Bitcoin Ordinals Inscription an Avenue for Bitcoin Lightning more Adoption

[Dunamisx]

Bitcoin Lightning Network is getting more attractive attention amidst the recent ongoing challenges with making transactions as a result of the introduced ordinals inscriptions into the bitcoin block space, many people, industries, organizations and institutions have been adopting the use of the lightning network as an alternative to this congestion on mempool, which is one of the reasons why the layer 2 protocols was implemented abd developed in situations like this.

We can see some of this adoptions into the use of lightning network from the few examples I will be sitting from here:

1. Payment made using bitcoin lightning network amidst mempool congestion and higher transaction fee in an hotel resort https://twitter.com/snaxion/status/1655755502117171200?t=KiE0wPiuVY9-eiCc9LAb3g&s=19

2. Bitcoin exchange bisq starts the integration of bitcoin lightning network into it service henceforth. https://twitter.com/BTC_Archive/status/1654552334343520256?t=kmTclZj8o0SX5pIdVRY7eA&s=19
 
3. An exchange named Binance is also planning on integrating Lightning Network to their system considering her recent controversies and withdrawal challenges as a result of the bitcoin network congestion due to ordinals. https://twitter.com/BitcoinMagazine/status/1655587572876279817?t=ZnmNwnEeAlSuqRliHRtvxQ&s=19

Is this recently challenge an avenue calling for more adoption to the use of bitcoin lightning network as being acceptable by many or not?

[franky1]

lightning is broke. it has many flaws. even el salvador dropped it after 3 months of trying it. it suffers a liquidity issue. the more popular it gets the more it fails(liquidity bottlenecks)

lightning is not the saviour.
it has a liquidity issue. the success rate of moving the daily volume of bitcoin value transactions just wont work on lightning. lightning is only a niche for small crap like sub $50 value. it cannot handle everyone moving a monthly wage
let alone the daily movements bitcoin handles

[Dunamisx]

Snipped

Are you saying that the whole implementation on the bitcoin layer 2 protocols are nothing but a waste of time, all the bips for this implementation also for nothing? and lastly are we to assume that there have ot been a solution to the bitcoin transaction bulkiness under scalability, lower fee and faster transaction with the introduction of the lightning network? I think there are some ideas or things we take a wrong approach to maybe due to our lack of interest on them or maybe we don't really understand the main idea behind such, but i want to believe bitcoin lightning is good for all and especially in times like this, bitcoiners needed it more.

[franky1]

bitcoin is fine. it can lock value up
the issue is the subnetworks that are over promised, under delivered and have many flaws and disfunctions

im saying subnetwork bridges that are being promoted as the savour are the flaw

lightning is not a "bitcoin" thing. its a separate network that uses a different unit of measure(medium of exchange)
the method of processing payments is different and it can be used with multiple currencies or no currency at all (fraction reserve, false balance etc) thus its not a bitcoin only network (hense why its called a bridge)

there will be more effective sidechains/subnetworks.. some will be solo functional to only one mainnet some will be bridges to multiple, and they will be developed in the future with stronger security, better monetary policy. but lightning is not the saviour

you are too enamoured by the publicity without understanding the functionality of lightning, you are not looking at its limitations and only reading the broken promises and hype of crap scripts of possibility.
but when you run scenarios you soon learn its not as expected/promised.. unless you are a penny mover only wanting to move crappy small amounts useless to real world product purchases

lightning is not for everyone. its a small niche usecase with only 100% successful payments of small value like <$50

[mk4]

3. An exchange named Binance is also planning on integrating Lightning Network to their system considering her recent controversies and withdrawal challenges as a result of the bitcoin network congestion due to ordinals. https://twitter.com/BitcoinMagazine/status/1655587572876279817?t=ZnmNwnEeAlSuqRliHRtvxQ&s=19

This here is the silver lining. If I'm going to guess, Binance doesn't even have a plan of integrating Lightning if it wasn't for this huge block congestion 'issue'. At the very least, at least right now it's just crypto peeps flipping jpegs — not much of the actual layman trying to transact with bitcoin. Better to have this congestion issue early on today, than in the future.

