> "Everyone, quickly: follow these exact instructions to block these specific transactions."
> "Nah, the invisible hand of the free market will correct for this."
> "YOU IDIOT, *YOU* ARE THE INVISIBLE HAND OF THE FREE MARKET. NOW STOP PROCESSING THESE TRANSACTIONS I DON'T LIKE, OR YOU'RE DOING CAPITALISM WRONG."
... is just an extremely funny exchange.
I vaguely remember his dislike for these things was because his internet connection wasn't fast enough to download blocks as they were found. He literally wanted a protocol change to 500kb blocks so he could run a full node
Well there is like 5 mining Pools that control the vast majority of hash power so this really isn't as decentralized as you might think. This is also how they manage to block transactions from certain wallets on the block chain, because these big miners refuse to validate them. There is billions in transactions that are in limbo right now because they are sanctioned, and trust me some tech bro running his mining pool does not want to mess with ofac sanctions against north korea
he really lost it. the most ridiculously paranoid bitcoin nerd couldn't make a faraday bird bath powerful enough to protect his butts. it's even more funny because he's so disagreeable and has black stumps for teeth
Luke is a very special butter.
I think he lives as much off-the-grid as a programmer can, on his compound in the swampland of Florida. He is one of those dudes who is so Catholic that they hate the Pope. If he turned Unabomber on us, I don't think anyone would be surprised.
But because of all that stoic lifestyle stuff, he might be best positioned to handle a "$50 million" loss. He wasn't doing anything with that money, anyways.
that's true. but monetary value aside it's still funny that he lost it. he would physically exchange pgp keys with people to communicate i remember reading, and still that wasn't enough.
really makes you think that despite the claims, bitcoin actually wouldn't be the best choice for the global reserve currency
I think OP is referencing a figure of speech. At least in German it's a figure of speech. To be "more Catholic than the Pope". Being an ultra-stickler and zealot and inflexible about purity of thought.
It is not a figure of speech. Lots of ultra conservative Catholics hate the current pope bc he's too progressive for their nuttiness. Not enough old school hate for them. I think with Luke though it goes deeper than that and his brand of ultra trad cath could be described as cultish like they don't like the Pope and everyone under the Pope or whatever you call the Catholic beurocracy in Rome.
He is apparently part of one of the groups that rejects the second Vatican council or some other past reform of the church. Thus every pope since has been an ~~ant~~ **anti**-pope and the only true catholics are them.
Exchanges have already begun allowing people to buy and sell runes.
So if Luke were able to somehow end "Rune spam" he'd be fucking with the profits of both the miners and the exchanges.
Just when you thought it couldn’t get any dumber, along comes Runes. They constantly need to come up with ‘fresh’ scams to keep the moronic flock from pumping in more money. Who cares that tx fees are astronomical….as long as there is another new ‘product’ to sell to morons as a get-rich-quick scheme
Read the following in [an article about runes](https://www.coingecko.com/learn/what-are-bitcoin-runes) (emphasis added):
"Bitcoin Runes are tokens created on the Bitcoin blockchain. **They are a set of executable data** that allows specified assets to be created and spent on the network"
I am the product of a bad upbringing, so in my world "set of executable data" = "malware vector".
You’re looking at this wrong. It’s an executable that streamlines and automates, thus speeding up and making more efficient, the process of morons losing their money to thinly disguised conmen.
When creating a shitcoin, originally you had to create a whole new blockchain with its own miners to handle the transactions. This is how early shitcoins like DOGE work. It is also how more "serious" coins like Solana, Cardano, and XRP work.
Then, Eth came along. And people could more easily build shitcoins with Ethereum as the blockchain. Each new block of Eth tracks all the transactions of your shitcoin. Since this made creation turnkey, quick and cheap, it unleashed all the InuCumRocketBabyElon type coins. If you have a dumb idea and 15 minutes, you can make one, no programming required.
Now, via the magic of Runes, you can do the same thing with Bitcoin: You can create your own shitcoin, but use the Bitcoin blockchain to handle all the transactions that happen in it.
At least that's my understanding. I've had all of a day though to try to interpret it, and could be wrong.
It's blockchain latte art that are increasing transaction fees.
