With the BTC mempool being more or less clogged for the better part of a month, BTC investors are now discussing ways to best improve Bitcoin Core. And it’s been widely agreed that what would really assist BTC is if people stopped using it.
This post on reddit from gemeinsam pretty much summed up the consensus among investors, namely that BTC would be awesome if other people just stopped using it.
We spoke with one such investor about the move to discourage use of the BTC network, twitter user @defnotabot69. “I’ve been saying this for years. People need to stop on-boarding their friends by demonstrating Bitcoin. That’s the worst thing you can do. And for the love of God don’t actually use it to buy something. There are only really two acceptable use cases for the BTC network. One is arbitrage trading between exchanges, and the other is withdrawing from an exchange to hodl. Anything else is spam and you’re an enemy of Bitcoin if you do that. If we catch you we will harass you relentlessly until you either commit suicide or disappear forever.”
But not everyone agreed with @defnotabot69. Bitcoin investor and Reddit communications expert u/imagunnahodltillidie69 said he was confused by the message. “I don’t understand this at all. If people don’t use BTC for their little shitty coffee purchases, we risk not clogging up the mempool. I thought the goal was to drive up fees to $1000 each to prove that we’re a global settlement layer. That’s what Pierre and Saifedean told me. So I think we should all be sending money back and forth to ourselves just to make sure that we overfill the mempool and then investors pay even higher fees and this will encourage mining and improve the security. It’s basic economics.”
We ran both of these arguments by an actual economist but his eyes rolled so far back in his head that he went temporarily blind and was unable to complete the interview.