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I think JPEGs on the timechain are stupid.

But the idea that they're going to hurt Bitcoin seems so weak to me. Like the US dollar can withstand people scribbling on it but Bitcoin can't?

In fact, the idea of Bitcoin as a glorious digital monument with some graffiti scribbled on it represents humanity pretty well. That's kind of us in a nutshell. Seems on-brand. Perfectionists trying to keep their little gardens tidy while trolls come in and find ways to mess with them anyway.

NFTs and memecoins already had their peak fad moments. People now know that they're non-scarce gambling toys rather than investments. It's just echoes of that peak now. The only thing that concerned me about the ordinals/runes period was the rapid UTXO bloat, not the blockspace usage, since the latter already has a consensus limit on it.

And if Bitcoin transactions can't outprice JPEGs in the long run, then it's just not that valuable. Bitcoin currently does about 1% of the gross settlement volume of Fedwire. That's peanuts. Imagine if it reaches a point where it does even like 10% of Fedwire. What would you pay to move a full bitcoin globally, permissionlessly, in 10 minutes, in a world where it's no longer a niche thing?

NodeRunner 7mo ago 💬 5

I respect nostr:nprofile1qqsw4v882mfjhq9u63j08kzyhqzqxqc8tgf740p4nxnk9jdv02u37ncpz3mhxue69uhkummnw3e8xct5wesjumn9wsq3qamnwvaz7tm4wvh8ycnj9e3xjmcdng28z greatly for all her financial knowledge and everything she is doing to move #bitcoin forward but I do think she is wrong here. We need to actively and unconditionally guard the #bitcoin garden at all costs.

Everything that is created by humans needs maintenance and safeguarding to keep it developing as intended. Bitcoin is money, which is an unavoidable human emergent technology but it is not gravity, it is not a layer 1 natural phenomenon where humans are bound to it instead of the other way around. Let's keep fighting the trolls out of our created garden. The faster the blockchain data size grows, the faster potential node runners are eliminated. Nodes are the decentralization force of bitcoin. Decentralization is what makes bitcoin. Freedom requires vigilance. Do not fall complacent and be ready to fight to protect that which matters. And this issue matters for bitcoin decentralization.

What do you all think?

#plebchain #asknostr

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Discussion

Gnarlee ₿ 7mo ago

I agree with you! She made some good points about dollars being able to be scribbled on so #bitcoin should be able to deal with that plus some but it is still taking up space on nodes for ppl that don’t run nodes so I just don’t want to safe someone else JPEGs on my #node

Tauri 7mo ago

Well she wrote a 400 page book on “money” and defined it as “just a ledger”, while not including a single citation from Mises, Rothbard or Hoppe. It’s becoming more and more obvious she’s just a glorified macro bro with very shallow understanding of money, but with good writing skills and retarded following, that understands economics and money to an even lesser degree than her.

NodeRunner 7mo ago

I do think she made a very good case for money as a ledger - which is a monetary database and an accurate way of understanding what money is. I don't know exactly her preference on monetary school of thought. She definitely believes in hard money according to her book. I do appreciate her macro understanding and her voice in bitcoin. But bitcoin/money is usually found at intersections and some people arrive at this intersection being experts of one of those roads and don't really understand the other roads they are now encountering at this intersection. And this is a journey everybody is at. At least in my opinion.

Tauri 7mo ago

If money is a monetary database, in what unit is the database kept?

NodeRunner 7mo ago

Depends on the particular database. The dollar ledger? Dollars. Bitcoin ledger? Bitcoin. And so on. That is the point she is making. The best ledger to operate in is Bitcoin and nothing else.