Opinion wanted: when will the Ordinals nonsense be over?
191 sats \ 3 comments \ @MattInTech 5 Jan bitcoin
I really don't get how throwing garbage in the mempool can help Bitcoin in the name of innovation, and can't help but wonder what is going to happen in the future in terns of block size and mempool state.
Is there anyone who can explain in simple terms what Ordinals is about and what is their utility, if any?
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148 sats \ 0 replies \ @clr 5 Jan
When we stop paying attention to it.
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10 sats \ 0 replies \ @badabing 5 Jan
Ordinals was the illusion of spraying graffiti on the base chain (putting NFTs on Bitcoin). Now it's mainly a way to mint shitcoins on Bitcoin (blatant pump and dump schemes). A conspiracy theory is that this is a state sponsored attack. That's probably not the case, but it does reveal a vulnerability that could be exploited much more aggressively by state actors in the future (only mining blocks full of spam).
Many hope that these grifters run out of money (they already spent 200 million USD). Others hope they will be priced out in the next bull run as they do pay quite some btc fees. A minority thinks we should actively discourage the spam by updating certain mempool policies in Core, making a clear statement that Bitcoin is not designed for such arbitrary data storage.
Sadly, many bitcoiners don't even consider this spam yet.
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0 sats \ 0 replies \ @Nuttall 5 Jan
Human Action, by Ludwig Von Misses.
People will act because they believe it will make them happier. There is no particular action that guarantees happiness but INDIVIDUALS will act for their believed best interest. Even self destructive behavior is meant to achieve a purpose.
Why would anyone poop their pants? Because they can.
I hate the mempool fees but I don't hate the mempool, miners are even the ordinal crowd. The ordinal crowd are using the easy Fiat they have to prove a point. It's called DaDa. Fiat art.
Personally, I don't fully understand how Bitcoin works and there are others that understand it better. I need to be patient, educate or walk away.
I think if businesses want to settle monthly on chain or do large item purchases and they figure in the miner fees and it is seen as better money, then it won't matter.
Conversely, we can learn to earn sats, run Lightning and settle when fees are low.
Bitcoin is deflationary so the fees should go down as Bitcoin buys more electricity for less. Miners may need to become more independent and some may become activists.
We just need to learn the technical aspects of Bitcoin or trust the system.
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