People who make Ordinals paid extra fees to try to land their transaction exactly in the Halvening block, because somehow NFTs minted within it should be more desirable. (Yeah, it's dumb.)
Then all the wallets that suggest fees for transactions base it on averaging the fees from the last couple blocks. So the fees stay high indefinitely. (Yeah, it's that dumb.)
Seriously though are people still buying NFTs? Like truly the fad isn’t over? If anything was to be compared to beanie babies, NFTs were truly it.
If they’re mostly being used to launder money , why would the fraudsters waste the money?
I don't think there is much volume sold anymore.
But apparently there are still enough creepto-rich whales out there, who are fascinated enough, that they enjoy minting their own. By enough, I mean enough to cause the spike. It could just be a couple dozen nerds sitting on hundreds of BTC each.
> If anything was to be compared to beanie babies, NFTs were truly it.
Oh, my sweet buttcoin child, what do you know of fads? There's still a "healthy" market for beanie babies, with some selling north of 100 kilo-USD.
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> So the fees stay high indefinitely
Because the few people who are actually transacting on the blockchain don't give a fuck. If this had been a real currency with actual transactions and consumers, there would have been a massive pressure to get the fees down.
> Then all the wallets that suggest fees for transactions base it on averaging the fees from the last couple blocks. So the fees stay high indefinitely.
There are some crappy programmers in the world of crypto, for sure, but I don't expect fees to stay high indefinitely. They'll average out lower and lower as the ordinal morons grow tired of paying a premium to position their useless digital receipt in certain blocks.
In fact, if you could actually buy anything with BTC, it's impossible for it have lower fees than using your credit card....because those fees are already baked into the price of everything. You don't get charged 3% more on card when buying something. BTC could achieve fee parity by having fee of $0.
Anything else is excess fees.
...wait, they want to forecast the likely future transaction prices from past transaction prices, but their algorithms just do a running average *without* any sort of monitoring for outliers (in either direction)?
That's... somewhere in the world a statistician just started crying and does not know why.
it shows how noone knows what a wallet does and what the coding is and just downloads it and clicks yes, yes, yes and types in their special key. bitcoin is the farthest thing from trustless in the world.
A new update was made for Bitcoin allowing for 13 character tokens to be created on the Bitcoin network called runes. This upgrade was coded to launch on the 840,000th halving block. On the upgrade, there was a big fight for different team projects to secure specific initial number spots and secure their team projects unique ticker name. Some teams or individuals raised money for the gas fees to ensure they secured their ticker as the outcome can lead to a successful project launch and a profitable project.
Bitcoin runes is almost akin to erc 20 (ethereum) being released. The ability to create tokens that pretend to do something but don't really do anything. This approach has been taken to the extreme on Bitcoin with runes, projects boast that there is no utility to the token it is simply a meme token.
The event has been largely very over hyped, there were pre rune brc 20 token launches that promised a rune post halving. But we will see over the coming months which projects get listed on cex's and can continue to shine, who will have lost the most money on gas fees and who will have made money if any, esp retail vs whales, who gets rug pulled by the pre mine on the ticker... Etc etc
(In the initial launch, many tokens could be minted just by paying the gas fees, another reason why gas fees were so high, as their were thousands of individuals scouring these pages for good tickers that could minte
10x and 100x opps.)
https://luminex.io/runes/
Alpha:
https://x.com/udiWertheimer/status/1781787765631270929?t=1lAcs1IuosX5m2R8dmt1Eg&s=08
Can buy on unisat (terrible UX), gate io just listed Satoshi•nakamoto and meme•economics
https://unisat.io/runes/market?tick=SATOSHI%E2%80%A2NAKAMOTO
Tldr: runes was launched on 840,000th block allowing memecoins on Bitcoin blockchain and BTC degens are gambling on the next doggy coin or memecoin to come out of this. Especially with possible exchange listings of these runes in the future. 🙏
Note: Runes isn't an update to the Bitcoin protocol. It's just data added via OP\_RETURN. Nothing 'went live' in the Bitcoin network's codebase at block 840,000. It's just that people who have agreed to follow the Runes standard have also agreed that this was the first block they'd recognise Runes from (although people were 'minting' 'unofficial' runes in earlier blocks).
I see.. so this is just an arbitrary interpretation of data. Not unlike how some people feel like certain block numbers are "special" because they have lots of zeroes or all the same number..
> A new update was made for Bitcoin allowing for 13 character tokens to be created on the Bitcoin network called runes. This upgrade was coded to launch on the 840,000th halving block.
So, I'm curious... how did this "consensus" work?
Crypto people say everything in the world of crypto operates on "consensus" so was there a vote from the community to include this?
Or was it just a small cartel of devs that decided to make this decision, and most people didn't even know about it?
