Nostr Web Client

I'm all for Freedom, but even then it's important to be able to recognise an attack on an ongoing consensus.

Inscription spam is an attack on #Bitcoin. #Ordinals are not playing by the rules, and are negatively affecting the usage of the timechain. It's a #DDoS attack.

Peg ordinals to the timechain from their own chain, or just trade them for BTC, ordinals do NOT require Bitcoin's timechain to function.

From every proponent of Ordinals I've heard, they have one thing in common - They're all doing it just for fun.

Bitcoin's timechain is a pillar to a new open monetary system. And there's the crux of the issue.

Even #Satoshi foresaw the need for separate applications to have their own separate layers with their own separate fates.

Boris 2y ago

Bitcoin is working as expected! They pay for their transactions, even overpay.

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Discussion

Uxellodunum 2y ago

The higher the fees, the higher the chances that the next BTC transaction you want to do on-chain is considered to be below dust for the mempool.

With L2 infrastructure still being fleshed out and liquidity bolstered, this is a very real scenario for the time being where you will simply not be able to transact.

Boris 2y ago

Fee won't be higher than people can afford to pay. At fees 600 satoshi per byte the total fee reward is roughly equal to block subsidy. I don't think it can realistically grow much higher than that. Just wait for ordinal users to run out of money.

Regarding L2, people didn't adopt it enough in the past, because fees were low and incentive to adopt was also low. The ones, who did open channels at low fee periods, benefit now by using the channels and not paying fight fees. It is a lesson for everyone!