Mempool Observer Topic

[graphite]

TXID:  152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489

Why would someone spend 8BTC just to put an Ordinal onto the blockchain?

Its not even the data for the mp4. Its just a link to it. The person could have spent much less to put it in that block.

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[B3dr0ck]

Are ordinals the reason for the extreme tx fees now?  Is this the new normal or just related to people trying to get into block 840.00?

[JayJuanGee]

Are ordinals the reason for the extreme tx fees now?  Is this the new normal or just related to people trying to get into block 840.00?

A new thing was launched at the halvening .. called runes.. so maybe there is some high fee connection to that.  Agreed that the fees are pretty outrageous and seeming to persist over several blocks... so some other guys probably have better explanations for what might happen.. and by the way, I had heard predictions that the first block after the halving might have more than 10 BTC, and it ended up having nearly 40 BTC, so even the earlier high predictions likely ended up under-predicting how much fees would be going into some of these seemingly fad like ways of making money.

[franky1]

alot of people wanted to get their UTXO in block 840,000 so paid stupid fee's to outbid competition, not everyone could get in so some are getting their tx added in later blocks so expect the fee's to be high, out of stupid milestone notoriety hopes

we will see this wave of idiocy of 840k notoriety bidding war die down and then go back to the idiocy of the newest junk/scam spam of runes that replaced the brc ordinals scam spam

What madness if that is really the reason.

many mining pools in favour of the spam/scam are part of the funding of it.

EG if a mining pool can get a utxo pertaining to be part of 'rare block 840k' and costing 40btc to create reward. then they can resell portions of that reward utxo for higher amount to continue the scam

its like many things
if you can fake that Xyear minted 50pence UK coin is worth £500  and you manage to sell 2000 coins for £500each but actual cost is £0.50each
then you can have a money pot of £1m scammed money to then go acquire 2024 minted first batch 50pence pieces and get 2,000,000 new mint coins which you can then try to sell each for £5000+ pretending it cost you even more thus have higher pretend cost. due to rarity and other sill notions

in short if reward block840k is worth 37btc then they can pretend rarest sat in transactions of block 840k is worth alot more so they can continue scam of their utxo spends to be worth more. pretending it cost them alot to get into block 840k

..
but its all nonsense gesturing and scamming, so dont buy into it. let them bankrupt themselves

[B3dr0ck]

it's been 3.5 hours and 22 blocks later and the last block was still worth over 20BTC

[franky1]

it's been 3.5 hours and 22 blocks later and the last block was still worth over 20BTC

latest block at time of posting
most expensive TX in block
https://www.blockchain.com/explorer/transactions/btc/01e09f92619b96a616a9c2cf9e746393c466fdca4cc4f7c4bb038109cf0b3256

has taint from block 840k
https://www.blockchain.com/explorer/transactions/btc/ad69d620aa24d2219bade5536ed842e2127757ac4665817d6c0efd01cbe4cdb1
https://www.blockchain.com/explorer/transactions/BTC/243075989d985e3e637b0138bf40684a0905fa2ad3271b2aa54c3da379f15554
https://www.blockchain.com/explorer/addresses/btc/bc1pdkhzwe3q4e2mn7ylyjgw7h48uj6uyq3vh2zf032l9ykkmj32007smqcavu

as you can see now they are trying to spam the new junk(same crap as ordinals) but using the 840k 'rarity' nonsense crap

[virasog]

it's been 3.5 hours and 22 blocks later and the last block was still worth over 20BTC

latest block at time of posting
most expensive TX in block
https://www.blockchain.com/explorer/transactions/btc/01e09f92619b96a616a9c2cf9e746393c466fdca4cc4f7c4bb038109cf0b3256

has taint from block 840k
https://www.blockchain.com/explorer/transactions/btc/ad69d620aa24d2219bade5536ed842e2127757ac4665817d6c0efd01cbe4cdb1
https://www.blockchain.com/explorer/transactions/BTC/243075989d985e3e637b0138bf40684a0905fa2ad3271b2aa54c3da379f15554
https://www.blockchain.com/explorer/addresses/btc/bc1pdkhzwe3q4e2mn7ylyjgw7h48uj6uyq3vh2zf032l9ykkmj32007smqcavu

as you can see now they are trying to spam the new junk(same crap as ordinals) but using the 840k 'rarity' nonsense crap

To be honest, i never seen such high fees at mempool before, over a 1000Sats/vbyte 
At first thought that after the halving some miners may be shut down, resulting in the backlog of the transaction but later i found out it was because of Runes, this fee spike.



