current bitcoin fees

[extremedox101]

it's really s**t now when you send bitcoin the fees are joke. for how long these rates will last ?

The rise in transaction fees can be attributed to the introduction of Ordinals and BRC-20. Inscriptions, sets of data inscribed utilizing the Ordinals protocol, already pumped up the fee market and began impacting mempools within the last couple of months. But BRC-20, a recently-introduced token standard which allows tokens to be tied to the Bitcoin blockchain, has created an economic incentive with minting, most often done on the smallest UTXO size possible, leading to the recent competition for block space.

This has led users to pay higher and higher fees to ensure that their transactions are processed faster, as miners naturally prioritize bitcoin transactions with higher fees to maximize their profits.

 

[void]

it's called free market, something people already forgot
seems like security budget problem was accidentally fixed 😀

 

[aage]

That's some nasty fees, it makes small amount transfer useless or even impossible.

 

[Jorozey]

Ordinals/BRC-20 is the dumbest thing ever done to the network.

А sustained DoS attack would not be possible in the long run due to the costs unless those costs are recycled back to those initiating the transactions. Collusion between major mining pools and if you are big enough/have a large amount of BTC, such an attack can go on indefinitely. Right now everyone can check the mempool is flooded with 0.00000546 BTC transactions with expensive fees... It's a coordinated attack.

 

[void]

Jorozey said:
unless those costs are recycled back to those initiating the transactions.
Click to expand...

what do you mean? the costs are clearly fees, these go to miners - do you want to say that miners/pools are burning the energy to flood the network with their own transactions?

 

[Jorozey]

void said:
what do you mean? the costs are clearly fees, these go to miners - do you want to say that miners/pools are burning the energy to flood the network with their own transactions?
Click to expand...

As I said this would require collusion among the major mining pools. Miners themselves spamming the network, perhaps incentivized by nefarious actors?! In that case, with fees paid directing back to the miners, of course not 100% of the fees will return to their hands, since 100% of the miners cannot participate in this coordinated attack.

 

[369]

Jorozey said:
Ordinals/BRC-20 is the dumbest thing ever done to the network.

А sustained DoS attack would not be possible in the long run due to the costs unless those costs are recycled back to those initiating the transactions. Collusion between major mining pools and if you are big enough/have a large amount of BTC, such an attack can go on indefinitely. Right now everyone can check the mempool is flooded with 0.00000546 BTC transactions with expensive fees... It's a coordinated attack.

Click to expand...

The big mining pools were always corrupt without ethics.
Nothing new or special.
Just profit maximizing by artificial increase of fees.
Major mining pools always worked together when there was a possibility to make good money.I could tell tons of stories like the BCH scam which also was supported by major miners.

Last edited: May 9, 2023

 

[JohnLocke]

To move 180 EURO costs 47 EUR - that's a really high fee and makes it not worth to accept BTC for small amounts.

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[Paul Tudor Jones]

Funny.

Crypto is the only network which becomes LESS useful the more it is used. Unlike normal network effects that make networks more valuable the more users it has (Twitter, Uber, etc), any Blockchain network will become less usable, slower and more expensive to use the more users it has. Still great for speculation but it raises some doubts to the actual long-term usefulness.

 

[JohnnyDoe]

Relax, fees are back to normal levels: The Mempool Open Source Projectâ„¢

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[void]

Paul Tudor Jones said:
Funny.

Crypto is the only network which becomes LESS useful the more it is used. Unlike normal network effects that make networks more valuable the more users it has (Twitter, Uber, etc), any Blockchain network will become less usable, slower and more expensive to use the more users it has. Still great for speculation but it raises some doubts to the actual long-term usefulness.
Click to expand...

nobody expects 10kg of gold to be moved for a dollar, the price is in hundreds/thousands of dollars, it's clumsy, takes ages, involves huge security risks and in many cases it's not possible at all

BTC transaction of the same value costs way less (even under current circumstances), takes minutes, it's the safest transaction in the known universe, totally permission less

 

[JackAlabama]

The last block just had like 1.5$ median fee according to mempool.space

 

[JohnnyDoe]

FUD is over, Bitcoin died again.

