Topic: ㅤ - page 3. (Read 665 times)

Using lightning network perhaps? Or at least seriously considering moving over to it. I think this is the endgame for the current issues of a bloated mainnet. I'm kinda glad this sort of thing is happening as scaling Bitcoin mainnet is virtually impossible, while having Layer 2s is the only solution. In these times I only look back at the development of the internet to see that there was nothing wrong with the original protocol, but it would take decades for L2/L3/L4 etc to develop in order to be able to watch videos and generally have high data transfers. In the meantime, many blamed the original protocol opting for something different...

Just like you can still transfer $100m for 10 cents if you are willing to be patient, Bitcoin clearly remains in it's infancy with a lot of development still to come, so patience remains key. Just my two satoshs.

Yeah it’s pretty bad. I don’t think it was bad in 2021 but it was bad in 2017 with that hash wars saga where miners would switch to BCH network and it took forever to get transactions going on the Bitcoin network, many assumed Bitcoin would die then but it survived.

Currently with a 500 sat per byte fee, if all you got is a simple 1 input and 2 out put transaction it’ll cost $20. So it’s high but i am used to this because ETH network usually has these crazy fees. Their gas was like 250 Gwei last Friday.

One interesting thing to think about is, what if because of NFTs, we eventually get a fork of Bitcoin to fix this bug and it actually becomes Bitcoin, and the original Bitcoin blockchain just becomes a dead space for useless jpeg NFTs.

Not saying that will happen, but its a possibility. If Bitcoin devs never decide to fix this, and it goes on for years, and if the NFT jpeg fad continues, and bitcoin blocks are full of stupid NFT data and whatever other hacks of the bitcoin data this allows, I could see the community taking charge and leaving the devs behind and moving to a NFT-safe fork. I guess the main thing would be to get the miners to come along, maybe since we're already talking about a fork (in this scenario) we'd have to double the blocksize to increase txs to get the miners to move from the bloated NFT chain to the new real money Bitcoin chain.


Just a thought! I mean if they literally never fix this I think that would eventually warrant something as dramatic as leaving the original Bitcoin blockchain behind as a NFT dead space and move on with a fork that doesn't allow such attack vectors. I mean I think the main reason for there ever to be a fork of the blockchain is if an update introduced an attack vector to Bitcoin and the devs refused to fix it, and that's what this is. I guess time will tell if a fork will be needed.

Agreed their needs to be an update to enforce a size limit on this. This would immediately kill off this spammy use of Bitcoin. There are sidechains that allow NFTs and that's perfectly fine for people who for whatever reason want to do NFTs on Bitcoin to use a sidechain. There is zero reason it should be on the main chain and clogging everything up.

Unfortunately for whatever reason it doesn't seem like the devs feel any interest in fixing this unintended consequence of the taproot upgrade. Tx fees are only a few dollars now, so it isn't like an imminent problem, but transaction fees will likely go above $50 again in two years during the next explosive bull run and if NFTs are clogging things up its gonna be way worse. This is a problem that needs to be fixed and implemented in the next 12-18 months.

This would be like building railroad and letting people walk down the tracks in clown suits while slowing all the trains way down. This isn't a valuable use of the blockchain and is not what bitcoin was ever intended for. I'm all for expanding Bitcoin's uses (even pictures as NFTs is a pretty dumb use) but do it on a sidechain or a L2.


I think it is way over dramatic to say bitcoin is on its knees lol just because you have to pay a few bucks for a transaction. It's not like transactions have never been this high, let alone much higher before, but this will become a problem yeah when people start flooding back into Bitcoin. At this point in the market cycle tx fees should be like $1-$2.

I am of two minds:-

One is frantic and unfocused. I am wondering what is causing the huge jump in fees. I'm wondering if Ordinals have spammed the blockchain beyond control. I'm wondering why proponents of Ordinals explained that mining would be profitable again, while simultaneously eroding the very network it protects. I'm thinking that many people are priced out at this point. Either OGs are HODLing waiting for older prices to return. or noobs who are making their first transactions getting turned off and moving to shitcoins.

