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Topic: On Ordinals: Where do you stand? - page 15. (Read 9235 times)

legendary
Activity: 4410
Merit: 4766
May 17, 2023, 11:33:22 PM
I guess the problem is that everyone has a different idea of what Bitcoin was "meant to be".  If it was always meant to be affordable for people in less prosperous financial circumstances, it's arguable that Bitcoin shouldn't have been designed the way it was.
i was just thinking the same thing but you put it into words. if they really cared about having low transaction fees then bitcoin was not designed properly. because the fee can be literally anything. either because sat/byte is high but bitcoin has a low usd value or because sat/byte is low but bitcoin has a high usd value...so you can't really control it. it's like trying to plug holes in a barrel of water that keeps getting new holes into it...

bitcoin had a fee formulae.
priority = sum(input_value_in_base_units * input_age)/size_in_bytes

but was removed around the era when bitcoin-qt became "core" managed
heck core doesnt even count bytes as bytes anymore either. let alone not having rules for fee selection

so its not that core are plugging holes. its that CORE MADE HOLES and now widened the holes more over the years.
yep bitcoin USED to have rules where at the time of under 0.5mb of blockspace 0.05mb(10%) had a 'priority' where older coins would get priority even if they paid little to no fee..

there were other things too that helped keep fees low for the average users.. but that has all changed. and NOW its just a 100% bidding war with no controls, no formulae, no rules to keep fees low.. instead its the opposite

but hey it seems you have been suckered into the spoon feeds of an ass kisser lulling you to sleep with his fake charm..  rather then doing the research. well goodluck with that. doomad has a new clan member. enjoy it.

but i do hope one day you do try to do your research outside of the charm offensive clan

as for doomad pretending the new upgrades have helped..
check out the statistics of fee's before and after the upgrades.. they are up. not down.. even when there was/is a drop in mempool usage below last years average mempool levels..  the fee's are higher than last years levels

taproots upgrade promise was lean transactions which only required one signature length.. that was the promise. but reality is that they allowed upto 4mb of bloat instead

i guarantee you that in 2009. no single transaction could have been more then 0.5mb let alone 1mb let alone 4mb
so look how things changed and dont just take the spoonfeed of a altnet charmer pretending the situation now has always been this way since the start.. actually do the research and realise what rules have been weakened, softened, removed completely over the years. and see who made the holes.
sr. member
Activity: 1190
Merit: 469
May 17, 2023, 06:34:47 PM
Cause and effect.  Action and reaction.  The things we do have consequences.  

We would all moan if devs didn't look for a way to scale Bitcoin.  But now we're moaning because Devs tried to improve scaling in a manner which elegantly doesn't sacrifice decentralisation.  It was meant to be a win-win.  Something very rare when it comes to scaling.  Unfortunately, others reacted to this by utilising the potential for greater throughput to start filling the chain with what they wanted.  They saw the opportunity and they struck.  They're paying for what they are using.  As such, the protocol accepts it.  Opportunistic?  Absolutely.  Against the rules?  No.
the more of your things i read the more reasonable you sound doomad.

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It's not that we should support them, per se.  It's that we should stop to consider if we're shooting ourselves in the foot by trying to stop them (we may not be able to, because this update isn't the only way to inject things into the blockchain that you might not approve of).  Again, this update, in the long term at least, should help with scaling.  Reacting right away and undoing the change is likely the wrong approach.
voice of reason.

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I guess the problem is that everyone has a different idea of what Bitcoin was "meant to be".  If it was always meant to be affordable for people in less prosperous financial circumstances, it's arguable that Bitcoin shouldn't have been designed the way it was.
i was just thinking the same thing but you put it into words. if they really cared about having low transaction fees then bitcoin was not designed properly. because the fee can be literally anything. either because sat/byte is high but bitcoin has a low usd value or because sat/byte is low but bitcoin has a high usd value...so you can't really control it. it's like trying to plug holes in a barrel of water that keeps getting new holes into it...

