You May Not Like It, but Casey Rodarmor Proves Bitcoin Is Permissionless

Two fundamental guidelines have shaped Rodarmor’s approach since his entrance as a prominent coder in the Bitcoin community: Ensuring Bitcoin’s security is paramount, as is that of its associated applications.

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Despite the divisive opinions towards Ordinals and Runes within the Bitcoin community, Rodarmor’s innovations serve as compelling evidence that it is feasible to create complex structures using Bitcoin that are as resilient as a censorship-resistant transaction. As a result, we have entered a new phase – referred to by some as Bitcoin’s Second Wave – where the versatility of Bitcoin in application development is being enthusiastically embraced.

Rodarmor openly admitted that his new initiative, Runes, unveiled in conjunction with the Bitcoin halving on April 19, 2024, pales in comparison to the significance of Bitcoin itself. He described the protocol, allowing for the generation of tradable assets akin to Ethereum tokens, as merely a “distraction” or “secondary event.”

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As a researcher, I’ve come across the observation that Runes and Ordinals don’t hold the same significance as Bitcoin when it comes to their core functionality. Instead, they cater to a specific niche market among crypto traders. These digital assets provide an avenue for on-chain gambling, which adds value in an unconventional yet desirable way. Moreover, they contribute to strengthening Bitcoin’s fee economy, which had previously lagged behind.

As a crypto investor, I can assure you that I wouldn’t have made any decisions detrimental to Bitcoin. Given the finite supply of bitcoins, the network’s security will ultimately rely on transaction fees. Personally, I would prefer those fees to start contributing towards security sooner rather than later.

Rodarmor noted that his contribution falls under a broader category of innovations, which includes chain swaps and various methods for customizing transactions. These inventions hold potential in drawing “everyday users” into Bitcoin. Nonetheless, their significance lies only in strengthening the security and resilience of the network.

As a crypto investor, I believe that this situation offers a glimpse into Bitcoin’s future. It lets us experience the potential consequences of high transaction fees firsthand.

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In the context of Bitcoin’s “anarchic” governance structure, it is crucial to note this dysfunctional yet arguably optimal system. As Rodarmor pointed out, since no single person or organization holds control over Bitcoin, the key lies in producing valuable products that foster a viable fee economy.

As a researcher studying the dynamics of Bitcoin’s governance structure, I’ve come across a common concern: the absence of a formal governing body in the system. This lack of defined rules and regulations makes some individuals uneasy. If there were established protocols in place, it’s possible that projects like Runes and Ordinals might not have been given the green light. Notably, notable figures within the Bitcoin community, such as longtime developer Luke Dashjr, have expressed strong criticism towards these projects, and some have even attempted to censor transactions associated with them.

Rodarmor expressed his strong dislike for engaging in the Bitcoin consensus process on Twitter and GitHub, likening it to a preference for poison and self-harm instead. Despite the unexpected success of Ordinals and Runes, he hasn’t secured any grants or funding for their development as he identifies himself as an enthusiast.