Question about Bitcoin network spammer

[Synchronice]

Look at it as enforced savings. You don't want to move your BTC to buy something since it costs so much in TX fess so you don't spend it. More for you later :-)

In terms of investment, yes, you are right but in terms of bitcoin ecosystem, I think it's not a good idea to hold it. I respect the fundamentals of bitcoin, it's ability to help me do transactions without involving 3rd parties and it's ability to improve my privacy. So, since I respect this, I think I should use Bitcoin often. The more often we use it, the more popular it gets and more adopted it becomes.

But, seriously. This too shall pass. No idea when, but sooner or later the 'next big thing' in crypto will appear and BRC20 will stop being used and fees will drop and things will get back to normal. Next week? Next month? Next year? No idea, but it will happen.

-Dave

You are right, that's guaranteed to happen over time if we don't start WW3.

Basically it is like an advertisement for ltc and doge.

That's what I am saying constantly and I think it will be good if we increase the block size but I remember you said that was pointless but didn't have time to discuss how high block size won't lower fees but I'll be glad if you have time right now to explain that.

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[pooya87]

They basically created a fake market where scammers create garbage and sell it to newbies who think they can make a profit. Because that garbage (the Ordinals) has a separate value in that market, the newbies don't mind paying a high fee on-chain to transfer that garbage around trading it for possible profits.

This makes things difficult for normal bitcoin users wanting to send bitcoin transactions since a spam attack with incentive to spam is going on.

I am completely frank right now, I just don't understand why someone creates garbage and why someone pays tons of money on it?

I found this ordinal on okx.com
Can anyone really explain, why does it have value and why does someone buy it? Is it a masterpiece? No, it's a piece of garbage. Why should someone pay bitcoins in it? And if we keep in mind that mempool is spammed, then it means that tens of thousands of people create this garbage every day. I have never seen any masterpiece listed on NFT marketplace, there are only pixelated shits everywhere.


Everyone please check this: https://ordiscan.com/inscription/40034415
What's the point of this ordinal? It has text $OG$ only. Do people really pay money to gain the ownership of $OG$ on blockchain? I'm losing my mind.

Also, why are pixelated arts popular instead of arts like Da Vinci's Last Supper, Salvador Dali's The Persistence of Memory, The tower of babel by Pieter Bruegel the elder and so on.

It makes no sense I know
It is all about marketing to be able to sell dog shit to anyone who buys it. If they told them it is garbage, nobody would have even bothered looking at it. But when they use the term "art" to sell garbage, it gives the idiots the false feeling that it may actually have a value.

It is not new either. I remember in 2017 when the hype started for the first time, they were using anything they could. For example for a while they were trying to tie ICO scams with anything in real world that they could. Two major topics I recall were patient files (for health care system stored in blockchain) which was total bullshit and energy (where they basically hoped to create PetroToken{s} like PetroDollar and sell it to the fools).
Ever since 2017 they have changed face a lot but the fundamentals of the scam remain the same:
ICO, IDO, IBO, IEO, ITO, STO, DeFi, NFT, Ordinals

[Myleschetty]

They basically created a fake market where scammers create garbage and sell it to newbies who think they can make a profit. Because that garbage (the Ordinals) has a separate value in that market, the newbies don't mind paying a high fee on-chain to transfer that garbage around trading it for possible profits.

This makes things difficult for normal bitcoin users wanting to send bitcoin transactions since a spam attack with incentive to spam is going on.

I am completely frank right now, I just don't understand why someone creates garbage and why someone pays tons of money on it?

I found this ordinal on okx.com
Can anyone really explain, why does it have value and why does someone buy it? Is it a masterpiece? No, it's a piece of garbage. Why should someone pay bitcoins in it? And if we keep in mind that mempool is spammed, then it means that tens of thousands of people create this garbage every day. I have never seen any masterpiece listed on NFT marketplace, there are only pixelated shits everywhere.


Everyone please check this: https://ordiscan.com/inscription/40034415
What's the point of this ordinal? It has text $OG$ only. Do people really pay money to gain the ownership of $OG$ on blockchain? I'm losing my mind.

Also, why are pixelated arts popular instead of arts like Da Vinci's Last Supper, Salvador Dali's The Persistence of Memory, The tower of babel by Pieter Bruegel the elder and so on.

It makes no sense I know
It is all about marketing to be able to sell dog shit to anyone who buys it. If they told them it is garbage, nobody would have even bothered looking at it. But when they use the term "art" to sell garbage, it gives the idiots the false feeling that it may actually have a value.

It is not new either. I remember in 2017 when the hype started for the first time, they were using anything they could. For example for a while they were trying to tie ICO scams with anything in real world that they could. Two major topics I recall were patient files (for health care system stored in blockchain) which was total bullshit and energy (where they basically hoped to create PetroToken{s} like PetroDollar and sell it to the fools).
Ever since 2017 they have changed face a lot but the fundamentals of the scam remain the same:
ICO, IDO, IBO, IEO, ITO, STO, DeFi, NFT, Ordinals

There's no doubt that what we are seeing in the market is the replication of old scam strategy in a new form but I am still surprised how the idiot that bought the garbage all in the name of art still chose to buy it despite the lost of some NFT collectors years ago and what Casey Rodarmor said about making Bitcoin fun again is the only reason why he created Ordinal NFTs and inscriptions.
I believe won't much attention soon just like Colored coins and Counterparty.

