B1tR0y on Nostr: To those who advocate for the ongoing Layer 1 #bitcoin attacks known as #ordinals and ...
To those who advocate for the ongoing Layer 1 #bitcoin attacks known as #ordinals and #insciptions here are my thoughts this far:
For those saying " It's a good thing as the miners are getting paid more fees" I say this:
Fees are only seen as low as they're currently being measured in $ and not in #btc . They're only measured in $ because the $ price of #bitcoin is being artificially suppressed by the $ system /aka banks /tradfi. In order to solve this problem, we need to pry the fiat price away from traditional finance' control by taking physical custody of our #bitcoin ASAP!
To those who suggest that this is somehow good or OK because it forces folks to lightning which is inevitable here are my thoughts:
While I certainly agree that eventually we all will be forced to a higher layer for our daily spending when bitcoin becomes a universal currency, I'm of the opinion that LN is not truly bitcoin but more akin to something like using a credit card in the fiat system. Essentially it's a way of showing that you have L1 Btc and that you can settle there if you want to, but it's basically a network of claims on L1 Bitcoin which is completely fine for the Medium Of Exchange use in a post #Hyperbitcoinization world. That as it is, I truly believe that L1 should be where the vast bulk of our savings are to stored as it truly is digital gold and the only real bitcoin.
IMO we are well into the then they fight you stage and for those thinking that these attackers will eventually run out of money might end up being very wrong. Perhaps these adversaries are being funded directly or indirectly by those with access to the money printers. Perhaps even these centralized exchanges are behind them as they're truly insolvent and trying to minimize the liklihood of going bust by making the bulk of their customers unable to move onto L1 as doing so would make their UTXOs economically locked while the dollar price of #bitcoin is captured by #tradfi? Regardless I expect these attack on self custody #bitcoin to only increase until a solution is implemented (whether soft Fork or otherwise) but as things stand now it appears they are closing the door to Layer 1 bitcoin transactions for those who need it most.
We need to keep L1 fees on the main chain as low as possible for as long as possible to allow as many as possible to participate in the #Bitcoin self custody revolution.
For those saying " It's a good thing as the miners are getting paid more fees" I say this:
Fees are only seen as low as they're currently being measured in $ and not in #btc . They're only measured in $ because the $ price of #bitcoin is being artificially suppressed by the $ system /aka banks /tradfi. In order to solve this problem, we need to pry the fiat price away from traditional finance' control by taking physical custody of our #bitcoin ASAP!
To those who suggest that this is somehow good or OK because it forces folks to lightning which is inevitable here are my thoughts:
While I certainly agree that eventually we all will be forced to a higher layer for our daily spending when bitcoin becomes a universal currency, I'm of the opinion that LN is not truly bitcoin but more akin to something like using a credit card in the fiat system. Essentially it's a way of showing that you have L1 Btc and that you can settle there if you want to, but it's basically a network of claims on L1 Bitcoin which is completely fine for the Medium Of Exchange use in a post #Hyperbitcoinization world. That as it is, I truly believe that L1 should be where the vast bulk of our savings are to stored as it truly is digital gold and the only real bitcoin.
IMO we are well into the then they fight you stage and for those thinking that these attackers will eventually run out of money might end up being very wrong. Perhaps these adversaries are being funded directly or indirectly by those with access to the money printers. Perhaps even these centralized exchanges are behind them as they're truly insolvent and trying to minimize the liklihood of going bust by making the bulk of their customers unable to move onto L1 as doing so would make their UTXOs economically locked while the dollar price of #bitcoin is captured by #tradfi? Regardless I expect these attack on self custody #bitcoin to only increase until a solution is implemented (whether soft Fork or otherwise) but as things stand now it appears they are closing the door to Layer 1 bitcoin transactions for those who need it most.
We need to keep L1 fees on the main chain as low as possible for as long as possible to allow as many as possible to participate in the #Bitcoin self custody revolution.