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    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
    this video a like leave a comment
    question suggestion for a future video
    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.

    View 46 Comments

    46 Comments

    1. @Bitcoin_University on

      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

    3. @jacquesdutoitpvt on

      Great vid Matt. Was wondering what you thought about this video from Whitney Webb? As far as I can tell, we need to transition through store of value to get to medium of exchange, but was wondering what your thoughts are around her sentiment that wall street and central banks are trying to control the narrative to keep it in the store of value phase?

      https://youtu.be/xLm61m8hIx4?si=gcF3xhGd2W94NPYB

    4. @paolotichelio7410 on

      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 on

      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

    11. @JanPBtest on

      Can this kind of spam be excluded by Bitcoin core code change? Like disallow transactions in the amount of 0 BTC, for the obvious starters.

    14. @Vexo96 on

      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 on

      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 on

      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 on

      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 on

      "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 on

      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 on

      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 on

      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 on

      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. 😢

    38. @JeDxDeVu on

      I like Jeff Booths take on it. The free market will just price them out. Dont even waste your time worrying about it. Keep stacking and chill.

    42. @car_junkie on

      Couple questions, do you think fees will go back down? Is it possible to just mine my own transactions with a home computer to avoid the high fees?

    43. @pokestonkz on

      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 on

      @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 on

      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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