Jpg monkeys are making the fees impossible? Just use a meme coin!

[stompix]

Sometimes life gives you a few examples of sweet irony, completely mindfuck or mind-blowing events that just made you worry of what's next!

So, here we are, fees over 200sat/vb , meaning at least 12$ for the smallest tx, if you have like 5 inputs and not one you can simply just leave it to the next year and it's all supposedly created by ordinals or how some (including me) call them: jpg monkeys.

Now, being spammed by the those monkeys, the obvious solution is....to use a meme coin! Yeah, you heard me right, a shitcoin meme coin! And guess what? Most are doing it!

Self explanatory graphs!
https://bitinfocharts.com/comparison/transactions-btc-doge.html#3m



Despite doge making 1,336,216 in the last 24 hours compared to 665,734 for BTC, the median fee is  $0.0094 compared to $24.97.

Why? Dunno..
Something about the capacity of the blockchain or something but it is what it is, I mean it's impossible for BTC to get the same capacity as Doge, imagine spending 150$ for a 6tb ssd for your node or needing a 10mbps internet connection, this is just impossible, we have been told numerous times that 1mb is the maximum that can be sent over 10 minutes around the world, it doesn't matter that I'm downloading's something over bittorrent with 60MB/s right now, it's just a fluke!
/rant over

I just hope Santa isn't buying presents with Bitcoin, fees will bankrupt him!
/ second rant over

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[Gormicsta]

Sometimes life gives you a few examples of sweet irony, completely mindfuck or mind-blowing events that just made you worry of what's next!

So, here we are, fees over 200sat/v , meaning at least 12$ for the smallest tx, if you have like 5 inputs and not one you can simply just leave it to the next year and it's all supposedly created by ordinals or how some (including me) call them: jpg monkeys.

Now, being spammed by the those monkeys, the obvious solution is....to use a meme coin! Yeah, you heard me right, a shitcoin meme coin! And guess what? Most are doing it!

Self explanatory graphs!


Despite doge making 1,336,216 in the last 24 hours compared to 665,734 for BTC, the median fee is  $0.0094 compared to $24.97.

Why? Dunno..
Something about the capacity of the blockchain or something but it is what it is, I mean it's impossible for BTC to get the same capacity as Doge, imagine spending 150$ for a 6tb ssd for your node or needing a 10mbps internet connection, this is just impossible, we have been told numerous times that 1mb is the maximum that can be sent over 10 minutes around the world, it doesn't matter that I'm downloading's something over bittorrent with 60MB/s right now, it's just a fluke!
/rant over

I just hope Santa isn't buying presents with Bitcoin, fees will bankrupt him!
/ second rant over

Yes, that is a very ironic and humorous circumstance! It's amazing how the rise of ordinals, or jpg monkeys as you may name them, has increased network fees for Bitcoin. And the cherry on top is that individuals are now turning to meme coins as a way to avoid the exorbitant fees! It truly demonstrates the unpredictable nature of the cryptocurrency market and the inventiveness of people involved.

[franky1]

the reason devs do nothing about it on bitcoin. is because the devs have no clue about economics and just fall back on
"but think about the poor children"(minors(miners))

miners dont actually choose transactions so fee price selection has nothing to do with miners.. miners wil mine no matter what transactions are in a block
miners economics is to mine and hold rewards until spot market meets costs of coins mined
by over subsidising the rewards with stupid excess fee's too early(several halvings early) it undermines the cost value of a bitcoin which undermines the spot market economics of the underlying support value

pools did not need huge fee's when the market was $17k so why suddenly think miners are poor when the market if $42k+

[Oshosondy]

For little amount of bitcoin, lightning network can be used. Wallet of Satoshi and Mini Muun wallet can be used if you can not open channel. If channel is not opened, no on chain transaction fee that eiuld be paid.

Also for small amount of coins, you can still use those altcoins pegged to bitcoin price. There are many of them like those on Binance Smart Chain. They are not reliable like bitcoin but no option in time like this.

Bitcoin fee is too high. What are bitcoin developers doing. They need to do something about this.

