Cryptocurrency

Bitcoin Runes Explained



Bitcoin Runes Explained

this is Matthew crder from Bitcoin
University today I want to talk a little
bit more about Bitcoin runes now Bitcoin
runes are a relatively new protocol that
allow people to issue tokens on top of
Bitcoin runes have been marketed by some
as a path to generational wealth but for
most people they will probably just be a
path to generational poverty as toer
points out in this tweet 13 are down
over 90% seven are down over 99% after
just 24 hours now the runes protocol was
created by Casey rmore whom we also have
to thank for ordinals and inscriptions
I’ll put a link to his blog in the
description notes below where he talks
about or no Theory this was the original
essay on this very scammy Theory and
while you’re on this blog you’re going
to discover something very disturbing
Casey is also a writer who appears to be
interested in Intimate physical
relationships between men and dogs you
can’t actually make this stuff up his
blog is definitely not safe for work
blog is one of the most repulsive things
I’ve ever seen it’s not safe for normal
human beings who find these things
incredibly repulsive this is the story
in question which I’ll link to I’m not
going to talk about here but these are
things he talks about openly on Twitter
as well I’ll provide links to all of
this just as documentation but please
don’t look at it unless you really want
to be disturbed the real mystery is why
Casey doore didn’t create ordinals and
inscriptions and runes for Dogecoin
instead given his love for dogs but here
we are in big Bitcoin transaction fees
have been skyrocketing thanks to the
minting of this spam we can see here
over 100 SATs per VTE this has been in
the hundreds of SATs since the have if
you’re enjoying this video so far I just
ask you to hit the Subscribe button give
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share this video with a few friends as
well these high transaction fees that
we’re seeing on Bitcoin now are not the
result of Bitcoins having suddenly
become the world’s new Global monetary
settlement layer these transaction fees
are being caused by spam and they’re
behaving a little bit like a denial of
service a Doss attack on the network
making it prohibitively expensive to do
monetary transactions on chain yes this
is a preview of how Bas layer
transaction fees will look someday and
this is used as a partial justification
by the promoters of this garbage Bas
layer transaction fees are going up but
that day is not today this spam is the
direct result of unethical crypto VC’s
trying to use Bitcoin for their latest
scams and if you see a company or other
actor in the Bitcoin space or the crypto
space who’s promoting ordinals
inscriptions brc2 tokens runes you
should be calling them out I think so if
Casey doore or the Tap Root Wizards are
being given a platform at a Bitcoin
conference or event I would consider
boycotting it if you don’t like these
sort of man dog stories and if you don’t
like spam on the Bitcoin blockchain
furthermore if a company like Kasa for
example kasak Keys is supporting spam
then consider using their competitor for
multi-stake their competitor unchain
Capital instead I called out Casa a
couple days ago on Twitter saying Casa
remains one of the best ways to hold
your ship coins like ethereum and
ordinals and Cold Storage think of it as
an ice chest for feces trying to be a
little bit funny there but trying to
make the point that a Bitcoin only
company should not be supporting this
sort of these sort of scams as a Bitcoin
or pleb let companies know that it is
the kiss of death to support these scams
yes Bitcoin is an open protocol yes
Bitcoin is for enemies yes Bitcoin is
for enemies to do monetary transactions
but that doesn’t mean that we’re not
supposed to respond when Bad actors try
to attack the system for example in the
Bitcoin mining pool Mara Marathon was
mining blocks that imposed US Government
ofac censorship in other words they were
excluding Bitcoin transactions from
blocks that the get government the US
government didn’t like and then they
were bragging about this online we
didn’t just sit back and say well
Bitcoin is for enemies let Mara do what
they want instead the whole Bitcoin
ecosystem called them out and Mara
buckled rightly under their pressure now
when crypto companies in the space were
colluding to try to force through a
block increase the New York agreement in
segt 2x in 2016 2017 node operators
didn’t just sit back and say it’s okay
since Bitcoin is for enemies instead
node operators fought back and
eventually defeated the big corporations
and miners who ended up back pedling
node operators called out the big
blockers node operators called out Bad
actors like Mara and I think this is
what needs to happen again today when
miners produce blocks full of garbage
like this this is a block that’s in
completely full of runes stuff we can
tell by using the goggles here if you
click on opper turn you’ll see that
these are all opper turn transactions
they’re all very tiny transactions and
as a result if we look at the health of
this block just 2.11% of the
transactions are actually true monetary
transactions and not crypto VC scamming
and spamming if you can see here I’m
using a different version of the mempool
that was created by Leo half I’m not
sure if I’m pronouncing his name
correctly but what he’s done is he’s
modified the description here to display
the percentage of financial transactions
so if you look at Health here this block
that’s just full of opportun garbage is
only
2.11% financial transaction if we take a
look at what he’s filtering out someone
asked him what’s the definition of a
financial transaction used for these
metrics everything that’s not an
inscription AO uh with oppert turn um
marking or stamps are being filtered out
so definitely I’ll put a link to this in
the description notes below and it’ll
give you yet another way of judging the
health of blocks and judging whether
miners are doing what we know operators
want to see them doing so consider
boycotting and calling out Bitcoin
mining rigs that include lots of obvious
spam in their blocks instead Point your
mining rigs to Ocean I’m not being paid
or affiliated with them in any way
except as a miner who’s pointing his
hash uh at them so this is how you mine
with ocean you basically Point your Asic
to them you enter a Bitcoin address for
your rewards and you start earning
Bitcoin again this is a non kyc service
which is really nice so it’s a way of
earning non kyc Bitcoin as well and when
you mind with them you’ll have a choice
what sort of block template to use if
you use the data free one it will
include only trans actions without
arbitrary data and it will filter out
all this garbage if you’re a node
operator also consider running Bitcoin
knots this is still something I need to
get up and running but this is an
alternate version of Bitcoin core that
has better filters for all of this
garbage I want to link again to WTF
happened in February 2023 this has more
in information about spam on bitcoin
also talks about different ways of
installing knots on different types of
machines it looks like the easiest way
of doing it is on your Home Server if
you have a start 9 or umbrell or if
you’re running their operating systems
on a Raspberry Pi the person who’s
really been leading this charge has been
uh Bitcoin mechanic also known ASG
grassfed Bitcoin on Twitter and there
are a number of good interviews he’s
done he did an interview late last year
with Preston pish about uh ocean Mining
and spam he also spoke recently on what
the what Bitcoin did uh podcast as well
as participating in this discussion on
the podcast on Daniel Prince’s podcast
once B been participating along with
jock muko and Leo half as well those are
two other people you should probably
follow on Twitter if you’re interested
and following this whole debate at jakot
Zuko and uh also following Luke Dasher
who is a longtime Bitcoin core Dev and
the creator of Bitcoin knots and the
co-founder of ocean so those are all
names to follow these are very long
podcasts but they’re quite interesting
I’ve drawn on them quite a bit in the
last few videos and so if you want to
wait into this you’ve got about uh call
it six or seven hours of listening but
it’s quite interesting and this is a
topic I’m going to continue to try to
cover if you enjoyed this video be sure
to hit the Subscribe and like buttons
hit the notification Bell if you want to
be notified when I publish my next video
and let me know your questions and
comments in the comment section below
thanks a lot for watching and I’ll see
you in the next video

