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A quick question - who is still buying this crap?
253 sats \ 18 comments \ @028559d218 8h bitcoin
Sorry for the negativity, but for the life of me I can't understand it.
If someone is spending 30k Sats (~ 30 $ US) to include this amount of arbitrary data in a transaction... They are planning on recouping their transaction fee by selling the 'data' (the NFT or picture or whatever) to someone else for way, way more.
Basically they are trying to sell the 330 sats they are actually transferring as way, way more than they are actually worth and after all you can right click on a jpeg. It doesn't make any sense.
Someone who 'buys' this Jpeg could just 'make' the same jpeg over and over and over again... its scarcity is infinite anyone can upload a picture of literally anything on the 'blockchain' as arbitrary data it doesn't prove ownership at all you can just... right click on a jpeg and 'save' it.
How does it make any sense?
Why is this crap still on Bitcoin? Honestly, I don't run a node to store this worthless crap/spam/scam on a harddrive. It's 'pretending' that arbitrary data constituting a picture makes the '330 sats' 'more valuable' by a factor of 100... which makes no sense.
Scribbling a cartoon picture on a tiny piece of gold doesn't make the gold '100x' more valuable... eventually it's just Gold and I can't understand why this delusion continues.
It's like the 'gift shop' version of fool's gold for... high prices as opposed to buying 'actual gold' bars and stacking them away or using them. I hope it doesn't negatively effect Bitcoin's success long term - the 330 sats are worth... 330 sats not something else.
Thanks.
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0 sats \ 14 replies \ @DarthCoin 4h
I always said: all that crap can fit perfectly on Liquid network.
But who knows... maybe even Blockstream is behind all this "wizards" crap movement, funding them, so will push people into using their defunct Liquid. Make Bitcoin onchain expensive with crap jpegs, then users will move slowly to Liquid. So their experiment finally will be used. Don't you see now some new wallets sneaking Liquid into their features, so people do not know what they are using?
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0 sats \ 13 replies \ @SwapMarket 4h
I don't work for Blockstream or "have bags of Liquid" to sell. I don't believe a link exists between Liquid and jpegs/runes/inscriptions. There are always crooks trying to rip off fools whichever way possible. I share your frustration with normies being distracted with shitcoins and scams, but that's life. I don't advocate that everyone uses Liquid, but I enjoy transaction obfuscation and atomic swaps it offers. Both Lightning and Liquid (or sidechains in general) were invented by Blockstream. They are smart guys I respect and enjoy learning from. Blockstream, Lightning Labs, ACINQ, Boltz etc, are not crooks, although they develop Bitcoin infrastructure for profit. Capitalism is what drives innovation, and you are free to use it or ignore. There is no conspiracy "to move everyone to Liquid" like you say, it is just a good tool for certain scenarios, and it is a form of Bitcoin, same as Lightning or Ark.
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0 sats \ 12 replies \ @DarthCoin 4h
I trust NO ONE of those...
were invented by Blockstream
No. Blockstream is just a company. Not the inventor of LN.
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0 sats \ 8 replies \ @SwapMarket 4h
ElementsProject is part of Blockstream afaik
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0 sats \ 7 replies \ @DarthCoin 4h
Yes but that is long way to say that "Blockstream invented LN"... You could say that Blockstream funded. It is a club and we don't know much details about... that's why I question everything and not take it for granted.
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0 sats \ 6 replies \ @SwapMarket 4h
Maybe, but Adam Back is the original cypherpunk behind proof of work. What they also do, is running free seminars for developers around the world:
https://liquid.net/bootcamp
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0 sats \ 1 reply \ @SwapMarket 4h
And if you think they make too much money, take their code and run it yourself at swapmarket.online ! )))
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0 sats \ 0 replies \ @DarthCoin 4h
yes I use sometimes swap.market but only to swap sats between LN channels and onchain. No liquid and tether crap.
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0 sats \ 0 replies \ @SwapMarket 4h
Haha, I know! But that is the beauty of FOSS: you don't have to trust the devs to run their code!!
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0 sats \ 1 reply \ @nym 8h
It’s trash to me, but one person’s trash is another’s treasure. It’s a usage complaint, not a vulnerability.
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7 sats \ 0 replies \ @028559d218 OP 8h
With respect... that explanation kind of falls apart because there have always been restrictions on arbitrary data.
The restriction to 80 bytes in op_return for example is limiting... Monkey pictures and cartoons are relatively big, right?
What I can't understand for the life of me is why fees aren't higher. The greatest demand is for 2 sats/vb meaning that... jpegs are cheap. Like 30,000 sats to upload a picture for the next 100+ years that's like the cheapest cloud storage ever.
Is this how cheap Bitcoin is going to be?
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0 sats \ 0 replies \ @td 4h
This is my favourite, and forgive the gross generalisation: Bitcoiners advocating freedom… just not that freedom because I don’t like it!
Let the guy do what he wants with his own resources, why does it bother you?
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