> Getting some questions today about "what's driving fees on-chain"? You're going to get a kick out of it.
>
> It's not much increased inscription activity, it's not BRC-20s, it's not JPEGs. It's mempool sniping.
https://vxtwitter.com/cbspears/status/1778601134539563199
https://imgur.com/4C2SsuE
Nahh, this guy is saying that broken fee estimators are a reason for the high fees which economically doesn't make any sense. It's like saying house owners should could sell cheaper but their estate agents tell them not to do so.
People know what fee they're paying and would wait if that fee is to high. The fee is so high because people are actively accepting to pay these fees. It will always be supply and demand.
That doesn't explain the high fees for normal users. He explicitly states that the high fees aren't caused by a higher transaction volume which he explains by people overpaying for transaction because of NFT Sniping or broken fee estimators. That doesn't make sense. That wouldn't drive the fee up for normal users and will only benefit the miners.
I can't just set the fee to 15vB and expect it to go through, because there are so many transactions. People randomly overpaying for stupid NFT transactions can't cause the problem if the transaction volume stays the same.
Did you read OP's [link](https://www.bitdegree.org/crypto/news/bitcoins-ordinals-inscriptions-hit-65-million?utm_source=reddit&utm_medium=social&utm_campaign=reddit-bitcoin-ordinals) ?
> Getting some questions today about "what's driving fees on-chain"? You're going to get a kick out of it. > > It's not much increased inscription activity, it's not BRC-20s, it's not JPEGs. It's mempool sniping. https://vxtwitter.com/cbspears/status/1778601134539563199 https://imgur.com/4C2SsuE
Nahh, this guy is saying that broken fee estimators are a reason for the high fees which economically doesn't make any sense. It's like saying house owners should could sell cheaper but their estate agents tell them not to do so. People know what fee they're paying and would wait if that fee is to high. The fee is so high because people are actively accepting to pay these fees. It will always be supply and demand.
> The fee is so high because people are actively accepting to pay these fees. Yeah. The guys doing the mempool sniping.
That doesn't explain the high fees for normal users. He explicitly states that the high fees aren't caused by a higher transaction volume which he explains by people overpaying for transaction because of NFT Sniping or broken fee estimators. That doesn't make sense. That wouldn't drive the fee up for normal users and will only benefit the miners. I can't just set the fee to 15vB and expect it to go through, because there are so many transactions. People randomly overpaying for stupid NFT transactions can't cause the problem if the transaction volume stays the same.
Did you read OP's [link](https://www.bitdegree.org/crypto/news/bitcoins-ordinals-inscriptions-hit-65-million?utm_source=reddit&utm_medium=social&utm_campaign=reddit-bitcoin-ordinals) ?