[stompix]

Also for small amount of coins, you can still use those altcoins pegged to bitcoin price. There are many of them like those on Binance Smart Chain.

So why not just use fiat and a Visa card if you're going for a centralized not regulated shitcoin not FDIC insured crap that can be shut down tomorrow or that can seize your funds depending what CZ ate yesterday and how much time he has spent on the toilet afterwards?

For little amount of bitcoin, lightning network can be used. Wallet of Satoshi and Mini wallet can be used if you can not open channel. If channel is not opened, no on chain transaction fee that eiuld be paid.

What's mini wallet? Never heard of it!

[Oshosondy]

So why not just use fiat and a Visa card if you're going for a centralized not regulated shitcoin not FDIC insured crap that can be shut down tomorrow or that can seize your funds depending what CZ ate yesterday and how much time he has spent on the toilet afterwards?

I mean just for little amount of bitcoin. I will still prefer to hold bitcoin with it stored on bitcoin blockchain. But in time like this, if I want to convert to fiat and spend money, I can not use it but the altcoins.

What's mini wallet? Never heard of it!

My bad, it is a mistake. I think my keyboard changed it from Muun to Mini. I was referring to Muun wallet. I have corrected it.

[philipma1957]

For little amount of bitcoin, lightning network can be used. Wallet of Satoshi and Mini Muun wallet can be used if you can not open channel. If channel is not opened, no on chain transaction fee that eiuld be paid.

Also for small amount of coins, you can still use those altcoins pegged to bitcoin price. There are many of them like those on Binance Smart Chain. They are not reliable like bitcoin but no option in time like this.

Bitcoin fee is too high. What are bitcoin developers doing. They need to do something about this.

how do you fix the 12 to 1 advantage scrypt has over btc.

what ever you do both doge and ltc can copy it.

My suggestion is very simple end the dust for two jumps. See what happens.

no send of btc under 0.0001 can go on the chain.

maybe it works.

we ended the 0 sat sends a while back.

right now LN is not ready for prime time.

So shunt the sends to other chains see if it works.


The main pools and big miners have a plan..  this is simply testing for the plan.

blocks drop to 3.25 in april how do I make fees stay over 2 or better three coins.

pretend we should be 6.25+.75= 7 coins a block

that becomes 6.25 + 2.75 = 9 coins a block


go to the next ½ ing

3.125+ .875 = 4 coins

they can get

3.125 + 2.875 = 6 coins a block


so the reality is we drop from 7 with no fee  manipulation to 6 with fee manipulation .

basically no ½ for the miners.

test is their early testing.

[hatshepsut93]

Just use memecoin for what? It's not like any of us is buying pizzas with BTC or anything really. We are keeping BTC in our hardware wallets and cold storages to dump them for fiat, and when you have profited thousands of dollars from holding, $10 or $25 fee looks quite acceptable.

Shitcoins can be useful for moving coins between exchanges, but you need to be mindful of the exchange rate to accidentally not lose a lot of value.

[panganib999]

Been talking about this as an option for people who don't mind switching networks just so they can avoid the fees. The thing is that there's nothing much we can do about the whole network congestion situation, since at the end of the day we chose this back when we're warring about blocksizes. I myself use a different network/coin when transacting nowadays, just makes it easier to track in my opinion, and sometimes you get the off-chance that you placed your money on a coin that's bound for price hike, so you get that bonus profit too.

Anyways, until we finally find a fix regarding bitcoin's blocksize and all that shit about scalability, we'll have to make do and scrape for solutions ourselves.

[btc78]

Just use memecoin for what? It's not like any of us is buying pizzas with BTC or anything really.

that is true i don’t use bitcoin for my everyday transactions and i’m not planning on doing that i invested for the long-term and i’m not just using bitcoin as a way to store my money which i will also be using later on unless i see profit already

We are keeping BTC in our hardware wallets and cold storages to dump them for fiat, and when you have profited thousands of dollars from holding, $10 or $25 fee looks quite acceptable.

for those who have invested not that big of amounts of bitcoin, they might be feeling regretful to spend on transaction fees that high

[EFS]

That's common sense. When fees are high, people don't use Bitcoin for transactions. I'm not surprised that DOGE is used more during busy times as DOGE is the most used crypto-currency for small transactions, I do the same as well. Why would I pay 12-15$ for a small tx while I have an opportunity to send the same amount just for 50 cents? Last time I had to pay over 60$ fee for a Bitcoin transaction I still can't forget.

