hope not! That would mean more people lose their money. I've clarified my post, "blows up" could indeed be interpreted as a pump, while I meant it as a complete failure.Its sad that you accept BTC as a new form of wealth but that you can't accept the value of a new art form
There's a reason the NFT market crashed so hard. It's not art, and it's not rare. It's a scam created to convince gullible people to hand over their money hoping to get rich quick.Ordinals are just a scam to convince people to pay much more money for Bitcoin dust.
Quote
you likely think the art below is worthless.
It's not art, it's a can of expired chicken soup. Whoever pays $68,750 for it only does so hoping someone else is going to pay more. To most people who aren't part of that, it is indeed worthless.Quote
Learn from me as I could have purchased the item below for under $500 when I was young
I can sell you a can of expired Unox chicken soup for $500 right now That doesn't make it art. 
From the last three days I have a transaction which is stuck, it is painful.
It is very painful
No conspiracy, ordinal inscription!
https://ordiscan.com/address/bc1plqdm0ndmnfzgzhfd8jcm6xrfmdur3j36cxnsj3rrfqdlz0mvczeqch89pz
https://ordiscan.com/address/bc1p0jk9wyzkuspp7pcpmalcexlpxgn2rua2m7w6hhr260rpk8ceyg9qewku7d
https://ordiscan.com/address/37q5GbpAX6ZJgcVNh9G71CCBTA7tfkk9LE
https://ordiscan.com/address/bc1plqdm0ndmnfzgzhfd8jcm6xrfmdur3j36cxnsj3rrfqdlz0mvczeqch89pz
https://ordiscan.com/address/bc1p0jk9wyzkuspp7pcpmalcexlpxgn2rua2m7w6hhr260rpk8ceyg9qewku7d
https://ordiscan.com/address/37q5GbpAX6ZJgcVNh9G71CCBTA7tfkk9LE
So it is because of the ordinal transaction, I know the ordinal creates a lot of noise but a couple of weeks ago bitcoin back to the normal fee for even 2 sat/Vb, and today when bitcoin reach 37K the transaction is growing crazy, Maybe this transaction was accompanied by people who wanted to take profit and send their money to the exchange well make sense
and what the heck is this, NFT??
And I can tell you that miners are loving it.
And at the op miners get paid to guard your wealth. Right now miners are barely hanging in there above water.
This is why people push ordinals to
a) create miner relief
b) make pressure on btc to scale its fees better.
c) give miners and coin holders the option to say fuck you to btc and switch to scrypt.
And at the op miners get paid to guard your wealth. Right now miners are barely hanging in there above water.
This is why people push ordinals to
a) create miner relief
b) make pressure on btc to scale its fees better.
c) give miners and coin holders the option to say fuck you to btc and switch to scrypt.
It is
the fee is almost a half of the bitcoin reward there are also people who pay 1,101 sat/vB This man has balls and found an article on Quora that basically said like this - https://www.quora.com/What-is-the-purpose-of-spamming-Bitcoin-mempool-with-lots-of-transactions-with-a-low-fee-which-would-barely-ever-be-confirmed
2. Strategic Fee Manipulation: In some cases, individuals or entities may spam the mempool with low-fee transactions to manipulate the fee market. By congesting the network, they can artificially drive up transaction fees, creating an advantage for their own transactions or attempting to disrupt the activities of other participants.
The difference is they use a high fee to do the transaction.
Anyway is this possible that Ordinal using system like layer 2 on ETHereum using Rollup transaction ?
It is not desired as the entire idea 💡 behind high fees is to pressure btc to alter fee scaling. Or have smaller transactions move to scrypt.
From the last three days I have a transaction which is stuck, it is painful.
It is very painful
No conspiracy, ordinal inscription!
https://ordiscan.com/address/bc1plqdm0ndmnfzgzhfd8jcm6xrfmdur3j36cxnsj3rrfqdlz0mvczeqch89pz
https://ordiscan.com/address/bc1p0jk9wyzkuspp7pcpmalcexlpxgn2rua2m7w6hhr260rpk8ceyg9qewku7d
https://ordiscan.com/address/37q5GbpAX6ZJgcVNh9G71CCBTA7tfkk9LE
https://ordiscan.com/address/bc1plqdm0ndmnfzgzhfd8jcm6xrfmdur3j36cxnsj3rrfqdlz0mvczeqch89pz
https://ordiscan.com/address/bc1p0jk9wyzkuspp7pcpmalcexlpxgn2rua2m7w6hhr260rpk8ceyg9qewku7d
https://ordiscan.com/address/37q5GbpAX6ZJgcVNh9G71CCBTA7tfkk9LE
So it is because of the ordinal transaction, I know the ordinal creates a lot of noise but a couple of weeks ago bitcoin back to the normal fee for even 2 sat/Vb, and today when bitcoin reach 37K the transaction is growing crazy, Maybe this transaction was accompanied by people who wanted to take profit and send their money to the exchange well make sense
and what the heck is this, NFT??
