Quote from: BlackHatCoiner on Today at 09:12:50 PM

Quote from: Synchronice on Today at 08:32:57 PM

This only proves that Bitcoin is far from perfect payment method.

Bitcoin Layer 1 is far from a perfect payment method, regardless of the presence of Ordinals. Transactions can take hours to settle and incur variable fees depending on the current demand and supply for block space. These factors alone make it an unattractive medium of exchange for point-of-sale transactions.

I completely agree with you, you are right! With or without the presence of Ordinals, Bitcoin isn't practical for those who want to use it regularly.

Quote from: BlackHatCoiner on Today at 09:12:50 PM

Bitcoin block space is auctioned every 10 minutes, based on the law of demand and supply. And Ordinal users are very demanding. I see no problem with that.

I have a problem with the fact that they found a loophole in code and use it to embed the data, create the false sense of non-fungibility and scam thousands or probably millions of people. I do not wish to censor transactions, I wish to censor abuse.

By the way, there is an evil part of me in my mind that thinks that Ordinals are a mechanism of evolution in crypto space. I hope you understand what I mean Cheesy

Quote from: BlackHatCoiner on Today at 09:12:50 PM

Quote from: Synchronice on Today at 08:32:57 PM

1 sat/vByte is the minimum relay fee setting that nodes use, oeleo told me if I am not wrong, when I asked a question about fees and empty mempool.

Exactly. Minimum relay fee. That's the default local policy. You can change it to 0.5, or 0.001, or even 0. This is done for DDoS protection I think, but it's totally possible to adjust it if there's demand for it. In the worst case, they can send their movies directly to the mining pools.

(I missed him too

)

He was the guy that, you know, would have the correct answer to any question. I sometimes check his profile and read his posts because the knowledge that he had was very valuable.

What I wrote below, is completely my honest opinion.

Bitcoin was created for pure p2p transactions without the involvement of 3rd party, Satoshi's vision was great! But the problem is that Satoshi's Bitcoin become popular and everything that he ever wanted for Bitcoin, went wrong. People with lots of money decided to buy Bitcoins and created Centralized Exchanges. CEXs hold a significant amount of Bitcoins. Besides CEXs, there are crypto wallet providers like Blockchain.com and Nexo (that lets you have a visa card and buy things with automatically converting Bitcoins into USD). On top of that, two countries, The USA and China are the biggest miners and pool owners. 56.1% of hashrate goes to Chinese pools, 33.6% to the United States and the rest of them - other countries.
Bitcoin failed in decentralization and in the avoidance of 3rd party financial systems. Pseudo-anonymity? It's only getting easier and easier to deanonymize Bitcoin users. On top of that, Bitcoin ETFs got approved, which basically means if you can't beat them, join them strategy and financial institutes got closer again. Mark my words, soon miners will be forced to filter transactions, i.e. disapprove transactions that government doesn't want to be approved.

Satoshi's vision was great but I think that conservative politics of developers killed this project. Bitcoin needs many updates, to fill loopholes and fix what's wrong. 2024 and 1 MB (4 MB) block size? At least if we don't change much of the code, okay, but 1 MB block size really sucks. But I think it's politics too. There are part of influential people who make money from current mess because they make tons of money. Bitcoin lost it's function as a P2P currency and instead become a store of a value.
But there is a hope, always!