That's way worse than I could have imagined... So this is obviously a spam attack. Who is funding this? Because that block space ain't cheap.
Discussion
The fee market is a free market, If people are willing to pay for block space then thats demand.
I dont think there is any conspiracy here. Something similar happened with Coloured Coins in early days of bitcoin. nostr:npub1de6l09erjl9r990q7n9ql0rwh8x8n059ht7a267n0q3qe28wua8q20q0sd told me about it.
I find it hard to believe that real people are throwing this kind of money at non-sense. Also the surge in activity in ordinals in May during the Bitcoin conference in Miami was in no way organic.
Yeh it’s difficult to comprehend. But crypto is a casino/lottery ticket for a lot of people. People always cling to new narratives. Now BCH, BSV, ETH and HEX are dying, these people find new things to chase.
Remember thousands of millionaires were made from 2010-2023 due to crypto pump and dumps. Many have lots of cash looking for new quick cash grabs.
Thats the way I look at least.
Me too. During the last run people would pay 100-300$ to transact on ETH to claim airdrops worth thousands of dollars. Sure, you get 5k of free money but that doesn't justify paying $300 to transact on a blockchain. But of course you do it, it's a lot of free money.
Good times though coloured coins weren't an exploit like ordinals. A coloured coin was just a 600 sats tag embedded into the chain and you needed a colour aware wallet to transact them. Moving sats from a coloured address to a normal address would burn the colour tag in the transaction. So technically you'd burn your coloured token if you send it to the wrong wallet.
Those were technically the first NFTs and then the concept never caught on because ETH launched and JPGs (and smart contracts) were moved to ETH. Which was great because Bitcoin's "utility" is currency. That's the only utility we need. But yeah, we also had smart contracts back then already. David Zimbeck wrote the HALO QT client back then. It had a decentralised market and double-deposit escrow and a few other smart contract features. Also never caught on because of ETH making a debut.