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150 sats \ 2 replies \ @orthwyrm 21 Jul 2023 \ on: Prepare Yourself for Scams "Built on Bitcoin" bitcoin

That video is kind of amazing. Nothing in it is new to us, of course. I'm just surprised that this scammer would go ahead and spell out the grift so brazenly.

I'm seeing a few narratives beginning to fester. Expect these to ramp up during the next bullrun:

  • Ordinals / BRC-20 are good because they drive up miner revenue. Whether or not this is true, it does not mean that misleading retail is OK.
  • Other Bitcoin tech that's actually useful will be shot down to make ordinals / BRC-20 seem better. I don't think it's a coincedence that scam peddlers tend to be hostile towards Lightning and now Nostr. Indeed they were hostile towards Bitcoin generally until they figured out how to shill tokens on it.
  • "Crusty toxic maxis don't want you to have any fun. Don't listen to them, and buy my shitcoin."
  • Indirectly other shitcoin enabling tech will be promoted (seeing lots of talk about drivechains recently)
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50 sats \ 1 reply \ @CoSatoshi 21 Jul 2023

I agree with your overall point, but I have just one small point of contention on this: "Ordinals / BRC-20 are good because they drive up miner revenue. Whether or not this is true, it does not mean that misleading retail is OK."

Agreed that "it doesn't mean misleading retail is ok" however, it absolutely was good for miner revenue. During the Ordinals spike, there were at least two blocks that I witnessed in which the mining fees matched and/or exceeded the block reward.

Again, I agree with your overall point so please don't misconstrue my post here.

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11 sats \ 0 replies \ @orthwyrm 22 Jul 2023

Yeah, poor wording on my part. The craze was unambiguously good for miner revenue!

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