Bitcoin Runes push fees as high as 900/vbyte or $196 US

[we-btc]

As we all expected Runes have increased fees dramatically and at the same time make Bitcoin unusable as peer-to-peer electronic cash.

I see what is happening to Bitcoin and wonder why no one else is questioning the changes!!

I would like to see Bitcoin returned to its original form without ordinals but wonder if that is even possible at this point.

Why are we allowing this?

I would like to start a group who advocates for Bitcoin as it was intended.  Is anyone interested?

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[Oshosondy]

Why are we allowing this?

I would like to start a group who advocates for Bitcoin as it was intended.  Is anyone interested?

Mining reward will decrease over time and will gradually and fully be replaced by transaction fee. That is the reason this should be allowed. But bitcoin developers are sleeping to make bitcoin transaction to remain at 1 to 10 sat/vbyte. We need bitcoin developers to make a proposal that will benefit the future of bitcoin in regards to transaction fee.

[we-btc]

Mining reward will decrease over time and will gradually and fully be replaced by transaction fee. That is the reason this should be allowed. But bitcoin developers are sleeping to make bitcoin transaction to remain at 1 to 10 sat/vbyte. We need bitcoin developers to make a proposal that will benefit the future of bitcoin in regards to transaction fee.

The fees should be driven by supply and demand in order to use Bitcoin as electronic cash.  They are being driven by ordinals that have nothing to do with Bitcoin as it was intended.

Bitcoin is being turned into a tool for financial institutions and miners and is being disregarded for its use as digital electronic cash.

These changes benefit large organizations who will profit off of Bitcoin. THIS IS THE EXACT OPPOSITE OF WHAT BITCOIN WAS INTENDED FOR!

Where did all of the people go who supported bitcoin as an individual freedom and sovereignty coin?

[alastantiger]

Why are we allowing this?
I would like to start a group who advocates for Bitcoin as it was intended.  Is anyone interested?

We should hold David Bailey responsible. His company is basically funding ordinals and runes. And they are responsible for spamming the Bitcoin chain thereby causing a high transaction fee. Even though it seems they have a lot of money to spend, like the one where people spent hundreds of dollars per block in transaction fee. They can't continue this for long. To save the Bitcoin network our advocacy should be getting the ordinals and runes off the network.

[The Cryptovator]

I admit that due to high transaction fees, Bitcoin has become unusable. It has become quite impossible to make any small payments in Bitcoin due to over-transaction fees. Mining rewards have decreased, and now miners will increase the fees somehow as well. Ordinal has made everything difficult right now regarding transaction fees. Due to a lot of ordinals transactions, the Bitcoin network has become congested. Bitcoin developers must find a solution. Otherwise, day by day, Bitcoin will be far from its goal. It would just be treated as an investment asset. 

[AHOYBRAUSE]

It really is insanity still.
Even though it finally relaxed a bit but I still have an exchange pending where I can't push the transaction, it is so annoying. Made it short before the halving and didn't expect this to be such a big issue.
And here I am now now waiting for my btc transaction to finally get confirmed and get my exchanged funds to my wallet, it's driving me crazy.

As always when I handle btc, I always have the worst timing. I buy it goes down, I sell it goes up, I send btc which I need to arrive fast and then there is no block for like 90 minutes and the fees go up crazy and the transaction gets stuck.

[B1-66ER]

BTC> what is Runes anyway?

[bitcoiner180]

Look at mempool, choose a random block and filter for OP_RETURN:

https://i.ibb.co/BcRdpTz/Screenshot-20240421133806-898x918.png

90% of transactions are OP_RETURN and if you click at a random transaction probably is a transaction from a address to the same address like this: https://mempool.space/tx/3bdc9fd75a4afcf6987a751f16eca6e28a92a59cf5673b428136e3171199c355

Bitcoin is no more used as peer to peer cash system! Is used only for memecoins, casino, and layer-2.

Thanks for David Bailey and Segwit developers.

[Kamasylvia]

Why are we allowing this?

I would like to start a group who advocates for Bitcoin as it was intended.  Is anyone interested?

Mining reward will decrease over time and will gradually and fully be replaced by transaction fee. That is the reason this should be allowed. But bitcoin developers are sleeping to make bitcoin transaction to remain at 1 to 10 sat/vbyte. We need bitcoin developers to make a proposal that will benefit the future of bitcoin in regards to transaction fee.

You are correct that the mining reward in Bitcoin will gradually decrease over time, with transaction fees expected to become a more significant portion of miners' income. This transition is built into the Bitcoin protocol as part of its deflationary monetary policy.