[tread93]

I think the entire BTC ecosystem feels that brother, yes the fees are completely insane and I am fed up with them. Used to think ordinals were cool until I realized that it completely screws you when you send btc

[philipma1957]

That's common sense. When fees are high, people don't use Bitcoin for transactions. I'm not surprised that DOGE is used more during busy times as DOGE is the most used crypto-currency for small transactions, I do the same as well. Why would I pay 12-15$ for a small tx while I have an opportunity to send the same amount just for 50 cents? Last time I had to pay over 60$ fee for a Bitcoin transaction I still can't forget.

Thank you for being  a voice of reason.

[tbct_mt2]

Ordinals suck the Bitcoin mempools and non-Ordinals Bitcoin users are disappointed with what's happening in 2023 especially since December when fee takes off to the dead Moon.

Hate to say a truth that Dogecoin blockchain is better for money transaction because of cheaper transaction fee than Bitcoin blockchain. I hope Bitcoin developers and communities will figure out ways to solve issues from Ordinals.

Meanwhile, Dogecoin blockchain does not have any meme coin on it, will it become worse if some developers deploy something like Ordinals on Dogecoin blockchain?

I used Dogecoin many times as my alternative cryptocurrency when I did not want to use Bitcoin because of its high transaction fee.

[yhiaali3]

When it comes to transactions between centralized exchanges it is easy to switch Bitcoin to Dogecoin or another coin with low fees, but what is the solution when it comes to transferring Bitcoin from a wallet like Electreum to centralized exchanges?

Lightning Network can be used. I know that Binance and Coinbase support Lightning Network, but I am banned on both exchanges, so I wonder if there are other exchanges that support Lightning?

I've been stuck for several days now. I want to send $100 Bitcoin from my Electreum wallet but I don't want to pay $10-18 fees to transfer $100.

Monkey owners must be happy!!!

[libert19]

Lightning Network can be used. I know that Binance and Coinbase support Lightning Network, but I am banned on both exchanges, so I wonder if there are other exchanges that support Lightning?

Fixedfloat [1] instant exchange supports Bitcoin LN, you can use it to convert to other crypto cheaply. I wish there was cheaper way to convert Bitcoin itself to Bitcoin LN tho.

I've been stuck for several days now. I want to send $100 Bitcoin from my Electreum wallet but I don't want to pay $10-18 fees to transfer $100.

You could have sent transaction with 42 sats fee [2] instead of waiting, and it would have gotten confirmed by now. I did same week ago, and it was confirmed in 8 hours or so.

When I was going to bed, I did transaction, and by time I woke up, it was confirmed. Paid $2.73 fee.

Monkey owners must be happy!!!

They certainly are, printing money.


[1] https://fixedfloat.com

[2] https://bitcoinfees.net/

[Darker45]

I guess one of the primary reasons why shops, stores, casinos, and so forth accept altcoins alongside Bitcoin is the high fees of Bitcoin. I gamble with altcoins. I move funds with altcoins. Is there any practical reason why one prefers to pay with Bitcoin rather than Litecoin? There might be none.

It's just so sad that Bitcoin's adoption as a legitimate money is easily hindered, slowed down, heaven forbid halted, just because of monkeys.

[adaseb]

Yeah this is the worst fees I’ve seen since 2017 or so. Even earlier in the year when Ordinals were introduced, we had more transactions on the network but the fees were lower anyways. More transactions at lower rates than they are today.

Now for the past 2 days, I am getting asked if I want to send a transaction with a 500 sat/byte fee. This is nuts. What is even more nuts is that I waited until the weekend because I assumed fees would be lower on the weekend as usual but instead they are worse.

Even Ethereum looks cheaper to use.

