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?
Governments have an huge incentive to not have people withdrawing bitcoin from exchanges and putting them into local wallets they can't control, so high fees play on their favor in this sense. At the same time, it limits the use of bitcoin as cash easily, or at least for now, when LN is not that mainstream and well understood.
On the other hand, governments would like big blocks, since they could just control the nodes at will. They would be datacenters that are registered and basically would get told what to do and what software to run.
So you have to factor in both. What is more important? I think it's clear, the second one is. Paying higher fees is worth avoiding datacenters as nodes scenario.
Ordinals are a waste of block space but what can we do? miners just want profits and they'll mine blocks irrespective of what they contain.