[Omniscient]

I have never seen it this high ever. Mempool has 300k transactions, I've seen it near 500k but I have never see a 1 hour transaction costing 600 sat/b. This is just outrageous.

Will wait for the LN fans to chime in but in the meantime I have Bitcoin I can't move for over 2 months. Disappointing.

[Truth]

This is due to Bitcoin Ordinals boom, NFT on Bitcoin, people seen with ETH that people are willing to deal with high fees so its popping off on Bitcoin.

One BTC core dev wants to "fix" it though
https://twitter.com/LukeDashjr/status/17...7466032285

[Omniscient]

This is due to Bitcoin Ordinals boom, NFT on Bitcoin, people seen with ETH that people are willing to deal with high fees so its popping off on Bitcoin.

One BTC core dev wants to "fix" it though
https://twitter.com/LukeDashjr/status/17...7466032285

Nice X thread to share.

I've always felt that Ordinals are bad for Bitcoin. I don't want BTC blockchain to become an NFT blockchain. I'm not savvy enough to know if it can be solved but I can see the effects of allowing it. I do realize Ordinals have been around for a while but not until this year did it become part of a "spam attack" as described by Luke (from that X account).

I don't see how Ordinals can be considered anything except a Spam Attack on the network.

[Truth]

Nice X thread to share.

I've always felt that Ordinals are bad for Bitcoin. I don't want BTC blockchain to become an NFT blockchain. I'm not savvy enough to know if it can be solved but I can see the effects of allowing it. I do realize Ordinals have been around for a while but not until this year did it become part of a "spam attack" as described by Luke (from that X account).

I don't see how Ordinals can be considered anything except a Spam Attack on the network.

yeah wonder if it will cause a new civil war, As miners get paid more due to high fees so I assume are incentivized to want Ordinals, but at least this one BTC dev doesn't want it and considers it spam.

also $ORDI on Bitcoin already has a billion dollar market cap. So not sure how this will go now. Seems more and more people want Ordinals too. People are buying these NFT on BTC like crazy.

Personally, idk, I hate ETH so if this can take marketshare from them, I'm all for it. hope lightning gets better though as that should theoretically create a pathway for people who want smaller fees.

Man pretty exciting times, honestly, NFT on BTC might help with the bull market. who knows though.

[Omniscient]

yeah wonder if it will cause a new civil war, As miners get paid more due to high fees so I assume are incentivized to want Ordinals, but at least this one BTC dev doesn't want it and considers it spam.

also $ORDI on Bitcoin already has a billion dollar market cap. So not sure how this will go now. Seems more and more people want Ordinals too. People are buying these NFT on BTC like crazy.

Personally, idk, I hate ETH so if this can take marketshare from them, I'm all for it. hope lightning gets better though as that should theoretically create a pathway for people who want smaller fees.

Man pretty exciting times, honestly, NFT on BTC might help with the bull market. who knows though.

I predict NFT's on BTC will erode utility not expand it. Bitcoin is unusable right now. Anyone calling this a "feature" is just blindly following.



As a test to get it confirmed within 10 blocks at 400 sat/b a $32 transaction that's a 178 byte size TXN costs $30 in fees so I'd really only be sending $2.

So yeah, can't use Bitcoin right now for anything. This is a spam attack. These aren't transactions.

[Truth]

I predict NFT's on BTC will erode utility not expand it. Bitcoin is unusable right now. Anyone calling this a "feature" is just blindly following.



As a test to get it confirmed within 10 blocks at 400 sat/b a $32 transaction that's a 178 byte size TXN costs $30 in fees so I'd really only be sending $2.

So yeah, can't use Bitcoin right now for anything. This is a spam attack. These aren't transactions.

2017 had up to $50/avg fees and like 2 weeks wait time without ordinals. To me if they are paying fees its not spam, especially $10+ fees. Some miners are only mining ordinal transactions because they want the fee money.

Lightning is the way for low fees imo, phoenix wallet seems to still be working

But again, I know this idea is divisive which is why I mentioned the possibility of the civil war.

[Mr. Moe]

Nice X thread to share.

I've always felt that Ordinals are bad for Bitcoin. I don't want BTC blockchain to become an NFT blockchain. I'm not savvy enough to know if it can be solved but I can see the effects of allowing it. I do realize Ordinals have been around for a while but not until this year did it become part of a "spam attack" as described by Luke (from that X account).

I don't see how Ordinals can be considered anything except a Spam Attack on the network.

I've heard people say that ordinals are going to be required as a mining incentive when BTC caps its supply in 2140

[Dirty]

I've heard people say that ordinals are going to be required as a mining incentive when BTC caps its supply in 2140

transaction fees already exist and that essentially the only incentive needed. you don't need NFT mining crap to have an incentive

[Omniscient]

I've heard people say that ordinals are going to be required as a mining incentive when BTC caps its supply in 2140

I disagree with whoever says that. Without ordinals mining fees have fluctuated and of course been profitable for Miners. Actually I think Bitcoins price is diminished by Ordinals. Right now huge amount of fees are going right into the Miners hands meanwhile Bitcoin is barely usable for small transactions. Not even sure Ordinals are actually having any value to the network at all.

I just searched for an Ordinals Market.

https://gamma.io/

What a bunch of crap.

[Yin Yang]

Scalability has always been an issue. Other chains with lower fees have barely any activity.

This is why I'm glad I always have ltc. I never have to worry about high tx fees.

[Dirty]

I disagree with whoever says that. Without ordinals mining fees have fluctuated and of course been profitable for Miners. Actually I think Bitcoins price is diminished by Ordinals. Right now huge amount of fees are going right into the Miners hands meanwhile Bitcoin is barely usable for small transactions. Not even sure Ordinals are actually having any value to the network at all.

I just searched for an Ordinals Market.

https://gamma.io/

What a bunch of crap.

NFTs have always been hot garbage, and practically will always be

[Omniscient]

The best part about this sort of demand is it vindicates the "small blockers" from 2017 who had the economic foresight not to appease those demanding that there must always be empty space in blocks. Since these inscribers are willing to pay $300k in fees every 10 minutes to put stuff on the blockchain, imagine the collateral damage they would have inflicted on "big block" node runners if they could print all this data on the blockchain for 1 sat/vbyte instead.

Imagine if we just didn't have ordinals at all. Is there anything about core you are critical of? or is it absolutely perfect in your view?

[Omniscient]

[mention=3209658] if consensus removes Ordinals in an update or at least makes a change limiting them, are you going to say "see, Bitcoin works as intended".

On the technical aspect you're always on top of the situation but I'm unsure if you're enough of an end-user to be objective. I'm a person doing dozens of transactions a week. I need a functioning blockchain where I'm not paying more than 2% towards fees. Otherwise I may as well just accept credit cards.

[✔-Elision-]

This is a spam attack on the BTC network due to Ordinals which should not have been introduced on the btc network to begin with, what if this becomes the norm going forward this bullrun? Its been more than 100 sat/byte for at least for the last 4-5 days. Small cost to open a LN channel makes me wonder if its worth it if things stay the same for someone doing few btc transactions/day.

[Mambaonjail]

lol, this need to be fixed asap, people doesen't understand that can be a dead sentence for bitcoin, if a 2$ transaction costs 30$ no one will use btc in the future, this need to be fixed ASAP, or NOW. ordinals on btc are bullshit.