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.
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.
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.
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.
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.
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.
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.
hahaha check this out
One sats sold for 3.5BTC LOL
These people are insane.
https://primal.net/e/note1pwzlj40zr0vv7kpx9ux6ph0xm7z08gf5drglufj43yxkj0kykmvse6eq9q
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.
could be, but that doesn't mean other idiots will not buy it from him... for even more BTC
It's a win for me either way.
Also: we learn how to deal with high fees, as well as unpredictable fees.
This.
Ultimately we don't know. A lot of this BRC-20 activity could be fake. Possibly almost all of it.
Sometimes things have a premium. If that is a deterrent, is it really worth buying?
I guess people who have larger amounts of bitcoin don't mind paying 20-50k sats.
Adoption ? Or an attack? Useful transactions? Or spam transactions?
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I think at this point it's just novelty and many people are experimenting with the concept. Probably a lot of one-offs.
or crypto bros trying to salvage their defi projects by changing to a so called more decentralised base layer and confusing their victims
Shitcoiners scamming themselves. Awesome.
53 % of all November 2023 txs were BRC-20 lmao
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)
Good point
Can you give an example of what their jsons look like?
Explains why despite more than half in absolute numbers, they only claim a third of the space (and fees)
wow very interesting I love this development br20 and ordinals and ltc network
gambling idiots..
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