Runes are now worthless and have killed Ordinals too

[d5000]

Runes are one of the most hilarious* economic systems ever created, after perhaps BRC-20.

1. Someone creates a token with a specific name.
2. Other people can create their own units of these tokens. There is a limit, but usually it's not very low.
3. Then all try to sell their tokens, thinking there will be someone collecting them, either because of the "creative" name, or because it was created on a specific date (e.g. Halving Day).
4. Rinse and repeat (protocol is open, everybody can participate in each step).

Basically it's like "you can create your own money! and you will be rich if you do that!" Are you really willing to waste thousands of dollars of transaction fees for that?

Technically Runes is not much more advanced than Omni/Mastercoin which was created in 2013. More than ten years ago!


If you think Halving Day is special to create your own Rune, think again:

During the halving day, 144 blocks approximately will be created. Each block normally has 1000-3000 transactions. 74% of them currenty are Runes according to this dashboard.
This means probably more than 200.000 Runes will be created today.
Now try to sell them all. Order books will be thick, but only on the ask side


*not in a positive way

[headingnorth]

Runes is the latest crypto get rich quick scheme.

Unfortunately get rich quick scams like ordinals, memecoins, and NFTs is appealing to many stupid people who don't have the patience for keeping long term investment.

[stompix]

Basically it's like "you can create your own money! and you will be rich if you do that!" Are you really willing to waste thousands of dollars of transaction fees for that?

Has this stopped the altcoins creation madness and the billions thrown at them?
Take a look at those:
https://www.coingecko.com/en/categories
The 60 million paid in fees over the last 24 hours is nothing compared to how much those shitcoins have gobbled till now.

You need to stop underestimating the amount people can spend to create shit, the one people can spend to buy shit and how many want to get rich with shit. There are plenty who will say to your explanation, that everyone said shiba inu was crap yet people made millions with it for cents, try to convince them there is no opportunity for money-making here.

Runes will be around for while, there will always be a taker, once it finally dies and gets buried we would by then have at least two or three replacements clogging the chain.

[dothebeats]

Given the gullibility of people, Runes will be around for a while and people will try to buy and sell them just like what they did with crap coins. They are making money off it even if it's a trivial amount. They also have large groups of people willing to ride these crazy stuffs in exchange for cents, so there will always be a market for silly token creations.

Runes is the latest crypto get rich quick scheme.

Unfortunately get rich quick scams like ordinals, memecoins, and NFTs is appealing to many stupid people who don't have the patience for keeping long term investment.

And they come in huge numbers! Whatever these token creators are doing to appeal to the masses is working, and they are making money off of these hordes of people looking to catch the next get-rich-quick train.

[jossiel]

It's the same as the brc20 when they've spammed the network and they're able to successfully made the fees crazily high.

But just like that, it is going to pass and they'll be forgotten by everyone. Right now, the fees are terrible but, once it is done we'll see some declogging on the network and that's the sign when they're nearly gone.

I think it is the first time seeing Bitcoin went on that kind of fee of $100+. I've seen this kind of fee but in gas fees on ERC20 but not on bitcoin blockchain.

[serjent05]

This reminds me of the altcoin craze of 2018, after all the hyped, people are left with worthless coins. So I won't be surprised that many will lose money on this scheme but people never learn.

Given the gullibility of people, Runes will be around for a while and people will try to buy and sell them just like what they did with crap coins. They are making money off it even if it's a trivial amount. They also have large groups of people willing to ride these crazy stuffs in exchange for cents, so there will always be a market for silly token creations.

The only person who will gain huge profit is the creator and those early minters of NFT.

Runes is the latest crypto get rich quick scheme.

Unfortunately get rich quick scams like ordinals, memecoins, and NFTs is appealing to many stupid people who don't have the patience for keeping long term investment.

And they come in huge numbers! Whatever these token creators are doing to appeal to the masses is working, and they are making money off of these hordes of people looking to catch the next get-rich-quick train.

