Mempool fees and Solutions

[seolein]

I have been watching the mempool space site recently more frequently and noticed the low priority never goes below 31sat/vbyte, and even more weird.. sometimes I saw 31sat/vb for low,medium and high priority simultaneously... can someone explain?

I have to do move my funds from ledger to coldcard and look for as low fees as possible

[hosseinimr93]

I have been watching the mempool space site recently more frequently and noticed the low priority never goes below 31sat/vbyte, and even more weird.. sometimes I saw 31sat/vb for low,medium and high priority simultaneously... can someone explain?

That's because there are many transactions paying 30 sat/vbyte.

At the time I am writing this post, you can get fast confirmation with 31 sat/vbyte. If you pay only 1 sat/vbyte less and use the fee rate of 30 sat/vbyte, your transaction would be around 9 vMB from the tip of the the mempool.

[philipma1957]

I have been watching the mempool space site recently more frequently and noticed the low priority never goes below 31sat/vbyte, and even more weird.. sometimes I saw 31sat/vb for low,medium and high priority simultaneously... can someone explain?

That's because there are many transactions paying 30 sat/vbyte.

At the time I am writing this post, you can get fast confirmation with 31 sat/vbyte. If you pay only 1 sat/vbyte less and use the fee rate of 30 sat/vbyte, your transaction would be around 9 vMB from the tip of the the mempool.

All done in prep for the 1/2 ing big changes are on the way come April.

Just study last  years fee charts as compared to any other year's

[pooya87]

All done in prep for the 1/2 ing big changes are on the way come April.

Just study last  years fee charts as compared to any other year's

That's because of this prolonged spam attack against Bitcoin that is taking place under the codename Ordinals. It has nothing to do with halving, since those fee spikes are usually the result of the market activity where price starts rising rapidly which then attracts more people to the market who would transfer their coins to and from exchanges more often creating higher on-chain traffic. Such spikes are smaller in comparison and don't last this long.

[satscraper]

All done in prep for the 1/2 ing big changes are on the way come April.

Just study last  years fee charts as compared to any other year's

That's because of this prolonged spam attack against Bitcoin that is taking place under the codename Ordinals.

Yeah, currently, transactions related to ordinals take a significant part of the block space. Below is visualization of 827146 candidate block (according to mempool.space) with  all inscription-relevant-transactions   inside at the moment. Similar picture  can be obtain for any candidate block behind.

[virasog]

All done in prep for the 1/2 ing big changes are on the way come April.

Just study last  years fee charts as compared to any other year's

That's because of this prolonged spam attack against Bitcoin that is taking place under the codename Ordinals.

Yeah, currently, transactions related to ordinals take a significant part of the block space. Below is visualization of 827146 candidate block (according to mempool.space) with  all inscription-relevant-transactions   inside at the moment. Similar picture  can be obtain for any candidate block behind.

The Ordinal hype is still there but somehow the mempool fee is considerably down now. You may get the low to medium priority in 27-28sat/byte and this number looked like a dream few weeks/days before. Although it is not so low but still now we can make the transactions if we were waiting for the low mempool fees and those pending transactions now can be executed.

However those who want to consolidate the UTXO, they can still wait for lower fees, if it is not an urgent requirement. Let's hope the fee can come back to 11-15sat/vbyte in the coming weekend.

[pooya87]

The Ordinal hype is still there but somehow the mempool fee is considerably down now. You may get the low to medium priority in 27-28sat/byte and this number looked like a dream few weeks/days before. Although it is not so low but still now we can make the transactions if we were waiting for the low mempool fees and those pending transactions now can be executed.

This spam attack has always had its ups and downs. It may be because of the scam market, since that is how they have been able to sustain the attack.

Like any other market (eg. the altcoin pump and dumping market) it has ups and downs meaning times where more newbies are falling for the scam and try to buy that garbage in hopes of making a profit hence increasing the "volume" and the number of on-chain spam.
But after being scammed, losing money, etc. they go away and the "volume" comes down which means less Ordinals Attack on Bitcoin therefore the small drop in fee rate.

However, just like the pump and dump altcoin market, this scam market is not going to die as long as there are newbies and gamblers who would buy the junk hoping to make a profit.
This is why as long as the exploit in the Bitcoin protocol is not fixed, this attack will continue and fees will spike.

[Synchronice]

I have been watching the mempool space site recently more frequently and noticed the low priority never goes below 31sat/vbyte, and even more weird.. sometimes I saw 31sat/vb for low,medium and high priority simultaneously... can someone explain?

I have to do move my funds from ledger to coldcard and look for as low fees as possible

Use that opportunity and move your funds. At the moment fees float around 30 sat/vByte and believe me, that is not a bad fee. I suggest you to not play with luck and send funds from Ledger to Coldcard now because I am afraid fees might go up and it's not going to go down to 1-10 sat/vByte.

