Has Anyone Else Noticed...

[BitcoinCanSaveUsAll]

I've been watching the mempool dwindle lately and it looks great as it's now under a gig as per mempool dot space!  Perhaps its the filters being properly applied on the node runners using their filters (permitbaremultisig equals 0 datacarriersize equals 0) or perhaps the ordinals / inscriptions teams have lost their appetite or been persuaded for other reasons to scale back.  Regardless however I'm noticing another trend with the mempool dot space goggles lately.  While the amount of inscriptions has seemingly dwindled based on these goggles, the amount of taproot non inscriptions transactions has drastically increased.  Perhaps they've found a way around the goggles of mempool dot space to use taproot for transmitting these images?  The reason I ponder this is that during the ordinals / inscriptions peak, almost every single taproot transaction in the mempool was an inscriptions transaction(in fact I couldn't even see one that wasn't) yet now it's seemingly half or less the volume of taproot transactions are inscriptions.  I wonder what would have changed over these last few weeks to have such a profound impact on the taproot transactions.  Anyway I wanted to put it out there to everyone to see if they too had noticed this change and if anyone knows what all these recent taproot transactions of late are as they seemed nonexistent a few weeks ago during the inscriptions / ordinals peak.

Any thoughts on this would be much appreciated. Have a great weekend fellow Bitcoiners!

[1714980571]

1714980571

[1714980571]

1714980571

[1714980571]

1714980571

[Kruw]

Perhaps its the filters being properly applied on the node runners using their filters (permitbaremultisig equals 0 datacarriersize equals 0) or perhaps the ordinals / inscriptions teams have lost their appetite or been persuaded for other reasons to scale back.

You cannot censor someone else's Bitcoin transactions from getting confirmed by miners no matter what filters you set on your own node.

The fee decrease is just the laws of supply and demand playing out in the long term. There's an infinite amount of block space being created, but the people who want to buy that block space have a limited amount of Bitcoins to buy it with.

[pooya87]

or perhaps the ordinals / inscriptions teams have lost their appetite or been persuaded for other reasons to scale back.

Although the last peak was the biggest spam attack in the past year, but it is normal to see the "hype" come down after a while. That's the nature of scam markets where they sell useless junk to newbies. At some point people run out of money to buy the garbage so the pumps start becoming smaller hence the profit or hope for making a profit. The less newbies participate in that scam market, the less junk spam on-chain.

You can see these ups and downs in the 1-year chart:
https://jochen-hoenicke.de/queue/#BTC,1y,weight
You can see how it is hyped up, then dies again. Then hyped up again and dies again.
I don't see this last death to be the end either.

You cannot censor someone else's Bitcoin transactions from getting confirmed by miners no matter what filters you set on your own node.

Refusing to relay non-standard, abusing, exploitive, spam, etc. type transactions is never called "censoring" and full nodes have always been rejecting such transactions from very early days.

[Synchronice]

Perhaps its the filters being properly applied on the node runners using their filters (permitbaremultisig equals 0 datacarriersize equals 0) or perhaps the ordinals / inscriptions teams have lost their appetite or been persuaded for other reasons to scale back.

You cannot censor someone else's Bitcoin transactions from getting confirmed by miners no matter what filters you set on your own node.

The fee decrease is just the laws of supply and demand playing out in the long term. There's an infinite amount of block space being created, but the people who want to buy that block space have a limited amount of Bitcoins to buy it with.

Fee increase and decrease is not purely only supply and demand game. Ordinals creators were artificially increasing the fee for some reason, they were paying more than it was necessary to get transaction confirmed in the next block, they were paying hundreds of times more than it was necessary and some regular Bitcoin users were just forced to pay high fees because of them.

You can see these ups and downs in the 1-year chart:
https://jochen-hoenicke.de/queue/#BTC,1y,weight
You can see how it is hyped up, then dies again. Then hyped up again and dies again.
I don't see this last death to be the end either.

I understand why it's hyped but I don't understand why hype dies and then rises. What event or which person makes it hyped up?

[Kruw]

Refusing to relay non-standard, abusing, exploitive, spam, etc. type transactions is never called "censoring" and full nodes have always been rejecting such transactions from very early days.

