Post
Topic
Board Bitcoin Discussion
Re: The severity of the Ordinals Attack is increasing
by
Poker Player
on 08/05/2023, 11:47:01 UTC
Bitcoin is clearly a peer-to-peer system of digital cash as perceived by its creator;

No, it's not. It was conceived this way by its creator, but the number of people buying Bitcoin in centralized exchanges, even leaving them there, and the number of people using custodial wallets is far from the initial idea. I don't think Satoshi had in his mind people paying massive capital gains tax on their Bitcoin sales either, since you don't pay taxes for using cash. Often an invention ends up being different to a greater or lesser extent from what its creator conceived. Moreover, Bitcoin has become so valuable that it is almost contradictory that it can be a cash, because what is valuable you don't spend it, you tend to keep it, something that Gresham was able to perceive.

On the other hand, I agree with witcher_sense. As Bitcoin becomes adopted, and we reach those dream prices of $1M per bitcoin and more, as halvings progress it will be normal for fees to be higher, so paying a few dollars for a coffee or similar using the main chain will be impossible. Right now it's going through a crazy bubble of people thinking they are going to change their shitty lives by becoming rich overnight spamming images on the blockchain, and I understand why people are upset.

But I would leave things as they are: whoever is stupid enough to pay those fees to store shit should pay them. The rest of us will have to adapt to the fact that we can't make small payments using the main chain until the bubble bursts, but as I say, bubbles aside, in the long term I think fees are going to go up.