And I can tell you that miners are loving it.
And at the op miners get paid to guard your wealth. Right now miners are barely hanging in there above water.
This is why people push ordinals to
a) create miner relief
b) make pressure on btc to scale its fees better.
c) give miners and coin holders the option to say fuck you to btc and switch to scrypt.
And at the op miners get paid to guard your wealth. Right now miners are barely hanging in there above water.
This is why people push ordinals to
a) create miner relief
b) make pressure on btc to scale its fees better.
c) give miners and coin holders the option to say fuck you to btc and switch to scrypt.
It is
the fee is almost a half of the bitcoin reward there are also people who pay 1,101 sat/vB This man has balls and found an article on Quora that basically said like this - https://www.quora.com/What-is-the-purpose-of-spamming-Bitcoin-mempool-with-lots-of-transactions-with-a-low-fee-which-would-barely-ever-be-confirmed
2. Strategic Fee Manipulation: In some cases, individuals or entities may spam the mempool with low-fee transactions to manipulate the fee market. By congesting the network, they can artificially drive up transaction fees, creating an advantage for their own transactions or attempting to disrupt the activities of other participants.
The difference is they use a high fee to do the transaction.
Anyway is this possible that Ordinal using system like layer 2 on ETHereum using Rollup transaction ?
The NFT market is very quiet nowadays, and this seems to be the next thing. Until it blows up, after which someone will create another money maker for themselves.
You think NFTs will gain popularity again? Haven't people already realised what it is about?
Its sad that you accept BTC as a new form of wealth but that you can't accept the value of a new art form
Obviously you have yet to understand their value.
you likely think the art below is worthless.
I thought is was garbage as a kid back in the 60's I was very fucking wrong.
Here you are with the opportunity to support a new form of art work and you simply think it is worth less.
Learn from me as I could have purchased the item below for under $500 when I was young and instead much like you and NFT's I thought it was garbage.
2. Do you think this transaction will stop? I want to send $50 and require a fee of $15 whattttt
Depends on how much time you're willing to wait in the line. If you set 12 sat/vb, which is about $1.5 for average segwit native transaction, you will have it confirmed in about a day. whattttt1. 13.5 GB of our disk space is being wasted by our nodes storing these inscriptions inside transactions. That is 13.5GB used in just 9 months!
That's just true. Stop complaining about the disk space. If you run your own full node, you don't care about other people's transactions. Why would Ordinals be any different? It's the same as stating that a couple of gigabytes are spent every year on Binance's transactions; completely irrelevant to me. 
Now, if you look here: https://ordiscan.com/, you can see two key statistics about the Ordinals rush:
1. 13.5 GB of our disk space is being wasted by our nodes storing these inscriptions inside transactions. That is 13.5GB used in just 9 months!
Extrapolating, that means that you will be wasting roughly 15GB of storage each year on worthless Ordinal tokens, as long as the demand is constant.
2. Ordinals users have paid over 1385BTC in transaction fees for inscribing this stuff. That means miners have earned literally 1385BTC from this time period or over 50 million dollars altogether.
So yes, it is keeping the miners afloat, but the disk space usage (and the associated spike in mempool fees) is quite annoying regardless.
1. 13.5 GB of our disk space is being wasted by our nodes storing these inscriptions inside transactions. That is 13.5GB used in just 9 months!
Extrapolating, that means that you will be wasting roughly 15GB of storage each year on worthless Ordinal tokens, as long as the demand is constant.
2. Ordinals users have paid over 1385BTC in transaction fees for inscribing this stuff. That means miners have earned literally 1385BTC from this time period or over 50 million dollars altogether.
So yes, it is keeping the miners afloat, but the disk space usage (and the associated spike in mempool fees) is quite annoying regardless.
Diskspace would be used anyhow if there would be usage, and the complaining for the 15 GB, sorry it's ridiculous.
Let's ignore that there is 600 GB torrent of One Piece with +200 seeders and over 1000 leechers and, just to make a point let's increase this to 1 TB (60x) a year, so that would make the around 40 000 nodes across the galaxy spend at max 50$ for extra space, that's a full, wow $2 million spent by the average Joe to keep decentralization!
So $2 million, would buy you 1000 S19k Pro (I went for the cheapest $/th), that can hash 120 Petahash/s, so around 0.02% of the global hashrate!
Now, if people are not willing to collectively spend $2 million a year to keep the network decentralized with increased disk storage needs, how can one envision mining not becoming fully centralized in a few years?
People paid in fees in the last 24 hours $6.5 million enough to buy with just today's fees 18731 8TB Evo ssd, in two days the fees would cover 8TB ssd for every node.
Jump to: