Mempool Observer Topic

[letteredhub]

My people says where you work is where you eat, so I guess that's what miners are enjoying at this time with the bitcoin transaction fee hike, nothing anyone will tell me if you were in those miners shoe you will love it too, the sad part is about those of us trying to invest in the small ways we can, transfer is eating almost a 45% of each little transfer of our DCAing and it's becoming discouraging, high investor will not feel it but we do and we hope something is done about it ASAP.

[1715153388]

1715153388

[DaCryptoRaccoon]

Miners must be loving it right now!

Yeah, the miners are getting huge rewards in the form of those high fees

miners dont see transactions
miners dont choose transactions
miners are just given whatever cut of reward the POOL decides.

dont point fingers at miners.
realise who is making transaction decisions
look at the devs that refuse to fix the exploits they create

asic owners were not in poverty when the bitcoin price was $17k so dont even pretend miners deserve fee's now..
also the spot market will take care of miners when the reward halves
so fees are not essential

realise its all about dev politics thats causing the issues we see.
it has absolutely nothing to do with asic economics

whomever is telling you to look at miners is the guy that doesnt want you to scrutinise the core devs indecision and sponsored deals

Relax.. Was a simple comment on the block fees atm.  wow.

[stompix]

Christmas miracle:



Probably till some late Thursday feels will keep going down, not only it's weekend but also prolonged holiday for like half of the world during which I doubt people are that eager to smack around coins, so better consolidate whatever outputs you've got during those months and be prepared for the next year!

[slaman29]

More, more, more! I admit it hurts a little but at the end of the day I seldom send as a DCA guy, I usually receive and yes, that means I don't really need to worry much.

What we need to do mempool is still quite high! I also did DCA and now my BTC is stuck on the exchange because I don't want to withdraw with high fees so I left it there first even though there is a little concern.

Ya right. I have seen your posts in past. You do nothing you claim lol.

If you DCA a lot, exchange fee should not be a problem because you saved on input size anyway accumulating all this time. And if you DCA on exchange but only concerned now, well, you are unwise not to have been concerned before.

Just yesterday I needed to send, but I have an "exchange" hot wallet. Paid only 15k sats so still under a dollar. Bring high fees on!

For you unfortunately I have some bad news:

15,000 SATS = 6.57 USD

Oops hehe I can't believe my math is so bad, all this while I'm thinking of mbtc and satoshi and for some reason I know mbtc = x40, but satoshi I forgot to x4. So I paid almost $7 for $300+ (7 mbtc yesterday).

It's still ok though. I pay wire with my bank many issues:
- fill in long form because foreign guy
- Friday send only process Monday. Monday process only arrive Thursday (3 work days + timezone)
- 3% flat fee
- bank rate forex bad

So yes even in high fee, I love sending BTC.

[franky1]

Just yesterday I needed to send, but I have an "exchange" hot wallet. Paid only 15k sats so still under a dollar. Bring high fees on!

For you unfortunately I have some bad news:

15,000 SATS = 6.57 USD

Oops hehe I can't believe my math is so bad, all this while I'm thinking of mbtc and satoshi and for some reason I know mbtc = x40, but satoshi I forgot to x4. So I paid almost $7 for $300+ (7 mbtc yesterday).

It's still ok though. I pay wire with my bank many issues:
- fill in long form because foreign guy
- Friday send only process Monday. Monday process only arrive Thursday (3 work days + timezone)
- 3% flat fee
- bank rate forex bad

So yes even in high fee, I love sending BTC.

and yet banks invented debit cards to save on filling in forms and excess fee's
whenever i go abroad and use debit card i dont have your fiat experience..

and yet bitcoin is becoming worse than fiat.
natively im british so my bank wire transfers of fiat are free. but now bitcoin has been the thing with huge fee's

i remember the days when bitcoin was advertised as the remittance system for international currency exchange that was cheaper the using WU.. now western union is cheaper then bitcoin..

core devs love the fee mania and congestion. it helps advertise their corporate sponsors ROI via alternate payment networks that use middlemen

[adaseb]

The fees are already heading lower. I think 60-70 sat area got filled today. Most likely until the new year the mempool won’t have much pressure and we should get decent fees. But the problem is that after the holidays the fees will keep going higher as long as the ordinals are still bullish.

It’s crazy how you can look at Ethereum and see 20 gwei fees but you look at bitcoin and see 200 sat/btye fees. However I think most have adopted after 2017 and rarely use bitcoin for small transactions. Most use l2 these days or altcoins.

[franky1]

It’s crazy how you can look at Ethereum and see 20 gwei fees but you look at bitcoin and see 200 sat/btye fees. However I think most have adopted after 2017 and rarely use bitcoin for small transactions. Most use l2 these days or altcoins.

most dont..
most the amount of channel users of subnetworks is small.. however if you look at how many members sign up to CEX you see most people leave value locked into CEX. they just avoid the bitcoin network entirely because even moving to subnetworks costs bitcoin fee's of opening channels

[nutildah]

I see we're currently back up to almost 100 sat/byte. Boo, who is minting shittokens on Christmas Eve? 

Here's a good conspiracy theory: Ordinals is actually a trojan horse designed to force people to adopt L2 solutions like Lightning and Liquid. This appears to be where the future is headed. Guess I'm gonna learn how to do Lightning on Electrum.

Miners must be loving it right now!

Indeed, there's no way they're not.

[ABCbits]

It’s crazy how you can look at Ethereum and see 20 gwei fees but you look at bitcoin and see 200 sat/btye fees. However I think most have adopted after 2017 and rarely use bitcoin for small transactions. Most use l2 these days or altcoins.

Ethereum have some popular sidechain though, especially Polygon which offer lower fees and faster confirmation.

I see we're currently back up to almost 100 sat/byte. Boo, who is minting shittokens on Christmas Eve? 

Someone probably think it's good idea to create Christmas themed NFT.

Here's a good conspiracy theory: Ordinals is actually a trojan horse designed to force people to adopt L2 solutions like Lightning and Liquid. This appears to be where the future is headed. Guess I'm gonna learn how to do Lightning on Electrum.

And as i stated on different thread, not many people bother opening LN channel when it costs them several dollars to do so. And while you can buy Bitcoin located on sidechain,

• It requires you to use altcoin or fiat to avoid creating Bitcoin on-chain TX fees.
• If sidechain become more popular, someone have to create on-chain TX in order to "move" Bitcoin on-chain to sidechain.

[nutildah]

And as i stated on different thread, not many people bother opening LN channel when it costs them several dollars to do so.

If you have a business that depends on making several Bitcoin transactions a day, and you're stuck in a high fee environment that appears to be prolonged, wouldn't it be more cost efficient to pay a really big fee once rather than several big fees for an indeterminate amount of time?

Several major exchanges will swap your BTC for LN or Liquid BTC for a zero % charge.

And I know we're not supposed to talk about it, but yes, using alts to move wealth around is also a decent solution. Although Dogecoin is also suffering from full blocks thanks to Doginals and the like, it handles the surplus of transactions very well. After all, blocks are produced 1 per minute. The average fee still remains less than 1 cent. The only downside is the chain is growing at a rate of close to 500 MB per day.

[ImThour]

Currently, the fee is way low as compared to the usual $20+ fee day. It's at $4 max as of now, I like the Bitcoin Network this way however it won't be like this for long.
The Ordinal people are going to attack the network again with their spam transactions.

I am wondering what will happen if we have 3-5 more Projects like Ordinals on BTC Network?

[NotATether]

Currently, the fee is way low as compared to the usual $20+ fee day. It's at $4 max as of now, I like the Bitcoin Network this way however it won't be like this for long.
The Ordinal people are going to attack the network again with their spam transactions.

Come on, let's get the fee down to 50 sats per byte so my tx gets confirmed. 

