Runes will be worthless. Don't waste your precious BTC on huge fees. - page 4.

micaiOXS

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Quote from: examplens on April 22, 2024, 05:35:15 AM

Quote from: bbc.reporter on April 21, 2024, 10:30:34 PM

Also, do not be tricked by the hype being created on social media and on cryptonews media. Much of these hype are paid, they are not real. Everyone should always remember that you are the product. They are farming you to make more wealth for themselves. This is not about you or for the raising of your wealth. This is for getting wealth from you.

This news article is an example of these hype articles.

This goes in the direction of suspecting that the miners are behind this hype, they benefited the most from this euphoria. Roll Eyes

bbc.reporter

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Quote from: examplens on April 22, 2024, 05:35:15 AM

Quote from: bbc.reporter on April 21, 2024, 10:30:34 PM

Also, do not be tricked by the hype being created on social media and on cryptonews media. Much of these hype are paid, they are not real. Everyone should always remember that you are the product. They are farming you to make more wealth for themselves. This is not about you or for the raising of your wealth. This is for getting wealth from you.

This news article is an example of these hype articles.

This goes in the direction of suspecting that the miners are behind this hype, they benefited the most from this euphoria. Roll Eyes

That would be a very good argument and it might not be a conspiracy theory because the miners' earnings per block is -50% hhehehe. They also cannot easily leave mining because they have invested so much money already. They need to more resourceful.

I speculate that if one of the biggest Chinese miners begin selling their business, this will be a warning sign that mining will become more centralized faster than what we have witnessed.

Z-tight

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Quote from: Iranus on April 22, 2024, 07:40:29 AM

Don't you find it absurd that the people who benefit the most have nothing to do with it? Someone is trying to be charitable by trying to increase transaction fees when they are not the beneficiaries of this game but the miners.

Do you think the people who create and buy this shit don't think they can make a lot of money from it, surely they believe they can, and that is why they are in for something this worthless, you and i may know that this spam is worthless, but maybe not those who are into it.

Quote from: Iranus on April 22, 2024, 07:40:29 AM

Not all miners are in this game, but certainly a group of people came up with this idea to increase transaction fees to benefit from it.

This is a conspiracy theory that you cannot prove.

LogitechMouse

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Quote

Re: Runes will be worthless. Don't waste your precious BTC on huge fees.

Why there are still people getting attracted to these kind of investments?

TBH, I don't care how investors invest their money. What I don't like is these people trying to use Bitcoin for their own sake. First, it's the Ordinals that made the transaction fees of Bitcoin rise to a point where it's very much pointless to make a transaction of Bitcoin blockchain. Now we are seeing a "here comes a new challenger" moment in Runes where they are doing the same thing as Ordinals did in the past. Increase the transaction fees to a point where it's pretty much useless to transact using Bitcoin again.

Well, the hype (if there is) around these Runes sh*t will just die down in a few months like what happened to Ordinals and pretty much soon, we will see transaction fees of Bitcoin back to normal. As for now, like what we did when Ordinals increased the transaction fees, we need to find an alternative way to make transactions. Ordinals. Runes. More will be coming soon I guess? What's worse is there are investors who are investing on these type of sh*t.

Lucius

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Quote from: bitmover on April 22, 2024, 08:22:49 AM

~snip~
I see really low value in that shit

I don't doubt that there is an immediate or even short-term value of all this ordinal nonsense, but in the long term we can say that there is a high probability that this value will not exist because some new projects will push the old ones into oblivion. Someone has obviously found a gold mine and will dig in that mine as long as they can make a profit, and you can always sell the same junk to naive people just by changing the packaging.

bitmover

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Quote from: d5000 on April 20, 2024, 12:51:36 PM

Runes are one of the most hilarious* economic systems ever created, after perhaps BRC-20.

I was thinking about the bitcoin whitepaper and this cloud storage stuff

There is something interesting there

Quote

7. Reclaiming Disk Space
Once the latest transaction in a coin is buried under enough blocks, the spent transactions before
it can be discarded to save disk space. To facilitate this without breaking the block's hash,
transactions are hashed in a Merkle Tree [7][2][5], with only the root included in the block's hash.
Old blocks can then be compacted by stubbing off branches of the tree. The interior hashes do
not need to be stored

https://bitcoin.org/bitcoin.pdf

I think people are spending thousands of dollars in this "cloud storage", but most block explorers doesn't even show that data.
Also, in the future probably most nodes will be pruned...

I see really low value in that shit

DanWalker

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Quote from: Jawhead999 on April 22, 2024, 07:51:06 AM

A buyer will want to buy the cheapest one, so it will make the seller to keep decrease the price in order to attract the buyer. Sooner or later, Runes will be worthless.

