Question about Bitcoin network spammer - page 3.

apogio

hero member

Activity: 560

Merit: 1060

Quote from: LoyceV on November 09, 2023, 09:18:22 AM

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?

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: NotATether on November 09, 2023, 03:00:04 AM

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.

I can only assume gullible people paid a lot more in their attempt to get rich quick. And some indeed got rich, while the majority lost their money. The NFT market is very quiet nowadays, and this seems to be the next thing. Until Ordinals ~~blow up~~ fail too, after which someone will create another money maker for themselves.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

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.

apogio

hero member

Activity: 560

Merit: 1060

Even so, Bitcoin works as expected, avoiding attacks by increasing the fees.

I hate ordinals, I had to say it, but don't worry about the network.

If you have super important payments that cannot be delayed I suggest you move to Lightning.

If you can wait, then rest assured that mempool is going to clear and you will have your opportunity.

seek3r

legendary

Activity: 1316

Merit: 2018

As its already mentioned:
The high load of the Bitcoin network is once again due to the ordinals. This was also recently discussed here:
What's happening with Bitcoin transaction fees?

Quote from: pooya87 on November 09, 2023, 12:51:34 AM

Quote from: dansus021 on November 08, 2023, 08:54:57 PM

I saw a strange transaction, he only sent around $0.2 and used a lot of fees,

It is the works of the Ordinals Attack.
What you see here has been the biggest problem with the latest attack, it has succeeded in providing an incentive for regular people to attack the network without knowing it. All out of greed.

They basically created a fake market where scammers create garbage and sell it to newbies who think they can make a profit. Because that garbage (the Ordinals) has a separate value in that market, the newbies don't mind paying a high fee on-chain to transfer that garbage around trading it for possible profits.

This makes things difficult for normal bitcoin users wanting to send bitcoin transactions since a spam attack with incentive to spam is going on.

Yep it is an absolute fake market. And this fake-market is big af.. all caused of FOMO once again.

To get a visual representation of the dimensions, I recommend the overview from @DdmrDdmr: Ordinals Data
The graphs give you an idea of how big these “scams” really are and how many blocks in the network are occupied by the ordinals.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: dansus021 on November 08, 2023, 08:54:57 PM

I saw a strange transaction, he only sent around $0.2 and used a lot of fees,

It is the works of the Ordinals Attack.
What you see here has been the biggest problem with the latest attack, it has succeeded in providing an incentive for regular people to attack the network without knowing it. All out of greed.

They basically created a fake market where scammers create garbage and sell it to newbies who think they can make a profit. Because that garbage (the Ordinals) has a separate value in that market, the newbies don't mind paying a high fee on-chain to transfer that garbage around trading it for possible profits.

This makes things difficult for normal bitcoin users wanting to send bitcoin transactions since a spam attack with incentive to spam is going on.

BlackBoss_

sr. member

Activity: 602

Merit: 387

Rollbit is for you. Take $RLB token!

Quote from: philipma1957 on November 08, 2023, 10:23:58 PM

And I can tell you that miners are loving it.

They can get more coins from same resources for mining and they definitely love it.

How Ordinals are affecting Bitcoin mempools and transaction size
Inscriptions, Mempools and Miners

Mempool total size increases and becomes larger since February 2023 with appearances of Ordinals, BRC20 tokens.

This newest weekly report from Glassnode Insights proves your theory with real on-chain data.

Quote

Do Inscriptions Impact Miner Incomes?

Naturally, as blockspace demand increases, miner revenues will be positively affected. Whilst the fee spike in May was historically large, it has since cooled off, and both total fees and their relative share of miner income remain relatively low.

Both metrics have lifted above their typical 'bear market' levels; total fees have increased by 216% from ~12 BTC/day to 38 BTC/day, and the the proportion of the miner income from fees has increased from 1% to 4%. Both are meaningful increases, however are still small in an absolute and historical context.

philipma1957

legendary

Activity: 4326

Merit: 8914

'The right to privacy matters'

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.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: dansus021 on November 08, 2023, 08:54:57 PM

1. Who is carrying out this transaction? There is a bit of a conspiracy, in my opinion,

No conspiracy, ordinal inscription!

Quote from: dansus021 on November 08, 2023, 08:54:57 PM

https://mempool.space/address/bc1plqdm0ndmnfzgzhfd8jcm6xrfmdur3j36cxnsj3rrfqdlz0mvczeqch89pz
https://mempool.space/address/bc1p0jk9wyzkuspp7pcpmalcexlpxgn2rua2m7w6hhr260rpk8ceyg9qewku7d
https://mempool.space/address/37q5GbpAX6ZJgcVNh9G71CCBTA7tfkk9LE

https://ordiscan.com/address/bc1plqdm0ndmnfzgzhfd8jcm6xrfmdur3j36cxnsj3rrfqdlz0mvczeqch89pz
https://ordiscan.com/address/bc1p0jk9wyzkuspp7pcpmalcexlpxgn2rua2m7w6hhr260rpk8ceyg9qewku7d
https://ordiscan.com/address/37q5GbpAX6ZJgcVNh9G71CCBTA7tfkk9LE

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

I have no idea what their goal is but people are suffering for it. Most of the time the users do not know how to adjust transaction fees, especially services who have automated payment approval, they use high amount of fees in their transactions which cause problem for others.

From the last three days I have a transaction which is stuck, it is painful.

dansus021

copper member

Activity: 2156

Merit: 983

Part of AOBT - English Translator to Indonesia

Hi guys I dont know how to give a proper title but here is the story

Initially, I wanted to send some of my bitcoins from my wallet to the exchange for my needs.

when I looked at the fees on mempool.space I saw a lot of unconfirmed transactions and crazy fee prices.

I saw a strange transaction, he only sent around $0.2 and used a lot of fees, at that moment I immediately knew that it was a transaction intended to spam the network

and moments like this usually occur when there is a spike in the price of bitcoin

my question is
1. Who is carrying out this transaction? There is a bit of a conspiracy, in my opinion, it is the pools who want to get a lot of fees, especially since this happens when there is a spike in the price of Bitcoin.
2. Do you think this transaction will stop? I want to send $50 and require a fee of $15 Cry

whattttt

Here is the image and address that I found

https://mempool.space/address/bc1plqdm0ndmnfzgzhfd8jcm6xrfmdur3j36cxnsj3rrfqdlz0mvczeqch89pz
https://mempool.space/address/bc1p0jk9wyzkuspp7pcpmalcexlpxgn2rua2m7w6hhr260rpk8ceyg9qewku7d
https://mempool.space/address/37q5GbpAX6ZJgcVNh9G71CCBTA7tfkk9LE

Topic: Question about Bitcoin network spammer - page 3. (Read 635 times)