Looking at the mempool, while things have 'cooled down' from a year ago (December of '23) why are people still ****coining with BRC-20s and inscriptions?
Noone, and I mean noone, believes that inscriptions, runes, and BRC-20s have long-term value. They are a greater fool's game and short-term gambling tokens at absolute best. No different from memecoins on Solana and anywhere else and yet...
The number 1 payer of high fees on the Bitcoin network is runes (op_return) and inscription (BRC-20 JSON) gamblers. They are happy to pay 20, 30, even 40% of a transaction in fees if not more. While most Bitcoiners don't want to pay 'high fees' for monetary transactions any more than absolutely necessary... the gambling/runes/BRC people seem to just not care.
50$, 100$, 200$ for a transaction to literally send... 50 Cents worth of Bitcoin (that's dust due to the UTXO size) and that's "ok". I mean HOW CRAZY is that???
And yet... these amounts, these fees, would be outrageous, uneconomical and far too high for all but the largest transaction sizes for most Bitcoiners.
I guess what I'm getting at is that ****coiners and gamblers with Runes and Inscriptions (BRC tokens in particular) are still here, they feed off of exchange-rate speculation of actual Bitcoin and they care nothing about Bitcoin itself. They are still wasting very large amounts in fees to create and market... absolutely nothing (memecoins) and in the process output many many small UTXOs that are economically unspendable.
Bitcoiners don't want to pay high fees, and we expect that other people won't either. And yet... the memecoin people have absolutely no qualms or reservations about doing so, even today (although fees have cooled somewhat since a year ago).
In summary, I am off the belief that the "free market" will determine the best use case for blockspace and that a monetary designation is by-far the most compelling, efficient, and sustainable long-term. It is the only thing that 'makes sense' and is 'sound'. Anyone saying that NFTs are 'here to stay'... is an idiot or a scammer or both.
Perhaps people's brains are just built different... however it seems non-nonsensical to me to waste money earned from hard work on garbage, gambling, jpegs, and meme-tokens it's just dumb and doesn't make any sense. The risk-reward calculation is absolutely piss-poor and overwhelmingly to the negative in every way.
Any yet... people are still doing it, without any reservations with regard to paying lots in fees just to play casino. It doesn't make any sense and I though it would stop by now, although I absolutely think it's unsustainable long-term.
Users of Bitcoin must have a much higher appetite for fee-paying than imagined... but it still surprises me how much people are willing to pay just to create thousands of dust outputs that no-one really wants.
It's crazy.
Thank you.
What are your thoughts on this?
