Re:Maybe Bitcoin NFTs Are a Mistake
by tromp on Saturday March 18, 2023 @04:33AM
(#35207321)
> Critics concerned about high spam and fees due to emergence of Ordinals
High fees are what Bitcoin needs in the long term (2+ decades) to stay secure when the block subsidy dwindles into insignificance.
In other words, for a secure PoW coin you cannot both believe in
1) capped emission, and
2) low fees
And no, huge blocksizes as Bitcoin Cash features, will not be able to reward miners with enough fees, as the required low-fee-tx volume would be absurdly high and completely centralize the network by making running a node too cumbersome (as already the case for Bitcoin SV).
Calling them ordinals so you can trick old persons who finally saw negative press about so-called “NFT scams”.
Even the title is seemingly designed to be “upvote-bait” for NFT-haters.
High fees are what Bitcoin needs in the long term (2+ decades) to stay secure when the block subsidy dwindles into insignificance.
In other words, for a secure PoW coin you cannot both believe in
1) capped emission, and 2) low fees
And no, huge blocksizes as Bitcoin Cash features, will not be able to reward miners with enough fees, as the required low-fee-tx volume would be absurdly high and completely centralize the network by making running a node too cumbersome (as already the case for Bitcoin SV).