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 A bidding system to include your transaction as a priority is wholly unsuitable for that purpose.  With billions of people around the world, there was always likely to come a time where the wealthier users could out-bid the less wealthy ones.  
very reasonable point of view and i have to agree. if someone wants a guarantee that fees will always be low then bitcoin is not the place for them. neither is most cryptocurrencies. because they all have the same bidding system. pay a higher fee, get your transaction put into a block faster. kind of like people that tip delivery drivers. want to get your big mac as fast as possible then leave a big tip. don't tip at all? then they might not even pickup your order.

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Bitcoin spent plenty of time with low fees, yes.  And maybe people came to expect that it would always remain as such.  But as we grow the userbase, that expectation, in the light of cold, hard reality, appears to be misplaced.  High traffic means some people will bid more and their transactions will be included first.  That's just how it works.
indeed it is just how it works. and that's a good explanation that they should read and understand why there is really no basis to expect anything else.

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And at the moment, it's silly pictures and other nonsense we'd rather not see, but at least it serves as a test case for what things will look like when we have an even a greater number of users making regular payments.
indeed. maybe they'll increase block size or do that in tandem with only allowing transactions and not monkeys into the increased space who knows. that's all up to the developers. i think alot of peoples' unhappiness with bitcoin fees situation comes from a misunderstanding that they thought fees should be a certain thing. well that's not how bitcoin works. we all want low fees but as you have pointed out, bitcoin wasn't designed that way to guarantee any certain fee. neither was litecoin neither was solana i guess... Shocked
copper member
Activity: 2226
Merit: 915
White Russian
May 17, 2023, 01:39:40 PM
It's all "pro-poor" talk. Bitcoin performs much better when it is used less. With an increase in the activity of use, a transport collapse occurs. You can accept this as a given or try to fix it somehow. The developers tried, but it led to unexpected side effects in the form of an unplanned blockchain use case. Now we must accept the consequences of our decisions and move on, or accept that the weakening of consensus as a result of the update of the taproot was a strategic mistake and try to fix it so as not to damage the reputation of bitcoin. Because the holders of the brc-20 tokens uploaded their stupid pictures to the blockchain according to the current consensus rules and paid for it with real bitcoins at the market price, one cannot deceive their expectations about the preservation of the value that they entrusted to the most reliable network, and about the possibility in the future to freely spend their exits.

Do you know what happens when a rock star or a famous pop singer dies? People start to listen to their songs more. When an artist dies, his paintings' price increases. So if ordinals will be banned, the existing ones will cost much more (in case devs don't delete the metadata tag completely of course). It's a win-win situation. Bitcoiners will get rid of spam and ordinalists keep their precious NFTs and even earn some hefty sum perhaps.  Cool
In your opinion, is it technically possible to eliminate the vulnerability so that previously created records in the blockchain with its help do not lose the ability to change the owner using a valid transaction? Or will they become a dead monument to the name of the successful exploitation of a vulnerability, losing all value along with the ability to change ownership? In the second case, it will be a strong (perhaps even fatal) blow to Bitcoin's reputation as a reliable, censor-resistant network for storing value.
legendary
Activity: 1722
Merit: 2213
May 17, 2023, 01:33:53 PM
Why do we have to sacrifice anything? Bitcoin can be what matters and it can also be fast and cheap simultaneously.
Unless it becomes more popular, and there appear to be more transactions on-chain. I wonder what will be your excuse then. "Bitcoin must split, because we can't handle everyone in 1 MB blocks" -  Roll Eyes
Becoming popular has nothing to do with the number of transactions. Bitcoin IS popular as an asset, hedge against inflation, store of value, investment etc. You mean if it becomes more popular as a currency or payment method? Well, we have LN for that.

It was difficult to read past your first sentence here as your claiming that Bitcoin's popularity has nothing to do with number of transactions whereas Bitcoin's "popularity" (quantifiable utility I assume) has to do with a lot of things, not just it's value. The number of transactions, value of transactions, number of users, number of accounts, these are all metrics that matter to Bitcoin in order for it to qualify as popular, which continue to increase. Whether you like it or not, Ordinals and other BRC20's are making these metrics increase, therefore increasing Bitcoin's popularity. Even if it's not in a way that you like, support or agree with.