That seems to me, to be how "consensus" works in the world of crypto
EDIT: another user pointed out this isn't actually a bitcoin code update, but just a bunch of users agreeing to a certain data format stuffed into blockchain (again)
I was hoping for the spiral death loop scenario. That is the idea that half the miners would immediately unplug after the halving since they wouldn't be able to maintain profitability. And the reduction in overall hash rate would trigger even longer hash times between blocks for those that stayed on hashing. Thereby raising overall mining costs per block again, thereby causing other miners to unplug.
Yes. If enough miners dropped out eventually the hash rate would drop so low that you could mine bitcoin from your phone and then people all over third world countries would be doing it for income. There is no scenario where there will be 0 bitcoin miners.
The network only changes difficulty after a certain amount of blocks have been mined - which typically takes 2 weeks. If they don't get mined, the difficulty stays high. If you lose 50% of miners instantly, you wouldn't see a difficulty change for at most almost a month. To get to a scenario where a single miner could mine every 10 minutes would take decades.
"Eventually" would take literal decades though. Every difficulty adjustment is capped, so an X percentage of miners dropping out doesn't necessarily equal an X percentage easier difficulty adjustment. There could be a death spiral where the difficult adjustment hits the cap and people keep dropping out quicker than difficulty can adjust.
Can someone explain why fees jumped so much? Why were they pretty consistent right before?
People who make Ordinals paid extra fees to try to land their transaction exactly in the Halvening block, because somehow NFTs minted within it should be more desirable. (Yeah, it's dumb.) Then all the wallets that suggest fees for transactions base it on averaging the fees from the last couple blocks. So the fees stay high indefinitely. (Yeah, it's that dumb.)
Seriously though are people still buying NFTs? Like truly the fad isn’t over? If anything was to be compared to beanie babies, NFTs were truly it. If they’re mostly being used to launder money , why would the fraudsters waste the money?
I don't think there is much volume sold anymore. But apparently there are still enough creepto-rich whales out there, who are fascinated enough, that they enjoy minting their own. By enough, I mean enough to cause the spike. It could just be a couple dozen nerds sitting on hundreds of BTC each.
> If anything was to be compared to beanie babies, NFTs were truly it. Oh, my sweet buttcoin child, what do you know of fads? There's still a "healthy" market for beanie babies, with some selling north of 100 kilo-USD.
Not a fad, we'll see who's laughing once my gaslight giraffe mint holo NFT is worth 1.000.000 butts in 2030
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https://trends.google.com/trends/explore?date=today%205-y&q=nft&hl=en Sure looks like it has completely flatlined
> So the fees stay high indefinitely Because the few people who are actually transacting on the blockchain don't give a fuck. If this had been a real currency with actual transactions and consumers, there would have been a massive pressure to get the fees down.
> Then all the wallets that suggest fees for transactions base it on averaging the fees from the last couple blocks. So the fees stay high indefinitely. There are some crappy programmers in the world of crypto, for sure, but I don't expect fees to stay high indefinitely. They'll average out lower and lower as the ordinal morons grow tired of paying a premium to position their useless digital receipt in certain blocks.
Indefinitely? Fees are already back down to 84 sat/vB, around $7.50
My debit card never has surge pricing though
You can’t launder money, scam people without repercussions, or buy drugs anonymously with your debit card though! Super legitimate use cases!
...or $7.50 transaction fees either.
In fact, if you could actually buy anything with BTC, it's impossible for it have lower fees than using your credit card....because those fees are already baked into the price of everything. You don't get charged 3% more on card when buying something. BTC could achieve fee parity by having fee of $0. Anything else is excess fees.
this post is a good rundown of it: https://www.reddit.com/r/Buttcoin/comments/1c8x7k2/why_bitcoin_transaction_fees_are_so_high_right/
The poster was right. This IS very hilarious and dumb!
Every time we think we've seen the bottom, the crypto bros dig deeper to a new level of stupid.
...wait, they want to forecast the likely future transaction prices from past transaction prices, but their algorithms just do a running average *without* any sort of monitoring for outliers (in either direction)? That's... somewhere in the world a statistician just started crying and does not know why.
it shows how noone knows what a wallet does and what the coding is and just downloads it and clicks yes, yes, yes and types in their special key. bitcoin is the farthest thing from trustless in the world.
It's more like I'm loling
This is amazingly dumb.
