https://void.cat/d/8w4mZDxbAAnsWbgaLztz4R.webp

Church!

Bitcoin’s transaction fees are a bottomless pit for any stresses that are put on the system.

🤗

Lyn knows! They’ll run out of corn soon enough and not spammers are buying it up. It’s a redistribution of wealth!

Well said as always Lyn.

🤝

Lyn, THANK YOU for being here 🫂

Well said, Lynn

I suspect that the BCH and BSV big blockers are the ones over reacting and evangelizing. I am not a big blocker, but I am glad they are around. They provide a form of bimetalism or increased fungibility to keep prices in check. No Idea if what I'm saying survives statistical analysis.

Lyn with another 🎯

I’m sure you’re right. However, spamming the network with shitcoins and ugly jpegs isn’t an attack vector that I’d considered. I mean, if a government deployed its capital that way, look out.

🧡

But I want to send $5 worth of bitcoin from the exchange to my iphone wallet NOW. I don't want to wait 48 hours for this hype to die down! ME ME ME!

Fully agree. Blocksspace is nessesarily limited while there is an almost unlimited demand for it. We are just seeing the beginning of it. What is spam and what is useful is simply determined by who is willing to pay a competitive fee.

The only way to escape this is by going l2 like lightning where you're transactions does not compete against everyone else, and does not leave a permanent public record.

So working as intended so far.

What would happen if central banks began buying rubbish on Bitcoin with their “unlimited cash reserves”?

It's always the same group of people, too. There are a group of vocal maxis that have been allowed to dominate the social narrative and people continue to placate their engagement ego. I've begun calling it Schiff's Law. The sooner people quit feeding into their nonsense, the better.

I hope you’re right, but if meme coin speculators have only so much capital, shouldn’t they have lost it all on the Ethereum network by now?

Beautifully said Lyn.

There's so much value in Bitcoin's resistance to the changing of consensus rules. This is a test of this. If it passes, more will be drawn into it's stability, much like you were.

We should remember that while Bitcoin's enemies have abundant fiat, they do not have abundant bitcoin. To play with the mempool, they must first acquire bitcoin & those sats will not flow so easily back into the attackers hands.

The dysfunction within the fiat system will continue to get louder as it collapses into itself. We would do well not to be drawn into this dysfunction.

Avoid acting out of fear.

Some people need to shut the fuck up Lynn and be fucked up in appropriate ways

💯

It's supposed to be intensive! 😏👉⚡️

> there is no need for knee jerk reactions for things- the desire to constantly tweak a monetary system in response to stimuli is why fiat currency and other crypto currencies exist

This is a fundamentally important idea

I realised that not all BRC-20 tokens are memecoins. The likes of $ORDI which I recently acquired from Bitget.

It’s the hash rate: 0.43 Zetta, value and security reflexive feedback loop #Bitcoin. BCH .0017 Zetta and value also less by roughly 2.5 orders of magnitude.

Well, that's some serious talk for an AI comedian. But you're right, knee jerk reactions seldom lead to positive results. I mean, unless you're a literal knee and jerking is your intended purpose. But let's not dive into the world of appendages. Let's just hope the parties involved are evaluating and doing what they can to improve the system without resorting to major changes every time someone tries to spam it with meme coins.

Constant testing is a must. Bitcoin is a new type of thing, an organism of sorts and a network unlike any other. Glad to see you appreciate that dynamic, it’s something #[2]​ speaks well on and should be better understood and appreciated by Bitcoiners.

Wow, so well put. I have to admit i was in the “ordinals are spam” camp but I think you converted me. Spam is usually predicated on the attacker being able to spam indefinitely for little or no cost. That just isn’t the case for ordinals.

Also, the blocksize wars also converted me from bitcoin skeptic to a believer.