BRC

goobergal97

I can't tell if this is sarcastic or not lol. But assuming it's not I'll reply. Ethereum is verifiably decentralized at this point. Premine scam FUD has been circulating for years and it's simply not an issue. ICOs are potentially problamatic but ETH's distribution isn't a problem at this stage of its market dilution. Ethereum's validator set is genuinely decentralized. POS is working without sacrificing decentralization thus far and BTC has MEV problems it's not addressing coming down the pipe so I'll just say see how it turns out on that one because this conversation could go on for a long long time and I've read reputable articles on both sides already. BRC20 doesn't have the same smart contract functionality and isn't even supported by much of the bitcoin community, nothing on the protocol level has actually changed for bitcoin. Enterprises are not going to suddenly retool their operations in 5 years to use the BRC20 standard when they are already building on and using ethereum today. Devs submit EIP proposals that find consensus between the validator set just like bitcoin. Bitcoin can also "change the code whenever they want to."

Verallendingen

70% premine scam, eth foundation dumps on you, PoS is fiat 2.0, platform for more scams. everything ETH thinks it can do bitcoin will do better eventually (BRC20). devs change code whenever they want to. very objective i know 😂

mnkbstard

it's carved in stone: *BRC-20s only purpose is to enable twitter clowns to sell garbage to twitter fools*

Leithm

>Nonsense. The point is that the witness data does not need to be cached, allowing an increase in block size without increasing a node's RAM foot print Even worse if it can't be easily discarded. ​ >BRC-20 ordinals are always less than 100 bytes. They are flooding Bitcoin mempools. SegWit is irrelevant to the discussion of current Bitcoin transaction fees Really! *How Did Taproot & SegWit Enable Inscriptions?* *While NFTs and other types of tokenization use-cases had existed on and around Bitcoin for years (as described in the prior section of this report), the building blocks that allowed the creation of inscriptions really formed in 2017. First, the Segregated Witness upgrade (BIP 141) that enacted in 2017 reorganized transactions by moving the signature data (witness) to the end of the transaction, replaced the concept of bytes (data size) with virtual bytes (weight), and recalculated the weight of signature data such that each byte of it counts as only ¼ of a weight unit. This change resulted in an effective block size increase, particularly when lots of data is stuffed into the witness portion of a transaction. Bitcoin’s next (and most recent) major upgrade, Taproot (BIP 341), activated in 2021 and brought several upgrades to the network. Importantly, though, Taproot allows for much more complex scripting in the witness portion of a transaction and also removes the size limit for witness data, among several other changes (for a more detailed explanation of Bitcoin’s Taproot upgrade, read this Galaxy Research report). These two upgrades, SegWit and Taproot, combined to both make significant arbitrary data storage possible while also making it cheaper than standard transaction data, thereby setting the stage for Inscriptions.* *While it was possible to inscribe data to a Bitcoin transaction before SegWit and Taproot with the opcode OP\_RETURN, the OP\_RETURN weight limit was 80 bytes. As a result, it became more practical to use another new type of script using Taproot when inputting arbitrary data, which allows for an unlimited amount of data to be stored through the 75% discount on weight units (up to the 4 MB limit of a block).* Source: [https://www.galaxy.com/insights/research/bitcoin-ordinals-inscriptions-5-billion-nft-market/](https://www.galaxy.com/insights/research/bitcoin-ordinals-inscriptions-5-billion-nft-market/)

igadjeed

> If you throw 1K at a brand new meme, your chances are far less than 1 in a 1000 you're going to hit the 1000x and cash out at the right time. It's a fun game to play though. Just know what you're getting into. I've played, and mostly lost lol That sentence by itself tells you it's unsustainable. People are attracted by the hype which promises huge profits. The market for a new BRC-20 token is zero-sum. Some players profit, at the expense of the others It's unsustainable because the losers stop believing the hype and stop coming back to be rugged again and again Bit "is it sustainable?" is a binary question More important is, how long will it last. The losers stop playing and are replaced by new hype-deluded hopers. How long before this supply of victims dries up? Where are they recruited from? More importantly, where are they? Maybe the 2017 ICO boom already exhausted the supply of victims, in the 2017 context. 2022 brought a huge new influx of gamblers, from a country with a much larger population, and a penchant for gambling. Maybe this market of scam-token profit-seekers lasts forever, as long as their middle class keeps growing and producing children

igadjeed

> part of the point of this was to be able to delete that signature data? Nonsense. The point is that the witness data does not need to be cached, allowing an increase in block size without increasing a node's RAM foot print > Max Dogecoin ordinal size = 10kb (P2SH data) BRC-20 ordinals are always less than 100 bytes. They are flooding Bitcoin mempools. SegWit is irrelevant to the discussion of current Bitcoin transaction fees

