Incentives will drive innovation.
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Discussion
I hope they inscribe on liquid
You know BSV has a literal encyclopedia of conspiracy theories about Blockstream. If they have any significant part in inscription attacks, I am shocked it hasnt occurred to them to try
Nope, didn't know that, and for sure they would have the incentive to do it 😅😅
Thing is sooner or later, fees will be even higher than today. It's just a when not an if. Other thing is, how much mjney does this attacker/s have. Not sure this can last too long.
I have no disagreement about fees destined to be higher. Time is a component though. Bitcoin could have used more time to explore more robust L2 and L3 ideas. There is also a ticking clock counting down to a point where bad actors will start using inscriptions as an excuse to start agitating for forks and other highly divisive actions.
I see your point, and I agree. It is not a topic that can just be avoid, should be a more organic discussion made to build a solution. I was not around during 2017 but looks something like that, with sides battling. And us you say could be planned by some that knows "Dividi et impera" is a good tactic in war. Bitcoin enemies are everywhere, because it could disrupt many of the old system incentives.
Anyone who paid attention through the Blocksize War probably is experiencing a flashback or two. At least I don't have to look at Roger Ver's stupid face this time around.
I know about him just from a couple of video and an old documentary.. for real has a very stupid face that reflects the actions he did ahahaha
Wasn't around at the time but I feel the argument against bigger blocks wasn't so much technical but bc big blockers were pushing too hard without large consensus, also segwit was an option on the table that could be enough before taking riskier options.
I think if inscriptions continue for another, what, year? we will start to see both well-meaning and malicious actors begin to carry narratives that advocate for *drastic* measures need to be taken with the cose. I think that is the greatest risk. We lucked out with SegWit being a soft fork, thanks to Luke, and we may not be so lucky this time around. A hard fork breaks the world's understanding of what defines bitcoin. It creates a wider attack surface, socially and technically.
* drastic measures be taken with the code
The pressure to do something is very likely if this continues for a long time frame. I'm not against HFs, if there is wide consensus, I think bitcoin never having HFs in the future is a bit romantic and can lead to less optimal solutions but I also don't believe an blocksize increase will happen through HF in this cycle, even with high fees for a long time, but things will get hot for sure in the community.
We will need at least one hardfork to address Unix time rollover. HF's would be a political disaster if they aren't extremely small, targeted, critical fixes to address universally-acknowledged existential threats. They should not include any features that are open-ended dev toys and meant to enhance building upon bitcoin.
The argument of fees reaching these levels much faster than expected and therefore limiting the development of layer 2s and 3s is the most compelling I’ve read thus far. Not sure yet if I agree.
He’s right though. We will one day have these fee levels from organic adoption, guaranteed. Then we’ll even have fees that dwarf these. Might as well build solutions now.
One day people that got into #Bitcoin after next two cycles, will never transact on the main fees because they stack in Btc terms will be so small that they will use only other layers. We will probably do 1/2 big transaction a year, or some to rebalance some #lightning channel maybe, and the chaumian #ecash and things like fedi will be much more used from the majority.
100%. I’m just nervous about the chaumian ecash stuff because it’s still such a question mark. I know we’ve got our top minds on it but 🤞🤞
Someone build a service for those mfs that at least batch the txs for them
When Adam Back on #Nostr again 🙏?
Hate to sound black pilled, but this shows MASSIVE incentives to centralized custodial wallets and exchanges to do everything they can to make the layers unaccessable to normal people.
It is a scenario.. that I hope we will avoid. I see a future where early adopters will act as "bank for relatives and friends", lightning network liquidity provider, and other stuff to optimize the network fees for the one close to him. This could have been made for just act of kindness or because of other incentives..
Anyway lightning network wasn't around long ago and in the next years the number of devs and new people that will start to build on bitcpjn will be massive, and we can't see what will it look like.. yet.
Exactly this….. build only.