Is anyone else glad Bitcoin is calming down?

[Accardo]

It's so crowded today as well. It's been like this for maybe 3-4 days now. The transaction fee is very high at this moment. I have made a transaction with 5 sat/B, and it's been over 2 days. It's still stuck there. I don't want to spend more fees on them, so I'll just let that be there until things cools down. I don't know when that will happen, but these spike movements are making it hard.
Well nothing to do rather than waiting for it to cool down.

Last 2 days I paid higher fees $5 for a $20 transaction, I tried to adjust the fees, but considered how long it'll delay for the transaction to get completed. When I try paying with lesser fees the transaction would unexpectedly delay and I wouldn't like that to happen to some urgent transactions, so I don't have any option than to leave it that way. Recently, I think miners pay so much in tax and it could have affected the fees since they need those rewards to run their business. Though, I know that multiple transactions on the blockchain affects fees too, however, if I'm not in a hurry to get a product, I can set a lesser fee then wait till the transactions on the network becomes decongested such that miners can attend to payments with smaller fees.

[larry_vw_1955]

Last 2 days I paid higher fees $5 for a $20 transaction, I tried to adjust the fees, but considered how long it'll delay for the transaction to get completed.

You got hit with a 20% surcharge. That must have been an important $20. Like an emergency. That's always sad when someone has an urgent need to send money and bitcoin makes them fork over 20% of their balance in fees...if bitcoin was working correctly you could have/should have been able to send about $24.99 and pay $0.01. 

[NotATether]

Lmao yes he did and it is funny you would still defend him after all of the despicable and idiotic things including this that he does and promotes.

he might have paid $623,000 for some nft in 2021 but guaranteed it's worth more than $10 even RIGHT NOW. i would pay $10 for that thing all day long and so would you!

people that bought one of his 99 originals they're probably under water but then again, i'll buy theirs for $10 too if they want.  

can you help broker that deal or not?

Wat?

With the title of this topic becoming something of an oxymoron (in the past 12 hours since I was rampaging about BRC20, fees have increased by 50 sats/byte), I don't think anyone with a remotely higher IQ than the Paul brothers is going to empty pockets now and buy some "^ ^ ^ ^ To the moon ^ ^ ^ ^" collectible, because pretty much almost all of them are like that at this time.

Ironically the miners, and not the meme traders, are getting rich right now: "During a gold rush, sell shovels" as they say.

[bettercrypto]

It's so crowded today as well. It's been like this for maybe 3-4 days now. The transaction fee is very high at this moment. I have made a transaction with 5 sat/B, and it's been over 2 days. It's still stuck there. I don't want to spend more fees on them, so I'll just let that be there until things cools down. I don't know when that will happen, but these spike movements are making it hard.
Well nothing to do rather than waiting for it to cool down.

Last 2 days I paid higher fees $5 for a $20 transaction, I tried to adjust the fees, but considered how long it'll delay for the transaction to get completed. When I try paying with lesser fees the transaction would unexpectedly delay and I wouldn't like that to happen to some urgent transactions, so I don't have any option than to leave it that way. Recently, I think miners pay so much in tax and it could have affected the fees since they need those rewards to run their business. Though, I know that multiple transactions on the blockchain affects fees too, however, if I'm not in a hurry to get a product, I can set a lesser fee then wait till the transactions on the network becomes decongested such that miners can attend to payments with smaller fees.

As for me, last 4 days ago I also made a Bitcoin transaction like you, the charge for what I did was also 5$, I also thought of reducing the fees, but I immediately thought that the transaction I would make might not go well so I let it go the fees are only 5$ instead of bothering me because that's exactly what happens at those times because of the nft ordinals in blockhain.

      I also found out that most of the people who tried to reduce the fees did not succeed, but instead waited for a long time before they were able to make a transaction again with high fees. That means there is no use even if the fees are reduced or adjusted.

