Oddbean new post about login | logout Only 216k transactions in the mempool but it's almost 1.5 GB https://image.nostr.build/fe3709a02cbf6103738998818b2fa1e88a40f52785152e76ea956dde8e8f9b27.jpg Bruh, we can't have ordinals on chain AND have small blocks. Pick one! I vote trash these illegitimate, non-financial spam transactions 🚮 We'll just have to figure out how to make whirlpool transactions work within the constraints of only allowing 42 bytes after OP_RETURN 🤷
Censoring transactions is a slippery slope. Unacceptable.
Depends on whether you see them as transactions or just spam. IMO it l it's a wasteful use of a scarce resource that affects users trying to make actual transactions. A simple transaction is sending money from A to B. A whirlpool transaction or similar is sending money from a bunch of As to Bs, still valid. An ordinal transaction is sending a few sats to yourself with a bunch of BS non-financial data attached that fills up block space and places a burden on node operators and other network users. That's spam. https://image.nostr.build/ef97dba8e1ccbdb1bd15aab98fe7ff52833bf9b529171e02a8099e3595daad8c.jpg
It's a tale as old as time. One side wants to use something for their purpose and another side wants to use something for its intended purpose. Add another side and you get an eye on top of a pyramid. I say let the rabbits wear glasses.
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Bitcoin is working fine, if you can't afford onchain just don't use it. Once the whole world is using Bitcoin onchain fees will be unaffordable for most, probably only companies and banks will do them.
So you're fine with banking system 2.0 and financial self-sovereignty only for the most wealthy. Basically what we have today minus a hard cap on the money supply. Got it. 👋
You can have financial self sovereignty on 2nd layers. You can't have 8billion people on chain and there is no technical solution to scale to that afaic. I wish it would be easy to do but its also not possible to fly to the moon with a car, compromises have to be made. I guess the best solution for normal people in near to mid future will be Fedimint.
High fees break lightning too except for custodial services with deep enough pockets to manage channels. Custodial lightning is just banks 2.0.
And TBH I would trust Wells Fargo more than Wallet of Satoshi
Federated custody lightning will be the future, if you don't like it better use Wells Fargo.
That is a defeatist mindset that I will not accept. Custodial anything will lead to regulatory capture. You will end up with the same surveillance and capital controls that exist in the legacy banking system, only these tools of oppression will be even more effective. At least I'm the legacy system we can still transact privately with physical cash. Get rid of that and you will have even greater tyranny then we have today. The goal was to empower financial liberty for all. Too many 'bitcoiners' today have either lost sight of this goal, or never understood it's importance to begin with.