If it's valid by consensus rules, your full node accepted it. Full nodes rejecting such transactions from their mempool does not succeed in censoring them: https://mempool.space/tx/c1e0db6368a43f5589352ed44aa1ff9af33410e4a9fd9be0f6ac42d9e4117151

Fee increase and decrease is not purely only supply and demand game. Ordinals creators were artificially increasing the fee for some reason, they were paying more than it was necessary to get transaction confirmed in the next block, they were paying hundreds of times more than it was necessary and some regular Bitcoin users were just forced to pay high fees because of them.

Regular Bitcoin users are not forced to pay higher fees just because someone else is paying hundreds of times more than necessary to get confirmed in the next block.

[DaveF]

I understand why it's hyped but I don't understand why hype dies and then rises. What event or which person makes it hyped up?

It's hyped because people can make money hyping it.
FuD plays a lot into it so a few people with some marketing and some Influencers who are getting paid push it, and the people who don't understand buy them.

Which may also account for the fees, get them their ordinal or whatever in the next block. It costs them 0 to do it, just a bit less profit. So instead of making $1000 for something that cost them $0 they make $990.

-Dave

[Easteregg69]

or perhaps the ordinals / inscriptions teams have lost their appetite or been persuaded for other reasons to scale back.

Although the last peak was the biggest spam attack in the past year, but it is normal to see the "hype" come down after a while. That's the nature of scam markets where they sell useless junk to newbies. At some point people run out of money to buy the garbage so the pumps start becoming smaller hence the profit or hope for making a profit. The less newbies participate in that scam market, the less junk spam on-chain.

You can see these ups and downs in the 1-year chart:
https://jochen-hoenicke.de/queue/#BTC,1y,weight
You can see how it is hyped up, then dies again. Then hyped up again and dies again.
I don't see this last death to be the end either.

You cannot censor someone else's Bitcoin transactions from getting confirmed by miners no matter what filters you set on your own node.

Refusing to relay non-standard, abusing, exploitive, spam, etc. type transactions is never called "censoring" and full nodes have always been rejecting such transactions from very early days.

You seriously need to work your vocabulary. You can't talk like that amongst regular honest people.

[pooya87]

I understand why it's hyped but I don't understand why hype dies and then rises. What event or which person makes it hyped up?

This scam market where they trade fake tokens called Ordinals is essentially the same as the altcoin/token market where from time to time we see a period of big pumps in a large number of altcoins. For example the 2017 pumps, the ICO mania, etc. The reasons are the same too.

The two important reasons for the temporary hype in my opinion are:
- Being new
Ordinals scam is currently new so it can attract a lot of people the same way ICO scam did in early days. In fact this is the main reason why they keep changing the name and coming up with a new one for the same garbage they sell people:
ICO, IDO, IBO, IEO, ITO, STO, DeFi, NFT, Ordinals

- Influx of newcomers
2017 altcoin pumps is the best example. When there are newcomers who don't yet know any better, they become the best target for such useless junk. They are the target of advertisement and they buy the junk with enthusiasm thinking they've struck oil and are about to get rich, specially when they look at bitcoin history (price went from $0.001 to $50000) and think it can repeat with the junk they've bought!

[Synchronice]

Regular Bitcoin users are not forced to pay higher fees just because someone else is paying hundreds of times more than necessary to get confirmed in the next block.

Ordinals were paying more than what was necessary, many blocks were filled with artificially increased fees. So, regular Bitcoin user wants to get transaction confirmed in the next few blocks, when 20 and more upcoming blocks are filled with ordinals who pay enormously high transaction fees, you are forced to pay high fee to get it confirmed soon and not to wait for weeks and months.

FuD plays a lot into it so a few people with some marketing and some Influencers who are getting paid push it, and the people who don't understand buy them.

What is a thing that they don't understand? It's super simple, they pay basically to make it possible to paste transaction on ordiscan.com and get image as a result. It's just very strange for me that they pay for this instead of right click + save as.

