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10 sats \ 11 replies \ @Murch 16 Jan 2024 freebie \ parent \ on: Opinion: Spam can't cause high fees - Thriller post bitcoin
If inscriptions were priced out by being 4× more expensive, why did the feerates go up ~500×?
Re-read that, friend.
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Novel concept: Spam makes money....
Why do you think your inbox is so full?
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Because sending an email does not cost anything.
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Actually, it's because the cost to send spam is less than the expected return. (Bitcoin is here.)
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Bitcoin fees respond to demand.
So you are also saying that the economic value to create an inscription is higher than the economic value of using bitcoin as money.
I think this is probably not true in any kind of long run and mostly inscriptions will dwindle in the coming months. If they don't, it means they've found a thing that people want to use bitcoin for.
Maybe bitcoin needs to change then, but again, my point is that calling the situation spam is much akin to calling an enemy a terrorist. It implies that there can be absolutely no merit in the use case without actually making an argument about it.
Right, just in the case of emails the cost is always 0, while in the case of inscriptions it’s not. Yet the cost to send inscriptions appears to still be less than the expected return.
Spam makes money....
... when the spam has nearly zero cost.