Is the main #Bitcoin network under attack (DoS) through Ordinals and Inscriptions? Could this "break" #Bitcoin?
Some ideas:
High fees on the #Bitcoin network are not new. They have happened in the past (2017, 2021) and will likely happen again in the future. Over time, incentives align and the situation normalizes.
"But in the past, this wasn't the result of malicious actors!" Even if it is a coordinated attack, it simply takes satoshis away from malicious actors who try to attack it in favor of those responsible for defending it and steadfast hodlers.
The revenue from higher fees represents a nice short-term relief for miners at a time of record hashrate. In the medium term, this attracts new miners and further increases the hashrate, with the consequent upward difficulty adjustment and greater security of the #Bitcoin network.
In the case of domestic miners and #Bitcoin enthusiasts who mine for hobby, high fees can be inconvenient if they need to sell to cover operational costs, but there is always the option to turn off their equipment without major impacts on the security of the network.
High fees encourage the adoption or development of 2nd and 3rd layer solutions (lightning, fedimint, chaumian e-cash, etc.) for #Bitcoin, bringing more innovation, greater ease of use, and lower costs to users, especially for small value transactions.
This forces exchanges and applications to incorporate these solutions, further disseminating their adoption and expanding the range of possibilities of #Bitcoin, just as it happened with the internet (Ethernet > IP > TCP > http/www > email).
Users who need to transact "on-chain" have the option of waiting for more reasonable fees in the future or paying current rates (around $20.00/tx), which is expensive but not unreasonable, especially for higher value transactions.
If the "jpeg traders" and shitcoin casino gamblers are correct, the #Bitcoin network will experience an unlikely shift in its main "use case," becoming focused on the recording and transfer of non-fungible tokens and collectible digital assets.
But if they are wrong, these traders will have spent a substantial amount of satoshis just to see their assets go to zero, reinforcing the value of #Bitcoin as a new monetary standard and as the best money ever discovered by humanity.
In summary, this seems to be just another occurrence of the maxim "everything that happens is good for #Bitcoin," making the network more resilient, secure, useful, innovative, intuitive, and accessible to all.
