Loyal readers of The Protocol will recall our riff in final week’s subject, headlined “Bitcoin Censorship, or Simply ‘Spam Filtering?‘” The gist of the story is that some Bitcoin purists are attempting to maintain the oldest and largest blockchain free from non-financial transactions – such because the textual content snippets and pictures that some individuals are “inscribing” onto the blockchain through the Ordinals protocol, launched late final yr. The drama ratched up not too long ago when Ocean, a new bitcoin mining pool backed by Jack Dorsey and co-led by a longtime Bitcoin developer, the pseudonymous (and feisty) Luke Dashjr, arrange software program that may “filter” out the Ordinals inscriptions. A number of customers of the blockchain, nonetheless, say a number of individuals should not be deciding how the Bitcoin blockchain will get used; let the market resolve, the pondering goes. That basically quantities to a guess that Bitcoin miners, who finally resolve which transactions to incorporate in new information blocks and which of them to go away out, will select to maximise self-interest, er, earnings. And that makes them extra prone to hold together with these Bitcoin “inscriptions” as a result of, , why depart cash on the desk? The chart under, courtesy of Dune Analytics, exhibits simply how a lot in charges have been generated to this point by inscriptions-related transactions on the Bitcoin blockchain – $147.7 million.