[crwth]

We are back on those days huh? The very high fees that you don't want yourself to use unless really needed or necessary. I think it would be harder for people to think that BTC would be a good investment because when you are going to buy, it's going to be an expensive transaction. It's really hard to see how we are going to use it more or something.

How to get those monkeys? Lol

[Rruchi man]

When fees are high, people don't use Bitcoin for transactions. I'm not surprised that DOGE is used more during busy times as DOGE is the most used crypto-currency for small transactions, I do the same as well.

I would use Doge if I could, but it will not be easy for bitcoin owners who save their bitcoins in electrum wallets that supports only bitcoins? There is no avoiding the high tx fees unless you totally avoiding making any transactions.

When fees are high, people don't use Bitcoin for transactions. Last time I had to pay over 60$ fee for a Bitcoin transaction I still can't forget.

Yesterday's highest tx fee as at when I checked was $37.

I laughed and muttered to myself that is bitcoin tx fee now affected by the festive season where it is almost the culture for the cost of things to increase.

[Solosanz]

@OP you're wrong, we're in Bitcointalk where we must talk about Bitcoin and only use Bitcoin as a currency because Bitcoin is a decentralized currency. We don't care about the fees, we want Bitcoin is accepted and become legal tender in every country and Bitcoin will save the world economy /s.

I want to send $100 Bitcoin from my Electreum wallet but I don't want to pay $10-18 fees to transfer $100.

Transfer to where? if you're want to cash out I guess you should let your manager know to send the coins to the seller/exchange address instead of your address.

[Lucius]

Now, being spammed by the those monkeys, the obvious solution is....to use a meme coin! Yeah, you heard me right, a shitcoin meme coin! And guess what? Most are doing it!

Dogecoin is a much more meaningful and effective coin than all these ordinary idiocies that have been happening in the past months. I would never call it a shitcoin because unlike thousands of others that existed 10 years ago, Doge is still around and always has huge support.

I always thought that my time on the faucets would pay off one day, and I well remember the time when 1000 Doges were worth a whopping $0.14, and you could easily collect that much every day. Luckily, I still have them, although I don't need them at the moment.

I just hope Santa isn't buying presents with Bitcoin, fees will bankrupt him!
/ second rant over

I heard that Santa has good relations with some miners and that he pays very favorable fees, so that children should not be afraid that there will be no presents this year🎅

[Oshosondy]

@OP you're wrong, we're in Bitcointalk where we must talk about Bitcoin and only use Bitcoin as a currency because Bitcoin is a decentralized currency. We don't care about the fees, we want Bitcoin is accepted and become legal tender in every country and Bitcoin will save the world economy /s.

You want countries to make bitcoin a legal tender? That can not be possible. But most countries can be bitcoin friendly. Infact, nearly all countries are accepting bitcoin because they are friendly with it.

Bitcoin can not save the economy. The government are the ones responsible for economy and they are the one to do something that will help the economy.

[libert19]

It's just so sad that Bitcoin's adoption as a legitimate money is easily hindered, slowed down, heaven forbid halted, just because of monkeys.

Nah, it didn't. It just showed to Bitcoin that it gotta do better. If it can't handle this monkeys, how do you expect Bitcoin to be adopted into real world?

It's quite funny, that people were quick to judge ethereum for it's high fees when nfts congested it. Meanwhile, now same thing has come upon Bitcoin and people are blaming ordinals and not Bitcoin.

[Darker45]

It's just so sad that Bitcoin's adoption as a legitimate money is easily hindered, slowed down, heaven forbid halted, just because of monkeys.

Nah, it didn't. It just showed to Bitcoin that it gotta do better. If it can't handle this monkeys, how do you expect Bitcoin to be adopted into real world?

It's quite funny, that people were quick to judge ethereum for it's high fees when nfts congested it. Meanwhile, now same thing has come upon Bitcoin and people are blaming ordinals and not Bitcoin.

What do you mean it didn't? That Bitcoin's adoption isn't hindered by the exorbitant transaction fees?

Anyway, this isn't really just about monkeys. The issue on transaction fees has long been existent. This has been discussed many times way before these monkeys clog the network. We can probably say that the rise of these monkeys, disrupting Bitcoin, is merely a symptom of a more fundamental issue.

