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.

WalkerIVIV

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its currently on its peak fame i think, some coin become expensive without proper reasoning, but mostly just hypes that revolves around the coin.
just because it's BRC-20 many are minting it and the price also climbs up like there's no tomorrow but we still don't know whether this could be long lasting ones.

TastyChillySauce00

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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.

Psynthax

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currently it seems that everytime there's minting of BRC-20 it's always gone within a minutes, I guess it's now the hot thing right now.
moreover every minting gives good returns just in few hours, this shows the demand that this BRC-20 has honestly.

timoshani

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Quote from: robattfield on June 01, 2023, 11:58:22 AM

This will become a concern for many Bitcoin investors in terms of massive traffic and increased transaction fees on the Bitcoin blockchain. After all, maintaining low transaction fees and fast confirmation times is one of the most attractive aspects of Bitcoin for many users. While some projects may find value in issuing BRC-20 tokens on the Bitcoin blockchain, we must weigh the potential benefits and downsides to make an informed decision on which direction to go with the ecosystem.

Prospects are visible not only in the low cost of payment for transactions and confirmation time. The main thing that Bitcoin is more reliability. I do not remember the hacking of the bitcoin network in recent years, which cannot be said about other blockchains. Therefore, the launch of tokens on the BRC-20 is welcomed by many cryptophanes.

paid2

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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.

I don't know to what extent this is just a passing or lasting hype, and no one can really know.

But, several factors are worrying me about it:

-the mempool will become saturated over and over again, I don't know if this is really good for the use and reputation (adoption) of the BTC blockchain
-if stablecoins or other BRC-20 coins fail, won't this discredit the BTC network and give people false cause for concern? Wouldn't this damage the reputation and trust of the BTC network, even though it is in no way responsible for these projects?

In any case, I'm going to follow this with interest, as it's something new and will no doubt cause a lot of noise in the near future.

I just hope it doesn't give a spotlight to the BTC network and a new reason for regulators to go after it again and again...

vv181

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Quote from: Abiky on June 06, 2023, 12:05:06 PM

Quote from: vv181 on June 03, 2023, 05:29:21 AM

BRC-20 is a completely inefficient standard. Stably, as a stablecoin issuer that I had barely heard of, decided to build on top of a shaky foundation that surely does not cope with any scalability and efficiency progress.

There is two reasoning I suppose. First, they simply do it because BRC-20 is currently the thing, so they joining the hyper for their own branding. Two, they are incompetent issuers that were not able to forecast technical requirements and market growth potency. Either way, this is surely a worthless and useless attempt. That makes, one should be wary if they decided to use anything that is issued/created by this kind of company.

This will fail quickly if developers succeed in their efforts to block Ordinals inscriptions for good. The idea is great, but BTC's limited transaction capacity would not be enough to help spread adoption of on-chain stablecoins at a large scale. For that, we have alternative blockchain networks such as Ethereum, BSC, and Polygon. Or the Lightning Network if we still want to use BTC without affecting the main chain.

The company issuing the stablecoin (Stably) is not as widely known as Tether or USDC's Circle. So don't expect it to gain traction anytime soon. Ultimately, the market will decide the best path forward for Bitcoin. As long as decentralization prevails, nothing else matters. Just my thoughts Grin

I honestly don't think the idea is good at all. As an issuer, they should have known better to research the feasibility of a project. So factoring in this stablecoin issuer is not prominent and the questionable nature of making the token as BRC-20, I rather think it is likely they do it for simply pure hype.

As you said, I also do not expect they will gain traction, within the cryptocurrency market as a whole. What such bad publicity they make, I can't think of any better.

Abiky

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Quote from: vv181 on June 03, 2023, 05:29:21 AM

BRC-20 is a completely inefficient standard. Stably, as a stablecoin issuer that I had barely heard of, decided to build on top of a shaky foundation that surely does not cope with any scalability and efficiency progress.

There is two reasoning I suppose. First, they simply do it because BRC-20 is currently the thing, so they joining the hyper for their own branding. Two, they are incompetent issuers that were not able to forecast technical requirements and market growth potency. Either way, this is surely a worthless and useless attempt. That makes, one should be wary if they decided to use anything that is issued/created by this kind of company.

This will fail quickly if developers succeed in their efforts to block Ordinals inscriptions for good. The idea is great, but BTC's limited transaction capacity would not be enough to help spread adoption of on-chain stablecoins at a large scale. For that, we have alternative blockchain networks such as Ethereum, BSC, and Polygon. Or the Lightning Network if we still want to use BTC without affecting the main chain.

The company issuing the stablecoin (Stably) is not as widely known as Tether or USDC's Circle. So don't expect it to gain traction anytime soon. Ultimately, the market will decide the best path forward for Bitcoin. As long as decentralization prevails, nothing else matters. Just my thoughts Grin

rhomelmabini

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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.

