Hey everyone, not sure how to title this, but here's my situation.
I was planning to transfer some bitcoin from my wallet to an exchange for some expenses.
When I checked the fees on mempool.space, I noticed a ton of unconfirmed transactions with insane fee amounts.
Then I spotted this weird transaction where someone sent just about $0.2 but paid hefty fees. Right away, I figured it was a spam attempt to clog up the network.
It feels like this kind of thing happens during those price spikes in Bitcoin.
So, I have a couple of questions:
1. Who's behind these transactions? I kinda think it might be the mining pools trying to rack up fees, especially since this seems to happen when Bitcoin's price goes up.
2. Do you think this will ever stop? I mean, I'm trying to send $50 and the fee is $15! What the heck?
Here are the links to the addresses I found:
https://mempool.space/address/bc1plqdm0ndmnfzgzhfd8jcm6xrfmdur3j36cxnsj3rrfqdlz0mvczeqch89pz
https://mempool.space/address/bc1p0jk9wyzkuspp7pcpmalcexlpxgn2rua2m7w6hhr260rpk8ceyg9qewku7d
https://mempool.space/address/37q5GbpAX6ZJgcVNh9G71CCBTA7tfkk9LE
I have no idea what their goal is but people are suffering for it. Most of the time the users do not know how to adjust transaction fees, especially services who have automated payment approval, they use high amount of fees in their transactions which cause problem for others.
From the last three days I have a transaction which is stuck, it is painful.
And I can tell you that miners are loving it.
And at the op miners get paid to guard your wealth. Right now miners are barely hanging in there above water.
This is why people push ordinals to
a) create miner relief
b) make pressure on btc to scale its fees better.
c) give miners and coin holders the option to say fuck you to btc and switch to scrypt.
They can get more coins from same resources for mining and they definitely love it.
How Ordinals are affecting Bitcoin mempools and transaction size
Inscriptions, Mempools and Miners
Mempool total size increases and becomes larger since February 2023 with appearances of Ordinals, BRC20 tokens.
This newest weekly report from Glassnode Insights proves your theory with real on-chain data.
It is the works of the Ordinals Attack.
What you see here has been the biggest problem with the latest attack, it has succeeded in providing an incentive for regular people to attack the network without knowing it. All out of greed.
They basically created a fake market where scammers create garbage and sell it to newbies who think they can make a profit. Because that garbage (the Ordinals) has a separate value in that market, the newbies don't mind paying a high fee on-chain to transfer that garbage around trading it for possible profits.
This makes things difficult for normal bitcoin users wanting to send bitcoin transactions since a spam attack with incentive to spam is going on.
As its already mentioned:
The high load of the Bitcoin network is once again due to the ordinals. This was also recently discussed here:
What's happening with Bitcoin transaction fees?
Yep it is an absolute fake market. And this fake-market is big af.. all caused of FOMO once again.
To get a visual representation of the dimensions, I recommend the overview from @DdmrDdmr: Ordinals Data
The graphs give you an idea of how big these scams really are and how many blocks in the network are occupied by the ordinals.
Even so, Bitcoin works as expected, avoiding attacks by increasing the fees.
I hate ordinals, I had to say it, but don't worry about the network.
If you have super important payments that cannot be delayed I suggest you move to Lightning.
If you can wait, then rest assured that mempool is going to clear and you will have your opportunity.
Now, if you look here: https://ordiscan.com/, you can see two key statistics about the Ordinals rush:
1. 13.5 GB of our disk space is being wasted by our nodes storing these inscriptions inside transactions. That is 13.5GB used in just 9 months!
Extrapolating, that means that you will be wasting roughly 15GB of storage each year on worthless Ordinal tokens, as long as the demand is constant.
2. Ordinals users have paid over 1385BTC in transaction fees for inscribing this stuff. That means miners have earned literally 1385BTC from this time period or over 50 million dollars altogether.
So yes, it is keeping the miners afloat, but the disk space usage (and the associated spike in mempool fees) is quite annoying regardless.
I can only assume gullible people paid a lot more in their attempt to get rich quick. And some indeed got rich, while the majority lost their money. The NFT market is very quiet nowadays, and this seems to be the next thing. Until Ordinals blow up fail too, after which someone will create another money maker for themselves.
Diskspace would be used anyhow if there would be usage, and the complaining for the 15 GB, sorry it's ridiculous.
Let's ignore that there is 600 GB torrent of One Piece with +200 seeders and over 1000 leechers and, just to make a point let's increase this to 1 TB (60x) a year, so that would make the around 40 000 nodes across the galaxy spend at max 50$ for extra space, that's a full, wow $2 million spent by the average Joe to keep decentralization!