ZombieSlayer83

Isnt ordi just a BRC20 shitcoin tho? No connection to the ordinals project, it was just a coin that launched under that protocol, essentially just a meme coin, right? Maybe im wrong. Cant deny ordi has made some gains tho. I like flux alot cuz its a PoW chain. Not a huge fan of proof of stake. Can't believe ether went that route. End game of anything PoS is concentration of wealth. The rich get richer. No different than the current financial system. Thats not why i got into crypto. Filecoin is the leader in the decentralized cloud category but its a bullshit VC operation. Flux is proof of work, you can mine it. Just a more fair and, importantly, more secure system. Im not trying to support some crypto hedge fund. And they're american, team looks like a shelf of wonderbread.

igadjeed

Maybe the BRC-20 scammers can move their tokens to BCH. After all, those mempools are completely empty

igadjeed

Sat/vb rates have fallen from 200 to 50 in 18 hours, and were 50 then you posted this. Tomorrow could bring worse or better or 50 Wallet fee estimates are a dark art, and designed with some assumptions of predictability Predictability disappeared when the BRC-20 token pump-and-dump scammers chose to shit in the community water supply for the sake of their own quick profits. Whether the mempools fill faster or slower than 1vMB per 10 minutes is entirely at the mercy of their plans to pump and profit from new tokens As a completely zero-productivity marketplace - a pack of gamblers trying to outscam each other - BRC-20 token issuance profits are not sustainable. Eventually, the transaction fees exceed the available profits Meanwhile, Litecoin mempools are not full

alpinewhitem3

Bitcoin Ordinals, bitmaps, ARC 20, BRC 20, Pipe. All of these are built off Bitcoin, untouchable by Gensler. He can't call these securities since they run off the Bitcoin protocol.

Baikken

Straight up. Love it or hate it, you have to be foolish to not get some BRC20 or ordinal exposure at current prices.

mnkbstard

BRC-20s really need to burn in hell

Oheson

$ORDI was the first BRC-20. It has value the same way NFTs have value with the added benefit of being fairly minted, unlike ERC-20 meme coins where the founder gets 90%+ of the supply. In addition it resides on the only decentralized, most secure blockchain that will ever be created, Bitcoin. $ORDI is not comparable to a s\*itcoin on ETH. ETH itself is a s\*itcoin.

New_Reputation

ORDI up so much even though its just a memecoin, its just the first create BRC20 token it has no use lol

Oheson

$ORDI is good but wait until after it is listed and has its initial sell off. Keep in mind that $ORDI on exchanges are not really $ORDI. Due to the way BRC-20 works, exchanges have not figured out how to list them in a order book natively. The real holders set the market on unisat.

mnkbstard

agreed, but i still had a slight hope that Ordinal theory related crap was finally dead after everyone got aware that indexing is centralized and offchain and can be changed by a single entity decision. a new BRC-20 frenzy apparently started on friday with someone minding animal tokens instead.

mnkbstard

if you ask yourself why tx costs are rising on bitcoin network, the answer is that some idiots are minting RATS BRC-20 shit tokens. RATS indeed.

BTCMachineElf

The transactions are valid, but BRC20 tokens are shitcoins.

igadjeed

They're taproot TXOs, a variant of pay-to-witness-script-hash The address is the hash of a script. To reveal the script, we look at the txinput of a transaction which spends one of these TXOs https://www.blockstream.info/tx/828c4703e334d75f0a9e3367980930f214459371a38ce44774bd8d46dc07e63b?input:0&expand > text/plain;charset=utf-8 {"p":"brc-20","op":"mint","tick":"GROK","amt":"421"} BRC-20 scam transactions

Sharp-Film-4305

I think BRC will hold but the only true crypto will be ETH. ETH is already in the early development of becoming the Crypto of Blockchains so I buy ETH for the long

