BRC

coinfeeds-bot

tldr; Two enthusiasts in the field of artificial intelligence have created an AI chatbot called "Talk2Satoshi" that responds to inquiries about bitcoin and economics as if they were posed to bitcoin creator Satoshi Nakamoto himself. The model uses OpenAI's ChatGPT, which underwent training using a restricted data collection consisting of Nakamoto's publicly available emails and forum contributions. During testing, the chatbot tends to generate responses that express uncertainty regarding the future of fiat currencies while showcasing a sense of optimism towards bitcoin. The model lacks training on recent bitcoin advancements like the Ordinals protocol or BRC-20 tokens, and thus frequently responds by stating its inability to provide an opinion on these subjects. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Ofulinac

BRC-20 tokens are unnecessary but they help miners get some more mining incentives.

mysteriousbaby0

Oh yeah, I'm definitely an expert on all things Bitcoin! Like, I totally know what BRC-20 tokens are... *eyeroll*

quary1993

I think the satoshi hunt and jpegs will stay. BRC-20 is probably not that interesting on bitcoin. However, the one thing I really like about Ordinals is satoshi hunt. That's a more interesting way of doing collectibles that Erc721.

igadjeed

More correctly, removing inscriptions would require revisiting the 2009 decision to implement transactions as scripts The current flood of Ordinals is so-called BRC-20 tokens. In-script, these are inscribed as small JSON objects. They're popular for being an instant method of making penny tokens for pump and rugpull. They're so popular that they've priced out the NFT JPEG use case The NFT JPEG usage was enabled by taproot's removal of transaction size limits BRC-20 JSON objects are so tiny, they fit within the pre-taproot script size limits and transaction size limits FWIW, penny token pumping isn't a sustainable use case. It will die out by itself. Similarly, the JPEG NFTs are not sustainable, because their price market is 99.9% wash trading

cannedshrimp

Ordinals and BRC-20 are uses of bitcoin block space. They are not part of the bitcoin protocol. They are stupid and taproot may have done some odd things to fee incentives, but in reality this is just the free market fighting for blockspace. Bitcoin still is simple and will continue to be extremely simple relative to other projects. The complexity will get added on the second layer (like ordinals, BRC-20, lightning, ARK, and countless other projects)

Dr_Scythe

I agree with the sentiment, but it is nice to actually see something interestinf happening with Bitcoin again and attracting developers. While it's probably not going to be Ordinals and BRC20s in the end, bitcoin does need something to generate enough block space demand for long term sustainability (I'm talking really long term once the block rewards approach zero)

pbjclimbing

I am not a fan of Ordinals and BRC-20. Part of the appeal of Bitcoin was its simplicity. It did not try to be what it was not. With BRC-20 and Ordinals, Bitcoin is trying to offer things that other blockchains excel at, but Bitcoin does not.

ParticularCareful263

No it is because the tx fees were so high because of BRC-20 and Ordinals.

Salt-Pomegranate-840

Unlikely. XRP wil be a threat of national security if not a threat of corporate sovereignty, the term never crosses anyone's mind. Prognosis 1: BTC will probably be pushed aside as a Store of value only even BRC20 L2 attempts to do Ethereum and similar L1 technology can do, will not stretch beyond. Lightning will be common but impractical into every hand. Plus Quantum computing wil be a serious threat to native blockchain refuse to evolve, too decentralized would be burden. Prognosis 2: Ethereum will come into play, none stop progress will be on schedule with the merge of certain proven front winner L2 technology, TPS probably somewhere 50k to 1mil globally. By that time, quantum computing ready too. There probably many Ethereum users could have a sub micro node in their visor or smart watch, of course, our handset phone could be yesterday toy as of those landline wireless phones in the late 20th century. Also, mass adoption standards will be geographic regions divided as well. Most mentioned above (2 then 1) take place all over the world, particularly Africa and Asia, and EU. Central and South America most likely will heavily lean on BTC standard (1 then 2). As for America, remains in political supremacy struggling between CBDC adoption at home and Stablecoins dominance. Probably may be heading to some form of economic martial law enforcement forcing many wealthy and brains in self exile, eventually there will be late 21 century America Rainbow Revolution. UK could encounter a similar problem, Revival of Monarchy Evolution that leans back to a new era Globalisation reunited almost partition country. 😭😛😁 Crypto Fantasy 😅😛🤞

