[May 2024] Fees are low, use this opportunity to Consolidate your small inputs

[cryptosize]

This strengthens my theory that it's one person behind it. If different people would be doing this many transactions, I'd expect a more even inflow without high peaks.

Who could it be? A BCH/BSV fanatic?

This strengthens my theory that it's one person behind it. If different people would be doing this many transactions, I'd expect a more even inflow without high peaks.

I vote for Vitalik Buterin.
Some kind of revenge for all the suffering the Ethereum network went through with NFTmania. He certainly has the money for this kind of venture  

Is he a BTC whale?

I thought he only had ETH.

It's not about fees but since this thread turned into Ordinals discussion, I'll ask here:
1. Does anyone know what are the most popular Bitcoin Ordinals marketplace websites? Or where can I see how many Ordinals are traded daily? I know that I can check mempool and see transactions but I want to know besides creating new ordinals, how many of them are traded (bough and sold).

Sometimes these fee rate adjustments do not make sense at all, and what is even more funny is that the adjustments are done just a few minutes apart. Like, who does this kind of stupid thing?

I had the same question. There is a possibility that it's a bot with bad configuration. I have seen way worse fees than what you shared. Mempool is full of transactions that had recommended fee and then fee was increased up to 100 times with multiple RBFs. That doesn't make sense to me. Imagine, recommended fee is 100 sat/vByte, then someone uses RBF and increases it up to 200 sat/vByte, then up to 1000 sat/vByte, then up to 5000 sat/vByte and so on, within minutes.

In the age of AI, this is totally unacceptable. Bots can and should be smarter than that...

[LoyceV]

This strengthens my theory that it's one person behind it. If different people would be doing this many transactions, I'd expect a more even inflow without high peaks.

Who could it be? A BCH/BSV fanatic?

I don't believe someone is just burning his money on fees. It must be someone who sells useless made-up tokens to gullible people with FOMO. Even here on Bitcointalk I now see people who are getting curious.

[ABCbits]

Sometimes these fee rate adjustments do not make sense at all, and what is even more funny is that the adjustments are done just a few minutes apart. Like, who does this kind of stupid thing?

I had the same question. There is a possibility that it's a bot with bad configuration. I have seen way worse fees than what you shared. Mempool is full of transactions that had recommended fee and then fee was increased up to 100 times with multiple RBFs. That doesn't make sense to me. Imagine, recommended fee is 100 sat/vByte, then someone uses RBF and increases it up to 200 sat/vByte, then up to 1000 sat/vByte, then up to 5000 sat/vByte and so on, within minutes.

In the age of AI, this is totally unacceptable. Bots can and should be smarter than that...

Using hard coding or existing (non AI) fee recommendation algorithm is far easier and cheaper than using AI though. And i'm not sure how we can use AI to show fee recommendation? Should we use whole mempool as input of the AI?

[MusaMohamed]

Since 4 hours ago, mempools started to be clogged again.

500+ sat/vbyte to have a quick confirmation from Bitcoin miners.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Is it from Ordinals or Runes this time?

[LoyceV]

Since 4 hours ago, mempools started to be clogged again.

Just like last time, it went from about 20 to 400 sats/vbyte instantly.

Is it from Ordinals or Runes this time?

Mempool Gogggles are as expected: it's caused by the data spammers selling a scam to gullible people.

Update: fees are back to 25 sats/vbyte again. It was high for about 4 hours. Still, more than 50% of the blocks is filled with data spam, but at least it's not 90% anymore.

[Synchronice]

Since 4 hours ago, mempools started to be clogged again.

500+ sat/vbyte to have a quick confirmation from Bitcoin miners.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Is it from Ordinals or Runes this time?

Yes, I saved an image of that moment. To be honest, I check mempool.space like a hyper-obsessed guy.
Here is the image:


Recommended transaction fee is 28 sat/vByte to get transaction confirmed in the next block and as we see on the image, almost everyone follows that pattern but then quickly within minutes, some people started creating transactions with 400-500 sat/vByte fees. I am not 100% sure but I believe that I somewhere heard that people were complaining Ethereum for its gas fees for minting NFTs and for that reason people were looking for alternatives. Now I don't get why ordinals creators are willing to spend unnecessary expenses on transaction fees, I don't really understand it. If they are people who make millions of dollars by scamming others, why the hell would they use misconfigured bots? I mean, it shouldn't be hard to make bot follow mempool.space's fees. I find it hard to understand, why do some people pay unnecessary transaction fees when what they do is for the sake of earning money.
By the way, it's really funny how many people try consolidate inputs when fees are ridiculously high. I don't know whether laugh or cry.