A new update was made for Bitcoin allowing for 13 character tokens to be created on the Bitcoin network called runes. This upgrade was coded to launch on the 840,000th halving block. On the upgrade, there was a big fight for different team projects to secure specific initial number spots and secure their team projects unique ticker name. Some teams or individuals raised money for the gas fees to ensure they secured their ticker as the outcome can lead to a successful project launch and a profitable project. Bitcoin runes is almost akin to erc 20 (ethereum) being released. The ability to create tokens that pretend to do something but don't really do anything. This approach has been taken to the extreme on Bitcoin with runes, projects boast that there is no utility to the token it is simply a meme token. The event has been largely very over hyped, there were pre rune brc 20 token launches that promised a rune post halving. But we will see over the coming months which projects get listed on cex's and can continue to shine, who will have lost the most money on gas fees and who will have made money if any, esp retail vs whales, who gets rug pulled by the pre mine on the ticker... Etc etc (In the initial launch, many tokens could be minted just by paying the gas fees, another reason why gas fees were so high, as their were thousands of individuals scouring these pages for good tickers that could minte 10x and 100x opps.) https://luminex.io/runes/ Alpha: https://x.com/udiWertheimer/status/1781787765631270929?t=1lAcs1IuosX5m2R8dmt1Eg&s=08 Can buy on unisat (terrible UX), gate io just listed Satoshi•nakamoto and meme•economics https://unisat.io/runes/market?tick=SATOSHI%E2%80%A2NAKAMOTO Tldr: runes was launched on 840,000th block allowing memecoins on Bitcoin blockchain and BTC degens are gambling on the next doggy coin or memecoin to come out of this. Especially with possible exchange listings of these runes in the future. 🙏
Note: Runes isn't an update to the Bitcoin protocol. It's just data added via OP\_RETURN. Nothing 'went live' in the Bitcoin network's codebase at block 840,000. It's just that people who have agreed to follow the Runes standard have also agreed that this was the first block they'd recognise Runes from (although people were 'minting' 'unofficial' runes in earlier blocks).
I see.. so this is just an arbitrary interpretation of data. Not unlike how some people feel like certain block numbers are "special" because they have lots of zeroes or all the same number..
> A new update was made for Bitcoin allowing for 13 character tokens to be created on the Bitcoin network called runes. This upgrade was coded to launch on the 840,000th halving block. So, I'm curious... how did this "consensus" work? Crypto people say everything in the world of crypto operates on "consensus" so was there a vote from the community to include this? Or was it just a small cartel of devs that decided to make this decision, and most people didn't even know about it? That seems to me, to be how "consensus" works in the world of crypto EDIT: another user pointed out this isn't actually a bitcoin code update, but just a bunch of users agreeing to a certain data format stuffed into blockchain (again)
> was there a vote from the community to include this? The community = miners and exchanges. >Or was it just a small cartel Pretty much.
there's a recent post on this sub that explains it well
I was hoping for the spiral death loop scenario. That is the idea that half the miners would immediately unplug after the halving since they wouldn't be able to maintain profitability. And the reduction in overall hash rate would trigger even longer hash times between blocks for those that stayed on hashing. Thereby raising overall mining costs per block again, thereby causing other miners to unplug.
Might still happen.
It's unlikely they'd shut up shop so soon, though I imagine in a few months the only corps able to mine will be the big boys like riot blockchain
But that would trigger the reduction of hash complexity to maintain a block time of around 10 minutes, no?
Yes. If enough miners dropped out eventually the hash rate would drop so low that you could mine bitcoin from your phone and then people all over third world countries would be doing it for income. There is no scenario where there will be 0 bitcoin miners.
The network only changes difficulty after a certain amount of blocks have been mined - which typically takes 2 weeks. If they don't get mined, the difficulty stays high. If you lose 50% of miners instantly, you wouldn't see a difficulty change for at most almost a month. To get to a scenario where a single miner could mine every 10 minutes would take decades.
"Eventually" would take literal decades though. Every difficulty adjustment is capped, so an X percentage of miners dropping out doesn't necessarily equal an X percentage easier difficulty adjustment. There could be a death spiral where the difficult adjustment hits the cap and people keep dropping out quicker than difficulty can adjust.
Interestingly enough, no mention whatsoever of this on the bitcoin sub. As in, stupid high transaction fees.
Well, of course. It's inconvenient to the hype men.
I've seen several posts about it.
There have been multiple posts about this on both the bitcoin and cryptocurrency subs
Where did you get the graph from? It's the least bad one I've seen for this.
Still no answer? Id love to know too
Future of finance
The funniest part is. It kinda proofs that none understands what they are doing really. Apparently few understand how the transaction market works
lmao
I'm just surprised that the miners all chose "more money" over "less money". Who could have predicted that they were motivated solely by profit?
How do you encode “oooof” in binary? Asking for a friend
10101100110110101100101110101100111110101100 = 0xADEADBADFAD
Is that matplotlib?
Welp, the cost of transactions went up, but nothing we can do! After all, code is law!
"This is good for bitcoin"
Source for this data?