Like any other market (eg. the altcoin pump and dumping market) it has ups and downs meaning times where more newbies are falling for the scam and try to buy that garbage in hopes of making a profit hence increasing the "volume" and the number of on-chain spam.
But after being scammed, losing money, etc. they go away and the "volume" comes down which means less Ordinals Attack on Bitcoin therefore the small drop in fee rate.

However, just like the pump and dump altcoin market, this scam market is not going to die as long as there are newbies and gamblers who would buy the junk hoping to make a profit.
This is why as long as the exploit in the Bitcoin protocol is not fixed, this attack will continue and fees will spike.

It's not a scam when you know exactly what you are buying. Does anyone promise you to get 1000% ROI when you buy NFT? No, you just buy a simple JPEG file that you can download via right click on mouse and then save. But instead, they prefer to pay and hope they'll sell it for millions of dollars. It's not a scam, it just shows the level of stupidity that exists.

[Findingnemo]

However those who want to consolidate the UTXO, they can still wait for lower fees, if it is not an urgent requirement. Let's hope the fee can come back to 11-15sat/vbyte in the coming weekend.

Consolidating at 30sat/vb doesn't look like a smart option, you can use this to move your funds if there is any pending transaction but it is still expensive to consolidate smaller inputs.

I don't think the fees will drop any further because this has been the situation for a couple of weeks that you can find: https://jochen-hoenicke.de/queue/#BTC,24h,weight

BRC20 spammers settled for lower fee than outrageous high fees is the reason why the fees dropped to this level but the number of unconfirmed transactions and mempool size is the same as how it used to be at the peak.

[pooya87]

It's not a scam when you know exactly what you are buying. Does anyone promise you to get 1000% ROI when you buy NFT? No, you just buy a simple JPEG file that you can download via right click on mouse and then save. But instead, they prefer to pay and hope they'll sell it for millions of dollars. It's not a scam, it just shows the level of stupidity that exists.

You answered your own question in the bold keyword. When they call it NFT, token, BRC-20, etc. and claim that it is a "smart contract in Bitcoin", it becomes a scam because there is no such thing defined or enforced in Bitcoin protocol. What they're selling newbies is simply bitcoin transactions; not tokens, not NFTs and not even the JPGs.

So yes, if for example someone sells you 10000 satoshi for anything other than 10000 satoshi they are scamming you.

[satscraper]

This spam attack has always had its ups and downs.

Spammers are trying to put into OP_RETURN  wherever they can and start laughing at people who talk about countervailing moves.  One of the transactions included into 827419 block contains the following "poem"

Fun and sadness are side by side when I encounter such garbage in blockchain.

[Synchronice]

It's not a scam when you know exactly what you are buying. Does anyone promise you to get 1000% ROI when you buy NFT? No, you just buy a simple JPEG file that you can download via right click on mouse and then save. But instead, they prefer to pay and hope they'll sell it for millions of dollars. It's not a scam, it just shows the level of stupidity that exists.

You answered your own question in the bold keyword. When they call it NFT, token, BRC-20, etc. and claim that it is a "smart contract in Bitcoin", it becomes a scam because there is no such thing defined or enforced in Bitcoin protocol. What they're selling newbies is simply bitcoin transactions; not tokens, not NFTs and not even the JPGs.

So yes, if for example someone sells you 10000 satoshi for anything other than 10000 satoshi they are scamming you.

Ordinals are just Bitcoin NFTs and no one says that NFTs are smart contracts, I have also not heard that Ordinals are smart contracts but can't swear about that. Actually, for me, those sold NFTs are just sold transactions but people are happy when they put transaction id on Ordiscan.com and see that they own this or that NFT. We can't call it a scam because you see and know what you are buying. How is it a scam when someone intentionally pays millions of dollars in pixelated ape image? Doesn't that person have cognitive abilities to understand that they pay millions in dumb pixelated ape shit that they can download via right click on the mouse and then clicking on save as? It's a scam when someone promises you to invest money, promises you to profit and then goes away without paying, it's a scam when someone tells you that it's a gold necklace but gives you a cheap material. I can't call it a scam when you see you are buying a dumb ape and then cry for not profiting.

[pooya87]

Ordinals are just Bitcoin NFTs

NF stands for Non-Fungible which is a lie and a scam because the garbage they inject into the chain can be injected unlimited number of times without any restrictions on it.
T stands for Token which means you have to be able to transfer the ownership of the token by sending the token to another person. That is another lie and a scam since these are NOT tokens and you can NOT transfer them, they are just arbitrary data put into the chain and stay there. What people are transferring is bitcoin. So what they are selling on those markets are satoshis and as I said if someone for example sells you 10000 satoshi for any other value than 10000 satoshi they are scamming you.