Congrats to every fence-sitter on the spam issue. Bitcoin is now officially used predominantly for non-financial purposes. If you’re economically illiterate — which I suspect most Bitcoiners are — this means Bitcoin’s monetary premium is now being heavily diluted. We can’t comfortably call Bitcoin digital gold anymore when gold’s monetary premium sits around 90%. In a little more than 3 years, Bitcoin went from ~99% monetary premium — almost perfect money — to arguably below 50%. We’re heading straight toward the digital silver narrative. If the trend holds, even digital copper won’t sound preposterous. Still wondering whether we need BIP-110? Keep the blinders on, plebs. You’ll never be free. View quoted note →

Replies (42)

Nym States's avatar
Nym States 2 months ago
I'm sorry you thought "almost perfect money" could be established in under 20 years. Bitcoin is software; a messaging network. Networks evolve and need time to grow. Your fear of mortality won't change this. Your fear of not being able to control how others use a network won't change this. It does no good blaming others for the fact that you've made the grave mistake of basing your identity/existence on an emergent form of money View quoted note →
test1's avatar
test1 2 months ago
Get rekt with knots
Default avatar
Me 2 months ago
I'm running knots, but my question is, what happens if BIP 110 fails? Will I be forced to store spam on my node even if I am running knots? Is it the end of the road for bitcoin if 110 isn't adopted?
To be honest, if BIP110 fails to be adopted by say October this year, I think Bitcoin will slowly but irreversibly head to a world of irrelevance, and I’ll probably sell most of my bitcoin around the next ATH.
umni's avatar
umni 2 months ago
Thought experiment move all transactions in and out of micro strategy and all ETFs on chain do any of the problems we currently see fade away?
Sugestor Ultra's avatar
Sugestor Ultra 0 months ago
Could it be used as a communication or bcast layer? This may actually be useful now when censorship will hit from age checks. Take a moment to assess possibilities here
It could, but then it would never be perfect money in this scenario. You can only choose to optimise for one usecase. Bitcoin was optimised for money from 2009 till 2023. Since then the development shifted towards data storage. The more data gets stored, the worse bitcoin becomes as money. It’s that simple.
Sugestor Ultra's avatar
Sugestor Ultra 0 months ago
You may be right, we have to boil governments like frogs, the same they do to us
It's just that some of us have started to see the degradation earlier than others. It's also why I know that the majority of current Bitcoin maxis will land in camp Monero within the next 1-2 years.
It's just that some of us have started to see the degradation earlier than others. It's also why I know that the majority of current Bitcoin maxis will land in camp Monero within the next 1-2 years.
I saw this as a problem a decade ago. It takes some time for the ego to heal the wounds of "only Bitcoin can save us macimalism" to a more pluralistic world view where you still have options and advances.
It’s amazing they can’t seem to understand that. Going to end up with another crew of retards that constantly attack bitcoin and call it a failure Can add bip110 (Luke’s vision) to the Bitcoin cash, bsv, ethereum, monero and every other shitcoin community
When #Monero faced the Mordinals issue the reaction was immediate and swift. The Monero community immediately rejected them and within an extremely short period of time, a release was made that stopped them. And the why is simple. It's because they made Monero less fungible and that was not acceptable.