reply on: Opinion: Spam can't cause high fees - Thriller post \ stacker news ~bitcoin

10 sats \ 11 replies \ @Murch 16 Jan \ 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.

So you are saying that inscriptions are making their creators money, but call them spam nonetheless. I think @Car and @Scoresby wrote this article to elevate the conversation from positions just like yours.

0 sats \ 8 replies \ @random_ 16 Jan

Novel concept: Spam makes money....

Why do you think your inbox is so full?

100 sats \ 5 replies \ @Murch 16 Jan

Because sending an email does not cost anything.

0 sats \ 4 replies \ @random_ 16 Jan

Actually, it's because the cost to send spam is less than the expected return. (Bitcoin is here.)

21 sats \ 2 replies \ @Scoresby 16 Jan

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.

0 sats \ 1 reply \ @random_ 16 Jan

Bitcoin fees respond to demand.

No matter what the fee rate is, spam tx's can consume 3x the data of a regular transaction for the same cost.

So you are also saying that the economic value to create an inscription is higher than the economic value of using bitcoin as money.

No. I'm saying that:

spam tx's are cheaper than real tx's. (segwit discount)
spam tx's have a marketplace. real tx's do not. (spamchain flywheel)
even if spam makes money, it's still spam. (duh)

It implies that there can be absolutely no merit in the use case without actually making an argument about it.

You cannot verify exogenous data using Bitcoin, so what is the use case? To enable grifters to sell shitcoins/nfts.

21 sats \ 0 replies \ @Scoresby 16 Jan

I will rephrase it:

The economic value of creating three inscriptions is greater than the economic value of one transaction that uses bitcoin as money.

The rest of my argument still makes sense.

reply on another page

0 sats \ 0 replies \ @Murch 16 Jan

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.