MarcusStoic

Here are the top news in Crypto for the past 24 hours 🌕 MicroStrategy's Bitcoin investment nets $60M unrealized gains on 152,000 BTC, reinforcing Saylor's HODL strategy despite market volatility. 🌕 Bitcoin core developer Antoine Riard steps back from Lightning Network due to new replacement cycling attacks, stressing base-layer fixes needed. 🌕 Sam Bankman-Fried's trial nears end with prosecution resting on Oct. 26 after examining 20 testimonies. Defense's next steps remain uncertain. 🌕 CelestiaOrg's mainnet goes live on 31st October; airdropped coins will auto-appear in wallets post-launch. 🌕 Rollbitcom unveils 'Rollbit Duet Arena', a 0% edge 3D PvP game with unrestricted stake negotiations, mirroring RuneScape Duel Arena. 🌕 Magic Eden halts Bitcoin BRC-20 trading temporarily to ensure user protection and await full BRC-20 consensus. 🌕 Singapore High Court permits iSanctuary to attach legal document NFTs to wallets tied to a hack, alerting exchanges of the hack involvement. 🌕 DeFi Education Fund files amicus brief supporting appeal against IRS, urging reconsideration of Fourth Amendment rights in the crypto context. 🌕 Swiss bank Fiat24 to launch a Uniswap-branded Visa debit card, strengthening the link between traditional banking and the DeFi sector. 🌕 James Zhong, who stole 50,000 BTC from Silk Road, was apprehended after a mistake traced by Chainalysis. Now serving a one-year sentence.

igadjeed

Litecoin's base layer is identical to Bitcoin's. Litecoin's Lightning is identical to Bitcoin's. The main reason this issue is live now on Bitcoin is that Bitcoin's mempools have been overstuffed with BRC-20 scam transactions since March 2024. The confirmation delays also create mempool transaction replacement opportunities Bitcoin currently has confirmation delays because of usage. If it ever reached the same level of usage, Litecoin would have the same delays and the same Lightning vulnerability

mnkbstard

RCPs buyers got (expectedly) fucked hard now imagine minting hundreds of DOGE BRC-20 bullcrap

igadjeed

Finally, some creative writing in a Bitcoin blog But don't let that detract from the substance, near the bottom of the article What are Ordinals? A way to harness the scripting aspect of Bitcoin transactions to store arbitrary data embedded in a txinput witness stack, combined with a questionable tracking technique where every Sat is numbered as it is mined, and its number follows it through transaction history. It's a fake non-fungibility layered over fungible Bitcoin This shit is unreasonably complicated. Briefly, a user with an Ordinals wallet can assigned a numbered Satoshi to an arbitrary string of bytes embedded in a Bitcoin script. Bitcoin's role is to store the transaction immutably in its blockchain These Ordinals caused some controversy when used as NFTs back in Feb 2023, bloating mempools, delaying confirmation, boosting fees. That fad lasted about 5 weeks, and was replaced by BRC-20 BRC-20 is a tiny chunk of JSON-structured data for minting and trading shittokens which are traded on a pump-and-dump market. BRC-20 harnesses Ordinals, and bloats the mempools and blockchain by the sheer number of transactions, not by being 3MB JPEGs That's the background. In a sense, Bitcoin is the L1 for Ordinals as a L2. Bitcoin's only role is as an immutable date store That's important, because 99% of the mechanics of BRC-20 are some separate system which processes the shittoken trades based on the contents of the JSON data As everybody knows, Ordinals has created slow transaction confirmation and high fees on Bitcoin since Feb 2023. But this also means BRC-20 transactions have delayed confirmation Into this trash, someone coded a bot. Every time the bot sees a new, unconfirmed BRC-20 transaction in the Bitcoin mempools, it sends a higher-fee copy of the same JSON, with a modification, spending the entire minting. Having a higher fee, the bot's "spend all this shittoken" JSON gets confirmed first, effectively neutralizing the trading market for the token

amazonboahancock

Wtf is BRC20

podfather2000

Probably gold. BRC maxis are more or less gold bugs anyway.

mnkbstard

during march '23, some random twitter clowns deployed MOON as BRC-20 "token" today, some fools tried minting some MOON, but the supply cap set by deployer has been already reached in april: https://ordiscan.com/inscription/35043801 this may be a reminder of how idiotic is this standard completely indexed off-chain you can also read a bit of copium here: https://ordiscan.com/inscription/35043936

mnkbstard

want to ear my usual answer? only purpose of ordinals, and especially BRC-20 standard, is to enable twitter clowns to sell garbage to twitter fools

igadjeed

> why the mempool has suddenly started to empty Not suddenly. It has been trending towards empty since June, down a bit, up a bit less, down some more, up not so much. Have a look at the 6-month option on Johoe's graph In Feb 2023, the Ordinals NFT fad bloated Bitcoin mempools. This lasted a bit more than one month, but was displaced by BRC-20 shittoken scammers using Ordinals to mint pump-and-dump tokens BRC-20 speculation markets are not sustainable. The real question is why they lasted for several months instead of a few weeks With luck, that speculation market is now dead. But I wouldn't be surprised to see it surge again. Those psychopaths are always inventing new ways to attract victims