Also you say that no. of txs is irrelevant because we have LN, which also proves a point that we don't need to be making small payments over the mainnet right? If so then why is it a concern that transactions are expensive if we instead use LN or other L2 solution? If we're all using Lightning, then the use of mainnet is simply to increase/decrease liquidity of channels, or otherwise open them. No offence but I'm really struggling to understand your argument if you're complaining about high fees but yet claiming that LN is the payment method (the latter I agree with).
legendary
Activity: 2422
Merit: 1191
Privacy Servers. Since 2009.
May 17, 2023, 12:50:59 PM
It's all "pro-poor" talk. Bitcoin performs much better when it is used less. With an increase in the activity of use, a transport collapse occurs. You can accept this as a given or try to fix it somehow. The developers tried, but it led to unexpected side effects in the form of an unplanned blockchain use case. Now we must accept the consequences of our decisions and move on, or accept that the weakening of consensus as a result of the update of the taproot was a strategic mistake and try to fix it so as not to damage the reputation of bitcoin. Because the holders of the brc-20 tokens uploaded their stupid pictures to the blockchain according to the current consensus rules and paid for it with real bitcoins at the market price, one cannot deceive their expectations about the preservation of the value that they entrusted to the most reliable network, and about the possibility in the future to freely spend their exits.

Do you know what happens when a rock star or a famous pop singer dies? People start to listen to their songs more. When an artist dies, his paintings' price increases. So if ordinals will be banned, the existing ones will cost much more (in case devs don't delete the metadata tag completely of course). It's a win-win situation. Bitcoiners will get rid of spam and ordinalists keep their precious NFTs and even earn some hefty sum perhaps.  Cool
legendary
Activity: 2030
Merit: 1569
CLEAN non GPL infringing code made in Rust lang
May 17, 2023, 12:19:47 PM
Ah yes, Ethereum.  A prime example if ever there was one.  I never had any great deal of interest in Ethereum to begin with, but lost what little respect I had for it during the ETH/ETC split (which some people in this topic could learn from).  

What happened?  Well, in 2016, the ETH devs (or should that be dev, singular?) decided to intervene and make something controversial disallowed.  It caused a major divide in their community and the outcome was that many people dismissed the project as a massive failure.  

Now, where have I heard that sort of thing recently....?  Oh, that's right, some of the eejits in this thread want to repeat that mistake!   Cheesy

I'm glad you're talking sense, though.

Nobody is talking about undoing transactions. HUGE difference. You are pro exploit, vulnerability found, do nothing, let it break because Bitcoin sucks anyway, use something else, go do your normal mundane bitcoin transactions elsewhere. According to you, Bitcoin is now a spam general database for memes or whatever and bitcoin transactions should go elsewhere.

Insulting and ridiculing others for actually using Bitcoin for bitcoin won't get your point across, in fact, it just proves what you want.
legendary
Activity: 4410
Merit: 4766
May 17, 2023, 08:48:36 AM
I guess the problem is that everyone has a different idea of what Bitcoin was "meant to be".  If it was always meant to be affordable for people in less prosperous financial circumstances, it's arguable that Bitcoin shouldn't have been designed the way it was.  A bidding system to include your transaction as a priority is wholly unsuitable for that purpose.  With billions of people around the world, there was always likely to come a time where the wealthier users could out-bid the less wealthy ones.  

doomad you forget history too much,. and just make up crap about how you like things now. not how things were and supposed to be

bitcoin had fee formulae. that was taken away.
bitcoin had rules limiting length of scripts. it also had rules to expect certain data after certain opcodes and sigops. those were taken away too
many "assume" code was added. many "is valid" replaced actual validation rules

thus it was not initially designed as a bidding system for any junk. it became that once the corporate paid devs took over the maintenance (slowly bating->simmering->boiling the frog instead of instantly throwing it in boiling water)

YOU KNOW THIS there have been many debates over the years about the fee formulae. and the many changes..  so dont play ignorant now pretending what is now was always that way

as for the space.. well you wanted to keep space limited. becasue you wanted a bidding system.. but over the years people wanted more space. yep 10 years ago bitcoin hit a 0.5mb limit and they fixed it to allow 1mb. then at 1mb they fake-promised 4mb but they put restrictions on how that 4mb should be used. with a 1mb txdata 3mb script cludge. with bad math of miscounting bytes.

