The small italics below are still recognisable.
This is the second word, cut out and enlarged from the image above.
The ’s‘ occupies only 20 pixel cells. I cannot recognize the words in a two-level encoding, but eight levels are definitely enough. The rank order of gray values in a small area is a discrete encoding that preserves all this information at once: All functions involving manipulations of transfer curves ( Gimp ) and color reduction will factor through the rank order encoding. The total number of codes is 2.43*10^18, in the same ballpark as 2^64 for 8×8 black and white pixels. Most of them are just noise. Only a small fraction of them will ever occur in a real image.