Comparing scribbles on a bank note to spam on bitcoin is bizarre, comparing apples to oranges. Scribbles on a bank note do nothing to affect its functioning, while excessive spam absolutely affects/would affect bitcoin’s functionality.
Calling monetary maximalists “perfectionists” is another bizarre comparison. Wanting to keep bitcoin for monetary use over arbitrary data storage use has nothing to do with perfectionism.
Appreciate your concern for UTXO bloat, it’s real. But thinking that spam had its “peak” is misguided imo. Perhaps you haven’t seen the spammers chomping at the bit to have OP_RETURN limit removed, OP_CAT and a slew of other op codes added? Just like there was a spam lull in late ‘23, they lay low for a while and then return with force when they have some new way to fuck the timechain. Thinking scammers are done with bitcoin is exceedingly wishful.. (I hope I’m wrong and you can say I told you so!)
Bitcoin transactions will eventually outprice JPEGs *if* bitcoin still works.
At the root of this whole issue is miner centralization, so perhaps we can agree to work on supporting mining re-decentralization as ultimately critical to bitcoins long-term sustainability (and that will help take care of the spam issue as well)?
quotingI think JPEGs on the timechain are stupid.
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But the idea that they're going to hurt Bitcoin seems so weak to me. Like the US dollar can withstand people scribbling on it but Bitcoin can't?
In fact, the idea of Bitcoin as a glorious digital monument with some graffiti scribbled on it represents humanity pretty well. That's kind of us in a nutshell. Seems on-brand. Perfectionists trying to keep their little gardens tidy while trolls come in and find ways to mess with them anyway.
NFTs and memecoins already had their peak fad moments. People now know that they're non-scarce gambling toys rather than investments. It's just echoes of that peak now. The only thing that concerned me about the ordinals/runes period was the rapid UTXO bloat, not the blockspace usage, since the latter already has a consensus limit on it.
And if Bitcoin transactions can't outprice JPEGs in the long run, then it's just not that valuable. Bitcoin currently does about 1% of the gross settlement volume of Fedwire. That's peanuts. Imagine if it reaches a point where it does even like 10% of Fedwire. What would you pay to move a full bitcoin globally, permissionlessly, in 10 minutes, in a world where it's no longer a niche thing?