Let's face it, the whole idea of inscriptions on Bitcoin's blockchain is pretty absurd. They're flashy, sure, but they're turning a streamlined financial highway into a cluttered mess. These aren't your practical-use NFTs; they're more like digital graffiti.
Miners are probably thrilled with the higher fees these inscriptions bring, but let's get real. We're jamming the blockchain with unnecessary data transactions that still must be validated and recorded on Layer 1, competing for block space with genuine payments and clogging the network. It's nothing short of breaking the elegant design of the blockchain.
Even Ethereum, with its support for smart contracts, is pushing for sharding to keep things neat and control fees. So, why is Bitcoin, which should be all about sleek transactions, getting tangled in this? On the other hand, new chains like Algorand, with its Pure Proof of Stake (PPoS) mechanism and extremely low transaction fees and instant finality. It can handle such activity without the complications of rising fees and congestion - a stark contrast to Bitcoin's current predicament.
Sure, Bitcoin mining stocks will likely soar, and more hashing means a more secure network. But let's call it what it is - spam. This is just discouraging actual use.
Maybe it's time to think about an L2 solution with IPFS. Yeah, IPFS isn't perfect and fully decentralized, but come on, we need to stop clogging the main chains with this stuff. If we don't, we're just asking for another Bitcoin fork. The bottom line is that we need smarter solutions that don't toss speed, security, and usability out the window for some short-lived hype.