True, aside from the pioneer minters, miners are the ones who are next to profit the most without any risk of losses.   Just like the reward on mined block 840000 after the halving.

[d5000]

You need to stop underestimating the amount people can spend to create shit, the one people can spend to buy shit and how many want to get rich with shit.

Eventually some kind of "learning effect" will set in. For example, the ICO market is already much less hyped than it was in 2018. The NFT market is in problems since 2022, only having re-surged temporarily in 2023 due to Ordinals, but on Ethereum its status seems quite bleak. The memecoin market is also bearish, even looking at longer timeframes. Shiba Inu for example had a pump, but its high of slightly less than $0.00004 was far away from SHIB's ATH in 2022 ($0.00008), and now it's already closer to 0.00002, having lost 40%. Even Doge, which has some more "intrinsic" value because it's running on its own blockchain, and even has its own Ordinals clone (sort of, as it uses an older technology), hasn't reached even half of its ATH in 2021.

So in general I think these hypes will be smaller in each wave. It's likely that some of the halving day rune collectors will make a profit, but I'm almost sure most won't. I admit that the relative persistence of the BRC-20 hype during most of 2023 surprised me, I believed it to be shorter. But there is a lot of blood in the streets (ORDI, the "most established" of the BRC-20's, lost 50% of its ATH already), and each of these waves will see more disappointed bagholders. Eventually, the market will collapse, not to 0 but to the same low-level state the Ethereum ICO market is now.

In general I think also that even compared to most "normal" altcoins the Rune/BRC-20 value proposition is very thin. There is often not even a website, not even some technobabble to create illusions

[franky1]

you also forget the other trick of the scammers
(how they get paid, to then repeat the scam under new project names)

they sell the initial creation set of junk TO THEMSELVES at a high price to set a excessively high 'valuation'
(no cost to set valuation as they are both seller and buyer)
then on secondary markets sell the crap to victims below 'valuation' tricking victims into thinking they were offered a great deal 'from a friend' which the victim can then HOPE to multiply by selling at 'valuation'

its an old scam of fiat, played out in the digital currency world
EG
imagine selling a UK 50pence(£0.50) piece on ebay(to yourself so no cost, no profit) valuation setting market of say £500
and then promote the valuation in media.. and then sell a bunch of those 50pences for £500->£2 to 3000 victims(depreciating secondary market price until you get victim fish nibbling at the buys)

the victims think they got a good deal because they THINK they can then sell something they bought for £2 for £500..
where as the scammer has just received £6,000+ from something that only cost him £1,500(3000x£0.50)

scammers then do same with a 20pence knowing they can waste £4,500 on their scammed profits on advertising and fee's as long as they can try to break even/profit on next scam project.

[Raflesia]

If we think further then indeed we can draw conclusions like you are talking about but in the end we must realize that sometimes many are also tempted by such quick schemes for profit where this is the same as altcoins and memecoins in the end.
I personally will not be in such a situation because in the end I still think that everything will depend on intention and determination, and from the beginning I was in bitcoin until now my desire is only to be in my version of the most comfortable situation even though in bitcoin it is full of risks but on the other hand I want to be comfortable in my own way so I have to do it the way it should be done.
The get rich quick scheme might happen but on the other hand it will not last long so there is no reason to do that for me right now because I want to do it normally and according to what should be done.

However, if there are many people who want to be there for instant gratification or think it's a good situation then that's up to them because they have their own views on it.

[KingsDen]

Re: Runes will be worthless. Don't waste your precious BTC on huge fees.

I don't actually understand what happens in the blockchain these days. We will all be fighting one problem and then another problem surface. We have known that some miners called ordinals spam the blockchain to increase the transaction fees. Trying to deal with this we are hearing Runes. Those who are not that savvy like us will see this as big issues happening behind the scene and could be very much of a problem to the network. I'm scared that as we expect growth in the network but problems arriving more frequently.