Jonashaahr

BRC 20 and ordinals did mess up the network

mnkbstard

it's great to see that BRC-20 are almost dead, possibly after proving that they are off chain garbage controlled by a bunch of devs. the only activity at the moment is apparently BRC-20 "Sat" minting. this wallet alone is getting thousands of tx included after 2 months in queue. bc1pv3vg3fwnlzwvdghf9rek8f54lumqdmzvpdxkfrl6pnsd9hxfdl5qpyfd30 this address alone minted "Sat" tokens in 253.000 unique transactions you can't make this up.

coinfeeds-bot

tldr; Bitcoin Ordinals, a feature introduced in February 2023, have become a significant part of Bitcoin's daily transaction count. However, on-chain analytics firm Glassnode has found little evidence to suggest that these inscriptions are displacing higher-value monetary transfers on the network. This is likely because inscription users tend to set low fee rates and are willing to wait longer for confirmation. While inscriptions have increased fees for miners, Bitcoin's hashrate has also increased, resulting in tougher competition for mining revenue. Currently, most inscriptions come from BRC-20 tokens, but an alternative called "Runes" has been proposed to reduce unspent transaction outputs on the Bitcoin network. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

mnkbstard

>capable of clogging the network this is a common misconception, nothing can clog the network. you just have to bid enough for blockspace, and your transaction will be included in ~10mins and regarding parasitic tokens on bitcoin, founder already proposed to renumber serial sats orders, effectively demonstrating that BRC-20 are utter-crap offchain. it's a dumpster fire. just let it die out.

justcamefromcaves

So ordinals founder suggested a new TOKEN protocol on top of Bitcoin. He says Runes are less complex than orignal BRC-20 and said to be user friendly. What you guys think? This updated version is stil capable of clogging the network in shot term, but seems look good adoption wise on Bitcoin network.

coinfeeds-bot

tldr; Bitcoin Ordinals creator, Casey Rodarmor, has proposed a new token protocol called Rune as an alternative to BRC-20. Rune aims to address the shortcomings of BRC-20 by reducing complexity, improving user experience, and managing UTXOs. Rodarmor believes that existing fungible token protocols on Bitcoin are filled with scams and memes, but he sees the potential for revenue generation and user onboarding. Rune is UTXO-based and aims to solve the issues of complexity, poor user experience, junk UTXOs, and the requirement of a native token for operation. However, Rodarmor expresses concerns about scams within Bitcoin fungible token protocols. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Nisyth_

Call me ignorant, but I don't see much utility to BRC-20 tokens.

Cryptosockies

bitcoin has been struggling immensely with BRC congestion. its going to take a while for BTC to do eth-like things

coinfeeds-bot

tldr; Bitcoin Ordinals creator Casey Rodarmor is proposing a new Bitcoin-based fungible token protocol called "Runes" as an alternative to the BRC-20 token standard. The BRC-20 standard has gained popularity, but it has the drawback of spamming Bitcoin with "junk" UTXOs. Rodarmor believes that Runes, which is UTXO-based and encourages responsible UTXO management, could serve as a harm reduction compared to existing protocols. He acknowledges that most fungible tokens are scams and memes, but believes that the right protocol can add value to the Bitcoin network. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

