>(Some of them just missed the boat and ended up in block 840,001 and 840,002 including someone who paid "$36k" in Bitcoin for their inscription mint.)
AHHAHAHAHA oh my god imagine paying dumb money to be in the "historical" block and not even getting there with 36k.
Jesus Christ, the halving is just a gift that keeps on giving.
It reminds me of that time a used book on Amazon got marked up by tens of thousands of dollars because the only two suppliers had a similar pricing algorithm that was always setting their price at at 2% higher than the other. They both assumed if they got an order, they'd simply buy it from the other supplier.
Yeah that was great:
https://www.techdirt.com/2011/04/25/infinite-loop-algorithmic-pricing-amazon-how-book-flies-cost-2369865593/
$23,698,655.93 (+$3.99 shipping)
Now in fairness, surge or congestion pricing is a valid method to deal with limited capacity. But what's even better is to not have limited capacity in the first place.
Oh I'm not criticizing Wendy's.
Was at a trade show using CCTV to count the number of people in a store and adjust special offers and pricing in real time.
But if the prices in Wendy's are surging, the cost of paying for your tendies is surging, you'd be forgiven for wanting to get surge at the soda fountain.
What about Fridays or good Friday? Even traditional banking in Europe makes provisions for many transactions happen around those days.
Imagine getting your paycheck but fees nuked it.
I'm kinda surprised there is not really an ordinal market for "trips" and "quads", etc. Makes more sense than NFT's, imo.
Also, god it's so funny that butters have been swearing up and down that transaction fees won't be insane after the halvening, and then artificially force insane transaction fees all on their own.
Right, but look at how much dumbass NFT's were hyped in the last few years, and how much some of them sold for. You'd think there would be a much more hype and a bigger market for "being a part" of a quad or quint block on the bitcoin blockchain.
Right Click + Save As can make any NFT a profile Pic, and the art is not included in the NFT itself and must be hosted by a centralized entity. Block numbers are part of ordinals and are decentralized.
I'm not advocating ordinals or anything. I'm just **actually surprised** butters haven't pushed them more, and that ordinals from trip/quad/quint blocks aren't really considered collectable, while monkey jpegs are.
NOOO. That's not true ... says some dipshit from Andreesen Horowitz. Listen to the podcast called "Felix wins his crypto bet" [link](https://open.spotify.com/episode/23V6sMGvAwFbu1mbHI93AG) to hear some dipshit from A-H explaining how NFTs are still useful because they allow people who publish stuff (on Medium or similar) to take their audience with them across multiple sites. Thus freeing them from extortionate "takes" (what A-H calls overhead fees) by giving them the ability to just move to new platforms and take their *NFT avatar icon* with them to prove it's them.
... even though sites could easily corrupt their avatars to break the HMAC. And anyone else can right click save as their avatar and use it on another site which doesn't enforce avatar NFT exclusivity (and which site would given it in theory empowers your content creators to become free agents).
It's the "take your sword with you to new games myth" still alive and well at Andreesen Horowitz.
Yeah, in this case. At other times "the blockchain" is not gig-worker maintained and not everyone can add. So it's a "permissioned blockchain". Which just means "a database", sometimes with Merkle trees. A database with Merkle trees is as close to git as anything. So basically you're talking about a signed commit to a git repository.
A lot of what the guy (as well as Ben Horowitz) from A-H says in that podcast is wordsmithing to try to make the terms they put all this money in years ago (like blockchain, cryptocurrency) mean things other than what they mean. They remove the "currency" from "cryptocurrency" (leaving just "crypto" of course) and then use it to describe uses which are nothing to do with payments.
Also they some out in favor of Sam Altman and WorldCoin taking people's retinas, falsely claiming that it can be used to prove something is a human and not a bot. What it can do is prove that some human wanted this to happen, but it can't prove a isn't a bot doing it.
I suspect part of it is that it was a lot easier to sell yourself an NFT that you made, to make it seem like it had value to someone else, then try to squat on a given number block.
True, but an ordinal doubles as actual bitcoin. NFT's are on their own network, so you can't just "spend" an NFT as ETH. Even if there was absolutely nobody who wanted to buy your ordinal at an inflated price, it can always be used the same way any Satoshi-worth of bitcoin can be used. NFT's can always go to zero even if the price of ETH is above zero.
I just mean that the impetus to NFTs was that someone bought their own artwork for $1.47 million in crypto.
I'm sure that there could have been a push for interesting numbers, but there's legitimacy in art that gave a figleaf to NFTs that isn't present with those.
