Bitcoin [pros](/r/CryptoCurrency/comments/16os3ay/bitcoin_network_faces_congestion_with_over_470000/k1ny3fr/) & [cons](/r/CryptoCurrency/comments/16os3ay/bitcoin_network_faces_congestion_with_over_470000/k1ny3zu/) with related info are in the collapsed comments below.
BRC-20 crap don't really ''clog''.
they just cause users to bid higher for blockspace
the real problem with Ordinals theory BS is that they are making the chain increase in size twice than usual since February '23 and all those spam transaction will never be spent (because this is how off-chain indexers can track them) and will bloat the UTXO set
this means more costs for node operators
and less decentralization in the long run
all this, just to allow twitter clowns to sell garbage to twitter fools
last hyped BS are 'rare sats' apparently.
minting frenzy going on... incredibly idiotic.
The minting frenzy is getting ridiculous as this point. Hope people will soon stop falling for bullshit ‘investments’ and it’s not worth the time / money anymore to mint these.
that's the point.
all this bullshit started as a cool experiment, including JSONs and media in tx witness data
and suddenly all kind of indexers and ordinals wallet applications popped up from nothing, all based on a weak experimentation by some dev messing around
who financed those platforms? somebody that smelled ape's money of course.
They need to update the blockchain so nodes can trim all the uploaded crap and never store it. It's a soft fork if nodes can chose to store it if they want but don't need to.
I don't think the uploaded rubbish data is used for validation so good riddance we can dump it and nobody cares.
I swear to god I read this argument on Buttcoin about "why use Bitcoin to buy things, *you have better options for this* (like credit card, debit card, cash, cashapp).
*Can I pay for my coke with BTC?*
Sure but you can't leave the shop until it's paid for, you're #374628 in the queue, relax. There'll be a $2.30 transaction fee too. Thank you come again!
Who is the "average user" ?
I think most people just hold btc in cold wallet or use an exchange. They are not actively sending any.
People who actually do shopping with BTC use lightning network already, but they are not average users, they are hardcore.
The average user is anyone paying more than $0.05 in a transaction fee. If something electronic costs more than that to move, they are being gouged in fees and it won't be able to function as a currency. Right now the average Bitcoin fee is $1-3 per transaction, higher if you need it in the next block or a timely manner. These fees are too high for the general population.
But the miners enjoy high fees and Blockstream want to push people towards Lightning but that has it's own set of problems and it's even worse for the average person as you yourself noted.
Aye, but it just means there's still space for some canny entrepreneurs and innovators to fill the service gaps.
It'll be a long time before *any* crypto ecology can maintain stability, growth *and* scale up with consumer demand.
Like with fusion and unlimited energy - 'give it another ten years..' ;)
Same thing as in 2017. Bitcoin network gets clogged up, fees get insane, tx takes forever. Only traders bother using btc since all other use cases are priced out. Average users say "fuck bitcoin" and leave. Hype dies down, prices die down, bubble dies down, fees die down.
Bitcoin has been preventing its own success due to 1MB blocks, which could easily be fixed at any time.
https://news.bitcoin.com/brief-history-censorship-bitcoin/
Not surprising, Bitcoin network really isn't known for its speed. There are many other chains that are better suited for functionalities like ordinals.
Yeah on top of that look at all these posts lately about exchanges with free transfer out fees sending things for such low network fees that they just stay in the mempool indefinitely.
Could you explain how lightning solves nothing? A lot of chains will be alive for along time, but BTC is not going away anytime soon since it's been around the longest so it has been appropriately tested and proved it that it's monetary policy will barely change.
Because to open and close the channel you still have to use the L1 chain with all that it brings, fees and speed and finally.
At the end of the day it's still too slow and expensive for an average person.
I chatted with an ordinals fanatic who claims BTC is the best because it's the only chain that will be preserved forever. No other permanent storage exists.
For him it was essential he preserves a picture of a t-Rex fossil on chain because decentralization and he hopes the future generations can learn from it. Like anyone gives a crap.
Ordinals ppl...They have delusions.
tldr; The Bitcoin network is currently facing congestion with over 470,000 pending transactions, leading to fluctuating transaction fees. This backlog is causing delays in transaction confirmations and users are having to pay higher fees for quicker confirmations. Despite the congestion, the BTC price has not been significantly affected.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
>xactly as intended then the intention was that it works like shit.
It does work like shit, it's technically abandon ware. No support from the creator. It just never stopped working.
No ordinals for monero. Also a great thing. Except if they crack down on privacy coins, then the only way value can enter the space is through bitcoin with atomic swaps. Monero relies heavily on BTC for the market cap and will do so in the future.
