Most of the vocal anti-ordinals crowd are new to Bitcoin (<5 years), it's not their fault but they do not understand the Bitcoin security model.
Fees need to be significantly higher than the block reward in order to survive the upcoming hash war, especially the way things are going with all these people falling for the psyop that Jason Lowery et al are promoting.
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What a presumptuous, dismissive, ridiculous, meritless (likely flat out false, and most likely the complete opposite) statement.
I fixed it for you...
Most of the vocal pro-ordinals crowd are new to Bitcoin (<5 years), it's not their fault but they do not understand Bitcoin or are willing to actively harm the network due to their own ignorance, greed or malfeasance. (See what I mean?)
Next you guys will be calling for bigger block sizes again :/
In any case, if this leads to more people using layer two (LN), more diversification of mining, and eventually the free market wins out then maybe it will be a net positive in the end. I don't have to like it though. It's prematurely raising transaction fees due to pure shit being minted on the network and at these prices, will negatively affect the majority of people who use the network and discourage the onboarding of new users.
Been around since 2011, by the way.
I'm anti-ordinal, and I've been around a lot longer than 5 years.
Fees don't need to be significantly higher than the block reward any time soon. Like, not in the next 15-20 years. The infrastructure and L2 systems were fine evolving alongside very slow and steady L1 volume growth. What this sudden and unexpected volume increase has done is artificially propelled usage forward 10 years or so in volume without the corresponding infrastructure maturity. This use case was unintended and unexpected and so is shocking the system.
Fortunately the Bitcoin system is handling the volume just fine, albeit causing much higher fees which themselves are causing second-order effects, some of which are incentivising an increase in development and usage of the existing L2s.
While there is short-term pain, and I believe that Bitcoin L1 is not the place to build NFT analog tech, I believe this will likely be a long-term benefit for the overall system due to it weathering this attack. The inscriptions market will likely eventually collapse due to being priced out of the blockspace market, so I see it as a doomed ecosystem.
Thanks Druid, a much better explanation for me. I can’t process ‘ laugh at how plebs are stressing over this all’ from some as it offers no answers. If you stack sats and use bitcoin and this brc20 clogging occurs out of nowhere then it is worrying and I appreciate someone
with your experience breaking it down for people like myself 🤙
Very mature analysis. Thank you.
