For last week, inscriptions were way less likely to pay more than 50 sats/vB than non-inscription transactions.
(This is just early text based R&D, I plan to create much prettier charts once I figure out how I want to see the data.)
I now have data for last week. Now I just need to create some visualizations for it. That should be fun.
But first I’m going to drink a few beers and smoke a cigar or two to celebrate.
This is the second time I’ve processed the inscription transactions for last week and I still wasn’t smart enough to store the input indexes that actually contain the inscriptions so I’ll end up having to do it again at some point.
Next time. 🤦♂️
Imagine this week in banking with 24/7 fueled FedNow transfers over something like Labor Day weekend.
If they don’t pull the plug on FedNow before it goes live, I bet the adoption is going to be limited to the dumbest banks in the country.
I’ll have to find a longer clip at some point.
I wonder if everyone will realize that FedNow will be pouring fuel on the fire and pull the plug before it goes live. If they don’t, it is going to be spectacular to watch.
A US Senator admitted on live TV what everyone who has ever watched and understood It’s a Wonderful Life already knew. Fractional reserve banks are Ponzis.
https://twitter.com/DylanLeClair_/status/1654554035691683842?s=21
TIL that mempool.space uses Esplora’s /tx/:txid/outspend/:vout API to show the transaction that spent an output on its bow tie chart. I didn’t even know Esplora existed until I looked to see how they did that.
I also learned how to call the Electrum scripthash based RPC calls by checking to see how mempool.space does it.
Open Source is a godsend. Documentation never tells these stories as well as working code does.
The world would be a slightly better place if every writer that is on strike was replaced by a writer who thinks unions are insane institutions designed to protect the most pathetic people in an industry.
The amount of socialist propaganda injected into popular culture every day would probably drop dramatically.
Honestly, if you think this shit can hurt Bitcoin you are far too bearish.
https://twitter.com/leonidasnft/status/1654281261609877504?s=21
“The indexer is the source of truth for something that lives on Bitcoin, bruh. Why can’t you understand that?”
The supposed bitcoiners cheering these idiots on are doing us all a favor. All the better to see them for who they have always been.
Honestly, if you think this shit can hurt Bitcoin you are far too bearish.
https://twitter.com/leonidasnft/status/1654281261609877504?s=21
Yeah, as just one example, I find this to be fascinating.
https://twitter.com/brianroemmele/status/1650232467528249345?s=21
When ChatGPT loses its “mind” and starts making things up you know you’ve reached the end of the internet’s documented understanding of a subject and you are in true R&D territory.
The top 10% of knowledge workers have always lived in that niche.
🌎👨🚀🔫👨🚀
The general stupidity of it all plus the fact it costs real sats to write inscriptions fits my belief that this will be a fairly short lived fad.
But yeah, too many of the scammers will survive to scam another day and that’s a shame.
This BRC-20/ORC-20 shit is an IQ test and anyone spending sats on it deserves to HFSP.
I now have data about all the inscription reveal transactions for all of last week. Tomorrow I’m going to do some testing to see how long it will take to collect data for the commit transactions too. That should go a lot faster, but I don’t have a good feel for how fast it will go. I suspect the commit transactions are much less consequential than the reveal transactions, but I’d like to cover them too just for completeness.
Then I can work on creating some charts to make it easy to understand what actually happened with inscriptions over an entire week while I wait for my code to churn through this week’s data too.
I support capital punishment for anyone who uses the term “unalive” instead of some form of the words death or kill.
See also: 
Depends on the config, which I haven’t looked at for Umbrel, but Bitcoin core is likely configured to only connect via Tor so it won’t connect if Tor isn’t running. Also, Tor may be configured to restart via systemd or something similar.
It’s been quite a few years, need to add this one to my rewatch queue.
The inscriptions are definitely increasing the floor price. I don’t yet have a feel for how big that effect is yet, but there are a bunch of extra transactions waiting at the low end. But when the price blows out during US business hours it seems like it’s mostly non-inscription traffic.
I’m still waiting for my data collection script to finish running so I can’t back this up with any quality stats yet, but I have a gut feeling that inscriptions aren’t the main source of high fees. They are just helping to push things higher when people get impatient.
If you look at the transactions bidding up the fees during the day they mostly aren’t inscriptions. They are the sorts of transactions that the fee discount was designed to encourage. Lots of inputs consolidating into a few outputs.
The degens are mostly not bidding fees up except in fairly rare cases where someone clearly wants to move their shitcoinery on chain.
I hope to have a way to visualize this much better but it’s slow going because there is a ton of data to churn through.
The big expensive transactions at the bottom of this block are good examples of this.
https://mempool.space/block/00000000000000000003b6963bb1d1f3deb1b6e23abba57306fd58d3a9abe4ba
If I didn’t have Ruby I’d love Python too. But given the choice, Ruby fills my need for a dynamic “get shit done” language and the aesthetics are a better fit for me.
