“The Blockstream CEO SAYS IMAGE INSRIPTIPATIONS UNDERMINE BITCOIN’S ROLE as Money and Offer Miners Only a Negligible Profit in Return.”, – WRITE: www.coindesk.com
Back argues that it undermins the Cryptocurrency’s Core Purpos As Money in a Thread on X (Formerly Twitter) on Friday.
Bitcoin Should Be Consider “Owned by Humanity” with Developers Acting As “Stewards” Who Require User Consensus to Change The Network Materially, Back Said. That principle, he added, was reinforced Durying the Block-Size Wars of 2015–2017, WHEN User-Led Economic Pressure Stopped Mines from Pushing Thotocol Changes.
Back Took Aim at the Surge of JPEG INSRIPTIPATIONS – IMAGES STIROCTLY ON BITCOIN THROUGH The Taproot Upgrade and the Ordinals Protocol that It Helped Spawn.
The Number of JPEGS Embedded in Bitcoin’s Ledger Has Risen from 88 Million in May to 105 Million in September, A 20% Increase. Fees Tied to TESE Inscriptions Total Roughly 7,000 BTC ($ 777 Million).
Bitcoin’s Core MissionThe Proponents of Developments Enabled by the Taproot Upgrade, Such As Ordinals, Meanwhile, Argoue That As Long as Users Arers for Pay for Block Space
Being A Permissionless System, There Should Be NO Dictating of What Bitcoin Can and Cannot Be Used For, As This Goes Against the Ehos of Decentralization Upon Was.
Furthermore, The “JPEG SPAM” ALSO STREEMIC INCENTIVE FOR MINers to Mainten the Bitcoin Network, Which Could Become IncreASINGLY VITAL as the Block Rewards.
While Mines Benefit From Higher Fees, Back Argues The Effect Is Minimal Once The Hashrate Has Increated and Costs Are Factored In. He Estimated that jpeg inscriptions May Contribute Just 0.1% to Mining Profits, Far Outweighed by Potential Reangual Harm, Higher Transaction Costs for Ordinary USers Bitcoin’s Core Function as A Peer-To-Per Money System.
DIVIDED CommunityThe Issue Is Therefore A Divisive One in the Bitcoin Community.
Supporters View Inscriptions As Legitimate Economic Activity and the Use of the Blockchain. Critics, Including Back, Say Wastte Block Space and Display Activity That StrengThens Bitcoin’s Value Proxy.
Back Floated Possible Remedies, Including Outreach to Miners and Pools to Discoorating Processing Such Transactions, and Wallet-Level Changes that Coulder Fees Town. While Warning of Centralization Risks, He Suggested Even Small Economic Nudges Could Make Mining JPEG INSRIPTIPATIONS UNPROFITIT.
Read More: Bitcoin Debate On Looser Data Limits Brings to Mind the Divisive Ordinals Controversy
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