(Ordinals) BRC-20 needs to be removed - page 30.

sheenshane

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Quote from: Bitcoin_Arena on May 09, 2023, 05:59:53 PM

Quote from: BitMaxz on May 09, 2023, 05:50:03 PM

And the good thing is it may attract new investors to buy more miners. Meaning if more miner participants are joining they can find and solve more blocks that will help to speed up confirmation process.

Speeding up block confirmations?

No way.

This was what I thought before and believing that increasing the number of miners will help the network congestion until there's such a user corrected me with my wrong perception.

The reason is, those miners are only responsible for processing and confirming transactions, but the speed and efficiency of the network.
Because the network matter such as the size of the blocks, the difficulty level of mining, and the overall network bandwidth and increasing the number of miners can potentially help to distribute the workload and increase the processing power of the network but not the speed of transaction. Besides, there is the worst result if there are too many miners, it will increase the competition among miners for block rewards and potentially lead to a greater centralization of the network.

However, I tend to agree that removing BRC20 tokens would be given help Bitcoin congestion.

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Quote from: BitMaxz on May 09, 2023, 05:50:03 PM

And the good thing is it may attract new investors to buy more miners. Meaning if more miner participants are joining they can find and solve more blocks that will help to speed up confirmation process.

Speeding up block confirmations?

No way. That would only be possible if there was no difficulty adjustment in place. More miners into the network would mean that the hast rate goes up to the roof and after every 2016 blocks, the network difficulty gets automatically adjusted to keep the average transaction time well within the approximate 10-minute interval.

BitMaxz

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Quote from: _act_ on May 09, 2023, 04:58:17 PM

What I think is that there is no going back. Taproot has already been created that Ordinals used to create what is happening now. It is better for bitcoin developers to look for more ways to reduce transaction fees.

The transaction fee is still far from what happened last April 2021 where the transaction fees are very expensive compared to today but the average transaction per day today is too high compared to April 2021.

So the network is too busy due to lots of transactions being created these days.

And the good thing is it may attract new investors to buy more miners. Meaning if more miner participants are joining they can find and solve more blocks that will help to speed up confirmation process. However, the network or overall hashrate is pretty stable I don't see yet big companies joining to participate in mining.
That's the only solution that I thing would help to clear out pending transaction and reduce the TX fee.

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There is a discussion among devs here ------> [bitcoin-dev] [Mempool spam] Should we as developers reject non-standard Taproot transactions from full nodes?

I still haven't got enough time to read everything

But I think they should be removed.

Quote from: _act_ on May 09, 2023, 04:58:17 PM

What I think is that there is no going back.

Why not?

Quote

Taproot has already been created that Ordinals used to create what is happening now. It is better for bitcoin developers to look for more ways to reduce transaction fee.

How?

Increase block size? Go check out what's happening to BCH right now. Sometimes they get only about 40 transactions per block

Quote

Miners are happy very well this time because they are making more money from transaction fee and they are not going to agree on anything that will not make them gain.

So what happens when so many people abandon the network because of unbearable fees? What will the miner earn then?

Quote

Know that this has already been created, no way back that will not divide the community, but there are ways forward.

The BRC20 shit tokens are doing way far more damage to the Bitcoin network adaption than you think. Better to get rid of them early enough.

_act_

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Quote from: NotFuzzyWarm on May 09, 2023, 04:49:32 PM

Overall I completely agree.
BTC was designed for currency transfer/storage.

Tokens, smart contracts, etc have no place in it! As the OP has already said there are more than enough other blockchains around to support that stuff. Ya know, ones that were created just for it...

What I think is that there is no going back. Taproot has already been created that Ordinals used to create what is happening now. It is better for bitcoin developers to look for more ways to reduce transaction fee.

Miners are happy very well this time because they are making more money from transaction fee and they are not going to agree on anything that will not make them gain.

Know that this has already been created, no way back that will not divide the community, but there are ways forward.

NotFuzzyWarm

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Overall I completely agree.
BTC was designed for currency transfer/storage. Period.

Tokens, smart contracts, etc have no place in it! As the OP has already said there are more than enough other blockchains around to support that stuff. Ya know, ones that were created just for it...

BrianH

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Bitcoin was designed as a method for peer-to-peer exchanges (see quote from Satoshi in sig). It was not originally intended to support tokens or smart contracts.

Bitcoin has essentially become digital gold. These changes are breaking the network and eroding the years of trust that Bitcoin has created. This is what gives it value.

Bitcoin will never offer the transactions per second to support these type of transactions. There are many altcoins that do a better job of providing this utility. Let them do that.

The change to allow BRC-20 in Taproot needs to be rolled back. This is a dangerous, fatal flaw to the network that could be used to bring an end to Bitcoin.

What are your thoughts? Should BRC-20 be removed? What is the best way to do this?

Topic: (Ordinals) BRC-20 needs to be removed - page 30. (Read 7771 times)