wtogami on Nostr: I agree Ordinals and NFT's are a fad that will die down. The real problem is ...
I agree Ordinals and NFT's are a fad that will die down.
The real problem is arbitrary data storage pays a deeper discount than non-storage transactions. There will be others embedding data onchain. It is a negative externality as long as they are paying lower rates per real bytes than financial uses.
The proposals to "ban" or "fork" are dangerous, incomplete, or impractical for various reasons because there's too many ways to evade and to make it far worse.
I think the safest mitigation would be mempool weight rules that moderately increase the required fee rate to relay data storage transactions by 5-50% depending on relative size. This would only work if a lot of people agree to run it.
The real problem is arbitrary data storage pays a deeper discount than non-storage transactions. There will be others embedding data onchain. It is a negative externality as long as they are paying lower rates per real bytes than financial uses.
The proposals to "ban" or "fork" are dangerous, incomplete, or impractical for various reasons because there's too many ways to evade and to make it far worse.
I think the safest mitigation would be mempool weight rules that moderately increase the required fee rate to relay data storage transactions by 5-50% depending on relative size. This would only work if a lot of people agree to run it.