coinfeeds-bot

tldr; Developers behind Bitcoin Miladys have announced a new project that allows Ethereum non-fungible token (NFT) holders to transfer their assets to the Bitcoin Network, but the Ethereum copy gets permanently destroyed. The project was launched in partnership with Xverse Bitcoin Wallet, and Ordinals Market leverages a burn and mint process to move assets between both networks. The BRC- 721E token standard bridge, as it is fondly called, sends the Ethereum NFTs to a burn address, making it completely inaccessible to the holder after it is destroyed. The token is then re-created on Bitcoin through Ordinals. This process can lead to issues for NFT holders, including loss of assets if not implemented properly. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

UltimateCrypto

BRC20. Or you can keep crying bearish like the noobs.

fanriver

Benefit from BRC-20

ParticularCareful263

The ridiculous tx fees are another reason Ordinals and BRC-20 are stupid.

mnkbstard

Bitcoin blockchain size is growing ~1.5gB/week if you ever deployed or minted a BRC-20/ORC-20, or encoder some stupid apes jpgs, you owe me an hard drive and you have to apologize to ~17233 machinea around the world that have to keep track of the UTXO set bloated by your garbage.

dirpydip

Btc should have been left alone as a means to store value, BRC-20 has slowed it a bit more and added up to network fees

UltimateCrypto

There’s a BRC-20 token inscribed on the 1st block mined by Hal Finney.

uduni

Maxis are right about a lot of things. What is the utility of a chain that is like bitcoin but more centralized? Smart Contracts are only goof for a few things - NFTs (on bitcoin with ordinals) - tokens (on bitcoin with BRC20) - multisig (on bitcoin already) - DeFi (coming to bitcoin soon)

lukeoz

Wrapped just usually means it’s ETH on a different blockchain. Like ETH on BRC-20 or AVAX etc. it’s the same price but there are fees to convert it back and forth.

majorpickle01

I do think there are appropriate venues to say "Bitcoin is not Crypto" for example when people talk about NFTs or shitcoin scams (although admittedly that point won't be the case for long with ordinals & BRC-20s). But yes, the Bitcoin not Crypto crowd, who are saying it because they don't want Bitcoin to be considered a cryptocurrency full stop are deliberate agitators. I myself am basically an ETH maxi. There's nothing else I'm confident in as a long time investment. However I still like talking to people who like SOL and Cosmos. While these people do not agree with my vision of the crypto future (monolithic and non sovereignty specifically), it would be a complete ape brained take to pretend ETH couldn't learn a thing or two from those who still see those two values as important

coinfeeds-bot

tldr; OKX has proposed a new open-source BRC-30 protocol that enables staking of BRC-20 tokens and Bitcoin to earn BRC-30 tokens. OKX Wallet will add support for the BRC-30 standard, enabling users to earn passive income by staking BRC-20 tokens or Bitcoin on Web3 Earn without actively trading. The introduction of BRC-30 and its staking functionalities is driven by OKX’s goal to provide users with additional opportunities to participate in the Bitcoin ecosystem and earn passive income. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Cardanians

Very well-crafted insight. However, what I am missing is probably the most important thing, and that is an opinion on the quality of decentralization. When I see how Bitcoin mining is centralized and more than 50% of blocks are produced by only 2 pools, or how ETH staking is centralized around Lido, Cardano still comes out as the winner in the most important feature. Especially considering the future trend and the possibility to adjust protocol parameters and make decentralization (potentially) even better. Many "scalable" blockchains sacrifice decentralization, so you can't build a decentralized alternative to the current financial system on top of them. In this context, the described disadvantages do not seem to be so significant (although they might be valid). Furthermore, I would be interested in opinions on decentralized governance, as many projects do not have this and yet it is extremely important for further development. Why do I think that? All I see in the context of Ordinals & BRC-20 is a divided community. The team doesn't want tokens on Bitcoin, it's economically advantageous for miners (so they would vote to keep it), and the community is divided into two camps. How and who should decide this? Decentralization is not only about block production but also about being able to decide what to do in times of hardship or when a feature of the protocol degrades in the long term (e.g. what to do about Bitcoin's insufficient security budget?).