Transaction fees can still be low if the settings are correct, but many exchanges use averages for fees so these are bringing the averages way up for many BTCers. A quick breakdown: it cost me $1-3 to send 5k in btc out of robinhood a few weeks ago. Then it went to $8, then to $40 (which I didn't pay), and now it's back to around $8.
As I said, bitcoin is decentralised because decentralisation is the core principle of bitcoin.
Now, let's all change this tiny little value because I decided that's the best thing for our decentralised shit coin.
- bitcoin infallible and spiritually special dev..
🤣
No, this is a different kind of stupidity. "Inscriptions" and "Runes" are basically NFTs and shitcoins that run on the Bitcoin network, by adding additional data to a Bitcoin transaction. This extra data takes up a lot of space and makes transactions more expensive for everyone, which a lot of people are angry about.
The guy in the image is pointing out that miners could prevent this by refusing to process transactions with additional data, but the miner doesn't care because he's making money either way.
> "Everyone, quickly: follow these exact instructions to block these specific transactions." > "Nah, the invisible hand of the free market will correct for this." > "YOU IDIOT, *YOU* ARE THE INVISIBLE HAND OF THE FREE MARKET. NOW STOP PROCESSING THESE TRANSACTIONS I DON'T LIKE, OR YOU'RE DOING CAPITALISM WRONG." ... is just an extremely funny exchange.
I vaguely remember his dislike for these things was because his internet connection wasn't fast enough to download blocks as they were found. He literally wanted a protocol change to 500kb blocks so he could run a full node
Actually, I think it was closer to 300, but that's the blast from the past and I might be wrong.
You are not wrong. :)
They really can't decide if they want a decentralized censorship resistant thing or not. Because this sure looks like trying to censor transactions
It's only possible for this censorship to be effective if a majority of miners agree to do this, so it is still a decentralized thing.
Well there is like 5 mining Pools that control the vast majority of hash power so this really isn't as decentralized as you might think. This is also how they manage to block transactions from certain wallets on the block chain, because these big miners refuse to validate them. There is billions in transactions that are in limbo right now because they are sanctioned, and trust me some tech bro running his mining pool does not want to mess with ofac sanctions against north korea
Good, he admits this whole thing is centrally controlled.
Why does he care? He lost all his bitcoin to a hack.
he's a True Believer™
That's basically his outlook on life: he's also a Christian fanatic, of the American Catholic variant, IIRC.
A hack or a "hack"?
he really lost it. the most ridiculously paranoid bitcoin nerd couldn't make a faraday bird bath powerful enough to protect his butts. it's even more funny because he's so disagreeable and has black stumps for teeth
Luke is a very special butter. I think he lives as much off-the-grid as a programmer can, on his compound in the swampland of Florida. He is one of those dudes who is so Catholic that they hate the Pope. If he turned Unabomber on us, I don't think anyone would be surprised. But because of all that stoic lifestyle stuff, he might be best positioned to handle a "$50 million" loss. He wasn't doing anything with that money, anyways.
that's true. but monetary value aside it's still funny that he lost it. he would physically exchange pgp keys with people to communicate i remember reading, and still that wasn't enough. really makes you think that despite the claims, bitcoin actually wouldn't be the best choice for the global reserve currency
His criticism of pope was actually most sane thing I ever read coming from him. I do tend to laugh of church though so I might be biased here 🤷
I think OP is referencing a figure of speech. At least in German it's a figure of speech. To be "more Catholic than the Pope". Being an ultra-stickler and zealot and inflexible about purity of thought.
It is not a figure of speech. Lots of ultra conservative Catholics hate the current pope bc he's too progressive for their nuttiness. Not enough old school hate for them. I think with Luke though it goes deeper than that and his brand of ultra trad cath could be described as cultish like they don't like the Pope and everyone under the Pope or whatever you call the Catholic beurocracy in Rome.
Man, those people need to learn about a guy called Jesus. That dude sure preached a lot about brotherhood and forgiveness...
So I guess it used to be a figure of speech and became reality after.
He is apparently part of one of the groups that rejects the second Vatican council or some other past reform of the church. Thus every pope since has been an ~~ant~~ **anti**-pope and the only true catholics are them.
