Are BRC-20 stablecoins the next big thing?

Abiky

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Quote from: cryptomaniac_xxx on June 16, 2023, 11:03:12 AM

We don't have to wait in the long run, we have seen that it's already a failed experiment, and it just created chaos in the bitcoin blockchain and even created this 'schism' environment. Devs, miners not in conjunction. And for sure even for us investors, specially average joe as it really affected the transaction fee. It is very expensive now, more than in 2017 height of the bull run.

I hope it stays that way forever. Else, BRC-20 stablecoins would add more burden to the BTC blockchain. Why use BTC as a "De-Fi" platform when we already have ETH and the likes? I guess Ordinals developer's intentions were malicious from the start. He knew the damage such inscriptions would cause to Bitcoin. The pioneer cryptocurrency is simply not meant for large scale use because of its limited transaction capacity.

With BTC Core devs announcing their intentions to block Ordinals inscriptions, things will go back to normal soon. Who knows if there will be a new fork that will carry on with BRC-20 tokens? Just my thoughts Grin

cryptomaniac_xxx

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Quote from: Rampagoe004 on June 13, 2023, 06:47:11 PM

"BRC-20 is a token standard created from experimental results on the Bitcoin ordinal network. Tokens on this network use artifacts in ordinal JSON data to implement token contracts, token mints, and token transfers. The BRC-20 token was created by Twitter user @domodata on March 8, 2023."
Source : https://academy.binance.com/en/glossary/brc-20-tokens

I am really waiting for a stable BRC20 because I think they will be something big in the future. I believe in that because I have read several articles saying that BRC20 has enormous potential for the future.

I don't think that there will be a stable version of BRC-20 in the future, just look at it's predecessor, ERC-20 and you can see how it will be in the long run.

Quote from: Abiky on June 14, 2023, 02:22:09 PM

Quote from: hugeblack on June 14, 2023, 05:18:37 AM

USDT was based on the Omni Layer^[1], which was working on as Bitcoin layer, but USDT-OMNI *died* because of transaction fees, trying to build any blockchain on top of Bitcoin means that more fees will be lost as transaction fees, and building on top of the Bitcoin network is not considered an advantage for stablecoin because the most important thing is not a guarantee The transactions are final, but in ensuring that the value of stablecoin is linked to one dollar, which is something that does not happen like this.

One of the smart solutions was in Luna, which unfortunately ended with the death of the project, which would make many people fear development in this direction.

inshort, BRC-20 stablecoins is not the next big thing.

[1] https://www.omnilayer.org/

I guess this will turn into a failed experiment in the long run. Bitcoin is not meant for stablecoin transactions anyways. I think Ethereum will remain as the #1 platform for all things "De-Fi" forever. Stablecoins and those hyped NFTs should all move to ETH and leave BTC in peace. That way fees will decline on the main Bitcoin blockchain. Developers already proposed "blocking" Ordinals inscriptions, so it should only be a matter of time before the hype comes to an end.

I'd suggest you move your money out of BRC-20 tokens before it's too late. Invest wisely, and there should be nothing to worry about. Just my thoughts Grin

We don't have to wait in the long run, we have seen that it's already a failed experiment, and it just created chaos in the bitcoin blockchain and even created this 'schism' environment. Devs, miners not in conjunction. And for sure even for us investors, specially average joe as it really affected the transaction fee. It is very expensive now, more than in 2017 height of the bull run.

FanEagle

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This new mainstream trend that people are flocking to so much will cause some trouble in the future without a doubt. There is no denying that it has made the block a lot more congested, that is obvious from the data we can see and how much more money we need to spend to make this work, and that is going to be the biggest trouble we are facing today and maybe we should be seeing something else changing a bit at this point.

I am not saying that it would be a good idea or bad idea to stop people from doing this because it would be futile, we can't stop them so why talk about that. But we need to find a solution, stablecoins would make this even more crowded and it would hurt us a lot, we should try to avoid that as much as we possibly could.

ningrum

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Nothing can replace the Tron network, Binance smart chain, and the Ethereum network,
yea TRC20, ERC20 and BSC20 are still stable and good platforms,
because these three network platforms have smart contracts where we can track transactions easily,
but for BRC20 these platforms do not have smart contracts so it is very risky if stable coins are on the network.

Abiky

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Quote from: hugeblack on June 14, 2023, 05:18:37 AM

USDT was based on the Omni Layer^[1], which was working on as Bitcoin layer, but USDT-OMNI *died* because of transaction fees, trying to build any blockchain on top of Bitcoin means that more fees will be lost as transaction fees, and building on top of the Bitcoin network is not considered an advantage for stablecoin because the most important thing is not a guarantee The transactions are final, but in ensuring that the value of stablecoin is linked to one dollar, which is something that does not happen like this.

