Quote from: EL MOHA on September 05, 2023, 12:58:02 PM

Quote from: dragonvslinux on September 05, 2023, 12:45:04 PM

Do people think this high usage is good or bad for Bitcoin? Are there still many inscriptions being made on the network or is this more financial transactions?

With the discussion I read this morning concerning same thing according to DdmrDdmr, this is a case of ordinal inscriptions that was experienced before. They currently take up to 90% of block size and this has resulted in the hike of transaction fees. So as it stands it is a clear case of ordinal attacks again where they intentionally pay higher fees even higher than the output. My curiosity is why because certainly running it this way and with the fees they are paying then it would result into loss to me

To be honest, I did not realise that the number of transactions in Ordinals had increased, so I quickly checked the transaction fee, and it was normal, like not that much. At least not as much as when Ordinals started. So why are people panicking? Instead, I think people are worried about the fact that a few miners might be trying to manipulate the BTC transaction fee. As in your mentioned Ddmr posts, where he raised the same topic about miners making a collusion to manipulate the tx fee,

And the answer to the OP's question is that this huge tx is good for miners because they are getting more rewards in fees and mining more blocks. But this is not good for those who are paying because they have to pay more to increase the priority level of their transactions, so they increase the fee rate, which ultimately increases the miners reward. Overall, this is not good, but I thought manipulating the blockchain fee was not possible, as I had many discussions on this topic before and people said a creation of such collusion at a large level is not possible as miners do not contact each other, which mostly means they are not friends with each other and they are different and competitors with each other.

The point is, this is not good. Another question that came to mind is whether this might be a try to keep the transaction going more and more so that the blocks that are needed to be confirmed before halving would complete at the exact time. I mean, maybe I am not taking it right, but is it possible that if the blocks are not confirmed, then the halving will be delayed? I'm just asking, so please think before bashing me.