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102 sats \ 12 replies \ @optimism 13 Jul \ parent \ on: What Do You Guys See As the Best Metric of Bitcoin Adoption? bitcoin
Even if it's wizard jpgs?
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112 sats \ 11 replies \ @Scoresby 13 Jul
Yes. If it makes it into blocks, it means people are using Bitcoin (and also bitcoin).
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21 sats \ 10 replies \ @optimism 13 Jul
Yeah I think the difference between our thinking here is for me adoption is BTC adoption, not blockchain adoption. If people want to adopt blockchain they can go do that elsewhere afaic.
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98 sats \ 9 replies \ @Scoresby 13 Jul
Do you think there can be significant BTC adoption without full blocks (given current consensus rules)?
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102 sats \ 8 replies \ @optimism 13 Jul
Feels like a trick question. But yes, I think so, though I think it unlikely that in the face of significant adoption (as MoE) there will not be full blocks.
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97 sats \ 7 replies \ @Scoresby 13 Jul
It wasn't meant to be a trick question. I'm trying to understand where we differ.
for me adoption is BTC adoption, not blockchain adoption.
I understand you to mean by this that blocks full of jpgs are not adoption?
If yes, this extends to "only monetary transactions count as adoption."
I like monetary transactions, but I also think any transaction that makes it into a block ultimately increases adoption of BTC.
Imagine a world where ASCII art became wildly popular in China. This would not be using English as language, but it might increase the adoption of English in China.
Wizard jpgs in Bitcoin blocks are like this, except they are required to actually use bitcoin as money too (pay fees to miners).
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102 sats \ 6 replies \ @optimism 13 Jul
I understand you to mean by this that blocks full of jpgs are not adoption?
jpegs on the blockchain aren't BTC-as-MoE adoption, if anything, they are detractors. This is why (from how I understand it) Luke hates the spam.
I like monetary transactions, but I also think any transaction that makes it into a block ultimately increases adoption of BTC.
If blocks are full because of jpegs, the price of a transaction goes up without there being an MoE use-case. Inscribed jpegs are also much larger than regular transactions, so per-tx capacity goes down, and that means fees are bloated. Think of what this bloat does to the profitability of liquidity providers on LN, that may need to close a channel. It deteriorates the ecosystem unneccessarily.
Wizard jpgs in Bitcoin blocks are like this, except they are required to actually use bitcoin as money too (pay fees to miners).
What you're saying is basically the Parable of the Broken Window: graffiti isn't good for the economy just because some punks buy cans of spray paint and someone is employed to remove it. This is all money spent unproductively.
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