then when they promised a new tx format which was promoted as using only one signature length.. the actual result was upto 4mb per tx of space waste

funny how you years ago wanted to restrict space and restrict how many people can enter a block but now pretend to be "censorship resistant"

you motives follow the capitalist mantra of corporate banking world. everyone reading your post history can see your morals and scripts are not to benefit the masses. you just want to kiss up to corporation hoping one day someone will hire you so that you dont have to penny pinch small income from sig campaigns.

if you are still after many years scraping by on small income from promoting scams and schemes maybe its time you choose a different career. because if they have not hired you yet for a proper job, its time to realise your not on the interview short list for a job with them.. kissing ass hasnt seemed to have made you rich thus far. so get the hint
copper member
Activity: 2226
Merit: 915
White Russian
May 17, 2023, 08:27:35 AM
soo to certain idiots.. all spam 2009-2020 was spam attacks even though those transactions didnt contained nonsense junk
but the junk of 2023 is not an attack nor spam..(in idiots minds)

seems someone lost the logic of their redefinitions

so to certain idiots.. transactions should be rejected if they dont pay enough fee.. did they not realise that more transactions are censored due to their "just pay more" theory

yep over the years more people have stopped using bitcoin and moved to other networks due to silly idea's like "just pay more"

bitcoin was invented to be a payment system for the unbanked. not a payment system just for the rich
there are more people in the world whos hourly wage is less than a bitcoin fee.

if you think a payment system should cost more than an hours wage to use. thats a failure of economics
It's all "pro-poor" talk. Bitcoin performs much better when it is used less. With an increase in the activity of use, a transport collapse occurs. You can accept this as a given or try to fix it somehow. The developers tried, but it led to unexpected side effects in the form of an unplanned blockchain use case. Now we must accept the consequences of our decisions and move on, or accept that the weakening of consensus as a result of the update of the taproot was a strategic mistake and try to fix it so as not to damage the reputation of bitcoin. Because the holders of the brc-20 tokens uploaded their stupid pictures to the blockchain according to the current consensus rules and paid for it with real bitcoins at the market price, one cannot deceive their expectations about the preservation of the value that they entrusted to the most reliable network, and about the possibility in the future to freely spend their exits.
legendary
Activity: 3948
Merit: 3191
Leave no FUD unchallenged
May 17, 2023, 08:19:40 AM
It's a question of priorities.  The lesser of two evils, if you will.
If you sacrifice what makes Bitcoin matter in order to make it faster or cheaper, you're making it worse.

Why do we have to sacrifice anything?


Cause and effect.  Action and reaction.  The things we do have consequences.  

We would all moan if devs didn't look for a way to scale Bitcoin.  But now we're moaning because Devs tried to improve scaling in a manner which elegantly doesn't sacrifice decentralisation.  It was meant to be a win-win.  Something very rare when it comes to scaling.  Unfortunately, others reacted to this by utilising the potential for greater throughput to start filling the chain with what they wanted.  They saw the opportunity and they struck.  They're paying for what they are using.  As such, the protocol accepts it.  Opportunistic?  Absolutely.  Against the rules?  No.


Bitcoin can be what matters and it can also be fast and cheap simultaneously. And it worked like that for 13 years. Without ordinals. And now you're telling me to sacrifice something to support monkey spammers who are willing to earn money selling their trash dick pics and fart sounds? Why should we support them?

It's not that we should support them, per se.  It's that we should stop to consider if we're shooting ourselves in the foot by trying to stop them (we may not be able to, because this update isn't the only way to inject things into the blockchain that you might not approve of).  Again, this update, in the long term at least, should help with scaling.  Reacting right away and undoing the change is likely the wrong approach.



yep over the years more people have stopped using bitcoin and moved to other networks due to silly idea's like "just pay more"

bitcoin was invented to be a payment system for the unbanked. not a payment system just for the rich
there are more people in the world whos hourly wage is less than a bitcoin fee.

if you think a payment system should cost more than an hours wage to use. thats a failure of economics

Fully agree with this and i think BEFORE any start a conversation have to be in concordance with that statement.



I really feel some guys are losing the north of BTC and his main purpose.

