Post
Topic
Board Bitcoin Discussion
Re: Ordinal blockchain irking me, causing almost $40 median fee now...
by
ETFbitcoin
on 24/12/2023, 08:33:17 UTC

Can anti-Bitcoin trolls use that to take advantage and spam the network? Yes they could, but it will come with a cost of paying higher fees. The bad-actors will waste their Bitcoins merely to cause a temporary inconvenience. From Bitcoin's viewpoint, where did it fail? Because it didn't. It's still chugging along producing block after block, incentiving miners for providing security the network.
Almost 2 months is more than temporary inconvenience[1].

[1] https://blockchair.com/bitcoin/charts/average-transaction-fee-usd
Two months might not be enough time to say that it will be permanent.

I didn't say it'll be permanent.

Plus the Core Developers would probably be in a better position to do something if they study the issue more slowly/carefully. Bitcoin is currently valued at almost $1,000,000,000,000. That's ALMOST ONE TRILLION. The developers SHOULD be more careful and they shouldn't do anything too hastily. Because if the network breaks, there goes the evolution of money.

Ordinals gaining popularity since early 2023 and it's not first time people add arbitrary data to Bitcoin blockchain or we experience high fees. I expect few Bitcoiner claim it's already broken due to high TX fees. And if they plan to introduce new change, they'll test it first on dedicate test network (such as segnet for testing SegWit) so they wouldn't break Bitcoin network.