[stompix]

Now I don't get why ordinals creators are willing to spend unnecessary expenses on transaction fees, I don't really understand it. If they are people who make millions of dollars by scamming others, why the hell would they use misconfigured bots? I mean, it shouldn't be hard to make bot follow mempool.space's fees

Only explanation I find plausible is that those new runes can be minted by users, just download a wallet that supports it ( seems like xverse is one) and you can do the mining of an already launched and minable rune but the wallet is giving you an estimator for that, so might now be a surprise that some user decided to mine some and the estimator got it wrong, then the next guy would see the same misleading estimate and you have the rat race going on.

By the way, it's really funny how many people try consolidate inputs when fees are ridiculously high. I don't know whether laugh or cry.

I  seriously don't understand some exchanges, they pay like 5 times for a consolidation that is just pennies while at the same time they have some transactions in the pool sitting there for almost 3 months at 5 sat/vb with each of those being 10 times in size speaking of the funds they get from it, so....god knows why!

There might be some legit cases when a whale deiced to cash out of a gambling site or so and there aren't enough funds in cold storage and you need to grab all inputs from small deposits to not risk pissing off a VIP but I think those cases are one in a hundred thousand.

Anyhow, a bit disappointed about this weekend, we had Labour Day, Eastern Easter a prolonged weekend, and still high fees, I would have anticipated 12-13 sat/vb not that it's consolidation time even with those.

[NotATether]

Anyhow, a bit disappointed about this weekend, we had Labour Day, Eastern Easter a prolonged weekend, and still high fees, I would have anticipated 12-13 sat/vb not that it's consolidation time even with those.

Maybe they spent their Easter trying to mint a ton of Runes in the hopes to make a lot of money for the party

[LoyceV]

Anyhow, a bit disappointed about this weekend, we had Labour Day, Eastern Easter a prolonged weekend, and still high fees, I would have anticipated 12-13 sat/vb not that it's consolidation time even with those.

Spambots don't take days off.

[Synchronice]

Only explanation I find plausible is that those new runes can be minted by users, just download a wallet that supports it ( seems like xverse is one) and you can do the mining of an already launched and minable rune but the wallet is giving you an estimator for that, so might now be a surprise that some user decided to mine some and the estimator got it wrong, then the next guy would see the same misleading estimate and you have the rat race going on.

How would you explain the fact that the transaction that already has high sat/vByte fee uses a RBF feature and significantly increases transaction fee during the short timeframe? There are many things that don't make sense in ordinals world.

By the way, can someone explain why runes and ordinals creators include 1111111111111111111114oLvT2 this address in their transaction outputs? This address is definitely a burn address but I don't understand why someone creates ordinals and one of their output (among others) is this address. For example, check this: https://ordiscan.com/tx/0810d5a3c334740ee211421ad00ac081815a5b64e17fa68c7891df20d174c305

[Cricktor]

Cats and dogs pee here and there to mark their territory. Runies and Ordies leave their shit marks, like dogs, it seems at such "famous" burn addresses or particularly with countless UTXOs on the Genesis block or those attributed to Satoshi Nakamoto.

I have a watch-only wallet with about 21954 combo-descriptors based on public keys of P2PK coinbases which are attributed to blocks supposedly mined by Satoshi Nakamoto (the "Patoshi" blocks that bitcoinexplorer.org shows and Block 0 and 9 which we definitely know belonging to Satoshi). Since the halving and "inception" of Runes, subsequent minting like crazy I observe a ton of dust (and maybe more) sent in majority to the Genesis block. It's like crazy.

Yes, dust and more has long been thrown at the Genesis block (not too long ago even 4BTC, iirc, but such big "donations" are very rare, especially at current five figures rates), but what is going on in past little more than two weeks is on another level of insanity.

And the shitheads don't care a f*** bloating the UTXO set. It's unlikely Satoshi will come to rescue and consolidate all the coins thrown at the Genesis block and others. Sadly, it's pure madness.

From start of April 2024 until block 839999 there were 585 confirmed transactions to my watch-only wallet (within 19 days); from block 840000 until 842493 there were 3312 confirmed transactions (within roughly 18 days).