It may take time for consensus to be reached on specific proposals, but the development community remains committed to improving the scalability and usability of the Bitcoin network while maintaining its core principles.

[tbct_mt2]

Complain does not help anything for us in our practice. We have to switch to other blockchains for our fund transfers when Bitcoin mempools are continuing to be spammed by Ordinals and Runes.

I believe these spam waves will come and go but it takes time for them to be resolved block by block and hypes on Ordinals, Runes become less and there will be less demands from them on Bitcoin transactions. It's certainly that we have to adapt to live with Ordinals and Runes so we must have other plans for fund transfers.

It's true to say Bitcoin blockchain during these attacks, are not helpful for the poor with small fund and even for the rich, if they are smart, they will not waste their precious satoshi for very expensive transaction fee.

[logfiles]

Someone perfectly described what Bitcoin is these days and couldn't agree anymore. It sounded like a joke, but it's the reality, How did we get here?

Bitcoin: A Peer-to-Peer Electronic JPEGS System

How many genuine users are lately using Bitcoin for transactions and micropayments? I am pretty sure the number is very small. I personally have abandoned using Bitcoin to transact until the fees drop back to normal. I can't keep up with the stupid Runes and Ordinals madness.

How is the Bitcoin adoption supposed to push forward if we keep allowing the greedy JPEG guys to ruin the network?

[stompix]

As we all expected Runes have increased fees dramatically and at the same time make Bitcoin unusable as peer-to-peer electronic cash.

But, but, you can still move $1 million in 10 minutes paying only $100, do that with your bank.! /s

The fees should be driven by supply and demand in order to use Bitcoin as electronic cash.

Nope, the fees should be driven only by supply and demand.
As long as you obey the rules of the protocol your transaction has priority only if you pay more!
Funny how one moment we're going permissionless, decentralized, or under government control, then we need some higher-up to start labeling what's worth and what's not worth the space in the chain.We hate a police state but somebody please call the police!!! 

Nobody is forcing you to use this Bitcoin, just like we told big blockers years ago to go and have their own big blockchain, if you don't like ordinals and runes make your own Bitcoin!


 

[DanWalker]

Complain does not help anything for us in our practice. We have to switch to other blockchains for our fund transfers when Bitcoin mempools are continuing to be spammed by Ordinals and Runes.

I believe these spam waves will come and go but it takes time for them to be resolved block by block and hypes on Ordinals, Runes become less and there will be less demands from them on Bitcoin transactions. It's certainly that we have to adapt to live with Ordinals and Runes so we must have other plans for fund transfers.

It's true to say Bitcoin blockchain during these attacks, are not helpful for the poor with small fund and even for the rich, if they are smart, they will not waste their precious satoshi for very expensive transaction fee.

I think adaptation is something we all need to accept because even if the wave of BRC and RUNE passes there is no guarantee that a new concept will not be created and we will continue to fall into this situation. I have a feeling that someone wants bitcoin to be a game for the rich, they want to take the poor out of the game. Surely retail investors will not only feel uncomfortable but they will soon look for alternatives and altcoins will be their choice.

There have been several threads in the past questioning whether bitcoin like gold and real estate, will become a game for those with a lot of money, and I see that becoming a reality.

[tbct_mt2]

I think adaptation is something we all need to accept because even if the wave of BRC and RUNE passes there is no guarantee that a new concept will not be created and we will continue to fall into this situation.

I agree and I shared my thinking that they can come and go, many times. Except if Bitcoin developers can do something to stop these attackers. I really consider them as attackers, not actual users of Bitcoin blockchain.

They know that it's more easily to be known if they deploy their inscriptions on Bitcoin blockchains than altcoin blockchains and they see opportunities to make noise, get rich with Bitcoin blockchain. They will not abandon their rich games if the bull market is still here but actual Bitcoin users deserve to use the blockchain in either bull or bear market.

[dothebeats]

Why are we allowing this?
I would like to start a group who advocates for Bitcoin as it was intended.  Is anyone interested?

We should hold David Bailey responsible. His company is basically funding ordinals and runes. And they are responsible for spamming the Bitcoin chain thereby causing a high transaction fee. Even though it seems they have a lot of money to spend, like the one where people spent hundreds of dollars per block in transaction fee. They can't continue this for long. To save the Bitcoin network our advocacy should be getting the ordinals and runes off the network.