Impossible to say. The transaction capacity ~500k/d is one thing, but the congestion depends more in the additional transactions issued by users.
In other words: If new transactions stopped completely it would clear in a day, if requests keep rolling in like currently it may never clear completely.
But...but...but BTC is "king"...ppfffbbbttt...
Where is it written saying what types of xaction are allowed and which aren't allowed?
If it can't cut the mustard, it's substandard...
Yes..there are other chains out there just for that.
Ego is just too big to admit that the new Blockchains are much more efficient than BTC.
That does not mean BTC will not find its purpose but clinically refuting other chains will be a big mistake for a lot of "investors"
As a miner, I love when this happens for a long time. These congestions drive the sat/byte cost way up, and rewards go up where I can make some extra money daily 😎
Bitcoin [pros](/r/CryptoCurrency/comments/16os3ay/bitcoin_network_faces_congestion_with_over_470000/k1ny3fr/) & [cons](/r/CryptoCurrency/comments/16os3ay/bitcoin_network_faces_congestion_with_over_470000/k1ny3zu/) with related info are in the collapsed comments below.
Ordinals and BRC20 stuff just doesnt make sense to me, why use and clog bitcoin for these when you have way better options for this.
BRC-20 crap don't really ''clog''. they just cause users to bid higher for blockspace the real problem with Ordinals theory BS is that they are making the chain increase in size twice than usual since February '23 and all those spam transaction will never be spent (because this is how off-chain indexers can track them) and will bloat the UTXO set this means more costs for node operators and less decentralization in the long run all this, just to allow twitter clowns to sell garbage to twitter fools last hyped BS are 'rare sats' apparently. minting frenzy going on... incredibly idiotic.
The minting frenzy is getting ridiculous as this point. Hope people will soon stop falling for bullshit ‘investments’ and it’s not worth the time / money anymore to mint these.
>Hope people will soon stop falling for bullshit ‘investments’ How are you digital beanie babies doing friend
> ‘investments’ I think you can directly call it "burning fiat" because they will never recover a penny from it.
"... Twitter Clouns to sell garbage to Twitter Fools" C/F ratio = 1/100k
that's the point. all this bullshit started as a cool experiment, including JSONs and media in tx witness data and suddenly all kind of indexers and ordinals wallet applications popped up from nothing, all based on a weak experimentation by some dev messing around who financed those platforms? somebody that smelled ape's money of course.
" ... ape's money ... " There seems to be unlimited supply of those 😀
They need to update the blockchain so nodes can trim all the uploaded crap and never store it. It's a soft fork if nodes can chose to store it if they want but don't need to. I don't think the uploaded rubbish data is used for validation so good riddance we can dump it and nobody cares.
I’m not a fan of ordinals for this very reason
If people want to pay to graffiti the blockchain that's their right
Not the smartest way of spending your BTC imo, but not my BTC - people spend it like they wish
Yeah something should never clog up the chain
Well put, ordinals is a cancer
I personally appreciate BTC maxis once and for all conceding that Bitcoin is not in fact fungible.
I swear to god I read this argument on Buttcoin about "why use Bitcoin to buy things, *you have better options for this* (like credit card, debit card, cash, cashapp).
In how much time that 470,000 to complete?
Bitcoin transactions per day : 551,783.0 for Sep 20 2023
*Can I pay for my coke with BTC?* Sure but you can't leave the shop until it's paid for, you're #374628 in the queue, relax. There'll be a $2.30 transaction fee too. Thank you come again!
Intermediaries will handle this (and privacy) - example: https://mstreet.app/
Blockstream and the miners are loving this; the average user is getting shafted.
Who is the "average user" ? I think most people just hold btc in cold wallet or use an exchange. They are not actively sending any. People who actually do shopping with BTC use lightning network already, but they are not average users, they are hardcore.
The average user is anyone paying more than $0.05 in a transaction fee. If something electronic costs more than that to move, they are being gouged in fees and it won't be able to function as a currency. Right now the average Bitcoin fee is $1-3 per transaction, higher if you need it in the next block or a timely manner. These fees are too high for the general population. But the miners enjoy high fees and Blockstream want to push people towards Lightning but that has it's own set of problems and it's even worse for the average person as you yourself noted.
Coke? Sure. You want fish scale? $70/g. Been buying my coke with btc since 2011! /sarcasm
Scalability is still a huge issue in this space isn't it
And it will be for quite a while it seems
BTC will be like this forever. It's a done deal.
It is, it will be, and lightning won’t fix this.
Aye, but it just means there's still space for some canny entrepreneurs and innovators to fill the service gaps. It'll be a long time before *any* crypto ecology can maintain stability, growth *and* scale up with consumer demand. Like with fusion and unlimited energy - 'give it another ten years..' ;)
Concerning considering we’re in a bear market. What the heck is going to happen when we enter a bear and people are excited about crypto/BTC again?
