Adam Back Raises Concerns Over ‘JPEG Spam’ on Bitcoin Blockchain
Adam Back, co-founder of Blockstream, criticized the rise of "JPEG spam" on the Bitcoin blockchain, asserting it detracts from Bitcoin's purpose as money. He emphasized that Bitcoin belongs to humanity and developers should act as stewards requiring user consensus for significant changes.
Key points include:
- The number of JPEG inscriptions on Bitcoin increased by 20%, from 88 million in May to 105 million in September.
- Fees related to these inscriptions amount to approximately 7,000 BTC (about $777 million).
- Supporters argue that if users pay for block space, such use is valid; critics claim it undermines Bitcoin’s core function.
- Back estimates JPEG inscriptions contribute only 0.1% to mining profits but pose reputational risks and higher transaction costs for users.
- The community remains divided, with supporters viewing it as legitimate economic activity while critics see it as wasteful.
- Back suggested solutions like discouraging miners from processing such transactions and wallet-level changes to promote more efficient uses of block space.