Re: 'Attack on Bitcoin’ Claims Circulate as Transaction Fees Climb Higher
This whole argument about increasing block size is irrelevant here because the adoption hasn't increased and legitimate usage of this "payment system" is not higher than the current existing capacity to require a capacity increase.
Right now there is a mempool congestion and fees are high only because of the ongoing attack so the solution to that is to prevent the attack not increase the capacity to store more of their spam transactions. After all Bitcoin is not a cloud storage so that we increase the block size so that these attackers can store more of their arbitrary data in its blockchain.
Right now there is a mempool congestion and fees are high only because of the ongoing attack so the solution to that is to prevent the attack not increase the capacity to store more of their spam transactions. After all Bitcoin is not a cloud storage so that we increase the block size so that these attackers can store more of their arbitrary data in its blockchain.
I believe at some point, the "attacker" is going to run out of funds. When that happens, network fees will decline back to the way they were. But increasing the block size, will give the "attacker" more room to continue flooding the Blockchain with "spam". I really hope things settle in the long run, especially if we want BTC to be used as "digital cash" (not a store of value). The current situation will force many people to move to an altcoin with lower network congestion.
Bitcoin's Lightning Network is definitely not an option. Especially when you need to pay a high on-chain fee to open/close a channel. The LN is limited to the main chain's transaction capacity. I don't get why developers keep focusing on L2 instead of what matters most. Only time will tell us what lies ahead for Bitcoin. As long as it remains a decentralized and censorship-resistant cryptocurrency, there should be nothing to worry about.
