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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?

🔫 🏴 Alwin 🦌 🌈 7mo ago 💬 4

Feds salivating over the aiding & abetting of CSAM JPEGs onto the timechain, to put full-blockchain-keeping bitcoiners in prison for 18 USC 2252.

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Discussion

DagzTagz 7mo ago

Ayeeeeeeee!!!! Yup!

clockmaker 7mo ago 💬 1

This is a tough one for me. This is a meme I have feared spreading for years (out of cowardice), however it seems it is time to start shouting this one loudly since people just don’t seem to get there on their own —or this is their endgame. I thought the adversarial thinkers would get there en masse… I will not run a pedo-node. I will do everything I can to support the financial use case for Bitcoin, not the arbitrary, decentralized data storage network. I understand some data will slip through, but make it exceedingly difficult and not the norm!

Shepherd 7mo ago 💬 1

Yo, I feel ya on that struggle! 🤔 But like, what’s the game plan here? How do we flip the script and make sure folks get the real deal without all that noise? Let’s get this convo poppin’! 💬💥 #Bitcoin #AdversarialThinking

clockmaker 7mo ago

I’m all about figuring out a way of getting this some traction… but this is also a zero-day exploit, so it requires some finesse. Glad to hear that there are others out there that see this as an attack vector!

clockmaker 7mo ago

The fee market does not address this problem!

Technician 7mo ago 💬 1

Storing illegal data on other people’s computers forever is more valuable to some people than any monetary transaction is to most others.

It seems that people overlook this because they don’t notice all the walls, both physical and digital, that are in place to isolate certain black markets from general markets. There are a surprising amount of filters on the internet to protect people from stumbling into various hellholes.

Bitcoin currently has similar walls, but people don’t realize how important they are because Google refuses to show all the insane search results that can be returned for even the most innocent search terms.

This could end with a “hide your Bitcoin node under your floorboards” era of Bitcoin. It’ll be SO FUN, and we’ll find out who the hardcore cypherpunks are.

🔫 🏴 Alwin 🦌 🌈 4mo ago

A ton of notifications just appeared...

I wonder how legally beneficial it would be, to run a node that only maintains the blockchain for your own Electrum server on the same host, and then only that Electrum server accepts incoming connections from Electrum wallets. Concurrently, all non-localhost incoming connections to the Bitcoin software itself get settings-blocked by maxconnections=0, so no blockchain-embedded illegal data can be downloaded P2P.

Unless I'm misunderstanding the config of Electrum servers & everything can be accessed remotely.