High fees is a never ending story?

[bitbit97]

Something makes me feel, that we are going to see high fees again. Here is why. First I saw really high fees about half a year ago, then I saw them again somewhere in January, and again after halving. For me shows that someone really likes them and earns good on them, otherwise they wont have repeated. So while we see situation is being normalized, someone somewhere thinks what to invent next (and people cant stop inventing new) for blockchain, that obviously is going to push fees up high again. It isnt have to be a malice, but a pure curiosity.

[doc]

The weekend is always low on transactions, it has been that for years, the lowest point is usually right before the working day on Monday begins for Central Europe, that's when Asia is fully awake and back and activity starts picking up in the western part also, you can see that we dropped to 16sat/vb during that time.

Nothing new, it started to look just as road traffic, pretty predictable!

I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.

Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.

You are smart in finding the right time to get lower gas fees. I sometimes have difficulty waiting when the gas fee will go down. I tried it several times and avoided rush hours where there is high traffic and in the end I also got a cheap fee.

[Gladitorcomeback]

Something makes me feel, that we are going to see high fees again. Here is why. First I saw really high fees about half a year ago, then I saw them again somewhere in January, and again after halving. For me shows that someone really likes them and earns good on them, otherwise they wont have repeated. So while we see situation is being normalized, someone somewhere thinks what to invent next (and people cant stop inventing new) for blockchain, that obviously is going to push fees up high again. It isnt have to be a malice, but a pure curiosity.

It's not as easy as you make it sound. Bitcoin's transaction fees aren't in the control of an individual and it's not that easy for someone to invent something that would make the network become congested and fees soar high once again because even if someone does that, it depends on whether people will use it or not just like ordinals, so even if someone tries, they can't succeed in doing that.

However, there is no doubt that this wasn't the last time for fees to go so high, and we are surely going to see something similar again very soon, but the reason would only be the excess of dust transactions or a lot of investors getting into the market at once.

[dwyane36]

However, there is no doubt that this wasn't the last time for fees to go so high, and we are surely going to see something similar again very soon, but the reason would only be the excess of dust transactions or a lot of investors getting into the market at once.

To be honest, I initially expected that the high fees after halving would be for a longer time, but as we can see, the hype around the runes came to naught quite quickly. Nevertheless, you're right to point out that there will still be such bursts of activity in the Bitcoin network. There will probably be at least a couple more times this year.

[bitbit97]

Something makes me feel, that we are going to see high fees again. Here is why. First I saw really high fees about half a year ago, then I saw them again somewhere in January, and again after halving. For me shows that someone really likes them and earns good on them, otherwise they wont have repeated. So while we see situation is being normalized, someone somewhere thinks what to invent next (and people cant stop inventing new) for blockchain, that obviously is going to push fees up high again. It isnt have to be a malice, but a pure curiosity.

It's not as easy as you make it sound. Bitcoin's transaction fees aren't in the control of an individual and it's not that easy for someone to invent something that would make the network become congested and fees soar high once again because even if someone does that, it depends on whether people will use it or not just like ordinals, so even if someone tries, they can't succeed in doing that.

However, there is no doubt that this wasn't the last time for fees to go so high, and we are surely going to see something similar again very soon, but the reason would only be the excess of dust transactions or a lot of investors getting into the market at once.

Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.

[NotATether]

Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.

We have a word for that in the English dictionary. It's called "greed".

Many awesome internet sites were ruined by greed.

First, YouTube. Youtube became so corporate that it drove normal users and creators off the platform. Then, the enshittification of most social media websites followed. And now, Twitter and Reddit have been gutted recently. And that's not to mention all the offline experiences that were ruined by some people who wanted to get extremely rich.

You're supposed to do entrepreneurship by making people's lives better, not by making them worse.

For Bitcoin it is not any different. I was initially sympathetic of Rodarmor when he made Ordinals, but with Runes now he is just showing that he's after the money.

[ABCbits]

Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.

Normally i would say "Don't give them idea". But quick google search shows it's already exist,
https://www.coingecko.com/en/coins/pepe-ordinals (it's meme token rather than meme coin)
https://help.magiceden.io/en/articles/8175699-understanding-bitmap-and-the-ordinals-metaverse

I really hope those trend would use Bitcoin sidechain, layer 2 or LN though.

[SmartGold01]

I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.

Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.

I see now, this cool anyway but most times it's very hard to know when is the normal time to carry out transaction at the night since we don't share same time zone, for instance the Asian and Africans, North American and the Europeans.
Whenever someone can be able to detects all this then he can surely know the right time to carry out transactions without waiting for the weekend pee say.