One of the smart solutions was in Luna, which unfortunately ended with the death of the project, which would make many people fear development in this direction.

inshort, BRC-20 stablecoins is not the next big thing.

[1] https://www.omnilayer.org/

I guess this will turn into a failed experiment in the long run. Bitcoin is not meant for stablecoin transactions anyways. I think Ethereum will remain as the #1 platform for all things "De-Fi" forever. Stablecoins and those hyped NFTs should all move to ETH and leave BTC in peace. That way fees will decline on the main Bitcoin blockchain. Developers already proposed "blocking" Ordinals inscriptions, so it should only be a matter of time before the hype comes to an end.

I'd suggest you move your money out of BRC-20 tokens before it's too late. Invest wisely, and there should be nothing to worry about. Just my thoughts Grin

Xal0lex

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Quote from: Abiky on May 31, 2023, 11:35:10 AM

There's a new stablecoin "in town" that goes by the name of Stably. It's a BRC-20 token issued on the main Bitcoin blockchain. I believe it's the first kind of stablecoin to be ever released on BTC. I'm not sure if it'll be backed by Bitcoin itself, but at least, Bitcoiners can now use stablecoins without having to move to another chain. The downside of this is that it will increase on-chain fees by a large margin. It's an Ordinals inscription after all. Would you imagine USDT, USDC, and other stablecoins launching their BRC-20 version on the BTC blockchain? It would be a complete disaster! The idea is cool, but it's best to move everything else to a separate chain or off-chain scaling solution to keep BTC fast and cheap for everyone to use.

What are your thoughts? Are BRC-20 stablecoins the next big thing? If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run? What do you think about Stably? Will it have a future? Your input will be greatly appreciated. Thank you.

Whatever appears on the bitcoin network, be it stablecoins, NFTs, memcoins, tokens, smart contracts, etc., it all hurts bitcoin itself and its users. Why these attempts to complicate things and make things worse for everyone? As if anyone was in dire need of stablecoins inside the bitcoin blockchain. Absurd. Bitcoin users are not interested in these trinkets, they are interested in fast transfers and low commissions, because bitcoin is first of all a currency, not a platform for launching various cryptocurrencies. With its scalability, it's definitely not worth doing.

yazher

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As of today, no one can beat BTC regarding its usage and liquidation because more people trust it than any other altcoins we have right now. Now that stablecoins are getting some popularities among investors, they will just going to be like other coins in the past where their hype is only in the beginning except when they are going to be used by some huge top companies all around the world or someone like Elon Musk wanted to make one of those stablecoins as his main coin for his company. Any possibilities are open for these new stablecoins but to beat the best mother of all coins is next to impossible as of today.

hugeblack

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USDT was based on the Omni Layer^[1], which was working on as Bitcoin layer, but USDT-OMNI *died* because of transaction fees, trying to build any blockchain on top of Bitcoin means that more fees will be lost as transaction fees, and building on top of the Bitcoin network is not considered an advantage for stablecoin because the most important thing is not a guarantee The transactions are final, but in ensuring that the value of stablecoin is linked to one dollar, which is something that does not happen like this.

One of the smart solutions was in Luna, which unfortunately ended with the death of the project, which would make many people fear development in this direction.

inshort, BRC-20 stablecoins is not the next big thing.

[1] https://www.omnilayer.org/

Yaunfitda

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Quote from: Abiky on June 11, 2023, 02:55:53 PM

Quote from: TastyChillySauce00 on June 07, 2023, 05:58:36 PM

Seeing how minting competition in BRC was going on is pretty much the same like seeing how people were massively joining in the meme coin trend. BRC is prety much the same like meme coin trend and it's only disrupting the bitcoin.

There's no useful project. all of them were exist only for money and no more.

You're right about that. BRC-20 tokens are nothing but pure cash grabs. They don't provide any real use cases to the world. With Bitcoin Core developers planning to block Ordinals inscriptions, you can say goodbye to the BRC-20 craze soon. I think Stably should focus on other chains with built-in smart contract features. But with competitors such as USDT and USDC, I highly doubt it will survive in the long run.

Pretty much, it's crazy though how the price of some of the BRC-20 tokens has increased and many investors are going gaga over them. Yes, I do agree it doesn't have any used case, the thing with the developer of BRC-20 is that he was able to exploit taproot and that's why they were able to create this hype.

Quote from: Abiky on June 11, 2023, 02:55:53 PM

With BRC-20 tokens out of the way, Bitcoin users can finally enjoy low fees and decent confirmation times. That is if the community agrees to take down Ordinals for good. Miners are too greedy to let this all go to waste, so time will tell us what path BTC will take. As long as decentralization wins, we should have nothing to worry about. Just my thoughts Grin

Not that fast though, the fee is still very significant high for bitcoin transactions, the lowest that I see is 6 sat/vB and it depends on the day. Right now it has grow again to 30-40 sat/vB so still bad new for us.