skipspv

I truly believe in the BRC chain and the Ordinal revolution. I want to share a resource. That's all. If you don't like it, don't join.

mnkbstard

you should check BRC-20 related twitter profiles then. it's a real shitshow down there. i'd support an hard fork too, but i'm worried the hashrate will go to the wrong side of it.

JuggaliciousMemes

“ordinals and BRC20 tokens are growing in popularity” And i dont know how or why, i have not seen or heard a single person talk about buying ordinals or trading BRC20s. The majority of the people I see mention these things have negative feelings towards them. I personally don’t care about ordinals or BRC20’s but I would support a hard fork to keep them from clogging up the traffic

coinfeeds-bot

tldr; The BRC-721E token standard allows for the transfer of Ethereum NFTs to Bitcoin ordinals. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Bitcoin Miladys has launched a bridge in partnership with marketplace Ordinals Market and the Xverse Bitcoin wallet that enables Ethereum NFT holders to move their assets to the Bitcoin blockchain via a burn-and-mint process. The BRC-721E token standard, as it’s called, lets holders of Ethereum NFTs move the asset to the Bitcoin blockchain via a burn-and-mint process. The original Ethereum NFT is sent to an inaccessible “burn” address, which means it’s essentially destroyed on the chain, but then the asset is recreated on Bitcoin via the Ordinals protocol. However, it’s a one-way journey, and the original NFT is essentially destroyed in the process. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

guiseppi72

Then, changing the topic to BRC-20 tokens, doesn’t what you said disprove OP’s argument that these new Bitcoin features cannot be rejected in their entirety since BTC maxis can also reject shitcoin brc-20 tokens much like eth users can reject shitcoin erc-20 tokens?

TerraceTower

You really didn't say much. These are some of the weakest arguments: * Point 1: That's mostly an opinion. I agree with the lack of infrastructure part, but it's early and already quickly expanding. * Point 2: You just repeated point 1 * Point 3: Bitcoin has transaction fees, but it's not called "gas" * Point 4: That's not a point. I agree Ordinals will fail. That's because BRC-20 tokens are functionally-identical except for their name and minting schedule. They are nothing like ERC-20 tokens and don't contain any functions. You can't even transfer them without deploying a separate transfer function. What's the point of have having thousands of identical tokens that don't offer any special functionality?

AwkwardHamburge

This might sound absurd, but in my opinion, the hype around BRC-20 started after the amazing solo run that BTC had in the beginning of this year. It attracted so much attention, so it was inevitable that something would come along to captivate some of that attention and spun it into money someway. These ordinals were the way. So yeah, I strongly agree with you, that BTC ordinals are doomed. And I certainly hope so, because we don't need the network to be polluted with garbage like memecoins and whatever the f' else. Don't we have enough networks for that ffs???

Popular_Worry_9294

I’m still confused what this BRC-20 stuff is about. I will continue to stack sats and ignore the craziness.

Popular_Worry_9294

I’m still confused what this BRC-20 stuff is about. I will continue to stack sats and ignore the craziness in this space.

