That's a backwards logic, my friend.

The fee is there to combat spam, not to judge on what is and what is not spam.

Having an anti-spam mechanism doesn't mean spam is no longer possible or doesn't exist.

So much for "obvious facts".

Here's looking at you, kid.

Yesterday, 61.5% of #onchain Bitcoin tx were #spam.

This generated a total of 236 btc in fees for the miners, who obviously love this.

However, persistent and aggressive spam hurts the adoption of Bitcoin as money, as it is currently making the chain unusable for small users and new adopters. The longer any network is heavily spammed, the more it becomes unusable, until adoption breaks down and it's abandoned.

Yes, the f(r)ee market will do its job. But who can compete with degens that are willing to pay a 99% fee rate? Yes, they will run out of money. But are we sure about that, and how long will it take? How much damage will be done?

Big blockers are back. We should all be very vigilant.

GM, yet another day of L1 Bitcoin being a #spamchain.

#DrainTheExchanges

I think (or hope) we are currently seeing a glimpse of a distant future where 500 sat/VB is the new standard. I expect fees to come down again in the short term (months).

Hold on and wait until those sats are worth much more.

3.

2.

1.

Absolute peak inflation.

Lightning is not independent from L1. How can newbies adopt Lightning at the current fee rates?

Meanwhile small users are priced out of using Bitcoin as money. Because of ordinary spam.

#m=image%2Fjpeg&dim=657x472&blurhash=rCK%2CS%5EIn%7EdyC0Ow5A0I-5Y09WAE6NN-gkUxZn%23%24%7E05xbaQr%3BxbSwwJoO%24y8%7Cxuozs6xuV%5BadXANGVtI%5DNINGNNxWbWxZe%3AS7sks*WsRQSgWZjERo&x=4b781e82f1cbb58b782a686254fc6a3a4103fbcbb04d06d40a1061e50c559d93

Not the adoption I hoped for though.

Indeed, it's a very nice feature.

Marvel at the #adoption of Bitcoin as #money..

The question is how long this attack can be sustained. So far, this has costed them *only* 100 million USD in fees. If this is state sponsored, imagine how long this spam could continue and how much it could hurt adoption of Bitcoin the money by small users.

I know high fees were always going to happen, but aren't we too early in the adoption phase for this challenge?

Putting all my faith in honest entrepeneurs and devs that could innovate us out of this situation..

The longer this attack is sustained, the more unusable Bitcoin becomes for small users. More than a 100 million USD was already spent on fees by these attackers. Their pockets might be quite deep. We could all be waiting a long, long time. Non-degen adoption could be harmed substantially.

GM, how's everyone liking the ongoing #ordinals spam attack today?

Has anyone been sending any onchain tx lately?

Or are we small users all waiting until "fees fix the spam"?