@pupaXBT @francispouliot_ @HodlDee @Semisol_Public @BitcoinPrecept @LukeDashjr it seems logical as a civil war was fought to not bloat the chain with even bitcoin-only transactions. other than the permissionless "we can't stop you and we wouldn't want to" theme, i gotta think people won't be keen on clogging it up with JPEGs that displace 100 UTXOs a piece.
@pupaXBT @francispouliot_ @HodlDee @Semisol_Public @BitcoinPrecept @LukeDashjr that was about degrading the decentralisation security for the sake of simple scaling. but big blockers and normal blockers were unified in wanting as many people as possible to be able to enjoy the bearer unseizable properties of bitcoin when you hold your own UTXO and keys.
@pupaXBT @francispouliot_ @HodlDee @Semisol_Public @BitcoinPrecept @LukeDashjr so JPEGs don't much degrade decentralization security (maybe 2x but probably pruneable with a bit of effort), but they do anti-scale the use case bitcoin exists for - bearer censorship resistant money, which is a highly valuable thing to many people globally.
@pupaXBT @francispouliot_ @HodlDee @Semisol_Public @BitcoinPrecept @LukeDashjr so people will say well it's valuable, so just outbid the JPEG guys. and bitcoiners in top 5% global wealth (most people in top 20 developed countries) , they can do that and not be that impacted, in part because for them bitcoin is more about savings than transactions.
@pupaXBT @francispouliot_ @HodlDee @Semisol_Public @BitcoinPrecept @LukeDashjr but there are wealth disparities, and while free markets are the best we have, wealthy JPEG collectors can price out emerging markets from UTXO ownership. and emerging markets have more strong use cases for transactions, even setting up lightning channels. there are many users
@pupaXBT @francispouliot_ @HodlDee @Semisol_Public @BitcoinPrecept @LukeDashjr who will want to ideally have a UTXO on chain. and not enough space even before JPEGs. probably we're going to need a drivechain/sidechain for over-flow UTXOs also just to onboard the next 1billion users onto lightning and UTXO savings.

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Good thread. NFT pump and dump scams routinely pay hundreds of dollars per tx on Eth. The market can stay irrational... for a very long time. Inscriptions clogging mempool raising fees discourages self-custody and 2nd layers aren't reliable/liquid enough yet. Nothing to cheer.