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0 sats \ 2 replies \ @OT 29 Jan \ on: All the doomerism about Spam, Ordinals, Fees, and Txs being "too expensive"... bitcoin
I'm ok with people doing inscriptions/runes on other chains. The bloat on the IBD is a real thing.
The low fees make me wonder if this is a fake bull run. Like the 2nd pump in 2021, the onchain fees went right down with the price going up.
Or it could also be that we just aren't doing a good enough job convincing people to take self custody of their sats.
I think of it this way... what is the censorship resistance, the privacy, and the self-custody worth? Because all those things are "baked into" the price of Bitcoin.
However the ETFs, the biggest recent buyers don't offer any of that.
Combined with the low 'on-chain' fees, it seems apparent that most people want a speculative commoditiy and an inflation hedge. Inflation-resistance being compared with Gold, Bitcoin's analog sister, depending on how Bitcoin trades relative to Gold.
If it trades 'up' in uncertainty then it's like "gold" to the markets at least. If it trades "down" like a tech stock... then the markets don't understand it yet?
I don't know if it's like 2021. ETFs didn't exist then, and my understanding is that "solana VCs" and probably FTX too had something to do with it. When will the gambling stop is a better question...
As far as the inscriptions, it's a technical question. Blockspace alone isn't an impediment as blocks were 'built bigger' to be 4mb anyway. It's the UTXO size on lighter hardware and that's a technical thing
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