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:

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

Why you shouldn’t use Casa:

Casey Rodarmor’s very disturbing obsession:
https://rodarmor.com/blog/wanko-manko/

Cool fork of Mempool.space that shows block health and spam:
https://mempool.orangepill.ovh/

Point your hash to Ocean:
https://ocean.xyz/
https://ocean.xyz/blocktemplate/datafree

Bitcoin Knots:
https://bitcoinknots.org/

WFT happened in Feb 2023:
https://wtfhappenedinfeb2023.com/

Great podcasts on this topic:

https://www.whatbitcoindid.com/podcast/the-battle-for-bitcoin-with-bitcoin-mechanic
https://podcasts.apple.com/us/podcast/what-the-f-k-happened-in-february-2023-giacomozucco/id1497540130?i=1000650517197

People to follow:


I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#runes

Disclaimer
Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky.

46 Comments

  1. @Bitcoin_University

    WARNING: There are a number of scammers who are using my image and channel name to try to connect with my viewers on WhatsApp and other platforms to scam them. Just so you know, I will never refer you to "my personal trader" or try to connect with you personally to sell you something. I am trying to ban these scammers as quickly as they pop up. You can always recognize a scammer by clicking on the image and seeing how many videos he has. All of these guys have zero videos, while I have hundreds. I also now have a checkmark next to my name, so that you can distinguish the real Bitcoin University from the imposters. Follow me on Twitter @mattkratter

  4. @paolotichelio7410

    Matthew, thank you for the heads up and disclaimer. People like Casey belong to the beastly world as it would be offensive to commingle such being with animals. Time to flush him out of BTC!!!

