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1480 sats \ 24 comments \ @Zepasta 19 Nov 2023 bitcoin

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389 sats \ 10 replies \ @petertodd 19 Nov 2023

My comment on Twitter:

Notice how BRC-20 users are far from the only people paying high fees.

This is evidence that many Bitcoin users aren't very price sensitive, and are willing to pay much higher fees if necessary. Which makes sense: there's always been a steady stream of txs paying much higher fees than necessary, from users who don't care enough to get better wallet software. Equally, there's always been plenty of high value transactions, where even $10 fees are insignificant compared to the total value being moved.

63 sats \ 0 replies \ @cyberpunk03 21 Nov 2023

Sometimes things have a premium. If that is a deterrent, is it really worth buying?

21 sats \ 7 replies \ @Bitcoinisawesome 19 Nov 2023

Hi Peter, ignorant pleb here.

Does activity like this sway your tail emission opinion at all? Surely as bitcoin proliferates we will be consistently surprised by what people are willing to fill up block space with as is evident here.

958 sats \ 6 replies \ @petertodd 19 Nov 2023

No it doesn't. I don't think activity like this is sustainable. BRC-20 is basically only used for scams, and the supply of suckers isn't infinite; notice how hype around inscriptions has died down. Hysteria around it "breaking Bitcoin" seems to have been part of the marketing too, which is a gimmick. This also may be an intentional attack on Bitcoin, with the BRC-20/inscriptions/etc part being just cover.

9 sats \ 5 replies \ @DarthCoin 19 Nov 2023

hahaha check this out One sats sold for 3.5BTC LOL These people are insane. https://primal.net/e/note1pwzlj40zr0vv7kpx9ux6ph0xm7z08gf5drglufj43yxkj0kykmvse6eq9q

0 sats \ 4 replies \ @Zepasta OP 19 Nov 2023

How do we know its not the same person? (washtrading?) Back in the days tons of shitcoiners were doing that with NTFs to artificially inflate the prices.

24 sats \ 0 replies \ @petertodd 19 Nov 2023

This.

Ultimately we don't know. A lot of this BRC-20 activity could be fake. Possibly almost all of it.

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0 sats \ 2 replies \ @DarthCoin 19 Nov 2023

could be, but that doesn't mean other idiots will not buy it from him... for even more BTC

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0 sats \ 0 replies \ @OT 19 Nov 2023

I guess people who have larger amounts of bitcoin don't mind paying 20-50k sats.

21 sats \ 4 replies \ @Zepasta OP 19 Nov 2023

53 % of all November 2023 txs were BRC-20 lmao

21 sats \ 3 replies \ @petertodd 19 Nov 2023

Many of them are unusually small, so that doesn't mean much.

(note how BRC-20 is not putting jpegs in the chain; they're just dumb tokens)

21 sats \ 0 replies \ @Zepasta OP 19 Nov 2023

Good point

0 sats \ 0 replies \ @ca 19 Nov 2023

Can you give an example of what their jsons look like?

0 sats \ 0 replies \ @pi 19 Nov 2023

Explains why despite more than half in absolute numbers, they only claim a third of the space (and fees)

21 sats \ 1 reply \ @quark 19 Nov 2023

Adoption ? Or an attack? Useful transactions? Or spam transactions?

134 sats \ 0 replies \ @Zepasta OP 19 Nov 2023 freebie

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0 sats \ 0 replies \ @cozyfren 19 Nov 2023

wow very interesting I love this development br20 and ordinals and ltc network

0 sats \ 1 reply \ @anon 19 Nov 2023

gambling idiots..

0 sats \ 0 replies \ @Zepasta OP 19 Nov 2023

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0 sats \ 2 replies \ @Sasquatch 19 Nov 2023

I think at this point it's just novelty and many people are experimenting with the concept. Probably a lot of one-offs.

0 sats \ 1 reply \ @cyberpunk02 20 Nov 2023

or crypto bros trying to salvage their defi projects by changing to a so called more decentralised base layer and confusing their victims

210 sats \ 0 replies \ @cyberpunk03 21 Nov 2023

Shitcoiners scamming themselves. Awesome.