After running a fever pitch in Ethereum, with a single image reaching BRL 350 million, NFTs invaded Bitcoin. However, not everyone is happy with this new feature.
According to an anonymous user, who identifies himself as Unhosted Marcellus, such NFTs are not used by ordinary people. That is, the resource would be used for a denial of service (DDoS) attack on the network.
While Bitcoin was queued with 50,000 transactions last month, the situation has not improved much. According to data from mempool.space, there are currently more than 34,000 transactions waiting to be confirmed by miners.
Consequently, the rates for a transaction to be confirmed in the next block reach 45 sat/vB. With direct conversion, the user would have to pay between 9 and 15 reais, depending on the type of address, more expensive than the almost obsolete DOC used by banks.
NFTs are a DDoS attack on Bitcoin, the user claims
Referring to hitting 5,500 NFTs on Saturday (1), Unhosted Marcellus described the practice as a DDoS attack on Bitcoin.
“Further evidence to support the hypothesis that the inscriptions are not used by common people, but specifically for [ataques] DDoS [no] bitcoin”, noticed. “Today, at 20:35 CET, a large batch of 5,500 entries was broadcast at once.”
When asked for his words, the user stated again that this is indeed an attack, explaining that all users are affected by this fever of NFTs.
“This is a DDoS attack. Subscriptions degrade Bitcoin’s traffic for all its users, among other more obvious externalities they impose on users (increased costs, longer confirmation times) and node runners (increased costs to operate the node).
As a solution, some developers are working on a so-called “spam filter”. However, it is hard to believe that this is enough to stop NFTs on Bitcoin.
In defense of NFTs, some argue that people pay for block space to use as they see fit. Developer Luke Dashyr points that this spam is worrying.
“So you don’t like more money. OK I guess”commented one user about the spam filter.
“—For most users, spam just costs money, doesn’t it [dinheiro]”replied Dashyr.
That is, miners take advantage of high fees to earn more profit. However, people using nodes have a higher cost to store more data.
Finally, everything indicates that this is only the beginning of the controversy. After all, in addition to the already popular Ordinals, other services like Stamps promise to further populate Bitcoin with data unrelated to BTC.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
