Congrats to every fence-sitter on the spam issue. Bitcoin is now officially used predominantly for non-financial purposes. If you’re economically illiterate — which I suspect most Bitcoiners are — this means Bitcoin’s monetary premium is now being heavily diluted. We can’t comfortably call Bitcoin digital gold anymore when gold’s monetary premium sits around 90%. In a little more than 3 years, Bitcoin went from ~99% monetary premium — almost perfect money — to arguably below 50%. We’re heading straight toward the digital silver narrative. If the trend holds, even digital copper won’t sound preposterous. Still wondering whether we need BIP-110? Keep the blinders on, plebs. You’ll never be free. View quoted note →