What will happen if this congestion continues - page 3.

bitmover

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Quote from: Oshosondy on May 09, 2023, 03:15:30 PM

Ordinals Inscriptions is the cause of increase in mempool congestion. After Ordinals NFT, there is now ways to create fungible tokens called BRC-20 which led to the more in the rise of mempool congestion. BRC-20 marketcap has surpass $1 billion.

Some people call it another scam. But during the days when Ethereum blockchain started ERC20 and ERC721 (NFTs), some people were saying that it is the beginning of scam. Yes many people were scammed and many people lost money, but there are many of these altcoins tokens that are surving now.

The mempool is far from getting less congested. Bitcoin transaction fee is too much and becoming unbearable.

What do you think can solve what is happening? How can the mempool become not congested again. More miners needed or what?

I believe consensus rules are being exploited now.

At some point the network will be forked with new consensus rules which will not allow those ordinals to do that , which are only spamming the bitocin network.

Everything will be back to normal. There is not need to panic, imo.

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Quote from: Oshosondy on May 09, 2023, 03:15:30 PM

Ordinals Inscriptions is the cause of increase in mempool congestion. After Ordinals NFT, there is now ways to create fungible tokens called BRC-20 which led to the more in the rise of mempool congestion. BRC-20 marketcap has surpass $1 billion.

Some people call it another scam. But during the days when Ethereum blockchain started ERC20 and ERC721 (NFTs), some people were saying that it is the beginning of scam. Yes many people were scammed and many people lost money, but there are many of these altcoins tokens that are surving now.

The mempool is far from getting less congested. Bitcoin transaction fee is too much and becoming unbearable.

What do you think can solve what is happening? How can the mempool become not congested again. More miners needed or what?

Ban ordinals and BRC20 and any other NFT/non-financial data on blockchain. Some of my customers already contacted me saying they can't pay me because of the ridiculous fees. They have to pay in fees more than the invoice sum on some occasions. Everything depends solely on core devs now. Just let me remind you that inaction (not only action) also can be an offense. If you see some crime or attack going on and refuse to prevent it you can be called a criminal as well.

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Hypothetically if everyone select or set a lower fee than the market it can help reduce the transaction fee.I.e for examples a transaction fee was recommended as $56 and everyone making chooses to place $33 it can help reduce the fee. Since miners won't have any choice than to confirm the transaction at a lower price since the masses chose a lower price. Hope I was able to get my thought's across. Kinda found it hard expressing it in words

BTC transaction fee is not calculated in $, but in sats/vByte, and there cannot be a "recommended" or fixed fee because transaction size varies, so even if you and i make a transaction paying 30 sats/vByte as our TX fee rate, if my transaction has more data, i still pay more fees than you do. People make BTC transactions for different reasons, some want it confirmed fast and others do not mind to wait, it is not possible for everyone to use the fee rate for low priority, miners will not confirm those transactions, and will choose those who pay better fees.

Quote from: bittraffic on May 09, 2023, 05:04:58 PM

It making BTC unsecure as well because definitely this will be exploited who knows the government may be behind all this.

High transaction fees do not make BTC network unsecure, it makes it more secure because miners are gaining from the high fees, so more incentive to mine, and the higher the hashrate, the more secure the BTC network is. The government isn't behind this, we must not create a sensational theory for every issue BTC faces, some people found a way to spam the blockchain with inscriptions to try and make money, and that is how we got here.

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With high transaction fee that you sending 50$ will also cost 30$ for the fee makes BTC less attractive to use. It making BTC unsecure as well because definitely this will be exploited who knows the government may be behind all this. If they are an attact from random groups, obviously they will not stop until something has to be done by the BTC dev.

What could happen is the less and less people will used BTC for remittance, there are altcoins cheaper and faster.

Stalker22

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Quote from: Oshosondy on May 09, 2023, 04:05:11 PM

Quote from: Stalker22 on May 09, 2023, 04:01:55 PM

From my understanding, the only way miners can help is by not prioritizing transactions solely based on the transaction fees, but I doubt that will ever happen.

This can not solve anything, it will only make the mempool to become something else.
~

Miners (mining pools) can choose which transactions they want to include in the block. This is why I said that they can help solve the congestion if they for example put a higher priority on actual bitcoin transactions versus ordinal inscriptions and BRC-20 tokens.

On the other hand, your idea to increase the number of miners would not solve anything because it has no concrete impact on the current state of the network. As I said before, miners cannot increase the block size or speed up the validation process on their own. The block size limit is determined by the consensus rules of the network and can only be changed through a hard fork.

Oshosondy

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Quote from: Stalker22 on May 09, 2023, 04:01:55 PM

From my understanding, the only way miners can help is by not prioritizing transactions solely based on the transaction fees, but I doubt that will ever happen.

This can not solve anything, it will only make the mempool to become something else. Considering higher fee is better and it will make mining to be more profitable. If the fee is set to just 1 sat/vbyte for all transactions, the mempool will still be congested as it is now and no transaction will have higher chance to be confirmed, so why not accepting higher fee instead so that higher fee ones would first be confirmed which is how it is and it is better.

Stalker22

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Quote from: Oshosondy on May 09, 2023, 03:15:30 PM

~
What do you think can solve what is happening? How can the mempool become not congested again. More miners needed or what?

Simply increasing the number of miners on the network can not help to reduce mempool congestion, as this does not necessarily increase the network's bandwidth. The block size is limited, meaning there is a maximum number of transactions that can fit in a block. Therefore, miners cannot directly change the block size limit to accommodate more transactions.

From my understanding, the only way miners can help is by not prioritizing transactions solely based on the transaction fees, but I doubt that will ever happen.

Oshosondy

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Ordinals Inscriptions is the cause of increase in mempool congestion. After Ordinals NFT, there is now ways to create fungible tokens called BRC-20 which led to the more in the rise of mempool congestion. BRC-20 marketcap has surpass $1 billion.

Some people call it another scam. But during the days when Ethereum blockchain started ERC20 and ERC721 (NFTs), some people were saying that it is the beginning of scam. Yes many people were scammed and many people lost money, but there are many of these altcoins tokens that are surving now.

The mempool is far from getting less congested. Bitcoin transaction fee is too much and becoming unbearable.

What do you think can solve what is happening? How can the mempool become not congested again. More miners needed or what?

Topic: What will happen if this congestion continues - page 3. (Read 490 times)