This is just ridiculous. who is doing this? \ stacker news ~bitcoin

This is just ridiculous. who is doing this?

4111 sats \ 40 comments \ @iguano 7 May 2023 bitcoin

Look this transaction

https://i.imgur.com/pnAngjt.png

16c transaction paying 20.42$ fee.

now look at this.

https://i.imgur.com/2ZDRQ8t.png

this is happening all over the place thousand of times.

But this is not all...

We are seeing crazy fees

https://i.imgur.com/yYjw3Zy.png

but for some reason the hash rate is almost 10% down!

https://i.imgur.com/lh0OAus.png

This is not about ordinals at all.

Who can explain the sense of this to me?

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585 sats \ 1 reply \ @purpurato 7 May 2023

I wonder if miners can be colluding in some way and creating these transactions that they are mining themselves, I believe that happened when most mining was concentrated in China. It's not that hard to put together for an agreement a few actors that have their interests aligned.

0 sats \ 0 replies \ @iguano OP 7 May 2023

Some miners have to be involved for sure.

439 sats \ 1 reply \ @travis 7 May 2023

Suspected shitcoiners. Their motivations? Shitcoinery, forced L2 adoption/building, a combination of both?

0 sats \ 0 replies \ @rarepassenger 7 May 2023

Correct.

276 sats \ 11 replies \ @DarthCoin 7 May 2023

Let them pay. I wonder how much time they can sustain this bullshit. https://nitter.net/jimmysong/status/1655238661812916224

5 sats \ 10 replies \ @iguano OP 7 May 2023

that's the scary part. lets say they can do this for years?

46 sats \ 9 replies \ @DarthCoin 7 May 2023

Get used to this. Are you not running a LN node? Onchain must be used mostly for opening/closing channels.

2 sats \ 8 replies \ @iguano OP 7 May 2023

well I myself only use the blockchain for long term hodling. but my pristine blockchain is full of stains now... I hate them.

31 sats \ 6 replies \ @DarthCoin 7 May 2023

So if you hold, why do you care? You are not paying fees for just some BTC sitting in your wallet. If you don't like it, fine, sell your coins. More coins for me. Onchain maxis were warned long time ago, but they always ignored LN.

21 sats \ 0 replies \ @phygit 7 May 2023

So now there are "onchain maxis" and "LN maxis"? ROTFL

0 sats \ 4 replies \ @iguano OP 7 May 2023

lol wtf who is selling? I care because I know some adoption is being drove by onchain transactions. the LN still not adopted everywhere. like I said, myself I'm unaffected. I just have time to spend on internet.

10 sats \ 3 replies \ @DarthCoin 7 May 2023

the LN still not adopted everywhere.

Holding only is not adoption. Is hoarding. Is time for you to read.

100 sats \ 2 replies \ @iguano OP 7 May 2023

Not reading your crap sorry

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0 sats \ 0 replies \ @kepford 7 May 2023

Right there. "my". That's why it bothers you. Its not yours, or mine.

255 sats \ 1 reply \ @l0k18 7 May 2023

Look at the mempool's block diagrams and click on the big ones. Coinjoins, batch payments and consolidations. I smell a smokescreen also.

I think they are gaming the fee market.

0 sats \ 0 replies \ @0260378aef 8 May 2023

But does that pattern of bigger ones - the CJs, batch payments and consolidations - differ from normal conditions? I expect not.

194 sats \ 0 replies \ @sudonaka 7 May 2023

Temperatures (weather) spiked up the last few days I’m Texas might have some impact on HR

54 sats \ 0 replies \ @phygit 7 May 2023

Weird af, indeed.

171 sats \ 0 replies \ @BitByBit21 8 May 2023

Whoever is doing this, Bitcoin doesn't give a fuck.

10 sats \ 0 replies \ @faithandcredit 8 May 2023

Maybe someone is buttering up the miners in order to create drama for next halving. I mean have them make tonnes of money in fees and then just stop as the next halving comes. Will create drama. Also wonder how much btc is integrated with energy grids, what would happen if miners go out business, grid becomes unstable? Wouldn't be a good look for pow. Large miners would go out of business if they expand and expect current revenues to be permanent. But let's see.

5 sats \ 2 replies \ @rijndael 7 May 2023

Big brc-20 mint

0 sats \ 1 reply \ @SpaceHodler 8 May 2023

Do those things even take block space like ordinals?

0 sats \ 0 replies \ @rijndael 8 May 2023

Yes. Each one is a little inscription containing a blob of json

10 sats \ 0 replies \ @TheWildHustle 7 May 2023

And then they fight you

2 sats \ 0 replies \ @TheBTCManual 8 May 2023

People are buying small chunks of sats lets say 200 sats inscribed with a BRC-20 token like ORDI which is supposedily worth 12$ so to them thats a 2400 transaction so they don't mind the fee

Still dumb AF though

1 sat \ 0 replies \ @itme_brain 8 May 2023

BRC20 - They don't care about the size of the UTXO output, its just a delivery package for the payload they care about, the JSON file.

0 sats \ 0 replies \ @SpaceHodler 8 May 2023

The government? They can surely afford it.

0 sats \ 6 replies \ @rothbardllc 8 May 2023

Why is it "ridiculous"?

Voluntary actors wants to send something across the bitcoin network, and are willing to pay for it.

No collusion, no weather fluctuations -- just simple economics, working as expected.

0 sats \ 5 replies \ @iguano OP 8 May 2023

what about hashrate in downtrend? they are making the double of the money now, how do you explain they are disconnecting mines?

10 sats \ 0 replies \ @Mbtcax 9 May 2023 freebie

Doesn't the Mempool show that 'avg block time > 10 min' and that's why next difficulty adjustment the difficulty will go down with 8.68% to make sure 'avg block time == 10 min' again?

0 sats \ 3 replies \ @rothbardllc 8 May 2023

There is no "they".

The actors who want to use the bitcoin network are different from those who are securing it.

If you are really bothered by this, it would be instructive to first establish that hash rates and fees are historically lock-step correlated. Otherwise this is just usual chemtrails -- FUD -- shitcoin bashing -- etc.

0 sats \ 2 replies \ @iguano OP 8 May 2023

they = who is mining atm. and yes, they are real.

I guess we are free to talk about what is happening? no?

0 sats \ 1 reply \ @rothbardllc 8 May 2023

Just offering the unsolicited advice to bring along some evidence to back up your theories.

Your feelings of dread and uncertainty about conspiring miners -- THEY ARE OUT TO MAKE MONEY OFF US! -- is not backed by evidence, other than you finding it "weird".

Discuss away. It's fun and entertaining for most people to think about cabals of evil people in shadowy conclaves when a topic is not understood. See: chemtrails.

0 sats \ 0 replies \ @iguano OP 8 May 2023

I don’t think they are evil . I just find weird they are not increasing hash rate at this point . Having fun with the discussion. Not sure why people think I’m suffering, maybe is the way I write. :)