Inscriptions & OP_RETURN transactions still make up 40% of bitcoin transactions by count, 10% by fee and 28% by weight. image
Everyone can agree that we need more decentralized block template construction. Core sees private tx broadcast as a threat to that (which is fair imo), which is part of why they are widening default policy rules. Most filter proponents are vocal ocean supporters. Ocean have already materially increased the number of entities (who are actually finding blocks) doing template construction with DATUM, currently I imagine most of these individuals are using knots, and interestingly many don’t filter out all “spam”. Knots has (iiuc) a single individual who decides what gets merged, and no doubt eventually there will be something he does / doesn’t do that will be perceived as an artificial restriction on user choice. Ultimately, the only way miners will have sufficient choice without restriction will be if they can construct their own policy (with ease) and we have already seen an example of this (Knots Lua Pull) and a more recent BIP draft to do the same in Core (see mailing list, not received well) The (perceived) threat with anything like this, is that “actual censorship” is as easy as mandating the inclusion of a filter file, and template construction is sufficiently centralized currently that IMO this is a reasonable concern. Which brings us back to the point on which we have unanimous agreement: there is a pressing need to decentralize block template production. Any action to decentralize block template production should be celebrated. Knots Lua Implementation JS BIP Draft 📃.md
Someone is consolidating large batches of UTXOs at erroneously high fee rates. In the last 7 days they have overpaid by over 5 BTC ($580k) 🤯 They could instead just use 1 sat/vB and RBF if needed (or use Mempool Accelerator Pro and avoid any complexity😉) 196 tx match the following pattern between block heights 913374 - 914379 (past 7 days). - Minimum Input Count: 100 - Output Count: 2 - Fee Rate: Between 101.6 and 101.7 sat/vB Total fees: 5.43388700 BTC
1 sat/vB is clearing but someone just made a consolidation at 102 sat/vB 🫥 image
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I've put some numbers together to help you determine whether the horse has already bolted regarding the use of bitcoin for non financial transactions. 49% the UTXO set is sub 1000 sat outputs 43% of transactions in the past 2 weeks had an OP_RETURN or were inscriptions. image
A third of all transactions in the past 30 days were BRC20
What is the best long form criticism or caution regarding the strategic bitcoin reserve?
Q/ Wait how is the Mempool now 22 blocks deep!!? A/ Well this one address ( Possibly “CoinCola” from a quick search) is associated with 926+ chunky consolidation transactions which are now in the mempool. Nature is healing.