The BTC blockchain’s recent spike in fees is more proof that the network will never serve as the peer-to-peer electronic cash described in Satoshi Nakamoto’s Bitcoin white paper (1/13)

On August 22, the cost of doing a single BTC transaction abruptly surged from 74¢ to $7.68 (+938%) due to constrained network bandwidth. That’s a far sight better than the fee spikes in June ($83) and April ($128) but it’s still no way to run a blockchain (2/13)
https://ycharts.com/indicators/bitcoin_average_transaction_fee

While the spike was temporary, some individual horror stories quickly emerged, including one user who paid nearly US$32,000 in fees to consolidate some UTXO’s totaling a little over ½ of one BTC (at the time worth around $33,000) (3/13)
https://x.com/mononautical/status/1826614765395099873?t=C77xwiYSnEkjByzWlYqYAw&s=19

Blame for this latest fee hike was directed at a new BTC ‘staking’ outfit preying on the desperation of BTC hodlers hoping to make money off their digital pet rocks, which abruptly stop ‘mooning’ every time the ‘market fakers’ switch off their wash trading machines (4/13)

This debacle only emphasizes BTC’s complete lack of utility, how far BTC has strayed from Satoshi’s plan for a network of peer-to-peer cost-effective microtransactions, and why people who still refer to BTC as ‘Bitcoin’ need to give their head a shake (5/13)

BTC is permanently mired at a dismal seven transactions per second (TPS), so even on its good days its fees are close to a dollar (and are usually much higher). That categorically eliminates any possibility that BTC will ever handle microtransactions (6/13)

BTC’s ‘solution’ is to offload small transactions onto Layer 2’s like Lightning, but this is a proprietary network with its own hangups, including a notorious inability to complete transactions on the first attempt (7/13)
https://www.truthcoin.info/blog/ln-blackpill/

Europol has labeled Lightning “an obstacle for criminal investigations,” further tarnishing the name of ‘blockchain’ in the eyes of law enforcement agencies, legislators and the general public (8/13)
https://t.me/CalvinAyre/912

If blockchain is ever going to become a positive fixture in the public consciousness, it has to demonstrate cost-effective utility—not simply a vehicle for financial speculation—and a willingness to work with regulators, not against them (9/13)

The key requirement for enterprise blockchains looking to offer utility is the ability to scale—and keep on scaling, no resting on laurels—to meet the requirements of projects and entities that measure success in global terms (10/13)

https://www.internationalaccountingbulletin.com/news/bsv-association-and-aerospike-achieve-100bn-bsv-blockchain-transactions-per-day-on-teranode/

Listen, if you want to gamble tokens on ‘crypto casino’ exchanges, be my guest. But know that the game is rigged against you, so only bet what you’re prepared to lose. Because you’ll almost certainly lose in the long run (11/13)

I have grander ambitions. I want to change the world for the better by marrying AI, blockchain and IPv6 to create Metanet, an economically integrated system that enables cost-effective, instant micropayments and restores the internet’s original peer-to-peer design (12/13)
https://ayre.group/news/articles-by-calvin/metanet-the-better-more-inclusive-and-dynamic-internet/

Scale or die, people (13/13)

Calvin Ayre
Aug 27, 2024
https://x.com/CalvinAyre/status/1828439398330839362?t=-pzauu1jzkdaq4zA5iL7zQ&s=19

https://t.me/CalvinAyre/915