Peter McCormack previously traveled the world looking for individuals who had used the Liquid side chain. On Peter's journey, he struggled to find a single user of Liquid, and the conclusion was that there were no users, as could be seen by the lack of transactions. All of that has recently changed as Taproot Wizards have made Bitcoin fun again, and normal people cannot afford to send on chain transactions. At certain points, the fees to have a transaction included in a block are higher than many UTXOs, leaving people wondering if the mempool will ever clear so that they can consolidate their Bitcoin.
🔥🔥🔥mempool🔥on🔥fire🔥🔥🔥— Adam Back (@adam3us) December 16, 2023
As a result, individuals have considered using Liquid for the first time as a possible scaling solution to Bitcoin. There has been a bump of activity on the network as Blockstream has successfully attracted its first users over the last few weeks with blocks now averaging 3-5 transactions. All of this is appearing to be a game of 4d chess by Adam Back and his associates at Blockstream to get people to use Liquid, as well as boost the profitability of their mining operations.
you can't stop JPEGs on bitcoin. complaining will only make them do it more. trying to stop them and they'll do it in worse ways. the high fees drive adoption of layer2 and force innovation. so relax and build things.— Adam Back (@adam3us) December 16, 2023
A source close to Back has disclosed to the Bugle that Blockstream has invested millions into the Taproot Wizards project in order to promote spamming of the mempool in order to try and accomplish their goals. The Bugle reached out to Back who responded with a short, "If you can't beat them, then invest with them." Many individuals in the Bitcoin community have responded with concern as they had previously defended Blockstream from criticism by big blockers who had accused the company of secretly controlling Bitcoin behind the scenes.
Unfortunately the recent revelations are leaving people wondering if Blockstream truly are puppet masters pulling the strings behind the scenes and if there was any credence to the big blockers conspiracy theories. One thing that is clear is that Blockstream and Adam Back have painted a big orange target on their backs for Just Stop Ordinals. The roving group of protesters will like be staging displays of public inconvenience at upcoming conferences and events.
David Bailey, CEO of Bitcoin Magazine, applauded the move as one of the smartest investments any company had ever made. "It's apparent to me that giving money to Udi and Eric is a great idea. Unfortunately Bitcoin Magazine's ordinals have been a flop, but it's about the mission. We are going to get so many stupid people to use Bitcoin as a result of this, and as a result, people will go over to use Liquid."
The good news in all of this is that we will likely be seeing Udi and Eric dance on stage at the next Bitcoin Magazine conference, instead of talking about more important things.