Think part of the problem (I don't like using that word but) is that the guys behind them are the same type of people behind BRC20s. A sprinkling of original Bitcoiners who have just enough technical knowledge to build the products, as well as wealth lying around to create and maintain their own market for months, if not years.

I really thought the BRC20 hype would die quicker than it has but it's still hovering. So people think the market cap staying high is an indication that it's sustainable but that's really just the creation of new tokens to prop up cap. Runes are the next iteration.

It's the bull run, I guess. We just got to live with the hype cycle every few years. Who was it who repeated that phrase I like about freedom? It ending where others' begins.

The problem is that these people who are either inscribing data on Satoshi's or minting tokens on the BTC blockchain are obstacles to BTC adoption. Even if we believe or agree that it would be worthless soon, right now people would not want to join the BTC network because of the fees they would have to pay to spend their own money.
Miners benefit when tx fee is high, but none of these is their fault. If people decide to attach outrageous fees to their tx, it will be given priority because of the fee and confirmed by miners, as long as it is valid and follows the rules of the network.

I was never interested in participating or being a part of it, even when sats/transactions were low, I still didn't want to touch brc20/memecoin/NFT tokens or any other type created on the Bitcoin network. Since I am quite opposed to the idea, I think the Bitcoin Layer2 developers have damaged Bitcoin network traffic.
During the halving it was very reckless to waste valuable transaction fees just to exchange them for trash in the guise of NFT or memecoins. No matter how ideal the content of the Whitepaper is, I will still maintain 1 Bitcoin for Bitcoin.

Don't you find it absurd that the people who benefit the most have nothing to do with it? Someone is trying to be charitable by trying to increase transaction fees when they are not the beneficiaries of this game but the miners. Since the emergence of BRC-20 and now RUNE, and I believe there will be more, these will not stop anytime soon as it is bringing a huge source of income to miners. Not all miners are in this game, but certainly a group of people came up with this idea to increase transaction fees to benefit from it.

But the opposite scenario can also happen, if someone uses a large amount of money to bump prices, and people will not want to miss out and they will Fomo to buy at a higher price.

Yes, eventually all these things will go away and no one wants to talk about them but in the near future, they won't go away anytime soon because someone made the game and they won't stop anytime soon until they make enough profit. By the way, if you check bitcoin transaction fees, they are decreasing, I see things cooling down and maybe RUNEs will end soon.

I don't doubt that there is an immediate or even short-term value of all this ordinal nonsense, but in the long term we can say that there is a high probability that this value will not exist because some new projects will push the old ones into oblivion. Someone has obviously found a gold mine and will dig in that mine as long as they can make a profit, and you can always sell the same junk to naive people just by changing the packaging.

Do you think the people who create and buy this shit don't think they can make a lot of money from it, surely they believe they can, and that is why they are in for something this worthless, you and i may know that this spam is worthless, but maybe not those who are into it.
This is a conspiracy theory that you cannot prove.

 

About the "miner conspiracy": I noticed that Coindesk is generally quite positive about Ordinals, BRC-20, Runes and related stuff (examples are: this article, this or this video). Well, Coindesk is was owned until late 2023 (edited) by the Digital Currency Group (Barry Silbert's company), which is not a mining company itself (it also owns Grayscale and several exchanges) but owns a subsidiary which is into mining: Foundry.

So while I don't think there is really a conspiracy, I think miners are not unhappy about these developments and may try to push them with associated media. It's actualy old style lobbyism.

Exchange companies are also happy with everything related to new tokens they could list and be charging fees for. So in media related to exchanges, it should also be no surprise if the tone about Runes and Ordinals is favourable.

Coindesk's current owner is an exchange company called Bullish, so that fits in the picture too (Edited: See above). At least I feel it's a bit "strange" that we see such few articles in crypto media critical to phenomenons like BRC-20. NFT sellers, exchange companies and mining advertising can also play a role.

I'm personally not categorically against Runes, it's a better protocol than BRC-20 for sure, and such tokens could actually also be used for useful purposes. My problem is the economic model behind most of the tokens, and that they could also simply be deployed on an altchain more suitable for it. Also that it is presented as something "new" when it is a protocol very close to old-style Coloured Coins (Colu protocol, for example).