[stompix]

I see we're currently back up to almost 100 sat/byte. Boo, who is minting shittokens on Christmas Eve?  

Santa has gone all NFT!
It was wooden horses, tamagotchi, fortnite skins now it's Bitcoin ordinals!  

A rather interesting thing, although we have a bit lower fees (ignoring that as I type it's 132sat/vb for the next block since we had 2 blocks in 75 minutes!!!!) the overall mempool over 10sat/vb has kept growing from 203vMb to 214vMB.
So there is a rush of consolidations happening!
That aside of elf crafting sexy reindeer ordinals.

It's still ok though. I pay wire with my bank many issues:
- fill in long form because foreign guy
- Friday send only process Monday. Monday process only arrive Thursday (3 work days + timezone)
- 3% flat fee
- bank rate forex bad

So yes even in high fee, I love sending BTC.

Since you mentioned forex I assume this is an international wire, so yeah this is where Bitcoins till beats banks, but for internal transfers, no , it has been left in the dust, I have instant transactions on all major 7 banks, 24/7 here.
And when it comes to remittance, it's not banks and WU BTC needs to compete, it's Revolut and the others.


LE
2 blocks in 75 minutes, 7 blocks in 3 hours, somebody has been naughty!!!

[satscraper]

Currently, the fee is way low as compared to the usual $20+ fee day. It's at $4 max as of now, I like the Bitcoin Network this way however it won't be like this for long.
The Ordinal people are going to attack the network again with their spam transactions.

Come on, let's get the fee down to 50 sats per byte so my tx gets confirmed. 

Hm, I think next year the mempool will line-up a new gig for us something like 500 sats per byte or even more and we will fantasy  regarding 50 sats kin to 2 sats/vbyte we were dreaming  down here.


My laptop perched on desktop  reveals  around 90 sats/vbyte right now. I have took this as givenness and broadcast my transaction. Already has one confirmation.  

[BlackHatCoiner]

I very much like the sarcasm of that guy.

What really irks me lately on this forum is some sheeple acceptance of everything, hundreds clapping for the rules, obey the rules, we must wait for the others to take a decision, a lot of fake unicorn farts drug induce stance where we should all act like sheep and wait peacefully while grassing out faith, not daring to come out and say: THIS IS F*** UP!

Because, we are all upset. I mean, who could have predicted that a wave of dumbasses would flow the mempool with gigabytes of crap images, deeming the on-chain transactions useless? I'm pretty confident we all expected Ordinals to have ended months now, but hey; it's close to a year and people still buy that nonsense. Unbelievable.

Rising the block size in a regulated manner to make this "confiscation" of block space more expensive sounds like a valid argument, but you were here in 2015-2017. Wanna repeat the era that gave birth to every failed fork of Bitcoin? I would rather not.

[mindrust]

I created almost same topic(https://bitcointalk.org/index.php?topic=5466022.msg62810292#msg62810292) like this on our local board during the first wave of high transaction fee during the first Ordinals hype.

The discussion of Bitcoin fee is really popular because it’s vital when someone needs to transfer their coins. We use the thread to notify if there’s a golden opportunity to send transaction during low fee. The price is not that popular anymore to small holder if they can’t transfer their coin without spending huge chunk of it on fee just to spend their profit. 

Hi fees iz a gud thingg. Since it is so expensive to move yer coinz, ya aint gonna muv yer coinz to an exchange to sell when the price is hi.

Thankz to hi feez, we are hodlerz 4eva becuz we can't sell.

2 da moon



https://bitcoinfees.net/

It actually calmed down a bit today. Next block costs $6 now, yesterday or before it was $12.

