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Today is likely the last day of the pre-ETF era.

For 15 years, we've been studying Bitcoin, stacking sats, and orange pilling those around us.

Some of us got here earlier than others, but we all have one thing in common: we found #Bitcoin before the suits.

As the world shifts its focus to Bitcoin, remember why you're here. Remember the core values that brought you to Bitcoin. Remember why Bitcoin gives you hope for a better world.

Many are worried that a Bitcoin ETF will be bad for Bitcoin, or worse: kill it. But if there's one thing I've learned since I started studying Bitcoin, it's that it can't be stopped.

The beauty of Bitcoin is that it's permissionless. You don't have to ask for permission to access your money. You don't need a bank or a middleman to scam you with fees.

But it works the other way too. Because Bitcoin is permissionless, Blackrock doesn't need permission to use it. Even if they're using it in a way that removes all the freedom benefits and tacks on an annual fee.

In the post-ETF era, many more people will begin to use Bitcoin. Maybe they'll see a nostr:npub1kns8r25ppwc2vpsv5cvhlpk94nfad76k64pkdzfnn704th2hmcksgq3582 sign in public. Maybe they'll go to a meetup near you. But no matter how they find Bitcoin, they don't need permission to use it.

It has been a pleasure frontrunning the suits with every single one of you. They may expect us to sell when they pump the price.

But there's one thing they don't know that we do: Bitcoin is better money.

We're not here to gain more fiat. We're here to build a better world.

ONWARD!

RealJohnDoe 2y ago

$boost

#Bitcoin isn't permissionless like it used to be. You have to pay your #overlords artificially inflated and outrageous transaction fees to use it.

#Satoshi's stated expectation was that there would always be people willing to process some transactions for free.

Just as there would always be some willing to pay more to get at the front of the line.

The transaction fee mechanism is broken, and we have to fix it..🧡😊🦍

#Bitcoin

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PrismPosts 2y ago

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bitcoin.rocks 2y ago

lol how are transaction fees broken? Because you don't like the contents of valid transactions that others are sending?

That is the definition of permissionless.

RealJohnDoe 2y ago

$boost

What your describing is a #Taproot bug. #Inscriptions #ordinals etc aren't valid #Bitcoin transactions. They are spam. Market manipulation and fraud.

The other problem is addressing #Satoshi's stated expectation that some Bitcoin transactions would always be free.

Some would pay more to be first in line. While others would pay little or nothing at the back of the line. But everyone would have their transactions processed.

Some people seem to think they can do whatever they want with Bitcoin. Because they say Bitcoin is permissionless. But #mining Bitcoin is a #privilege not a right.

There are #responsibilities. Like filtering out junk and spam. While making sure that all legitimate Bitcoin transactions get processed.

The #inscriptions spam isn't Bitcoin. Neither is a failure to process free Bitcoin transactions for those willing to wait.

The block reward and fees are a privilege and responsibility to make sure that everyone gets served..🧡😊

jin 🧙‍♂️ 2y ago

This is just false lol. Have you read the white paper?

RealJohnDoe 2y ago

See below...

jin 🧙‍♂️ 2y ago

Okay but I am not talking about ordinal inscriptions, I’m referring to where you stated that Satoshi had an “expectation was that there would always be people willing to process some transactions for free”. That is simply not the case. The way the network has been built from the very beginning, as per the white paper, is that every transaction is processed with a network fee. The fee changes based on market demand. I personally agree that ordinals are a waste of use case for Bitcoin, however just because I don’t think they are important does not mean they are not valid transactions still. Inflated, sure, but still valid.

TLDR; regardless of inscriptions, Bitcoin always had transaction fees.

RealJohnDoe 1y ago

You're mistaken. We did not have transaction fees in the beginning. I was there.

It was Satoshi's expectation that some transactions would always be processed for free.

I'm not sure what the solution to this problem is. But I'm sure one can be found.

Nodes have always had the power to blackball bad actors. Aka filtering.

Maybe all we have to do is provide miners with good tools to filter out garbage. Then hold them responsible if they don't.

Something has to be done. And we should keep pushing until it is done. Clearly I'm not interested in doing anything that would hurt Bitcoin.

Unfortunately many miners are cutting off their nose to spite their face. Wall Street..😐🧡😊🦍

jin 🧙‍♂️ 1y ago

Can you show me exactly where that’s stated? The white paper mentions transaction fees, and nothing about transactions being free.

RealJohnDoe 1y ago

$boost

"We should always allow at least some free transactions." -Satoshi Nakamoto..🧡😊

#Bitcoin #Fees #Satoshi #Nakamoto

https://satoshi.nakamotoinstitute.org/posts/bitcointalk/439/

jin 🧙‍♂️ 1y ago

Wow, thank you for sharing. So does this mean in the pure early days of Bitcoin post genesis that a majority of transactions were being validated for free? Is there still a threshold where this happens presently or is every transaction in each block from square 1 fee inclusive?

RealJohnDoe 1y ago

$boost

I don't remember there being any fees in the early days. There were some changes made. But I don't really know that much about them.

I had to step away from #Bitcoin around the end of 2010. When apparently #Satoshi did too. I had to attend to some other things for a while. Things got crazy for me.

But I continued to run a full node, and try and keep up. I realized from day one that Bitcoin was important, and I would have to do my part to see to it that it succeeded for the greater good.

I fought in the block size #wars, and several other skirmishes. Today the challenge is to finish implementing #Satoshi's design.

Making sure that some Bitcoin transactions will always be processed for free. Plus the implementation of micropayments.

We also have to hold miners accountable to filter out spam and illegitimate non-financial Bitcoin transactions.

I'm not sure how we can do all this. But it will have to be codified into the protocol. And enforce by The Virtuous full nodes, and the Bitcoin loyalist.

So that's my story, and I'm sticking to it..🧡👏👍😊🦍

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PrismPosts 2y ago

💥 prism created 💥

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