Mempool Observer Topic

[ABCbits]

Um I realize I am very late to this but how tf did fastestfee go all the way up to 50+ sats/vb a few days ago?

Probably some new ordinal drop or a BRC drop?
There's so many of these it's hard to keep track. It's like the shitcoin craze of 2013 or the ICO bubble of 2017.

Yes it was the whole Runes launch by Rodarmor. He got bored with Ordinals and invented a new ordinals-like system... Seems like he's just trying to milk a cash cow by this point. I suspect this fad will be even more short-lived than Ordinals.

Have anyone see it's technical detail[1]? While ordinals use witness data and UTXO, runes use UTXO and OP_RETURN which create somewhat less bloat. And while ordinals idea looks fresh at it's time, both ordinals and runes looks outdated as Bitcoin sidechain/L2 gaining popularity. So yeah, i hope Runes lose it's popularity quickly.

[1] https://rodarmor.com/blog/runes/

[1714572380]

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[stompix]

Yes it was the whole Runes launch by Rodarmor. He got bored with Ordinals and invented a new ordinals-like system... Seems like he's just trying to milk a cash cow by this point. I suspect this fad will be even more short-lived than Ordinals.

Oh, so the the one I mentioend before that took a whole block:

https://ordiscan.com/inscription/63026232

was a rune and not an ordinal...?
And despite being called runes, they...are , what?

https://twitter.com/LeonidasNFT/status/1764216092514213988
ord.io/63140674

And, I hope I'm getting this wrong but no way in hell is he planning to inscribe 112k of those things, right?

[NotATether]

Yes it was the whole Runes launch by Rodarmor. He got bored with Ordinals and invented a new ordinals-like system... Seems like he's just trying to milk a cash cow by this point. I suspect this fad will be even more short-lived than Ordinals.

FFS... we can't have enough of these asset protocols

[bitmover]

My domain is under heavy DDOS attack (near 1 million of attack per day). I had to increase cloudflare configurations to a more aggressive setup, to keep the website up. however, those configs from cloudflare have taken FeeBuddy down...

I will try to fix it later!





In a few hours or days FeeBuddy will be back plotting date every few hours!

Edit: Just made a test with him, manually. Let's see if he gets back automatically later on.

[FeeBuddy]

     

• fastestFee: 12 sat/vB
• halfHourFee: 12 sat/vB
• hourFee: 12 sat/vB
• economyFee: 8 sat/vB
• minimumFee: 4 sat/vB

[cryptosize]

Yes it was the whole Runes launch by Rodarmor. He got bored with Ordinals and invented a new ordinals-like system... Seems like he's just trying to milk a cash cow by this point. I suspect this fad will be even more short-lived than Ordinals.

FFS... we can't have enough of these asset protocols

BTC closely follows nature's laws.

If parasites exist in nature to suck blood out of big animals, then why shouldn't digital parasites exist in the BTC ecosystem?

[stompix]

And we're back in business..



Over 90sat/vb for next block, back to $10 per simple tx.
I suppose I don't have to mention the culprit, right?   

Now throw maybe a 10% capacity decrease because of the halving as some miners might shut down and it's going to get uglier.

[franky1]

Now throw maybe a 10% capacity decrease because of the halving as some miners might shut down and it's going to get uglier.

the halving wont kill off the miners. the spot price has already and will look after miners
in short mining had no issues 6 months ago at 6.25btc for <$218.75k (btc was under $35k 6 months ago)
even if 1btc is still $70k next month.. 3.125btc will be $218.75k

miners were not screaming poverty 6 months ago where 1btc was under $35k/btc

[JayJuanGee]

Now throw maybe a 10% capacity decrease because of the halving as some miners might shut down and it's going to get uglier.

the halving wont kill off the miners. the spot price has already and will look after miners
in short mining had no issues 6 months ago at 6.25btc for <$218.75k (btc was under $35k 6 months ago)
even if 1btc is still $70k next month.. 3.125btc will be $218.75k

miners were not screaming poverty 6 months ago where 1btc was under $35k/btc

Another thing, even if half the miners closed down, which I agree with franky they are likely not going to be shutting down in large portions.  Maybe we won't even lose 10% of them, unless the BTC price goes back down to $50k or perhaps lower.  None the less, how does fewer miners affect how many transactions are processed?  The question of how many transactions for normies are being processed likely has to do with if there is any space left for them after the "higher paying" transactions get processed first.

And, I don't claim to know what might be the latests rush for blockspace that seemed to have started around Monday-ish (4-ish days ago).. and has been pretty steady since.

