Guys, I have tbh, ordinals is a big fuck up. \ stacker news ~bitcoin

Guys, I have tbh, ordinals is a big fuck up.

1819 sats \ 25 comments \ @iguano 6 Aug 2023 bitcoin

This is how I feel lately seeing an endless amount of useless pixel art being saved on the blockchain. I understand that bitcoin doesn’t care how I feel. But to we had many fights about how to keep the blockchain “clean” (people agains muun for example) to finish having it full of jpegs. I just don’t get it.

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162 sats \ 1 reply \ @BITC0IN 6 Aug 2023

you may want to follow marcellus https://twitter.com/oomahq, luke jr (https://iris.to/luke_nostr@dashjr.org) and others for the counter point on ordinals and other spam

for whatever reason, the influencer class of Bitcoiners are staying away from this issue, so it's not well known what the differing camps are on about.

This podcast may help too in the second half:

1 sat \ 0 replies \ @iguano OP 6 Aug 2023

Thanks , I will take a look into this.

20 sats \ 1 reply \ @chovyfu 6 Aug 2023

the original tweet from jack on twitter (nft) went for 3 million. it just sold for $1.74

0 sats \ 0 replies \ @iguano OP 6 Aug 2023

The whole thing is a nonsense.

10 sats \ 1 reply \ @kakocuro 6 Aug 2023

I am with you. I don't get it either. People will always find a way to abuse any system that is out there.

0 sats \ 0 replies \ @iguano OP 6 Aug 2023

Yes, I guess is a test for the system, and a lesson for all of us.

10 sats \ 1 reply \ @Zepasta 6 Aug 2023

That's your opinion. I don't mind ordinals. And i'm a node runner.

0 sats \ 0 replies \ @iguano OP 6 Aug 2023

Yes, its my opinion.

0 sats \ 4 replies \ @sudonaka 6 Aug 2023

“Ordinals” helped achieve the first block where transaction fees were greater than block rewards this year during the 6.25 reward epoch.

This was a historic moment, I don’t think anyone would have expected to achieve it until another halving.

The free market will decide how popular adding extra data to your base layer transactions is.

0 sats \ 3 replies \ @iguano OP 6 Aug 2023

So help to archive high cost transactions is a win in your eyes?

10 sats \ 0 replies \ @Artilekt 6 Aug 2023

If you pay for the space, you pay for the space. Blocks had to fill up eventually..

0 sats \ 0 replies \ @SpaceHodler 6 Aug 2023

Bitcoin needs that to survive as the block rewards decrease.

0 sats \ 0 replies \ @sudonaka 6 Aug 2023

It seems like you are missing the forest for the trees. The final epoch of mining will have a block reward of 1 sat.

The reward for mining blocks has to come from transactions. To demonstrate that this was even possible- and during 6.25 no less- is an achievement.

In 20-30 years it will be extremely rare as an individual user to make an entry in the timechain. Mostly will be channels and mint settlements.

0 sats \ 8 replies \ @benthecarman 6 Aug 2023

There's no way to stop it

0 sats \ 7 replies \ @BITC0IN 6 Aug 2023

There is ways to raise the cost on such behavior.

0 sats \ 6 replies \ @benthecarman 6 Aug 2023

fees went up by 100x and inscriptions still dominated transaction volume. it is already expensive. The only way to make it more expensive it to reduce/remove the witness discount which would make the incentives worse

0 sats \ 2 replies \ @BITC0IN 6 Aug 2023

debatable, and it's not just inscriptions, but stamps and other bs.

0 sats \ 1 reply \ @benthecarman 7 Aug 2023

removing the witness discount makes stamps and inscriptions the same price which would be very bad, it is much better that inscriptions are cheaper

0 sats \ 0 replies \ @BITC0IN 7 Aug 2023

somewhat agree, which is why I'm not suggesting the discount would be removed, but perhaps reduced from 4X to 2X and/or targeted at OP FALSE. The costs for all of these exotic forms of arbitrary data storage can be increased with more targeted policy and maybe soft-forks...

starting with the low hanging fruit, like bare multisig and related policy is an easy enough "fix".

0 sats \ 1 reply \ @iguano OP 6 Aug 2023

look, we are in sunday, but if blocks are confirmed faster they broadcast more transactions, its like someone have a script running that will never allow the mempool to clear.

8 sats \ 0 replies \ @benthecarman 6 Aug 2023

if someone wants to pay all those transaction fees, be my guest

0 sats \ 0 replies \ @iguano OP 6 Aug 2023

I notice when the miners are not finding blocks, the spam of transactions slow down. When the miners start finding a bunch of blocks, the spam of transaction spike up. I'm almost sure that someone knows what he is doing. (filling up the blockchain the cheapest way possible).