I guess my star will never rise now 🫠 
Discussion
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lol Nic's got more flip-flops than a house of pancakes, gave up any $XBT authority he ever had when he went investing in multi chain DID shitcoins.
That said, some patches of Bitcoin development on the road to singular world reserve currency are tough, L2 implementations including those in 🇸🇻 need to seriously step out up again.
Let him implode he’s distancing himself from bitcoin more and more, and that’s a good thing we don’t need more dishonest idiots in bitcoin 😜
i hereby present you with you ‘rising star’ badge
Nothing gets done when we allow this drama to cloud our judgement. Accept the personal anecdote as a data point in the struggles users have with bitcoin usage, realize that there's a lot of work to be done, but also don't be manipulated into a hyperbolic response.
Snowden encoding a poison pill on the blockchain should be proof enough that there are valid uses for arbitrary data, that doesn't mean we have to like or enable it. Nic is right in a technical sense, bitcoin transaction fees are supposed to be our security budget, the block reward is an inflationary subsidy that debases existing bitcoin. Nic is also an idiot, this activity is obviously transitory, I remember seeing half filled blocks this year AFTER the first inscription wave, and the people engaging in this activity will be reigned in by the market.
If we can be fear mongered into making rash decisions we are fucking screwed. Start with a mutually shared belief->extend the idea with 'a priori' logic and data/facts->present a solution. If we all just followed some simple steps in basic critical thinking then we could diffuse all the problems we have.
Karmic star in ascent
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We all need Layer 2’s scaling, specially within a Bitcoin HUB like El Salvador, he is actually right on the fact that on chain fees will get very expensive. Maybe this recent event have triggered some people because the way it was hmmm… “implemented”. But think in a few years from now, it will be this expensive if not even more, so people will move eventually to layer 2’s.
They’re loading stupid jpgs with ephemeral and speculative value now, but it is a legit way to use it. Just like people making gold phone cases (because they can), but it doesn’t matter.
TL;DR: bloating the timechain is fucking dumb but people will do it until they run out of money. Nation states need to move to layer 2 ASAP
Nick’s star is definitely burning out, but I think he is actually right on this point. I agree with you too. This is why it is so important for El Salvador to build products like Chivo that are prepared for environments like this. They have failed miserably so far in that regard.
If bitcoin teaches anything over the years, it is that everyone will be rigged eventually except for the most adversary minded and defensive of thinkers
Yeah Chivo does need a lot of improvement
And well, not really ephemeral. They will be in the timechain forever 😂 even worst
I think you are right, but the problem here is the why this is happening not whether it was ever going to happen or not. It’s also very tone deaf that through this whole thing no one has ever stopped to consider about the fact that 100 USD is a lot of money for someone who makes 300 USD per month. Might not be the case of this specific user but it is the case of many here in El Salvador who are just starting to see the benefits of using bitcoin and understanding everything else might be a little beyond them…
I mean, I know you make this post knowing the problems and possible solutions.
I think you are right too, although sadly, they don’t give 2 f*** and they actually know what they’re doing (or most of them), from what I heard I some twatter spaces, in fact they think it’s an achievement 🤦🏻♂️
Sad 😞
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