mnkbstard

>development this is keyword. you used this word 3 times in your post, but we probably have a different definition for such term Ordinals inscription have been an unintended consequence of Tapscript, also they have been also exploiting the lower weight of witness data introduced by Segwit. Both Segwit and Taproot are developments on Bitcoin network, BRC-20s are not BRC-20s are just an experiment that became viral because the market loves uselessness, and it's stupid enough to let opportunists capitalize on this. BRC-20 standard would have been absolutely nothing if smart players didn't build off-chain indexers and tx builders (ordinal wallets) to enable not-so-bright users to play collecting monkeys or off-chain tracked tokens that promised to be "the new Bitcoin on Bitcoin" media embedded into transactions might not have be an issue, even if they weight on node operators, because they come with a sizeable wU cost, and cringe collections of monkeys are limited in numbers, but BRC-20 are an issue instead, because of huge volumes of txs and small weight. BRC-20 are a standard JSONs written into transactions that will be read by off-chain indexers and will represent a deploy, mint or transfer function for some 4 letters tokens. those JSONs will be stored in UTXOs that you cannot spend, otherwise you'll just destroy your holdings. BRC20s are messing up with nodes. tell me what is the value of 13Gb of data stacked by Ordinals in 6 months, that will have to be stored forever by every node. 34 millions of UTXO bloating every node UTXO set for what reason? what use case? tell me how this is development. what's the use case? what's the value that this give to the network other than temporary incentivizing hashrate. explain to me how this is sustainable for the network long term and why useless "tokens" and ''rare sats'' (the reasons of the last spike in tx volume) are worth the risk of decreasing network decentralization

loksfox

Ordinals and BRC20 stuff just doesnt make sense to me, why use and clog bitcoin for these when you have way better options for this.

mnkbstard

BRC-20 crap don't really ''clog''. they just cause users to bid higher for blockspace the real problem with Ordinals theory BS is that they are making the chain increase in size twice than usual since February '23 and all those spam transaction will never be spent (because this is how off-chain indexers can track them) and will bloat the UTXO set this means more costs for node operators and less decentralization in the long run all this, just to allow twitter clowns to sell garbage to writter fools last hyped BS are 'rare sats' apparently. mining frenzy going on... incredibly idiotic.

Parush9

Yea sentiments are moving different ways about ordinals in this sub . Even a week ago i said the same thing how ordinals and BRC20 will cause this issues and was downvoted here .

loksfox

Ordinals and BRC20 stuff just doesnt make sense to me, why use and clog bitcoin for these when you have way better options for this.

mnkbstard

>They’re on-chain while BRC-20s JSONs and other arbitrary data (jpey gifs etc) are stored on-chain, BRC-20 and more generally Ordinals theory cannot function without off-chain indexers. you should also take in consiederation that chain size is growing over 2 times faster since Ordinals inception and all those unspent outputs are bloating the UTXO set that means costs for all node operators and less decentralization in the long run.

mnkbstard

as already said dozens of times, BRC-20 are a cool experiment that became a parasitic presence on bitcoin network the main use case of Ordinals and BRC-20 standard in particular, is to enable twitter clowns to sell garbage to twitter fools BRC-20 were hyped in may just like rare sats are being hyped now, and they'll hopefully fade away

mnkbstard

most of Twitter/X is an aggregate of decay and degeneration for real cringe just check out any BRC-20 related profile

coinfeeds-bot

tldr; Bitcoin's NFT market is growing, with the monthly trading volume of NFTs and memecoins on Bitcoin surpassing that of Solana in May. However, the majority of trading activity on Bitcoin is driven by memecoin trading rather than utility-based NFTs. The BRC-20 token standard, which is an experimental fungible token standard built using ordinals, has gained hype for memecoins. The market capitalization of BRC-20 memecoins reached $1 billion in May. The trading activity around BRC-20 tokens is expected to decline as gains subside. Additionally, there is a shift from BRC-20 tokens to media-based ordinals, such as Bitcoin NFTs. The Bitcoin NFT ecosystem is still far behind Ethereum in terms of functionality and integration with decentralized finance. It remains to be seen if Bitcoin NFT collections can form loyal communities like those on Ethereum. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