But the opposite scenario can also happen, if someone uses a large amount of money to bump prices, and people will not want to miss out and they will Fomo to buy at a higher price.

Yes, eventually all these things will go away and no one wants to talk about them but in the near future, they won't go away anytime soon because someone made the game and they won't stop anytime soon until they make enough profit. By the way, if you check bitcoin transaction fees, they are decreasing, I see things cooling down and maybe RUNEs will end soon.

Jawhead999

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I'm curious what's exactly the reason why someone want to buy Runes?

Look at this picture, all of them are same, the difference is someone willing to sell their Runes at x price while the other sell at y,z price. Let's say I mint that Runes and sell it for 150 sats/Bitcoin, now the question is, what's the possibility someone who buy my Runes among other Runes?

A buyer will want to buy the cheapest one, so it will make the seller to keep decrease the price in order to attract the buyer. Sooner or later, Runes will be worthless.

https://unisat.io/runes/market?tick=BITCOIN%E2%80%A2WORLD%E2%80%A2ORDER

Iranus

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Quote from: Z-tight on April 22, 2024, 06:43:07 AM

Quote from: ChiBitCTy on April 22, 2024, 03:05:24 AM

I suppose it’s gives the miners the fees they are looking and continues to entice them to keep verifying blocks

Miners benefit when tx fee is high, but none of these is their fault. If people decide to attach outrageous fees to their tx, it will be given priority because of the fee and confirmed by miners, as long as it is valid and follows the rules of the network.

Don't you find it absurd that the people who benefit the most have nothing to do with it? Someone is trying to be charitable by trying to increase transaction fees when they are not the beneficiaries of this game but the miners. Since the emergence of BRC-20 and now RUNE, and I believe there will be more, these will not stop anytime soon as it is bringing a huge source of income to miners. Not all miners are in this game, but certainly a group of people came up with this idea to increase transaction fees to benefit from it.

harapan

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Quote from: KingsDen on April 21, 2024, 04:22:45 PM

Quote from: d5000 on April 20, 2024, 12:51:36 PM

Re: Runes will be worthless. Don't waste your precious BTC on huge fees.

I don't actually understand what happens in the blockchain these days. We will all be fighting one problem and then another problem surface. We have known that some miners called ordinals spam the blockchain to increase the transaction fees. Trying to deal with this we are hearing Runes. Those who are not that savvy like us will see this as big issues happening behind the scene and could be very much of a problem to the network. I'm scared that as we expect growth in the network but problems arriving more frequently.

Worst of all,is the fact that some people will still be caught in the victim web.After fixing one problem,people get advice on security check,safety,and most of all awareness because that's one of the ways to prevent spam incidents.The weaknesses of people in cryptocurreny space is continuously tested,why not just stick to the one you know and trust which is BTC.
Eventually,these inventions were not in the first place issued with good governance and security yet people still suggests that Runes could help Bitcoin achieve its goal of widespread adoption.

bitLeap

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Quote from: jossiel on April 20, 2024, 04:46:41 PM

It's the same as the brc20 when they've spammed the network and they're able to successfully made the fees crazily high.

But just like that, it is going to pass and they'll be forgotten by everyone. Right now, the fees are terrible but, once it is done we'll see some declogging on the network and that's the sign when they're nearly gone.

I think it is the first time seeing Bitcoin went on that kind of fee of $100+. I've seen this kind of fee but in gas fees on ERC20 but not on bitcoin blockchain.

I was never interested in participating or being a part of it, even when sats/transactions were low, I still didn't want to touch brc20/memecoin/NFT tokens or any other type created on the Bitcoin network. Since I am quite opposed to the idea, I think the Bitcoin Layer2 developers have damaged Bitcoin network traffic.
During the halving it was very reckless to waste valuable transaction fees just to exchange them for trash in the guise of NFT or memecoins. No matter how ideal the content of the Whitepaper is, I will still maintain 1 Bitcoin for Bitcoin.

dansus021

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to be honest BRC-20. It's really a joke but people who had it earlier will get a ton of benefits that is why the RUNE is at the hype right now. I would agree if bitcoin had layer 2 with rollup system but this one hmmmmm I don't think so the hype probably not gonna hit forever for now we probably just wait and see and how this is gonna be going

Z-tight

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Quote from: KingsDen on April 21, 2024, 04:22:45 PM

I'm scared that as we expect growth in the network but problems arriving more frequently.

The problem is that these people who are either inscribing data on Satoshi's or minting tokens on the BTC blockchain are obstacles to BTC adoption. Even if we believe or agree that it would be worthless soon, right now people would not want to join the BTC network because of the fees they would have to pay to spend their own money.

