832 sats \ 9 replies \ @DarthCoin 1 Feb 2023 \ on: Someone just took up the entire blockspace of a block with a wizard NFT/Ordinal bitcoin
They just paid a 900k sats fee.
So what's the problem here?
Bitcoin blocks space is a market place.
Yes, I don't like useless crap on the blockchain, but is still a fee market. They paid the fee? Fine, let them see if they can sustain this expensive crap...
Soon will be just a fade joke, like it was for many years,
Posting pictures on the blockchain is not from now, is even from 2015...
@petertodd also explain it very clearly here
https://twitter.com/peterktodd/status/1619692068519149568
Yes, people talking about how great bitcoin is because it's permissionless (among other things) but still being outraged because of ordinals or NFTs on bitcoin are hilarious.
I don't think they understood what "permissionless" means.
This whole discussion reminds me a lot of this quote:
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i love her
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I think the main problem people have here is from the witness discount. Normal full blocks are around 1-2 mb, but with inscriptions using primarily witness data, they are paying similar fees as normal transactions but taking up way more space.
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The witness discount is fair. Witness data impacts Bitcoin much less than UTXO data, as the latter has to be stored in much more expensive memory with good random access performance, ideally volatile RAM. Witness data by comparison can be stored on cheap, slow, hard drives without issue.
If anything, the 75% discount understates the difference in cost.
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I completely agree. I was kinda surprised to see guys like adam back and such calling for censorship.
code is law
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Luxor may have accepted an out-of-band payment, but the transaction paid a fee of 0 sats: https://mempool.space/tx/0301e0480b374b32851a9462db29dc19fe830a7f7d7a88b81612b9d42099c0ae
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Yeah saw it, I really don't know how a tx could be mined without a miner fee, except that was broadcast and mined by the same miner. Otherwise no miner would accept it.
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More to the point, the tx wouldn't be mined without a fee because other txs would always outbid it. The mempool is never that empty.
The actual cost of that tx in terms of expected fee revenue has been estimated to be about $2000. Likely that Luxor was paid out of band, and/or did it because it's funny.
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Well, if the mempool clears from a mined block it will be almost empty for the next minute or so.
Meaning, the agreement could have been "only mine this block if the total fees that you would get from a normal block is less than 100k sats"
It would take longer but with the current fee market it would have been mined eventually (mempool frequently empty recently) for a cost of $20. Or take 10x on the numbers then $200 but the expected time to mine it is divided by 10.
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