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Bitcoin Runes Explained

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First published at 15:33 UTC on April 24th, 2024.

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In this video, I discuss Bitcoin Runes, its creator Casey Rodarmor, as well as the spam problem that it has created, including possible mitigations like mining with Ocean and running…

Join Bitcoin University Premium:
https://www.bitcoinuniversity.com

In this video, I discuss Bitcoin Runes, its creator Casey Rodarmor, as well as the spam problem that it has created, including possible mitigations like mining with Ocean and running Bitcoin Knots instead of Bitcoin Core.

Bitcoin's currently high transaction fees are NOT the result of Bitcoin's having suddenly become the world's new global monetary settlement layer.

These high transaction fees are being caused by spam, and are behaving like a DOS attack on the network, making it prohibitively expensive to do monetary transactions on-chain.

Yes, this is a preview of how base layer transaction fees will look someday-- but that day is not today.

This spam is the direct result of unethical crypto VCs trying to use Bitcoin for their latest scams. If you see a company or other actor in the Bitcoin space who is promoting ordinals/inscriptions/BRC-20s/runes, you should consider calling them them out.

If Casey Rodarmor or the Taproot wizards are being given a platform at a Bitcoin conference or event, consider boycotting it.

If a company like Casa is supporting spam, then consider using their competitor Unchained instead.

Node operators called out the big blockers in 2017.

Node operators called out MARA for caving in to US government censorship.

Node operators need to do the same thing again for those who are filling the Bitcoin blockchain with spam.

Not investment advice! Consult a financial advisor.

People losing money on runes:
https://twitter.com/TomerStrolight/status/1781855672415535166

Ordinal theory:
https://rodarmor.com/blog/ordinal-theory/

Why you shouldn't use Casa:
https://twitter.com/mattkratter/status/1782042802077278550

Casey Rodarmor's very disturbing obsession:
https://rodarmor.com/blog/wanko-manko/
https://twitter.com/rodarmor/status/1355713434101268482
https://twitter.com/KingBootoshi/status/1781899574774571202

Cool fork of Mempool.space that shows block health and spam:
h..

LESS