[KingsDen]

I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.

Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.

I see now, this cool anyway but most times it's very hard to know when is the normal time to carry out transaction at the night since we don't share same time zone, for instance the Asian and Africans, North American and the Europeans.
Whenever someone can be able to detects all this then he can surely know the right time to carry out transactions without waiting for the weekend pee say.

I unconsciously noticed that it is not fine to make transactions on Mondays and Wednesdays, especially the afternoon. I always go with weekend midnights. Transaction fee are relatively cheap and also the time lesser. So, I had sticked to this method before the main congestions started.

@SmartGold, the time zone has a way to take care of itself. All the miners are not in one time zone. So the situation sorts itself out.

[SmartGold01]

I never come to know about this but sometimes I do noticed something like this, I don't know is real because when I do carry out transaction on weekend, like Saturday or Sunday I usually observed that network fee is always low, but from Monday to Friday I often see it very higher even without the Runes compromising the network that cause the surge of gas fee to that level it was last week.

Usually I make transactions at certain times and not using the daily method like you do. We know that humans need time to sleep and stop all their activities, so I take advantage of opportunities like that to make transactions and so far it is quite efficient because I always get transaction fees. which is quite low.

I see now, this cool anyway but most times it's very hard to know when is the normal time to carry out transaction at the night since we don't share same time zone, for instance the Asian and Africans, North American and the Europeans.
Whenever someone can be able to detects all this then he can surely know the right time to carry out transactions without waiting for the weekend pee say.

I unconsciously noticed that it is not fine to make transactions on Mondays and Wednesdays, especially the afternoon. I always go with weekend midnights. Transaction fee are relatively cheap and also the time lesser. So, I had sticked to this method before the main congestions started.

@SmartGold, the time zone has a way to take care of itself. All the miners are not in one time zone. So the situation sorts itself out.

Thank you KingsDen then I have to relatively stick to weekend if so, few many people has already recommended weekend transaction.
I will check this weekend to how cheap it could be.

[Findingnemo]

I will check this weekend to how cheap it could be.

Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.

But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.

[Charles-Tim]

Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.

The Runes can be the problem in the next bullrun. I have not seen the fee rate gone up to 2000 sat/vbyte before. I do not think that has happen before in history of bitcoin. If Runes hype come again, it will be another network spamming.

But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.

Before we were using 1 sat/vbyte when the network was less congested. 16 sat/vbyte means the transaction is now 16 times more than what we have enjoyed in the past.

[Gurujebs]

Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.

If there is any one that is capable of doing all of these that you mentioned, it's going to be nobody but one greedy miner. If we take 100% of people that will confidently tells you that they bought things that were listed on Bitcoin network be it ordinals, brc tokens and NFTs, they are just less number of people that own bitcoin and most of these creativity didn't do well. Who is now benefiting from all of this, it's nobody but miners because they are the only people that refuse to listen to people about this shitty activity on the Bitcoin network.

[Aanuoluwatofunmi]

Indeed bitcoin isnt controlled by individuals, but still someone created NFTs on bitcoin blockchain, we got runes recently. And there is more to come. Why dont we have something like meme-coins on bitcoin blockchain? Or lots of metaverse madness? That is a good idea to think how to implement that to bitcoin blockchain, and that person will get rich. I expect more things that were once in trend in crypto to appear on bitcoin blockchain one day.

If there is any one that is capable of doing all of these that you mentioned, it's going to be nobody but one greedy miner. If we take 100% of people that will confidently tells you that they bought things that were listed on Bitcoin network be it ordinals, brc tokens and NFTs, they are just less number of people that own bitcoin and most of these creativity didn't do well. Who is now benefiting from all of this, it's nobody but miners because they are the only people that refuse to listen to people about this shitty activity on the Bitcoin network.

The idea was something different from what we later found out with the implementation of what they have done earlier, the idea begins from how they have thought about increasing blocks size a d that is all,  never to know that such could transpired to having ordinals to the bitcoin network, what we are seeing today as ordinals challenge is what won't last for long because even the miners have their own season they earn more and less, there is nothing permanent in life.

[SmartGold01]

I will check this weekend to how cheap it could be.

Already the fee went down 16sat/vb and that could be the cheapest for near term cause there is much TXs that left below this rate which makes it not really possible to go beyond this fee rate at the moment.

But definitely 16sat is a lot cheaper and congestion due to runes cleared pretty quick than expected.

I checked mempool.space and noticed same thing, for being It has never been this low right from the second week of halving, even as halving ends it's not still that cool making transactions except for this evening. Sincerely the runes really came to cause serious distraction and attack on the bitcoin chain.