Quote from: ChiBitCTy on April 22, 2024, 03:05:24 AM

I suppose it’s gives the miners the fees they are looking and continues to entice them to keep verifying blocks

Miners benefit when tx fee is high, but none of these is their fault. If people decide to attach outrageous fees to their tx, it will be given priority because of the fee and confirmed by miners, as long as it is valid and follows the rules of the network.

Luzin

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Quote from: buwaytress on April 22, 2024, 05:59:04 AM

Think part of the problem (I don't like using that word but) is that the guys behind them are the same type of people behind BRC20s. A sprinkling of original Bitcoiners who have just enough technical knowledge to build the products, as well as wealth lying around to create and maintain their own market for months, if not years.

I really thought the BRC20 hype would die quicker than it has but it's still hovering. So people think the market cap staying high is an indication that it's sustainable but that's really just the creation of new tokens to prop up cap. Runes are the next iteration.

It's the bull run, I guess. We just got to live with the hype cycle every few years. Who was it who repeated that phrase I like about freedom? It ending where others' begins.

A recurring scalability problem, a Bitcoin blockchain-based project that harmed the original coin. When looking at histrori transactions and some articles I think they are too crazy. Why don't they feel at a loss when they incur large expenses.

I think the token creators on the BTC Blokchain network don't think it's bad for Bitcoin because they're just looking for profit. So when BRC-20 or Ordi hype transactions become very expensive due to network density, I believe Rune is the same problem. This problem does make it difficult, but if we understand then we should be able to take advantage when there are not many who make transactions.

buwaytress

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Think part of the problem (I don't like using that word but) is that the guys behind them are the same type of people behind BRC20s. A sprinkling of original Bitcoiners who have just enough technical knowledge to build the products, as well as wealth lying around to create and maintain their own market for months, if not years.

I really thought the BRC20 hype would die quicker than it has but it's still hovering. So people think the market cap staying high is an indication that it's sustainable but that's really just the creation of new tokens to prop up cap. Runes are the next iteration.

It's the bull run, I guess. We just got to live with the hype cycle every few years. Who was it who repeated that phrase I like about freedom? It ending where others' begins.

Lucius

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Personally, I have nothing against everyone investing their money in the way they think is best at some point, but I am absolutely against shitcoin makers using Bitcoin for their dirty games. What has been happening for months now only shows that apparently no one cares that more and more people are moving away from Bitcoin when it comes to any transactions for payment of goods or services, which only goes in the direction of completely destroying Bitcoin as a cryptocurrency, and becoming investment asset only.

I always tried to balance between using BTC for both purposes, but I had to give up several times because the fees were so high that paying with BTC really didn't make sense.

Jating

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Quote from: riverdip on April 22, 2024, 04:32:31 AM

why di they needs runes, when BTC itself is limited to 21 Million

every BTC that you own is rare

It's because the developer find a loophole in the code, put pressure to the core dev or divided them.

In any case, I think Bitcoin enthusiasts knows that BRC20 and Runes are sure worthless, it's just another hype, and sooner or later those who are paying insanely fees like the one paid around $40k just to get his inscription at block 840,000 will regret spending that big money. It could literally buy some expensive stuff but he/she chooses to spend it to something that could be worth nothing at all in the future.

examplens

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Quote from: bbc.reporter on April 21, 2024, 10:30:34 PM

Also, do not be tricked by the hype being created on social media and on cryptonews media. Much of these hype are paid, they are not real. Everyone should always remember that you are the product. They are farming you to make more wealth for themselves. This is not about you or for the raising of your wealth. This is for getting wealth from you.

This news article is an example of these hype articles.

This goes in the direction of suspecting that the miners are behind this hype, they benefited the most from this euphoria. Roll Eyes

riverdip

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why di they needs runes, when BTC itself is limited to 21 Million

every BTC that you own is rare

Ayers

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Honestly, RUNE or BRC-20 as well as other altcoin projects in the market, their purpose is to create hype around and there will be winners and losers. If anyone is not interested in technology, likes to take risks and accept risks, they can also make a decent profit from it. If I remember correctly, those who minted ORDI and Sats in the early days of the BRC-20 trend, they were also able to make x100 profits when those tokens were listed on Binance.

To me, these are just other altcoins but created on the bitcoin blockchain and they will soon disappear. Speculating on them and making short-term profits isn't too bad, but in the long run, like other altcoins they are not worth holding long-term.

Topic: Runes will be worthless. Don't waste your precious BTC on huge fees. - page 4. (Read 1124 times)