ordinals and inscriptions

[tranthidung]

Well then, we've had the same story for a while now. I think this is a fad that will pass, but if there are people who are stupid enough to pay a lot of money to insert rubbish images in the mempool, that's up to them.

They convert their precious bitcoins, satoshis to useless NFTs and dusts. Let them be.

NFTs will die, become useless but Bitcoin will stay here with us. If we hold bitcoins, we will get profit and if they hold Inscriptions, they will cry later.

It pisses us off when the fees go up but it will piss them off even more when they realise that everything they've spent is worthless (unless someone hits the lottery, so to speak). It sounds to me that there was a similar fad before this that eventually died out.

It is painful because it takes months for congested mempools to cool down because hypes will last for several months too. Especially in a bull market, I really don't expect the cooling down rate will be quick enough.

We can read a report from Glassnode Insights, months ago, to understand about the past and guess what will happen with Bitcoin mempools and transaction fees next months.

• Inscriptions, Mempools and Miners

[ABCbits]

And even when using custodial service, you (or the service) still need to pay the TX fee (to create new channel) if that service doesn't have any LN channel which can reach the receiver/destination.

But all the centralized lightning network platforms that I have seen before, they all have their own channels. Example are Phoenix, Muun and Wallet of Satoshi or the exchanges like OKX and Binance. They all have their own channels. I think when people referred to lightning network as centralized, it means the platform the users are using for the lightning payment provide the channels needed.

Please re-read my reply. The problem i mentioned is lack of LN channel which can reach the receiver/destination. It's directly related to routing problem and lack of link between sender and receiver. I never said those service don't have their own LN channel.

[babo]

in the meantime, just after halving the fees exploded exponentially, scary!
there have been absurd spikes in fees, I knew it would happen and a lot of data has been released on the blockchain



obviously in a few days the situation will return to normal, don't worry

[babo]

the situation has not improved at all at the same time, regarding fees obviously
we are traveling stable around 300 sat/vb unless there are sudden peaks downwards at "night" times
Now I don't know how long this story can last, but I think until they make their new era NFTs and then it'll be stupid how it happened
I recommend consolidating utxo in the next round of low fees

[Aanuoluwatofunmi]

Ordinance inscription should not be a reason that will be drawing us away from bitcoin adoption, we have to know that this is still far better than were we are coming from, we may assume this as a temporary experience to wait till we receive more solutions to tackle on such, maybe if we look into how the bitcoin networks keeps getting congested and adoption increasing, we may also term it as part of the reason why we can have more congestions of the mempool at the expense of the the transaction fees going high.

[Lucius]

the situation has not improved at all at the same time, regarding fees obviously
we are traveling stable around 300 sat/vb unless there are sudden peaks downwards at "night" times
~snip~

As things stand now, the situation is still improving because we are currently at 75-100 sat/vB, and as I read on BTT, it seems that there are fewer and fewer runes that will be created in the coming days, and this could mean that the fees will begin to return to normal. However, it can be expected that the memopool will be congested again when sales start happening (runes of course).

[Gurujebs]

All this shitty inscription and ordinal waste of resources on Bitcoin network, I refused to believe that isn't miners that purposely allow this thing to exist on the Bitcoin network, I haven't seen anyone on X or any platform for once make discussion about ordinals because nobody damn make money from it but they continue to spam the network and miners didn't want to override that bug, it's up to them.

I'm just mad that even ordinary transactions are difficult to make for ordinary people that has less to give as transactions fees. This is the period everyone that run transaction on Bitcoin need to to enable RBF on their transactions so it doesn't hang for months.

[babo]

As things stand now, the situation is still improving because we are currently at 75-100 sat/vB, and as I read on BTT, it seems that there are fewer and fewer runes that will be created in the coming days, and this could mean that the fees will begin to return to normal. However, it can be expected that the memopool will be congested again when sales start happening (runes of course).

Yes, the situation is returning to normal, we have transaction fees that have dropped back to normal levels
I advise you to have something on LN if you have to spend, so that when we have these fee storms you can still use the network
best solution when we have storm

[NotATether]

Maybe I'm wrong and someone should correct me, but as far as I read about it on BTT, the developers have the possibility to remove ordinals from the game, but apparently part of the crypto community thinks that this would be some form of censorship. Honestly, it's stupid for me to allow such things, because the biggest damage is suffered by ordinary users who practically can't use BTC for on-chain microtransactions because someone else is usurping the blockchain with something that shouldn't be there.

That is correct.

The only good thing coming out from all this is that it appears that we have finally solved that trilemma that Paul Sztorc was talking about a few years ago (I cannot find the original article anymore, but if you type "bitcoin trilemma" you will get a bunch of copycat results from other websites). Now miners have no excuse to not work with us to solve the other, more important problems like the Attack on Privacy.

[Lucius]

Yes, the situation is returning to normal, we have transaction fees that have dropped back to normal levels
I advise you to have something on LN if you have to spend, so that when we have these fee storms you can still use the network
best solution when we have storm

It's a bit more normal than in the past days, but even $5 for the most common transaction is too much, especially if it's a microtransaction. LN has its purpose and meaning, but unfortunately not everyone uses it, so sometimes it's worth nothing if you have funds on it, and the other party does not accept such a payment method.

That is correct.

The only good thing coming out from all this is that it appears that we have finally solved that trilemma that Paul Sztorc was talking about a few years ago (I cannot find the original article anymore, but if you type "bitcoin trilemma" you will get a bunch of copycat results from other websites). Now miners have no excuse to not work with us to solve the other, more important problems like the Attack on Privacy.

In fact, it is about something called the "blockchain trilemma" and I know something about it in general, in fact it all boils down to finding the perfect balance between centralization, scalability and security - which definitely does not exist at this moment. I also understand those people who say that ordinals and runes only use what the blockchain enables and that their ban would be some form of censorship, but then one of the developers should come out publicly and say that Bitcoin in terms of on-chain transactions will no longer be possible because some other projects will use it.

If it was about something that makes sense and will last, I would still understand the whole thing, but the whole thing looks like an ordinary pump&dump scheme that parasitizes on Bitcoin and distances it from the people who actually use it as a currency every day.

[babo]

today the situation is like this
we have an average fee of 50/60 with a peak during the night
yes they are high but at least they have normalized, first we have to get rid of some tx before returning to normal
clearly seeing low fees in the bull phase is pure utopia

[Lucius]

~snip~
clearly seeing low fees in the bull phase is pure utopia

Not necessarily, because the only reason for the insanely high fees comes from things that shouldn't exist on the BTC blockchain - and when those disappear the fees go back to normal very quickly. Currently, the priority fee is 23 sat/vB, regardless of the fact that we have almost 190 000 unconfirmed transactions, of which around 185 000 are in the range of 1-21 s/vB. Everyone who has been waiting for the right moment should take advantage of it now.

[babo]

Meanwhile, after the flock of rune poops, the fees have returned to normal, around 20 with some peaks from time to time
so we are back to normal times where you can plan to consolidate your UTXOs do it from time to time when there are low fees

[giammangiato]

Meanwhile, after the flock of rune poops, the fees have returned to normal, around 20 with some peaks from time to timeso we are back to normal times where you can plan to consolidate your UTXOs do it from time to time when there are low fees

fortunately we are back to normal levelswith those exaggerated fees it felt like exchanging things on the ethereum network! sorry for the joke

[babo]

ahahaha good joke




yes, at the moment we are back to a normal situation, with fees that are around 20 sat per vbyte

my absolute advice is to take advantage of consolidation, I don't think we will go below this fee level

you can set it to 20 and calmly wait for your tx to be included in some block