Ordinals scam is currently new so it can attract a lot of people the same way ICO scam did in early days. In fact this is the main reason why they keep changing the name and coming up with a new one for the same garbage they sell people:
ICO, IDO, IBO, IEO, ITO, STO, DeFi, NFT, Ordinals

- Influx of newcomers
2017 altcoin pumps is the best example. When there are newcomers who don't yet know any better, they become the best target for such useless junk. They are the target of advertisement and they buy the junk with enthusiasm thinking they've struck oil and are about to get rich, specially when they look at bitcoin history (price went from $0.001 to $50000) and think it can repeat with the junk they've bought!

As far as I understand,Ordinals, ICO, NFT and etc basically take away money from people who lack critical thinking. That's bad but life is tough.

[Kruw]

Regular Bitcoin users are not forced to pay higher fees just because someone else is paying hundreds of times more than necessary to get confirmed in the next block.

Ordinals were paying more than what was necessary, many blocks were filled with artificially increased fees. So, regular Bitcoin user wants to get transaction confirmed in the next few blocks, when 20 and more upcoming blocks are filled with ordinals who pay enormously high transaction fees, you are forced to pay high fee to get it confirmed soon and not to wait for weeks and months.

This explanation is the opposite of what you claimed originally. You said they were paying more than necessary to get confirmed in the next block:

Fee increase and decrease is not purely only supply and demand game. Ordinals creators were artificially increasing the fee for some reason, they were paying more than it was necessary to get transaction confirmed in the next block, they were paying hundreds of times more than it was necessary and some regular Bitcoin users were just forced to pay high fees because of them.

[Kakmakr]

or perhaps the ordinals / inscriptions teams have lost their appetite or been persuaded for other reasons to scale back.

Although the last peak was the biggest spam attack in the past year, but it is normal to see the "hype" come down after a while. That's the nature of scam markets where they sell useless junk to newbies. At some point people run out of money to buy the garbage so the pumps start becoming smaller hence the profit or hope for making a profit. The less newbies participate in that scam market, the less junk spam on-chain.

You can see these ups and downs in the 1-year chart:
https://jochen-hoenicke.de/queue/#BTC,1y,weight
You can see how it is hyped up, then dies again. Then hyped up again and dies again.
I don't see this last death to be the end either.

You cannot censor someone else's Bitcoin transactions from getting confirmed by miners no matter what filters you set on your own node.

Refusing to relay non-standard, abusing, exploitive, spam, etc. type transactions is never called "censoring" and full nodes have always been rejecting such transactions from very early days.

I want to agree with you on this, remember when ICOs were at it's highest hype cycle and people were shifting tokens in and out of Bitcoin to profit from that... well, that was also when we experienced the most congestion on the mempool.

Then large social media companies started to ban all Crypto advertisements on their platforms and the ICOs died out... and with them the congestion on the mempool.

It takes time for people to realize when they are scammed... then everything comes down like a house of cards.

Edit : only saw your second follow up post... after I posted this, but it supports your argument and it gives some detail for the people who were not around back then.  

[BlackHatCoiner]

Hopefully this madness will come to an end in this year without implementing any sorts of protocol restrictions that would introduce the slightest censorship. Taproot assets seem to be under development, so perhaps this entire clown show can at least be applied efficiently.

Although the last peak was the biggest spam attack in the past year, but it is normal to see the "hype" come down after a while. That's the nature of scam markets where they sell useless junk to newbies.

This must have been the most successful business, among all. Transaction fees have never skyrocketed like this before. We were literally on three digits sat per vb for weeks.

[Kruw]

Transaction fees have never skyrocketed like this before. We were literally on three digits sat per vb for weeks.

This is wrong, fees surpassed 1000 sat/vbyte in 2017.

[BlackHatCoiner]

This is wrong, fees surpassed 1000 sat/vbyte in 2017.

At which month of 2017 and for how long? In terms of dollars, I think it was more expensive last year.

[Kruw]

This is wrong, fees surpassed 1000 sat/vbyte in 2017.

At which month of 2017 and for how long?

December: https://mempool.space/block/000000000000000000016f84f5cc7e15e1c504322a5fad2a34acae761e29d94c