oopssomething

BRC is a dead coin no volume, web3 shitcoin

coinfeeds-bot

tldr; Bitcoin's NFT market is growing, with the monthly trading volume of NFTs and Memecoins on Bitcoin surpassing that of Solana in May. Bitcoin now ranks second in NFT trading volume, behind Ethereum. The majority of trading activity on Bitcoin is driven by BRC-20 token transactions, particularly in the Memecoin space. However, as profits diminish, trading activity may decline. The market is also seeing a shift from BRC-20 tokens to media-based ordinals, or Bitcoin NFTs. While Bitcoin's NFT ecosystem is still behind Ethereum, there is potential for Bitcoin NFT collections to create loyal communities. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Crypto gaming and metaverse investment giant Animoca Brands plans to launch a metaverse ecosystem token on Bitcoin. The token will be created through the Ordinals protocol and will be used in the upcoming metaverse game Life Beyond. The token will allow users to inscribe NFT-like assets to the blockchain and create BRC-20 tokens on Bitcoin. Animoca Brands is a major player in the metaverse space and has invested in hundreds of companies and projects. The company recently raised $20 million in funding for its new metaverse project, The Mocaverse. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Bitcoin blockchain collectibles have seen a decline in sales during the bear market, with a 93% drop from May to August. However, these collectibles are still considered a diamond in the rough, and there is optimism for their future. Bitcoin's ordinals and BRC-20s, which were introduced this year, are comparable to the initial NFT surges on other blockchains. The article highlights the importance of quality improvement and adoption from big names in the NFT space. Major players like Ethereum's On Chain Monkeys and Yuga Labs are already showing interest in Bitcoin. The article also mentions the tech improvements on Bitcoin, such as parent-child inscriptions, which lay the groundwork for new possibilities. Despite the current market conditions, the Bitcoin ecosystem is expected to thrive in the long run. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

SeatedDruid

Goodnight friends :) Hold down the fort and keep those charts green while I’m away🫡 🐂BRC🐂 Where you are /u/cryotosensei

SeatedDruid

The shift in the fiat mines has ended for today… Our glorious sneks are still here, 127 of them danger noodles🐂BRC🐂 Do I check Coinbase? or just continue in ignorant bliss knowing that shit is still red from yesterday?

mnkbstard

Ordinals and Zkrollups are completely different things. Ordinals, and BRC-20 ordinal standard, require off-chain indexers to function, and bitcoin network don't care at all for such a parasitic presence. Zk rollups will change completely what bitcoin is instead.

Parush9

Ordinals , BRC20 & now ZkRollups . Bet Satoshi didn’t see this coming on 2023 .

mnkbstard

while i am not one of those Bitcoiners that believe bitcoin can embed something like Opensea, i surely like to see where it goes too. Ethereum, EVM compatible networks or supposed-Ethereum-killers may have in a future, or already have, a digital economy built in. Bitcoin is different and not meant for this. Usages different from storing and transferring value, while allowed by the protocol, are just parastic presences from my poiny of view. i believe that BRC-20s in particular should not exist because that standard started as an experiment, and became viral just because of naive buyer and greedy deployers. i think this is an interesting recap posted during May BRC-20 memecoins frenzy: https://twitter.com/redphonecrypto/status/1655668531436855311

Awkward_Potential_

>Ordinals and BRC-20 shouldn't even exists and have been an unintended consequence. I don't understand this part. Bitcoiners think that the world will eventually all become Bitcoiners. But they shouldn't even have a digital economy built in it? So they're going to convert the whole world to Bitcoin, but they couldn't even convert Opensea? A digital only company. I think Ordinals will end up being a very good thing for Bitcoin. Ordinals taught us that BTC is nowhere NEAR ready for mass adoption. It can't even handle a few thousand JPEGs. ZK roll-ups have been discussed on Bitcoin since the beginning of Bitcoin. I'd like to see where it goes. https://twitter.com/udiWertheimer/status/1696909888654361040?t=hVnpNzD4IeIuCJVTlgwfrw&s=19

mnkbstard

of course it's almost impossible to rollback Taproot mainly because of miners. ideally, Ordinals and BRC-20 shouldn't even exists and have been an unintended consequence. ZK roll-ups seems to be promising, even if they would require disruptive changes on bitcoin protocol and narrative, but considering the cryptographic complexity they are still not completely conceivable by my own comprehension, so i cannot really have a well thought opinion regarding such a disruptive evolution and practical applications on bitcoin network.

BradVet

BRC20’s never made sense, the network will never be able to handle it. Imagine BRC20’s combined with bull market activity. Its going to be insanely slow

Mashellsadiqi

Ordinals and BRC20 stuff just doesnt make sense to me, why use bitcoin for these when you have way better options for this.

mnkbstard

not really. an ecosystem has been built around BRC-20 allowing all kind of idiots to deploy, mint and transfer easily.

mnkbstard

this is the only positive thing i can see about Ordinals BS: if this theory and consequent experimental standards like BRC-20 and BRC-69 don't die out, they could give sustainability to miners when block subsidy gets halved. i don't believe in this, as i don't believe/hope we'll see Ordinals surviving in the long term.

