I wanted to discuss a thing that I noticed for a long time but didn't ask.
Sometimes I notice that some people replace their transactions with fees like 1000 sat/vB even though the recommended fee was around 100 sat/vB. Their previous fee was already enough to include their transaction on a block but it was waiting to be included in a block. But the person keep bumping it from 500 to 600 sat/vB and then 600 to 1000 sat/vB. Should I call them dumb people?
For example, look at the image below
Dumb people, I don't think so...Sometimes I notice that some people replace their transactions with fees like 1000 sat/vB even though the recommended fee was around 100 sat/vB. Their previous fee was already enough to include their transaction on a block but it was waiting to be included in a block. But the person keep bumping it from 500 to 600 sat/vB and then 600 to 1000 sat/vB. Should I call them dumb people?
For example, look at the image below
Considering the mechanism of Bitcoin transactions is based on next block confirmation is given to the highest bidder, it's actually a smart way to ensure high fees are maintained...if anything this whole Ordinals spamming the network could be a smoke screen in my opinion.. What if miners were involved in artificially pumping of transaction fees to make some money while the business is lucrative
I know this could be an unpopular opinion but mining isn't cheap for starters and this is one possibility to pay themselves while they can !!Besides if this was something like beginners mistakes, why doesn't this happen with other blockchains which have far cheap tx fees ??
hmmm, interesting point there although I know the fact or base to what you are trying to say might be wild but I think a fraction of believe can still be associated to this thought of yours, well atleast that's from my angle. But this issue is really getting out of hand and I think in no time we will see another wave of this nonsense again and yet nothing has been done by the so called Bitcoin developers because I believe the issue has been deliberated and an open discussion has going on for these said developers to actually come up with a way to actually trash the issue at core point.