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All the doomerism about Spam, Ordinals, Fees, and Txs being "too expensive"...
2359 sats \ 16 comments \ @028559d218 20h bitcoin
And what is the result???
One sat/vByte. ONE.
Now that the ordinals, runes, and memecoin people have gotten bored, or left for 'cheaper' transactions on centrally-hosted blockchains/servers (they were always just servers)...
Where they can gamble 24/7 on Meme-Driven Mini-Bubbles with nearly-identical "Solana-Coins..."
We can see the REAL current demand for Bitcoin monetary transactions. On Basically a Wednesday afternoon. In one of the most interesting times Geo-Politically for the world in decades, with Bitcoin well over 100,000 USD per Bitcoin.
  • The fees are not "too high" (they weren't really EVER IMO) and Bitcoin is generally more accessible than ever especially on Lightning, which is instantaneous and can be very private.
Oh oh oh...
  • Oh but the FEES ARE TOO HIGH TO OPEN LIGHTNING CHANNELS! Ok.
  • And NOONE USES BITCOIN BECAUSE IT'S TOO SLOW AND EXPENSIVE! Ok
  • And LOOK AT ALL THE SPAM the MEMPOOL WILL BE CLOGGED FOR YEARS! IT WILL BE UNUSABLE! Ok?
Well if any of those things were actually true, why are fees 1 sat/vB or around 15 cents flat-rate for a transaction of almost any size on arguably the world's most secure computer network.
We need to be honest with ourselves, Bitcoin doesn't need "scaling" it needs education, and the reason for low Merchant Adoption isn't "high fees" (especially opening Lightning channels) it's lack of demand for real-world use and lack of foresight on the part of Bitcoiners or the Public.
Let's not ignore the evidence: using Bitcoin 'in the daily world' for transactions is relatively rare and we need to ask honest questions as to why.
Thank you
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122 sats \ 0 replies \ @kruw 12h
Excellent post! It's depressing that so many Bitcoin veterans destroyed their reputations by advocating for censoring "spam". Fortunately, their censorship efforts failed entirely, but their pitiful whining set back Bitcoin adoption.
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100 sats \ 1 reply \ @k00b 19h
Open thine zap locker
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0 sats \ 0 replies \ @028559d218 OP 19h
Just did!
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26 sats \ 0 replies \ @random_ 15h
Confidently wrong.
No technical expertise.
Plus ur bald.
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10 sats \ 0 replies \ @TheBTCManual 13h
1-4 sat per vbyte is great I'm enjoying it while it lasts but for how long does it last and what is the trade off happening here? To have this low fees is a result of millions of bitcoin trades settling through exchanges, ETFs, and even other chains with WBTC so that demand for block space is removed for now
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0 sats \ 0 replies \ @ndLightningBoy 4h
High fees aka as demand for Bitcoin blockspace is probably the best indicator of how well the Bitcoin network is doing. Hash rate will become a function of demand in the not to distant future.
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0 sats \ 0 replies \ @eduardopro 12h
The blockchain is still bloated.
The nodes will still have to carry their idiotic spam until the end of time.
And the Wizards and Bitcoin Magazine did scam their audience.
The Bitcoin network still needs to update the filters.
Any day now an unscrupulous VC will fund low vibrational Bitcoiners and the spam will return.
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0 sats \ 0 replies \ @catdaddysoprano 16h
Today I learned about inscriptions AND how to identify them on mempools - thanks SN 😸
I will say though, as this all seems tied to the uptick in UTXOs... Having triggered a 'repair UTXOs' run on my Raspiblitz, the majority of the slowdown in executing this repair happened when I hit the wall of UTXOs in 2023.
There does seem to be some validity, at least from where I'm sitting, to the little guy being bogged down by UTXO bloat due to these inscriptions.
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0 sats \ 2 replies \ @OT 19h
I'm ok with people doing inscriptions/runes on other chains. The bloat on the IBD is a real thing.
The low fees make me wonder if this is a fake bull run. Like the 2nd pump in 2021, the onchain fees went right down with the price going up.
Or it could also be that we just aren't doing a good enough job convincing people to take self custody of their sats.
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199 sats \ 0 replies \ @028559d218 OP 19h
I think of it this way... what is the censorship resistance, the privacy, and the self-custody worth? Because all those things are "baked into" the price of Bitcoin.
However the ETFs, the biggest recent buyers don't offer any of that.
Combined with the low 'on-chain' fees, it seems apparent that most people want a speculative commoditiy and an inflation hedge. Inflation-resistance being compared with Gold, Bitcoin's analog sister, depending on how Bitcoin trades relative to Gold.
If it trades 'up' in uncertainty then it's like "gold" to the markets at least. If it trades "down" like a tech stock... then the markets don't understand it yet?
I don't know if it's like 2021. ETFs didn't exist then, and my understanding is that "solana VCs" and probably FTX too had something to do with it. When will the gambling stop is a better question...
As far as the inscriptions, it's a technical question. Blockspace alone isn't an impediment as blocks were 'built bigger' to be 4mb anyway. It's the UTXO size on lighter hardware and that's a technical thing
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0 sats \ 0 replies \ @xz 17h
I tend to think the opposite. Less transaction demand = more hodling
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0 sats \ 0 replies \ @Scoresby 19h
Well said.
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0 sats \ 2 replies \ @0xbitcoiner 19h
WTF
https://mempoo.space/block/881408
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42 sats \ 1 reply \ @028559d218 OP 19h
Bitcoiners aren't willing to pay 1 sat/vbyte or 15 cents for a transaction to 'outbid' Jpegs...
But the Jpeg people will pay 69$ equivalent (fee) to send 59 cents. Who has the incentives here? And why are the jpeg people willing to pay so much, when Bitcoiners can't pay so little?
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0 sats \ 0 replies \ @0xbitcoiner 19h
jpeg people are fokin crazy. I can't explain it better
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0 sats \ 0 replies \ @joda 5h
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