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What is the point of NFTs? And perhaps fees are *too low* not too high?
1476 sats \ 18 comments \ @028559d218 21 Dec bitcoin
The mempool is still filled with junk. Yes, someone is paying for it. Yes it's within consensus. No it's not possible to 'stop them' from making transactions chock-o-block with arbitrary data...
However
What purpose does this serve? And to the extent that there are still many transactions to data-blob NFTs (in the 'Witness' field)... What is the actual point of doing this?
Do people actually buy these things?
How is this economical or profitable for the people doing it? How can they afford to create transaction after transaction after transaction... of just purely junk?
Someone, somewhere has the sats or money to pay for this...
I presume because they believe someone else will pay them for it... otherwise why waste the money?
Bitcoiners and Bitcoin developers strive very hard to see to it that transactions are efficient, that the main chain can be used by as many people as possible, and that Bitcoin is "freedom money" available to all. Fees shouldn't be 'too high' otherwise 'no-one will use it...'
And yet, 'high fees' are no deterrent to JPEG NFT people... and they don't mind paying almost the entire UTXO in fees just to post cartoons.
Well then do the NFT people have a money printer or something? Because while people can't or won't use Bitcoin "due to the fees"...
The NFT people have serious funds to afford spamming the chain repeatedly.
People frequently say 'the fees are too high'... they're 'too high' for Lightning channels, people will be 'priced out' and it will be 'too expensive to use'...
Well the NFT people don't mind paying. Doesn't that mean the fees are too low? They don't mind paying 30$ for one transaction... is it too much then to ask regular/everyday people to pay the same to open one Lightning channel?
And if it's not 'too much' to ask... are high fees on Bitcoin really an impediment?
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20 sats \ 0 replies \ @Imyourfed 21 Dec
Buying NFT's doesn't even makes sense.
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32 sats \ 1 reply \ @SwapMarket 21 Dec
Chain fees are not as bad as a year ago. The NFT fad is dying off. Runes also. There are lots and lots of dumb people. The market and common sense will prevail.
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5 sats \ 0 replies \ @028559d218 OP 21 Dec
Maybe so. I agree.
However it amazes me that there are any nfts at all.
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1 sat \ 1 reply \ @ama 21 Dec
Bitcoin doesn't care, and neither do I.
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0 sats \ 0 replies \ @028559d218 OP 21 Dec
No maybe not. But the world's poor will face higher fees, all things being equal, with the addition of jpegs and memecoins included in transactions.
They can't be 'stopped'... but it makes the chain more expensive for those who need Bitcoin the most, too.
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0 sats \ 1 reply \ @Aardvark 21 Dec
My mom asked me to explain NFTs to her. I said: Imagine going to build a bear and making a teddy bear. It's the same teddy bear that anyone else can make or copy. The only difference is i shove something up my teddy bears ass that makes it one of a kind. You can't see it. It doesn't change anything, and what you shoved up there is only worth what someone is willing to pay for it.
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0 sats \ 0 replies \ @028559d218 OP 21 Dec
The only logical conclusion... is that every memecoin and inscription 'on Bitcoin'... Is just throwing money away. I don't understand how ppl justify it
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0 sats \ 1 reply \ @LowK3y19 21 Dec
NFTs are for what ever morons love Eth. they are pointless and stupid cartoons on the block chain
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0 sats \ 0 replies \ @028559d218 OP 21 Dec
I agree. Then who is buying them they have no purpose.
I could understand if people wanted to 'collect' them for their own sake... but they are speculative vehicles with zero qualities. A cartoon monkey is no different than a cartoon hotdog, or cartoon dog. They are not worth the blockspace they are printed on lol
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0 sats \ 3 replies \ @ogi099 21 Dec
Its pure speculation, like a huge part of crypto market. This coming also to BTC chain seemed inevitable, but probably will be just a short-term trend - made by short term people for other short term people
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0 sats \ 2 replies \ @028559d218 OP 21 Dec
People can speculate on gambling chips, horse races, football games, slot machines...
None of those things are money, none of those things are monetary.
Nfts imo are objectively worthless... they are a scam on value and a strange scam to be associated with Bitcoin.
And in addition they are expensive to create on Bitcoin... so I can't imagine their appeal.
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0 sats \ 1 reply \ @ogi099 21 Dec
Yeah, but who are we to tell speculators what they can do or not? This group of people will come everywhere they can smell fresh money and new objects to speculate - no matter if you like it or not.
BTC should be fine anyway - its actually not the first time when we have games played on chain, and it always had its end
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0 sats \ 0 replies \ @028559d218 OP 21 Dec
true
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0 sats \ 1 reply \ @TheBTCManual 21 Dec
I was annoyed at them during those peak mempool stuffing, delays and free spikes for sure. I was annoyed that my node is taking up more hard drive space and but then I thought what if Bitcoin was just going through crazy demand and we had 4mb on the regular it would be the same result to my HDD
They have deep pockets but they like every other fad runs out of sellers eventually
I am a knots node runner, I don't like ordinals I don't see the point in them, but running a node is now 2.5x cheaper than when I was peak annoyed so it's not all lost, we can still operate for years to come without pricing out people
If we do get a consistent high-fee environment I'd say its about time, l2s need more pressure to kick on, its a chicken and egg scenario, if the chain is not under pressure we won't have an incentive to scale and push the limits of L2 nor do we get enough funding to improve on the solutions in production.
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10 sats \ 0 replies \ @028559d218 OP 21 Dec
My understanding... is that blocks were never intended to be 4mb in total. The 'extra' 3 mb was there 'in addition' for signatures/efficiency.
Now the 4 mb blocks can be consumed with... arbitrary data. Jpegs. It essentially was a blocksize increase if indirect.
What I don't understand is to whom the jpegs and memecoins can be sold. Who is buying them? Because at 30$ a piece to 'inscribe' someone is buying them otherwise they are not profitable.
I like Knots... but I don't run it as I can't imagine mempool policy alone preventing arbitrary data. The 'fee market' and fair demand for blockspace has to step in and outspend the jpeg people.
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0 sats \ 2 replies \ @sangekrypto 21 Dec
So far, NFTs are still widely used by the public, not too low and not too high.
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10 sats \ 0 replies \ @DarthCoin 21 Dec
NFTs are still widely used by the public
LOL are you out of your mind? oh wait... you are one of those shitcoiners "using" them? oh wait you are one of those... #626496
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0 sats \ 0 replies \ @028559d218 OP 21 Dec
Nfts have no use case. They cannot be 'used'
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