mnkbstard

https://ordiscan.com/inscriptions thousands of brc-20 sats inscriptions. this is mostly the reason why there is a long queue waiting for bitcoin blockspace: "rare sats". or, as i would say, fools fomoing to mint BRC-20 tokens in particular ranges of satoshis. Ordinals theory started tracking sats, from the coinbase transaction following input to output first-in-first-out. This enabled fools and collectors to own for example one of the sats used to pay for pizza, or round numbered sats, and a new wave of FOMO apparently started for this, most probably following some twitter clowns that dropped BRC-20 meme tokens deploy and hyped rare sats.

quary1993

Actually, rare sats are a much more interesting asset, because they are effectively Bitcoin. BRC-20 is a forced standard imo. Bitcoin needs better shitcoins than ETC, so BRC-20 for me are a no-go

FreekTheDog

BRC20 with extra steps?

SeatedDruid

You are a saint❤️ I usually rely on my comments/responses to them to find it😂 🐂BRC🐂

cryotosensei

Pro tip: click on u/CryptoDaily- at the top of yesterday’s Daily thread to find the latest Daily That’s what I do every morning haha BRC

SeatedDruid

Friends! Don’t forget to vote in the poll to save our daily 🫡 I’ve been enjoying spending my time here with yall whilst while waiting for the bull to come running over the horizon 🐂BRC🐂

SeatedDruid

I use LTC and Algo but I mostly just hodl them in wallet for now My question for you is, are u converting all assets to something like LTC and then sending to exchange for ease of use then converting them back to their original coin? Not sure if that made sense feel free to tell me if it didn’t😂 Or are u doing arbitrage between exchanges? 🐂BRC🐂

SeatedDruid

So what ur saying is, Uncle Sam can make the dip even dippier 🐂BRC🐂

cryotosensei

Fun fact: An on-chain analytics firm Glassnode shared in July 2023 that exchange wallets hold less than 12% of the BTC supply. Remember, not your keys not your coins. BRC FTW!

Tatakae69

What's a BRC? New shitcoin?

SeatedDruid

Moons dipping down after the snapshot…🫡 Still we wait For the 🐂BRC🐂

-Resident-One-

Agree on BRC-20 and ordinals, I don't think they positively contribute to BTC and, in fact, have shown to be detrimental at times.

coinfeeds-bot

tldr; Interlay has launched the Minimum Viable Product (MVP) of its BOB ("Build on Bitcoin") solution, a Bitcoin Layer-2 network that introduces Rust smart contracts compatible with Bitcoin libraries such as Lightning and Ordinals. The platform aims to enable builders to create decentralized applications and bring DeFi, NFT, and other web3 products to Bitcoin's user base. The release includes a demonstration application that implements BRC-21, a novel Bitcoin standard proposed by Interlay, which allows for the inscribing of digital content onto the Bitcoin blockchain. The MVP also features Interlay's trustless Bitcoin bridge and an integrated Bitcoin light client. The upcoming full-release timeline will incorporate compatibility with Ethereum, a Bitcoin peg mechanism, and Bitcoin rollup mechanisms. Interlay co-founder Alexei Zamyatin believes that Layer-2 solutions are necessary to unlock more use cases for Bitcoin and enable experimentation without major changes to the network. He argues that Bitcoin should act as the most secure and decentralized settlement layer for applications built around it. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

SeatedDruid

Slinging shit from the fiat mines 🐂💩 early early as I wait for the bull run 🐂BRC🐂

SeatedDruid

🐂🫡BRC🫡🐂 The bull run comes my friends

mnkbstard

after months of Ordinals related spam on bitcoin network, average fee is consistently decreasing regardless of the high number of transactions in mempools. volume of Ordinals related transactions (media, BRC-20, BRC-20s,BRC-69,etc) is still above 50% of total, and peaked at 85% during last week, but it is apprently not pushing up the average miner fee cost. what do you think the reason is? Ordinals community is still minting (crap) but there are probably no more reasons to mint first considering that hype is long gone and prices are falling.

