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102 sats \ 5 replies \ @Solomonsatoshi 6h \ on: The REAL reason for removing the OP_RETURN 80-byte limit bitcoin
Why aren't people using the P2P payments protocol sufficiently for P2P payments to ensure sufficient fees to block these ETH parasites from clogging the blockchain?
It's a multilayered problem, but Capital Gain Taxes have a lot to do with it.
And there's a global crisis, people are just spending less.
Also, this happened:
"People all over the world were using the main chain for all kinds of transactions and the mempools were moving along.
The spam attack caused the fees to rise to ridiculous levels for months.
People who use Bitcoin as money have lives to live, they can't wait for the Ordinals crowd to stop scamming each other. They were forced to find alternative ways to move value.
Once the spammers ran out of money and the fees went down, people had already found other ways and never looked back.
It's not easy to see, but check the stats. The mempool's activity never recovered after the spam attack.
And as a bonus, check the tweets from the time, spammers announced the attack. And then, they were gloating and making fun of normal people who couldn't afford the ridiculous fees."
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Well said!
Since LN is now pretty accessible I do most of my transactions on it and much less on L2.
However in addition to the very good points you have made I would add that the whole narrative around Bitcoin has moved hugely away from its being a payments protocol to that of it being a speculative commodity that you do not spend but solely HODL and wait for it to appreciate relative to fiat.
IMO this (taxed and kyced) speculative commodity narrative is effectively the bankers and governments capturing and controlling the protocol.
If we continue to lose the narrative and actual use of Bitcoin for P2P payments continues to stagnate the potential of Bitcoin to provide a true alternative to fiat also stagnates.
It is through its hegemony over MoE that fiat gains most of its economic and strategic power.
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I'm not saying that.
I am asking why are people not using the protocol for payments?
Can you answer that question? 🤡
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