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Author Topic: What's with the 10000+ sat / vb Transactions  (Read 208 times)
NotATether
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November 19, 2023, 05:14:33 AM
 #21

The new Taproot Wizards project on Ordinals might be the reason, I could be completely wrong. I see "WITNESS_V1_TAPROOT" in the Input Scripts. Would love how that relates to the TX.

"Taproot Wizards raises $7.5M for its Ordinals project to bring the ‘magic’ back to Bitcoin"

If by 'magic' they mean traffic jams and long waiting queues, then they've accomplished that!

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adaseb
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November 19, 2023, 05:34:06 AM
 #22

Either someone fat fingered it and entered the wrong fee or there is some ordinal activity going on and people want to make sure their transaction confirms for sure by the next block.

This was common in ETH during the 2021 days. They were airdrops and NFTs and people paid thousands to be the first to get the transactions go by the latest time. So I am sure they are doing the same thing here.
Silberman
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November 19, 2023, 11:33:00 PM
 #23

Let me just assumed they are newbies investors or traders who doesn't know how to set their fees or what sat to include as fee. A fellow Nigerians inboxed me for his error of trying to send about 100$ and he spent about $78 for gas fee he asked if there is any way to get it restored he said he was confused about the sat/vbyt so he didn't know what to do and before he knew it he continued the transactions so when he noticed was when his transaction was quickly confirmed and his balance reduces above his expectations that was when he noticed it according to how he explained to me. Like I was mad over him, I did a transfer the other day with 60 sat/vbyte and I used an accelerator provided by our brother @Charles-Tim and the tools he provided really help to be frank because my transaction were confirmed it actually took few hours to be confirmed but at least it's better paying such huge amount as gas fee.
It is a little bit surprising those mistakes keep happening, since when you are about to make a transaction before you confirm it you can see how much it is going to cost you to make the transfer and if it is too high you can cancel it and modify it until you are happy with what you are paying as a fee, so this tells me people are not really double checking the transactions they are making and they simply mindlessly approve it with verifying it, a huge mistake as everyone makes mistakes from time to time.



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Bureau
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November 21, 2023, 11:13:30 AM
 #24

Nothing with the transaction fees make any sense. All we can do is just speculate the reason. All this happened when the biggest exchange listed ORDI. Previously they were the reason when a similar situation happened within this year few months back. The miners ofcourse we all know would process those transactions that have high fees first. That is what happened last time and that is again happening.

Most of the investors are NFT collectors they were the one who choked the other famous Blockchain and they are the one who are doing the same with the Bitcoin network.
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