Mempool full? Long transaction times + fees x10!

[Artemis3]

I'm on my 3rd day waiting thanks to the Ordinals spam.

50 may not be "much", but its still 50 times more than before this spam attack. It would be fine if the congestion was because of actual Bitcoin transactions, but this is abuse of foreign entities against the Bitcoin blockchain.

I at the very least, will boycott those involved in it.

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[Aanuoluwatofunmi]

Something is brewing in the Bitcoin world? For the last 2-3 days I can I witness slow transactions and huge fees. I got used to 1sat/byte transactions and they always get through so I sent a couple of sats to myself but you can't imagine how surprised I was when I saw my tx is ~75mb from tip! My wallet suggested a fee of 10sat/bytes! So, what's going on? Is this connected with that ordinals mumbo-jumbo? 

There's a change quite alright from the transaction fee recommended but still yet that does not mean you shouldn't adjust to your desired priority which the dept and time taken will be the determinant as expressed on the mempool, so if i were you, all i will first do before making a transaction is to check on the mempool first through mempool.space and see how busy it was abd also check the recommendations for the three priorities before sending my transaction, also you can adjust the charges by pumping it should it case you experience delay in time of confirmation, but to be honest the said amount of charges is still affordable because it's still within zero point in USD, meaning not upto a dollar you're being charged.

[cryptomaniac_xxx]

True, I was one of those 'victims' of this so called 'ordinals', and I later found out what is doing in the bitcoin networks. Story goes that I used to pay just ~2 sat/VB on my every transactions and it seems to get confirmed easily without any issues.

But starting like in the 3rd week of February, I suddenly surprised that it didn't go in as what I have expected. And worst it took me 24 hours, was the first time to see this long for my transaction to get confirmed. Now, I have to check the mempool before sending any transaction and it become expensive now the best I pay now is like ~9 sat/VB so that's almost x5 of what I previously paid. And if I want it to be confirmed quicker, I have to pay more.

[dzungmobile]

But starting like in the 3rd week of February, I suddenly surprised that it didn't go in as what I have expected. And worst it took me 24 hours, was the first time to see this long for my transaction to get confirmed. Now, I have to check the mempool before sending any transaction and it become expensive now the best I pay now is like ~9 sat/VB so that's almost x5 of what I previously paid. And if I want it to be confirmed quicker, I have to pay more.

Check your wallet settings for RBF option. If your transaction is RBF-opted in, you can bump fee later like in Ordinal case. Default, RBF is chosen but check to make sure you did not uncheck it by mistake.

RBF: Replace by Fee.

[BlackHatCoiner]

I want to believe that this ordinals plague can be stopped before it grows to gargantuan size.

I'm afraid that the only manner to slow down the damage of this nonsense is to rise the block size limit.

Or perhaps increase fee for NFT transactions?

Impossible without hard fork. Currently fee rate is only based on transaction size.

I'd say impossible-- period. You can't arbitrarily force on a protocol level what you find appropriate as fee. That's a miner's job. And if we reach the phase where we don't treat each byte equally, we're censoring.

[serveria.com]

I want to believe that this ordinals plague can be stopped before it grows to gargantuan size.

I'm afraid that the only manner to slow down the damage of this nonsense is to rise the block size limit.

That big block nonsense may cause way more damage than ordinal nonsense.    Remember Bitcoin Cash? Been there done that!

There has to be some other solution... like persuading the guy behind ordinals to migrate to ETH blockchain? Perhaps he's not aware of all advantages of ETH? 

[BlackHatCoiner]

That big block nonsense may cause way more damage than ordinal nonsense.    Remember Bitcoin Cash? Been there done that!

I know well, but I'm afraid there is no other option to lower the cost of a byte in a pro-freedom network other than to increase the supply limit.

There has to be some other solution... like persuading the guy behind ordinals to migrate to ETH blockchain? Perhaps he's not aware of all advantages of ETH? 

I heard it's cheaper there. Maybe he should approach the Ethereans. Far more friendly with NFTs. 

[Pmalek]

So, ordinals are to blame for this, exactly as I thought... can we (Bitcoin community) do something to get rid of them? Nodes can ignore them perhaps? This crap has to be stopped, it reminds me of 2017 and tx spam by big blockers, people paid thousands in fees... 

So you want to use a free and decentralized coin that is available for all the people and restrict it for those people and use cases you don't like? That's not how Bitcoin works. If it did that, it would be the same shit we grew up around, called traditional finance. I am not happy with the ordinal crap clogging up the mempools either, but Bitcoin doesn't do blacklists.

I want to believe that this ordinals plague can be stopped before it grows to gargantuan size. Can NFT transactions be marked and refused by most nodes? Or perhaps increase fee for NFT transactions?

After we do that, I suggest we implement mandatory KYC in Bitcoin to prevent the Irish and Swedes from using it at all. My God, such horrible people. Our suggestions have equal chances of getting implemented.

This is a good test to see if Bitcoin is ready for a full-scale economy. And, how does everyone think it's doing? People are dreaming of bitcoin becoming the currency of the world, but it's currently struggling with bananas. Imagine the horror of sending a transaction if it did gain a huge influx of new users that constantly use it.