[philipma1957]

Now throw maybe a 10% capacity decrease because of the halving as some miners might shut down and it's going to get uglier.

the halving wont kill off the miners. the spot price has already and will look after miners
in short mining had no issues 6 months ago at 6.25btc for <$218.75k (btc was under $35k 6 months ago)
even if 1btc is still $70k next month.. 3.125btc will be $218.75k

miners were not screaming poverty 6 months ago where 1btc was under $35k/btc

Well actually Nov 2023 coins were 35k but the diff was not 86t.

it was 62t.

So a 70k which would be equal to 35k after the ½. needs to drop by 62/86 due to the diff increase.

so miners will have really torn a-holes soon.

[franky1]

Now throw maybe a 10% capacity decrease because of the halving as some miners might shut down and it's going to get uglier.

the halving wont kill off the miners. the spot price has already and will look after miners
in short mining had no issues 6 months ago at 6.25btc for <$218.75k (btc was under $35k 6 months ago)
even if 1btc is still $70k next month.. 3.125btc will be $218.75k

miners were not screaming poverty 6 months ago where 1btc was under $35k/btc

Well actually Nov 2023 coins were 35k but the diff was not 86t.

it was 62t.

So a 70k which would be equal to 35k after the ½. needs to drop by 62/86 due to the diff increase.

so miners will have really torn a-holes soon.

yep november was $35k.. but 6 months ago it was UNDER $35k 12th october was $26k
which is if we take $35k/86*57 is about the $24k equivelent. so cost vs market is still in scale

so the situation of 6 months ago of 57t at market of $24k is similar to a 86t at $35k

also majority of miners plan not by the day, they pre buy/audit their accounts on a 1-2 year bases and buy up electric contracts and hardware for a 2 year lifespan so they mine constantly throughout.. its just a few hobbyists that plan by the day/week that are the weak hands that jump at the slightest market movement
but it would only need the market to stay above/around $72k+ after halving to be similar situation to 6 months ago.. and they were not crying about anal pain or poverty

i wouldnt say torn, just stretched a little

[cryptosize]

Any idea what caused the recent fee spike?

https://mempool.space/block/000000000000000000013412024e8979a0e0c8fb22aaa5fb7b099feedd1991f9

Up to 280 sats/vB.

I'm afraid it's the users being torn a new a-hole, not miners... miners love high fees, especially with the halving being imminent.

Regarding halving, it's always the same discussion every 4 years.

Mining (in terms of purchasing power/USD valuation) becomes more and more profitable. It definitely is more profitable today compared to the 50 BTC era, there's no question about that.

Hashing competition means that older ASICs (higher nanometers) become less competitive. Lower-nanometer ASICs will remain competitive for the foreseeable future.

I don't worry about the miners' income. Even when the block subsidy will be a few sats in the far future, every transaction will cost a minimum of $1000 (in today's purchasing power, not when a Big Mac will cost $1000 ).

The last halving went a bit unnoticed due to COVID craziness, but the same dynamics applied back then. BTC was worth 4 digits...

Some people will disagree, but the increasing hashrate/competition drives the BTC price higher as time goes by.

Why? Because miners are forced to spend more money on ASICs & electricity, therefore they must sell their BTC for a higher price.

There's a reason BTC was dirt cheap back in 2009-2010... it's because with low amounts of electricity and a CPU/GPU you could produce tons of bitcoins.

In 5 years from now the BTC network will probably have 10 times the hashrate compared to today, but it also won't fall below 6 digits.

Economics 101

[BlackHatCoiner]

Wow. 1.04 GB mempool, 128 sat/vb low priority, 12 sat/vb no priority and anything less than 5.6 sat/vb is being purged. I'm done transacting this week.  

Here's an interesting fact: Monero network is also congested: https://xmrchain.net/txpool. More than 10k transactions in mempool, and it's growing like a spam attack. Do we have any information regarding this? If it continues like that, Monero will soon exceed Bitcoin's block size limit.  

[virasog]

Wow. 1.04 GB mempool, 128 sat/vb low priority, 12 sat/vb no priority and anything less than 5.6 sat/vb is being purged. I'm done transacting this week.  

Now what happened in the past couple of days that the mempool is overloaded and we again are facing the high transaction fee. I hope there is not again any Ordinals hype coming again to result in such a situation as we had it a month to two before. This is not because of miners shutting down or the halving effect.
Seeing such stats doesn't look good as many people including myself will stop transacting with Bitcoin until the fees become normal again but still there are times when you have to send receive bitcoin and accept whatever is the current transaction fee.