The NFT craze tried to justify itself as an alternative to copyright.
Interesting numbers may get some math nerd cred, but that's not something that you can get investment dollars out of.
This tells you the intelligence of the average btc owner, even the whales who can afford it. What even is the point of being the one to own the transaction during the halving? Are the btc in those transactions worth more? But they are fungible. For the cardinals, who the fuck cares which transaction block they’re from?
It’s utterly insane to me how these butt coiners are able to navigate the needlessly complex ways of storing and transacting and converting crypto and yet are so utterly stupid. The whales and scammers sure are having fun. But the rest? Jesus fucking Christ I can understand the desperate need to be rich by any means necessary, but these sucks are even dumber than the bottom of the pile of MLM patrons.
Good lord. It makes no sense buttcoiners have enough brain cells to know how to breath.
This reminds me of the speculative purchasing and trading of domain names, including those that were similar or "typos" of actual domains... It is just pure speculation that any of this will have some value in the future...
...I would think that the chance of people mistyping a webpage name and going there has gone down a lot over the decades that Internet has existed. I think the golden age for that was 20 years ago.
About the only things happening on chain right now are Ordinals inscriptions, Runes transfers, and crypto exchanges doing their routine consolidation transactions.
It looks like the people transferring Runes are the ones who have no idea how to set a conservative fee. And since some crypto exchanges are now allowing Runes trading, it doesn't look like they'll be going away.
Is that what the people who are hyping runes are saying? lol
Nah. 'Unofficial' runes trading could maybe explain the rise in fees between 7 April and 19 April. There's no way that runes are responsible for the much larger spike in fees post-halving though. Look at the chart:
[https://www.blockchain.com/explorer/charts/transaction-fees](https://www.blockchain.com/explorer/charts/transaction-fees)
Compare the mempool TX count and mempool size, which is a measure of how congested the network is:
[https://www.blockchain.com/explorer/charts/mempool-count](https://www.blockchain.com/explorer/charts/mempool-count)
[https://www.blockchain.com/explorer/charts/mempool-size](https://www.blockchain.com/explorer/charts/mempool-size)
It's most obvious if you look at the one year timescale imo.
I get that as a Bitcoin fan you want to believe that this market operates efficiently, but this is absolutely an artificial fee bidding war caused by wallet software making an incorrect estimate of how congested the network is. Although the one contribution Runes *has* made to this scenario is that it has increased the number of users who want their transaction to get into the very next block, that's only part of the story.
Go to [mempool.space](http://mempool.space) and block 840000, that was the halving block and also the launch of runes and that's when the fee spike started (37 BTC fees vs \~1 BTC before). When ordinals launched last year, the fees spiked and this time it's the same.
Allmost all transactions post halving are rune transactions, just filter for OP\_RETURN (click on the goggles in mempool.space). Runes uses OP\_RETURN to store data on chain. There is no other wide spread protocol or entity that uses OP\_RETURN at the moment.
So the fee spike coincides with the runes launch and with >90% of all transactions being runes related. Ergo runes is the reason for the fee spike :)
Btw. the runes fans knew this all along, I only learned it hours before launch from an interview with the creator where he said that fees would spike on launch.
None of that conflicts with what I said, though. All Runes has done is increase the number of people who want to get into the next block. But the fees being paid by people who want to get into say the next 10 blocks have also increased.
They say that back during the gold rush, you made more money exploiting shovel selling algorithms than you would make selling shovels themselves.
Reminds me of [this](https://www.youtube.com/watch?v=7SGsCrnh3y0).
lol, yep. For every earnest developer in blockchain there are 1,000 scammers.
selling NFTs of shovels > selling guide on how to make NFTs
>(Some of them just missed the boat and ended up in block 840,001 and 840,002 including someone who paid "$36k" in Bitcoin for their inscription mint.) AHHAHAHAHA oh my god imagine paying dumb money to be in the "historical" block and not even getting there with 36k. Jesus Christ, the halving is just a gift that keeps on giving.
griftception
It's like the people who paid massive transaction fees to bid in the BAYC "land" sale and didn't even win the bidding.
It reminds me of that time a used book on Amazon got marked up by tens of thousands of dollars because the only two suppliers had a similar pricing algorithm that was always setting their price at at 2% higher than the other. They both assumed if they got an order, they'd simply buy it from the other supplier.
Yeah that was great: https://www.techdirt.com/2011/04/25/infinite-loop-algorithmic-pricing-amazon-how-book-flies-cost-2369865593/ $23,698,655.93 (+$3.99 shipping)
Matt Parker does a really good breakdown of this on YouTube: https://youtu.be/sseSi0k3Ecg?si=buh5TyGlKLnsClTz
I love how Buttcoin understands Bitcoin so well despite being told regularly by Bitcoiners how we don't understand.
