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152 sats \ 4 replies \ @028559d218 18 Aug \ on: Solo CK On Sub 1sat/vb Fees mempool
If Bitcoin 'fails' it won't have been due to any 'technical reasons'. But instead due to stupidity, laziness, apathy, and greed.
Those 1-2 UTXO transactions are "rune-scriptions" and they are half or more of all blocks lately.
All the little light-green 'dots'
The purpose of a 'rune-scription' is to create a BRC20 token & 'rune' token in the same transaction. The BRC20 is made-up from from 4 lines of JSON hidden in Witness Script...
And the 'rune' is an imaginary token in this case 'uncommon goods'. They are spammed by the tens of thousands for pennies each at sub-1 sat/vbyte fee rates.
There isn't enough demand among 8 billion people to use Bitcoin on-chain... so bots spamming arbitrary data for pennies each is all that's left.
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0 sats \ 1 reply \ @DarthCoin 18 Aug
8 billion people to use Bitcoin on-chain
onchain is for settlement not for buying a coffee with sats. LN is THE payment network of Bitcoin.
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0 sats \ 0 replies \ @028559d218 19h
We all know that. At the same time there is no substitute for on-chain settlement, and logically billions of people plus organizations and companies will want to settle on it
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0 sats \ 1 reply \ @OT OP 18 Aug
Which pools have rejected sub 1sat/vb TX. I only know of Ocean and ViaBTC.
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50 sats \ 0 replies \ @BeeRye 18 Aug
viabtc, secpool, sbicrypto, mara, and Ocean (although depends on who mines the block) seem to still have 1 sat minimum.
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