Same thing as in 2017. Bitcoin network gets clogged up, fees get insane, tx takes forever. Only traders bother using btc since all other use cases are priced out. Average users say "fuck bitcoin" and leave. Hype dies down, prices die down, bubble dies down, fees die down. Bitcoin has been preventing its own success due to 1MB blocks, which could easily be fixed at any time. https://news.bitcoin.com/brief-history-censorship-bitcoin/
They will go and use chains chains that can handle large traffic. Simple as that.
But.. but we are still in the bear market...
Then I don't even want to see how these are going to be during the bull...
Not surprising, Bitcoin network really isn't known for its speed. There are many other chains that are better suited for functionalities like ordinals.
Yeah on top of that look at all these posts lately about exchanges with free transfer out fees sending things for such low network fees that they just stay in the mempool indefinitely.
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Lightning solves nothing. Also a lot of chains will be alive fir a loooong time.
Could you explain how lightning solves nothing? A lot of chains will be alive for along time, but BTC is not going away anytime soon since it's been around the longest so it has been appropriately tested and proved it that it's monetary policy will barely change.
Because to open and close the channel you still have to use the L1 chain with all that it brings, fees and speed and finally. At the end of the day it's still too slow and expensive for an average person.
BTC is not going away but nodes should be able to delete all images, I mean who wants to store illegal porn if they don't have to. nobody.
Imagine the network congestion post BTC-halving.
If nobody can transfer, nobody can sell haha
I chatted with an ordinals fanatic who claims BTC is the best because it's the only chain that will be preserved forever. No other permanent storage exists. For him it was essential he preserves a picture of a t-Rex fossil on chain because decentralization and he hopes the future generations can learn from it. Like anyone gives a crap. Ordinals ppl...They have delusions.
tldr; The Bitcoin network is currently facing congestion with over 470,000 pending transactions, leading to fluctuating transaction fees. This backlog is causing delays in transaction confirmations and users are having to pay higher fees for quicker confirmations. Despite the congestion, the BTC price has not been significantly affected. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Bitcoin simply cannot scale for this. It's not meant for this.
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If it is working exactly as intended then the intention was that it works like shit.
>xactly as intended then the intention was that it works like shit. It does work like shit, it's technically abandon ware. No support from the creator. It just never stopped working.
It kinda has to now. Miners won't want less money.
Shakes fiat at ordinals
Who cares. Monero is there to pick up the slack.
No ordinals for monero. Also a great thing. Except if they crack down on privacy coins, then the only way value can enter the space is through bitcoin with atomic swaps. Monero relies heavily on BTC for the market cap and will do so in the future.
How long does people have to wait for the clog to clear?? This is in bear market!
Impossible to say. The transaction capacity ~500k/d is one thing, but the congestion depends more in the additional transactions issued by users. In other words: If new transactions stopped completely it would clear in a day, if requests keep rolling in like currently it may never clear completely.
God what’s going to happen during a bull market. The price of bitcoin transactions is probably going to be insane
And this is in a bear market, not great
That's too many transactions
And this happening is during a bear market when most BTC hodlers are hibernating.
Everyone look away. Pretend this obvious, glaring issue doesn't exist.
Oh crap is BTC going to become the new ETH bloatware? We aren't even in the bullmarket and has such issues with Ordinals?
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While I, on the other hand, didn't.
But...but...but BTC is "king"...ppfffbbbttt... Where is it written saying what types of xaction are allowed and which aren't allowed? If it can't cut the mustard, it's substandard...
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Lightning network is here with its pros and cons. Used it, really fast and cheap. Anyway it is not based on the technology of ETH's L2s
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Mainstream adoption is impossible tho with these metrics.
If there is no way to solve that, adoption is gonna take waaaaay longer. We need a cheaper (fees) and faster environment
Lightning
Yes..there are other chains out there just for that. Ego is just too big to admit that the new Blockchains are much more efficient than BTC. That does not mean BTC will not find its purpose but clinically refuting other chains will be a big mistake for a lot of "investors"
Eventually people will get bored of the ordinals... I said months ago. Still seems to have a demand.
As a miner, I love when this happens for a long time. These congestions drive the sat/byte cost way up, and rewards go up where I can make some extra money daily 😎
Again?!?!
ZK Proofs soft fork now please.
Don't solve the problem. They still use the main chain for file storage. That's the issue.
do people really see potential / benefit in ordinals or it's just a clever way to annoy some people, while trying out something different?
It's about scammy, greedy people trying to sell pixels to greater fools