Prediction: Bitcoin Magazine won't survive promoting Ordinals and inscriptions \ stacker news ~bitcoin

Prediction: Bitcoin Magazine won't survive promoting Ordinals and inscriptions

1208 sats \ 10 comments \ @eduardopro 18 Feb bitcoin

Did you see the Bitcoin Magazine's latest cover? They try to be funny and slick, but most bitcoiners can see through it. They're using their position of power to pump their bags and support their questionable investments. They've become yet another bitcoin affinity scam, and fittingly their new supporters are Stacks, BSV, and .eth people.

Say what you will about NFT promoters, but most of them were dumb enough to believe that they were offering something valuable. Bitcoin Magazine, Rare Sats, and Ordinals people KNOW that what they're selling is worthless. And they're using their authority to scam new users and sick degens.

And I didn't even got into the fact that inscriptions are spam transactions and an attack on bitcoin. Just focusing on greed and desperation alone, their support of Ordinals and inscriptions should mark the end of Bitcoin Magazine.

Reputation is fickle and these kinds of memes are already floating all over Twitter and Nostr:

What do you guys think?

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60 sats \ 4 replies \ @Car 18 Feb

Being controversial works. It gets everyone talking about “it” thus making them more relevant. If you want something to die ignore it completely.

As for the cover I have no opinion on it. I do think they will make a boat load of fiat this cycle because they are promoting this kind of stuff. I say run your media company how you see it fits into the ecosystem. Actions should speak louder than words. But this never tends to be the case in the Bitcoin ecosystem. Words take precedence.

💫 Lastly as a reader always support, give time, sats, attention, share, like, rt, consume and pay for things you want to see continue in the world. Not enough people do this and great things go away and die in bitcoin.

21 sats \ 1 reply \ @eduardopro OP 18 Feb

Being controversial works *if done right.

If not, it could backfire.

My prediction is that, in this case, it will backfire and the brand will not survive it.

Sure, they'll make a lot of money with their other ill-conceived ventures. Scamming mathematically challenged people will probably be very profitable.

However, they're sacrificing the Bitcoin Magazine brand to do so. Which may be part of the plan.

0 sats \ 0 replies \ @Car 18 Feb

Good thing we still got other conferences and bitcoin only media companies. Will be fine.

21 sats \ 1 reply \ @343pg 18 Feb

Good points. Looking at it without considering the emotion of the subject matter, they are courting some short term profit, but at the expense of some long term readership. Strikes me as fairly high time preference stuff. Bitcoiners have pretty long memories.

The media model is pretty screwed nowadays, so I have a slight bit of sympathy to their predicament. As you allude to, it will be interesting to see if Bitcoin can help change it. All our time is scarce; perhaps in the future people will have more respect for the value of their own time hence more willing to pay for quality content without being constantly advertised to.

0 sats \ 0 replies \ @Car 18 Feb

Media isn't screwed its just they are fiat focused with those type of incentives built in.

110 sats \ 4 replies \ @joda 18 Feb

Bitcoin Magazine (you should call them "BM" if you hate them so much) is certainly a mixed bag. They are a magazine though-- not the Atlantic or SciAm, sure, but also not exactly a tabloid. They have the occasional redeeming article. I think of them like the "High Times" of Bitcoin.

"fact that inscriptions are spam transactions and an attack on bitcoin"

I have difficulty understanding this position. Transactions are not spam if they are paid for. They don't lack value if someone values them. And if they constitute any sort of "threat" to Bitcoin, then Bitcoin is already defeated.

Moreover, a strong opinion is not a "fact".

41 sats \ 1 reply \ @anon 18 Feb

Your reasoning is flawed. Bitcoin has spam filters already. They just need to be updated. Since when did a threat equate to defeat? Bitcoin’s history is full of threats and we overcame them. Maybe study up on bitcoin, how it works and it’s history so you’re not spreading fud

0 sats \ 0 replies \ @joda 18 Feb

Good point about spam filters.

The word "attack" was used. "Spreading FUD" is not the same as having legitimate critique. But I'm actually doing the opposite of FUD-- I'm saying that Bitcoin is not threatened, and people reading this do not need to be afraid or doubtful.

Yes there have been attacks and vulnerabilities in the past, but in this case the "attack" is making Bitcoin stronger by paying for transactions, and if it creates a secondary market dependent on Bitcoin, then it also increases the value of the Bitcoin network. It is a foot shot for the attackers, except that they make money off it.

I admit, I may be wrong. Maybe this is devastating and without dramatic intervention Bitcoin will crumble.

10 sats \ 1 reply \ @eduardopro OP 18 Feb

Here's a video of one of the spammers admitting to spamming the Bitcoin blockchain and telling you exactly how they're doing it --> https://twitter.com/LibertyLuminary/status/1753293110010900733

There are many more. It's not an opinion, it's a fact. Do your own research.

0 sats \ 0 replies \ @joda 18 Feb

That's quite a douchebag. However, he's still paying to secure the network. And if he can successfully sell their "art" then so what. I will defend his use of the blockchain. Free speech is for everyone. Bitcoin is for your enemies.