[logfiles]

Look at it as enforced savings. You don't want to move your BTC to buy something since it costs so much in TX fess so you don't spend it. More for you later :-)

From a storage of value perspective yes but from an adoption perspective. No.
Think about the services and online stores that make or accept payments in bitcoin. Prolonged high fees with get them thinking of alternatives.

Just to wrapped up the madness
You guys remember polygon? An Ethereum layer-2 project that was meant to be a solution to Ethereum's high fees?
Well, their gas fees spiked by 1,000% amid Ordinals-inspired token craze

[philipma1957]

Look at it as enforced savings. You don't want to move your BTC to buy something since it costs so much in TX fess so you don't spend it. More for you later :-)

In terms of investment, yes, you are right but in terms of bitcoin ecosystem, I think it's not a good idea to hold it. I respect the fundamentals of bitcoin, it's ability to help me do transactions without involving 3rd parties and it's ability to improve my privacy. So, since I respect this, I think I should use Bitcoin often. The more often we use it, the more popular it gets and more adopted it becomes.

But, seriously. This too shall pass. No idea when, but sooner or later the 'next big thing' in crypto will appear and BRC20 will stop being used and fees will drop and things will get back to normal. Next week? Next month? Next year? No idea, but it will happen.

-Dave

You are right, that's guaranteed to happen over time if we don't start WW3.

Basically it is like an advertisement for ltc and doge.

That's what I am saying constantly and I think it will be good if we increase the block size but I remember you said that was pointless but didn't have time to discuss how high block size won't lower fees but I'll be glad if you have time right now to explain that.

I think I was saying the issue is BTC is an oil freighter. Really good for security and large sends of high value.

but it sucks to use an entire oil freighter to move a quart of oil.

BTC sha-256 10 blocks an hour

DOGE/LTC scrypt 120 blocks an hour

this is the dynamic (in my opinion) that drives the issue.

BTC more gear and more  more security      12 x 4mb blocks less space for tx
Doge/ltc less gear and power less security  120 x 4mb blocks  more space for tx


So you have 1 mill in coin you say fuck it do btc I want security I will pay with btc

so you have 10 dollars in coin you should say fuck high cost security I will pay with LTC/Doge


this dynamic can not go away via bigger blocks


btc goes to 8mb vs 4mb we double the storage.

ltc and doge laughs does nothing and now has 6x the storage still 6x better for small sends.


btc needs to go to 64mb and that is only 8x the storage it has now

ltc/doge does nothing because they still have 1.5 the tx room at no programming or any other thing.


So expanding the block size to 128mb would get you at more storage for tx then ltc /doge


or simply push use a smaller delivery system for small value.

[digaran]

Can someone tell me whether these small dust spam were the only option for the pool to include in a block or were there normal transactions with a somewhat same fee rate but didn't get into the block?
This is block 817565 notice those little weasels occupying most of the space? These little parasites should be dealt with.

[stompix]

Just to wrapped up the madness
You guys remember polygon? An Ethereum layer-2 project that was meant to be a solution to Ethereum's high fees?
Well, their gas fees spiked by 1,000% amid Ordinals-inspired token craze

Title:

Polygon gas fees spike 1,000% amid Ordinals-inspired token craze

Article:

Gas fees on Ethereum layer-2 Polygon surged more than 1,000% to reach a peak of $0.10 as users inundated the network with the minting of Ordinals-inspired tokens dubbed POLS.

Common, this is pure clickbait, you could have 10 000% there and it would till be under a dollar while you're looking right now at 4$ in fiat vale for the smallest on BTC, so despite 1000% is still 2.5% of what we're experiencing.

POS chain? 6m transactions in last 24 hrs. 170 TPS on average. 1mn+ MATIC burnt by the protocol. The chain worked smoothly, gas fees went crazy though but no reorgs or 0 blocks etc.

I wonder how the hell is still possible, can't wait for another youtube video explaining how this break the laws of the universe. /s

[Cricktor]

<snip>

Have you checked all those little squares to be actually what you assume to be ordinals shit? Could also be a lot of normal small transactions in between ordinals spam.

Anyway, a miner will very likely choose those transactions for his block template to mine next that pay him the maximum amount of transaction fees in addition to the current block subsidy. A miner usually then doesn't care what those transactions are in his block template as long as they aren't invalid or would make his next block invalid.

[dansus021]

Ordinal is fuc*ing crazy the new token that is listed on Bybit or Binance sats and RATs hit all time-high

and yesterday I saw the transaction reach 400+ sats for a medium fee





and look at the image, red is everywhere the difficulty is seems gonna hit 5% and per block you can earn 3 bitcoins on average wooooowwwwww guysss whoever doing this transaction I think he want make the bitcoin network busy so he get those delicious fees  

[NotATether]

and look at the image, red is everywhere the difficulty is seems gonna hit 5% and per block you can earn 3 bitcoins on average wooooowwwwww guysss whoever doing this transaction I think he want make the bitcoin network busy so he get those delicious fees  

Miners love it, exchanges love it, early adopters (of BRC20 shittokens) love it so much that they even made Ordinals on other blockchains. Like I said previously, it's no more than a money-grabbing tactic as these junk collections have no real utility besides stress-testing (i.e. spamming) the network's memory.

[dansus021]

Miners love it, exchanges love it, early adopters (of BRC20 shittokens) love it so much that they even made Ordinals on other blockchains. Like I said previously, it's no more than a money-grabbing tactic as these junk collections have no real utility besides stress-testing (i.e. spamming) the network's memory.

When do you think this shit gonna stop like the other token memecoin is slowing down play to earn is slowing down nft is slowing down so I do believe this ordinal gonna stop too