JuggaliciousMemes

i know ordinals are satoshis with data inscriptions but i dont think BRC20 tokens are the same

coinfeeds-bot

tldr; Bitcoin Ordinals has launched the BRC-721E standard, which enables the conversion of Ethereum ERC-721-based nonfungible tokens (NFTs) to Ordinals. The migration process involves burning the ERC-721 NFT with an ETH call function, which is an irreversible process and acts as an on-chain inscription method. The bridged NFT will appear on a custom Ordinals market collection page with complete metadata. The launch of the BRC-721E standard has attracted widespread reaction from the crypto community since its launch in January 2023. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Bitcoin Ordinals has launched the BRC-721E standard, which enables the conversion of Ethereum ERC-721-based nonfungible tokens (NFTs) to Ordinals. The migration process involves burning the ERC-721 NFT with an ETH call function, which is an irreversible process and acts as an on-chain inscription method. The bridged NFT will appear on a custom Ordinals market collection page with complete metadata. The launch of the BRC-721E standard has attracted widespread reaction from the crypto community since its launch in January 2023. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Tasigur1

"The Ordinals market claimed the fundamental principles of BRC-721E and the flexibility of the indexers allow for the protocol to evolve over time, despite the fact that metadata is initially not stored on-chain." So what are the big advantages of this bridge? It's kinda cryptic (no pun intended) lol

Maxx3141

One should also know that the BRC-20 tokens can do absolutely nothing except their bare minimum (transfers) because there is no real smart contract format anyone agreed on. That happens if the whole shitcoin community jumps on unfinished "tech" that was mostly meant as an experiment or proof of concept. What will most likely happen: We see a new L2 on BTC emerge that can do smart contracts, tokens and NFTs with much lower fees, and this will make Ordinals and BRC-20 completely obsolete.

Nostalg33k

Lol this is not true. The total value of stablecoins operating on ETH is far superior than anything created in BRC20. The most valuable thing on the Bitcoin chain is actually Bitcoin.

coinfeeds-bot

tldr; The global crypto market cap is at $1.16 trillion, with a slight dip of 0.15% over the past 24 hours. Ethereum faces strong resistance above the $1.9K level, causing concern among long-term holders and traders. More than 10 million Bitcoin Ordinals Inscriptions have been created, primarily associated with BRC-20 tokens. Bobby Lee warns that Hong Kong's interest in digital assets may decline in the future. Prosecutors are urging a Manhattan federal court judge to reject FTX founder Sam Bankman-Fried's request to dismiss criminal charges accusing him of stealing billions of dollars from customers to cover losses at his hedge fund. XRP defies the broader crypto market trend and surges by 4.5% in the last 24 hours, trading above $0.50 with a market cap of $26 billion. Ripple's ongoing legal battle with the SEC shows signs of progress, with the court forcing the SEC to release unredacted versions of the William Hinman speech, raising hopes of a potential settlement by July. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

johnruben

**Crypto Market Insight 30 May** \- SNEK Cardano Meme Coin Surpasses 150 Million ADA Cap \- PancakeSwap Launches Tower Defense Game—With CAKE Token Rewards \- XRP hit $0.50 and volume spiked too! \- Binance Expands Trading Options with New ADA/TUSD, LTC/TUSD, and TUSD/BUSD Pairs. \- Bitcoin's BRC-20 Tokens Witness a Surge with Over 10 Million Ordinal Inscriptions and $44 Million in Fees Paid. \- Huobi Takes Hong Kong by Storm with Huobi HK Launch! \- Jimbos Protocol's Newly Launched Version 2 Falls Victim to $7.3 Million Attack Soon After Deployment. \- Brazil President Proposes To Ditch US Dollar For Another Currency Source- twitter and Coinpedia

coinfeeds-bot

tldr; Stably has launched its US Dollar-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD, marking a critical milestone in the exponentially growing Bitcoin ordinals ecosystem. The stablecoin is backed 1-to-1 with USD in a collateral account managed by a US-regulated custodian for the benefit of KYC/AML-verified token holders. Stably's engineers are now exploring the new ORC20 standard for Bitcoin ordinals, which could significantly enhance the token properties of #USD once implemented. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Parush9

Leave them alone they have had rough year with Ordinals and BRC20’s .

OutTop

BRC narratives. Can’t stress this one enough

mnkbstard

damn. that's quite a lot of garbage you accumulated. good luck then. ordi is down 70% in less than a month, that's a fact. 500M market cap for the whole BRC-20 ecosystem, and 250M daily volume. you fools are just passing eachother your junk, and still have no clue about what you are doing. it's just like an happy cryptobro incestuous club. yea sorry, i'm tired and i shouldn't pick arguments online. it's just that i can't stand stupid moonbois narrative. have a nice day/evening/night. bye.