I think a lot dont concive the idea of use other blockchains for other purpose, X blockchain for art, Y blockchain for smartcontracts, W blockchain for tracking ,etc, etc.

And this doesnt have any bad, WHY everything has to be in the BTC blockchain when it wasnt designed for that? Why a few guys confuse BTC dominacy with Blockchain dominacy?

So again bitcoin was invented to be a payment system for the unbanked NOT for other things and not matter if that other things have value or not.

I guess the problem is that everyone has a different idea of what Bitcoin was "meant to be".  If it was always meant to be affordable for people in less prosperous financial circumstances, it's arguable that Bitcoin shouldn't have been designed the way it was.  A bidding system to include your transaction as a priority is wholly unsuitable for that purpose.  With billions of people around the world, there was always likely to come a time where the wealthier users could out-bid the less wealthy ones.  

Bitcoin spent plenty of time with low fees, yes.  And maybe people came to expect that it would always remain as such.  But as we grow the userbase, that expectation, in the light of cold, hard reality, appears to be misplaced.  High traffic means some people will bid more and their transactions will be included first.  That's just how it works.

And at the moment, it's silly pictures and other nonsense we'd rather not see, but at least it serves as a test case for what things will look like when we have an even a greater number of users making regular payments.
sr. member
Activity: 616
Merit: 314
CONTEST ORGANIZER
May 17, 2023, 07:36:02 AM
yep over the years more people have stopped using bitcoin and moved to other networks due to silly idea's like "just pay more"

bitcoin was invented to be a payment system for the unbanked. not a payment system just for the rich
there are more people in the world whos hourly wage is less than a bitcoin fee.

if you think a payment system should cost more than an hours wage to use. thats a failure of economics

Fully agree with this and i think BEFORE any start a conversation have to be in concordance with that statement.



I really feel some guys are losing the north of BTC and his main purpose.

I think a lot dont concive the idea of use other blockchains for other purpose, X blockchain for art, Y blockchain for smartcontracts, W blockchain for tracking ,etc, etc.

And this doesnt have any bad, WHY everything has to be in the BTC blockchain when it wasnt designed for that? Why a few guys confuse BTC dominacy with Blockchain dominacy?

So again bitcoin was invented to be a payment system for the unbanked NOT for other things and not matter if that other things have value or not.
legendary
Activity: 4410
Merit: 4766
May 17, 2023, 03:26:59 AM
soo to certain idiots.. all spam 2009-2020 was spam attacks even though those transactions didnt contained nonsense junk
but the junk of 2023 is not an attack nor spam..(in idiots minds)

seems someone lost the logic of their redefinitions

so to certain idiots.. transactions should be rejected if they dont pay enough fee.. did they not realise that more transactions are censored due to their "just pay more" theory

yep over the years more people have stopped using bitcoin and moved to other networks due to silly idea's like "just pay more"

bitcoin was invented to be a payment system for the unbanked. not a payment system just for the rich
there are more people in the world whos hourly wage is less than a bitcoin fee.

if you think a payment system should cost more than an hours wage to use. thats a failure of economics
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
May 17, 2023, 03:05:37 AM
You mean if it becomes more popular as a currency or payment method?
That is more or less what I said:
And please stop making up things. Your assumption is wrong. I was against big blocks back in 2017.
Which is somewhat contradictory. You can't have one's cake and eat it too.

Or we can call em scam perhaps? Who cares?
The people who make the transactions perhaps?

Just like blockchain is not means for storing useless spam.
What's "useless spam" for you isn't necessarily for every user of the network. To repeat my analogy: your transactions, right as everyone else's, are as important as Ordinals for my disk space. Yet, it has never crossed one's mind to remove those, or count those as "spam".
sr. member
Activity: 1190
Merit: 469
May 16, 2023, 08:31:17 PM


i personally dont care who agrees or disagres with me.
i just wish people just spent a little time actually learning bitcoin and not which influencer to suck upto and treat as their messia..
people should not be relying on humand . bitcoin is code and its the code that should be paramount. code which has been weakened in recent years due to those sponsored to weaken bitcoin just to promote other networks as the salvation.
the way i see it is, if it's a feature of bitcoin then we can't really blame other people for using those features. i've used segwit addresses i would imagine at least a couple times so does that make me a bad person? alot of wallets now default to that and people just go with it. doesn't mean they are bad people who want to destroy bitcoin. same with using the lightning network. i don't use it, never had a use for it, seen other people trash talking it on reddit so i'm not so sold on it but i don't know much about why someone would want to use it as far as an everyday bitcoin user. i have no need for it. if i can't use bitcoin directly i dont want to use it at all. maybe other people feel differently. that's fine. let them use it.