I can still remember when I was new to Bitcoin that my friends would advice me to convert to XRP, Doge, XEM, DGB, and other altcoins first when moving funds to avoid paying Bitcoin's high fees.

[libert19]

It's just so sad that Bitcoin's adoption as a legitimate money is easily hindered, slowed down, heaven forbid halted, just because of monkeys.

Nah, it didn't. It just showed to Bitcoin that it gotta do better. If it can't handle this monkeys, how do you expect Bitcoin to be adopted into real world?

What do you mean it didn't? That Bitcoin's adoption isn't hindered by the exorbitant transaction fees?

If Bitcoin was ready for adoption, it wouldn't have been hindred by these monkeys. Ordinals are not problem, rather Bitcoin's own incapability to handle.

Anyway, this isn't really just about monkeys. The issue on transaction fees has long been existent. This has been discussed many times way before these monkeys clog the network. We can probably say that the rise of these monkeys, disrupting Bitcoin, is merely a symptom of a more fundamental issue.

Correct.

[bbc.reporter]

That's common sense. When fees are high, people don't use Bitcoin for transactions. I'm not surprised that DOGE is used more during busy times as DOGE is the most used crypto-currency for small transactions, I do the same as well. Why would I pay 12-15$ for a small tx while I have an opportunity to send the same amount just for 50 cents? Last time I had to pay over 60$ fee for a Bitcoin transaction I still can't forget.

However, is using dogecoin the acceptable solution for the holders of bitcoin? What real value would bitcoin presently have if bitcoiners need to dump their bitcoins to buy dogecoins?

Also, is this a statement telling everyone that the bitcoin maximalists are making a mistake by not adopting other coins?

[Darker45]

It's just so sad that Bitcoin's adoption as a legitimate money is easily hindered, slowed down, heaven forbid halted, just because of monkeys.

Nah, it didn't. It just showed to Bitcoin that it gotta do better. If it can't handle this monkeys, how do you expect Bitcoin to be adopted into real world?

What do you mean it didn't? That Bitcoin's adoption isn't hindered by the exorbitant transaction fees?

If Bitcoin was ready for adoption, it wouldn't have been hindred by these monkeys. Ordinals are not problem, rather Bitcoin's own incapability to handle.

I'm afraid there are technical aspects of this that need discussing, of which I'm not an authority. But it's quite unfair to outright accuse Bitcoin of not being ready for adoption. In the first place, Bitcoin is still in beta. Development is ongoing. It's not a one-time big-time thing. Also, circumstances change. What's good enough in the past may fall short of the present needs, but I guess Bitcoin isn't rigid enough that it's incapable of reacting or growing accordingly. Third, there will be trade-offs. To be fair, you can never have a perfect Bitcoin, let alone a perfect money. You can accommodate one thing but compromise another.

[dansus021]

Lightning is good but most of the people still use the regular Bitcoin chain. So maybe we can start using Lightning as a payment for bounty and start small. Using memecoin like doge is also possible in fact for transaction daily we can use other chains as well.

To be honest I hate ordinals  I mean there is an efficient chain like a bunch of it. there is Ethereum with their layer 2 start from polygon and then arbitrum optimism and lot other why the dev choose bitcoin 

[Lucius]

~snip~
To be honest I hate ordinals  I mean there is an efficient chain like a bunch of it. there is Ethereum with their layer 2 start from polygon and then arbitrum optimism and lot other why the dev choose bitcoin 

For the reason that Bitcoin can sell the story well and gives legitimacy to the whole project - and it is quite certain that on any other chain all this would be one big ordinal nonsense that would last very short. Some see Bitcoin as just a cow to be milked as long as there is something in it and they don't really care that the fees have gone to the sky.

We also have to wonder if the miners are the ones who are profiting very handsomely from all this by chance, or if some of them have their fingers in everything from the beginning?

[DeathAngel]

It’ll pass, there is nothing to be concerned about. It was the same during the block size wars of yesteryear. This stupid fad of imbedding tokens on the blockchain will pass. The delinquents doing it will get bored & move onto something new or run out of money. Just be patient, I am sure this will pass & fees will return to being much lower.

