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389 sats \ 10 replies \ @petertodd 19 Nov 2023 \ on: deleted by author bitcoin
My comment on Twitter:
Notice how BRC-20 users are far from the only people paying high fees.
This is evidence that many Bitcoin users aren't very price sensitive, and are willing to pay much higher fees if necessary. Which makes sense: there's always been a steady stream of txs paying much higher fees than necessary, from users who don't care enough to get better wallet software. Equally, there's always been plenty of high value transactions, where even $10 fees are insignificant compared to the total value being moved.
Sometimes things have a premium. If that is a deterrent, is it really worth buying?
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Hi Peter, ignorant pleb here.
Does activity like this sway your tail emission opinion at all? Surely as bitcoin proliferates we will be consistently surprised by what people are willing to fill up block space with as is evident here.
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No it doesn't. I don't think activity like this is sustainable. BRC-20 is basically only used for scams, and the supply of suckers isn't infinite; notice how hype around inscriptions has died down. Hysteria around it "breaking Bitcoin" seems to have been part of the marketing too, which is a gimmick. This also may be an intentional attack on Bitcoin, with the BRC-20/inscriptions/etc part being just cover.
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hahaha check this out
One sats sold for 3.5BTC LOL
These people are insane.
https://primal.net/e/note1pwzlj40zr0vv7kpx9ux6ph0xm7z08gf5drglufj43yxkj0kykmvse6eq9q
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How do we know its not the same person? (washtrading?) Back in the days tons of shitcoiners were doing that with NTFs to artificially inflate the prices.
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This.
Ultimately we don't know. A lot of this BRC-20 activity could be fake. Possibly almost all of it.
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could be, but that doesn't mean other idiots will not buy it from him... for even more BTC
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It's a win for me either way.
- Idiots sell their bitcoin for worthless BRC-20 shitcoins.
- Those who mint these shitcoins are paying exorbitant premium fees.
- Miners are content with the increased fees.
- When a sat-stacking turbo mode toxic maxi acquires these sats, they are essentially removed from circulation, resulting in reduced liquidity.
- Once overall liquidity gets low enough, the fun begins.
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Also: we learn how to deal with high fees, as well as unpredictable fees.
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I guess people who have larger amounts of bitcoin don't mind paying 20-50k sats.
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