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1. NBS (nbs@noagendasocial.com)'s status on Monday, 08-May-2023 00:49:43 JST NBS

   Bitcoin is currently under a practical DoS (Denial of Service) attack.

   I say practical because service (transactions) is not technically being denied, it's just expensive right now. Someone is spamming transactions in the mempool, causing fees to be expensive, effectively pushing small fee transactions back in priority.

   As a miner, I enjoy this as fees are jacked. As a user of bitcoin, this simply means layer 1 transactions are expensive right now and will eventually go back down to normal.

   • Woggy's Zeonic Frolicks likes this.
   • NBS (nbs@noagendasocial.com)'s status on Monday, 08-May-2023 00:49:42 JST NBS

     in reply to

     It's important to note that this is how bitcoin is intended to operate, and the fees are still far lower than ETH gas fees (which is hilarious to me).

     Quick recap on the blockchain: timely blockspace is scarce and requires a fee to use, the higher the demand for blockspace, the higher the fee required to be included in the next block.

     So the person behind this practical DoS attack is burning money to perform this attack. Nothing abnormal about how the fee market is reacting.

     Woggy's Zeonic Frolicks likes this.
   • BigSkyRider (bigskyrider@noagendasocial.com)'s status on Monday, 08-May-2023 00:50:28 JST BigSkyRider

     in reply to

     @NBS I'm not sure this is how bitcoin is intended to operate, it seems to me like this was introduced recently into the system.

     https://cointelegraph.com/news/memecoin-hype-drives-bitcoin-transaction-fees-to-multi-year-highs

     do you have info on the DoS you're referring to, or is the DoS possibly memecoin caused?

   • NBS (nbs@noagendasocial.com)'s status on Monday, 08-May-2023 00:50:28 JST NBS

     in reply to

     • BigSkyRider

     @BigSkyRider

     You're right that this higher participation in transactions on the network is a recent phenomenon, and it also happened in the bull run during 2021. However the current fees are about 5x what they should normally be, normally meaning in a busy market, so someone is very clearly spamming the network with the intention of jacking fees in the short term. At worst, fees will go down by about 5x over the next week or so, as this amount of fee burning cannot be sustained.

     Woggy's Zeonic Frolicks likes this.
   • NBS (nbs@noagendasocial.com)'s status on Monday, 08-May-2023 00:50:29 JST NBS

     in reply to

     This high fee market also highlights the benefit of layer 2 solutions like the Lightning network.

     So long as you have established channels (if you're a node operator) or if you have a lightning wallet setup already (super easy to do with many apps), then you're completely unaffected by layer 1 transaction congestion. Fees are still practically nothing, and you can go about your day streaming sats or boosting podcasts.