Miners must be enjoying this while the rest of us are just waiting for the dust to settle. 

[bbc.reporter]

TXID:  152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489

Why would someone spend 8BTC just to put an Ordinal onto the blockchain?

Its not even the data for the mp4. Its just a link to it. The person could have spent much less to put it in that block.

Agreed, it is very headshaking. However, small minnows will never understand why whales would spend this much for an NFT. We can only be quite certain this is a presentation of their onchain status and to show everyone that they are rich.



Also, according to onchain analysis expert @ErgonBTC, this payer of a 6.7 BTC fee to inscribe in block 840,000 is a Thorchain user and an Ethereum whale.

https://twitter.com/ergobtc/status/1781485156815004006

[joker_josue]

Agreed, it is very headshaking. However, small minnows will never understand why whales would spend this much for an NFT. We can only be quite certain this is a presentation of their onchain status and to show everyone that they are rich.

I actually understand this well.

All those who spend these "absurd" amounts do so because they obtained BTC at a very low cost, or through mining in the first 4 years of BTC's existence. Or through purchases made in the same period of time. For those who earned all of this, and didn't sell it at the first ATH that occurred, today you could have hundreds of BTC that allows you to spend without much impact on your financial accounts.

Anyway, in all markets we always have extravagant ones, and Bitcoin is no exception.

[BlackHatCoiner]

Pardon me, but did the halving return the block reward back to where it was? 

[examplens]

latest block at time of posting
most expensive TX in block
https://www.blockchain.com/explorer/transactions/btc/01e09f92619b96a616a9c2cf9e746393c466fdca4cc4f7c4bb038109cf0b3256

No matter how much someone paid for this piece of shit to be on the block, it is certainly a waste of money

[cryptosize]

latest block at time of posting
most expensive TX in block
https://www.blockchain.com/explorer/transactions/btc/01e09f92619b96a616a9c2cf9e746393c466fdca4cc4f7c4bb038109cf0b3256

No matter how much someone paid for this piece of shit to be on the block, it is certainly a waste of money

I also consider physical paintings (even Mona Lisa) a waste of money, but that's merely my personal, subjective opinion.

Obviously art connoisseurs will disagree, since there seems to be a market for both physical and digital art.

Who am I to argue with them...

[franky1]

Agreed, it is very headshaking. However, small minnows will never understand why whales would spend this much for an NFT. We can only be quite certain this is a presentation of their onchain status and to show everyone that they are rich.

I actually understand this well.

All those who spend these "absurd" amounts do so because they obtained BTC at a very low cost, or through mining in the first 4 years of BTC's existence. Or through purchases made in the same period of time. For those who earned all of this, and didn't sell it at the first ATH that occurred, today you could have hundreds of BTC that allows you to spend without much impact on your financial accounts.

Anyway, in all markets we always have extravagant ones, and Bitcoin is no exception.

nope and nope to both of you

majority of the case these published market rates of junk sales are FAKE

analogy
much like when you see ebay sell a 50pence piece for £500. that advert and subsequent sell is the scammer selling to itself to set a market rate for a junk item. they then con idiots into thinking its worth £500 so might get 1 idiot buying it but most people just pay £1.50 in a secondary market of people buying multiple 50pences for multiple £1.50 thinking they wont a jackpot they can resell for much higher..  and then the conned victims try advertising on ebay for £500 which no one buys.. then the scammer takes all those people that paid multiples of £1.50 for multiple 50p which total more then £500 'profit' and the scammer then does the same for a new coin like a 20pence

also because they scammed many multiples of £1.50 for a cost of £0.50 each they are 'in profit' of many multiples of £1 which they dont mind wasting many £1 on ebay advert fee (on chain tx fee) just to promote the next round of their scam, because to them its free money from little effort

[stompix]

TXID:  152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489

Why would someone spend 8BTC just to put an Ordinal onto the blockchain?

