Mempool Observer Topic

[franky1]

I noticed the same thing. Right now on electrum, The fee is going from 1 to 2, 2 to 5, 5 to 10, 10 to 20, 20 to 30, 30 to 50, 50 to 70, 70 to 100 sats... If I remember right, It used to be 1 to 2, 2 to 3 and so on. It feels like they did intentionally to increase the fees even more.

There is  huge difference between 30 sats/b and 50 sats/b fee. Why can't I fine tune it?

This is becoming ridiculous.

ofcourse they are. there are many many github conversations where they admit they do it on purpose sayingcrap like

At a minimum, the new fee rate must be high enough to pay an additional new relay fee (5 sats/vB) to enter the node's mempool."

because the wallet uses WALLET_INCREMENTAL_RELAY_FEE which is 5 sats/vB by default.

and reason it as

Bumping by exactly DEFAULT_INCREMENTAL_RELAY_FEE might then cause the bumped transaction to not get relayed.

it would be very annoying to have to bump 20 times to increment by 20 sat/vbyte.[/b]

The 5s/vb minimum fee bump requirement, introduced in PR #9615, is primarily for GUI users who couldn't specify their desired fee rates. For these users, bumping 10 times to move from 1sat/vb to 11 sat/vb may be undesirable.

they literally say they increased it from 1sat/vb to 5sat/vb to be "less annoying" "desirable" pfft (opposite occured)

end result people using GUI (softwares graphical user interface) they are defaulted to paying more to get priority in higher increments

many other wallets use other numbers.
many devs think fees should not go below a certain level again, so no point counting in single sats/vb

[1714319703]

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[bitmover]

250k transactions in the fee range 1-30 to be confirmed.

It will take some time to confirm all those transactions, even when Ordinals drama stop.


https://mempool.space/mempool-block/7

[franky1]

remember images can be messed with/host lost etc

you may want to also api a ascii result that a daily bot can include as text in posts aswell as image format

[NotATether]

They are organizing conferences behind BRC-20, and that picture shows that the room is full of investors who come from a wide demographic. It's not merely "crypto-bros", but there's men, women, old, young, fat, thin. ANYONE in China who has money to invest, will invest in BRC-20.

I believe that picture was taken months ago, last year. Therefore if a BRC-20 conference was announced today, it would attract a lot more people.

You know that Chinese people were one of the first to fall for the OneCoin scam, right? And it wasn't even called that back then, this was way back over 10 years ago when it was still "BigCoin".

A lot of people in China live in severe poverty so any, and I repeat, any beacon of hope that might make them rich and prosperous is something they cling on to fast.

I still do not expect Ordinals to last for a long time, but it will crash like NFTs. (and we will have James Jani probably make another video documentary about that - crazy how people have not learned their lessons with NFTs).

[franky1]

They are organizing conferences behind BRC-20, and that picture shows that the room is full of investors who come from a wide demographic.

You know that Chinese people were one of the first to fall for the OneCoin scam, right?

BBIIITTCONNEECCCTTTT

[nutildah]

I still do not expect Ordinals to last for a long time, but it will crash like NFTs. (and we will have James Jani probably make another video documentary about that - crazy how people have not learned their lessons with NFTs).

NFTs are the new altcoin, which are the new bitcoin... A lot of people still believe bitcoin is a ponzi scheme. But the truth is, the situation is a lot more complex than that, for all 3 entities.

A lot (the vast majority) of NFTs are produced for the sole purpose of making their creator money -- no doubt about that. Same thing with altcoins. Yet there are still some NFTs that have real-world utility, just like with altcoins... even if that utility is just being a collectible.

I've been going on about it for close to 2 years here now: there is a legitimate demand for some NFTs as collector's items. There are also flippers looking to sell them to other flippers and collectors at a higher price than which they bought them. This is true in every area of collectibles.

Like Bitcoin did for money, NFTs are an attempt to recreate a physical good in the digital realm. They are ownable, transferrable, and often immutable (though not always).

A lot of it is very silly with valuations driven purely by well-oiled hype machines. But sometimes they are just endearing to collectors, who want to own one simply because it makes them feel good to know that its in their wallet.

Case in point, I'm about to make a trade for one of these Bitcoin NFTs... Its my second and I have no plans to sell one, I just like knowing that I'll have 2 of them:



Is it silly and stupid? Perhaps to a lot of people. But the point is, there is a legit market for a lot of this stuff, driven by legit demand from collectors. These collectors could care less what the non-believers think. As Bitcoin grows more popular, so will the collector base for such items (including at least some Ordinals).

[Wind_FURY]

They are organizing conferences behind BRC-20, and that picture shows that the room is full of investors who come from a wide demographic. It's not merely "crypto-bros", but there's men, women, old, young, fat, thin. ANYONE in China who has money to invest, will invest in BRC-20.

