Yesterday I debated Fred Krueger and his BIP-110 simps and here is what I learned π§΅
1. They immediately conceded that BIP-110 does absolutely nothing to stop Ordinals and Runes. That surprised me, but I give them credit for being intellectually honest on this point even though it completely undermines the original value proposition of BIP-110.
2. Fred and his friends seemed unequipped to have a substantive technical discussion and lacked a fundamental understanding of how Bitcoin works. At several points, we talked past one another because they did not appear to understand the distinction between consensus rules and standardness rules.
3. The extent to which BIP-110 supporters appealed to authority genuinely shocked me. Their argument largely rested on the idea that allowing people to write offensive things about figures such as Xi Jinping or Elizabeth Warren could create obstacles to Bitcoin adoption. The mask came off when Fred said "I donβt think the Bitcoin network should be used for free speech". It became clear to me that this group represents one of the least cypherpunk factions ever to be involved in Bitcoin governance discussions.
4. I found it morally objectionable that they invoked the sexual exploitation and trafficking of children to score points in a debate. It was largely irrelevant to the discussion and was designed to provoke an emotional response from the listeners. The same tactic has been used by people seeking to censor Bitcoin in the past who point to terrorism, drugs, or other horrific conduct, then use those examples to justify restrictions on everyone else. Ironically, this is the same template nation states use to centralize power and erode individual freedoms. At a minimum, I find it to be deeply odd behavior for boomers to sit around on X spaces all day discussing child sexual exploitation. The fact that they seemed so focused on and knowledgeable about this specific topic was concerning to say the least.
5. Fred became most agitated when I pointed out that for the past year he has promoted down only ponzi paper Bitcoin products to his audience rather than teaching them how to hold and self-custody actual Bitcoin. He also seemed uncomfortable when he asked me how $DOG had performed since its all-time high and I responded that it had significantly outperformed the hundreds of Pump Fun memecoins he has launched on Solana, something many of his followers appeared unaware of.
6. What surprised me most was how concerned they seemed about the success of $DOG as the #1 memecoin on Bitcoin. They appeared deeply bothered that Bitcoin memecoin activity has accounted for more than half of all Bitcoin transactions over the past three months. To me that is simply an indictment of how miserably they have failed to drive adoption of Bitcoin's monetary use case. Rather than confront the consequences of allowing institutions to pillage the Bitcoin ecosystem and turn everyone into paper Bitcoiners, they have invented a new boogeyman to chase, the $DOG Army.
7. Overall Fred came across as an opportunist who jumped onto BIP-110 at the final hour to generate some engagement. I vividly remember Fred posting in support of Ordinals and Runes just a year ago. In fact he used to be an Ordinals collector himself. My prediction is that within three months "BIP-110" will disappear from his name and he will move on to the next grift. That is what people like him tend to do.
I'll end by saying that I respect Fred for agreeing to debate me, something that no other BIP-110 supporter has been willing to do. At least he was willing to have the conversation, even if he ended up getting embarrassed in his own space, in front of his own audience by a shitcoiner with a skull PFP.
Given how that debate went, I'm not expecting a long line of BIP-110 supporters eager to face me, however if anyone believes they can present the pro-BIP-110 position more effectively than Pump Fun Fred, I will happily debate them live on X Spaces at any time.
My thoughts on BIP-110 and the "anti-Ordinals movement" that will attempt to fork the Bitcoin network in August π§΅
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
Something is going on in the LaboratoRay.
Ray and Squirrel have decided to set BOUNTY in the lead up to an announcement later today. π
The bounty is set on 4 Del Mundos between 0.035 eth and 0.0413 eth!
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Find the collection link π
Selecta!
A challenge for the audiophiles out there.
What tune is Squirrel about to play for Ray?
Post your thoughts below (YT links).
Best Banger Suggestion wins a Del Mundo - as judged by Del Mundos resident DJ @CharlieD3lMundo
Comp closes Tuesday 12pm UK time.
Remember Squirrel likes his tunes like his acorns - hard rollers and often hidden underground β
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