For now some users will totally take that hype but if it dies, it will just be abandoned little by little. I think stablecoins that exist today on other chains are on their right seats already and moving it on the Bitcoin Blockchain is just a careless idea. I think Bitcoin will survive but this hype will not, stably is just a hype and no future in my opinion.

vv181

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BRC-20 is a completely inefficient standard. Stably, as a stablecoin issuer that I had barely heard of, decided to build on top of a shaky foundation that surely does not cope with any scalability and efficiency progress.

There is two reasoning I suppose. First, they simply do it because BRC-20 is currently the thing, so they joining the hyper for their own branding. Two, they are incompetent issuers that were not able to forecast technical requirements and market growth potency. Either way, this is surely a worthless and useless attempt. That makes, one should be wary if they decided to use anything that is issued/created by this kind of company.

jaberwock

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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.

This is going to hurt the market more than people realize today. We can't stop it that's true and we need to move to some other chain as quickly as possible otherwise we are going to be screwed, there is no way around it. We are at a stage where it is doing terrible right now and this fee structure needs to change.

People are aiming at making more money and they are not realizing that while trying to make more money today because others are doing it and why would you stop if they don't mindset still going on, that will result with them not making more money in the future and just be happy with what you got short term and then never recover. Bitcoin could be permanently damaged because of this if we are not careful and that's very crucial and dangerous.

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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.

I think BRC-20 stablecoins is another ~~the next big~~ hype thing, like metaverse, nft and so on, that the crypto community will quickly forget about after playing enough of it. The very concept of a stablecoin doesn't fit very well with the ideas of bitcoin: it's like trying to combine hot with cold. I believe that bitcoin should remain as it was created (of course, acceptable improvements are acceptable) and there is no need to clutter up the network with unnecessary garbage.

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Quote from: cryptoaddictchie on June 02, 2023, 10:10:54 PM

Quote from: FanEagle on June 02, 2023, 10:52:40 AM

These ordinal stuff that ruins transaction costs could be the number one reason why bitcoin ends up dropping from the top of the list. I am not saying it will, probably it won't, but we are aware that it is putting itself at risk at least and that's going to be the type of thing we do not need right now.

Maybe but theres probably other factor that bitcoin is dropping. The network seems to be okay compared to before, plus the market could move depends on those big orders movement from whales. Id rather worried if an account with thousand bitcoin will dump on market than ordinals. They are the one could really make the price down.

I don't think it's possible that whales will throw away large amounts of bitcoin just because of ordinal problems,
even though BRC-20 disrupted the Bitcoin network but so far Bitcoin seems to be holding above $ 25k, so stay calm there are no problems for BRC-20 and Bitcoin,
and Regarding stable coins on BRC-20, in my opinion, it will not be phenomenal because the BRC-20 network is still experimental, different from the BSC, ETH or TRON networks.

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Quote from: FanEagle on June 02, 2023, 10:52:40 AM

These ordinal stuff that ruins transaction costs could be the number one reason why bitcoin ends up dropping from the top of the list. I am not saying it will, probably it won't, but we are aware that it is putting itself at risk at least and that's going to be the type of thing we do not need right now.

Maybe but theres probably other factor that bitcoin is dropping. The network seems to be okay compared to before, plus the market could move depends on those big orders movement from whales. Id rather worried if an account with thousand bitcoin will dump on market than ordinals. They are the one could really make the price down.

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Quote from: robattfield on June 01, 2023, 11:58:22 AM

This will become a concern for many Bitcoin investors in terms of massive traffic and increased transaction fees on the Bitcoin blockchain. After all, maintaining low transaction fees and fast confirmation times is one of the most attractive aspects of Bitcoin for many users. While some projects may find value in issuing BRC-20 tokens on the Bitcoin blockchain, we must weigh the potential benefits and downsides to make an informed decision on which direction to go with the ecosystem.

that much is true, we've all known how even a blockchain that was specifically created for the smart contract and to contain its transaction couldn't even help but have really poor scalability after a long time.
this brc-20 will definitely increase the cost of transaction same like in ethereum and I think it will be really detrimental in the long run, at least with ethereum its got so many options and sidechains released since their EVM is really good to be forked or even to make an innovation that acts as a second layer solution but with this BRC-20 technology i'm not really sure about that.
maybe this emergence of brc-20 instead will make bitcoin having really bad scalability, since we all know everything involving with smart contracts require massive transaction for the sake of interacting with the smart contract. though i still don't really understand that much the underlying technology behind these ordinals and BRC-20.

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Quote from: robattfield on June 01, 2023, 11:58:22 AM

This will become a concern for many Bitcoin investors in terms of massive traffic and increased transaction fees on the Bitcoin blockchain. After all, maintaining low transaction fees and fast confirmation times is one of the most attractive aspects of Bitcoin for many users. While some projects may find value in issuing BRC-20 tokens on the Bitcoin blockchain, we must weigh the potential benefits and downsides to make an informed decision on which direction to go with the ecosystem.