Or we can let them have it their way and burn off their funds if they decide to continue with their bollocks. They've done this with Ordinals and it relaxed after weeks of it bugging the chain. Runes is clogging the mempool simply because it's a new thing and a lot of people are wanting to get in on the hype train. Give it some time and the hype will die down, alongside the enormous fees that people are paying now to get a transaction confirmed.

[franky1]

As we all expected Runes have increased fees dramatically and at the same time make Bitcoin unusable as peer-to-peer electronic cash.

But, but, you can still move $1 million in 10 minutes paying only $100, do that with your bank.! /s

The fees should be driven by supply and demand in order to use Bitcoin as electronic cash.

Nope, the fees should be driven only by supply and demand.
As long as you obey the rules of the protocol your transaction has priority only if you pay more!
Funny how one moment we're going permissionless, decentralized, or under government control, then we need some higher-up to start labeling what's worth and what's not worth the space in the chain.We hate a police state but somebody please call the police!!!  

Nobody is forcing you to use this Bitcoin, just like we told big blockers years ago to go and have their own big blockchain, if you don't like ordinals and runes make your own Bitcoin!  

stompix loves ordinals and runes and doesnt want them to stop.. reveals more about what he cares about most.. and it sure isnt an effective bitcoin network

funny how those that dont want the annoyances(exploits/congestion/fee war/scams) to stop say these same things: (not verbatim, but summarised)
"if you dont like cores roadmap leave"
"dont tell core what they should do for bitcoin"
"no one should stop or demand core do things for the benefit of bitcoiners"
"if you want to Nack, critique, scrutinise core, expect to get moderated/banned from all technical levels of discussion, even if your objections are proven correct"

"we should REKT other brands that want to propose changes, coz its not core"

"if you want to propose something for bitcoin thats not core conception, create a new network and see who follows"

"even if junk metadata is not validated, we should allow it cos censorship-resistance"
"if you want to use bitcoin as a bitcoiner please stop using bitcoin and move to this subnetwork we promote"

"small sat movements containing non-validated junk metadata belongs on bitcoin.. validated small sat purchases of real utility dont belong on the bitcoin network, dont use bitcoin to buy coffee or pizza or pay bills, but dont stop scams, junk from being added"

"dont stop the junk small spam but stop the genuine purchases as they are unfit for the network"
"the network is unfit for every genuine bitcoiner but lets not stop the junk as they deserve to exist on the network"

and variations of that nonsense
and none of this nonsense is helpful.. its the opposite

[callmyname]

Look at mempool, choose a random block and filter for OP_RETURN:

https://i.ibb.co/BcRdpTz/Screenshot-20240421133806-898x918.png

90% of transactions are OP_RETURN and if you click at a random transaction probably is a transaction from a address to the same address like this: https://mempool.space/tx/3bdc9fd75a4afcf6987a751f16eca6e28a92a59cf5673b428136e3171199c355

Bitcoin is no more used as peer to peer cash system! Is used only for memecoins, casino, and layer-2.

Thanks for David Bailey and Segwit developers.

Thanks for that! Too many spam transactions.

[criptoevangelista]

I don't agree with runes and ordinals on the bitcoin blockchain, but as bitcoin is a free network, it is difficult to prohibit people from putting things there, the free market is what will say whether this will evolve or not, unfortunately in the meantime we have to pay huge amounts of transaction fees, it's a shame, I also wish this would end soon.

[goldkingcoiner]

There are periods of time when it becomes very expensive to send small amounts of Bitcoin. It does impose a kind of 'mandatory HODL time period' for small-scale Bitcoiners. I wonder about the implications on the Bitcoin ecosystem and price.
 
The devs have not implemented anything to counter the blockchain spam.

It is a huge problem. So what is the solution here? Further Lightning development?


source: https://ycharts.com/indicators/bitcoin_average_transaction_fee

[SquirrelJulietGarden]

There are periods of time when it becomes very expensive to send small amounts of Bitcoin. It does impose a kind of 'mandatory HODL time period' for small-scale Bitcoiners.

I agree that with Bitcoin, a longer holding time, a better chance for a holder to get more profit but I really dislike situation when we have to hold our bitcoins while we don't want to hold it with a funny reason behind. We have no other choices because of very expensive transaction fee.

It is not a good advertisement for Bitcoin because we have keys (private keys), we have coins and we have need to move our bitcoins whenever we want. Can not do it because of expensive transaction fee, is a big barrier to bring more new people to Bitcoin community. It's big fear that you have bitcoin but can not do it, because if you do it, when transaction fee is unrealistic expensive, you will convert your bitcoins to satoshi dust.