[philipma1957]

You need to stop underestimating the amount people can spend to create shit, the one people can spend to buy shit and how many want to get rich with shit.

Eventually some kind of "learning effect" will set in. For example, the ICO market is already much less hyped than it was in 2018. The NFT market is in problems since 2022, only having re-surged temporarily in 2023 due to Ordinals, but on Ethereum its status seems quite bleak. The memecoin market is also bearish, even looking at longer timeframes. Shiba Inu for example had a pump, but its high of slightly less than $0.00004 was far away from SHIB's ATH in 2022 ($0.00008), and now it's already closer to 0.00002, having lost 40%. Even Doge, which has some more "intrinsic" value because it's running on its own blockchain, and even has its own Ordinals clone (sort of, as it uses an older technology), hasn't reached even half of its ATH in 2021.

So in general I think these hypes will be smaller in each wave. It's likely that some of the halving day rune collectors will make a profit, but I'm almost sure most won't. I admit that the relative persistence of the BRC-20 hype during most of 2023 surprised me, I believed it to be shorter. But there is a lot of blood in the streets (ORDI, the "most established" of the BRC-20's, lost 50% of its ATH already), and each of these waves will see more disappointed bagholders. Eventually, the market will collapse, not to 0 but to the same low-level state the Ethereum ICO market is now.

In general I think also that even compared to most "normal" altcoins the Rune/BRC-20 value proposition is very thin. There is often not even a website, not even some technobabble to create illusions

well scrypt with doge/ltc has a robust mining community.

Mining it with a bitmain L7 from jan 2021 to apr 2024 has had solid profits.


plus doge and ltc can do cheap sends of smaller wealth.
most of runes are not very artistic. they may not have much value just loyal followers.

[Ambatman]

Your reasons above is the reason they are going to plummet in the short term post halving.
The fee is going to put off many transactions 
But as long as Casey Rodarmor remains or his like minded thinker
Projects like this would persist for quite sometime.
Runes are like Memecoins
Fall after their hype then increase after cooling down.
Ordinals did same
Many people flock to projects that are hyped and could give *10 without considering their risk.
Now We done with BRC-20, Now runes won't be, surprised if he jumps to another in the next four Years.

[Darker45]

There will always be foolishness everywhere, in all markets. In the crypto market, including Bitcoin's, everybody is free to take their shot. They fail, they take another shot. That's the prevailing theme in crypto. Often, these aren't done in the name of innovation. They're done out of people's sheer folly. In the case of Bitcoin, there's Rodarmor's Ordinals and Runes, among others. But, just like anything built on sand, these won't last. At most, they can hit a certain level of hype and then die. The victims will always be those who lack awareness.

[bbc.reporter]

Runes are one of the most hilarious* economic systems ever created, after perhaps BRC-20.

1. Someone creates a token with a specific name.
2. Other people can create their own units of these tokens. There is a limit, but usually it's not very low.
3. Then all try to sell their tokens, thinking there will be someone collecting them, either because of the "creative" name, or because it was created on a specific date (e.g. Halving Day).
4. Rinse and repeat (protocol is open, everybody can participate in each step).

Basically it's like "you can create your own money! and you will be rich if you do that!" Are you really willing to waste thousands of dollars of transaction fees for that?

Technically Runes is not much more advanced than Omni/Mastercoin which was created in 2013. More than ten years ago!


If you think Halving Day is special to create your own Rune, think again:

During the halving day, 144 blocks approximately will be created. Each block normally has 1000-3000 transactions. 74% of them currenty are Runes according to this dashboard.
This means probably more than 200.000 Runes will be created today.
Now try to sell them all. Order books will be thick, but only on the ask side


*not in a positive way

Also, do not be tricked by the hype being created on social media and on cryptonews media. Much of these hype are paid, they are not real. Everyone should always remember that you are the product. They are farming you to make more wealth for themselves. This is not about you or for the raising of your wealth. This is for getting wealth from you.