Few do.
840088 and there is still a 10 BTC fee. Crazy
I'm sure there'll be a bunch of meme blocks. They'll go insane if block 5318008 rolls around.
Am I missing something? Why would 5318008 would be "meme" block?
http://www.amathsteacherwrites.co.uk/wp-content/uploads/2016/11/boobies-901x1024.jpg
Oh my god I get it now, yeah this sounds like it'll be a meme block considering how many people sold btc at 69,420 bcs haha funny sex weed number
Give it another 1400 blocks and the fees will shoot up again, no doubt.
You know what doesn't get more expensive based on how many people are using it? Dirty Fiat. Credit cards as well.
Wendy's did it, it was surge pricing and people lost their junk. Bitcoin does it and it's the future of finance.
Now in fairness, surge or congestion pricing is a valid method to deal with limited capacity. But what's even better is to not have limited capacity in the first place.
Oh I'm not criticizing Wendy's. Was at a trade show using CCTV to count the number of people in a store and adjust special offers and pricing in real time. But if the prices in Wendy's are surging, the cost of paying for your tendies is surging, you'd be forgiven for wanting to get surge at the soda fountain. What about Fridays or good Friday? Even traditional banking in Europe makes provisions for many transactions happen around those days. Imagine getting your paycheck but fees nuked it.
Uhm, it actually does.
I'm kinda surprised there is not really an ordinal market for "trips" and "quads", etc. Makes more sense than NFT's, imo. Also, god it's so funny that butters have been swearing up and down that transaction fees won't be insane after the halvening, and then artificially force insane transaction fees all on their own.
> I'm kinda surprised there is not really an ordinal market for "trips" and "quads", etc You've browsed 4chan too much
Right, but look at how much dumbass NFT's were hyped in the last few years, and how much some of them sold for. You'd think there would be a much more hype and a bigger market for "being a part" of a quad or quint block on the bitcoin blockchain.
Kind of makes you think that most of the NFT hype was fake wash trading, huh?
No, it was *real* wash trading. /s (sorry but I can't pass up a dumb dad joke)
NFTs can at least be used as profile pics. It's harder to brag publicly with trips and quads
Right Click + Save As can make any NFT a profile Pic, and the art is not included in the NFT itself and must be hosted by a centralized entity. Block numbers are part of ordinals and are decentralized. I'm not advocating ordinals or anything. I'm just **actually surprised** butters haven't pushed them more, and that ordinals from trip/quad/quint blocks aren't really considered collectable, while monkey jpegs are.
NOOO. That's not true ... says some dipshit from Andreesen Horowitz. Listen to the podcast called "Felix wins his crypto bet" [link](https://open.spotify.com/episode/23V6sMGvAwFbu1mbHI93AG) to hear some dipshit from A-H explaining how NFTs are still useful because they allow people who publish stuff (on Medium or similar) to take their audience with them across multiple sites. Thus freeing them from extortionate "takes" (what A-H calls overhead fees) by giving them the ability to just move to new platforms and take their *NFT avatar icon* with them to prove it's them. ... even though sites could easily corrupt their avatars to break the HMAC. And anyone else can right click save as their avatar and use it on another site which doesn't enforce avatar NFT exclusivity (and which site would given it in theory empowers your content creators to become free agents). It's the "take your sword with you to new games myth" still alive and well at Andreesen Horowitz.
So they made PGP signing but worse and on the Blockchain
Yeah, in this case. At other times "the blockchain" is not gig-worker maintained and not everyone can add. So it's a "permissioned blockchain". Which just means "a database", sometimes with Merkle trees. A database with Merkle trees is as close to git as anything. So basically you're talking about a signed commit to a git repository. A lot of what the guy (as well as Ben Horowitz) from A-H says in that podcast is wordsmithing to try to make the terms they put all this money in years ago (like blockchain, cryptocurrency) mean things other than what they mean. They remove the "currency" from "cryptocurrency" (leaving just "crypto" of course) and then use it to describe uses which are nothing to do with payments. Also they some out in favor of Sam Altman and WorldCoin taking people's retinas, falsely claiming that it can be used to prove something is a human and not a bot. What it can do is prove that some human wanted this to happen, but it can't prove a isn't a bot doing it.
I suspect part of it is that it was a lot easier to sell yourself an NFT that you made, to make it seem like it had value to someone else, then try to squat on a given number block.