[Bitcoin_Arena]

Damn, this post aged well  


Just  a few days ago I said this

These ordinals and shit are hurting the true users of the Bitcoin blockchain because of insane transaction fees which shouldn't be there in the first place. Imagine what is going to happen in a bull run.

And today, the optimal transaction fees are just super crazy. Where now looking at 500 sats/vbyte as low priority fee rate, and I think things are just going to get worse. Which genuine and average user is going to pay that much for a simple or small payment?

I am thinking of not making a bitcoin transaction for a while.


On the flip side, Miners are smiling

[Coose365]

Aged like fine wine :>. But anyway if this keeps up into a bull run i wouldn't be surprised if people just eat these fees like how ETHtards just pay $4000 just for the ability to buy a monkey picture. Short term "solution" imo is to reverse taproot or at least mitigate the ability to shove JPEGs into the blockchain. Long term solution would be to increase the 1MB block size.

[larry_vw_1955]

Aged like fine wine :>. But anyway if this keeps up into a bull run i wouldn't be surprised if people just eat these fees like how ETHtards just pay $4000 just for the ability to buy a monkey picture.

i bet they wish they had their $4000 back now. no one can be dumb enough to pay $4000 to buy a monkey picture. at least, you would think so. we're not talking about paying $4000 for the monkey. just the ability to be able to buy him. it's like paying a membership at a country club so you can play golf there but you still have to pay greens fees...

Short term "solution" imo is to reverse taproot or at least mitigate the ability to shove JPEGs into the blockchain.

based on how quiet the developers have been, that seems very doubtful unfortunately. seems like they don't even care. and think it will just work itself out.

Long term solution would be to increase the 1MB block size.

then people would just try and upload more monkeys. and bigger ones. 

[Coose365]

then people would just try and upload more monkeys. and bigger ones. 

yes. but being able to push more through a block would just be beneficial for everyone even the monkey tards. Lets be honest the 1MB block limit is holding BTC back, we can store alot more data now for dirt cheap.

[larry_vw_1955]

yes. but being able to push more through a block would just be beneficial for everyone even the monkey tards.

all other things being equal it would lower transaction fees somewhat you would expect. but it wouldn't affect miners income since there would be more transaction volume.

Lets be honest the 1MB block limit is holding BTC back, we can store alot more data now for dirt cheap.

so what's the argument against having a larger block size. if storage is dirt cheap then why not bump it up to 10MB or even 100?

let me guess, people with tiny 1TB hard drives would complain that they don't want that because they're not good for another 5 years now?  

[NotFuzzyWarm]

...
yes. but being able to push more through a block would just be beneficial for everyone even the monkey tards. Lets be honest the 1MB block limit is holding BTC back, we can store alot more data now for dirt cheap.

And folks will be bitching even more about the storage required for a full node to hold the entire chain... BTC was never intended to be used for general storage of data. I've no idea why the hoards of idjits are doing it but increasing block size just to accommodate them is a horrible idea.

[philipma1957]

...
yes. but being able to push more through a block would just be beneficial for everyone even the monkey tards. Lets be honest the 1MB block limit is holding BTC back, we can store alot more data now for dirt cheap.

And folks will be bitching even more about the storage required for a full node to hold the entire chain... BTC was never intended to be used for general storage of data. I've no idea why the hoards of idjits are doing it but increasing block size just to accommodate them is a horrible idea.

Cause the fee system is flawed and they are attacking the flaws.

2 big pools that do not pay fees to miners is all you need to this attack.  They do not need the ordinals BRC20 shit to do it.

Simply send 0.0000050 enough and pay 1 sat per byte since you control your pool take those first you can
greenlight 1 sat per byte. Fill 60% of every block. The remain 20% people pay big fees

500sats 400 sats 300sats.

So 40% of 500 = 200 sats.

60 percent of 1 = .6 sats

the block averages to 200.6 sat fee

you and the other big pool earn 50% of the blocks

you get ½ your fees you paid back

but you get ½ of the high fees back

= big money manipulation and profits.


also it will drive btc price downwards as who wants to pay 500 sats a byte.

