I'm genuinely curious how Bitcoin will see global adoption in this case if 500k extra transactions are "hurting" the network that badly.
Excellent point! Can you imagine how much this spam is hurting El Salvador? Their minimum wage averages around $300/month. The BRC-20 transaction fee was >10% of what they earned in a month. This bug that was introduced a few months ago must be strangling global adoption of Bitcoin. Even the current fee is prohibitive. Anyone who was using Bitcoin in El Salvador must be switching to alternatives now.
This argument really boils down to who will use Bitcoin?
1. A few elites who want to use Bitcoin to stick a $27,000 copy of a monkey picture in the blockchain
2. Everyone who wants to send a trustless, unrestricted, decentralized, peer-to-peer transaction, which Bitcoin has already served reliably for over 14 years.
not for people that don't like paying big fees. they just want fees to go back down to reasonable levels but the problem is there is nothing in the bitcoin protocol that defines what a reasonable fee is. it could be anything.
That's a great point. The fee is how Bitcoin controls what is "reasonable." Supply and demand increases this fee and limits how many people can send Bitcoin. This ordinals bug has artificially changed Bitcoin's purpose in support of a few moneyed individuals, eroding its original use case for the last 14 years. Demand will fall as people abandon Bitcoin in favor of other coins.
Demand is falling...
https://cointelegraph.com/news/crypto-outflows-poor-bitcoin-btc-sentiment-coinsharesCrypto sees 5th week of outflows on 'poor' BTC sentiment: Coinshares
Institutional investor sentiment over digital assets took another beating last week, with “poor sentiment” around Bitcoin leading to yet another week of outflows of digital asset investment products.
...
Institutional BTC shedding
Butterfill noted that Bitcoin investment products have seen $112 million worth of outflows so far this year, with 90% of the sum coming in May alone, while short-Bitcoin products have seen $34.8 million worth of outflows over May.
Butterfill, however, noted that it is “unclear why there is such coordinated negative sentiment for both long and short investment products.”