  10. @evangelista279

    Runes is RIGGED protocol with premint option airdrop
    BUT
    Ordinal BRC20 is NOT premint. Anyone mint it fair and equal
    It is a pity this runes guys is destroying ordinal ecosystem

  14. @Vexo96

    You are loosing the plot. Taking on Jameson that is an ACTUAL expert not a parrot exposes you naïve and predicable perspectives, this is how Richard Heart came on the scene by pretending to be a maximalist by parroting the "narrative". Yes it is garbage spam but the protocol allows it making it fair game, complaining about it does nothing. People like Jameson and Andreas are the real experts that actually understands all layers of complexity and most importantly think for themselves. Wanabe youtubers maximalists coming along years later spouting the correct narrative but forget to think for themselves are not worth a follow as none of the content is original at all. See ya fake hope you dont turn out like Richard Heart

  16. @fusion9619

    Would be nice if StartOS would support Knots, so we don't have to do it manually and feel kinda unsure about what we're doing.

    Also stratum v2 can help end the spam attack.

  17. @user-tr2wh3dz2i

    most bitcoiner stack bitcoin
    bitcoin reward is getting half
    mining company need transaction fee
    meme coins exist

    so i think rune or brc-20 can make transaction fee
    who decide to right or not?
    bitcoin is wild. taproot, segwit allow it

  19. @abrahamnorthhampton3327

    Other than shunning people and organizations who promote or provide platforms for these scams, is there anything technical that can be done to prevent the spam from swamping out the legitimate monetary use of the Bitcoin network? This is an attack vector that Satoshi (probably) didn't anticipate.

    Thank you for all your educational efforts, Matthew.

  21. @heygoober1653

    "I thought you were a freedom maxi"
    "I thought it was an open source protocol"
    That, kids, is how they weaponize your values against you. They want you to fall on your own sword and act all "duhrrr I didn't do nuffin ociffer". It's narcissistic and evil. And it's being rightfully called out

  25. @piaeichberg

    Hi Matt, thanks for this video. Is it only the miners who could reject this? Or is this something I could do by way of running a node that does not recognize rune transactions? It would be great if you could do a step-by-step video on how to do this

  26. @427vot

    Im so glad to get this notification. Thank you @bitcoin_university. It's just an unfortunate condition of the human race that vile people and actions exist. I believe in BTC because it passes judgment upon no one. In that regard it is a very special gift to humanity. Anyone allowing this 5hit is just pissing on that gift. I am not nearly as mad at this dog humping freak as I am at the culture that is allowing it to happen. I am all in on fighting this BS.

  30. @KatherineAlicia

    I`d love to see a vid on what exactly a node runner can do to block these, mine only has core 21 on it, but i`m tired of fees being inflated because of stupid stuff, the white paper say peer to peer CASH transactions, not dumb sh!t transaction.

  36. @paullamb1100

    The problem with Ocean for home miners like myself is they haven't implemented support for LN yet. If you don't control a lot of hash power, you end up with lots of small UTXOs that are difficult to consolidate in the high fee environment that this spam is causing. 😢

  43. @pokestonkz

    in now way am i supporting this but i dont really care becuase they have to spend btc to mint their stupid ordinals. now we should try to spread the word to people to not buy them. but let free market spend thier money pumping our bags.

  45. @Vexo96

    @Bitcoin_University Nope, never have and never will buy ETH. I just added Andreas because brain dead self proclaimed "maximalist" parrots attacked him as well and it just resulted in him putting out less content (and nobody at his caliber has appeared since, least you). I dont have to agree with somebody on everything to the see the value in their work and respect the nuance in their perspective. And yes they are experts, character attack all you want you are here because of them, they did the hard workd and you get the easy follows by parroting what has been said over and over again. https://www.youtube.com/watch?v=ywO0r_Fz0lc

  46. @rrrrazmatazzz-zq9zy

    I agree that the current use of runes and inscriptions is underwhelming, but I find myself grappling with the concept. Could these runes or inscriptions serve as precursors to items that represent real-world assets? If this is possible, perhaps we should maintain an open mind about their potential. While I am not particularly enthusiastic about inscriptions—viewing their usage to congest the Bitcoin blockchain as ineffective—it might be worthwhile to explore the idea of representing real-world assets on the Bitcoin blockchain. Is incorporating real-world assets into Bitcoin fundamentally flawed?

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