Still impossible to send something for 10 sats/b

[slaman29]

It's still ok though. I pay wire with my bank many issues:
- fill in long form because foreign guy
- Friday send only process Monday. Monday process only arrive Thursday (3 work days + timezone)
- 3% flat fee
- bank rate forex bad

So yes even in high fee, I love sending BTC.

and yet banks invented debit cards to save on filling in forms and excess fee's
whenever i go abroad and use debit card i dont have your fiat experience..

and yet bitcoin is becoming worse than fiat.
natively im british so my bank wire transfers of fiat are free. but now bitcoin has been the thing with huge fee's

i remember the days when bitcoin was advertised as the remittance system for international currency exchange that was cheaper the using WU.. now western union is cheaper then bitcoin..

core devs love the fee mania and congestion. it helps advertise their corporate sponsors ROI via alternate payment networks that use middlemen
[/quote]

When you send money overseas like I do, you always fill froms. You have now 'convenient' option of Vis payment but guess what you still have online form to fill, plus Reason of sending, Relation of receiver and Source of funds AND higher fee of 5%.

Most of us asians send money abroad, remittance through companies is the cheaper option but still days of waiting and forms.

WU? My WU is flat fee almost 4-5% (it gets smaller with big amount) plus worse exchange rate. Its the fastest (instant collection) but MOST expensive.

You'reBritish so maybe you don't feel thirdworld daily occurrence

[philipma1957]

nicehash
kraken

both give access to LN

do a kyc at kraken. add cash buy btc. use LN

cost next to nothing.

but kyc and you can lose the coin or have the coin frozen.


do I like this no.

but I already have a kyc for nicehash

and I have a kyc for kraken.

i have electrum and it offers LN

I will play with it and do more on my LN thread. on how to use it.

[franky1]

It's still ok though. I pay wire with my bank many issues:
- fill in long form because foreign guy
- Friday send only process Monday. Monday process only arrive Thursday (3 work days + timezone)
- 3% flat fee
- bank rate forex bad

So yes even in high fee, I love sending BTC.

and yet banks invented debit cards to save on filling in forms and excess fee's
whenever i go abroad and use debit card i dont have your fiat experience..

and yet bitcoin is becoming worse than fiat.
natively im british so my bank wire transfers of fiat are free. but now bitcoin has been the thing with huge fee's

i remember the days when bitcoin was advertised as the remittance system for international currency exchange that was cheaper the using WU.. now western union is cheaper then bitcoin..

core devs love the fee mania and congestion. it helps advertise their corporate sponsors ROI via alternate payment networks that use middlemen

When you send money overseas like I do, you always fill froms. You have now 'convenient' option of Vis payment but guess what you still have online form to fill, plus Reason of sending, Relation of receiver and Source of funds AND higher fee of 5%.

Most of us asians send money abroad, remittance through companies is the cheaper option but still days of waiting and forms.

WU? My WU is flat fee almost 4-5% (it gets smaller with big amount) plus worse exchange rate. Its the fastest (instant collection) but MOST expensive.

You'reBritish so maybe you don't feel thirdworld daily occurrence

visa debit cards can be taken out easily. i use one all over the world. never have i needed to fill in paperwork per transaction/per country visited

as for WU compared to bitcoin
when bitcoin fee's are $30. sending $100 is 30% fee
when bitcoin fee's are $30. sending $200 is 15% fee
when bitcoin fee's are $30. sending $600 is 5% fee

i see many people seeing bitcoin as the annoyance in regards to remittance these days compared to <2016

[mrust_mobile]

nicehash
kraken

both give access to LN

do a kyc at kraken. add cash buy btc. use LN

cost next to nothing.

but kyc and you can lose the coin or have the coin frozen.


do I like this no.

but I already have a kyc for nicehash

and I have a kyc for kraken.

i have electrum and it offers LN

I will play with it and do more on my LN thread. on how to use it.

LN is cool but unless you run your own node, it is a centralized/custodial solution. People here can’t even move their coins from their wallets to an exchange, if they could, maybe they would switch to LN. I simply don’t want to pay $10 to move $200. ($1 is my limit for me per tx)

I don’t know if I can move my funds from electrum to kraken with LN right away. Even if that’s true, well, I don’t want to use kraken because i already did kyc with binance.

Damn binance don’t even use segwit…