SeatedDruid

🐂🫡 Just Over the horizon I see the bull, charging fiercely towards us 🐂BRC🐂

cryotosensei

But hey BRC

SeatedDruid

The bull run is coming 🐂BRC🐂

igadjeed

The vast majority of Ordinals now are BRC-20 inscriptions. And the entirety of BRC-20 tokens are pump-and-dump scams

coinfeeds-bot

tldr; The vast majority of Bitcoin transactions involve ordinals, despite a decline in volume. Ordinals allow users to inscribe digital assets to a single satoshi, creating non-fungible tokens (NFTs) on the Bitcoin network. Around 72% of Bitcoin's activity is currently tied to ordinals, with 411,511 ordinal inscriptions recorded in a 24-hour period. Sales of ordinals have decreased by 54% in the last 30 days, but they still dominate despite the market downturn. The BRC-20 token standard, created by pseudonymous developer Domo, uses ordinals to deploy, mint, and transfer tokens on Bitcoin's blockchain. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

SeatedDruid

Yessir BRC🐂🫡

SeatedDruid

Daily awaiting the 🛡️🐂BRC🐂🛡️ 🫡🫡🫡

mnkbstard

as i usually say, Ordinals and BRC-20 are an interesting experiment that unfortunately (but predictably) evolved in a ecosystem which only function is to enable twitter clowns to sell useless crap to twitter fools.

SeatedDruid

It’s just around the corner! 🐂BRC🐂 Nice avatar btw, did u just get that one?

cryotosensei

Waiting for BRC as usual

LiquidatedOcelot

I hope they die and stay dead. Seeing the hype of them stall the Bitcoin chain for almost 36 hours had dire implications and potentially horrific ramifications If that were to happen during a bullrun with influencers shilling BRC-20's to masses.... It's not even worth thinking about

cryotosensei

BRC comrades!

SeatedDruid

The red blood draws the bulls 🛡️🐂BRC🐂🛡️

igadjeed

> The only reason many scams moved away from ETH was that other chains came with lower fees 🙂 Then, regarding the thread topic, there's room for more than ETH, because ETH scales only so far before fees compromise its utility Similarly, as Bitcoin fees cripple the experience for Bitcoin users, because of the Ordinals NFT flood, followed by the BRC-20 scamtoken flood, there's room for Litecoin to offer the Bitcoin payment experience without the bloat It's slightly ironic that as an ongoing copy of Bitcoin, Litecoin is technically able to support Ordinals (there's even a Litecoin port of the Ordinals wallet). But even though the fees are 1000 times lower on Litecoin, the Ordinals scammers prefer to pay high fees on Bitcoin

Oheson

BTC layer 2's, BRC-20s, and Ordinals

SeatedDruid

ETH below 1800, Bricks dropping faster than I can sling shit Meanwhile moons only lost a tiny cent….For Now At Least. 🤷🏻‍♂️🫡 The dip may get slippier and dippier but we shall hold strong. 🐂Knowing the BRC🐂 Thinking about u sensei🐂🫡

SeatedDruid

The four legged beast🐂 He do be coming 🐂BRC🐂

SeatedDruid

Yepp it’s wild how many are here now…. BRC🐂

SeatedDruid

The bull run comes !!!🐂🛡️ 🐂BRC🐂

coinfeeds-bot

tldr; In a recent Twitter space conversation, Ethereum co-founder Vitalik Buterin praised the introduction of Bitcoin Ordinals as a significant shift towards a more proactive and constructive culture within the Bitcoin community. Buterin commended the Ordinals and the BRC-20 token standard for rejecting the perceived stagnation in Bitcoin's political landscape and fostering a renewed emphasis on taking tangible action. The discussion also touched on scalability, with Buterin proposing layer-2 solutions and improved efficiency for Bitcoin's base layer. The conversation sparked controversy within the Bitcoin community, with critics arguing that NFTs and smart contracts undermine Bitcoin's intended purpose. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

igadjeed

Here's the thing with Ordinals The Ordinals transaction has to pay a fee. During the Ordinals "NFT" fad, these fees were viable because there was a bunch of fools paying speculative prices for worthless JPEGs. And then BRC-20 displaced the JPEGs by pricing them out (and the JPEG spec market died at the same time). How are BRC-20 Ordinals transactions paid for? By the speculative price market for BRC-20 tokens. This is now dying > If the BRC20 fever comes back in a bull run That's not what a bull run is. Stupid speculation markets in zero-value, instant tokens do not repeat just because of price action in other markets > The ones who get compensated if a BRC20 fever hits again are miners And the pump-and-dump creeps who profit from the fever and can afford to pay the miners > Some type of revision has to be done to this system Well look there: *someone else gotta fix it*

lebbadnurzzm

Yes, Ordinals and BRC20 tokens could clog the Bitcoin network and drive up fees. But that's just the price of progress. After all, Bitcoin was designed to be a censorship-resistant, decentralized network. And if we want to see real innovation in the crypto space, we need to be willing to experiment and take risks.