Prediction
We are going to reach more than 1 million pending transactions, what is happening will mark a before and after.
A few of us said it months ago, watch out with ordinals, the pandora's box has been uncovered, at the time I said that we had to wait 3 months to see what happened, it has been 5 months, and here you have it.
Many say that the mempool is fine, free market, protection against spam and blah blah blah, I say it is an attack on bitcoin to make it unusable for ordinary people.
đź‘€
It will drive lightning adoption but it’s a pity most will use custodial LN wallets
No, in a context of extremely high tariffs LN becomes unusable.
Many people are now paying almost 200 dollars for forced channel closure.
Not to mention what it costs now to open a channel.
A high tariff context totally slows down the adoption of LN.
I can't verify this information as I already have 30+ opened channels with optimal sufficient capacity. But, does it make even sense to close the channel once it is opened? What is the point of closing it?
And here comes the ⚡️
Are they willing to loose these sats when bitcoin at ATH?
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Do you think this will subside. Will ordinals “support” itself? Is there a secondary market for ordinals? 🤔
Viruses take three days to arrive in your body, they stay there for three days, and take another three to leave. Perhaps these periods apply to dorkinals too, although they take 3 months each instead of days… 🤔
Good for the miners. They are getting 30% more in rewards.
But if the Taproot space is full of BRC-20 bullshit, there is no reason to provide it with discount on fees…
Exactly
I don’t think it’s a planned attack on bitcoin. Rather, I think it’s the same stupid overhype as it was with NFTs, Tiktok etc. Human stupidity and greediness, exactly like the ability to adapt to circumstances, have self-organizing properties.
It comes out of nowhere and it disappears in nowhere.
On the one hand I agree with what you say, but I also believe that these circumstances are exploited by those who want to destroy bitcoin.
You are right - somebody certainly wants to destroy bitcoin. But let’s talk about probabilities. If somebody wanted to destroy it, they would be more likely to do so with some sort of CBDC, repressive laws and mass media FUD.
My claim is the core values of bitcoin don’t get invalidated by a bunch of kids and greedy couch investors buying jpegs and meme shitcoins. Indeed, the adoption can slow down due to high fees (which are still smaller than for any international bank transaction), but to render the network unusable for a long time, it requires as much or comparable energy as for propagating the block mining forwards.
~8 USD for a single onchain transaction is not sustainable. I agree with you.
Months later we still have this ordinal and stamps bullshit.
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Good thread with lots to consider. If LN force close channels are costly... it might hinder non custodial Lightning. Lightning needs to work!
So good then they attack in bear and will be out of funds when the bullrun starts.