[franky1]

3. An exchange named Binance is also planning on integrating Lightning Network to their system considering her recent controversies and withdrawal challenges as a result of the bitcoin network congestion due to ordinals. https://twitter.com/BitcoinMagazine/status/1655587572876279817?t=ZnmNwnEeAlSuqRliHRtvxQ&s=19

This here is the silver lining. If I'm going to guess, Binance doesn't even have a plan of integrating Lightning if it wasn't for this huge block congestion 'issue'. At the very least, at least right now it's just crypto peeps flipping jpegs — not much of the actual layman trying to transact with bitcoin. Better to have this congestion issue early on today, than in the future.

the congestion this month is not actually meme jpegs nor brc json crap
its just standard transactions paying too much done via pools recycling rewards as fees which recycle fees as rewards. meaning little to no costs on average. but effect is pushing up the average fee everyone else pays

the amount of meme jpeg junk has dropped to near zero
the amount of brc json junk is not even half of transactions

there is a few other things happening aswell..
there is a counter attack to break ordinal count
this is where they create a zero btc value utxo then add in junk ordinals. to then cause a miss count because there is no sats in the output. thus breaking ordinals proposition

just grabbing the latest block and looking at the first transaction the one with the highest fee
https://www.blockchain.com/explorer/transactions/btc/97268b40be559a05e8d328743c883408a63265f4da89262f15533f66230d4ed3
people are paying stupid amounts to attack ordinals. but all its doing is causing more fee mania

its spam fighting more spam causing more fee's

[thecodebear]

I guess that is one good thing in reaction to the recent spam attack.

Just as the skyrocketing fees in late 2017 caused exchanges to start batching transactions, thus making Bitcoin tx usage much more efficient, now we get exchanges implementing LN in response to the latest attack and presumably the assumption that ordinals will in general make txs cost more in the future.


At least for smaller amounts of money, if all major exchanges implement LN then people can easily move their funds between their wallets and different exchanges. And of course all actual payments, though of course this isn't a major use case of Bitcoin yet and won't be for some years to come, should be done over LN, there isn't really any reason to pay someone on-chain unless its a large purchase.

On-chain is for moving large amounts of money around or large payments and for usage that isn't balanced (ie only receiving like cold storage or only paying like gradually moving out of your cold storage). Small or daily-type transactions or balanced wallets where you both pay and take in money are when LN should be used.

[Dunamisx]

3. An exchange named Binance is also planning on integrating Lightning Network to their system considering her recent controversies and withdrawal challenges as a result of the bitcoin network congestion due to ordinals. https://twitter.com/BitcoinMagazine/status/1655587572876279817?t=ZnmNwnEeAlSuqRliHRtvxQ&s=19

This here is the silver lining. If I'm going to guess, Binance doesn't even have a plan of integrating Lightning if it wasn't for this huge block congestion 'issue'. At the very least, at least right now it's just crypto peeps flipping jpegs — not much of the actual layman trying to transact with bitcoin. Better to have this congestion issue early on today, than in the future.

It got me pity on those still having huge asset with centralized exchanges now that things were going hard even for the exchanges considering how some of them are going bankrupt, everything Binance is doing is in consideration of it own efforts to maintain it's business running and not for the investors having their asset with them, everything will soon die down and by then, we will know the true identity of them all and see where the Ordinals will ended with it's story.

[Mate2237]

If because of the ordinal inscriptions was integrated into the Bitcoin blockchain is the cause of all these fee increases then let the Bitcoin blockchain developers remove it back. That is they should separate bitcoin from other coins in the blockchain to avoid all these abnormal fees in the system. As it is now people are confused in the system, especially those who new in the system.
The lighting Network is not working smoothly like other networks in the blockchain. Yesterday I even tried Static to make a transactions but it could not be mine base the low fee compare to Mempool.

[mk4]

It got me pity on those still having huge asset with centralized exchanges now that things were going hard even for the exchanges considering how some of them are going bankrupt, everything Binance is doing is in consideration of it own efforts to maintain it's business running and not for the investors having their asset with them, everything will soon die down and by then, we will know the true identity of them all and see where the Ordinals will ended with it's story.

I mean — of course? These exchanges are businesses, and 99% of them operate solely mostly for the money. Let's not kid ourselves with the "for the crypto community" or whatever B.S. tagline these exchange founders fabricate.

[Artemis3]

Snipped

Are you saying that the whole implementation on the bitcoin layer 2 protocols are nothing but a waste of time, all the bips for this implementation also for nothing? and lastly are we to assume that there have ot been a solution to the bitcoin transaction bulkiness under scalability, lower fee and faster transaction with the introduction of the lightning network? I think there are some ideas or things we take a wrong approach to maybe due to our lack of interest on them or maybe we don't really understand the main idea behind such, but i want to believe bitcoin lightning is good for all and especially in times like this, bitcoiners needed it more.