So $2 million, would buy you 1000 S19k Pro (I went for the cheapest $/th), that can hash 120 Petahash/s, so around 0.02% of the global hashrate!
Now, if people are not willing to collectively spend $2 million a year to keep the network decentralized with increased disk storage needs, how can one envision mining not becoming fully centralized in a few years?
People paid in fees in the last 24 hours $6.5 million enough to buy with just today's fees 18731 8TB Evo ssd, in two days the fees would cover 8TB ssd for every node.
Depends on how much time you're willing to wait in the line. If you set 12 sat/vb, which is about $1.5 for average segwit native transaction, you will have it confirmed in about a day.
That's just true. Stop complaining about the disk space. If you run your own full node, you don't care about other people's transactions. Why would Ordinals be any different? It's the same as stating that a couple of gigabytes are spent every year on Binance's transactions; completely irrelevant to me.
Its sad that you accept BTC as a new form of wealth but that you can't accept the value of a new art form
Obviously you have yet to understand their value.
you likely think the art below is worthless.
I thought is was garbage as a kid back in the 60's I was very fucking wrong.
Here you are with the opportunity to support a new form of art work and you simply think it is worth less.
Learn from me as I could have purchased the item below for under $500 when I was young and instead much like you and NFT's I thought it was garbage.
It is very painful
So it is because of the ordinal transaction, I know the ordinal creates a lot of noise but a couple of weeks ago bitcoin back to the normal fee for even 2 sat/Vb, and today when bitcoin reach 37K the transaction is growing crazy, Maybe this transaction was accompanied by people who wanted to take profit and send their money to the exchange well make sense
and what the heck is this, NFT??
It is the fee is almost a half of the bitcoin reward there are also people who pay 1,101 sat/vB This man has balls
and found an article on Quora that basically said like this - https://www.quora.com/What-is-the-purpose-of-spamming-Bitcoin-mempool-with-lots-of-transactions-with-a-low-fee-which-would-barely-ever-be-confirmed
2. Strategic Fee Manipulation: In some cases, individuals or entities may spam the mempool with low-fee transactions to manipulate the fee market. By congesting the network, they can artificially drive up transaction fees, creating an advantage for their own transactions or attempting to disrupt the activities of other participants.
The difference is they use a high fee to do the transaction.
Anyway is this possible that Ordinal using system like layer 2 on ETHereum using Rollup transaction ?
I hope not! That would mean more people lose their money. I've clarified my post, "blows up" could indeed be interpreted as a pump, while I meant it as a complete failure.
There's a reason the NFT market crashed so hard. It's not art, and it's not rare. It's a scam created to convince gullible people to hand over their money hoping to get rich quick.
Ordinals are just a scam to convince people to pay much more money for Bitcoin dust.
It's not art, it's a can of expired chicken soup. Whoever pays $68,750 for it only does so hoping someone else is going to pay more. To most people who aren't part of that, it is indeed worthless.
I can sell you a can of expired Unox chicken soup for $500 right now That doesn't make it art.
I realise that art in general is important, I love art. Until NFTs were invented, people would go to auctions to observe physical art and would try to acquire it. They still do, I guess.
Digital art is important nowadays. It can be used in websites, digital marketing etc. However, I think digital art can't be valued properly through NFTs and it can't be properly protected using them.
Digital art is convenient. Mistakes can be easily erased. But, the purpose of digital art in my opinion can't be the same as this of the physical art.
In general, I think digital art can't be equal to physical art because they have a different purpose.
Physical art has flaws that can't be easily undone. Physical art can be portrayed in your living room easily. It has a smell. It is actual art. The way you maneuver your pen or brush can lead to something unique.
More like it is giving miners an undeserved additional reward. Otherwise miners were doing fine before the spam attack began and will do fine even if it ends right now.
Every resources that is wasted is bad for those who actually run a full node. More so when they run it on their PC (as opposed to renting some remote server with much larger free space than your PC).
Isn't the size of chainstate caused by all those UTXOs? It's currently 7.8 GB. Ideally, that should all fit in RAM, but my Bitcoin Core uses much less. Except for the IBD, looking up about 2000 transactions on disk every 10 minutes isn't much of a problem.
Ordinal spammers (or should I say scammers?) need to use Bitcoin's name to get people's money. "LN" isn't familiar enough, I guess. It would be so much better if they promote LN while spamming LN. Unlike Bitcoin, LN has no problem with millions of dust transactions.