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To those who advocate for the ongoing Layer 1 #bitcoin attacks known as #ordinals and #insciptions here are my thoughts this far:

For those saying " It's a good thing as the miners are getting paid more fees" I say this:

Fees are only seen as low as they're currently being measured in $ and not in #btc . They're only measured in $ because the $ price of #bitcoin is being artificially suppressed by the $ system /aka banks /tradfi. In order to solve this problem, we need to pry the fiat price away from traditional finance' control by taking physical custody of our #bitcoin ASAP!

To those who suggest that this is somehow good or OK because it forces folks to lightning which is inevitable here are my thoughts:

While I certainly agree that eventually we all will be forced to a higher layer for our daily spending when bitcoin becomes a universal currency, I'm of the opinion that LN is not truly bitcoin but more akin to something like using a credit card in the fiat system. Essentially it's a way of showing that you have L1 Btc and that you can settle there if you want to, but it's basically a network of claims on L1 Bitcoin which is completely fine for the Medium Of Exchange use in a post #Hyperbitcoinization world. That as it is, I truly believe that L1 should be where the vast bulk of our savings are to stored as it truly is digital gold and the only real bitcoin.

IMO we are well into the then they fight you stage and for those thinking that these attackers will eventually run out of money might end up being very wrong. Perhaps these adversaries are being funded directly or indirectly by those with access to the money printers. Perhaps even these centralized exchanges are behind them as they're truly insolvent and trying to minimize the liklihood of going bust by making the bulk of their customers unable to move onto L1 as doing so would make their UTXOs economically locked while the dollar price of #bitcoin is captured by #tradfi? Regardless I expect these attack on self custody #bitcoin to only increase until a solution is implemented (whether soft Fork or otherwise) but as things stand now it appears they are closing the door to Layer 1 bitcoin transactions for those who need it most.

We need to keep L1 fees on the main chain as low as possible for as long as possible to allow as many as possible to participate in the #Bitcoin self custody revolution.

Horscht 2y ago

I dont think it is an attack on purpose but in the end i see it also like you. With fees like that we exclude billions of people for which BTC is hope because some Western boys want to gamble shit.

Fix the money fix the world turns more and more into "number go up, i am getting rich 100%"

And even if most dont want to hear it, to some degree i think we must see if we could higher the Block size a little bit, atleast for opening and closing all lightning channels and to make some work that in one transaction many can go, that you dont need to have that high fees for opening or closing a lightning channel.

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B1tR0y 2y ago

Thank you for your reply and tip! In the end it's not relevant whether or not this was intentional or not but rather about understanding the current State of Affairs and how we need to think about this collectively as a community so we can formulate the appropriate response as soon as possible.

I agree with you regarding your opinion on the eventual block size increase however I believe that we're aways from that being a necessity in the near future. However as the cost of the hardware to store the larger blocks comes down along with the price for moving data around the world, coupled with an increase in usage of the layer 1 for Bitcoin transactions increases, it's likely that eventually so too the block size will increase.

They key is to keep things as decentralized as possible for as long as possible and in order to achieve that in my opinion we must get the private keys in as many hands as possible as soon as possible.