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50 sats \ 1 reply \ @phygit 2 Jan 2024 \ parent \ on: How to kill Ordinals - by @udiWertheimer bitcoin
A "small" difference with the world outside of Bitcoin is that what happens with Ordinals has a direct (and big) impact on the whole network.
In the fiat world, millions of people can spend has much they want on diamonds, ugly art, or dildos, it will not affect how much fees you pay for your milk at the grocery store...
So yes, Bitcoin is working as supposed, but it also means that it's not working for many users who can't afford to make onchain payments anymore, just because of Ordinals craze.
So tired of this halving thing already (and even more of the countless countdowns popping up everywhere)...
Just remember 2 things:
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Halving day is a total non-event. Nothing special happens during this day. Just blocks added to the blockchain as usual, and algos working as planned.
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Nobody can predict the future of BTC price, before, during, or after the halving. Nobody.
Strangely, the whole world is measuring fees in $ (including reference websites).
But you can reason in sats if you want . 350 sats/vB right now, instead of 20 a few months ago. For you, does it change the problem discussed here?
Your comment is so absurd I don't even know where to start...
Your analogy with casino chips is priceless since, precisely, casino chips (something that has zero value outside of a very limited perimeter) are the exact opposite of what Bitcoin is supposed to be.
Just because SN uses BTC as a currency does NOT imply (at all) it's supposed to be a cult. Bitcoin is intended to be a universal currency, regardless of borders, politics, religions and all. Pretending that a website should adhere to a specific vision or pseudo philosophy, just because it uses BTC, totally contradicts that.
I maintain that it's a big mistake to keep this stance, as it can only prevent SN from reaching mainstream.
Bitcoiners do not form a community. The more Bitcoin is seen as a community (and even more as a community of toxic die-hard maxis), the more it means it's failing.
Bitcoin will be an actual success when your grand'ma will use apps and services that reward her in BTC, and she will find it normal. That's why SN has a huge potential, showing the way of Bitcoin becoming a natural currency of choice for online services. This has nothing to do with the cult-oriented mindset shown by the 1% of Bitcoiners who can't admit reality.
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Lose the maxi posture. As long as SN is seen (for a reason) as yet another BTC maxis den, it will not grow significantly. Maximalism is toxic, counter-productive, and overall stupid. Embrace open-mindedness instead.
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Advertise. Organic growth is obv not enough. We need to promote SN beyond Bitcoin-only circles. Want to compete with Reddit? Advertise on it, underlining SN's better proposition ("A Reddit with actual rewards in BTC").
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Revamp. SN interface is too minimalist and cryptic to attract a large crowd. Work on design and usability to make it more user friendly.
ChatGPT is doing a pretty fair assessment (although the energy problem of PoW is overstated and would need more nuance):
Proof of Work (PoW)
Benefits:
- High Security: The PoW model is extremely secure. The immense computational effort required to mine blocks makes it prohibitively expensive and technically challenging for attackers to manipulate the blockchain.
- Proven Track Record: PoW has a long history of success, exemplified by Bitcoin. Its durability and reliability have been tested over time.
- Decentralization: Initially, PoW promotes decentralization since anyone with the right hardware can participate in mining, contributing to a distributed network.
Risks:
- Energy Consumption: PoW is notorious for its high energy usage, as the complex mathematical problems require significant computational power, leading to environmental concerns.
- Risk of Centralization: Over time, mining has become less accessible to individuals due to the high cost of specialized hardware, leading to the centralization of mining power in large-scale mining operations.
- Limited Scalability: PoW can handle only a limited number of transactions per second, which can lead to network congestion and higher transaction fees.
Proof of Stake (PoS)
Benefits:
- Energy Efficiency: PoS consumes significantly less energy, as it doesn’t require extensive computational work. This makes it a more sustainable and environmentally friendly option.
- Increased Scalability: PoS can process transactions more quickly and efficiently, addressing the scalability issues seen in PoW.
- Lower Barrier to Entry: In PoS, participants can become validators by staking cryptocurrency, which requires less investment in hardware compared to PoW mining.
Risks:
- Security Concerns: While PoS is generally secure, it's potentially more vulnerable to certain types of attacks, such as the “Nothing at Stake” problem, where validators might have incentives to vote for multiple blockchain histories.
- Wealth Concentration: PoS can lead to a system where the “rich get richer” since those with more significant stakes have a higher chance of being chosen to validate transactions and earn rewards.
- Newer and Less Tested: Compared to PoW, PoS is a relatively newer model and may not have been tested as thoroughly in real-world scenarios, which could bring unforeseen challenges.
Summary
- PoW offers robust security and a decentralized start but struggles with high energy consumption and potential centralization over time.
- PoS provides a more energy-efficient and scalable solution, with a lower entry barrier, but faces challenges in terms of security nuances and potential wealth concentration.
Each system has its unique set of advantages and risks, making them suitable for different types of blockchain networks based on their specific needs and priorities.