Blitzboy

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Quote from: Abiky on June 11, 2023, 02:55:53 PM

Quote from: TastyChillySauce00 on June 07, 2023, 05:58:36 PM

Seeing how minting competition in BRC was going on is pretty much the same like seeing how people were massively joining in the meme coin trend. BRC is prety much the same like meme coin trend and it's only disrupting the bitcoin.

There's no useful project. all of them were exist only for money and no more.

You're right about that. BRC-20 tokens are nothing but pure cash grabs. They don't provide any real use cases to the world. With Bitcoin Core developers planning to block Ordinals inscriptions, you can say goodbye to the BRC-20 craze soon. I think Stably should focus on other chains with built-in smart contract features. But with competitors such as USDT and USDC, I highly doubt it will survive in the long run.

With BRC-20 tokens out of the way, Bitcoin users can finally enjoy low fees and decent confirmation times. That is if the community agrees to take down Ordinals for good. Miners are too greedy to let this all go to waste, so time will tell us what path BTC will take. As long as decentralization wins, we should have nothing to worry about. Just my thoughts Grin

Seems like fast fortune is all the rage, right? Yet, dont overlook, not every BRC-20 token is a greed symbol. Seek and you might find gems

Skepticism towards Stably, I get it. But isnt it hasty to dismiss it while USDT and USDC rule the roost? Don't we champion the dark horse?

As for scrapping Ordinals, it might bring joy to Bitcoin users craving lower fees and speedy confirmations. Yet, can we assume miners will abandon potential profits? We're all playing this greed-survival game. Decentralization is the way, but whats the price?

lobo13hf

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most of these BRC-20 based token minting are turning out to be so good lately but right now it seems the hype has faded though, no more good minting.
i wonder if this coin actually gonna be that good after all it just doesn't seem like it's refined protocol there are many that just doesn't sit right compared with how erc20 works honestly.

Rampagoe004

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https://duelbits.com/

"BRC-20 is a token standard created from experimental results on the Bitcoin ordinal network. Tokens on this network use artifacts in ordinal JSON data to implement token contracts, token mints, and token transfers. The BRC-20 token was created by Twitter user @domodata on March 8, 2023."
Source : https://academy.binance.com/en/glossary/brc-20-tokens

I am really waiting for a stable BRC20 because I think they will be something big in the future. I believe in that because I have read several articles saying that BRC20 has enormous potential for the future.

SlimShadyMmp

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I actually dont like the idea of BTC BRC-20 but it seems to be going on non-stop so basically I would say maybe it pumps for awhile and many people buy in and more tokens get introduced through ordinals and then people realize smart contracts are pain in the ass for BTC and that ETH is more better for now Ordinals NFTs are still making sense

Abiky

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Quote from: Blitzboy on June 12, 2023, 10:05:09 AM

Intriguing perspective on the BRC-20 situation! These tokens, are they not fleeting capitalist ventures? Yet, can we dismiss them, given their technological roots? And while some are quick money schemes, isnt it premature to discount them all? The idea of Stably expanding is noteworthy. Still, considering the behemoths of stablecoins, USDT and USDC, is it feasible? Bitcoins fees and confirmation times pose significant problems. The fall of Ordinals would indeed be a twist, but how would miners respond? With decentralization as our mantra, we await the outcome.

Miners would certainly fork the chain if developers decide to reject Ordinals inscriptions "with a simple bugfix". The original Bitcoin (BTC) Blockchain can carry out as usual without Ordinals, while the new chain takes all of those BRC-20 tokens with it. But that would be a risky move, especially if the majority of miners split the chain into two different cryotocurrencies. We'll be heading for another Bitcoin Cash/Bitcoin SV drama.

Whenever BRC-20 stablecoins will survive or die in the long run, it's yet to be seen. So far, only Stably has taken the lead in being the first issuer to create a stablecoin on the BTC blockchain. If USDC, USDT, and other major stablecoins join the game, we won't be able to experience low TX fees ever again. No one can predict the future, so let's hope for the best. Just my opinion

TastyChillySauce00

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Quote from: Abiky on June 11, 2023, 02:55:53 PM

Quote from: TastyChillySauce00 on June 07, 2023, 05:58:36 PM

Seeing how minting competition in BRC was going on is pretty much the same like seeing how people were massively joining in the meme coin trend. BRC is prety much the same like meme coin trend and it's only disrupting the bitcoin.

There's no useful project. all of them were exist only for money and no more.

You're right about that. BRC-20 tokens are nothing but pure cash grabs. They don't provide any real use cases to the world. With Bitcoin Core developers planning to block Ordinals inscriptions, you can say goodbye to the BRC-20 craze soon. I think Stably should focus on other chains with built-in smart contract features. But with competitors such as USDT and USDC, I highly doubt it will survive in the long run.