This news article is an example of these hype articles.



You Can Play Super Nintendo, N64, and Other Classic Games on Bitcoin—Here’s How

Thanks to the Ordinals protocol, crypto users have inscribed more than 65 million bits of media on the Bitcoin blockchain over the last year, from artwork to profile pictures to, yes, even playable video games.

One of the latest and potentially most expansive options is an entire classic video game console—well, at least a digital recreation of it. A Bitcoin Ordinals project called Pizza Ninja from the team behind the Ninjalerts app announced in January 2024 that it has inscribed a customized Super Nintendo emulator onto Bitcoin.

Read in full https://decrypt.co/212729/you-can-play-super-nintendo-classic-games-bitcoin-heres-how

[adaseb]

Yeah these Runes reminds me of NFTs back in 2017. I first heard about it and assumed it was a joke. Then I saw those bored apes sell for like $50K and I assumed it must be some money laundering scam because who would pay that much for a picture you can just copy yourself.

Then i saw how crazy high some of those bored apes sold for. It was same with meme coins like Doge, Pepe, SHIb, they all should be useless but aren’t. Who knows which path Runes will take. It’ll either be a huge success to the early investors or a huge disappointment. Time will tell.

[BlackBoss_]

You need to stop underestimating the amount people can spend to create shit, the one people can spend to buy shit and how many want to get rich with shit. There are plenty who will say to your explanation, that everyone said shiba inu was crap yet people made millions with it for cents, try to convince them there is no opportunity for money-making here.

Basically human are greedy and in this volatile market, with easy space and opportunities to create hypes and bump prices by low marketcap, low trading volume and less strict regulations, daily margin of price changes, people have a good market to satisfy their greediness.

We need to don't underestimate many people's greediness and stupidity because they will need to spend their own money, create shit inscriptions, and learn from their practice, profit or loss, to recognize what they are doing is stupid. Only game makers win but most of greedy participants will lose money.

Runes will be around for while, there will always be a taker, once it finally dies and gets buried we would by then have at least two or three replacements clogging the chain

Runes will be around for a while, for months very likely, and in the mean time, we will have to live with very expensive transaction fees. We will have to either stay idly and don't make any Bitcoin transaction fee if we don't want to over waste satoshis for transaction fees, or have to spend expensive fees if we have no other type of money to use.

[ChiBitCTy]

Ordinals, Runes, blah blah. I suppose it’s gives the miners the fees they are looking and continues to entice them to keep verifying blocks, but as you stated and agree, they are more harm than good in quite a few ways,

I wish there was an incentive to build in escrow like Satoshi proposed on here . Thats a game changer. Not this stuff I’ve been reading through in Sirius and Satoshi’s emails and saw Satoshi talk about it again. Wish I knew why it never came to be.

[Ayers]

Honestly, RUNE or BRC-20 as well as other altcoin projects in the market, their purpose is to create hype around and there will be winners and losers. If anyone is not interested in technology, likes to take risks and accept risks, they can also make a decent profit from it. If I remember correctly, those who minted ORDI and Sats in the early days of the BRC-20 trend, they were also able to make x100 profits when those tokens were listed on Binance.

To me, these are just other altcoins but created on the bitcoin blockchain and they will soon disappear. Speculating on them and making short-term profits isn't too bad, but in the long run, like other altcoins they are not worth holding long-term.

[riverdip]

why di they needs runes, when BTC itself is limited to 21 Million

every BTC that you own is rare

[examplens]

Also, do not be tricked by the hype being created on social media and on cryptonews media. Much of these hype are paid, they are not real. Everyone should always remember that you are the product. They are farming you to make more wealth for themselves. This is not about you or for the raising of your wealth. This is for getting wealth from you.

This news article is an example of these hype articles.

This goes in the direction of suspecting that the miners are behind this hype, they benefited the most from this euphoria.