Raining today for sure! haha
Is the crypto winter over?
- Thread starter schizo
- Start date
Raining today for sure! haha
Could be 25 before 35?
The recent processing backlog and higher transaction fees might have something to do with it too.
https://decrypt.co/139259/bitcoin-ddos-ordinals-inscriptions-attack
'Attack on Bitcoin’ Claims Circulate as Transaction Fees Climb Higher
Some point the finger at Ordinals, and a few see nefarious intent.
By André Beganski
May 7, 2023
3 min read
The Bitcoin quadrant of Crypto Twitter was abuzz with concern on Sunday, as some users saw high transaction fees and a congested backlog of transactions as an attack on Bitcoin.
There are currently over 469,000 transactions waiting to be confirmed in Bitcoin’s mempool as of this writing, according to mempool.space. Before transactions are added to Bitcoin’s blockchain, transactions are sent to the network’s mempool, where they wait to be selected by a Bitcoin miner and inserted into Bitcoin’s next block.
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Bitcoin transaction fees were also quite high, with high-priority transactions commanding a rate of 654 sat/vB, or around $26, according to mempool.space.
The two metrics suggested that Bitcoin’s network was especially clogged, but some thought it was the product of nefarious behavior, aimed at cutting off those that couldn’t handle the uptick in transaction fees.
Developer Inserts 'Bug' in Bitcoin Ordinals—How Bad Is It?
There’s fresh controversy brewing in the Bitcoin Ordinals community after a developer under the moniker “Supertestnet” initiated a transaction that had no input or output, but is nevertheless seen as valid. This resulted in the Ordinals’s inscription numbering system crashing, sparking concerns that the whole protocol may now be broken. Ordinal inscriptions, also known as "proof of ownership" inscriptions, are essentially a way of attaching metadata to a specific Bitcoin transaction. This metada...
NewsTechnology
5 min read
Andrew AsmakovMay 5, 2023
“High transaction fees are the chosen pain point by the attacker, probably to make [...] Bitcoin unusable for smaller players,” claimed @proofofjogi on Twitter on Sunday. “We're in the then-they-fight-you-stage.”
The notion that high transaction fees could be used as an “attack vector” toward Bitcoin was echoed by Bitcoin-maxi Dylan LeClair. But he claimed that driving up costs in the short term has a negligible impact on Bitcoin in the long run.
One user on Twitter named @Toma_7_32 pointed out that clogging up Bitcoin’s mempool mainly benefits miners, “who are having a blast” while reaping the rewards associated with higher transaction fees, despite what some are labeling an "'attack' on Bitcoin."
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The account claimed that it was only a matter of time before those flooding Bitcoin’s mempool with transactions run out of money, making any impact on the network short-lived.
Still, others attributed the uptick in transaction fees and Bitcoin’s sizable backlog to Ordinals, a protocol used for minting NFT-like assets on Bitcoin. Called inscriptions, the total number of Bitcoin-based digital assets cruised past 4.3 million on Sunday, according to a Dune dashboard. Just last week, inscriptions totaled 2.5 million, based on Decrypt coverage.
The recent increase in inscriptions can be attributed to the growing popularity of BRC-20 tokens, which were originally pioneered as an experiment in March. Some exchanges like UniSat Wallet have created ways for people to trade these tokens built on top of Bitcoin, which bear a resemblance to ERC-20 tokens on Ethereum.
On Sunday alone, UniSat Wallet had done over $9.3 million worth of inscriptions trading volume, as of this writing, according to another Dune dashboard. The figure coincided with roughly 7,500 transactions.
Bitcoin Daily Transactions Hit All-Time High With 3 Million Ordinals Inscriptions
The total fees paid for Ordinal inscriptions topped 272 BTC, around $7.6 million on Tuesday, according to a Dune Analytics dashboard. On Monday alone, over 372,000 inscriptions were created on the Bitcoin network—contributing to a daily record 682,281 Bitcoin transactions—with daily network fees hitting 23 BTC, or around $656,000. I can't believe my eyes BRC-20 demand leading to a 700% increase in fees AFTER what we've seen with Ordinal Inscriptions 12,800% increase in fees from BEFORE Ordinal ...
NewsNFTs
3 min read
Jason NelsonMay 2, 2023
While the chatter surrounding Ordinals and Bitcoin transaction fees grew more intense on Sunday, Bitcoin was largely flat. The coin was down roughly 0.1% at around 28,800, as of this writing, according to CoinGecko.
And though some on Twitter vocalized concerns, others like Kashif Raza pushed back against the notion of Bitcoin being under attack, pointing to the fact that Ordinals is an innovation partly enabled by Bitcoin’s taproot upgrade.
“The developers are using it to explore new possibilities that you can't stop,” he said. “This is what you call a free market.”
I don't know if the rumor is real and if it is real, it would depend on the extent of the charges
It can be pretty bad if Binance has to shut down or even if the Binance Smart Chain has to shutdown or if there are criminal charges against CZ
I have not done anything, yet, looking around for more info.
Yes, this doesn't help, but a true bitcoiner will not be against ordinals or nft's or anything on the bitcoin blockchain. It's part of the permissionless decentralized network
I've made several transactions on the bitcoin mainnet for the past few days and fees are elevated, less than $20 tx fees
I also paid over $100 to swap on Uniswap several times today and yesterday and the day before, so it's not a big deal to me
No need to tell me. Kinda regret getting out of my earlier short.
Anyway, we should see 23K before all this rain stops. I made a prediction about this elsewhere. Fingers crossed.
One of my posts you responded to was actually a rhetorical question, "how do tradfi people trade a crypto asset like Pepe that is very volatile"?
The way I do it and others may have their methods is to treat it like an asymmetric risk/reward investment, all or nothing, or more often than not, a big loss or a big return
When I first got to Pepe, it was about 3 weeks ago and I posted here, it crashed the next day, went down about 50%. and I tripled my investment from to about $7k (did not enter the yield farm until a week later, so I'll separate that as a position, that yield farm actually returned all risk capital on Pepe plus a little bit of profits)
$7k went to $42k, then it pulled back to $20-something k, then it went to $50k, I posted here, then it went to $72k within 2 hours, then that night I closed the yield farm but the $7k has gone up to over $130k by the morning and I cashed out, a little bit, posted here
$100k down to $50k right now. But if you look at paragraphs above, I am incapable of timing tops and re-entering when it crashes, so as Jesse Livermore has said... It was always my sitting that made the most money
So I sit on my Pepe position for now...
There is good news, I cashed out about $5k profits on Mong position earlier today... the bad news was that it was about $17k profits after the first day I had it