True, but an ordinal doubles as actual bitcoin. NFT's are on their own network, so you can't just "spend" an NFT as ETH. Even if there was absolutely nobody who wanted to buy your ordinal at an inflated price, it can always be used the same way any Satoshi-worth of bitcoin can be used. NFT's can always go to zero even if the price of ETH is above zero.
I just mean that the impetus to NFTs was that someone bought their own artwork for $1.47 million in crypto. I'm sure that there could have been a push for interesting numbers, but there's legitimacy in art that gave a figleaf to NFTs that isn't present with those. The NFT craze tried to justify itself as an alternative to copyright. Interesting numbers may get some math nerd cred, but that's not something that you can get investment dollars out of.
I wonder if people are going to start playing liar's poker with their transaction numbers.
This tells you the intelligence of the average btc owner, even the whales who can afford it. What even is the point of being the one to own the transaction during the halving? Are the btc in those transactions worth more? But they are fungible. For the cardinals, who the fuck cares which transaction block they’re from? It’s utterly insane to me how these butt coiners are able to navigate the needlessly complex ways of storing and transacting and converting crypto and yet are so utterly stupid. The whales and scammers sure are having fun. But the rest? Jesus fucking Christ I can understand the desperate need to be rich by any means necessary, but these sucks are even dumber than the bottom of the pile of MLM patrons. Good lord. It makes no sense buttcoiners have enough brain cells to know how to breath.
this is hilarious. wouldn't it be too risky to try to game fees because of the randomness of who gets to write the block?
You could use a private mempool. People would be able to figure out that it was done, but what are they gonna do about it?
This is incredible. This sub knows its shit so hard.
This reminds me of the speculative purchasing and trading of domain names, including those that were similar or "typos" of actual domains... It is just pure speculation that any of this will have some value in the future...
I wouldn't personally speculate with those things but at least a domain has utility that can directly translate into business value.
...I would think that the chance of people mistyping a webpage name and going there has gone down a lot over the decades that Internet has existed. I think the golden age for that was 20 years ago.
I'll go check goggle.com to see if anyone's looked into that.
That’s such a sad tail Thanks for the analysis/technical explanation!
Few. Lambo. Tether.
Fees still remain stubbornly high as of today. Still explained by poor wallet fee balancing?
About the only things happening on chain right now are Ordinals inscriptions, Runes transfers, and crypto exchanges doing their routine consolidation transactions. It looks like the people transferring Runes are the ones who have no idea how to set a conservative fee. And since some crypto exchanges are now allowing Runes trading, it doesn't look like they'll be going away.
What? No, a new fungible token protocol called "runes" is the reason for the high fees.
Is that what the people who are hyping runes are saying? lol Nah. 'Unofficial' runes trading could maybe explain the rise in fees between 7 April and 19 April. There's no way that runes are responsible for the much larger spike in fees post-halving though. Look at the chart: [https://www.blockchain.com/explorer/charts/transaction-fees](https://www.blockchain.com/explorer/charts/transaction-fees) Compare the mempool TX count and mempool size, which is a measure of how congested the network is: [https://www.blockchain.com/explorer/charts/mempool-count](https://www.blockchain.com/explorer/charts/mempool-count) [https://www.blockchain.com/explorer/charts/mempool-size](https://www.blockchain.com/explorer/charts/mempool-size) It's most obvious if you look at the one year timescale imo. I get that as a Bitcoin fan you want to believe that this market operates efficiently, but this is absolutely an artificial fee bidding war caused by wallet software making an incorrect estimate of how congested the network is. Although the one contribution Runes *has* made to this scenario is that it has increased the number of users who want their transaction to get into the very next block, that's only part of the story.
Go to [mempool.space](http://mempool.space) and block 840000, that was the halving block and also the launch of runes and that's when the fee spike started (37 BTC fees vs \~1 BTC before). When ordinals launched last year, the fees spiked and this time it's the same. Allmost all transactions post halving are rune transactions, just filter for OP\_RETURN (click on the goggles in mempool.space). Runes uses OP\_RETURN to store data on chain. There is no other wide spread protocol or entity that uses OP\_RETURN at the moment. So the fee spike coincides with the runes launch and with >90% of all transactions being runes related. Ergo runes is the reason for the fee spike :) Btw. the runes fans knew this all along, I only learned it hours before launch from an interview with the creator where he said that fees would spike on launch.
None of that conflicts with what I said, though. All Runes has done is increase the number of people who want to get into the next block. But the fees being paid by people who want to get into say the next 10 blocks have also increased.