The other mind is calm and wise. Having seeing Bitcoin tested,  FUD'ed and attacked many times in the past, I realize that panic spreads quickly, people call 'Bitcoin is dead' for the millionth time but, as usual, the news cycle moves on, the hype dies down and tick-tock-next-block. Yes, it's  a shame that we will be burdened with low quality, .jpegs that unfortunately pass as art. Yes, LN isn't ready and sats are stuck on exchanges. Yes, it's going to take some time for the damage of the Ordinals bloatware to be shaken. But I think this will work out. I look at the blocks and see that there are many more blocks at the typical 1.60Mb. People are getting the 'no your keys, not your coin' arguments after 2022. The price is stable and recovering, hash rate is always up and more people are getting to see the difference between real Bitcoin and the Bitcoin the mainstream media presents.

Just wish it could be smoother sailing but, hey, if it's really decentralized and the money of the internet, it ain't gonna be a smooth ride - doesn't mean we can't enjoy it though. Gonna keep watching the mempool

I knew the issue wouldn't die easily and quickly when it came out. I've read comments weeks after the Ordinals was launched that the noise would only be temporary and that it was starting to die down already, that the noise was just natural because it was something new and kind of controversial but it will be gone sooner rather than later. Now, it is not dying down. It is becoming a bigger issue. It is now becoming a strongly fundamental issue that might question the very role of Bitcoin.

What is Bitcoin really? Is it just something anybody has the freedom to use in whatever way allowed? Or does it have a strict purpose?

Surprisely, some people doesn't see bitcoin scaling problem as an issue but in truth, it is an issue. In the earlier stages of the adoption of Bitcoin, the low transactions fee, speed, decentralisation and security where the features that interest adopters, then scaling problem became an issue but some don't even see it as an issue because they no longer see bitcoin as a means of payment but rather more as an asset (so it is a more of a means of investment).

 I don't really know why the developers are not interested in increasing the block size because this will actually helps miners and solve the scaling but they rather prefer using means that are more centralise than the Bitcoin Blockchain i.e LN for solving scaling problem and the mining pool which is actually helping miners by combining their hardware together to validate a block in nutshell is more of centralisation ( only few solo miners are actually being able to earn bitcoin ).

There are more negative comments than the positive about the effects of Ordinal NFTs on the bitcoin Blockchain and so I still don't know why they allowed Ordinal NFTs to remain in the blockchain.

This is interesting and I thought that the biggest problem is this ordinals stuff creating this congestion, but then I came across this post


and I wondered in how far exchanges and miners can actually manipulate fees by creating overly expensive transactions themselves and then hope for people to just accept whatever their wallet calculates as the required fees? It makes sense to me as there have been times where I didn't pay attention myself and accepted whatever had to be paid.

But again, could fee manipulation be a long-term problem despite increasing adoption? Both exchanges and miners would have an incentive to do it if it's possible.

I think we are witnessing the first market failure of Bitcoin's fee market. Instead of efficiently distributing the rare commodity (blockspace) it has been monopolized by the ultra-rich who use it as a toy (NFTs). Maybe eventually the market forces will set everything right and NFTs will collapse like the beanie babies and tulips did, but this problem can be going on for years. The best solution would be to patch Bitcoin Core to make Bitcoin NFTs impossible, but development of Core is avery slow process and it can take years if the devs will decide to do it, which is a big "if".

How do you imagine it in terms of implementation? It should be some kind of open letter from the developers in the style of "dear miners, these records for the number of transactions are not at all the adoption that we all dreamed of, please vote for our changes so that you can earn less, and we can send transactions again with low commission"?

All the developers need to do is strictly validate Taproot witness sizes, and this loophole will be closed, everything will go back to normal.

A few years ago, while they were designing this specification for Taproot, they said that they did not want to prevent other use cases with Taproot. But in hindsight, it was clearly a mistake not to impose strict validation.

I have sent a message to the bitcoin-dev mailing list with this proposal and I hope to start a huge conversation about it over there.

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