It does make you think a bit differently about some of the principal assumptions around scaling. Not this event, but the mempool in general -- that all the L2 stuff is building in anticipation of reactions to high demand; but that we do not currently have high demand, at least, not the way we normally think of the word.
But then the really interesting thing is: one of the reasons I expect demand is low, is that people have come to understand (through historical experience) the consequences of high demand. So the use cases that could have caused it became stillborn.
Such a mindfuck to entertain all these causes and effects.
It means that every Bitcoin transaction that was waiting to be confirmed and added to the blockchain/timechain has been added.
Now, it’s really cheap to send on-chain transactions because the supply of block space is high and the demand for using that limited block space is low.
Yes, you can see how that savagery was on the live stream 2140 of @lunaticoin. They were broadcasting live and it was something impressive and chilling. over 2000 satvB
bitcoin is dead. long live bitcoin
Holy shit! First time I've seen it too!
hahaha good old times.
It means we're scaling if you think more people own bitcoin. Afaict we're mostly scaling in the wrong ways - paper/custodial bitcoin.
It also looks like a bunch of new miners came online suddenly or we had a stochastic abnormality: #872748
It does make you think a bit differently about some of the principal assumptions around scaling. Not this event, but the mempool in general -- that all the L2 stuff is building in anticipation of reactions to high demand; but that we do not currently have high demand, at least, not the way we normally think of the word.
But then the really interesting thing is: one of the reasons I expect demand is low, is that people have come to understand (through historical experience) the consequences of high demand. So the use cases that could have caused it became stillborn.
Such a mindfuck to entertain all these causes and effects.
agreed, no one uses it p2p. or maybe the few that do are successfully using lightning primarily for a bit of silver lining.
Most of my transactions are done with Lightning. The vast majority.
too🤙
I think we (SN) all use lighting here like everyday
ya, the fellowship of the stack 😅
There is a lot of paper BTC out there! And this will lead to a correction! As always!
They'll be sure to be rek'd at some point then
SOOO WILD I was hyperventilating about this on a call with my boomer parent just now lol
"That's great, or terrible, whatever you like kiddo"
I means most people aren't interacting with Bitcoin on the base layer. Unfortunate but not dire.
It just means that Layer 2 solutions work
Well, this means a 2Tassetisscalingwellonlayer2sandthatit’sreadytoaddanother2T fairly soon
Hmm, true, I understand
It means that every Bitcoin transaction that was waiting to be confirmed and added to the blockchain/timechain has been added.
Now, it’s really cheap to send on-chain transactions because the supply of block space is high and the demand for using that limited block space is low.
Long live Bitcoin.
Best explanation thank you
🫡
Lol Where are the ordinals bros who were going to be the new security budget? They run out of money?
It's the first time I've seen this either. 😱
It reminds me of the day of the halving in 2024 when it was at over 2000 Sat/vB
Wow, wtf?!
Yes, you can see how that savagery was on the live stream 2140 of @lunaticoin. They were broadcasting live and it was something impressive and chilling. over 2000 satvB
New to crypto
https://i.ibb.co/gMSF34Y0/IMG-20250202-010301-766.jpg
Mempool https://i.ibb.co/7t8C8RJT/IMG-20250202-011224-633.jpg
Yeas! Time to condense some UTXO’s! Remember the ordinals garbage last year?
It was crazy, halving day was the wildest thing I've seen in my short time in Btc
Ha same that was nuts!
Just did that myself
🚩
This post might be more relevant and engaging in the ~mempool or ~bitcoin_Mining territory.It means that you are quite new to bitcoin and that's great, you still have a lot to learn and comprehend ahead of you.
Maybe. I first got in bitcoin in 2021. I've just never seen mempool like this before.
unbelievable. Welcome to the new world
That means no ones using it.
Last time was in 2023 I think. Guess it wasn't that long ago but many thought it may never happen.
concerning
It means you have no excuse to coinjoin now.
I still don't think I fully understand / properly know how to do it
Wasabi Wallet is easy since it has autocoinjoin. Joinmarket is a little more intuitive to grasp, I explain how to use it in this thread - #701938
Is there any directions for Wasabi wallet? I'm concerned that in the event that I do want to sell on the exchange, there will be an issue
It's just empty