CryptoIsThePlan

I agree they were outlined to have different goals. Cardano is a "serious blockchain" just because people use it for shitcoins and jpegs doesn't make it meaningless. People are starting to use Bitcoin for Ordinals and BRC-20 does that mean Bitcoin isn't a "serious blockchain". In a decentralized environment people act as the wish.

mnkbstard

you came here spitting out the usual crap that brainwashed twitter cryptobros are parroting, so yes, that's kind of ad hominem. you should probably read BRC-20 standard "whitepaper": https://domo-2.gitbook.io/brc-20-experiment/ Domo deployed ORDI as a proof of concept, nothing more. liquidity blackhole... yea, for fools going in. in which world BTC is a dex? bitcoin network is not even aware of garbage data in txs witness section

skurey

I don't know what any of it is really but BTC Ordinals and BRC20s are starting to take off

CryptoIsThePlan

Tell that to all the fuckers who love Ordinals and BRC-20.

LightninHooker

Do yourself a favor. Buy ordinals and brc20. Buy ORDI Get insurance at the very least BTC is now a dex and has nft. It's the biggest and most secured blockchain Money from BTC won't flow into ETH or Polygon..none of that. It's gonna be a liquidity black hole During bull 100M market cap for shitcoins on ETH was a common thing. BTC is double the size and 90% of BRC projects are under 4M market cap Now it's the time to be rich or be right. Time to join or be a crypto karen

LightninHooker

Pepe on BRC20 is gonna be absolute madness next bull. This sub is not ready for what's coming

TerraceTower

That's quite interesting someone already made ORC-20 tokens to get past the double-spend tracking flaws of BRC-20 tokens. People can keep inventing new protocols that fix minor flaws, which makes these protocols a dime a dozen.

borg_6s

Bitcoin doesn't even have real tokens (I do not count the rugpull BRC20 coins as "real tokens"), so how does someone get confused by something like that?

zoomercoomer9000

So with Ethereum, the ERC-20 token standard was voted for and implemented by the community, meaning these tokens can exist fully on-chain without any external protocols. https://ethereum.org/en/developers/docs/standards/tokens/erc-20/ This differs from Bitcoin because the community hasn't voted for the BRC-20 token standard. Therefore, a separate protocol (Ordinals) still has to interpret BRC-20 data. Maybe the situation with Bitcoin offers more protection against regulators because BRC-20 isn't part of the network, only the underlying inscription data is.

djmoblei

BRC-20 is not an update and the matter has nothing with the SEC.

pbjclimbing

I am not a Bitcoin Maxi. I also think that Bitcoin was better before Ordinals and BRC-20. The simplicity and elegance and zero chance of being a security by the SEC. I wish Bitcoin stuck with what it did great instead of “innovating” to do things that other cryptos do better.

CryptoIsThePlan

That doesn't argue that considering I never used those words. How could you possibly assume that is what I was trying to say? My point is shitcoins and jpegs have no place on Bitcoin when the blockchain isn't designed for that. It makes more sense to create NFTs on Ethereum or Cardano or chains that are actually designed to be able to handle it and would have less fees. The amount of stress that BRC-20 and Ordinals caused was unprecedented and like I said **useless**. Those are the points I was making. **Obviously,** artistic and historical value exist but that doesn't take away from the fact that Bitcoin isn't made for shitcoins and jpegs.

Maxx3141

There was no "BRC 20 update". They use (or abuse according to some core devs) Taproot data for their experiment, and it's terribly inefficient. They will have to move to second layer with their stuff and use on-chain transactions for rollups. But BRC-20 is still no threat for Bitcoin. The BTC network is permission-less and works as intended.

