Why would someone keep sending 546 Satoshi to themselves?

[jackg]

I was looking at this address (just randomly scanning sites) and came across 11 pages of someone sending 546 Satoshi to the same address? There have been no other transactions to that address, is there a reason where this is a good idea?

https://www.blockchain.com/btc/address/1PuaisyDbJSG7TM2TgawDDUL8xSHSfFUkH

Edit: it was a site that looked a lot like a ponzi scheme so maybe they're trying to make it look like they have genuine investors still while shredding one of their addresses for not very much?)

[1714193564]

1714193564

[DireWolfM14]

It's probably an exchange or a mixer.  Blockchain is showing limited information.  I looked up one of those transactions using a different explorer, and it shows a bit more.  It looks like another BTC2.35 are also moving to this address: 1M8vF4gXmQwsqcGHmnTNEgXsFfuqzaGBqF

[khaled0111]

They are Omni transactions

[pooya87]

all the secrets lie in the bytes if you look under the hood!
as the other poster said these are Omni layer transactions. the way to recognize them is first their OP_Return output which you would see as a red text on blockchain.com saying "Unable to decode output address" but looking under the hood you could see the output is this:

Code:

6a146f6d6e69000000000000001f0000000e45c3c500

the initial 4 bytes being 6f6d6e69 is an indicator of Omni

in case you are more interested:
6f6d6e69 Omni marker
0000 version
00000000001f tether marker
0000000e45c3c500 amount = 61,300,000,000

[jackg]

Ahhh thanks pooya I'll have to take a look at omni I haven't looked into it but it looks like a way of making tokens and contracts much like on ethereum (without the virtual machine part).

[HeRetiK]

Ahhh thanks pooya I'll have to take a look at omni I haven't looked into it but it looks like a way of making tokens and contracts much like on ethereum (without the virtual machine part).

USDT is probably the most famous OMNI token, just as a reference. Also it used to be called Mastercoin, so it might well be that you have already stumbled over this project in the past, with its old name.

[dive]

11 pages of someone sending 546 Satoshi

and in case someone is wondering why 546 sats, that's the current minimum size for this type of transaction for it to not to be considered "dust".
If it costs more in fees to spend the output than the output itself, it's considered "dust".

I believe that if they used segwit, they could reduce it to 294 sats.

source: https://github.com/bitcoin/bitcoin/blob/c536dfbcb00fb15963bf5d507b7017c241718bf6/src/policy/policy.cpp#L18

[jackg]

You might want to see https://omniexplorer.info/ then. You could see several token/cryptocurrency which uses Bitcoin's scripting.

On a side note, the main difference isn't the usage of Virtual Machine, but Turing Complete operation.

I went through that and there doesn't seem to be anything but tether.

I read that omni uses omnicore, will this accept the bitcoin blockchain and is it compatible with lightning once I get that up and running (I want to test out omni and see what it offers) ?


@dive, I always thought it was about 256 bytes to send an input and 2 outputs making it 256 Satoshi (maybe I need to click thst link before questioning this though). Yeah they've used a default value of 3000, id probably use ~1500 to determine dust instead but it doesn't really make much difference.

[HeRetiK]

I read that omni uses omnicore, will this accept the bitcoin blockchain and is it compatible with lightning once I get that up and running (I want to test out omni and see what it offers) ?

I'm afraid for LN-based Bitcoin tokens you'll have to keep an eye on RGB:
https://github.com/rgb-org/spec

As far as I know neither OMNI nor XCP (Counterparty, a similar Bitcoin-based token project) are currently LN-capable and so far I'm not aware of any announcements in this regard.

[jackg]

I read that omni uses omnicore, will this accept the bitcoin blockchain and is it compatible with lightning once I get that up and running (I want to test out omni and see what it offers) ?

I'm afraid for LN-based Bitcoin tokens you'll have to keep an eye on RGB:
https://github.com/rgb-org/spec

As far as I know neither OMNI nor XCP (Counterparty, a similar Bitcoin-based token project) are currently LN-capable and so far I'm not aware of any announcements in this regard.

No I meant can all three software accept the same blockchain files downloaded by bitcoin core? Lnd loons like it just runs on top of the chain does omni do the same or does it need it's own blockchain download?

[khaled0111]

No I meant can all three software accept the same blockchain files downloaded by bitcoin core?

Both Bitcoin core and Omni core use the same blockchain which is the Bitcoin blockchain.
But to run them simultaneously, you have to set different datadir and different ports (port and rpcport) for each one of them.