[tjtonmoy]

As for me, last 4 days ago I also made a Bitcoin transaction like you, the charge for what I did was also 5$, I also thought of reducing the fees, but I immediately thought that the transaction I would make might not go well so I let it go the fees are only 5$ instead of bothering me because that's exactly what happens at those times because of the nft ordinals in blockhain.

      I also found out that most of the people who tried to reduce the fees did not succeed, but instead waited for a long time before they were able to make a transaction again with high fees. That means there is no use even if the fees are reduced or adjusted.

It also took me 4 days to be able to make another transaction with higher fees. I don't use a wallet, which supports RBF service. So I had to wait till the transaction was dropped out from the mempool. Then I was in need of some money, so I had to use the high priority at that moment. Cost me more than $6.
It is getting crazy day by day. Does anyone know when this will cool down? Today's high priority transactions will cost more than 618 sat/vB.

[philipma1957]

As for me, last 4 days ago I also made a Bitcoin transaction like you, the charge for what I did was also 5$, I also thought of reducing the fees, but I immediately thought that the transaction I would make might not go well so I let it go the fees are only 5$ instead of bothering me because that's exactly what happens at those times because of the nft ordinals in blockhain.

      I also found out that most of the people who tried to reduce the fees did not succeed, but instead waited for a long time before they were able to make a transaction again with high fees. That means there is no use even if the fees are reduced or adjusted.

It also took me 4 days to be able to make another transaction with higher fees. I don't use a wallet, which supports RBF service. So I had to wait till the transaction was dropped out from the mempool. Then I was in need of some money, so I had to use the high priority at that moment. Cost me more than $6.
It is getting crazy day by day. Does anyone know when this will cool down? Today's high priority transactions will cost more than 618 sat/vB.

Well it is driving price of btc downwards.  we are under 28k

I have to think they want to see how far they can drive price downwards.  So this will last at least a week or 2.

[sha420hashcollision]

Make sure to run ordisrespector if you are running a node: https://minibolt.info/guide/bonus/bitcoin/ordisrespector.html#build-it-from-the-source-code

[sha420hashcollision]

As for me, last 4 days ago I also made a Bitcoin transaction like you, the charge for what I did was also 5$, I also thought of reducing the fees, but I immediately thought that the transaction I would make might not go well so I let it go the fees are only 5$ instead of bothering me because that's exactly what happens at those times because of the nft ordinals in blockhain.

      I also found out that most of the people who tried to reduce the fees did not succeed, but instead waited for a long time before they were able to make a transaction again with high fees. That means there is no use even if the fees are reduced or adjusted.

It also took me 4 days to be able to make another transaction with higher fees. I don't use a wallet, which supports RBF service. So I had to wait till the transaction was dropped out from the mempool. Then I was in need of some money, so I had to use the high priority at that moment. Cost me more than $6.
It is getting crazy day by day. Does anyone know when this will cool down? Today's high priority transactions will cost more than 618 sat/vB.

Well it is driving price of btc downwards.  we are under 28k

I have to think they want to see how far they can drive price downwards.  So this will last at least a week or 2.

As a small fish I will be apeing any paper handed selling into the attack, however i want to again implore people to disrespect the inscription spam with ordisrespector https://minibolt.info/guide/bonus/bitcoin/ordisrespector.html#build-it-from-the-source-code

[bettercrypto]

As for me, last 4 days ago I also made a Bitcoin transaction like you, the charge for what I did was also 5$, I also thought of reducing the fees, but I immediately thought that the transaction I would make might not go well so I let it go the fees are only 5$ instead of bothering me because that's exactly what happens at those times because of the nft ordinals in blockhain.

      I also found out that most of the people who tried to reduce the fees did not succeed, but instead waited for a long time before they were able to make a transaction again with high fees. That means there is no use even if the fees are reduced or adjusted.

