There are tons of resources available on this - you should read up. In short, you can’t have thousands of main chain transactions per second and be decentralized. And if bitcoin isn’t decentralized its pointless. So the only way bitcoin will succeed in being usable for billions of people daily is to scale on other layers. This has been known for a long time now. So while it is unfortunate that high fees will prevent some people from using the network here in the short term it is an inevitable pain point to hit on the path to incentivizing more development on non main chain layers.

Its bad for an inflationary financial system. Not a hyper deflationary one

Higher fees and decentralization > centralized system with low fees and 100% dependence of middlemen.

I just zapped you 1 sat to demonstrate how lightning works.

Who is scammer you and me? Only censorship can define bad users. It is very dangerous.

You are ignorant. Miners are being paid for providing blockspace. The miners will take this and further increase the security of the bitcoin network, adding to its value proposition. If you feel friction, take your sats to the lightning network, otherwise, GFY.

🫡

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.

^^^This guy gets it.

I'm interested in you thoughts on this flow diagram showing economic incentives:

The trouble, at least in my eyes, is that so many people in the developing world are depending on it for smaller cross-border payments. When the fees are high, we’re back to the same problems that Bitcoin solved with wire transfers.