I basically just use ChatGPT as a research assistant to save me the time I would waste searching for ambiguous stuff. As the web has exploded over the last 20 years it’s gotten harder to just get up to speed on the current accepted options for tackling various problems. Now I’m able to use search engines in a much more targeted way to find the specific things ChatGPT has already clued me in about. It’s also a great way to explore a new to me API.
It would take me much longer to coerce ChatGPT into writing the code I want in the way I want it than it does to just type it myself once I know what I want. But it saves me a ton of time exploring options so I can decide what I want. Then I can shift to an iterative debugging session using something like Ruby’s pry or Python’s ipdb (which ChatGPT helped me find when I asked it about pry like tools for Python).
In my mempool right now, about 12% of the pending transactions have inscriptions. But the total fees offered for those transactions represents only 4% of the total fees offered for all pending transactions.
Some of the very high total fee transactions I’ve come across and spot checked look to be coming from centralized custodians where they are consolidating hundreds of inputs into a few outputs. Many of those have 60-150 sat/vB and they are huge because of the many inputs and their witness data.
I suspect the ongoing banking drama is causing more of the mempool congestion than inscriptions are. Lots of onchain activity on a day like today seems like a good thing. 🤷♂️
This meme I shamelessly downloaded from Twitter is going to be useful 🤣 
Software developers never took Richard Stallman’s communism seriously.
Open source has primarily been a way for software developers to commoditize their complements. Instead of paying rent seekers for fundamental building blocks, it made more strategic sense to build dependencies in an open way so nobody could be leveraged while building more specialized software.
15 years ago I swore I’d never again build software I own on proprietary platforms I have no control over. The 15 years prior to that I had been rugged at least 3 different times by a vendor deciding the proprietary platform I built on was no longer worth supporting.
Luckily, enough open source software existed by that time to make my new open source only strategy viable. Linus Torvalds did more good for the world than Bill Gates ever will.
And now I wait about 3 days for my script to churn through the last 21,000 blocks to gather stats on inscriptions.
Thinking about creating a #nostr bot to summarize what the degens are doing each day and how many sats they are burning to do it, but this is the first step.
It’s a 2 cigar kind of day.
Test driving the new ashtray. 🤌
Looks like there were 75,424 inscriptions written yesterday. They used 29.3 MB of space and it cost 1.870485 BTC to write them (≈$54,886).
I need to group them by content type to see the breakdown by type. Looks like many are now just “text/plain;charset=utf-8” with JSON contents. I’m curious if many images are still getting written.
ChatGPT helps eliminate the most tedious parts of writing this kind of code. Instead of wasting time researching the options for doing various tasks, which always results in spending time weeding through many unhelpful search results, ChatGPT just presents options that can work and you can focus on the overall goals.
Yeah, would be nice if it even turned into a more traditional looking text entry field when it gets clicked. Something with a border so you know exactly what is going on when you click it.
On TestFlight and the dialog is different now, but it still works.
Have to click the number to bring up the keyboard then had to manually delete the number that was there to enter a new number.
Not as easy to use yet, but I can see what he’s going for and I’m sure it will get better.
Hourly DCA is even better because it shows you what you are actually saving out of every hour.
If the median 35yo in the US makes ≈$28/hour, that’s equivalent to $6.67/hour when looking at every hour of their lives not just the 40 hours they are working.
($28/working hour * 40 hours/week) / (7 days * 24 hours/day) = $6.67/hour
If that median 35yo can DCA $1.00/hour, every hour of every day, they are saving about 15% of their gross income. That’s a pretty standard recommended retirement savings rate.
Save $1/hour and you’ll be stacking $672/month. That’s ≈2,444,000 sats/month at current prices. How many 35yos in the US do you think are saving $1 per hour in sats?
The nice thing about hourly DCA is that you get to buy every dip automatically. Any time you see the price go down you know you got some sats on sale.
Salt to taste and adjust for your situation and income and you’ll be tracking your savings progress every hour and you’ll get to experience how that helps lower your time preference. nostr:note12r42jvvx4hl6q2pfj5fc53azgwt0u3fcqcg5jsw3deqapxr6xdks9a7dtj
The complete lack of deference for Ursula von der Leyen and the European Commission is genius.
This is the Minister of Foreign Affairs of Uganda, Dzeje Odongo. If you look at Wikipedia, it says this:
“On 18 February 2022 he participated in the European Union - African Union Summit in Brussels. A controversy arose when he greeted President of the European Commission, Ursula von der Leyen, only after an intervention by Emmanuel Macron, which was considered a misogynistic attitude.”
This was after “Sofagate” in Turkey and before her recent treatment in China. The western propaganda outlets desperately want you to believe she’s being mistreated because she’s a woman. Forbes has even claimed she is the most powerful woman in the world (after placing her well behind even Kamala Harris multiple times 🤣).
The reality is she’s the unelected leader of an impotent criminal organization and anyone holding that office should be treated like the used toilet paper they are. I hope this trend continues.
I wonder if this sort of thing will still happen on promoted Tweets 6 months from now.
You have to imagine the person responsible for the Samsung social media ad budget won’t be happy to see this. 
Every garbage idea will melt away eventually when required to pay fees using a money that can’t be faked. 