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[369]

void said:
nobody expects 10kg of gold to be moved for a dollar, the price is in hundreds/thousands of dollars, it's clumsy, takes ages, involves huge security risks and in many cases it's not possible at all

BTC transaction of the same value costs way less (even under current circumstances), takes minutes, it's the safest transaction in the known universe, totally permission less
Click to expand...

ouch .......permissionless ?And the miners are what exectly ?
When holding gold you are not bound to internet ,electricity,miners,exchangers etc.......Gold is Tier1 money.What is bitcoin ?

 

[void]

369 said:
ouch .......permissionless ?And the miners are what exectly ?
When holding gold you are not bound to internet ,electricity,miners,exchangers etc.......Gold is Tier1 money.What is bitcoin ?
Click to expand...

study harder, it's not difficult to find answers to all these basic questions

it's hard argue with someone who believes that "governments a just the puppets of the mighty THEM who designed bitcoin on purpose to introduce CBDCs and can switch it off any time"

it's not productive, let's agree to disagree for now - time and market will show

 

[Jorozey]

transaction fees are okay now

369 said:
ouch .......permissionless ?And the miners are what exectly ?
When holding gold you are not bound to internet ,electricity,miners,exchangers etc.......Gold is Tier1 money.What is bitcoin ?
Click to expand...

Bitcoin provides the ultimate form of transferable wealth and storage in the time, for future generations. It only takes two computers to support the network, also like i said before you don't even need an internet connection, you can send a Bitcoin transaction via radio frequency.

Last edited: May 12, 2023

 

[extremedox101]

void said:
it's called free market, something people already forgot
seems like security budget problem was accidentally fixed 😀
Click to expand...

i think it's plain abuse ,seem they didn't plan well for BRC-20 .
things like this can destroy bitcoin future .

 

[void]

extremedox101 said:
i think it's plain abuse ,seem they didn't plan well for BRC-20 .
Click to expand...

who didn't? bitcoin doesn't care about what anybody wants - that's the whole point of it

extremedox101 said:
things like this can destroy bitcoin future .
Click to expand...

if these pump&dump games (very expensive for the players by the way) or any other kind of adverse behaviour could destroy/compromise bitcoin then it deserves to die - I don't see any signs of problems so far - do you?

 

[369]

void said:
study harder, it's not difficult to find answers to all these basic questions

it's hard argue with someone who believes that "governments a just the puppets of the mighty THEM who designed bitcoin on purpose to introduce CBDCs and can switch it off any time"

it's not productive, let's agree to disagree for now - time and market will show
Click to expand...

bitcoin can exist to world will explode.the issue is the value of bitcoin in the near future.
your technical skills seems to be very limited if you can't see how often governments could have shout down bitcoin.
you can beliving in it.your money your choice.

Jorozey said:
transaction fees are okay now
View attachment 4782


Bitcoin provides the ultimate form of transferable wealth and storage in the time, for future generations. It only takes two computers to support the network, also like i said before you don't even need an internet connection, you can send a Bitcoin transaction via radio frequency.
Click to expand...

storage of wealth ? ROFL its a ponzi today 27k tomorrow 120k day after tomorrow 5k where is the storage ?
What happens if governments ban bitcoin to fiat ?
Where will the fiat come to sell bitcoin ?
Bitcoin has only big adoption because you can exchange it to fiat.

void said:
who didn't? bitcoin doesn't care about what anybody wants - that's the whole point of it

if these pump&dump games (very expensive for the players by the way) or any other kind of adverse behaviour could destroy/compromise bitcoin then it deserves to die - I don't see any signs of problems so far - do you?
Click to expand...

miners have no high cost when doing a pump in fees

 

[Onassis]

It's certainly not looking good for BTC, nowadays even SEPA transactions are cheaper and sometimes faster than BTC

Privacy-wise there are much better alternatives: US Blacklists Bitcoin, Ether Addresses Tied to Russian Sanctions-Evasion Efforts