Told you it wouldnt last. Should calm down soon tho.
Login to reply
Replies (40)
It's because Babylon staking: 
Babylon - Staking Dashboard
Staking Dashboard
Holy shit, what scam are they pushing now?
Not a scam. It's names on bitcoin. They have gone down to 12 (i think) characters. So there is competition for utxos. But the good news is that these are all prunable OP_RETURNS so nodes dont need to store it. Should calm down in a few days. That's not to say they dont have scams planned! But this spike was known.
Where do they sell these names? And how is it scarce enough to use that much money in TX fees?
They dont sell them. It's bitcoin native names. Anyone can make one. If you use one of their wallets they might charge you a slightly higher fee. But just make your own tx. And you own that name forever, according to the spec. We've been missing names on bitcon for ages. They actually stumbled upon some innovation. You format the OP_RETURN according to the spec, and you get to own the character string if you are first. This is useful for a lot of things, including with nostr.
Not scam, it's bitcoin staking of Babylon:
Babylon - Staking Dashboard
Staking Dashboard
I don't get it tbh. What is this spec called so I can try to understand it?
Oh! Didnt know this, thanks!
Thanks, didnt know this, I thought it was the next season character shortening. Lucky it's only 5 blocks! I will read more.
Sir this is a scam lmfao
So shitcoin networks will supposedly piggyback on the security of bitcoin's blockchain by "staking" BTC? Sounds like a scam to me
Like really scammy
OK I may have been wrong. Looks like it's a 5 block auction. I need to read more about this.
Same
Wise to assume everything is an attack until proved otherwise. Let's keep thinking adversarially. Thanks! Luckily, I think this one is only 5 blocks.
Like really really really scammy
Did you read about it?
Did you read about it?
Did you read about it?
I see the "it's prunable so it's okay" argument all the time. People don't realize that we NEED full nodes that aren't pruned.... if majority of nodes get pruned the network will eventually die.
Crypto
Proof of stake
Do u know these are all synonymous with scam?
Its easier to earn Bitcoin on nostr
And on @Stacker News
Did you read the paper?
Yep, thanks for presenting a good argument. That's the only way we can make bitcoin the best it can be. More civil on nostr than on X! I'm generally strongly against spamming the blockchain, especially with assinine inscriptions I view OP_RETURNs as a more nuanced thing. I was orginally against OP_RETURN when everyone else was for them, until they justify a use case. Names on bitcoin might be that use case. I can see utility in my applications, let's say I want to eliminate spammers and give users their preferred name, an OP_RETURN can give a (nostr) user proof of existence, and some skin in the game. I remain open to facts and logic. Thanks!
💯
🧐🧐🧐
Not worth it with all those filthy scam words on the main page.
My time is too precious.
😂🤣😬
Idiots keep reinventing the wheel. The site stated There is no reward for this “staking”
WHY THE FUCK ARE PEOPLE SO STUPID?
Hope they lose all their bitcoin
This is an attack on bitcoin.
You don’t need the btc blockchain for this. Encryption, alone, is enough. This is why nostr works without any kind of dependency. This is a total scam.
This is just another form of nfts / inscriptions / scams. It’s a collectible. Oh, but “it’s on the blockchain!” It’s irrelevant. The only thing that makes a utxo worth anything is the underlying btc that can be spent. Any thing attached to it is just noise filling up block space.
😂
If it's not a scam, where the yield is coming from?
So, basically you are defending this because you read the literature created by the marketing people, but can't explain where the yield is coming from?
I forked the spec and took all the best names so I can sell them too.