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30 sats \ 1 reply \ @028559d218 OP 8h \ parent \ on: For those of you who do not know or do not care.... bitcoin
But to me this is an improvement on what we had in summer of 23/24(?) when fees were skyrocketing to hundreds of sats/vb due to people minting runes or ordinals or some other bulls***.
I agree with you it is 'better'.... However I think we should be really really clear on our language. No-one "minted" anything on Bitcoin. There are no "runes" on Bitcoin, or "ordinals" on Bitcoin those things don't exist.
They could be called Runes Dunes Moons Prunes Loons... it's a little arbitrary data that is "interpreted" to bestow ownership of 'tokens' that aren't on Bitcoin that have NOTHING to do with Bitcoin. No "token" was EVER actually put on or added to Bitcoin's ledger.
Inscriptions are the same... they're just arbitrary data that people think they can own, it's technically and economically incoherent. Those JPEGS are infinitely reproducible they cannot be 'owned' and it's all technical nonsense.
I think mempool.space has done Bitcoin a 'disservice'... "naming" the "runes" and "inscriptions" as such because they don't actually exist... they're a kind of crypto scam that will be forgotten in a few years.
At least with the low fees, the network is usable for transactions for those who want to.
True however it also shows that people are not learning their history, that the 'educational' process is slower than it needs to be.
I do think it's concerning that there's no demand for on-chain economic transactions. However, this extremely tiny amount of on-chain economic transactions bodes well for the scalability of the network
The network is scalable... and one day eventually the fees will be very high but we aren't there yet.
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0 sats \ 0 replies \ @SimpleStacker 7h
Agree, inscriptions, ordinals, runes... they're all crap to me.
I guess what's a good sign to me is that minimal block space is needed for all the lightning tx's that are going on currently... which from what I can tell LN use is still increasing... suggests that blockspace should be plenty to onboard new lightning users
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