What will you do when the next wave of spam floods Bitcoin?

[Greg Tonoski]

Replies with explanations of choices are encouraged.

[ImThour]

What do you mean by the next wave of spam? spam of what? I am not able to understand your post OP.

If you mean by those who are new to Bitcoin / Crypto? Then I would be happy to share my information and knowledge with them which I have gained in 5 years now.
And if you mean something else, do explain a bit more. Otherwise, this thread just qualifies for a spam itself.

[Greg Tonoski]

If you mean by those who are new to Bitcoin / Crypto?

Spam is not a person by definition. It's junk data/message like arbitrary data in OP_RETRUN, OP_FALSE OP_IF etc. in the Bitcoin protocol. (I suspect a trolling attempt and give the benefit of the doubt)

[Marykeller]

If you mean by those who are new to Bitcoin / Crypto?

Spam is not a person by definition. It's junk data/message like arbitrary data in OP_RETRUN, OP_FALSE OP_IF etc. in the Bitcoin protocol. (I suspect a trolling attempt and give the benefit of the doubt)

You have no meaning in this. It's like saying nothing to what you mean by "the question you asked''.

The wave of spam flooding Bitcoin should be talking about the negative news hitting Bitcoin. What are we to do at that? That should be what the question should be all about not what you explain above because it sounds unreasonable.

That being said, if Bitcoin is hit by negative news, what will someone do than for them keep holding and applying a DCA strategy of accumulating Bitcoin at a discount price because, hopefully, there will be green candlelight at the end of the tunnel. However, there's no fear, if there spam of negative news flooding about Bitcoin, as we are anticipating for the bull run to start very soon.

[Upgrade00]

Spam is not a person by definition. It's junk data/message like arbitrary data in OP_RETRUN, OP_FALSE OP_IF etc. in the Bitcoin protocol. (I suspect a trolling attempt and give the benefit of the doubt)

I guess you're asking about spam on the network, like ordinals which will cause fees to jump significantly and fill up the mempool. So far, theyve blown over after a few hours or days so you can wait it out if you don't have any urgent, pending transactions to make at that time. You should also consolidate your smaller inputs when fees go lower now, so you'll be spending less if their is a few spike.

I don't know why 'quit bitcoin' is in the options.

[joniboini]

The last time the network was expensive, I did nothing since there was no urgency to make transactions. I guess it affects those who need to move their BTC regularly or get payments in a regular interval like sig campaigns. I usually need to use my BTC once or twice a month to pay my online bill, so there's a window to wait until the fees are cheap enough to make one.

Dunno what quitting Bitcoin means in this case. It's not like you'll lose your Bitcoin if you don't open your wallet regularly. It's even better if you keep it offline/secure if long-term investment is your thing. If you're a trader then using lightning is an option too. IIRC, most exchanges support them nowadays after the network got flooded with NFTs. CMIIW.

[tbct_mt2]

I guess you're asking about spam on the network, like ordinals which will cause fees to jump significantly and fill up the mempool. So far, theyve blown over after a few hours or days so you can wait it out if you don't have any urgent, pending transactions to make at that time. You should also consolidate your smaller inputs when fees go lower now, so you'll be spending less if their is a few spike.

Network and mempool spams occur some times but these spam attacks won't be able to last forever. It comes and disappears because if attacks won't bring profit, attackers will stop. These things initiated by developer teams to create hype waves in investors, speculators and gamblers who want to get rich quick. In earlier phases, these people smell opportunities to get rich, then they are hurry to join the party. With time, the party comes to over and late comers will have higher risk than early birds, it's when these attacks will naturally die by market selection.

I don't know why 'quit bitcoin' is in the options.

Everyone can join or quite Bitcoin anytime. It's freedom and Bitcoin does not force anyone to join or to stay with it.

[lionheart78]

If @OP is talking about the transaction spam on Bitcoin network that congested the network and increased fees, I always do nothing and wait until the network congestion subsides. 

If @OP is talking about the spam of hype about flooding the internet then, it would be a sign that the Bitcoin market might go uptrend. if I have extra fund then I probably buy some just in case the hype succeeds in hyping the Bitcoin market that way I won't miss out.

[d5000]

If a spam wave is seriously harming the capacity of transacting comfortably -- this means, it must propel fees significantly higher than during the Ordinals wave between 2023 and early 2024 -- then I'll be probably doing smaller payments via Lightning. Until now I've only experimented with LN without really "using" it, and I currently have no channel open. Thus I've voted for "Other".

Independently on that, I'm interested in the current layer-2/sidechain development, and if one of the projects I'm observing progresses towards real decentralization, then I'll try it out. Perhaps I also may try Threshold Network's tBTC, as this is one of the most decentralized "wrapped" Bitcoin project. But for now Lightning seems to be still the best choice.

[Die_empty]

Replies with explanations of choices are encouraged.

Your post is not clear, so we just have to assume what you mean. But if you are referring to the congestion of the mempool by ordinals, I voted for others. There is no way I would quit Bitcoin because of temporal conditions. So leaving the Bitcoin space will never be an option for me. These attacks don't last for a long time , so I will gladly wait for transaction fees to drop before proceeding with any transaction. Using altcoins with low transaction fees could be another option if it is important to trade at that time.

[garlonicon]

What will you do when the next wave of spam floods Bitcoin?

Just do more batching. Full-RBF is enabled for a reason. Your payment will be confirmed, if you will do that with another people, so that everyone will pay the fraction of the fee.

The default model, where a single user is creating a single transaction, is not suitable for a large scale. Fees will be high, and doing solo transactions will be expensive. And then, sooner or later, you will have a choice: to join a group of people, and push a joined transaction on-chain, or to stop transacting, and wait for lower fees. And I don't want to wait, so I will just do some batching. The same with UTXO ownership: in the future, owning a single UTXO may be too expensive, so a lot of people will have their coins locked behind some kind of multisig, just to decrease their fees.

Another thing is to redirect the flood into other systems. For example, if Ordinals are confirmed on testnet, then people don't have to push it into the mainnet. Bitcoin would be much more congested, if it would be the only network. And it would need to be much more scalable, to handle all traffic from all subnetworks. And as long as we are not there yet, then test chains can decrease the load, because then, some projects can start on testnet, and stay on testnet, if mainnet fees will be too big for them.