What is the 'purpose' of this transaction? \ stacker news ~mempool

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What is the 'purpose' of this transaction?

292 sats \ 15 comments \ @028559d218 18 Aug mempool

Here it is e01119de214a30930f4116bc9d73d1dff8fc150da7f9cc02b3c760f149b09b0d https://mempool.space/tx/e01119de214a30930f4116bc9d73d1dff8fc150da7f9cc02b3c760f149b09b0d

An address sends a UTXO to itself... pays 51.6 sats/vbyte or ~ 7200 sats in fees... And the only thing it has "accomplished"?

An op_return that says "uncommon goods".

Here is the chart of "uncommon goods" the memecoin

Why???

Tinfoil hat: is it an attack? Is it to 'probe' the Bitcoin network? Like some sort of DoS? There are lots of these

bc1qknr57uky7jhunyyj6q9su05ndlc89g44ure000 https://mempool.space/address/bc1qknr57uky7jhunyyj6q9su05ndlc89g44ure000

There has to be a logical explanation

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0 sats \ 3 replies \ @softglitter2d 19 Aug

OP: Tinfoil hat: is it an attack?

No.

OP: Is it to 'probe' the Bitcoin network?

No.

OP: Like some sort of DoS?

No.

The explanation about why is as follows:

Holding UNCOMMON•GOODS can provide several advantages, including potential price appreciation, access to exclusive community events, and participation in governance decisions within the Runes ecosystem. [Sauce]

You yourself replied to your own answer, it's a memecoin¹. These kind of project has only one logical path: being a degen, if that means that you have to make unsilly tx fees to gain tokens, so be it. I saw comments related to goverments attacks, mining attack and so on...no. See, they don't have any other purpose rather than (as they put it) appreciate the price, that's it sir.

But they're aTtacking muh bitc0in netw0rk

They don't. If you like to control what other people make with their money, I would suggest you to use Coinbase or any CeX.

The moment you want to look reasoning for a memecoin, you lost. Memecoins are just casino tokens, made for gambling for people who want to gamble. ↩

0 sats \ 2 replies \ @028559d218 OP 19 Aug

Runes ecosystem

There is no runes ecosystem. It's a total scam.

f you like to control what other people make with their money

This isn't a person, it's a bot doing the same thing over and over.

0 sats \ 1 reply \ @softglitter2d 11h

There is no runes ecosystem. It's a total scam.

Runes exists, you also referring to a transaction brocadcasted by miners and confirmed by nodes, therefore your opinions about what is (or not) spam is entirely yours and yours only. Ironically, you're using mempool to check and verify the transaction that is spam.

it's a bot doing the same thing over and over

Bots are designed by people, not programmed by Hal9000. If you don't like bots or want to control transactions by your own morals, good luck sir

0 sats \ 0 replies \ @028559d218 OP 1h

Spam exists. Whether or not it can be completely eliminated or reduced... is another issue entirely.

Runes do not exist. Show me a 'rune' on Bitcoin... you can't. Because they were made up arbitrarily by unscrupulous people to lure technically illiterate and economically illiterate people for their own personal gain.

THAT is crypto, and it does not belong on Bitcoin.

0 sats \ 1 reply \ @bordalix 19 Aug

I think it's related to runestones: https://www.xverse.app/blog/runestone-ordinals

0 sats \ 0 replies \ @028559d218 OP 19 Aug

Runestones in bitcoin do not exist

0 sats \ 1 reply \ @anon 19 Aug

It's an attack.

0 sats \ 0 replies \ @028559d218 OP 19 Aug

Do you have information about this? What do you know? Is there anything you can share?

0 sats \ 6 replies \ @OT 19 Aug

My first thoughts are that they want to be in a particular block.

0 sats \ 5 replies \ @028559d218 OP 19 Aug

Why? They whoever they are are 'making'/copy pasting the same datafield thousands of times per day?

What does it accomplish?

0 sats \ 4 replies \ @OT 19 Aug

No idea... That's was just my guess. If they're doing it 1000's of times a day then that's wrong.

Maybe a bot gone rogue or someone simply being regarded.

0 sats \ 3 replies \ @028559d218 OP 19 Aug

Thousands of times a day. Tinfoil hat: it's some kind of 'probing' attack or prelude to an attack maybe.

There are 3 'scenarios' for a 'government attack' utilizing miners

governments pay miners not to mine. No transactions no blocks... until the difficulty adjusts and smaller non-paid miners can compete.
governments pay miners to mine empty blocks. No transactions but blocks are regular... so difficulty stays high. But there are no transactions. At least until fee pressure rises to the point that, desiring to earn the fees, smaller miners increase their hashrate to compete.
(and most serious) governments pay miners to mine... but mine junk. Arbitrary transactions just at random or random transactions with no meaning/purpose. Blocks are full... but only full of junk so nodes have to store all of it. Difficulty stays high and blocks are completely full but full of spam...

Either honest miners demand higher and higher fees to 'offset' not being paid to get their transactions in... or there's some kind of change in the hashing algorithm (the nuclear option)

repetitive transactions en mass with no economic purpose... makes me think about this

0 sats \ 2 replies \ @OT 19 Aug

That sounds like a stretch.

Which gov? For all pools?

I don't see the connection. An adversarial gov would fill blocks at extremely high fees while at the same time force miners to turn off making it difficult and expensive to transact.

0 sats \ 1 reply \ @028559d218 OP 19 Aug

if i were a government that wanted to attack bitcoin... i would look for ways to attack the nodes themselves. For example paying for transactions ie "transacting" in transactions that are repetitive that either bloat the UTXO set... or discourage economic transactions through higher fees.

Spam basically. That 'outbids' everything else (this would be especially evident at higher fee rates) or at least fills blocks with junk at low fee rates 1 or < 1 sat/vbtye etc that slowly harms nodes over a long time period.

Then depending on how users respond, how pools respond, and how nodes are effected (or not) come up with plans to weaken the network if desired.

I don't think the US is smart enough to do this (plus the president is invested) but the Chinese are.

Just my 2 tinfoil sats.

Anytime I see economic activity that doesn't make sense I ask myself 'what's going on here, what explains it?'

0 sats \ 0 replies \ @OT 19 Aug

For example paying for transactions ie "transacting" in transactions that are repetitive that either bloat the UTXO set

These wouldn't be bloating the UTXO set as they're being spent again and again.

I don't think the US is smart enough to do this (plus the president is invested) but the Chinese are.

All China would need to do is take control of mining unit production. It still might take a few years to get enough hash power to attack the network due to the vast amount of hash already distributed.

Footnotes