[NotATether]

And the shitheads don't care a f*** bloating the UTXO set. It's unlikely Satoshi will come to rescue and consolidate all the coins thrown at the Genesis block and others. Sadly, it's pure madness.

I was told that Bitcoin Core at least culls provably unspendable UTXOs from its UTXO set in order to save memory.

*Maybe* it might also be possible for a node operator to manually specify the kind of UTXOs that it wants excluded from the UTXO set. I'm not sure how that would be done if it is even possible. Compact block filters maybe?

[LoyceV]

*Maybe* it might also be possible for a node operator to manually specify the kind of UTXOs that it wants excluded from the UTXO set.

If your node excluded an UTXO, and a miner includes it anyway, your node will reject the valid block.

[ABCbits]

And the shitheads don't care a f*** bloating the UTXO set. It's unlikely Satoshi will come to rescue and consolidate all the coins thrown at the Genesis block and others. Sadly, it's pure madness.

I was told that Bitcoin Core at least culls provably unspendable UTXOs from its UTXO set in order to save memory.

IIRC it's limited to OP_RETURN. Meanwhile, address which mine genesis block receive many dust.

*Maybe* it might also be possible for a node operator to manually specify the kind of UTXOs that it wants excluded from the UTXO set.

That's just wasting their time.

[LoyceV]

What do you know, 12 sat/vbyte is currently enough for a fast confirmation. That's the lowest I've seen in a month.
The data-spam still continues though. Without that, I'd expect lots of consolidations at 1 sat/vbyte.

Currently, there are many 11.0 sat/vbyte consolidations. But those all have 4999 sat inputs, and it looks like it's the Ordinal spammers that are now spamming consolidations consolidating the result of their previous spam. So one way or another, they occupy most block space.

[un_rank]

Currently, there are many 11.0 sat/vbyte consolidations. But those all have 4999 sat inputs, and it looks like it's the Ordinal spammers that are now spamming consolidations. So one way or another, they occupy most block space.

What will be the purpose of spamming consolidations? All I can think of is they will want the fee to be cheaper when they make a transaction at a later time, does not sound much like spamming. If we have more of them conscious of how much are paid in fees, the feerate should not be all over the place as it has been since the halving and some months before that.

- Jay -

[Synchronice]

There is an interesting thing that happened 23 days ago. Guys, as you know, when someone pays enormously high fees, I mean some Bitcoins, they usually contact the miner who included this transaction in their block and ask them for refunds. The fee that many miners paid in this block are definitely out of this world, one miner paid up to 6.72 BTC, there are many others who paid up to a Bitcoin or more. As I understood, they wanted their transaction to be ranked top in halving block, so that's why paid such a high transaction fees but on another hand, I wonder, did they contact ViaBTC and asked for a refund? Did they claim that it was a mistake to pay such a high transaction fees? I ask this because in past people have made mistake, contacted miner and got refund. I really wonder if ordinals spammers did something like that.

[LoyceV]

What will be the purpose of spamming consolidations?

I've rephrased my statement. I think they're now consolidating the many small inputs they created in the past. I have no idea what's with the 4999 sat amounts.

Did they claim that it was a mistake to pay such a high transaction fees?

I don't think miners will fall for that. It obviously wasn't a mistake, just a crazy weird idea

[un_rank]

I have no idea what's with the 4999 sat amounts.

That user has done that previously with 546 sats and 294 sats. They may be holding out hope that those numbers will become significant in the future or they like the symmetry that comes with it.

- Jay -

[philipma1957]

There is an interesting thing that happened 23 days ago. Guys, as you know, when someone pays enormously high fees, I mean some Bitcoins, they usually contact the miner who included this transaction in their block and ask them for refunds. The fee that many miners paid in this block are definitely out of this world, one miner paid up to 6.72 BTC, there are many others who paid up to a Bitcoin or more. As I understood, they wanted their transaction to be ranked top in halving block, so that's why paid such a high transaction fees but on another hand, I wonder, did they contact ViaBTC and asked for a refund? Did they claim that it was a mistake to pay such a high transaction fees? I ask this because in past people have made mistake, contacted miner and got refund. I really wonder if ordinals spammers did something like that.

it was intentional as it was the ½ ing block. So that will not be getting refunded.