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larry instead od f jumping into doomads bed based on his rhetoric of me.. actually articulate properly what you are agreeing with or not.. because you are not actually saying much apart from your are disagreeing with doomads insane warped and unbacked version of what DOOMAD thinks when he says "franky " not what i actually say

i never said doomad cant use lightning or segwit.. i just said he is stupid for using flawed lightning and over promising and snake oil promoting lightning.. and with all things considered over the last 6 years segwit has not lived up to its promises/expectations either
i'll be honest with you franky. from reading some of your posts, it makes it seem like doomad is a terrible person but then the times he actually replied to me, he comes across as totally reasonable and openminded and not trying to shove any type of agenda down my throat. so i'm not sure we share the same view of him. i don't have anything against him. and i dont know why you would either.

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his rhetoric which he tries to say is mine.. that is just him being a devious idiot lying scumbag who cannot even comprehend history, nor read nor even check out facts

my post history is has been clear about my opinions for many years.. my opinions never have changed and can be backed up by code, blockdata and much more..
while your arguments and statements might be based on correct technical things like code and blockdata, that's not an excuse to insult someone like doomad who has been nothing but civil to me. you talk in alot of hyperbole about doomad as seen below:

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unlike doomad who is a snake oil salesman. jumping/sliding around so much he doesnt even know if he is coming or going. he just follows the tribal campfire stories of whatever sponsors are singing. even if the songs change over time
this is not specific and doesn't really explain anything so i don't know why you keep saying things like this. be specific or don't say anything at all when you're talking about doomad.

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consensus is not about a persons choice to use lightning or segwit
its about rules of bitcoin. rules that should be followed. rules that should not be broke.
that's something i agree with you on. but where i disagree is in attacking other people that are using things that bitcoin allows. and then saying you don't like them or calling them out because the things they are using are against your idea of how bitcoin is supposed to work. now maybe bitcoin is not working exactly how you want it to work, i understand that. but we can't blame users for that. doomad is just a user just like you or me.

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such as signatures being signatures, sats being sats. public keys being public keys
rather than just random nonsense data has has no aid or purpose or function related to the utility of moving sats from one owner to another.
bitcoin is a payment network for sats. not a junk data library.
i tend to agree with you pretty wholeheartedly on these matters. unfortunately that's not how it is working right now and if other people don't feel the same way we can't really call them out because of it. it's an issue we have with the developers, not with users. they have every right to use bitcoin in whatever way they want to and if their transactions are put into blocks that's none of our business. that's just kind of how it has to be franky. sorry if you can't agree to that.

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and yes doomad also wants to break the sats rule too.. which breaks the scarcity economics and many things like the runout of halvings date and the amount of halvings and the amount of units available in the end. thats how little he cares about bitcoin. he wants everything about bitcoin broke.
i doubt doomad wants bitcoin broke. he never told me that. and i doubt he ever would. but if he comes here and replies to my post and confirms your above statement, that's the only way i think i'm going to believe it  Shocked

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bitcoin for many years actually counted every byte.. now it doesnt
bitcoin for many years actually knew each bytes purpose in a transaction and had a set of rules to ensure each byte met a need/purpose.. now it doesnt
i agree with you that this is a tragedy but that's how things work now with bitcoin. we have to accept that the developers intended for this to be the case otherwise i guess they would say something by now. but it's possible at some point they do speak up and change things but that seems rather doubtful that they've allowed it to go on this long and not done anything and yet they're going to do something down the line...

