Nostr Web Client

Miners could well be helping drive it since they're the only ones really benefiting

The way I understand the inscriptions, they are expensive transactions so they aren't competing for immediate block space, instead the are setting the floor for the fee rate. I'm not sure what is causing the fees to be so high right now but I would be shocked if the inscription transactions were paying fees high enough to get priority in the mempool.

Thankfully, anyone can mine and benefit from high fees. I'm collecting extra mining revenue right now which will help subsidize fees on future payments I make.

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Discussion

Matt 2y ago

My more conspiratorial mindset would be worried about pools and plc miners colluding to push through extra transactions to keep the fee rate nice and high, making them more sats in the long run. That's how I'd do it if I was an industrial miner looking to maximise my fee payouts, at any rate.

rev.hodl 2y ago

Turns out I was wrong, it is infact these strange transactions paying high fees.

What is a PLC miner?

What is the mechanism to push fees higher?

Is it because the hash rate is so centralized that ant pool can comfortably bet that they will mine these transactions basically paying themselves and forcing everyone to pay higher fees?

Matt 2y ago

PLC - public limited company - by law they have to maximise profits for shareholders, so they're incentivised to promote/support activities which would push the fees up.

The mechanism I'm picturing is exactly that, they know they're going to get roughly X blocks per day, so they all stump up, some get back the same, some a little more, some a little less, but they all win because ordinary Joe is stuck paying hugely inflated fees

RealJohnDoe 2y ago

If we can't stop this attack on Ordinary Joe with code and stuff. We may have to switch to RandomX..💀🤔🧡😊🦍