Topic: How are we going to beat the reptilians when monkeys are kicking our ass? - page 2. (Read 304 times)

This alone is worth a thing we should give a second thought on, what will be the next phase of transaction fees when all the block reward are no more, could the incentives from transaction fees be satisfactory or give enough income as they have been having of all time, though this is a bitcoin community and i believe one thing is sure, which is the assurance of us crossing whenever we get to that stage.

Some people are here with the purpose of making money out of BTC, ALTs or NFTs etc. From anything directly or indirectly related to BTC while they have hell lot of money in there banks at the same time. They are money maker. They do not care about spamming the BTC blockchain with Ordinals shit instead they only are here to make money out of it. There have already been many discussions on the topic of "Bad Impact of Ordinals on BTC blockchain".

People made millions dollars from ordinals and that created FOMO among other people too. So now they are also investing in Ordinals. And since then numbers are still increasing.

Point is, this ordinal problem helped many people to make hell lot of money that if they have to pay high fee (the problem of high fee in your first point) In future then they might not hesitate to pay. Because they could bear it. While the middle class users/merchants have already gave up on using the BTC as payment method. I read 2 or 3 topics in which OP announced the removal of BTC as payment method. So definitely they will go after easier one like Doge (which is a coin and also in hype).

It is fundamentally and structurally impossible for bitcoin to become "one world currency" whatever that even means.

You can't run a nation with financial transactions being processed every 10 minutes, you'd need instant transfer and a central authority to manage everything while keeping your money safe, with LN/other layers, you can't trust anyone because they are not governed by the laws of the nation.

This is bitcoin, it will remain like this forever, unless of course they change all the rules of the code in the future, not in our lifetime though.

So, relax and chill, don't overthink it.😉 

Clickbait title? F*** Yeah pretty much!

I've been reading about the new "spam" attack, about how the pool is again growing bigger and bigger how it's best to postpone transactions, how the fad that was supposed to die 3 months ago will die again and I was thinking how the whole narrative changed.
Many here say Bitcoin is the liberator, it will bring the new world order, it will fight against the Cabal, it will dethrone the petrodollar, it will change the economy it will revolutionize everything, the system that is run right now by the evil occultist reptilians will be broken.

But till that final fight, a bunch of jpg monkeys (ordinals) are clogging the mempool, making transactions more expensive, driving some into paranoia mode thinking this is a CIA operation, and all the while forgetting something, if Bitcoin can't deal with this kind of "spam" how could it possible deal with real usage on this level or what is needed for a global currency, 1000 x times more?

So, from jokes to more serious things, there are a few issues here I keep seeing being brought up in denial mode:

1) When the block reward is gone, miners will get paid from fee!
Current fees are 3% in reward, you will need fees to be 30 times more expensive to give the miners the same revenue and offer in return the same level of protection.

Before you even mention the rise in the price of coins, think twice, if the market cap of Bitcoin goes up 100 times but the hashrate stays the same, will the protection be also the same? Guarding a market with 500 billion market cap with 3 million machines worth an average 2000 is one thing, protecting a 10 trillion one with the same hashrate stops being that secure, isn't it?

Bottom line for point 1, if you ever said the network will run from fees, prepare to pay those fees!

2) The immense cost of hosting a node if we double or triple the block size:
In 2009  the cheapest hdd was priced at $0.09 per GB, right now the price is $0.0125.
Maybe paying $100 dollars extra for a node that would still hold the blockchain for the next 4 years even with blocks 4 times as big won't be that much trouble if you plan on dethroning the banking system, just saying.

3) The lighting network dilemma
While the LN keeps "growing", it's also stalling. If you look from a BTC standpoint yeah, everything is fine, but LN was supposed to be for fast payments, moving instantly value, so the true metric here should be represented in the value locked, and if we look from the $ perspective (orange line) we're well below 2021 levels!!!!



I've always heard, high fees will drive people to LN, not really that true


And guess what, from doing 20-40k tx a day, Doge has again spiked to 100k in the last 24 hours.
Of course, coincidence, right?

So, with these in mind, I do wonder what next and if there is actually a plan or if we go
- 1btc=1btc who cares about moving that BTC at all
- the having will be here, everything will be fine
- Bitcoin was never about being a currency, is about moarr returns

/rant over, beachtime and michelada for me.