[franky1]

Any idea what caused the recent fee spike?

scammers with alot of money from victims of last years spammed meme junk called 'ordinals' are now scamming via spamming with their next project of junk tokens called 'runes'

they know they cannot put their scammed value into a regulated CEX to convert to fiat(kyc fear). they dont care about the value they scammed as it was "free money" for them (very low cost to create the junk they sold to idiot victims). so they dont care about the coin they accumulated, so they have no fear of spending it as high fee to spam the network with their next scam..

these scam junk projects die when victims stop buying them and then when the scammers see people are not buying their junk token they stop spamming it and start a new version of junk to promote new scam.

those promoting these junk promotions and wanting them to go viral and not stopped are usually associated or part of the scammer/spammer crew

the best way to socially stop them is to tell people that they are scams and not to buy into it to stop fuelling scams/spam. and then highlight those who advertise, hype, promote these scams as being associated with scammers

[cryptosize]

Any idea what caused the recent fee spike?

scammers with alot of money from victims of last years spammed meme junk called 'ordinals' are now scamming via spamming with their next project of junk tokens called 'runes'

they know they cannot put their scammed value into a regulated CEX to convert to fiat(kyc fear). they dont care about the value they scammed as it was "free money" for them (very low cost to create the junk they sold to idiot victims). so they dont care about the coin they accumulated, so they have no fear of spending it as high fee to spam the network with their next scam..

these scam junk projects die when victims stop buying them and then when the scammers see people are not buying their junk token they stop spamming it and start a new version of junk to promote new scam.

those promoting these junk promotions and wanting them to go viral and not stopped are usually associated or part of the scammer/spammer crew

https://www.theheldreport.com/p/bitcoin-runes-explainer

Casey launches his Runes token standard on the halving in April – at blockheight 840,000. It could be a giant boost in fees to Bitcoin miners at the very moment they need it the most!

[franky1]

Any idea what caused the recent fee spike?

scammers with alot of money from victims of last years spammed meme junk called 'ordinals' are now scamming via spamming with their next project of junk tokens called 'runes'

they know they cannot put their scammed value into a regulated CEX to convert to fiat(kyc fear). they dont care about the value they scammed as it was "free money" for them (very low cost to create the junk they sold to idiot victims). so they dont care about the coin they accumulated, so they have no fear of spending it as high fee to spam the network with their next scam..

these scam junk projects die when victims stop buying them and then when the scammers see people are not buying their junk token they stop spamming it and start a new version of junk to promote new scam.

those promoting these junk promotions and wanting them to go viral and not stopped are usually associated or part of the scammer/spammer crew

https://www.theheldreport.com/p/bitcoin-runes-explainer

Casey launches his Runes token standard on the halving in April – at blockheight 840,000. It could be a giant boost in fees to Bitcoin miners at the very moment they need it the most!

you asked about the fee's of these high fee sessions.. so im talking about the funding origins of the fee's that can afford to do these high fee's annoyances. not the data used

i have not looked into caseys version(his set of junk). as caseys version as you show is not active (going by what you say)
but the scammer group that use caseys previous project curations to make their own sets of scam stuff are already active and setting up and promoting the next project. it seems its related to some BOB spice subnetwork being promoted that will be playing about with runes, they are currently gathering up scam value from their previous scam and shifting value around spending alot of the scam money as fee's

basically these spam sessions of these last couple years are all related to scammer groups selling junk and using the victimised income to spam more junk projects when previous ones die out(low victim count) using high fee's to set their projects up .. continue till death their scams and to promote the next one

[examplens]

bitmover, have the attacks on your site calmed down or is CloudFlare absorbing them well?
It seems to me that it looks good now, maybe you could make an inclusion for the FeeBuddy bot, I started to miss it and the situation with fees is quite dynamic these days.

[bitmover]

bitmover, have the attacks on your site calmed down or is CloudFlare absorbing them well?
It seems to me that it looks good now, maybe you could make an inclusion for the FeeBuddy bot, I started to miss it and the situation with fees is quite dynamic these days.

Yeah, I miss him too.

I added all possible types of rules and exceptions available but it doesn't work :/

I made a few changes now, let's see if it comes back later.

I will focus in solving this issue in the next week.

[BlackHatCoiner]

Even the testnet is nowadays congested: https://mempool.space/testnet.

388,752 TXs, what's being tested there, lol.

Edit: I see  : https://mempool.space/testnet/tx/3073860d17c1202b2473f5293cf7e29fdc0cf56d2175ba1b98adcfabd430da03