Thanks Ian, great video. How did this Runes spam protocol get into Bitcoin core and what version? Is there a way to run a node with version of Bitcoin that filters this BS out ... knots perhaps?
The opcode OP_RETURN which Runes uses has been around for quite some time (and is also what OG protocols like Counterparty use) - I think since at least 2014? Runes does also use Ord (a software client that is separate to Bitcoin Core) which has only been around since the start of Ordinals. If you want to filter it looks like you can do so with the following x.com/lukedashjr/status/1781749769431650700?s=46&t=FY_o4CV6fruf1w2-eEIzLQ
If Bitcoin is destroyed by these things, then we have a real problem! The silver lining is that this is forcing the community to think through potential scaling solutions at an accelerated rate
Ordi is a BRC-20 token which is a fungible token standard within Ordinals. They inscribe - and I’m not joking - JSON objects into bitcoin trxns which contain the metadata associated with the token and action being taken (eg mint, transfer, etc). So no they’re not unique because they’re kept track of as part of a total supply of the token, but it’s a terribly inefficient way to do fungible tokens on bitcoin
So true. Bitcoin has many enemies who prey on naive users and weaponise them against the network. It's just another phase but I wish there was consensus to filter this spam.
I saw just today the first stablecoin rune proposal so I’m sure we’ll see different use cases but I suspect memecoins will continue to be the predominant one… I’m personally most bullish on Taproot Assets for stablecoins (on Lightning)
Splicing is resizing of an existing channel which unfortunately still requires the same on-chain trxn and cost as opening a new one from scratch (you’re right splicing does save on fees in the long-run primarily by being able to use channels for longer and thus not have to close channels and incur those fees)
Won't the bitcoin trapped in these runes/ordinals UTXOs become unusable with high transaction fees? Aren't they basically burning bitcoin by creating these shit tokens with dust bitcoin inside them?
There’s the protocol-level dust limit which a UTXO absolutely cannot be smaller than and an economic dust limit wherein it would take more sats in trxn fees than are in the UTXO itself. My understanding is that wallets that support this are designed to navigate both of these things, but it definitely leaves open more room for error if people don’t know what they’re doing.
When you said, "You may not be interested in runes, but runes is interested in you," I was like "🤨Really? How?" But then you explained about the higher on-chain fees with even more spam in the mempool. So...thanks for the warning, I guess.
runes are gay
Most liked comment 😂
Thanks Ian, great video. How did this Runes spam protocol get into Bitcoin core and what version? Is there a way to run a node with version of Bitcoin that filters this BS out ... knots perhaps?
The opcode OP_RETURN which Runes uses has been around for quite some time (and is also what OG protocols like Counterparty use) - I think since at least 2014? Runes does also use Ord (a software client that is separate to Bitcoin Core) which has only been around since the start of Ordinals. If you want to filter it looks like you can do so with the following x.com/lukedashjr/status/1781749769431650700?s=46&t=FY_o4CV6fruf1w2-eEIzLQ
You can configure your node to not relay transactions with OP_RETURN outputs. It's an easily selectable option on Umbrel for example.
Feel sad to destroy Bitcoin by all these Runes and inscriptions
They could have upgraded the protocol than spamming the network for nothing
If Bitcoin is destroyed by these things, then we have a real problem! The silver lining is that this is forcing the community to think through potential scaling solutions at an accelerated rate
@@IanMajor they've been thinking and warring about that for years. Bitcoin miners control Bitcoin and they like high fees. Never going to change.
Why is there an Ordi token? Shouldn't this be something like an NFT and therefore unique?
Ordi is a BRC-20 token which is a fungible token standard within Ordinals. They inscribe - and I’m not joking - JSON objects into bitcoin trxns which contain the metadata associated with the token and action being taken (eg mint, transfer, etc). So no they’re not unique because they’re kept track of as part of a total supply of the token, but it’s a terribly inefficient way to do fungible tokens on bitcoin
Each cycle has a scam. ICOs, NFTs and de-fi, now runes and rare sats 😂
So true. Bitcoin has many enemies who prey on naive users and weaponise them against the network. It's just another phase but I wish there was consensus to filter this spam.
It’s fascinating. Human appetite for speculation is one of the few constants!
Can you do something useful with these rune coins? Like issue stable coins?
I saw just today the first stablecoin rune proposal so I’m sure we’ll see different use cases but I suspect memecoins will continue to be the predominant one…
I’m personally most bullish on Taproot Assets for stablecoins (on Lightning)
The only big name I can find talking about fees. And predictively?! This was the real action this time!
Was insane to watch… I’m actually pretty surprised they’ve come down as far as they have
I belive Phoenix is doing splicing rather than opening new channels which incurs lower on-chain fees.
Correct me if I understand that wrong.
Splicing is resizing of an existing channel which unfortunately still requires the same on-chain trxn and cost as opening a new one from scratch (you’re right splicing does save on fees in the long-run primarily by being able to use channels for longer and thus not have to close channels and incur those fees)
Great video! Thanks for the information and recommendations Ian!
🙏
Great share.
Runes is more garbage benefitting the miners.
The mempool better become interesting. I'm staying up late for it. It's my first halving.
congrats
I guess +2,100 sat/vb
@@floriangoldschmied9231 crazy
@@floriangoldschmied9231 Correct😂😂
Legendary comment 😂 ended up shattering fee records - hope you enjoyed the show!
Thx a lot for your video!
🫡
Won't the bitcoin trapped in these runes/ordinals UTXOs become unusable with high transaction fees? Aren't they basically burning bitcoin by creating these shit tokens with dust bitcoin inside them?
There’s the protocol-level dust limit which a UTXO absolutely cannot be smaller than and an economic dust limit wherein it would take more sats in trxn fees than are in the UTXO itself. My understanding is that wallets that support this are designed to navigate both of these things, but it definitely leaves open more room for error if people don’t know what they’re doing.
When you said, "You may not be interested in runes, but runes is interested in you," I was like "🤨Really? How?"
But then you explained about the higher on-chain fees with even more spam in the mempool. So...thanks for the warning, I guess.
I’m actually surprised fees have come down as much as they have already, though I suspect we’ll continue to see bouts of this going forward
Very informative
thanks for your efforts🧡
watching this video 55 blocks before halving :)
🙌 you were here. Hope you enjoyed the show
😮😮😮😮
Runes sounds like garbage!
Seems like Bitcoin somehow got cancer while I wasn't paying attention. 🤣
Thanks for the video 🫡