With every argument you keep proving to me that you fundamentally misunderstand what money is, despite having written an entire book on the subject. Bitcoin is not “just a ledger,” as you’ve claimed in the past. Bitcoin is a monetary good, a decentralized payment network, and a censorship-resistant currency all in one. It’s a full-stack monetary system, not a spreadsheet.
From economics perspective, money emerges from the market as the most saleable good. Bitcoin fits this because it optimizes for scarcity, verifiability, and portability. Turning the blockchain into a dumpster for arbitrary data directly contradicts these foundational principles. It bloats the system, undermines its monetary utility, and creates financial friction for actual users.
Bitcoin *is* the most spam-prone system in the world. That’s the price of having no centralized party to manage or steer usage. And that’s exactly why its culture has always been hostile toward non-monetary use of the blockchain. Every byte of nonsense stuffed into blocks competes with real monetary transactions, increasing fees *unnecessarily*, straining bandwidth, and degrading node accessibility. That is not neutrality, it is misallocation and *abuse*.
This isn’t a technical debate, it’s an economic one. Austrian economics warns about malinvestment (capital being misallocated due to distorted incentives). JPEGs, tokens and other data on Bitcoin are a textbook examples of that. They waste block space, misalign incentives, and sabotage the very foundation that gives Bitcoin value: its usability as money and its decentralization.
If you make it expensive or difficult to run a node, you centralize validation. Most miners don’t run full nodes or create their own block templates. They outsource that to a handful of mining pools, most of whom are already flirting with KYC and OFAC. You let guys like that dictate consensus and the 21M becomes meaningless. That’s how Bitcoin dies. Not with a bang, but with friction, complexity, creeping node centralization and ruined culture.
Your current stance is pure cope. It betrays a deep ignorance of the very economic principles you claim to understand. Bitcoin is money. Everything that weakens its monetary properties weakens the entire value proposition. As a prominent influencer loved by many Bitcoiners you should do better.
bitman / Bitman #FixTheFilters
npub1x9…hcsg7
2025-05-24 18:49:43
in reply to nevent1q…59ke
Author Public Key
npub1x9q89st049pnuym57ch9kqkgzcu5dmff32wduwc4g9gnc2w3nlls8hcsg7Published at
2025-05-24 18:49:43Event JSON
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"content": "With every argument you keep proving to me that you fundamentally misunderstand what money is, despite having written an entire book on the subject. Bitcoin is not “just a ledger,” as you’ve claimed in the past. Bitcoin is a monetary good, a decentralized payment network, and a censorship-resistant currency all in one. It’s a full-stack monetary system, not a spreadsheet.\n\nFrom economics perspective, money emerges from the market as the most saleable good. Bitcoin fits this because it optimizes for scarcity, verifiability, and portability. Turning the blockchain into a dumpster for arbitrary data directly contradicts these foundational principles. It bloats the system, undermines its monetary utility, and creates financial friction for actual users.\n\nBitcoin *is* the most spam-prone system in the world. That’s the price of having no centralized party to manage or steer usage. And that’s exactly why its culture has always been hostile toward non-monetary use of the blockchain. Every byte of nonsense stuffed into blocks competes with real monetary transactions, increasing fees *unnecessarily*, straining bandwidth, and degrading node accessibility. That is not neutrality, it is misallocation and *abuse*.\n\nThis isn’t a technical debate, it’s an economic one. Austrian economics warns about malinvestment (capital being misallocated due to distorted incentives). JPEGs, tokens and other data on Bitcoin are a textbook examples of that. They waste block space, misalign incentives, and sabotage the very foundation that gives Bitcoin value: its usability as money and its decentralization.\n\nIf you make it expensive or difficult to run a node, you centralize validation. Most miners don’t run full nodes or create their own block templates. They outsource that to a handful of mining pools, most of whom are already flirting with KYC and OFAC. You let guys like that dictate consensus and the 21M becomes meaningless. That’s how Bitcoin dies. Not with a bang, but with friction, complexity, creeping node centralization and ruined culture.\n\nYour current stance is pure cope. It betrays a deep ignorance of the very economic principles you claim to understand. Bitcoin is money. Everything that weakens its monetary properties weakens the entire value proposition. As a prominent influencer loved by many Bitcoiners you should do better.",
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