[Findingnemo]

Is there any particular reason for this to happen? Usually this happens when exchanges consolidate their wallets but I don't think any such thing is happening now so is this from any individual to lower the transaction speeds of other while they were in the price manipulation process? Maybe my query look stupid but that is what sparked in my mind about this.

[pawel7777]

a better/fun visualisation

https://txstreet.com/v/btc

Thanks for sharing, that's a really amusing one. The never-ending low fee line looks pretty scary:


But the median fee is $0.82, so things are not so bad I guess.

Not only this sites is unreliable but also it is a malicious website designed to inflate bitcoin fees to unreasonable levels. It has always been reporting outrageously high fees.

Could be. I think it was the first, or one of the first, websites of this type, so I got it bookmarked. But I remember always paying lower than that without much delay.
Anyone can link me to a reliable site that shows the median, cheapest high priority fee (not just the median fee or sats/vByte), ideally in BTC and in USD? I can't see such option in the links posted above.

[thecodebear]

All this talk about Ordinals.... is it really making that much of a difference? I mean who is even using that stuff? Are people actually making NFTs and selling them and moving them around on Bitcoin? It seems like such a niche thing its hard to imagine many people would be using them on Bitcoin. I only see it mentioned here, I've never heard of it outside this forum.

[franky1]

All this talk about Ordinals.... is it really making that much of a difference? I mean who is even using that stuff? Are people actually making NFTs and selling them and moving them around on Bitcoin? It seems like such a niche thing its hard to imagine many people would be using them on Bitcoin. I only see it mentioned here, I've never heard of it outside this forum.

its not about how many people are:
interested
making them
selling them
buying them

its about how many crap memes are being bloated into a block by a small idiot group

there have been examples where one person has put in over 10,000 crap memes into the blockchain. and its that bloat in of itself that is causing problems. it doesnt matter if other people then trade it or price it or any other worthless social stuff.. its that 1 person being capable of adding between 3GB (0.3mb meme*10000) to 39gb (3.9mb*10000) all by themself
in less than a couple months

there are people that can take an image. EG a monkey
and have a algo that can change
the background by 10 colours
eyes by 10 colours (100 variations so far)
mouth positions by 10 expressions (1000 variations so far)
ear size/shape or face direction by 10 (10000 variations)

and produce said stockpile of images in minutes
and then put upto 10 of them per block to fill a block
with a stockpile to keep repeating for upto 1000 blocks (a week shortest time)

and then repeat with a new animal each week

[pawel7777]

(...)
there have been examples where one person has put in over 10,000 crap memes into the blockchain. and its that bloat in of itself that is causing problems. it doesnt matter if other people then trade it or price it or any other worthless social stuff.. its that 1 person being capable of adding between 3GB (0.3mb meme*10000) to 39gb (3.9mb*10000) all by themself
in less than a couple months
(...)
and then put upto 10 of them per block to fill a block
with a stockpile to keep repeating for upto 1000 blocks (a week shortest time)

Wouldn't that make it very costly though? If they were to fill the entire block, to get in, they'd have to pay around of what the average fees-per-block is, currently over $4k (if my quick search was correct).

What does Taproot actually do? Does it only allow to upload images on chain, or does it also reduces the cost of doing that somehow?

[franky1]

(...)
there have been examples where one person has put in over 10,000 crap memes into the blockchain. and its that bloat in of itself that is causing problems. it doesnt matter if other people then trade it or price it or any other worthless social stuff.. its that 1 person being capable of adding between 3GB (0.3mb meme*10000) to 39gb (3.9mb*10000) all by themself
in less than a couple months
(...)
and then put upto 10 of them per block to fill a block
with a stockpile to keep repeating for upto 1000 blocks (a week shortest time)

Wouldn't that make it very costly though? If they were to fill the entire block, to get in, they'd have to pay around of what the average fees-per-block is, currently over $4k (if my quick search was correct).

these memes are being put into blocks by pools that love cheap spam
this one for instance is 122kb of dead weight. but only paying 0.5sat/byte ($13 for 122kb)
https://www.blockchain.com/explorer/transactions/btc/d6537aa2e01e5cb5532ff30ba4401986ba9b7247f5e772f68a23fac5eca2d098

here is one that is 3.9mb of dead weight and paid NO FEE
https://www.blockchain.com/explorer/transactions/btc/0301e0480b374b32851a9462db29dc19fe830a7f7d7a88b81612b9d42099c0ae

an average block has about 2000tx. is about 1.3mb in size and pays about 0.1x in fees

however there are some blocks that contain lots of deadweight memes
where the fee is far less but the total size of block is over 3mb
such as block 779272 with only 427 tx and only paying a total block fee of 0.02891196

What does Taproot actually do? Does it only allow to upload images on chain, or does it also reduces the cost of doing that somehow?

