Oddbean new post about login | logout Told you it wouldnt last. Should calm down soon tho. https://m.primal.net/KHxH.png
It's because Babylon staking: https://btcstaking.babylonlabs.io/
So, basically you are defending this because you read the literature created by the marketing people, but can't explain where the yield is coming from?
Holy shit, what scam are they pushing now?
Not a scam. It's names on bitcoin. They have gone down to 12 (i think) characters. So there is competition for utxos. But the good news is that these are all prunable OP_RETURNS so nodes dont need to store it. Should calm down in a few days. That's not to say they dont have scams planned! But this spike was known.
Where do they sell these names? And how is it scarce enough to use that much money in TX fees?
They dont sell them. It's bitcoin native names. Anyone can make one. If you use one of their wallets they might charge you a slightly higher fee. But just make your own tx. And you own that name forever, according to the spec. We've been missing names on bitcon for ages. They actually stumbled upon some innovation. You format the OP_RETURN according to the spec, and you get to own the character string if you are first. This is useful for a lot of things, including with nostr.
This is just another form of nfts / inscriptions / scams. It’s a collectible. Oh, but “it’s on the blockchain!” It’s irrelevant. The only thing that makes a utxo worth anything is the underlying btc that can be spent. Any thing attached to it is just noise filling up block space.
I forked the spec and took all the best names so I can sell them too.
Sir... just because it's pruneable doesn't make it good news. If everyone was running pruned nodes then there are no nodes on the network willing to bootstrap new nodes. The only good news is that some people will be poorer after this.
Wise to assume everything is an attack until proved otherwise. Let's keep thinking adversarially. Thanks! Luckily, I think this one is only 5 blocks.
I see the "it's prunable so it's okay" argument all the time. People don't realize that we NEED full nodes that aren't pruned.... if majority of nodes get pruned the network will eventually die.
Yep, thanks for presenting a good argument. That's the only way we can make bitcoin the best it can be. More civil on nostr than on X! I'm generally strongly against spamming the blockchain, especially with assinine inscriptions I view OP_RETURNs as a more nuanced thing. I was orginally against OP_RETURN when everyone else was for them, until they justify a use case. Names on bitcoin might be that use case. I can see utility in my applications, let's say I want to eliminate spammers and give users their preferred name, an OP_RETURN can give a (nostr) user proof of existence, and some skin in the game. I remain open to facts and logic. Thanks!
Not scam, it's bitcoin staking of Babylon: https://btcstaking.babylonlabs.io/
Oh! Didnt know this, thanks!
https://x.com/0x_orkun/status/1826601463474184675
Thanks, didnt know this, I thought it was the next season character shortening. Lucky it's only 5 blocks! I will read more.
Sir this is a scam lmfao
Like really scammy
Like really really really scammy
Did you read about it?
Crypto Proof of stake Do u know these are all synonymous with scam?
This has been put on the internet too https://www.dhmo.org/truth/Dihydrogen-Monoxide.html
Did you read the paper?
💯
Idiots keep reinventing the wheel. The site stated There is no reward for this “staking” WHY THE FUCK ARE PEOPLE SO STUPID? Hope they lose all their bitcoin
If it's not a scam, where the yield is coming from?
OK I may have been wrong. Looks like it's a 5 block auction. I need to read more about this.