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doomad pretends he is all for unity and equality.. yet he loves segregation
he loves the 3 class system. where legacy is the premium class and he wants all bitcoiners to either become rich to afford to pay massive fees just to stay involved. or get lost and go to another network if they cannot afford to use bitcoin
i don't know franky. the writing is on the wall anyway. people don't need doomad or anyone else to advise them on whether bitcoin is a good match for them. they can look at the fees and decide for themself. me personally, i wish there was no fee at all i even started a thread once about why we can't make bitcoin have free transactions but that was before i understood if you do that then you get alot of spam and abuse of network resources so you can't do that...
legendary
Activity: 2422
Merit: 1191
Privacy Servers. Since 2009.
May 16, 2023, 04:51:18 PM
Why do we have to sacrifice anything? Bitcoin can be what matters and it can also be fast and cheap simultaneously.
Unless it becomes more popular, and there appear to be more transactions on-chain. I wonder what will be your excuse then. "Bitcoin must split, because we can't handle everyone in 1 MB blocks" -  Roll Eyes
Becoming popular has nothing to do with the number of transactions. Bitcoin IS popular as an asset, hedge against inflation, store of value, investment etc. You mean if it becomes more popular as a currency or payment method? Well, we have LN for that.

And please stop making up things. Your assumption is wrong. I was against big blocks back in 2017. You can easily browse my post history for proof.  Cool

With 500000 monkey pics occupying the mempool ANY fee was low.
Lol, what? As far as I can see, the overwhelming majority of Ordinals pay minimum. It was just the recent fuss with BRC-20 which raised the fee rate to the ceiling.

I don't really care. Ordinals, inscriptions, BRC-20, NFT call em what you like. I don't see much difference anyway. Like all altcoins are frequently being referred to as shitcoins, we can call this useless metadata crap. Or we can call em scam perhaps? Who cares?
[/quote]
 
Garbage trucks gather together and drive slowly along the streets of your city. Every 10th garbage truck gets a bonus, say 50 bucks, just for participating. Close enough? Do you see any resemblance?
With the exception that roads are not means for monetary transfers that are resilient to censorship?

Just like blockchain is not means for storing useless spam.

legendary
Activity: 1722
Merit: 2213
May 16, 2023, 11:57:18 AM
This attack has even created additional sell pressure on the market and has been one of the main contributors to stopping the rise and bringing the price down from $30k level.

What's your evidence of this exactly? Bitcoin ordinals were created on January 30th. Since then, price has gone from $24K to $30K and remains at around $27K. Price got rejected from $30K in mid-April, and afterwards the mempool more or less cleared out prior to the congestion in May. It only started to get heavily congested after the correction had already corrected to $27K. I could easily argue that the ordinals "craze" was initially good for Bitcoin, but instead I see it completely irrelevant. Bitcoin was due a relief rally from $15K to $30K and that's exactly what happened. Likewise a correction from $30K (that was previous support for 18 months) is hardly surprising, as old support usually becomes new resistance. This isn't even a major correction either, only consolidation so far between $27K and $31K.

It's a question of priorities.  The lesser of two evils, if you will.
If you sacrifice what makes Bitcoin matter in order to make it faster or cheaper, you're making it worse.

Why do we have to sacrifice anything? Bitcoin can be what matters and it can also be fast and cheap simultaneously. And it worked like that for 13 years. Without ordinals.

That's simply not true. Back in 2017 fees were higher than they were recently with much more congestion. Even with segwit adoption back then, it wouldn't have made that much difference.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
May 16, 2023, 11:50:34 AM
Why do we have to sacrifice anything? Bitcoin can be what matters and it can also be fast and cheap simultaneously.
Unless it becomes more popular, and there appear to be more transactions on-chain. I wonder what will be your excuse then. "Bitcoin must split, because we can't handle everyone in 1 MB blocks" -  Roll Eyes

With 500000 monkey pics occupying the mempool ANY fee was low.
Lol, what? As far as I can see, the overwhelming majority of Ordinals pay minimum. It was just the recent fuss with BRC-20 which raised the fee rate to the ceiling.

Garbage trucks gather together and drive slowly along the streets of your city. Every 10th garbage truck gets a bonus, say 50 bucks, just for participating. Close enough? Do you see any resemblance?
With the exception that roads are not means for monetary transfers that are resilient to censorship?
legendary
Activity: 2422
Merit: 1191
Privacy Servers. Since 2009.
May 16, 2023, 10:55:09 AM
It's a question of priorities.  The lesser of two evils, if you will.
If you sacrifice what makes Bitcoin matter in order to make it faster or cheaper, you're making it worse.