With BRC-20 tokens out of the way, Bitcoin users can finally enjoy low fees and decent confirmation times. That is if the community agrees to take down Ordinals for good. Miners are too greedy to let this all go to waste, so time will tell us what path BTC will take. As long as decentralization wins, we should have nothing to worry about. Just my thoughts Grin

Let those speculators are playing with BRC token until it will be blocked. These BRC20 tokens are only spamming the bitcoin network. The taproot upgrade has been triggering so many spam come to the bitcoin network.

I really support the decision to block BRC. Bitcoin is bitcoin and nothing else.

irsykes

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Quote from: cryptoaddictchie on June 01, 2023, 07:48:45 AM

Quote from: Abiky on May 31, 2023, 11:35:10 AM

What are your thoughts? Are BRC-20 stablecoins the next big thing? If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run? What do you think about Stably? Will it have a future? Your input will be greatly appreciated. Thank you.

Not so sure if brc20 tokens, nft or stablecoins are gonna stay fluid and hyped in the next coming of months. Fees are very huge and this isnt for commoners or usually play with smaller fees like the other networks. Thats the thing people tend to not give any prioritize. Plus bitcoin maxi wanted them out. Its seems like its a play for middle ground and whales only. I myself pass on this universe, not really cant afford to play around juat like bsc and eth plays.

if only individuals are prioritized in terms of capable people or what priority people the ecosystem is developing rapidly. On average, what often happens is the support of large community members who can still afford the transaction costs. This has become the target of investors and is rapidly growing. rich people are always free and very hard to follow for people like me

99coin99

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will follow the path of ERC-20, helps to scale and bridge the on-chain value, as for the innovation point of view, it can be very interesting.

Blitzboy

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Quote from: Abiky on June 11, 2023, 02:55:53 PM

Quote from: TastyChillySauce00 on June 07, 2023, 05:58:36 PM

Seeing how minting competition in BRC was going on is pretty much the same like seeing how people were massively joining in the meme coin trend. BRC is prety much the same like meme coin trend and it's only disrupting the bitcoin.

There's no useful project. all of them were exist only for money and no more.

You're right about that. BRC-20 tokens are nothing but pure cash grabs. They don't provide any real use cases to the world. With Bitcoin Core developers planning to block Ordinals inscriptions, you can say goodbye to the BRC-20 craze soon. I think Stably should focus on other chains with built-in smart contract features. But with competitors such as USDT and USDC, I highly doubt it will survive in the long run.

With BRC-20 tokens out of the way, Bitcoin users can finally enjoy low fees and decent confirmation times. That is if the community agrees to take down Ordinals for good. Miners are too greedy to let this all go to waste, so time will tell us what path BTC will take. As long as decentralization wins, we should have nothing to worry about. Just my thoughts Grin

Intriguing perspective on the BRC-20 situation! These tokens, are they not fleeting capitalist ventures? Yet, can we dismiss them, given their technological roots? And while some are quick money schemes, isnt it premature to discount them all? The idea of Stably expanding is noteworthy. Still, considering the behemoths of stablecoins, USDT and USDC, is it feasible? Bitcoins fees and confirmation times pose significant problems. The fall of Ordinals would indeed be a twist, but how would miners respond? With decentralization as our mantra, we await the outcome.

Abiky

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Quote from: TastyChillySauce00 on June 07, 2023, 05:58:36 PM

Seeing how minting competition in BRC was going on is pretty much the same like seeing how people were massively joining in the meme coin trend. BRC is prety much the same like meme coin trend and it's only disrupting the bitcoin.

There's no useful project. all of them were exist only for money and no more.

You're right about that. BRC-20 tokens are nothing but pure cash grabs. They don't provide any real use cases to the world. With Bitcoin Core developers planning to block Ordinals inscriptions, you can say goodbye to the BRC-20 craze soon. I think Stably should focus on other chains with built-in smart contract features. But with competitors such as USDT and USDC, I highly doubt it will survive in the long run.

With BRC-20 tokens out of the way, Bitcoin users can finally enjoy low fees and decent confirmation times. That is if the community agrees to take down Ordinals for good. Miners are too greedy to let this all go to waste, so time will tell us what path BTC will take. As long as decentralization wins, we should have nothing to worry about. Just my thoughts Grin

JeffBrad12

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the thing with BRC-20 is that right now it seemed to be popular but doesn't seem that it gonna replace ERC-20 anytime soon.
the experiences as I have seen from this new protocol beforehand just doesn't seem to be refined experiences honestly.
moreover, the platform was still largely premature, but the thing that i think should be of concern is the fact that it's gonna be increasing the traffic that bitcoin blockchain currently has.
it will affect the fee in the long term even now it is already affected so i'm, doubtful that this gonna be the next big thing.

Topic: Are BRC-20 stablecoins the next big thing? (Read 420 times)