CryptoIsThePlan

The current block reward is 6.25 Bitcoin or $229,883.25 CAD per block reward. The block reward after the halving is 3.125 Bitcoin or $114,265.625 CAD per block reward (not including tx fees which makes that even greater. They are making a pretty penny even if they were to get $0 from tx fees. What do you think was incentivizing miners prior to Ordinals and BRC-20?

CryptoIsThePlan

Perfect explanation. BRC-20 is shitcoins on Bitcoin.

Maxx3141

\>In many aspects, Originals demolish the non-fungibility of Bitcoin. You may have heard of people paying a premium to buy freshly minted Bitcoin so as to have “clean” Bitcoin unmarred by potentially unsavory previous transactions. No, that's not how it works. If multiple UTXO are used to generate a new output, you can't distinguish the ingoing outputs anyway. About Ordinals: It was an experiment, a proof of concept. And it was hasty and messy, exactly like BRC-20. These standards have no future on BTC because Bitcoins block chain was never intended for such things. This can't workout unless they move too second layers, and make Ordinals and BRC-20 (at least in their current form) completely obsolete.

mnkbstard

Ordinals are nothing new and will hopefully fade away. they are just a new flavour of 2012 colored coins or 2014 Counterparty protocol there are 2 differencies: - previous standards used OP_RETURN, which had some limitations. BRC-20 ORC-20 and BRC-721 insert arbitrary data in witness script instead, thanks to segwit 'discounted' weight and taproot removal of witness weight limitations. - this space is now crowded with people willing to buy any bullshit some twitter clowns are pushing it's probably enough to check some twitter BRC-20 profiles to understand how useless and foolish is to believe those jsons have actual value or actual use cases Bitcoin network don't even acknowledge the existance of Ordinals. they are just a parasitic presence built aside the blockchain. Ordinals theory, and consequently BRC standards relies heavily on centralized off-chain platforms for serialization and balances tracking.

dazy_thoughts

Sir, should I invest in PEPE BRC-20 then which is among the largest market caps on bitcoin? /s

BusinessBreakfast3

I'm not getting mad about ordinals or BRC20s. I actually own some of both. :)

igadjeed

Ironically, this issue took a turn some weeks ago. The 4MB JPEGS were priced out by BRC-20 shitcoin minting. Now the transactions are tiny, but there are thousands of them But the clueless masses are still shitting on JPEGs

igadjeed

> BCH is pre-Segwit/Taproot BTC So is Dogecoin. Dogecoin has Ordinals and DRC-20 tokens Taproot isn't the cause of the Bitcoin BRC-20 flood

igadjeed

> Bitcoin Cash is what Bitcoin was Bitcoin was (since the beginning in 2009) a system which uses scripts inside transactions Bitcoin Cash inherited this feature. The BRC-20 flood which currently fills Bitcoin blocks and overfills Bitcoin mempools is compatible with Bitcoin Cash It's also compatible with Litecoin and Dogecoin, and there are already implementations of lrc-20 and drc-20 on those blockchains All those instant-wealth xRC-20 tokens are unregistered securities. Their minters are going to prison

3utt5lut

Honest answer. Ordinals. Everyone seems to act like this is some blessing to come to every network, this is not a good thing. We can shape and shift all the positives of it, but this wasn't some beautiful miracle to come to the blockchain, this is jargon that is filling every block with total garbage, whether or not how you feel about NFTs. It's great for miners, great for fees, great for driving the cost to use Bitcoin up (which will thus increase the price of Bitcoin), but really not great for the blockchain. This wasn't some gift from Satoshi, it's mutated code that got pushed through Segwit/Taproot, and it can't be dealt with currently. It's only been a minor convenience so far, but this affects almost every chain that deviated from Bitcoin, that also runs Segwit/Taproot. Currently it's not so bad, no really malicious behaviour, but every network is running BRC-20 token alternatives relative to their network, and this is largely unregulated and unaudited, there's an extreme amount of potential for exploits, and one in particular I was referenced not to mention because it could be really bad.

coinfeeds-bot

tldr; Stably USD has announced its BRC-20 U.S. dollar-backed stablecoin on Twitter, which is being billed as the first BRC-20 stablecoin. BRC-20 tokens have been at the center of an intense debate within the Bitcoin community, with important figures taking favorable and unfavorable positions. StablyUSD isn’t technically a new stablecoin. It’s been around since 2019 and only recently got converted into a BRC-20 token on Bitcoin. The latest attestation report shows it’s got a market capitalization of $7 million across 11 different blockchains, including Ethereum, BNB Chain, and Arbitrum. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

pbjclimbing

Gary Gensler will change his mind on BTC after he hears ALGO ordinals and BRC-20.