Why do we have to sacrifice anything? Bitcoin can be what matters and it can also be fast and cheap simultaneously. And it worked like that for 13 years. Without ordinals. And now you're telling me to sacrifice something to support monkey spammers who are willing to earn money selling their trash dick pics and fart sounds? Why should we support them?

Quote from: DooMAD
In your reply to that customer, did you point out that they could opt to include a lower fee and, as a trade-off, the transaction would take longer to confirm?  High fees aren't compulsory.  When the network is busy, you can either choose to have a fast transaction or a cheap one.  

When was the last time you used Bitcoin? With 500000 monkey pics occupying the mempool ANY fee was low. I personally tried a whopping 80sat/byte during high fee top and tx was still stuck for hours if not days.

Quote from: DooMAD
People accept congestion on the roads as a fact of life.  Is it reasonable for people stuck in traffic to say that certain groups of road users should be discriminated against, or that if it carries on like this that everyone will simply stop using roads?  I don't personally see how it's justified to make those same arguments here.  Sometimes you just have to accept that other people exist.  They all have things they're trying to do and there may be times when you might opt to seek a less congested route.  That's life.  Not everything can be perfect.

Great scenario btw, people are used to traffic jams that's true. Now imagine a new movement has been launched let's say a Garbage Truck Parade.  Grin
Garbage trucks gather together and drive slowly along the streets of your city. Every 10th garbage truck gets a bonus, say 50 bucks, just for participating. Close enough? Do you see any resemblance?  Grin
legendary
Activity: 3472
Merit: 10611
May 16, 2023, 10:42:51 AM
On the contrary , ordinals began on 14-12-2022 , at that time btc was at 17k .
It takes a lot of time for a scam to start gaining traction. Just like Ethereum that started back in July 2015 but until about 2017 the token hype and the massive pumps hadn't really began.

Quote
How this would affect miners ? Pre ordinals price was much lower , blocks were almost empty and hashrate was making new ATH's . I see no problem . Fee market works as it was suppose to work . Supply and demand rules .
Wrong. Pre ordinals blocks were mostly full but the mempool was empty (not congested) and price was at the bottom getting ready to rise. Then the attack grew in size and the mempool got congested and also it contributed to the price drop.
hero member
Activity: 1111
Merit: 588
May 16, 2023, 10:14:23 AM
This attack has even created additional sell pressure on the market and has been one of the main contributors to stopping the rise and bringing the price down from $30k level. In other words not only attacks such as Ordinals are not going to ever help the adoption, but they do the exact opposite. Not to mention those who "gamble" with the scams called tokens aren't even buying bitcoin to help the price rise, like some users loved to speculate.
This is also going to affect miners since their revenues would go down with the price and after fees go down Wink

On the contrary , ordinals began on 14-12-2022 , at that time btc was at 17k . So , in some people's view ordinals might pumped fees but also price . No one seemed to have a problem when price was moving up . Now that we are start to see a distribution cycle , complains begin .

How this would affect miners ? Pre ordinals price was much lower , blocks were almost empty and hashrate was making new ATH's . I see no problem . Fee market works as it was suppose to work . Supply and demand rules .



legendary
Activity: 1974
Merit: 3049
May 16, 2023, 10:01:06 AM
...
Look at the case of serveria, why he have to cancel a sell because of this problem? And where its the solutions of BTC for him? If you want to see more people adopt more the BTC you cant have this kind of problem.

Or at least admit the BTC its only a reserve of value and not a currency (here i dont know what its you posture about it).

If there was any easy solving of this problem it was solved years ago. Everyone understands that a sharp increase of fees is not in interest nor of users, nor of miners. But expropriation of what some already got with Ordinals is not a good decision also. Who would believe in bitcoin if everyone will know that something you got can be took away from you? Yes, there is a problem that number of transactions per second for bitcoin is not big, but it won't be solved with expropriation of what Ordinals made with Taproot. If not Ordinals, if not a casino someone already mentioned, there will be something else. Just to cut users we don't like some way is never a solution and is always a bad decision, IMO.
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