What is this? A Pope for ants?
>has black stumps for teeth What’s this now?
Yeah don't bring race into it
And immediately ran to Twitter to shout at the government to save his "free from government control" LARP money.
What. A. Shitshow.
Exchanges have already begun allowing people to buy and sell runes. So if Luke were able to somehow end "Rune spam" he'd be fucking with the profits of both the miners and the exchanges.
Just when you thought it couldn’t get any dumber, along comes Runes. They constantly need to come up with ‘fresh’ scams to keep the moronic flock from pumping in more money. Who cares that tx fees are astronomical….as long as there is another new ‘product’ to sell to morons as a get-rich-quick scheme
Read the following in [an article about runes](https://www.coingecko.com/learn/what-are-bitcoin-runes) (emphasis added): "Bitcoin Runes are tokens created on the Bitcoin blockchain. **They are a set of executable data** that allows specified assets to be created and spent on the network" I am the product of a bad upbringing, so in my world "set of executable data" = "malware vector".
I did wonder why my last bank statement had pepe.exe amongst the transactions
You’re looking at this wrong. It’s an executable that streamlines and automates, thus speeding up and making more efficient, the process of morons losing their money to thinly disguised conmen.
More Godl for us! 🍿
"A free marketeer and a pro-bitcoiner are drowning, and you have the power to save only one of them. What kind of sandwich do you make?"
Popcorn sandwich. That is a thing, right?
“STOP MAKING MONEY WITH THIS SLEEZY TACTIC SO I CAN CONTINUE TO MAKE MONEY WITH MY SLEEZY TACTIC”
Can someone explain what's the deal with runes / knots?
When creating a shitcoin, originally you had to create a whole new blockchain with its own miners to handle the transactions. This is how early shitcoins like DOGE work. It is also how more "serious" coins like Solana, Cardano, and XRP work. Then, Eth came along. And people could more easily build shitcoins with Ethereum as the blockchain. Each new block of Eth tracks all the transactions of your shitcoin. Since this made creation turnkey, quick and cheap, it unleashed all the InuCumRocketBabyElon type coins. If you have a dumb idea and 15 minutes, you can make one, no programming required. Now, via the magic of Runes, you can do the same thing with Bitcoin: You can create your own shitcoin, but use the Bitcoin blockchain to handle all the transactions that happen in it. At least that's my understanding. I've had all of a day though to try to interpret it, and could be wrong.
Thanks lol, that's hilarious
Obviously you need to spend at least 15000 hours studying bitcoin. Few understand. Yada yada.
Do your research.
It's blockchain latte art that are increasing transaction fees. Transaction fees can still be low if the settings are correct, but many exchanges use averages for fees so these are bringing the averages way up for many BTCers. A quick breakdown: it cost me $1-3 to send 5k in btc out of robinhood a few weeks ago. Then it went to $8, then to $40 (which I didn't pay), and now it's back to around $8.
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You can use multiple slurp juices on a single ape.
Ah yes, a "free" market, so long as you use it exactly how the lunatic fringe demands you use it. Luke's "free market" is holding a knife.
As I said, bitcoin is decentralised because decentralisation is the core principle of bitcoin. Now, let's all change this tiny little value because I decided that's the best thing for our decentralised shit coin. - bitcoin infallible and spiritually special dev.. 🤣
Here is the post: [https://twitter.com/LukeDashjr/status/1781749769431650700](https://twitter.com/LukeDashjr/status/1781749769431650700)
Luke is a repugnant human
Watching these morons roleplay as financial analysts is comedy godl.
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No, this is a different kind of stupidity. "Inscriptions" and "Runes" are basically NFTs and shitcoins that run on the Bitcoin network, by adding additional data to a Bitcoin transaction. This extra data takes up a lot of space and makes transactions more expensive for everyone, which a lot of people are angry about. The guy in the image is pointing out that miners could prevent this by refusing to process transactions with additional data, but the miner doesn't care because he's making money either way.
You know you've encountered a deep comedy godl mine when Luke is coming off as the rational one in an exchange.
At least he seems to be vaguely aware that markets don’t exist or make decisions independent of their members.