MedicalTomatoes

Counterpoint with upgrades that can be made to BTC, layer 2s like lightning and STX, BRC-20s and ordinals, why do you need other less decentralized chains?

pbjclimbing

Yes, Bitcoin could fall from the top spot. Ordinals and BRC-20 increase the likelihood of this happening. If Bitcoin stays plain and boring and differentiates itself from most cryptos by its lack of use other than a store of value, I think it will be hard to get toppled. If it tries to be everything else, it loses some of its appeal.

coinfeeds-bot

tldr; Stably, a Stablecoin-as-a-Service (SCaaS) provider, has launched Stably USD (#USD) as a BRC20 token, the first BRC20 stablecoin, in accordance with the new BitFi technology. The stablecoin is available in over 200 regions and 44 U.S. states and is set to utilize the nascent Bitcoin ordinals market and cater to the rapidly expanding ecosystem. Stably plans to introduce support for automatic issuance and redemption through Stably Ramp, the company’s plug-and-play fiat gateway widget, in Q3 2023. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

TerraceTower

I wouldn't touch this with a mile stick. BRC-20 tokens have no on-chain logic or smart contracts. It's completely centralized and relies on Trust-me-bro security.

pbjclimbing

I’m not a Bitcoin maxi, but I liked Bitcoin more before ordinals, BRC-20, stablecoins.

conceiv3d-in-lib3rty

First comment.. “Fuck ordinals absolutely useless garbage like BRC-20😂” lmao

HumbleAbility

Interestingly, BRC-20 might fix some of these problems because it's not possible for a developer to write a contract that gives them all the tokens. Anyone can acquire the tokens at the same time as the contract writer if they're willing to spend on the fees.

TerraceTower

Ordinals and BRC-20 popularity is already on the decline. Prices for them have already dropped from their peak. The initial "gold rush" is gone.

Maxx3141

I doubt that's true. Their underlying technology was nothing but an hasty experiment. First it's not feasible to do this stuff on main layer, and their utility is zero. I bet within a year this kind of stuff will move to a second layer with much more options and render Ordinals obsolete. The same is true for BRC-20.

KKS-Qeefin

Who’s smart idea it was to implement BRC was pretty dumb. Now the network is potentially going to get clogged more often. Hell it can even be considered as a attack to just create a meme NFT and make 10’s to 100’s just to slow the network down. If ETH can barely handle a project becoming a major project without inflating the transaction fees so high, what does the BTC devs think the BTC network would perform better? BTC is made to be a store of value.

Tatakae69

He's only worried BRC-20 might turn into unregistered securities lol but is still bullish on them. End of Article

coinfeeds-bot

tldr; Michael Saylor, CEO of MicroStrategy and a well-known Bitcoin maximalist, has expressed caution about the potential for BRC-20 tokens to become unregistered securities, which could lead to fraud and market manipulation. BRC-20 tokens are a new token standard on the Bitcoin network that incorporate a specific type of embedded text, and their lack of registration with regulators has attracted unwelcome attention to the Bitcoin network. Despite his concerns, Saylor remains bullish about the wider adoption of Ordinals and BRC-20s, believing that their creation can help drive adoption. Earlier this month, the BRC-20 craze overwhelmed the Bitcoin network, leading to Binance halting BTC withdrawals. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

CryptoIsThePlan

My apologies I assumed you sent to or from an exchange. Yes the fees were actually significantly higher than that even for a little bit due to Ordinals and BRC-20 something stupid on the blockchain.