My thoughts on BIP-110 and the "anti-Ordinals movement" that will attempt to fork the Bitcoin network in August 🧵
The greatest threat to Bitcoin is neither Ordinals nor Runes
It is the pervasive and dangerous ideology that took hold after the Blocksize Wars that using Bitcoin L1 is bad
Starting in 2017 a bunch of lunatics in the "Lightning ecosystem" hijacked Bitcoin and psyoped everyone into believing that making transactions on Bitcoin L1 was somehow immoral and harming children in El Salvador
Fast forward nearly a decade and here are some of the downstream effects of telling everyone to stop using Bitcoin L1
A catastrophic amount of time and resources were wasted building a now obsolete and failed "Lightning Network"
Bitcoin has now been infiltrated by feds and bankers who have normalized not only paper Bitcoin but Ponzi scheme treasury company versions of paper Bitcoin
When you joined Bitcoin a decade ago you were taught how to self-custody
When you join Bitcoin today many of the top "leaders" tell you to buy pump and dump Bitcoin proxy scams trading anywhere from 2x to 100x NAV
The vast majority of "Bitcoin maxis" have never even used Bitcoin L1 and are technically illiterate having no idea what a UTXO is
The biggest joke of all is that discouraging people from using Bitcoin L1 created the low-fee environment which allowed the data storage use case to take root
It is laughable that BIP-110 claims "data storage competes unfairly with payments"
You can transfer billions of dollars of value on Bitcoin L1 in roughly 200 bytes yet Bitcoin maxis failed so badly at creating demand for block space that it became economically viable for artists to store 4 megabyte JPEGs while competing fairly in the exact same fee market
BIP-110 is by far the least cypherpunk proposal by the least cypherpunk group of people in the history of Bitcoin
They have completely lost the plot
Instead of coming to terms with the consequences of their own decisions they are attempting to introduce radical levels of censorship to a network whose entire value proposition is censorship resistance
There are no words to describe how fragile someone's ego must be to blame artists for using a low-fee environment created by your own reckless decisions
It is not a coincidence that 67.9% of all Bitcoin transactions this week were Ordinals and Runes
While the Bitcoin maxi movement is completely going off the rails
We are the ones who actually use the Bitcoin network
We are the ones who secure the Bitcoin network by paying fees
We are the ones who understand the Bitcoin network at the deepest technical level
We are the ones who denominate in Bitcoin and actually use Bitcoin as money every single day
We are the ones who self-custody our Bitcoin and carry on the ethos of "not your keys not your coins"
We are the real Bitcoin maxis now
There is nothing more cypherpunk than running your own node and ripping some JPEGs onto a censorship-resistant network regardless of how unpopular it is
Satoshi's first act on Bitcoin was to inscribe data
We are simply carrying on the torch
Because the prior Bitcoin maxis have failed so miserably the Ordinals and Runes enjoyers have become the new Bitcoin maxis
We will make self-custody cool again
We will make experimenting on Bitcoin fun again
We will get people to use Bitcoin as a medium of exchange again
We will educate people and make Bitcoiners technically literate again
We will secure Bitcoin by creating a robust fee market and high demand for blockspace again
We will purge Bitcoin of the feds and bankers who have infected it like a disease and that starts with defeating the BIP-110 fork in August
I am calling on all $DOG soldiers, all Ordinals enjoyers, and all Runes degens to band together and fight against this BIP-110 cancer that is hell-bent on destroying the Bitcoin that we know and love
If you are against BIP-110 and agree that Bitcoin should remain censorship resistant show your support by quote posting this with "Defend permissionless blockspace. Reject BIP-110." and be sure to repost all quote posts
Long live Bitcoin
Long live Ordinals and Runes
The $DOG airdrop was an on-chain work of art.
We took over 4 consecutive blocks to create 75,486 UTXOs which each placed a unique $DOG allocation in 75,486 Runestone holder addresses.
Executed perfectly with zero margin for error and $300M on the line.
@gm7t2 is an artist.
$DOG is in listing conversations with @coinbase 🧵
Coinbase's listing team has given me permission to share that they have received our $DOG spot listing application, that I have a direct communication channel with their listing team to review $DOG, and that we are being treated fairly in their new "Blue Carpet" listing process
I greatly respect the confidentiality of my listing conversations with all exchanges which means I do not share with the $DOG Army that there even is a conversation unless I am told I am able to
I make zero promises that any listing conversation will lead to a listing and have never before until now shared that a specific conversation even exists so that people do not get their hopes up
To be extremely clear a conversation does not mean a listing will happen and it just means that an exchange's listing team is taking the time to evaluate $DOG and provide feedback
Ultimately it is up to every exchange to decide for themselves if they will list $DOG or not
All I can do is represent the $DOG Army and the Free & Fair Movement to the best of my ability and try to provide exchanges with all of the technical resources necessary to integrate with Runes
In the case of Coinbase I have been one of their users for over 11 years and probably wouldn't be in crypto today had they not made it so easy for me to get onboarded to Bitcoin back then
Coinbase's leadership team has made their intention to eradicate the practice of exchanges charging listing fees very clear
The $DOG Army is equally committed to bringing an end to this exploitative business model that ultimately enriches insiders at the expense of retail and strongly aligns with the vision for more fair and transparent listing processes at all exchanges
As the most fairly launched memecoin ever that airdropped 100% of its supply for free in a volunteer initiative with no team allocation or treasury the $DOG Army understands better than any community the difficulty of getting CEX listings without paying off all of the gatekeepers who expect their cut
I strongly believe that Coinbase is one of the good guys in all of this so please be respectful to them and their employees as they are treating me with respect
GM $DOG Fam ☀️
We still haven’t heard back from @x or @Support on our latest appeal for @DogOfBitcoin, which was suspended for “unauthentic behavior.”
In the meantime, we’re in touch with legal firms that handle these suspensions regularly. The catch? $350 an hour and a $3,500 retainer just to send a formal letter proving everything is legit. Absurd, considering we’ve spent nearly two years building this account with integrity.
I’ll be covering part of the cost out of pocket to get this moving once we decide on a firm. We’re not going anywhere, we’ll do everything we can to bring that account back. $DOG of Bitcoin is still on track, this is just a slowdown, not a stop.
We’ll keep the community updated as we go. If I post less than usual, know we’re working behind the scenes on this, and on the other exciting things promised.
Love you all. Truly. The support has been overwhelming, and I’m proud to be among you. 🐕✨