I believe that picture was taken months ago, last year. Therefore if a BRC-20 conference was announced today, it would attract a lot more people.

You know that Chinese people were one of the first to fall for the OneCoin scam, right? And it wasn't even called that back then, this was way back over 10 years ago when it was still "BigCoin".

A lot of people in China live in severe poverty so any, and I repeat, any beacon of hope that might make them rich and prosperous is something they cling on to fast.

I still do not expect Ordinals to last for a long time, but it will crash like NFTs. (and we will have James Jani probably make another video documentary about that - crazy how people have not learned their lessons with NFTs).

I believe if it stays on-chain, Ordinals as a "protocol" for inscribing NFTs in the Bitcoin blockchain will stay with us for a long time. It will "die", then "come back" again, "die", then "come back" again, with the best collections valued highly by a community of collectors of digital artifacts.

But BRC-20, not for a very long time when its users/developers see its inefficiencies if compared to token issuance and trading in other blockchains like Ethereum and its alternatives.

[FeeBuddy]

• fastestFee: 32
• halfHourFee: 32
• hourFee: 32
• economyFee: 32
• minimumFee: 24 sat/vB

[bitmover]

• fastestFee: 32
• halfHourFee: 32
• hourFee: 32
• economyFee: 32
• minimumFee: 24 sat/vB

Hello guys.

I made this temporary string post while FeeBuddy  is a newbie and doesn't have the required rank to post  images or a Copper membership.

Code is ready, however I am fixing some issues on the server side to set up the cron job! I think it will be working soon!

[joker_josue]

Code is ready, however I am fixing some issues on the server side to set up the cron job! I think it will be working soon!

Specifically, what will your bot do?

_{I'll admit, I don't want to read the +50 previous posts.} 

[bitmover]

Code is ready, however I am fixing some issues on the server side to set up the cron job! I think it will be working soon!

Specifically, what will your bot do?

_{I'll admit, I don't want to read the +50 previous posts.} 

It will post the fees every 6 hours (or less if needeed). Similar to chart buddy.

[FeeBuddy]

     

• fastestFee: 46 sat/vB
• halfHourFee: 39 sat/vB
• hourFee: 35 sat/vB
• economyFee: 35 sat/vB
• minimumFee: 24 sat/vB

[bitmover]

     

• fastestFee: 46 sat/vB
• halfHourFee: 39 sat/vB
• hourFee: 35 sat/vB
• economyFee: 35 sat/vB
• minimumFee: 24 sat/vB

Everything is now set!

Cron job is working, and it will post every 6 hours, the first post will be soon.

Thanks for @examplens for the help with the shared server!!

[examplens]

     

• fastestFee: 46 sat/vB
• halfHourFee: 39 sat/vB
• hourFee: 35 sat/vB
• economyFee: 35 sat/vB
• minimumFee: 24 sat/vB

Everything is now set!

Cron job is working, and it will post every 6 hours, the first post will be soon.

Thanks for @examplens for the help with the shared server!!

All the best my friend.
I'm still impressed with how far you've gone with development, all from the starting point.
I'm glad I helped you with the server

[bitmover]

All the best my friend.
I'm still impressed with how far you've gone with development, all from the starting point.
I'm glad I helped you with the server

Thank you! I am enjoying my new hobby, learning  a lot about web development  while participating in the forum!


Thanks to @Learn Bitcoin who made the donation, now @FeeBuddy has a Copper Membership!!

I will set everything up to post the images in a few days, using talkimg.

I will see if I can improve the image with some kind of chart too! Like ChartBuddy

[Learn Bitcoin]

Thanks to @Learn Bitcoin who made the donation, now @FeeBuddy has a Copper Membership!!

I will set everything up to post the images in a few days, using talkimg.

I will see if I can improve the image with some kind of chart too! Like ChartBuddy

I am glad that I was able to be a minor part of a great start.
Everyone could help with their extra ordinary coding skills and other knowledge but I don't have something like that. So, there is a less chance for people like me to be a part of a historical start. I am very much happy that I was able to help. I hope FeeBuddy will continue to stay around and update us

Cheers!

[FeeBuddy]

     

• fastestFee: 50 sat/vB
• halfHourFee: 43 sat/vB
• hourFee: 38 sat/vB
• economyFee: 38 sat/vB
• minimumFee: 24 sat/vB

[FeeBuddy]

     

• fastestFee: 35 sat/vB
• halfHourFee: 33 sat/vB
• hourFee: 32 sat/vB
• economyFee: 32 sat/vB
• minimumFee: 24 sat/vB

[FeeBuddy]

     

• fastestFee: 31 sat/vB
• halfHourFee: 31 sat/vB
• hourFee: 31 sat/vB
• economyFee: 31 sat/vB
• minimumFee: 25 sat/vB

[NotATether]

Fees have actually gone down recently.