Cause it's beautiful on explorers:
https://ordiscan.com/inscription/70279589
You don't get art bro /s 

Pardon me, but did the halving return the block reward back to where it was? 

Nope, it has actually f*** up the counter at bitinfocharts 

Reward Per Block   3.13+6.94 BTC ($642,310.23) next halving @ block 1050000 (in 209927 blocks ~ 1427 days)
Reward (last 24h)   684.38+1014 BTC ($108,328,460.18)
Fee in Reward
(Average Fee Percentage in Total Block Reward)   11.03%

Don't know how that thing still shows 11% 

[NeuroticFish]

You don't get art bro /s  

Of course, it can also be because somebody was too keen to do it, didn't know too well what's doing and now he/she may be crying for stupidly spending so much money.
PS. I don't care if it's a whale or not, it's still wasted money for a piece of useless movie clip nobody will care about in a year (or even a week).

[graphite]

Of course, it can also be because somebody was too keen to do it, didn't know too well what's doing and now he/she may be crying for stupidly spending so much money.
PS. I don't care if it's a whale or not, it's still wasted money for a piece of useless movie clip nobody will care about in a year (or even a week).

Since the fee was so high but the transaction size was only ‎223.75 vB. I think the guy was trying to fill the whole block with that ordinal data but might have messed up and used a link of the ordinal instead of the image itself.

I think he might have been trying to do what happened on block 839855

[Poker Player]

Fees have come down to levels that are no longer so crazy, although 150/180 sats/vByte is too high. I wonder if the 1,000 sats/vByte craze can happen again or was it just because people wanted to put those spam images in halving blocks. I thought that this of the ordinals was a fad that would pass but they have just released a new protocol with these effects.

[NotATether]

Fees have come down to levels that are no longer so crazy, although 150/180 sats/vByte is too high. I wonder if the 1,000 sats/vByte craze can happen again or was it just because people wanted to put those spam images in halving blocks. I thought that this of the ordinals was a fad that would pass but they have just released a new protocol with these effects.

Still 150 sats is way too high to be doing normal transactions comfortably (i.e. you are not a hedge fund or exchange doing transactions of 0.1BTC). I regret not doing an atomic swap for Lightning Network sats while I had the chance.

[desarpenteur]

"tHeY hAvE A rIgHt tO uSe bItCoIn tO sEnD vALiD TrAnSaCtIoNs jUst aS mUcH aS yOu AnD I dO"

Here are some suggestions for people who think that Ordinals and Runes are perfectly legitimate on the BTC blockchain :

- Remove the "No junk mail" sticker from your letterbox.

- Automatically redirect the content of the spam folder in your incoming mail folder.

- Stop using the phone filtering options offered by your internet box.

Why ? Well, all those leaflets in your letterbox, all those emails in your mailbox and all those phone calls to sell you frozen foods and sofas are completely justified : they're not doing anything wrong, they're just using communications channels to send valid messages, just as you and I do. tHeY hAvE A rIgHt tO uSe ThOsE cHaNnElS tO sEnD vALiD mEsSaGeS jUst aS mUcH aS yOu AnD I dO.


And for the other people, i suggest you read this article : Bitcoin Filters Work By Default, and That's a Good Thing! (https://stacker.news/items/397842)

[pakhitheboss]

Still 150 sats is way too high to be doing normal transactions comfortably (i.e. you are not a hedge fund or exchange doing transactions of 0.1BTC). I regret not doing an atomic swap for Lightning Network sats while I had the chance.

A few days back they were hovering around 45 sats to 60 sats which seems way high as in USD they were coming around $4 to $5 approximately. At the moment 215,077 TXs are unconfirmed which is not a good sign. Bitcoin network cannot handle such congestion and the worst part is that it started just after the halving. A small amount of transaction cannot be made even if the fee goes down to 150 sats as in USD it will be valued around $19 to $ 20 approximately. It is not a good sign and I think as in the past when the transaction fee went down it will again which will take time.