Honestly not a bad idea. Any potential downsides?
Discussion
🤔🤔
I guess miners simply wouldn’t go along with it.
Could we inforce it on node?
I don’t think so. I’m not the most technical person, but you’d probably cause a chain split if you started running software which invalidated blocks which didn’t follow those new rules.
Frankly, with or without ordinals, this will always be an “attack” vector. I don’t think it’s really an attack, since it requires buying and owning Bitcoin and following its rules to preform, but even with different fee rules to prevent dust transactions, you could still make tons of transactions to yourself and pay ridiculously high fees for them. Blockspace is incredibly scarce, this has been known.
I dont see any. But we need to start talking about the elephant in the room.
Normally no one but an attacker would waste there money on fee bigger than the amount being sent.
Would you pay 30k to send a dollar? The government would they can create fake money just to mess with the mempool
Here’s one reason why I still don’t really care.
For there to be 2 Bitcoin in fees in a block, someone would have to have 2 Bitcoin to spend, meaning that they would have needed to buy 2 Bitcoin. So whether it’s ordinal degens, the government, or just regular high usage, demand for blockspace necessitates demand for Bitcoin.
If the government wants to print money and try to outbid mempools, they cannot outbid every marginal transaction, and while they’re doing so they are
1. Being required to buy Bitcoin
2. Debasing their own money
3. Providing miners with massive revenue increases, which further secures the network
So at the end of the day, this problem is self correcting in the long term. 100M legitimate Bitcoin users would case fees to be 100x of what they are now anyway. It’s time to start the real scaling wars.
I partially agree with you. But it is good to have that conversation. If blackrock want to make his miner investments look good he could make a few million transactions in ordinals…
It would be a losing trade. Unless Blackrock owns all the miners, the fees get distributed to different miners each block. So they would be paying tons of money in fees, just to cause fees to be higher (so maybe capturing 50% higher revenue while spending tons on fees) and they would be paying the entire cost while only getting some percentage of the increased reward.
Thoughtful discussion! Appreciated reading through it this morning 🤙