[stompix]

Bumping this because something interesting happened during this holiday

If you've not been around my other topic: Mempool Observer Topic < blatant advertisement
then just check
https://jochen-hoenicke.de/queue/#BTC,2w,weight
and one can see that there was a huge spike in fees right on NYE



Now, the doge transactions numbers go up whenever there is a spike in fees on the BTC, but , this didn't happen on the 31 and 1st.
https://bitinfocharts.com/comparison/transactions-btc-doge.html#3m

One can easily see that doge went to party in that interval, just leaving some numbers here to make the graph more relevant , so doge transactions on the:
28 - 959k
29-  741k
30-  758k
31-  487k
01-  810k



And this shows that doge has become also a kind of indicator on the natural traffic Bitcoin is having, when there are users desperate to pay for stuff during high fees the ones who can't afford BTC switch to doge, but when you have high fees in BTC and the activity drops in doge then obviously those tx are not from normal users paying for stuff and more ordinals, consolidation or other activities that can't be replicated with an altcoin..

I really can't believe that doge has turned not only to be a layer 2 alternative but also some kind of utility dog aiding to asses the health of the network.

[bbc.reporter]

I really can't believe that doge has turned not only to be a layer 2 alternative but also some kind of utility dog aiding to asses the health of the network.

Is it because for you there should not be any other cryptocoin in existence except bitcoin and all other cryptocoins in existence other than bitcoin is a scam?

It appears that Ordinals needed to exist for everyone to witness the reality that there should be other cryptocoins in existence to help the bitcoin community.

[KiaKia]

I think the entire BTC ecosystem feels that brother, yes the fees are completely insane and I am fed up with them. Used to think ordinals were cool until I realized that it completely screws you when you send btc

It's good that you understand now, and I believe that the real frustration isn't even close yet, wait and see what will happen when Bitcoin hopefully reach 100k in 2025, the congestion will be so massive.

I read about an upgrade on Bitcoin network for BRC20 only, which will make any transaction on pause mode even on all centralized exchange, maybe this has something to do with the transaction fee fix? If not, we are toast.

Since this is the new shitcoin called meme on Bitcoin Network, I still plan to make insane amount from it anyway, but I am still not very happy that this is affecting Bitcoin, now I can't do small transaction, all I can do is lock my Bitcoin away for good, till a new all time high is happening.

[stompix]

Is it because for you there should not be any other cryptocoin in existence except bitcoin and all other cryptocoins in existence other than bitcoin is a scam?

There is one huge difference on how I label altcoins, there are shitcoins and there are scam coins.
Doge was never a scam since it never asked you for money, never had an ICO, it was launched witoutht a premine, it's not a scam but still borderline shitcoin.

It appears that Ordinals needed to exist for everyone to witness the reality that there should be other cryptocoins in existence to help the bitcoin community.

Again, wrong conclusion.
Dogecoin merit here is just its tps capacity, if Bitcoin developers would stop thinking you need nodes to run on nokia 3310 and upgrade the capacity then dogecoin and all the rest of the major altcoins lite litecoin would be truly rendered useless.
You're mistaken my attitude , it's not acknowledging some merits in altcoins, it's pointing fingers at simple things that can be done.

I read about an upgrade on Bitcoin network for BRC20 only, which will make any transaction on pause mode even on all centralized exchange, maybe this has something to do with the transaction fee fix? If not, we are toast.

Ordinals or no ordinals, if 1% of those so called 200 million bitcoin users some newspaper claim to exist will decide to make one tx a day you're going to see a buildup in mempool in 24 hours three times as what we have now. Banning ordinals is just like not allowing people with luggage in a bus on a crowded line, if you don't add another bus sooner or later as the town grows you're going to face the same thing.

[ImThour]

I am completely clueless at this point how this issue will be solved. Is there any Developers talk on this issue? I am out of touch with that and I would like if someone can link me to it.
The Bitcoin NFT thing is the worst thing that has happened to Bitcoin in the recent years. I do not like it at all.