I see it like this:
What is our purpose or objective?
We want bitcoin to be the world’s money because when the world adopts a hard money, there will be fewer wars, no inflation stealing people’s retirements, and more long-term thinking.
Yes, runes and ordinals create demand for block space, but does that help us further our goal?
What are the pros?
The extra money paid to miners does incentivize more investment in mining and increase the network hashrate. In theory this provides more security to the network.
What are the cons?
It seems these fees are encouraging mining pool centralization through back channel payments (“MEVil”).
Higher fees are preventing people around the world from using bitcoin as money. Transactions for lower value amounts will be delayed or won’t be feasible.
My conclusion
I view these “innovations” as a net negative because I don’t believe these new protocols increase bitcoin’s use as money and I don’t see the benefit to growing the hashrate artificially.
techfeudalist /
npub1nz3…yxqu
2024-04-20 06:04:59
in reply to nevent1q…pf3q
Author Public Key
npub1nz3cd3mx4jf9paxwrdgqvchaprjdge9pj9t58mkusw74q5saajkqu0yxquPublished at
2024-04-20 06:04:59Event JSON
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"pubkey": "98a386c766ac9250f4ce1b500662fd08e4d464a1915743eedc83bd50521decac",
"created_at": 1713585899,
"kind": 1,
"tags": [
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"content": "I see it like this:\n\nWhat is our purpose or objective? \n\nWe want bitcoin to be the world’s money because when the world adopts a hard money, there will be fewer wars, no inflation stealing people’s retirements, and more long-term thinking. \n\nYes, runes and ordinals create demand for block space, but does that help us further our goal?\n\nWhat are the pros?\n\nThe extra money paid to miners does incentivize more investment in mining and increase the network hashrate. In theory this provides more security to the network. \n\nWhat are the cons?\n\nIt seems these fees are encouraging mining pool centralization through back channel payments (“MEVil”). \n\nHigher fees are preventing people around the world from using bitcoin as money. Transactions for lower value amounts will be delayed or won’t be feasible. \n\nMy conclusion \n\nI view these “innovations” as a net negative because I don’t believe these new protocols increase bitcoin’s use as money and I don’t see the benefit to growing the hashrate artificially.",
"sig": "79cc1709b4b8ecba87569f5de3c427e55fb7ff0c299124da1f8fc7dbea56516ba119f663960407e0347124cac32ec9067c520b30a6f743e31bc704682ee7de51"
}