2058 sats \ 5 replies \ @ZezzebbulTheMysterious 20 Apr \ on: Post-halving Block 840004 gets 27 BTC in Subsidies. Who knows why? bitcoin
The one that paid the all time high (?) fee in 840000 was https://mempool.space/tx/2bb85f4b004be6da54f766c17c1e855187327112c231ef2ff35ebad0ea67c69e at 3,604,819 s/VB, paying 673,200,000s in fees.
This is a fiat equivalent of $429,818;
The one that paid the highest transaction fee in that block was:
https://mempool.space/tx/152b928e97bb9e874da1bd4abdf766ae0cdc7a2f260dad5542967cb414c58489
799,987,800 sat at 3,575,364 s/VB.
This is the fiat equivalent of $510,768;
Both tx included an OP return, but this could not be decoded by the bitcoin protocol. It was effectively a loss of funds for the users.
Those sats were fortunately redistributed to the mining pool ViaBTC.
I hope ViaBTC distributes these faulty transactions fees fairly to their miners.
Thanks for the summary. Does it have to do anything with runes/inscriptions/anything else I'm purposely not keeping track of?
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There is an incentive to pay high fees for block inclusion on a new name, as the first ordered transaction claiming the name owns it. These names are meaningless, in an isolated and proprietary namespace. They mean nothing and do nothing.
Each name has some mintable fungible token.
This incentive is not compatible with economical use of Bitcoin (eg: fees do not outspend value transferred). In an environment where fees exceed the average spend, the protocol ceases to be censorship resistant value transfer and transforms into censorship by noise.
I will add that none of this means anything in Bitcoin, the order in a block is irrelevant — a txin references a tx and output index. Not order. No sats are ordered, but txout-index allows the spender to differentiate the spend+change, multiple recipients, etc.
The only order that matters is the order of blocks, and we enforce that by proof of work.
It is sad that a bunch of scammers decided to use this moment of world attention to start spamming trash strings and scamming each other with worthless string scrip.
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