taproot was suppose to promise "one signature length" witness weight max..
(the idea was to make multisig less bloaty)

here is the thing. as soon as taproot got activated (business sponsored request for taproot) sipa then retired and relinquished his github privileges. the other core devs are now unsure what to do so playing party games of saying nothing can be done..
yep the remaining lead maintainers of core have the coding power but dont/cant use it due to how much cludge they would have to undo now. without the guy that implemented it to consult

however the solution is simple.
simply changing the "upto wight(4mb)" they can say that taproot is upto 64-80byte(one signature length)
and it does not break "backward" nodes. because a taproot if only 80byte witness is still with the upto 4mb status of current acceptance parameters. thus no harm to the network. but does stop future bloat

[serveria.com]

So, ordinals are to blame for this, exactly as I thought... can we (Bitcoin community) do something to get rid of them? Nodes can ignore them perhaps? This crap has to be stopped, it reminds me of 2017 and tx spam by big blockers, people paid thousands in fees... 

So you want to use a free and decentralized coin that is available for all the people and restrict it for those people and use cases you don't like? That's not how Bitcoin works. If it did that, it would be the same shit we grew up around, called traditional finance. I am not happy with the ordinal crap clogging up the mempools either, but Bitcoin doesn't do blacklists.

I want to believe that this ordinals plague can be stopped before it grows to gargantuan size. Can NFT transactions be marked and refused by most nodes? Or perhaps increase fee for NFT transactions?

After we do that, I suggest we implement mandatory KYC in Bitcoin to prevent the Irish and Swedes from using it at all. My God, such horrible people. Our suggestions have equal chances of getting implemented.

This is a good test to see if Bitcoin is ready for a full-scale economy. And, how does everyone think it's doing? People are dreaming of bitcoin becoming the currency of the world, but it's currently struggling with bananas. Imagine the horror of sending a transaction if it did gain a huge influx of new users that constantly use it.

Man, you're clueless. You're mixing apples and oranges here. What's happening now with these ordinals is called terrorism. It's not freedom, it's undermining the whole system, whole Bitcoin world. What you're saying is "oh, poor dude, he beat the sh*t out of blockchain with his 25 billions of monkey pics! let him go on, it's freedom!".

And no, it's not a test. It's just abuse and making something work not as it was meant to. 

[pooya87]

Anyone can link me to a reliable site that shows the median, cheapest high priority fee (not just the median fee or sats/vByte), ideally in BTC and in USD? I can't see such option in the links posted above.

The https://mempool.space/ has been doing a pretty good job with a simple understandable UI. It has the values in both satoshi and dollar.


There is also https://jochen-hoenicke.de/queue/#BTC,24h,weight which is a very old tool to visualize the mempool and see the total size for each fee level. But it is not the most user friendly.
And of course there are wallets such as Electrum that also do a pretty good job at giving the user a good fee estimation.

[DdmrDdmr]

All this talk about Ordinals.... is it really making that much of a difference? <…>

It’s certainly bloating the blockchain to a high degree, and whilst a few days ago the number of Digital Artifacts (AKA Ordinals) seemed to revert, leading to lower bloating percentages for a few days, things have picked-up the pace again over the last few days, causing the fees to rise again during certain intervals on and off.

https://dune.com/ddmrddmr/ordinals-data

[PrivacyG]

There are so many reasons this happens.  During runs, no matter if bull or bear, you likely already know.  Every body spends and receives so the Mempool goes full.  But when fees are very low, as in around 1 Sat per vByte, it is a perfect opportunity to consolidate outputs.  I do this very often.  Others here do as well.

But now imagine an entity needing to consolidate so many outputs in different transactions or process a ton of transactions internally.  Of course they will profit off the moment and consolidate it when fees are low.  So expect big spikes in Mempool queue every time fees go down to around 1 Sat per vByte.  This is just how it works.  Every body wants to move money at cheap rates.

-
Regards,
PrivacyG

[nutildah]

Don't be a cheapass. Just pay a higher fee.

If you think these fees are too high to transact on the world's most secure computational network, you're a newb, that's the only explanation.

Be happy people are using Bitcoin for things and not other blockchains.

[franky1]

Don't be a cheapass. Just pay a higher fee.

If you think these fees are too high to transact on the world's most secure computational network, you're a newb, that's the only explanation.

Be happy people are using Bitcoin for things and not other blockchains.

paying more does not cause mining pools to want your transaction more then a spam meme

there are already many spam memes that pay NO FEE AT ALL but allowed to bloat a whole block
https://www.blockchain.com/explorer/transactions/btc/0301e0480b374b32851a9462db29dc19fe830a7f7d7a88b81612b9d42099c0ae
 3,938,383 Bytes - fee: ZERO

telling everyone to pay more solves nothing
also $1 seems cheap to you but you forget one thing in your diatribe
WORLD currency. where by $1 tx or $22 tx are more then a few hours of labour,

you do know paying from first world countries costs XX using services like western union.. but third world countries pay far less domestically..
and what your not realising is saying "bitcoin is cheap" is not cheap  

but you need to look outside of your own prospective to see what the real world offers

a $1 tx for america is 50% of a US starbuck coffee
but its way more for a african, indian

so you saying pay more is actually pricing out a 3rd of the world from seeing bitcoin as useful