I have no exact information about the intentions of the developers. However, it is highly likely that the desire to make money on the wave of hype with meme-tokens plays an important role. I don't really follow this shit, but I think there was a big story recently about a guy who bought Pepe's green frog tokens for $250 and soon made $8 million from it. Or something like that. In such conditions, development speed is much more important than quality, because it is important to catch the right moment.

This is the case when it is better to make a mistake at the right time than to do the right thing at the wrong time.

Perhaps here I agree with you. How beautiful and elegant is the very idea of ordinals, which does not produce unnecessary entities, so as not to cause the anger of Occam with a razor, but only makes the implicit explicit. And just as shitty are these BRC-20 tokens, which are almost a direct insult and spit in the face. It's like when a teenager is first allowed to draw anything on a blank wall and he draws just the first thing that comes to his mind - boobs and a big dick. Did you expect to find Claude Monet's lilies there?

If we're going to stick with our censorship resistance strategy, we're going to have to open our mouths wide and eat this elephant whole, with a hundredweight of shit inside it. Because everyone has different tastes (and even coprophages also exist) and if we start trying to separate the more delicious from the less tasty, we will never come to a consensus that suits everyone. The wave of hype will subside and time itself will separate the assimilated and the rejected.

Im curious if this is really an attack like to fud on bitcoin but rather than an additional application of bitcoin through ordinals which is found by someone. However the utlity of those ordinals somehow vague and only for trading through their dapps. Unless someone could step up and make it more useful instead of an expensive jpeg.

Well still early maybe some satoshi like genius could fix the high rate fees and include those ordinals on bitcoin chain without affecting. I believe someone will solve this if not now maybe for quite sometime.

Im afraid this will not go lower sooner or later, as long the main problem isn't solved or at least removed which i don't think it will possible in the next few months.

As for your problem, i'd better use another altcoin available temporarily for deposits to avoid higher fee and longer time of confirmation.

The security of bitcoin is threatened only by a sharp reduction in the hashrate and nothing else. As long as the network hashrate grows or remains stable, then everything is fine with security. But any attempts at censorship can seriously threaten the future of bitcoin as a censorship-resistant system, and the developers are well aware of this, and therefore are inactive. This Pandora's box is not to be touched. If shitty pictures can bring the bitcoin network to its knees, then the place of this network is already in the dustbin of history.

Will there be a fork? No.

@OP I don't think the transaction fees will be cheap in very soon because there's no implementation yet to stop BRC-20 or maybe it's impossible to stop. I think the current fee will become a new normal, just like Ethereum network.


Usually a casino is really slow to updating a new development, this because they're either focus to other sectors e.g. promotion, gambling provider etc. I can't remember which casino have adopt lightning network from someone in recommend it in this forum, I only know the casino was already accept lightning network from the beginning.

You are correct that unemployment rate is an indicator which reflects the overall health of economy, how lower unemployment rate rate can directly impact inflation as it can create upwards pressure on wages as employers complete for a smaller pools of available workers.

Inflation is a complex economic phenomenon, that can be influenced by many factors, but I think oil price play main role in its escalation. therefore, if oil prices were start to falling significantly, it could potentially ease inflationary pressure and lead to a pause in interest rates increase.

I'm afraid those days are over. With Bitcoin getting spammed like crazy with Ordinals transactions, fees will only get worse over time. Not even the LN will do any help (it requires an on-chain TX to open/close a channel, after all). Either the majortiy pays a low fee, or developers increase on-chain TX capacity to solve this dilemma.

Until then, we'll have no choice but to pay a high fee for each BTC transaction. There always the option of using an alternative cryptocurrency with low fees such as LTC and TRX. The NFT hype won't last forever, so BTC network fees should decline sooner or later. Just my opinion

Apparently Satoshi had never read page 35 of the Standards for efficient cryptography, SEC 1: Elliptic Curve Cryptography published on 2009 on Symmetric Encryption Schemes before writing this wrong reply

Post #15 is a better fit response to the Ordinals Attack (slightly modified below)

I.E. Side Chain.

The unemployment rate is not a condition, but rather one of the indicators. It is difficult to be effective in the fight against inflation with a low level of unemployment, because, experiencing a shortage of free personnel, enterprises are forced to fight for them by raising wages, and this, in turn, continues to spin the flywheel of inflationary expectations. So yes, you're right - as long as US unemployment remains low, you can continue to expect interest rates to rise or stay the same until enough businesses fail or go through massive layoffs.

Teal = Fed Funds Rate, Orange = CPI, Blue = Unemployment Level.

Observe that after the Federal Reserve's rate hikes, high unemployment peak followed a year at least later. It happened during Volker's time during 1983 and Bernake's time during 2009/2010. Powell's time is coming, let's observe what happens for the rest of 2023.

I think it is useless to appeal to the voice of reason when there are an abnormally large number of idiots in the market (in the sense of non-professional players). This seems to be a sure sign that we are now in the vicinity of the local maximum of the bitcoin market price and a crushing collapse will soon follow. Please do not take this as investment advice.

The good news is that after the crash, fee prices will be low again, without any soft fork.

no

the 'first sat' spam (ordinal v1) caused fee mania in february
the memes spam (ordinal v2) took up alot of data and fee mania in march
the brc json (ordinal v3) spam is only about 60bytes, yet caused fee mania in april due to just alot of tx's, not alot of content

For a user who sends a dick pics or fart sound hoping to make a profit, this is also a financial transaction. And he paid the current actual price for its inclusion in the blockchain. This use case of the bitcoin network seems unusual to you, but this does not make it wrong. Don't worry, bitcoin has already proven itself anti-fragile enough not to break at the sound of a fart.

I guess all I can advise you is don't make penny bets if you don't have the funds in the casino for them. You don't want to be paying crazy amounts in fees that will wipe away penny winnings.

Nobody knows when the mempool will be less congested. Better do not deposit bitcoin for now on betting sites, you need to also consider how high the withdrawal fee can be on custodial platforms. There are altcoins that you can use instead for now.

This is only for LND users or Core Lightning users can also try it?

When there is an incentive, we can resort to lightning network.
We had a record net opening of channels, and record of Lightning nodes.

yeah

new jump soon

Wasting money by denial-of-service... by no means, is that new to us at all. It's going to cool down eventually, because blokes will either run out of money or realize that throwing away mountains of several million satoshis is literally throwing their money down a sinkhole never to return again.

There is a non-zero chance that the message encrypted in the genesis block is a regular timestamp with a headline from the first fresh newspaper Satoshi came across to document that the bitcoin network was launched no earlier than January 3, 2009.

Of course, the early cypherpunk movement was thoroughly imbued with romantic rebellious spirit of protest against the existing financial system. But is it necessary to look for hidden political subtext here? If Cypherpunk is considered a political movement, then it is a political movement against politics, in a sense it is anti-politics, a protest against the dominant role of politics in our ordinary daily life. At least that's how I understand it.