41 sats \ 5 replies \ @WeAreAllSatoshi 15 Dec 2023 \ on: Worse than ordinals - Signing Bare MULTISIG input bitcoin
I know it’s viewed as a spam attack, but it does clog up the mempool and prevent people from making on-chain transactions at a reasonable fee.
In theory, the attackers will run out of funds eventually and it will stop. But here’s a thought I had: yes you can’t just print Bitcoin like you print fiat. But you can buy Bitcoin with printed fiat in various ways, giving you more Bitcoin to fund these attacks. It can’t go on forever, given the hard cap of supply, the fact that buying pressure would raise the fiat price, etc. but it can certainly drive normies to L2 by making on-chain prohibitive.
Just my 2 sats
Been thinking about this a lot in the last few weeks. While it can't go on forever, "spam" like this could certainly last long enough to make things difficult. On the bright side tho, I think this is where builders really earn their market share. The best tools and solutions arise out of necessity, not convenience.
reply
I agree completely!
reply
But you can buy Bitcoin with printed fiat in various ways, giving you more Bitcoin to fund these attacks.
yep.
plebs are a particular, if loose-knit, group of bitcoiners. and it's important for plebs not to get their ranks (as in rank & file) forked by chaotic shit like this. stay level headed. don't accept bullshit code changes from the core devs.
we can pay attention, keep (and revisit regularly) a journal, and leverage the tools we have already: community, communications (stacker news, the telegram channels, nostr, matrix, etc...) & our mempools
there was a massive spam attack (& hard fork discussion) which preceded the last halvening. the spam stopped almost immediately after the halvening.
i'm anticipating some news that encourages a fast change UASF or hard-fork, and I already don't want to participate.
reply
there was a massive spam attack (& hard fork discussion) which preceded the last halvening. the spam stopped almost immediately after the halvening.
Honestly didn't know this, shows you how long I've been around lol
i'm anticipating some news that encourages a fast change UASF or hard-fork, and I already don't want to participate.
Certainly feels like that's where it's going
reply
how long I've been around
welcome_to_the_party_pal.gif
remain calm... i think that's gonna be my mantra for 2024.
reply