It also took me 4 days to be able to make another transaction with higher fees. I don't use a wallet, which supports RBF service. So I had to wait till the transaction was dropped out from the mempool. Then I was in need of some money, so I had to use the high priority at that moment. Cost me more than $6.
It is getting crazy day by day. Does anyone know when this will cool down? Today's high priority transactions will cost more than 618 sat/vB.

Well it is driving price of btc downwards.  we are under 28k

I have to think they want to see how far they can drive price downwards.  So this will last at least a week or 2.

Do you mean that the more the value of Bitcoin decreases, the more the fees that will be charged to us will increase if we make a transaction using Bitcoin? is that right? And when its value increases, is there a chance that its fees will decrease?

    Because in what is happening now, what I see the most that will lose here are those who make a transaction that is only a small amount, it seems that even if you withdraw a large amount, there will still be some left over, but if the amount is only about 40$ the amount will be deducted then a little can only be obtained or reach your wallet.

[larry_vw_1955]

Cause the fee system is flawed and they are attacking the flaws.

2 big pools that do not pay fees to miners is all you need to this attack.  They do not need the ordinals BRC20 shit to do it.

Simply send 0.0000050 enough and pay 1 sat per byte since you control your pool take those first you can
greenlight 1 sat per byte. Fill 60% of every block. The remain 20% people pay big fees

500sats 400 sats 300sats.

So 40% of 500 = 200 sats.

60 percent of 1 = .6 sats

the block averages to 200.6 sat fee

you and the other big pool earn 50% of the blocks

you get ½ your fees you paid back

but you get ½ of the high fees back

= big money manipulation and profits.


also it will drive btc price downwards as who wants to pay 500 sats a byte.

couldn't a mining pool just create  a block with only say 10 transactions which represented the highest fees of all the transactions in the mempool? thus having an effect of slowing down the network. why would they need to include any of their own transactions? or if they really wanted to mess bitcoin up just mine empty blocks then no one could get a transaction through...

[bettercrypto]

I think the mempool was mostly getting full because of Ordinals, right? I suspect the initial excitement has died down and people trading Ordinals aren’t consuming as much block space as they were when it was new and exciting. That leaves more space for other transactions which allows the mempool to clear and the cost of transacting to go down.

All the high fees that are happening now in bitcoin are actually due to ordinals. I just hope that everything will be fixed and back to normal soon, because if this is not remedied, the adoption of bitcoin will also be affected for sure.

      And with each passing day, each fee that is deducted from its bitcoin transaction becomes more and more inhumane and unfair.
Hopefully the time will come when bitcoin holders will also be reduced just because of this matter which is only a problem with high fees.

[larry_vw_1955]

All the high fees that are happening now in bitcoin are actually due to ordinals. I just hope that everything will be fixed and back to normal soon, because if this is not remedied, the adoption of bitcoin will also be affected for sure.

https://www.forbes.com/sites/digital-assets/2023/05/08/bitcoin-nft-hype-creates-high-fees-as-unconfirmed-transactions-skyrocket/

with headlines like this, it's already being affected in the sense that no one in their right mind would become involved with bitcoin because they were looking for a way to "send money". they'll be saying " wow what a disaster ". 

[Bitcoin_Arena]

couldn't a mining pool just create  a block with only say 10 transactions which represented the highest fees of all the transactions in the mempool?

How do you suppose this could be done?

Having a block maxed out with a lot more transactions is an incentive to the miners, as they will earn some more Bitcoins from the transaction fees on top of block rewards.

thus having an effect of slowing down the network.

How?
It's not like one pool will be mining all the blocks. On top of that, difficulty adjustment can also help after very 2016 mined blocks

if they really wanted to mess bitcoin up just mine empty blocks then no one could get a transaction through...

With the current network hashrate? I believe empty blocks are rather something of luck and randomness?

Cause the fee system is flawed and they are attacking the flaws.

2 big pools that do not pay fees to miners is all you need to this attack.

And how long before those Big pools become small because different miners decided to move elsewhere, where they get paid?