Replying to Avatar Lyn Alden

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?
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Des Imoto マキシ 7mo ago 💬 1

Your argument is inverted, defeatist. Hence dishonest or ignorant. Why let Bitcoin get attacked? It’s not a race to the bottom, it’s a race to the top. We should always speak up and fight for what’s right. Bitcoin is money, and there are 21 million Bitcoin. Everything else is an attack vector. And we speak up when we see it.

Btw, Bitcoin is not an investment, Lyn.

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Lyn Alden 7mo ago

The only thing I view as a potential attack is UTXO bloat, since there's no real limit to it. One can price it out, though. And the fad is greatly reduced compared its brief popular period, since people know those tokens are scams now.

Putting images or arbitrary data in it is pretty benign considering there's already a consensus block limit.