bitcoin

Powerful arguments for the 'meaning' of Bitcoin - What is going on?

028559d218

> They 'overpay' on fees all day long and they don't care. Still don't understand this.

Yeah purely for the perceived value of having your jpeg or "BRC-20" token. It's crazy.

> it's not that congested

Indeed, it isn't at all. I paid a 28k sats bill on-chain the other day because the merchant didn't support LN and I didn't cry.

> Wait, you're telling me that an inscription of that size... needs to be 'extraneously' more valuable than 60k sats? 
> [..]
> then at 10x demand for blockspace, at 20 sats/vb it's 600k sats to 'break even'?
> And if Bitcoin were 5x more valuable in exchange then... 600k sats is ~3000$.
> So the Jpeg has to be re-sell-able for at least 3000$ to 'break even'?

Exactly! Not break-even but make sense economically. Break even would be 1x - that too is crazy. But then... stupid algo-generated monkey pics go for millions - we live in an insane world.

> I agree with "doing nothing" when it's not clear what to do.

At least give people time for a chance to articulate their thoughts and talk it over. Which is happening on the mailing list right now, so that's great (even though I can't help but feeling that it's less active than it used to be.)