This is an attack on #Bitcoin. Change my mind. Nothing funny about pricing out people in 3rd world countries whose only escape from dictatorship is Bitcoin. All ordinals spammers, get fucked. I will defend your right to do what you want but I can still condemn your immorality and carelessness. That’s a fiat mindset projected onto Bitcoin. It’s a protocol issue and we can’t do anything about it. Which is how it should be. That still doesn’t mean that it should be exploited. Sadly, I don’t have the necessary knowledge to come up with a solution but it needs to be addressed imo because what prevents several state actors to do coordinated mempool spam to congest the network even more.
I’m completely there with you on wanting to be a part of the relay system. I’d love to see many more people be part of it. The problem I see right now is exactly the one you pointed out - the need to get in early. On the main chain, everyone will most likely always be able to self custody, regardless of when they join the network.
With lightning though, not only do we have UX challenges, but I fear that pricing out newbies in the coming years leads to much more centralization of large liquidity hubs and that could make lightning fragile because people will tend to rely even more on custodians. I wouldn’t be concerned if lightning adoption grew faster and fees would rise at a later stage. If fees remain that high for a longer period of time though, lightning adoption with self custody might stall or even decline as it’s not even close to breakeven to run a small node and manage channel liquidity.
As of now we can just hope that this mempool DDoS is just a temporary issue.
Sounds easy but it isn’t if one tries to do it noncustodially. Needs to run a node, open a channel, get enough inbound liquidity and pay current on chain fees 2x for that if they haven’t done it when fees were low (and 99% of people who still buy on exchanges most likely didn’t).
I don’t think we can allow ourselves to be content with solving that problem through custodians.
I would love to see the problem solved by LN but it only solves it for people with already large channels and enough inbound liquidity. Which means most people will rely on centralized hubs or custodians if this continues to be the state of the fee market. The question is, how can this be addressed.
High fees are actually good for #Bitcoin if price is not only NGU. Bitcoin must survive the price suppression through paper derivatives anyway, otherwise miners hit a wall in a few halvings if it’s not NGU to $1mio while fees are low. The high fees show the drawbacks of #lightning though. I’m really disincentivized to open small channels now, which might be a good thing or not. Good because bigger channels, bad because fewer channels.
I saw some tweets about „tbdxxx“ as an alternative but I couldn’t find anything concrete written about it. Does anyone have more info on that?
My main issue with #Bitcoin transaction fees right now is the cost of managing #Lightning channels at the current level of adoption. Only the most well connected big channel nodes can eventually maintain breakeven - leads to centralization in the long run if fees stay this high.
If you don’t want to purchase a domain, create the necessary DNS records and point to a server that provides the identity file, one „easy“ way is: https://nostrverified.com/
You need a Twitter account for that though.
The DIY way is described very well here:
https://thebitcoinmanual.com/articles/nostr-account-nip-05-verified/
How an entity uses the energy it generates / pays for shouldn’t even be a public debate. Doesn’t matter if it’s bitcoin mining, cars or hair dryers.
The coining of the term „Environmental Terrorism“ is not as far away as you might think. Why do you think the whole energy debate is picking up pace since last year? Why destabilize grids on purpose now?
It’s just like how people were easily stigmatized if they didn’t take the vaxx by letting personal medical information and bodily autonomy become a public debate. The only reason needed was a „public health crisis“. Next is the „energy crisis“.
CBDCs will be used to control the people trapped in the system and the environmentalist social pressure will be used to control the sovereign people who try to escape with Bitcoin.
Everything is carefully put into place for that move. It’s the perfect complement for total control, combined with a CBDC, enforced by social pressure.
Will anonymizing your coins by coinjoining help you keep your sovereignty? Only if you never let anyone know that you are in possession of bitcoin. Chances are, almost every bitcoiner, even if they never told any person, left some traces of interaction with Bitcoin linked to their identity.
If we all think Bitcoin is the threat to the current system we think it is, we should reject the environmentalist frame at all cost.
The whole system is rigged. That’s it. That’s the note.
Well, I don’t have the necessary inbound liquidity for that to work yet, but the invoice process is seamless.
Test
lightning:LNBC1U1PJZPRC5PP5WTQHKHLEDWF93MHSF2DSETZFT00LY4YXS8S57HL7JJ2MH7F227CQDQAGE5HYUM5YPYKUAN0D93K2GZ5V4EHGCQZPGXQRRSSSP5L6ZHZDDU04V2K6QUKHLK64088WHVNDC6CRQF68LS6EPSW6GZ098S9QYYSSQSV9GC85GZNDRDSH23HUCZ2AUHZCXLVUL0SXUL9KRV5EXC68NVVM8WSCKN42AY8VUHT75WQX045JDDRXF5WP8UYUEXVR8N90FCMUR85CP5UQMGM