I agree with this, having used it myself, it sucks. Let me be clear, Lightning Network sucks. Try using it, not just send but receive funds.
Open your channel, or rely on others opening theirs. Put money upfront, oh now that's the limit of things you can transact (or others send to you). Use multiple channels? Hope for the best. Surely nothing could go wrong when you add more points of failure to the process right? RIGHT?

A simple Bitcoin transaction is a thing of beauty. This on the other hand...

Why won't the spam go to L2 instead? Or better yet, elsewhere entirely. How come people using Bitcoin for bitcoin, are suddenly treated second class? "You plebs go L2... we corporate spammers are owners of L1 now."

[Dunamisx]

Snipped

Are you saying that the whole implementation on the bitcoin layer 2 protocols are nothing but a waste of time, all the bips for this implementation also for nothing? and lastly are we to assume that there have ot been a solution to the bitcoin transaction bulkiness under scalability, lower fee and faster transaction with the introduction of the lightning network? I think there are some ideas or things we take a wrong approach to maybe due to our lack of interest on them or maybe we don't really understand the main idea behind such, but i want to believe bitcoin lightning is good for all and especially in times like this, bitcoiners needed it more.

I agree with this, having used it myself, it sucks. Let me be clear, Lightning Network sucks. Try using it, not just send but receive funds.
Open your channel, or rely on others opening theirs. Put money upfront, oh now that's the limit of things you can transact (or others send to you). Use multiple channels? Hope for the best. Surely nothing could go wrong when you add more points of failure to the process right? RIGHT?

A simple Bitcoin transaction is a thing of beauty. This on the other hand...

Why won't the spam go to L2 instead? Or better yet, elsewhere entirely. How come people using Bitcoin for bitcoin, are suddenly treated second class? "You plebs go L2... we corporate spammers are owners of L1 now."

I understand every of your point here, there are many things to be unveiled later than we are seeing currently with this present challenge with ordinals and transaction fee, but come to think of it this way when such experience occur in 2017 when the bitcoin fee rises as well, also we must put into the consideration that Lightning Network was introduced as a solution to the then current challenges with the bitcoin network as well, just that in this case, it's all about ordinals, but just in conclusion i see to your point that we the legitimate user of bitcoin shouldn't be the ones to shift ground for NFT by moving to layer two at our own expense while they take over the blockchain layer 1 in doing what can be regrettable for the entire bitcoin network later in life.

[Itty Bitty]

there is a few other things happening aswell..
there is a counter attack to break ordinal count
this is where they create a zero btc value utxo then add in junk ordinals. to then cause a miss count because there is no sats in the output. thus breaking ordinals proposition

just grabbing the latest block and looking at the first transaction the one with the highest fee
https://www.blockchain.com/explorer/transactions/btc/97268b40be559a05e8d328743c883408a63265f4da89262f15533f66230d4ed3
people are paying stupid amounts to attack ordinals. but all its doing is causing more fee mania

its spam fighting more spam causing more fee's

Interesting. can you link where you got the "creating missed counts" counter-attack theory from? Or did you figure it out yourself?

[franky1]

there is a few other things happening aswell..
there is a counter attack to break ordinal count
this is where they create a zero btc value utxo then add in junk ordinals. to then cause a miss count because there is no sats in the output. thus breaking ordinals proposition

just grabbing the latest block and looking at the first transaction the one with the highest fee
https://www.blockchain.com/explorer/transactions/btc/97268b40be559a05e8d328743c883408a63265f4da89262f15533f66230d4ed3
people are paying stupid amounts to attack ordinals. but all its doing is causing more fee mania

its spam fighting more spam causing more fee's

Interesting. can you link where you got the "creating missed counts" counter-attack theory from? Or did you figure it out yourself?

https://twitter.com/super_testnet/status/1654212346171064328
https://twitter.com/super_testnet/status/1654240508414246914
https://github.com/supertestnet/breaker-of-jpegs

the new scheme proposed to break ordinals. ends up using 3 tx to set up each 'miscount' and costs 10ksat in fee's thus is part of the fee mania.

again to note.
ordinals were broke from the start they are not real NFT or real value units with real justified proof of transfer. this counter attack may cause a miscount. but also causes more fee mania in doing so. thus overall not really solving a problem but instead causing more problems due to the fees