That gives bad actors the opportunity to build a months/years long sustainable ecosystem to price many users out from using the network. The "protocol" of Ordinals by itself is not the attack, but it could be used as an attack vector. It's going to be an annoying few months until the hype goes down, but it might not be the end of that. It goes, then it comes back.
No one is pushed out of using the network . Anyone has the right to increase the fee to a level that will make his transaction enter into the next block . Isn't that the purpose of the fee market , to make blockchain space as much valuable as possible ? Well , mission accomplished . To be honest , i see current fee market at a low level . As soon as more protocols start to create defi's etc on btc , fees will increase in thousands of dollars for a single tx .
The unfortunate ones will be those that will have to exit from LN for whatever reason and those stacking sats . A new era is coming .
Really? Tell that to a person willing to buy $10 worth of BTC. According to you, he now has to pay like what? $50 in fees?
No, we're not pushing anyone out, never. And to "make blockchain space as much valuable as possible" is the ultimate goal for miners not for all bitcoiners or market in general...depends if he buys at an exchange. coinbase won't charge high fee to buy it.
they will charge a high fee to move it off the exchange.
But technically in an exchange it's not actual Bitcoin that you're buying, but mere numbers in their ledger. It only become actual Bitcoin if those units are transferred in a public address with a private key that's under your custody.
In the subject of Ordinals and transaction fees, have we seen the network maintain such high fees that users are willing to pay more than one month? I believe not, but if it does, wouldn't it make Bitcoin more profitable to mine that BCH and BSV miners would start pointing hashing power to Bitcoin?
I'm not talking about merged mining, ser. I'm asking if BCash and BCash SV miners will actually STOP mining in those chains, and start pointing their hashing power to mine Bitcoin.
The point why I'm asking is, because of the high fees, then would it be more profitable for miners to, probably temporarily, start pointing hashing power to Bitcoin.
https://www.coindesk.com/tech/2019/05/24/bitcoin-cash-miners-undo-attackers-transactions-with-51-attack/
https://www.coindesk.com/markets/2021/08/04/bsv-suffers-51-attack-report/