Damus
hodlonaut profile picture
hodlonaut
@hodlonaut
Premise: Bitcoin's core value is to be Money. As pristine money as possible.

Fee competition and congestion due to grift spam works as a tax on monetary use, which is obviously negative towards being pristine money.

But more seriously imo is that using Bitcoin for other purposes than money, introduces hidden economic dilution/inflation.

Spawning thousands of competing tokens, memecoins and NFTs on Bitcoin, leveraging its security and reputation, diverts capital and attention from BTC itself.

Speculators and normies chase these derivatives out of greed, instead of holding BTC for its scarcity and monetary properties.

This is like expanding the "pie" of BTC as a value carrier with junk assets. BTC's monetary premium gets diluted as the chain becomes a crowded data/token platform rather than pristine money.

Conclusion: Any standardizing or facilitating of non monetary use of Bitcoin undermines its core mission and value proposition.
2719❤️46🤙4👍2💯2☦️1♥️1
Branca · 13w
Bip 110.
David Cavan Fraser · 13w
I think the vast majority of bitcoiners are in full agreement. The next question is: to what extent is a given proposal able to reduce / eliminate the non pristine use cases in a net positive way? That deeply technical question is above my pay grade. What’s frustrating me is the ad hominem argu...
🇮🇹Davide btc ⚡ · 13w
well reasoned. the illusion of infinite scalability always carries a hidden cost: dilution of the core.
Tauri · 13w
You are correct. Mises was thinking like you. https://blossom.primal.net/6d1555cce06ce24befe8671bbf5c5ead5537f58eeb4fb0f38bc9510c4624935a.jpg
Yodlonaut · 13w
Down with Core! 🔥
arild · 13w
I agree 100% on this
MrHodl · 13w
Sounds like you don't like bitcoin. That's a perfectly fine opinion to have. Countless of shitcoiners didn't like bitcoin either. So what did they do? They changed the consensus rules that fits their morals. #FiltersUp #BIP110
BangBitcoin2 · 13w
“Me thinks the Hodlonaut doth protest too much” Bitcoin is already a force of nature. It is your self importance and over thinking — that is the true dilution. nostr:nprofile1qqszn77qtt8wvu0m27gc9j3nkrjpk32mk8u4vjus50v09uuaacljw7gpz9mhxue69uhkummnw3ezuamfdejj7qg6waehxw309ac8junpd45kgtnxd9...
Deleted Account · 13w
agreeing with you here its a problem that stems from the existence of “easy” money through sophisticated financial engineering tools. a first world problem that will continue to exist until western world fiat money loses its value over several decades maybe longer - the ones who benefit from ...
zBTCowany BIP110 · 13w
And that’s why we BIP-110. Not sure why you have deleted your “badge”.
DrDaniel ⚡️ BIP110 · 13w
This is why the price has been flat since ETFs and treasury companies launched. This is what we mean by paper bitcoin.
Fargo · 13w
The mempool is empty bruv
Marius · 13w
Bitcoin is not usable as money, that's the problem. It turned into store of value or digital gold, whatever you want to call it.
rieger_san · 13w
Inflation 😂😂😂 Okay tell me where the new sats are coming from
McCoy · 13w
Taproot not worth it? Honest question
Pedro · 13w
These all shitters just need to move to Lightning network and Spark layer
William_The_French · 13w
As with all systems, the problem is humans; can’t fix humans, simplify and fortify the system (and let the mouth breathers choke and their greed).
Chad Lupkes · 13w
I 100% agree with the idea that nobody should ever use the Bitcoin blockchain for anything other than financial transactions. There is plenty of space given the 100 bytes of the Coinbase and 83 bytes of the OP_RETURN to reference anything that anyone wants to do off chain. That said, I also have a ...