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.