Nonsense. Ordinals is an unforeseen use of the system, just as open timestamps is. Neither has to be prevented to ensure bitcoin's survival.

Due to the eventually disappearing block subsidy, bitcoin's long term survival is dependent on full blocks creating a fee market, so one clear purpose of bitcoin is to support all uses which help to fill blocks.

most of what you are saying there is your opinion. but lets talk facts. none of the developers anticipated ordinals. enough said.

not in the same way that pcloud is a single point of failure though. for the bitcoin blockchain to go away, it would almost require the internet to go away. if that happened, what good would your data be anyway?  

so you're saying satoshi didn't design bitcoin properly because this halving thing doesn't work? i still have yet to hear a reasonable explanation for why the block reward needs to be halved every 4 years or however often it is...unless bitcoin goes up in price to counteract the halving then miner income is in jeopardy unless transaction fees can pick up the slack which won't happen unless new use cases open up like this ordinals. is that what you were thinking?

We were talking about adoption and it can not be analyzed in such a tiny window.

But since you asked you are ignoring a couple of things. First of all hashrate has been rising even when the fees were low. So making arguments trying to say miners are only here for the fees is just dumb.
Secondly the fees in the window you chose were rising (and falling) because we had the most volatile market in that window. Price went from trying to break $42k+ in Jan to crashing down to $28k and then rise back up to ATH at $65k in April.
Obviously with such huge price swings comes loads of more transactions hence higher fees.
You are also ignoring the fact that afterwards fees came down back to 1 sat/vb and hashrate continued growing by a lot despite the price coming down too!

You are forgetting that SHA256-ASIC and Scrypt-ASIC are different and you can't use one for the other. In simple terms bitcoin's hashrate can not "slide" to shitcoins like LTC and Doge.
If we go with your logic the hashrate should slide into another SHA256 coin!

Imagine selling your bitcoin because fractional reserve banks are failing.
https://twitter.com/lopp/status/1633911814944595968

philipma1957 seems to be getting a solar mining operation ready with a few friends. Why don't you message him for advice?

I don't know how to respond to that!!! You are bringing up the main reason why bitcoin was created (payment) and you argue that it could be considered arbitrary too which makes no sense otherwise why do we even bother with bitcoin in first place. lol

You are making a wrong conclusion based on false data. In 2017 bitcoin was experiencing the biggest spam attack of its entire history (biggest until today too). The number of transactions then can not your baseline.
In reality if you check the stats rarely released by payment processors, check out number of merchants that are accepting bitcoin each year, countries adopting bitcoin as legal currency, legal tender, reserve currency, for international trade and a lot more you can clearly see that usage of bitcoin as a currency has been increasing by a lot.

Lets fact check your assumption.
3675 blocks had "barely any transactions" and a small size between 2015-01-01 and 2017-03-09 (a rough 2 year window).
632 blocks had "barely any transactions" and a small size between 2021-01-01 and 2023-03-09 (a rough 2 year window).
That's an 82% reduction!

I intentionally chose 2015 to 2017 because the end date is approximately when the spam attack gets worse and also the huge bull run and the bubble has not yet started. The window from 2017 to 2019 isn't that better though (~1400 ie. ~55% reduction) which proves my point about increasing adoption as a payment network.

No. You can't even begin to compare using bitcoin for payment (whether for a cup of coffee or a house) and using bitcoin as a cloud storage.

Miners are already "extracting fees" they don't need Ordinals for that unless you mean spam attacks like 2017 which artificially inflate the fee is a "good thing"!

If that's what you want then there is a much simpler way without filling bitcoin with garbage and making it unusable which is to use a side-chain. There is already a couple of projects out there like RootStock that actually create real smart contracts and transfer actual tokens around instead of the fake thing in Ordinals that has no value.

I don't see any experiments. What is currently happening was always possible on a protocol level. People have saved texts, messages, PDFs likewise.

But they do make use of OP_RETURN, which is metadata.

Greater fool's theory. Some poor guy will acquire the "rarest" satoshis, but with little to zero value because nobody will buy that nonsense later on.

^^ Ja saw it here first in Hardware and replied there...

Philip isn't here
Mighty streak of rebellion
ChartBuddy calm down





#haiku

I used to do mining on video cards. I really want to continue mining, now on ASIC under ETC. It is impossible to buy on the official website. Where can I really buy e9 pro safely in China or America up to $3500?

There goes 22..
Sigh....

I think you forgot to add the halving to the equation, just so we don't re-do the math, let's take the last part, 1333 days - 400 (till halving for simple math) so 933 days will be post-halving, I would say 2000 days or anywhere between 5 to 6 years assuming it doesn't die or lose any hashboard in the process, to me, that's more like 'never'.

You can buy other gears that are less efficient, and still hit ROI faster despite the power rate, I am sure many folks don't run the math and they will be more than happy to pay 0.4BTC for this miner.

I think it's more like hundreds if not thousands of millions at stake already, but you are right, in the grand scheme of things, the whole mining business is just a drop in the ocean.


ROI is more like never, at least as far as BTC roi is concerned, I can tell you that this miner will never make 0.3BTC during its lifetime, it's more likely to get hit by a lightning strike than make 0.3BTC.

https://www.bitrawr.com/difficulty-estimator

Latest Block:   779751  (7 minutes ago)

Current Pace:   103.5311%  (1576 / 1522.25 expected, 53.75 ahead)

Previous Difficulty:   39156400059293.19                           
Current Difficulty:   43053844193928.45                           
Next Difficulty:   between 44516794734490 and 44592582851011
Next Difficulty Change:   between +3.3980% and +3.5740%
Previous Retarget:   February 24, 2023 at 8:27 PM  (+9.9535%)
Next Retarget (earliest):   Friday at 9:00 AM  (in 2d 22h 49m 55s)
Next Retarget (latest):   Friday at 9:33 AM  (in 2d 23h 22m 40s)
Projected Epoch Length:   between 13d 12h 32m 24s and 13d 13h 5m 9s
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silver bars value per weight is roughly 1/100 of gold.
I am not going to store chunks of metal at home, hence no go for me, but i got a tiny bit of "fake" silver-SLV ETF, play amounts.