I don't get what's all the fuzz about BRC-20 tokens, when ETH and its variants have the same thing. Why not move everything to a separate chain or the LN instead? It would make the BTC blockchain less bloated, resulting in lower fees and faster TX confirmations. Imagine if stablecoins on the BTC blockchain become extremely popular. It would be a complete mess!

I'm yet to see whenever Stably (the new BRC-20 stablecoin) will become a success or a failure, especially when the company is not as well established as USDC's Circle or USDT's Bitfinex. All of the attention is on BRC-20 NFTs, so don't expect adoption for Stably to grow anytime soon. If things go wrong, then we'll have no choice but to move towards an alternative chain such as Litecoin or Bitcoin Cash. No matter how you see it, you can't deny miners are the ones that are ultimately winning with the high TX fees. Just my thoughts Grin

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I am not entirely sure if we even need it. I mean what would happen if it is BRC-20 instead of bep20 or erc20? It will not really have any change, it will not mean anything at all. If it is 1$=1$ like every other stablecoin then it will not need to be there, it can be anywhere else. I keep suggesting we need to get away from ordinals instead of going into it and yet people do not listen to me, it is going to hurt bitcoin in the end if we keep doing this.

These ordinal stuff that ruins transaction costs could be the number one reason why bitcoin ends up dropping from the top of the list. I am not saying it will, probably it won't, but we are aware that it is putting itself at risk at least and that's going to be the type of thing we do not need right now.

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This will become a concern for many Bitcoin investors in terms of massive traffic and increased transaction fees on the Bitcoin blockchain. After all, maintaining low transaction fees and fast confirmation times is one of the most attractive aspects of Bitcoin for many users. While some projects may find value in issuing BRC-20 tokens on the Bitcoin blockchain, we must weigh the potential benefits and downsides to make an informed decision on which direction to go with the ecosystem.

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Quote from: Dave1 on May 31, 2023, 12:58:25 PM

It's obvious that it's the new hype right now, just a couple of months ago when it was developed and now it's taking the crypto market. Although want bitcoin maximalist doesn't want is that it run on top of the bitcoin's blockchain causing the mempool to clogged and with that, the fee spike.

The thing is that when bitcoin's developers started to close that loophole, then maybe BRC-20 will be on the side then as everyone is being affected by it negatively so I wouldn't be surprised of a patch before the end of the year.

If the community is ok with Ordinals inscriptions, it's very unlikely they will side with developers to apply the patch on the network. This could trigger another hard fork as we speak. Time will tell us the fate of Bitcoin as its popularity continues to grow worldwide. As much as I'm against censorship (blocking Ordinals even though BTC is open source and decentralized), I'm certainly not a fan of high fees. Things will get worse with new stablecoins issued on the Bitcoin blockchain using the BRC-20 standard.

Instead of blocking Ordinals, why don't developers work on increasing on-chain TX capacity? It would help decrease network fees, while letting Ordinals flow as usual. So far, there's one only BRC-20 stablecoin issued on the Blockchain. Let's see how the experiment will turn out to be in the long run. Either this will "kill" Bitcoin or it will make it stronger than ever. We already have blockchains with smart contract features (eg: ETH), so why should we use BTC for things other than finance? Just my thoughts Grin

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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.

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I heard about this, This can help users to use stablecoins without having to switch to another chain, creating convenience and reducing costs. However, the emergence of stablecoins on the Bitcoin blockchain could cause congestion and increase transaction fees on the blockchain. Using the Bitcoin blockchain to keep stablecoin values stable can also present technical and security challenges. If other stablecoins launch their version of BRC-20 on the Bitcoin blockchain, this could cause congestion and increase transaction fees on the blockchain. So other off-chain scaling solutions or separate off-chain might be a better option to keep Bitcoins fast and cheaper. But these are just personal opinions and technical and economic factors should be considered in order to make a final decision.

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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.

In cryptocurrency, there's no guarantee of anything to receive as an outcome, we take time to invest base on the level of how convinced we are about anything, what if we all agreed that BRC 20 is a good and legitimate coin to go for and later you had a worst experience about it, how do you expect us to feel while relating with you, aren't you not going to tagged us as a promoter of shitcoins? which means we have our individual rights to research well before investing or trusting any currency for an investment, we are not the developers, what we say here may be really far away from the truth.

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Recently people mentioned it more, although it can be seen that the fee is very expensive, it is still receiving great attention. I'm not sure how strong and durable it will be, but actually completely agree that this could be the next trend if more people care about it. Really my experience with it has not been very impressive, but for the purpose of making profits and new opportunities I will still accept to participate, however it may just be some exaggeration of the potential as many Another hype in the crypto space.

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It's just a stablecoin, nothing else, why it can be the next big thing when the holders wouldn't make any profit.

The most important criteria for stablecoin is the volume is really high, have many trading pairs, and trusted enough. BRC-20 network is still on development phase and there's might a vulnerability which haven't discovered yet. I'd say it's impossible it will be the next thing.

However did it's possible? what I know there's a fixed supply, stablecoin must not have a fixed supply because the coin need to be added or burned to make the price stick with $1.

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