Rare sats and Runes failed to solve Bitcoin’s security budget
The Bitcoin halving was supposed to be a day of celebration and the end to Bitcoin’s woes of the prior four years. On that late Friday night (and in technical, computer geek UTC time, a party-perfect date of 4/20), Bitcoin turned the page to its fifth epoch. Fans cheered the end of its 28-month-long bear market and waved goodbye to the fourth epoch’s 6.25 BTC block reward, welcoming a halved inflation rate of just 3.125 BTC per block. They hoped that the disinflationary shock might boost the price, and usher in a suite of upgrades to Bitcoin’s functionality that would fund a wellspring for its security budget. Unfortunately, reality has failed to live up to their expectations. The price of bitcoin hasn’t rallied since the halving, nor has the halving increased Bitcoin’s security budget. A cornucopia of new activity was supposed to arise from a suite of Bitcoin -branded protocols at the halving. This was to be based on Ordinals , a software program that pretends to track...