Now all we have to do is get the #inscriptions backdoors out of Bitcoin and lock it back down..⚖️👮♂️🧡👑🗽
Discussion
What exactly is your problem with inscriptions? I really want to understand.
#Inscriptions are used as #BackDoors to attack #Bitcoin and artificially inflate #transaction #fees.
They also fill the Bitcoin blockchain with junk and non Bitcoin related data. Which further increases the expense for Bitcoin #nodes and supporters of real! Bitcoin.
Overtime the the #fee #inflation #BackBoors could be used to make Bitcoin so expensive and unmanageable that only the #Fiat #cantillionaire class could run Bitcoin. Like is the case with ethereum.
This would lead to corporate and government capture of Bitcoin. Then it's extinguishment. You have to think like the bad guys. You ask..🤔🧡👑🗽🤭
I try to give you my opinion on each paragraph.
1. I don't understand/see how inscriptions could be used as backdoor to attack bitcoin. Tell me more.
2. There is no junk in the blockchain. If someone pays the fee it's not junk. It might be junk for you but not for the one who pays the fee. If the amount of "junk" increases, the fees getting higher but this is OK because this is called free market. Bitcoin will survive and if not, Bitcoin was not worth to survive.
3. Yes, Bitcoin transactions will be extremely expensive in the future. We will not be able to make onchain transactions. That's why we will use second layer solutions like lightning. And to go back to onchain, we will bundle hundreds or thousands of transactions to split the costs. Or we will find other solutions. And if not, Bitcoin was not worth to survive.
4. I don't think so because of point 2 and 3.
I am still new at nostr. What is this link. Don't want to paste my private key without knowing.
Taproot is useful for many things and increases privacy for on-chain transactions. These same primitives that power inscriptions are also used for Taro, which enables stable coins on Lightning Network.
Also, Bitcoin is a permission-less network. So you may think these transactions are worthless, but to someone else, they are clearly not.
If Bitcoin dies because of JPEGS, it was never going to win. Also inscriptions may provide a price floor for transactions, but they will not compete seriously with movement of money in terms of sats/vbyte.
Also, fee rate pressure may push more into Lightning Network and encourage further expansion of this tech, which will be necessary if we hope to scale Bitcoin globally. Blockspace is insufficient for most people to use Bitcoin on-chain in a hyperbitcoinized world. This was already true before taproot and inscriptions.
I should also point out that the #large size of these #inscriptions can be used to insert #malicious #code and even #malicious #programs into the system. In an attempt to #double #spend and steal #Bitcoins..🤔
No. Bitcoin has a very limited scripting language. This is not an attack vector.